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Previous: PARTICIPATING INCOME PROPERTIES II LP, 10-K/A, 1996-09-20 |
Next: BANYAN MORTGAGE INVESTMENT FUND, S-4, 1996-09-20 |
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. )
----
Filed by the Registrant
/ X /
----
----
Filed by a Party other than the Registrant
/ /
----
Check the appropriate box:
----
/ X / Preliminary Proxy Statement
----
----
/ / Preliminary Additional Materials
----
----
/ / Definitive Proxy Statement
----
----
/ / Definitive Additional Materials
----
----
/ / Soliciting Material Pursuant to Sec.
240.14a-11(e) or
---- Sec. 240.14a-12
PUTNAM CAPITAL MANAGER TRUST
(Name of Registrant as Specified In Its
Charter)
(Name of Person(s) Filing Proxy Statement)
Payment of Filing Fee (Check the appropriate box):
----
/ x / $125 per Exchange Act Rules 0-11(c)(1)(ii),
---- 14a-6(i)(1), or 14a-6(i)(2).
----
/ / $500 per each party to the controversy
pursuant
---- to Exchange Act Rule 14a-6(i)(3).
----
/ / Fee computed on table below per Exchange Act
Rules
---- 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to
which
transaction applies:
(2) Aggregate number of securities to which
transaction applies:
(3) Per unit price or other underlying value
of
transaction computed pursuant to Exchange
Act Rule
0-11:
<PAGE>
(4) Proposed maximum aggregate value of
transaction:
----
/ / Check box if any part of the fee is offset as
provided
---- by Exchange Act Rule 0-11(a)(2) and identify
the filing
for which the offsetting fee was paid
previously.
Identify the previous filing by registration
statement
number, or the Form or Schedule and the date
of its
filing.
(1) Amount Previously Paid:
(2) Form, Schedule or Registration Statement
No.:
(3) Filing Party:
(4) Date Filed:
<PAGE>
IMPORTANT INFORMATION
FOR CONTRACT AND POLICY HOLDERS OF
PCM ASIA PACIFIC GROWTH FUND SUBACCOUNTS
PCM DIVERSIFIED INCOME FUND SUBACCOUNTS
PCM GLOBAL ASSET ALLOCATION FUND SUBACCOUNTS
PCM GLOBAL GROWTH FUND SUBACCOUNTS
PCM GROWTH AND INCOME FUND SUBACCOUNTS
PCM HIGH YIELD FUND SUBACCOUNTS
PCM MONEY MARKET FUND SUBACCOUNTS
PCM NEW OPPORTUNITIES FUND SUBACCOUNTS
PCM U.S. GOVERNMENT AND HIGH QUALITY BOND FUND
SUBACCOUNTS
PCM UTILITIES GROWTH AND INCOME FUND SUBACCOUNTS
PCM VOYAGER FUND SUBACCOUNTS
The document you hold in your hands contains your proxy
statement
and voting instruction cards. A voting instruction card
is, in
essence, a ballot. When you complete your voting
instructions,
it tells your insurance company how to vote on your
behalf on
important issues relating to the portion of your account
that is
allocated to your fund(s). If you complete and sign the
voting
instruction card, it will be voted exactly as you
instruct. If
you simply sign your voting instruction card, it will be
voted in
the same proportion as shares for which instructions
have been
received.
We urge you to spend a couple of minutes with the proxy
statement, fill out your voting instruction card, and
return it.
We want to know how you would like to vote and welcome
your
comments. Please take a few moments with these
materials and
return your voting instruction card(s).
(PUTNAM LOGO APPEARS HERE)
BOSTON * LONDON * TOKYO
<PAGE>
Table of contents
A Message from the Chairman
1
Notice of Shareholder Meeting
2
Trustees' Recommendations
[5]
Proxy or voting instruction card enclosed
If you have any questions, please contact us at the
special toll-
free number we have set up for you (1-800-225-1581) or
call your
financial adviser.
<PAGE>
A Message from the Chairman
(Photograph of George Putnam appears here)
Dear Contract and Policy Holder:
I am writing to you to ask for your vote on important
questions
that affect the portion of your account that is
allocated to your
fund. While you are, of course, welcome to join us at
your
fund's meeting, most contract and policy holders provide
voting
instructions by filling out and signing the enclosed
card. We
are asking for your instructions on the following
matters:
1. Electing Trustees to oversee your fund;
2. Ratifying the selection by the Trustees of the
independent
auditors of your fund for its current fiscal year;
3. Approving amendments to certain of your fund's
fundamental
investment restrictions;
4. Approving the elimination of certain of your fund's
fundamental investment restrictions; and
5. Approving an amendment to the Agreement and
Declaration of
Trust of Putnam Capital Manager Trust to permit the
issuance
of additional classes of shares.
Although we would like very much to have each contract
and policy
holder attend their fund's meeting, we realize this is
not
possible. Whether or not you plan to be present, we
need your
voting instructions. We urge you to complete, sign, and
return
all enclosed cards promptly. A postage-paid envelope is
enclosed.
I'm sure that you, like most people, lead a busy life
and are
tempted to put this proxy aside for another day. Please
don't.
When contract and policy holders do not return their
voting
instructions, their fund may have to incur the expense
of
follow-up solicitations. All contract and policy
holders benefit
from the speedy return of voting instructions.
Your voting instructions are important to us. We
appreciate the
time and consideration that I am sure you will give this
important matter. If you have questions about the
proposals,
contact your financial adviser or call a Putnam customer
service
representative at 1-800-225-1581.
Sincerely yours,
(signature of George
Putnam)
George Putnam, Chairman
<PAGE>
PUTNAM CAPITAL MANAGER TRUST
Notice of a Meeting of Shareholders
This is the formal agenda for your fund's shareholder
meeting.
It tells you what matters will be voted on and the time
and place
of the meeting, if you can attend in person.
To the Shareholders of Putnam Capital Manager Trust (the
"Trust"), consisting of the following portfolio series:
PCM Asia
Pacific Growth Fund (the "Asia Pacific Growth Fund");
PCM
Diversified Income Fund (the "Diversified Income Fund");
PCM
Global Asset Allocation Fund (the "Global Asset Fund");
PCM
Global Growth Fund (the "Global Growth Fund"); PCM
Growth and
Income Fund (the "Growth and Income Fund"); PCM High
Yield Fund
(the "High Yield Fund"); PCM Money Market Fund (the
"Money Market
Fund"); PCM New Opportunities Fund (the "New
Opportunities
Fund"); PCM U.S. Government and High Quality Bond Fund
(the "U.S.
Government and High Quality Fund"); PCM Utilities Growth
and
Income Fund (the "Utilities Growth and Income Fund");
and PCM
Voyager Fund (the "Voyager Fund") (each a "fund" and,
collectively, the "funds"):
A Meeting of Shareholders of each of the funds will be
held on
December 5, 1996 at 2:00 p.m., Boston time, on the
eighth floor
of One Post Office Square, Boston, Massachusetts, to
consider the
following:
1. Electing Trustees of the Trust. See page [ ].
2. Ratifying the selection by the Trustees of the
independent auditors of the Trust for its
current fiscal
year. See page [ ].
3.A. Approving an amendment to the fund's fundamental
investment restriction with respect to
diversification.
See page [ ]. (For Shareholders of all funds
except
Asia Pacific Growth Fund, New Opportunities Fund
and
Utilities Growth and Income Fund.)
3.B.1. Approving an amendment to the fund's fundamental
investment restriction with respect to
investments in the
voting securities of a single issuer. See page
[ ].
(For Shareholders of all funds except Utilities
Growth
and Income Fund.)
3.B.2. Approving an amendment to the fund's fundamental
investment restriction with respect to
investments in the
voting securities of a single issuer. See page
[ ].
(For Shareholders of Utilities Growth and Income
Fund
only.)
<PAGE>
3.C. Approving an amendment to the fund's fundamental
investment restriction with respect to making
loans. See
page [ ]. (For Shareholders of all funds.)
3.D.1. Approving an amendment to the fund's fundamental
investment restriction with respect to
investments in
real estate. See page [ ]. (For Shareholders
of Asia
Pacific Growth Fund, New Opportunities Fund and
Utilities
Growth and Income Fund only.)
3.D.2. Approving an amendment to the fund's fundamental
investment restriction with respect to
investments in
real estate. See page [ ]. (For Shareholders
of Global
Asset Fund, Global Growth Fund, Growth and
Income Fund,
High Yield Fund, Money Market Fund, U.S.
Government and
High Quality Fund and Voyager Fund only.)
3.D.3. Approving an amendment to the fund's fundamental
investment restriction with respect to
investments in
real estate. See page [ ]. (For Shareholders
of
Diversified Income Fund only.)
3.E. Approving an amendment to the fund's fundamental
investment restriction with respect to
concentration of
its assets. See page [ ]. (For Shareholders
of all
funds.)
3.F. Approving an amendment to the fund's fundamental
investment restriction with respect to senior
securities.
See page [ ]. (For Shareholders of all funds.)
3.G. Approving an amendment to the fund's fundamental
investment restriction with respect to
investments in
commodities. See page [ ]. (For Shareholders
of all
funds.)
4.A. Approving the elimination of the fund's
fundamental
investment restriction with respect to
investments in
securities of issuers in which management of the
funds or
Putnam Investment Management owns securities.
See
page [ ]. (For Shareholders of all funds.)
4.B. Approving the elimination of the fund's
fundamental
investment restriction with respect to margin
transactions. See page [ ]. (For Shareholders
of all
funds.)
4.C. Approving the elimination of the fund's
fundamental
investment restriction with respect to short
sales. See
page [ ]. (For Shareholders of all funds.)
<PAGE>
4.D. Approving the elimination of the fund's
fundamental
investment restriction with respect to pledging
assets.
See page [ ]. (For Shareholders of all funds.)
4.E.1. Approving the elimination of the fund's
fundamental
investment restriction with respect to
investments in
restricted securities. See page [ ]. (For
Shareholders
of all funds except Asia Pacific Growth Fund,
New
Opportunities Fund, Utilities Growth and Income
Fund and
Money Market Fund.)
4.E.2. Approving the elimination of the fund's
fundamental
investment restriction with respect to
investments in
restricted securities. See page [ ]. (For
Shareholders
of Money Market Fund only.)
4.F.1. Approving the elimination of the fund's
fundamental
investment restriction with respect to
investments in
certain oil, gas and mineral interests. See
page [ ].
(For Shareholders of all funds except Utilities
Growth
and Income Fund.)
4.F.2. Approving the elimination of the fund's
fundamental
investment restriction with respect to
investments in
certain oil, gas and mineral interests. See
page [ ].
(For Shareholders of Utilities Growth and Income
Fund
only.)
4.G. Approving the elimination of the fund's
fundamental
investment restriction with respect to investing
to gain
control of a company's management. See page [
]. (For
Shareholders of all funds.)
5. Approving an amendment to the Agreement and
Declaration
of Trust of the Trust to permit the issuance of
additional classes of shares. See page [ ].
(For
Shareholders of all funds.)
6. Transacting other business as may properly come
before
the meeting.
<PAGE>
By the Trustees
George Putnam, Chairman
William F. Pounds, Vice Chairman
Jameson A. Baxter Robert E. Patterson
Hans Donald S. Perkins
H.
Estin
John George Putnam, III
A.
Hill
Ronald Eli Shapiro
J.
Jackson
Elizabeth A.J.C. Smith
T.
Kennan
Lawrence W. Nicholas Thorndike
J.
Lasser
WE URGE YOU TO MARK, SIGN, DATE, AND MAIL THE ENCLOSED
VOTING
INSTRUCTION CARDS IN THE POSTAGE-PAID ENVELOPE PROVIDED
SO YOU
WILL BE REPRESENTED AT THE MEETING.
October 7, 1996
<PAGE>
Proxy Statement
This document will give you the information you need to
vote on
the matters listed on the previous pages. Much of the
information in the proxy statement is required under
rules of the
Securities and Exchange Commission ("SEC"); some of it
is
technical. If there is anything you don't understand,
please
contact us at our special toll-free number,
1-800-225-1581, or
call your financial adviser.
Who is asking for my vote?
The enclosed proxy is solicited by the Trustees of
Putnam Capital
Manager Trust (the "Trust") (consisting of the following
portfolio series (each, a "fund"): PCM Asia Pacific
Growth Fund;
PCM Diversified Income Fund; PCM Global Asset Allocation
Fund;
PCM Global Growth Fund; PCM Growth and Income Fund; PCM
High
Yield Fund; PCM Money Market Fund; PCM New Opportunities
Fund;
PCM U.S. Government and High Quality Bond Fund; PCM
Utilities
Growth and Income Fund; and PCM Voyager Fund) for use at
the
Meeting of Shareholders of each fund to be held on
December 5,
1996, and, if your fund's meeting is adjourned, at any
later
meetings, for the purposes stated in the Notice of
Meeting (see
previous pages).
How do the Trustees recommend that shareholders vote on
these
proposals?
The Trustees recommend that you vote
1. For the election of all nominees as Trustees of
the
Trust;
2. For selecting Price Waterhouse LLP as the
independent
auditors of the Trust;
3.A. For amending the fund's fundamental investment
restriction with respect to diversification (For
Shareholders of all funds except Asia Pacific
Growth
Fund, New Opportunities Fund and Utilities and
Growth and
Income Fund);
3.B.1. For amending the fund's fundamental investment
restriction with respect to investments in the
voting
securities of a single issuer (For Shareholders
of all
funds except Utilities Growth and Income Fund);
3.B.2. For amending the fund's fundamental investment
restriction with respect to investments in the
voting
securities of a single issuer (For Shareholders
of
Utilities Growth and Income Fund only);
<PAGE>
3.C. For amending the fund's fundamental investment
restriction with respect to making loans (For
Shareholders of all funds);
3.D.1. For amending the fund's fundamental investment
restriction with respect to investments in real
estate
(For Shareholders of Asia Pacific Growth Fund,
Global
Asset Fund, Global Growth Fund, New
Opportunities Fund
and Utilities Growth and Income Fund only);
3.D.2. For amending the fund's fundamental investment
restriction with respect to investments in real
estate
(For Shareholders of Growth and Income Fund,
High Yield
Fund, Money Market Fund, U.S. Government and
High Quality
Fund and Voyager Fund only);
3.D.3. For amending the fund's fundamental investment
restriction with respect to investments in real
estate
(For Shareholders of Diversified Income Fund
only);
3.E. For amending the fund's fundamental investment
restriction with respect to concentration of
their assets
(For Shareholders of all funds);
3.F. For amending the fund's fundamental investment
restriction with respect to senior securities
(For
Shareholders of all funds);
3.G. For amending the fund's fundamental investment
restriction with respect to investments in
commodities
(For Shareholders of all funds);
4.A. For eliminating the fund's fundamental
investment
restriction with respect to investments in
securities of
issuers in which management of the fund or
Putnam
Investment Management owns securities (For
Shareholders
of all funds);
4.B. For eliminating the fund's fundamental
investment
restriction with respect to margin transactions
(For
Shareholders of all funds);
4.C. For eliminating the fund's fundamental
investment
restriction with respect to short sales (For
Shareholders
of all funds);
4.D. For eliminating the fund's fundamental
investment
restriction with respect to pledging assets (For
Shareholders of all funds);
4.E.1. For eliminating the fund's fundamental
investment
restriction with respect to investments in
restricted
<PAGE>
securities (For Shareholders of all funds except
Asia
Pacific Growth Fund, New Opportunities Fund,
Utilities
Growth and Income Fund and Money Market Fund);
4.E.2. For eliminating the fund's fundamental
investment
restriction with respect to investments in
restricted
securities (For Shareholders of Money Market
Fund only);
4.F.1. For eliminating the fund's fundamental
investment
restriction with respect to investments in
certain oil,
gas and mineral interests (For Shareholders of
all funds
except Utilities Growth and Income Fund);
4.F.2. For eliminating the fund's fundamental
investment
restriction with respect to investments in
certain oil,
gas and mineral interests (For Shareholders of
Utilities
Growth and Income Fund only);
4.G. For eliminating the fund's fundamental
investment
restriction with respect to investing to gain
control of
a company's management (For Shareholders of all
funds);
and
5. For approving an amendment to the Agreement and
Declaration of Trust of the Trust to permit the
issuance
of additional classes of shares. (For
Shareholders of
all funds).
Who is eligible to vote?
Shareholders of record at the close of business on
September 6,
1996, are entitled to be present and to vote at the
meeting or
any adjourned meeting.
As of that date, certain insurance companies were
shareholders of
record of each of the funds (collectively, the
"Insurance
Companies"). Each such Insurance Company will vote
shares of the
fund or funds held by it in accordance with voting
instructions
received from variable annuity contract and variable
life
insurance policy owners (collectively, the "Contract
Owners") for
whose accounts the shares are held. Accordingly, this
Proxy
Statement is also intended to be used by the Insurance
Companies
in obtaining such voting instructions from Contract
Owners.
The Notice of Meeting, the proxy (or voting instruction)
card,
and the Proxy Statement have been mailed to shareholders
of
record and Contract Owners on or about October 7, 1996.
Each share is entitled to one vote. Shares represented
by duly
executed proxies will be voted in accordance with
shareholders'
instructions. If no instructions are made, the proxy
will be
<PAGE>
voted in accordance with the Trustees' recommendations.
Voting
on Proposals 1 and 2 shall be tabulated on a Trust-wide
basis,
with shares of all funds voting together as a single
class, while
voting on the remainder of the proposals shall be
tabulated
separately for each relevant fund.
In the event that a Contract Owner gives no instructions
or
leaves the voting discretionary, the relevant Insurance
Company
will vote the shares of the appropriate fund
attributable to the
Contract Owner in the same proportion as shares of that
fund for
which it has received instructions.
The Proposals
1. ELECTION OF TRUSTEES
Who are the nominees for Trustees?
The Nominating Committee of the Trustees recommends that
the
number of Trustees be fixed at fourteen and that you
vote for the
election of the nominees described below. Each nominee
is
currently a Trustee of your fund and of the other Putnam
funds.
The Nominating Committee of the Trustees consists solely
of
Trustees who are not "interested persons" (as defined in
the
Investment Company Act of 1940) of your fund or of
Putnam
Investment Management, Inc., your fund's investment
manager
("Putnam Management").
Jameson Adkins Baxter
[Insert Picture]
Ms. Baxter, age 53, is the President of Baxter
Associates, Inc.,
a management and financial consulting firm which she
founded in
1986. During that time, she was also a Vice President
and
Principal of the Regency Group, Inc., and a Consultant
to First
Boston Corporation, both of which are investment banking
firms.
From 1965 to 1986, Ms. Baxter held various positions in
investment banking and corporate finance at First
Boston.
Ms. Baxter currently also serves as a Director of Banta
Corporation, Avondale Federal Savings Bank, and ASHTA
Chemicals,
Inc. She is also the Chairman Emeritus of the Board of
Trustees
of Mount Holyoke College, having previously served as
Chairman
for five years and as a Board member for thirteen years;
an
Honorary Trustee and past President of the Board of
Trustees of
the Emma Willard School; and Chair of the Board of
Governors of
Good Shepherd Hospital. Ms. Baxter is a graduate of
Mount
Holyoke College.
<PAGE>
Hans H. Estin
[Insert Picture]
Mr. Estin, age 68, is a Chartered Financial Analyst and
the Vice
Chairman of North American Management Corp., a
registered
investment adviser serving individual clients and their
families.
Mr. Estin currently also serves as a Director of The
Boston
Company, Inc., a registered investment adviser which
provides
administrative and investment management services to
mutual funds
and other institutional investors, and Boston Safe
Deposit and
Trust Company; a Corporation Member of Massachusetts
General
Hospital; and a Trustee of New England Aquarium. He
previously
served as the Chairman of the Board of Trustees of
Boston
University and is currently active in various other
civic
associations, including the Boys & Girls Clubs of
Boston, Inc.
Mr. Estin is a graduate of Harvard College and holds
honorary
doctorates from Merrimack College and Boston University.
John A. Hill
[Insert Picture]
Mr. Hill, age 54, is the Chairman and Managing Director
of First
Reserve Corporation, a registered investment adviser
investing in
companies in the world-wide energy industry on behalf of
institutional investors.
Prior to acquiring First Reserve in 1983, Mr. Hill held
executive
positions with several investment advisory firms and
held various
positions with the Federal government, including
Associate
Director of the Office of Management and Budget and
Deputy
Administrator of the Federal Energy Administration.
Mr. Hill currently also serves as a Director of Snyder
Oil
Corporation, an exploration and production company which
he
founded, Maverick Tube Corporation, a manufacturer of
structural
steel, pipe and well casings, PetroCorp Incorporated, an
exploration and production company, Weatherford Enterra,
Inc., an
oil field service company, various private companies
controlled
by First Reserve Corporation, and various First Reserve
Funds.
He is also a Member of the Board of Advisors of Fund
Directions.
He is currently active in various business associations,
including the Economic Club of New York, and lectures on
energy
issues in the United States and Europe. Mr. Hill is a
graduate
of Southern Methodist University.
Ronald J. Jackson
[Insert Picture]
Mr. Jackson, age 52, was Chairman of the Board,
President and
Chief Executive Officer of Fisher-Price, Inc., a major
toy
<PAGE>
manufacturer, from 1990 to 1993. He previously served
as
President and Chief Executive Officer of Stride-Rite,
Inc., a
manufacturer and distributor of footwear, from 1989 to
1990, and
as President and Chief Executive Officer of Kenner
Parker Toys,
Inc., a major toy and game manufacturer, from 1985 to
1987.
Prior to that, he held various financial and marketing
positions
at General Mills, Inc. from 1966 to 1985, including Vice
President, Controller and Vice President of Marketing
for Parker
Brothers, a toy and game company, and President of
Talbots, a
retailer and direct marketer of women's apparel.
Mr. Jackson currently serves as a Director of Safety
1st, Inc., a
company which markets a wide range of child care and
safety
products. He also serves as a Trustee of Salem Hospital
and an
Overseer of the Peabody Essex Museum. He previously
served as a
Director of a number of public companies including
Fisher-Price,
Inc., Kenner Parker Toys, Inc., Stride-Rite, Inc., and
Mattel,
Inc., a major toy manufacturer. Mr. Jackson is a
graduate of
Michigan State University Business School.
Elizabeth T. Kennan
[Insert Picture]
Ms. Kennan, age 58, is President Emeritus and Professor
of Mount
Holyoke College. From 1978 through June 1995, she was
President
of Mount Holyoke College. From 1966 to 1978, she was on
the
faculty of Catholic University, where she taught history
and
published numerous articles.
Ms. Kennan currently also serves as a Director of NYNEX
Corporation, a telecommunications company, Northeast
Utilities,
the Kentucky Home Life Insurance Companies, and Talbots.
She
also serves as a Member of The Folger Shakespeare
Library
Committee. She is currently active in various
educational and
civic associations, including the Committee on Economic
Development and the Council on Foreign Relations. Ms.
Kennan is
a graduate of Mount Holyoke College, the University of
Washington
and St. Hilda College at Oxford University and holds
several
honorary doctorates.
Lawrence J. Lasser*
[Insert Picture]
Mr. Lasser, age 53, is the Vice President of your fund
and the
other Putnam funds. He has been the President, Chief
Executive
Officer and a Director of Putnam Investments, Inc. and
Putnam
Management since 1985, having begun his career there in
1969.
Mr. Lasser currently also serves as a Director of Marsh
&
McLennan Companies, Inc., the parent company of Putnam
<PAGE>
Management, and INROADS/Central New England, Inc., a job
market
internship program for minority high school and college
students.
He is a Member of the Board of Overseers of the Museum
of
Science, the Museum of Fine Arts and the Isabella
Stewart Gardner
Museum in Boston. He is also a Trustee of the Beth
Israel
Hospital and Buckingham, Browne and Nichols School. Mr.
Lasser
is a graduate of Antioch College and Harvard Business
School.
Robert E. Patterson
[Insert Picture]
Mr. Patterson, age 51, is the Executive Vice President
and
Director of Acquisitions of Cabot Partners Limited
Partnership, a
registered investment adviser which manages real estate
investments for institutional investors. Prior to 1990,
he was
the Executive Vice President of Cabot, Cabot & Forbes
Realty
Advisors, Inc., the predecessor company of Cabot
Partners. Prior
to that, he was a Senior Vice President of the Beal
Companies, a
real estate management, investment and development
company. He
has also worked as an attorney and held various
positions in
state government, including the founding Executive
Director of
the Massachusetts Industrial Finance Agency.
Mr. Patterson currently also serves as Chairman of the
Joslin
Diabetes Center and as a Director of Brandywine Trust
Company.
Mr. Patterson is a graduate of Harvard College and
Harvard Law
School.
Donald S. Perkins*
[Insert Picture]
Mr. Perkins, age 69, is the retired Chairman of the
Board of
Jewel Companies, Inc., a diversified retailer, where
among other
roles he served as President, Chief Executive Officer
and
Chairman of the Board from 1965 to 1980. He currently
also
serves as a Director of various other public
corporations,
including AON Corp., an insurance company, Cummins
Engine
Company, Inc., an engine and power generator equipment
manufacturer and assembler, Current Assets L.L.C., a
corporation
providing financial staffing services, Illinova and
Illinois
Power Co., Inland Steel Industries, Inc., LaSalle Street
Fund,
Inc., a real estate investment trust, Lucent
Technologies Inc.,
Springs Industries, Inc., a textile manufacturer, and
Time
Warner, Inc., one of the nation's largest media
conglomerates.
He previously served as a Director of several other
major public
corporations, including Corning Glass Works, Eastman
Kodak
Company, Firestone Tire & Rubber Company and Kmart
Corporation.
Mr. Perkins currently also serves as a Trustee and Vice
Chairman
of Northwestern University and as a Trustee of the
Hospital
<PAGE>
Research and Education Trust. He is currently active in
various
civic and business associations, including the Business
Council
and the Civic Committee of the Commercial Club of
Chicago, of
which he is the founding Chairman. Mr. Perkins is a
graduate of
Yale University and Harvard Business School and holds an
honorary
doctorate from Loyola University of Chicago.
William F. Pounds
[Insert Picture]
Dr. Pounds, age 68, is the Vice Chairman of your fund
and of the
other Putnam funds. He has been a Professor of
Management at the
Alfred P. Sloan School of Management at the
Massachusetts
Institute of Technology since 1961 and served as Dean of
that
School from 1966 to 1980. He previously served as
Senior Advisor
to the Rockefeller Family and Associates and was a past
Chairman
of Rockefeller & Co., Inc., a registered investment
adviser which
manages Rockefeller family assets, and Rockefeller Trust
Company.
Dr. Pounds currently also serves as a Director of IDEXX
Laboratories, Inc., EG&G, Inc., Perseptive Biosystems,
Inc.,
Management Sciences For Health, Inc. and Sun Company,
Inc. He is
also a Trustee of the Museum of Fine Arts in Boston; an
Overseer
of WGBH Educational Foundation, and a Fellow of The
American
Academy of Arts and Sciences. He previously served as a
Director
of Fisher-Price, Inc. and General Mills, Inc. Dr.
Pounds is a
graduate of Carnegie-Mellon University.
George Putnam*
[Insert Picture]
Mr. Putnam, age 70, is the Chairman and President of
your fund
and of the other Putnam funds. He is the Chairman and a
Director
of Putnam Management and Putnam Mutual Funds Corp. and a
Director
of Marsh & McLennan, their parent company. Mr. Putnam
is the son
of the founder of the Putnam funds and Putnam Management
and has
been employed in various capacities by Putnam Management
since
1951, including Chief Executive Officer from 1961 to
1973. He is
a former Overseer and Treasurer of Harvard University; a
past
Chairman of the Harvard Management Company; and a
Trustee
Emeritus of Wellesley College and Bradford College.
Mr. Putnam currently also serves as a Director of The
Boston
Company, Inc., Boston Safe Deposit and Trust Company,
Freeport-
McMoRan, Inc., Freeport Copper and Gold, Inc., McMoRan
Oil and
Gas, Inc., mining and natural resources companies,
General Mills,
Inc., Houghton Mifflin Company, a major publishing
company, and
Rockefeller Group, Inc., a real estate manager. He is
also a
Trustee of Massachusetts General Hospital, McLean
Hospital,
Vincent Memorial Hospital, WGBH Educational Foundation
and the
Museum of Fine Arts and the Museum of Science in Boston;
the New
<PAGE>
England Aquarium; an Overseer of Northeastern
University; and a
Fellow of The American Academy of Arts and Sciences.
Mr. Putnam
is a graduate of Harvard College and Harvard Business
School and
holds honorary doctorates from Bates College and Harvard
University.
George Putnam, III*
[Insert Picture]
Mr. Putnam, age 45, is the President of New Generation
Research,
Inc., a publisher of financial advisory and other
research
services relating to bankrupt and distressed companies,
and New
Generation Advisers, Inc., a registered investment
adviser which
provides advice to private funds specializing in
investments in
such companies. Prior to founding New Generation in
1985, Mr.
Putnam was an attorney with the Philadelphia law firm
Dechert
Price & Rhoads.
Mr. Putnam currently also serves as a Director of the
Massachusetts Audubon Society. He is also a Trustee of
the Sea
Education Association and St. Mark's School and an
Overseer of
the New England Medical Center. Mr. Putnam is a
graduate of
Harvard College, Harvard Business School and Harvard Law
School.
Eli Shapiro
[Insert Picture]
Dr. Shapiro, age 80, is the Alfred P. Sloan Professor of
Management, Emeritus at the Alfred P. Sloan School of
Management
at the Massachusetts Institute of Technology, having
served on
the faculty of the Sloan School for eighteen years. He
previously was also on the faculty of Harvard Business
School,
The University of Chicago School of Business and
Brooklyn
College. During his academic career, Dr. Shapiro
authored
numerous publications concerning finance and related
topics. He
previously served as the President and Chief Executive
Officer of
the National Bureau of Economic Research and also
provided
economic and financial consulting services to various
clients.
Dr. Shapiro is a past Director of many companies,
including
Nomura Dividend Income Fund, Inc., a privately held
registered
investment company managed by Putnam Management, Reece
Corporation, a sewing machine manufacturer, Commonwealth
Mortgage, Dexter Corporation, a manufacturer of plastics
and
related products, Avis Corporation, a car rental
company,
Connecticut Bank and Trust Company, Connecticut National
Gas
Corporation, the Federal Home Loan Bank of Boston, where
he
served as Chairman from 1977 to 1989, Travelers'
Corporation, an
insurance company, and Norlin Corporation, a musical
instrument
<PAGE>
manufacturer; and a past Trustee of Mount Holyoke
College and the
Putnam funds (from 1984 to 1989).
Dr. Shapiro is a Fellow of The American Academy of Arts
and
Sciences and is active in various professional and civic
associations, including the American Economic
Association, the
American Finance Association and the Council on Foreign
Relations. Dr. Shapiro is a graduate of Brooklyn
College and
Columbia University.
A.J.C. Smith*
[Insert Picture]
Mr. Smith, age 62, is the Chairman and Chief Executive
Officer of
Marsh & McLennan Companies, Inc. He has been employed
by Marsh &
McLennan and related companies in various capacities
since 1961.
Mr. Smith is a Director of the Trident Corp., and he
also serves
as a Trustee of the Carnegie Hall Society, the Central
Park
Conservancy, The American Institute for Chartered
Property
Underwriters, and is a Founder of the Museum of Scotland
Society.
He was educated in Scotland and is a Fellow of the
Faculty of
Actuaries in Edinburgh, a Fellow of the Canadian
Institute of
Actuaries, a Fellow of the Conference of Actuaries in
Public
Practice, an Associate of the Society of Actuaries, a
Member of
the American Academy of Actuaries, the International
Actuarial
Association and the International Association of
Consulting
Actuaries.
W. Nicholas Thorndike**
[Insert Picture]
Mr. Thorndike, age 63, serves as a Director of various
corporations and charitable organizations, including
Data General
Corporation, a computer and high technology company,
Bradley Real
Estate, Inc., a real estate investment firm, Providence
Journal
Co., a newspaper publisher and owner of television
stations, and
Courier Corporation, a book binding and printing
company. He is
also a Trustee of Eastern Utilities Associates,
Massachusetts
General Hospital, where he previously served as chairman
and
president, and Northeastern University.
Prior to December 1988, he was the Chairman of the Board
and
Managing Partner of Wellington Management
Company/Thorndike,
Doran, Paine & Lewis, a registered investment adviser
which
manages mutual funds and institutional assets. He also
previously served as a Trustee of the Wellington Group
of Funds
(now The Vanguard Group) and was the Chairman and a
Director of
Ivest Fund, Inc. Mr. Thorndike is a graduate of Harvard
College.
<PAGE>
----------------------------
* Nominees who are or may be deemed to be
"interested
persons" (as defined in the Investment Company
Act of
1940) of your fund, Putnam Management and Putnam
Mutual
Funds Corp. ("Putnam Mutual Funds"), the
principal
underwriter for all the open-end Putnam funds
and an
affiliate of Putnam Management. Messrs. Putnam,
Lasser,
and Smith are deemed "interested persons" by
virtue of
their positions as officers or shareholders of
your fund,
or directors of Putnam Management, Putnam Mutual
Funds or
Marsh & McLennan Companies, Inc., the parent
company of
Putnam Management and Putnam Mutual Funds. Mr.
George
Putnam, III, Mr. Putnam's son, is also an
"interested
person" of your fund, Putnam Management and
Putnam Mutual
Funds. Mr. Perkins may be deemed to be an
"interested
person" of your fund because of his service as a
director
of a certain publicly held company that includes
registered broker-dealer firms among its
subsidiaries.
Neither your fund nor any of the other Putnam
funds
currently engages in any transactions with such
firms
except that certain of such firms act as dealers
in the
retail sale of shares of certain Putnam funds in
the
ordinary course of their business. The balance
of the
nominees are not "interested persons."
** In February 1994 Mr. Thorndike accepted
appointment as a
successor trustee of certain private trusts in
which he
has no beneficial interest. At that time he
also became
Chairman of the Board of two privately owned
corporations
controlled by such trusts, serving in that
capacity until
October 1994. These corporations filed
voluntary
petitions for relief under Chapter 11 of the
U.S.
Bankruptcy Code in August 1994.
Except as indicated above, the principal occupations and
business
experience of the nominees for the last five years have
been with
the employers indicated, although in some cases they
have held
different positions with those employers. Except for
Ms. Baxter,
Dr. Shapiro and Mr. Jackson, all the nominees were
elected by the
shareholders of the Trust in September 1992. Ms.
Baxter, Dr.
Shapiro and Mr. Jackson were elected by the other
Trustees in
January 1994, April 1995 and May 1996, respectively.
The 14
nominees for election as Trustees at the shareholder
meeting who
receive the greatest number of votes of all funds,
voting
together as a single class, will be elected Trustees of
the
Trust. The Trustees serve until their successors are
elected and
qualified. Each of the nominees has agreed to serve as
a Trustee
if elected. If any of the nominees is unavailable for
election
at the time of the meeting, which is not anticipated,
the
Trustees may vote for other nominees at their
discretion, or the
<PAGE>
Trustees may recommend that the shareholders fix the
number of
Trustees at less than 14 for your fund.
What are the Trustees' responsibilities?
The Trustees are responsible for the general oversight
of each
fund's business and for assuring that each fund is
managed in the
best interests of its shareholders. The Trustees
periodically
review each fund's investment performance as well as the
quality
of other services provided to each fund and its
shareholders by
Putnam Management and its affiliates, including
administration,
custody, distribution and investor servicing. At least
annually,
the Trustees review the fees paid to Putnam Management
and its
affiliates for these services and the overall level of
each
fund's operating expenses. In carrying out these
responsibilities, the Trustees are assisted by an
independent
administrative staff and by each fund's auditors and
legal
counsel, which are selected by the Trustees and are
independent
of Putnam Management and its affiliates.
Do the Trustees have a stake in the Putnam funds?
The Trustees believe it is important that each Trustee
have a
significant investment in the Putnam funds. The
Trustees
allocate their investments among the more than 99 Putnam
funds
based on their own investment needs. The Trustees'
aggregate
investments in the Putnam funds total over $47 million.
The
table below lists each Trustee's current investments in
each fund
and in the Putnam funds as a group. Because shares of
the PCM
funds are offered exclusively to insurance company
separate
accounts, the Trustees are unable to own shares of your
fund.
<PAGE>
Share Ownership by Trustees
Number of
shares
Year first elected owned of
all Putnam
as Trustee of funds
Putnam funds as of
Trustees June
28,1996*
Jameson 1994 24,102
A.
Baxter
Hans 1972 26,270
H.
Estin
John 1985 123,624
A.
Hill
Ronald 1996 12,209
J.
Jackson
Elizabeth 1992 27,475
T.
Kennan
Lawrence 1992 451,608
J.
Lasser
Robert 1984 60,322
E.
Patterson
Donald 1982 160,110
S.
Perkins
William 1971 348,913
F.
Pounds
George 1957 1,516,577
Putnam
George 1984 287,830
Putnam
III
Eli 1995** 80,677
Shapiro
A.J.C. 1986 35,339
Smith
W. 1992 79,113
Nicholas
Thorndike
* These holdings do not include shares of Putnam
money
market funds.
** Dr. Shapiro previously served as a Trustee of
the Putnam
funds from 1984 to 1989.
<PAGE>
What are some of the ways in which the Trustees
represent
shareholder interests?
The Trustees believe that, as substantial investors in
the Putnam
funds, their interests are closely aligned with those of
individual shareholders. Among other ways, the Trustees
seek to
represent shareholder interests:
* by carefully reviewing each fund's investment
performance on an individual basis with each
fund's
managers;
* by also carefully reviewing the quality of the
various
other services provided to the funds and their
shareholders by Putnam Management and its
affiliates;
* by discussing with senior management of Putnam
Management steps being taken to address any
performance
deficiencies;
* by reviewing the fees paid to Putnam
Management to
ensure that such fees remain reasonable and
competitive
with those of other mutual funds, while at the
same
time providing Putnam Management sufficient
resources
to continue to provide high quality services
in the
future;
* by monitoring potential conflicts between the
funds and
Putnam Management and its affiliates to ensure
that the
funds continue to be managed in the best
interests of
their shareholders;
* by also monitoring potential conflicts among
funds to
ensure that shareholders continue to realize
the
benefits of participation in a large and
diverse family
of funds.
How often do the Trustees meet?
The Trustees meet each month (except August) over a
two-day
period to review the operations of each fund and of the
other
Putnam funds. A portion of these meetings is devoted to
meetings
of various Committees of the board which focus on
particular
matters. These include: the Contract Committee, which
reviews
all contractual arrangements with Putnam Management and
its
affiliates; the Communication and Service Committee,
which
reviews the quality of services provided by each fund's
investor
servicing agent, custodian and distributor; the Pricing,
Brokerage and Special Investments Committee, which
reviews
matters relating to valuation of securities, best
execution,
brokerage costs and allocations and new investment
techniques;
<PAGE>
the Audit Committee, which reviews accounting policies
and the
adequacy of internal controls and supervises the
engagement of
the funds' auditors; the Compensation, Administration
and Legal
Affairs Committee, which reviews the compensation of the
Trustees
and their administrative staff and supervises the
engagement of
the funds' independent counsel; and the Nominating
Committee,
which is responsible for selecting nominees for election
as
Trustees.
Each Trustee generally attends at least two formal
committee
meetings during such monthly meeting of the Trustees.
During
1995, the average Trustee participated in approximately
40
committee and board meetings. In addition, the Trustees
meet in
small groups with Chief Investment Officers and
Portfolio
Managers to review recent performance and the current
investment
climate for selected funds. These meetings ensure that
each
fund's performance is reviewed in detail at least twice
a year.
The Contract Committee typically meets on several
additional
occasions during the year to carry out its
responsibilities.
Other Committees, including an Executive Committee, may
also meet
on special occasions as the need arises.
What are the Trustees paid for their services?
Each fund pays each Trustee a fee for his or her
services. Each
Trustee also receives fees for serving as Trustee of the
other
Putnam funds. The Trustees periodically review their
fees to
assure that such fees continue to be appropriate in
light of
their responsibilities as well as in relation to fees
paid to
trustees of other mutual fund complexes. The fees paid
to each
Trustee by your fund and by all of the Putnam funds are
shown
below:
<PAGE>
Compensation Table+
Aggregate Compensation From:
Trustees Asia DiversifiedGlobal Global
Growth High Money U.S. VoyagerNew UtilitiesTotal
Pacific Income Asset Growth and
Yield Market Govern- Fund* Oppor- tunities Growth Compensa-
Growth Fund* Fund* Fund*
Income Fund* Fund* ment Fund* & tion
Fund* Fund*
and Income from
High Fund* all
Quality Putnam
Fund* funds**
$148 $1,059 $1,178 $1,961 $3,662
$1,183 $756 $1,537 $3,016$895 $1,265 $150,854
Jameson
A.
Baxter
Hans 145 1,066 1,187 1,976 3,685
1,192 759 1,547 3,031 898 1,275 150,854
H.
Estin
John 148 1,059 1,178 1,962 3,659
1,183 756 1,538 3,013 893 1,265 149,854
A.
Hill***
Elizabeth 145 1,066 1,187 1,976 3,685
1,192 759 1,547 3,031 898 1,275 148,854
T.
Kennan
Lawrence 140 1,060 1,179 1,963 3,656
1,184 756 1,539 3,010 889 1,266 150,854
J.
Lasser
Robert 150 1,073 1,195 1,989 3,714
1,200 762 1,555 3,052 907 1,283 152,854
E.
Patterson
Donald 140 1,060 1,179 1,963 3,656
1,184 756 1,539 3,010 889 1,266 150,854
S.
Perkins
William 148 1,059 1,179 1,962 3,658
1,183 756 1,538 3,012 892 1,265 149,854
F.
Pounds
George 145 1,066 1,187 1,976 3,685
1,192 759 1,547 3,031 898 1,275 150,854
Putnam
George 145 1,066 1,187 1,976 3,685
1,192 759 1,547 3,031 898 1,275 150,854
Putnam,
III
Eli 104 709 780 1,311 2,481
799 502 1,023 2,038 651 848 95,372
Shapiro****
A.J.C. 139 1,053 1,171 1,949 3,629
1,175 753 1,530 2,992 883 1,257 149,854
Smith
W. 150 1,073 1,195 1,989 3,714
1,200 762 1,555 3,052 907 1,283 152,854
Nicholas
Thorndike
+ Ronald J. Jackson became a Trustee of the Trust
effective May 3, 1996 and received
no compensation from the PCM funds or the other
Putnam funds in 1995.
* Includes an annual retainer and an attendance
fee for each meeting attended.
** Reflects total payments received from all Putnam
funds in the most recent calendar
year. As of December 31, 1995, there were 99
funds in the Putnam family.
*** Includes compensation deferred with respect to
certain of the PCM funds pursuant
to a Trustee Compensation Deferral Plan. The
total amount of deferred
compensation payable to Mr. Hill by each
applicable PCM fund as of December 31,
1995, including income earned on such amounts,
is as follows: Global Asset Fund -
$566; Global Growth Fund - $939; Growth and
Income Fund - $1,775; High Yield Fund
- $591; U.S. Government and High Quality Fund -
$739; Voyager Fund - $1,511; and
Utilities Growth and Income Fund - $621.
**** Elected as a Trustee in April 1995.
<PAGE>
The Trustees have approved Retirement Guidelines for
Trustees of
the Putnam funds. These guidelines provide generally
that a
Trustee who retires after reaching age 72 and who has at
least 10
years of continuous service will be eligible to receive
a
retirement benefit from each Putnam fund for which he or
she
served as a Trustee. The amount and form of such
benefit is
subject to determination annually by the Trustees and,
unless
otherwise determined by the Trustees, will be an annual
cash
benefit payable for life equal to one-half of the
Trustee
retainer fees paid by each fund at the time of
retirement.
Several retired Trustees are currently receiving
benefits
pursuant to the Guidelines and it is anticipated that
the current
Trustees will receive similar benefits upon their
retirement. A
Trustee who retired in calendar 1995 and was eligible to
receive
benefits under these Guidelines would have received an
annual
benefit of $66,749, based upon the aggregate retainer
fees paid
by the Putnam funds for such year. The Trustees reserve
the
right to amend or terminate such Guidelines and the
related
payments at any time, and may modify or waive the
foregoing
eligibility requirements when deemed appropriate.
For additional information about your fund, including
further
information about its Trustees and officers, please see
"Further
Information About The Funds," on page [ ].
Putnam Investments
Putnam Investment Management, Inc. and its affiliates,
Putnam
Mutual Funds, the principal underwriter for shares of
each fund
and Putnam Fiduciary Trust Company, each fund's investor
servicing agent and custodian, are wholly owned by
Putnam
Investments, Inc., One Post Office Square, Boston,
Massachusetts
02109, a holding company that is in turn wholly owned by
Marsh &
McLennan Companies, Inc., which has executive offices at
1166
Avenue of the Americas, New York, New York 10036. Marsh
&
McLennan Companies, Inc. and its operating subsidiaries
are
professional services firms with insurance and
reinsurance
brokering, consulting, and investment management
businesses.
2. SELECTION OF INDEPENDENT AUDITORS
Price Waterhouse LLP, 160 Federal Street, Boston,
Massachusetts,
independent accountants, has been selected by the
Trustees as the
auditors of the Trust fund for its current fiscal year.
Among
the country's preeminent accounting firms, this firm
also serves
as the auditor for approximately half of the other funds
in the
Putnam family. It was selected primarily on the basis
of its
expertise as auditors of investment companies, the
quality of its
audit services, and the competitiveness of the fees
charged for
these services.
<PAGE>
Approval by a majority of the shares of all funds voting
together
as a single class is necessary to ratify the selection
of
auditors. A representative of the independent auditors
is
expected to be present at the meeting to make statements
and to
respond to appropriate questions.
PROPOSALS 3 AND 4
As described in the following proposals, the Trustees
are
recommending that shareholders of each fund approve a
number of
changes to their respective funds' fundamental
investment
restrictions, including the elimination of certain of
these
restrictions. The purpose of these changes is to
standardize the
investment restrictions of all of the Putnam funds,
including
your fund where appropriate, and in certain cases to
increase
each fund's investment flexibility. By having standard
investment restrictions for the Putnam funds, Putnam
Management
will be able to more easily monitor each fund's
compliance with
its investment policies. Many of these changes will
have little
practical effect on the way each fund is managed given
the funds'
current investment objectives and policies.
For purposes of this Proxy Statement, the term
"Fixed-Income
Funds" shall include the Diversified Income Fund, High
Yield
Fund, Money Market Fund, and U.S. Government and High
Quality
Fund.
The adoption of any of these proposals is not contingent
on the
adoption of any other proposal.
Each fund will vote separately on each proposal. Voting
by one
fund will not affect any other fund.
3.A. AMENDING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO DIVERSIFICATION
(FOR SHAREHOLDERS OF ALL FUNDS EXCEPT ASIA
PACIFIC GROWTH
FUND, NEW OPPORTUNITIES FUND AND UTILITIES
GROWTH AND
INCOME FUND)
The Trustees are recommending that each of the
above-referenced
fund's fundamental investment restriction with respect
to the
diversification of its investments be revised to reflect
the
standard restriction expected to be used by other Putnam
funds
and to grant the funds the maximum investment
flexibility
permitted by the Investment Company Act of 1940 ("1940
Act").
Under the 1940 Act, the funds, as diversified funds,
generally
may not, with respect to 75% of their respective total
assets,
invest more than 5% of their respective total assets in
the
securities of any one issuer (except U.S. government
securities).
The remaining 25% of their respective total assets are
not
subject to this restriction.
<PAGE>
Each fund's current restriction is more restrictive, and
states
that the fund may not:
"Invest in securities of any issuer if,
immediately after
such investment, more than 5% of the total
assets of the
fund (taken at current value) would be invested
in the
securities of such issuer; provided that this
limitation
does not apply to U.S. Government Securities,
or, with
respect to 25% of the fund's total assets,
securities of
any foreign government, its agencies or
instrumentalities, securities of supranational
entities,
and securities backed by the credit of a
governmental
entity."
The proposed amended fundamental investment restriction
is set
forth below.
"The fund may not ...
With respect to 75% of its total assets, invest
in
the securities of any issuer if, immediately
after
such investment, more than 5% of the total
assets
of the fund (taken at current value) would be
invested in the securities of such issuer;
provided that this limitation does not apply to
obligations issued or guaranteed as to interest
or
principal by the U.S. government or its agencies
or instrumentalities."
If the proposed change is approved, each fund will be
able to
invest up to 25% of its total assets in the securities
of any one
issuer. The amended restriction would continue to
exclude from
its limitations U.S. government securities, and would
clarify,
consistent with the 1940 Act, that U.S. government
securities
include those securities guaranteed as to principal or
interest
by the U.S. government or its agencies or
instrumentalities.
Following the amendment, the funds would continue to be
diversified investment companies for purposes of the
1940 Act.
Putnam Management believes that this enhanced
flexibility could
assist the funds in achieving their investment
objectives.
However, during times when Putnam Management invests a
higher
percentage of a fund's assets in one or more issuers,
the value
of that fund's shares may fluctuate more widely than the
value of
shares of a portfolio investing in a larger number of
issuers.
Required Vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
<PAGE>
3.B.1. AMENDING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO INVESTMENTS IN THE VOTING
SECURITIES OF A
SINGLE ISSUER
(FOR SHAREHOLDERS OF EACH FUND EXCEPT UTILITIES
GROWTH
AND INCOME FUND)
The Trustees are recommending that each of the
above-referenced
fund's fundamental investment restriction with respect
to
investments in the voting securities of a single issuer
be
revised to reflect the standard restriction expected to
be used
by other Putnam funds and to grant the funds the maximum
flexibility permitted under the 1940 Act. The 1940 Act
prohibits
a diversified fund, such as each fund, from investing,
with
respect to 75% of its total assets, in the voting
securities of
an issuer if as a result it would own more than 10% of
the
outstanding voting securities of that issuer. The
funds' current
investment restriction, which is more restrictive than
the 1940
Act, states that the funds may not:
"Acquire more than 10% of the voting securities
of any
issuer."
The proposed amended fundamental investment restriction
is set
forth below.
"The fund may not ...
With respect to 75% of its total assets, acquire
more than 10% of the outstanding voting
securities
of any issuer."
The amendment enables each fund to purchase more than
10% of the
voting securities of an issuer with respect to 25% of
the fund's
total assets.
This proposal will have little practical effect on the
Fixed-
Income Funds and the Money Market Fund, as these funds
invest
primarily in fixed-income securities which are not
typically
voting securities. Nevertheless, Putnam Management
believes it
would be in the best interest of each fund to conform
its policy
to provide the fund with maximum flexibility should
circumstances
change.
To the extent a fund individually or with other funds
and
accounts managed by Putnam Management or its affiliates
were to
own all or a major portion of the outstanding voting
securities
of a particular issuer, under adverse market or economic
conditions or in the event of adverse changes in the
financial
condition of the issuer the fund could find it more
difficult to
sell these voting securities when Putnam Management
believes it
advisable to do so, or may be able to sell the
securities only at
prices significantly lower than if they were more widely
held.
<PAGE>
In addition, certain of the companies in which certain
of the
funds may invest a greater portion of their assets
following the
amendment could have relatively small equity market
capitalizations (e.g., under $1 billion). Such
companies often
have limited product lines, markets or financial
resources. The
securities of these companies 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
fluctuate in value more than those of larger, more
established
companies. Under such circumstances, it may also be
more
difficult to determine the fair value of such securities
for
purposes of computing a fund's net asset value.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
3.B.2. AMENDING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO INVESTMENTS IN THE VOTING
SECURITIES OF A
SINGLE ISSUER
(FOR UTILITIES GROWTH AND INCOME FUND ONLY)
The Trustees are recommending that the fund's
fundamental
investment restriction with respect to investments in
the voting
securities of a single issuer be revised to reflect the
standard
restriction expected to be used by other Putnam funds
and to
grant the fund the maximum flexibility permitted under
the
Internal Revenue Code of 1986, as amended (the "Code").
Under
the Code, a non-diversified fund such as the fund may
not invest,
with respect to 50% of its total assets, in the voting
securities
of an issuer if as a result it would own more than 10%
of the
outstanding voting securities of that issuer. The
remaining 50%
of the fund's total assets is not subject to this
limitation.
The fund's current investment restriction, which is more
restrictive than applicable tax rules, states that the
fund may
not:
"Acquire more than 10% of the voting securities
of any
issuer."
The proposed amended fundamental investment restriction
is set
forth below.
"The fund may not . . .
<PAGE>
With respect to 50% of its total assets, acquire
more
than 10% of the outstanding voting securities of
any
issuer."
The amendment enables the fund to purchase more than 10%
of the
voting securities of an issuer with respect to 50% of
the fund's
total assets. To the extent the fund individually or
with other
funds and accounts managed by Putnam Management or its
affiliates
were to own all or a major portion of the outstanding
voting
securities of a particular issuer, under adverse market
or
economic conditions or in the event of adverse changes
in the
financial condition of the issuer the fund could find it
more
difficult to sell these voting securities when Putnam
Management
believes it advisable to do so, or may be able to sell
the
securities only at prices significantly lower than if
they were
more widely held. In addition, certain of the companies
in which
the fund may invest a greater portion of its assets
following the
amendment could have relatively small equity market
capitalizations (e.g., under $1 billion). Such
companies often
have limited product lines, markets or financial
resources. The
securities of these companies may trade less frequently
and in
limited volume, and only in over-the-counter market or
on a
regional securities exchange. As a result, these
securities may
fluctuate in value more than those of larger, more
established
companies. Under such circumstances, it may also be
more
difficult to determine the fair value of such securities
for
purposes of computing the fund's net asset value.
Required vote. Approval of this proposal requires the
affirmative vote of the lesser of (1) more than 50% of
the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
3.C. AMENDING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO MAKING LOANS
(FOR SHAREHOLDERS OF ALL FUNDS)
The Trustees are recommending that each fund's
fundamental
investment restriction with respect to making loans be
revised to
reflect the standard restriction expected to be used by
other
Putnam funds and to remove any asset limitations on the
fund's
ability to enter into repurchase agreements and
securities loans.
The current restriction states that each fund may not:
"Make loans, except by purchase of debt
obligations in
which the fund may invest consistent with its
investment
policies, by entering into repurchase agreements
with
respect to not more than 25% of its total assets
(taken
at current value), or through the lending of its
<PAGE>
portfolio securities with respect to not more
than 25% of
its assets."
The proposed amended fundamental investment restriction
is set
forth below.
"The fund may not ...
Make loans, except by purchase of debt
obligations
in which the fund may invest consistent with its
investment policies, by entering into repurchase
agreements, or by lending its portfolio
securities."
Following the amendment, a fund may, consistent with its
investment objective and policies and applicable law,
enter into
repurchase agreements and securities loans without
limit.
When a fund enters into a repurchase agreement, it
typically
purchases a security for a relatively short period
(usually not
more than one week), which the seller agrees to
repurchase at a
fixed time and price, representing the fund's cost plus
interest.
When a fund enters into a securities loan, it lends
certain of
its portfolio securities to broker-dealers or other
parties and
typically receives an interest payment in return. These
transactions must be fully collateralized at all times,
but
involve some risk to the fund if the other party should
default
on its obligation. If the other party in these
transactions
should become involved in bankruptcy or insolvency
proceedings,
it is possible that the fund may be treated as an
unsecured
creditor and be required to return the underlying
collateral to
the other party's estate.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
3.D.1. AMENDING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO INVESTMENTS IN REAL ESTATE
(FOR SHAREHOLDERS OF ASIA PACIFIC GROWTH FUND,
NEW
OPPORTUNITIES FUND AND UTILITIES GROWTH AND
INCOME FUND
ONLY)
The trustees are recommending that each of the
above-referenced
fund's fundamental investment restriction with respect
to
investments in real estate be revised to reflect the
standard
restriction expected to be used by other Putnam funds.
The
current restriction states that each fund may not:
<PAGE>
"Purchase or sell real estate, although it may
purchase
securities of issuers which deal in real estate,
securities which are secured by interests in
real estate,
and securities representing interests in real
estate, and
it may acquire and dispose of real estate or
interests in
real estate acquired through the exercise of its
rights
as a holder of debt obligations secured by real
estate or
interests therein."
The proposed amended fundamental investment restriction
is set
forth below.
"The fund may not ...
Purchase or sell real estate, although it may
purchase securities of issuers which deal in
real
estate, securities which are secured by
interests
in real estate, and securities which represent
interests in real estate, and it may acquire and
dispose of real estate or interests in real
estate
acquired through the exercise of its rights as a
holder of debt obligations secured by real
estate
or interests therein."
The proposed amendment merely conforms each fund's
investment
restriction and will not affect the funds' investments.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
3.D.2. AMENDING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO INVESTMENTS IN REAL ESTATE
(FOR SHAREHOLDERS OF GLOBAL ASSET FUND, GLOBAL
GROWTH
FUND, GROWTH AND INCOME FUND, HIGH YIELD FUND,
MONEY
MARKET FUND, U.S. GOVERNMENT AND HIGH QUALITY
FUND AND
VOYAGER FUND ONLY)
The Trustees are recommending that each of the
above-referenced
fund's fundamental investment restriction with respect
to
investments in real estate be revised to reflect the
standard
restriction expected to be used by other Putnam funds
and to
provide the fund with maximum flexibility. The current
restriction states that each fund may not:
"Purchase or sell real estate, although it may
purchase securities which are secured by or
represent interests in real estate."
<PAGE>
The proposed amended fundamental investment restriction
is set
forth below.
"The fund may not . . .
Purchase or sell real estate, although it may
purchase securities of issuers which deal in
real
estate, securities which are secured by
interests
in real estate, and securities which represent
interests in real estate, and it may acquire and
dispose of real estate or interests in real
estate
acquired through the exercise of its rights as a
holder of debt obligations secured by real
estate
or interests therein."
The proposed amendment enables each fund to invest in a
wide
range of real estate-related investments, many in which
each fund
may already invest under the current restriction. In
addition,
each fund would be able to own real estate directly as a
result
of the exercise of its rights in connection with debt
obligations
it owns. In such cases, the ability to acquire and
dispose of
real estate may serve to protect the fund during times
where an
issuer of debt securities is unable to meet its
obligations.
Putnam Management believes that the enhanced flexibility
could
assist each fund in achieving its investment objective.
To the extent a fund holds real estate-related
securities, it
will be subject to the risks associated with the real
estate
market. These risks may include declines in the value
of real
estate, changes in general or local economic conditions,
overbuilding, difficulty in completing construction,
increased
competition, changes in zoning laws, increases in
property taxes
and operating expenses, and variations in rental income.
Generally, increases in interest rates will increase the
costs of
obtaining financing, which may result in a decrease in
the value
of such investments. In addition, in order to enforce
its rights
in the event of a default of these securities, a fund
may be
required to participate in various legal proceedings or
take
possession of and manage assets securing the issuer's
obligations. This could increase the fund's operating
expenses
and adversely affect the fund's net asset value.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
<PAGE>
3.D.3. AMENDING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO INVESTMENTS IN REAL ESTATE
(FOR SHAREHOLDERS OF DIVERSIFIED INCOME FUND
ONLY)
The Trustees are recommending that the fund's
fundamental
investment restriction with respect to investments in
real estate
be revised to reflect the standard restriction expected
to be
used by other Putnam funds and to provide the fund with
maximum
flexibility. The current restriction states that
"The fund may not ...
"Purchase or sell real estate, although it may
purchase securities of issuers which deal in
real
estate, which are secured by interests in real
estate and securities representing interests in
real estate."
The proposed amended fundamental investment restriction
is set
forth below.
"The fund may not ...
Purchase or sell real estate, although it may
purchase securities of issuers which deal in
real
estate, securities which are secured by
interests
in real estate, and securities which represent
interests in real estate, and it may acquire and
dispose of real estate or interests in real
estate
acquired through the exercise of its rights as a
holder of debt obligations secured by real
estate
or interests therein."
The proposed amendment enables the fund to invest in a
wide range
of real estate-related investments, many in which the
fund may
already invest under the current restriction. In
addition, the
fund would be able to own real estate directly as a
result of the
exercise of its rights in connection with debt
obligations it
owns. In such cases, the ability to acquire and dispose
of real
estate may serve to protect the fund during times where
an issuer
of debt securities is unable to meet its obligations.
In order to enforce its rights in the event of a default
of
issuers of real estate-related securities, the fund may
be
required to participate in various legal proceedings or
take
possession of and manage assets securing the issuer's
obligations. This could increase the fund's operating
expenses
and adversely affect the fund's net asset value.
Required vote. Approval of this proposal requires the
affirmative vote of the lesser of (1) more than 50% of
the
outstanding shares of the fund, or (2) 67% or more of
the shares
<PAGE>
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
3.E. AMENDING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO CONCENTRATION OF THEIR ASSETS
(FOR SHAREHOLDERS OF ALL FUNDS)
The Trustees are recommending that each fund's
fundamental
investment restriction regarding concentration be
revised to
reflect the standard restriction expected to be used by
other
Putnam funds. In addition, with respect to the PCM
Money Market
Fund, the Trustees are recommending that the fund's
concentration
policy be conformed to that of the Putnam Money Market
Fund. The
current restriction states that a fund may not:
"Invest more than 25% of the value of its total
assets in
any one industry, except that PCM Money Market
Fund may
invest more than 25% of its assets in securities
of banks
and bank holding companies as a group when in
the opinion
of Putnam Management yield differentials make
such
investments desirable, and suitable investments
are
available, and except that PCM Utilities Growth
and
Income Fund may invest more than 25% of its
assets in any
of the public utilities industries. (U.S.
government
securities and securities of any foreign
government, its
agencies or instrumentalities, securities of
supranational entities, and securities backed by
the
credit of a governmental entity are not
considered to
represent an industry)."
The proposed amended fundamental restriction is set
forth below.
"The fund may not ...
Purchase securities (other than securities of
the U.S.
government, its agencies or instrumentalities)
if, as a
result of such purchase, more than 25% of the
fund's
total assets would be invested in any one
industry;
except that PCM Utilities Growth and Income Fund
may
invest more than 25% of its assets in any of the
public
utilities industries; and except that PCM Money
Market
Fund may invest up to 100% of its assets (i) in
the
banking industry, (ii) in the personal credit
institution
or business credit institution industries when
in the
opinion of management yield differentials make
such
investments desirable, or (iii) any combination
of
these."
The proposed change will not affect the way any fund is
managed,
except for the PCM Money Market Fund.
<PAGE>
The proposed change would permit the PCM Money Market
Fund to
concentrate in the personal credit institution or
business credit
institution industries when in the opinion of Putnam
Management
yield differentials would make such investments
desirable. This
ability currently exists for the Putnam Money Market
Fund. The
PCM Money Market Fund would continue to have the ability
to
concentrate in the banking industry. Putnam Management
believes
that this enhanced investment flexibility could assist
the PCM
Money Market Fund in achieving its investment objective.
To the
extent the PCM Money Market Fund concentrates its
investments in
any industry, it is more exposed to the economic and
other
factors affecting such industry. Of course, the fund
would only
concentrate its investments when Putnam Management
believes the
potential benefits to the Fund justify any additional
risks
associated with such concentration.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
3.F. AMENDING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO SENIOR SECURITIES
(FOR SHAREHOLDERS OF ALL FUNDS)
The Trustees are recommending that each fund's
fundamental
investment restriction with respect to the issuance of
senior
securities be revised to reflect the standard
restriction
expected to be used by other Putnam funds and to make it
clear
that the fund is not restricted from borrowing money
consistent
with its investment policies. Generally, a "senior
security" is
a security which has priority over any other security as
to
distribution of assets or dividends, and technically
includes all
indebtedness over 5% of a fund's assets. The current
restriction
states that a fund may not:
"Issue any class of securities which is senior
to the
fund's shares of beneficial interest."
The proposed amended fundamental investment restriction
is set
forth below.
"The fund may not ...
Issue any class of securities which is senior to
the
fund's shares of beneficial interest, except for
permitted borrowings."
<PAGE>
Although Putnam Management believes that each fund may
currently
borrow money to the maximum extent permitted by its
existing
policies without violating its current restriction, it
believes
that amending the restriction will avoid any possible
ambiguity.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
3.G. AMENDING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO INVESTMENTS IN COMMODITIES
(FOR SHAREHOLDERS OF ALL FUNDS)
The Trustees are recommending that each fund's
fundamental
investment restriction with respect to investments in
commodities
be revised to reflect the standard restriction expected
to be
used by other Putnam funds. The current restriction
states that
a fund may not:
"Purchase or sell commodities or commodity
contracts,
except that it may purchase or sell futures
contracts,
options on futures, forward contracts and
options on
foreign currencies."
The proposed amended fundamental restriction is set
forth below.
"The fund may not . . .
Purchase or sell commodities or commodity
contracts, except that the fund may purchase and
sell financial futures contracts and options and
may enter into foreign exchange contracts and
other financial transactions not involving
physical commodities."
Under the revised restriction, each fund will continue
to be able
to engage in a variety of transactions involving the use
of
financial futures and options and foreign currencies, as
well as
various other financial transactions to the extent
consistent
with its investment objectives and policies. Although
each fund
may already engage in many of these activities, Putnam
Management
believes that the revised language more clearly sets
forth each
fund's policy. The addition of financial transactions
not
involving the direct purchase or sale of physical
commodities is
intended to give each fund maximum flexibility to invest
in a
variety of financial instruments that could technically
be
considered commodities, but which do not involve the
direct
<PAGE>
purchase or sale of physical commodities, which is the
intended
focus of the restriction.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
4.A. ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO INVESTMENTS IN SECURITIES OF
ISSUERS IN
WHICH MANAGEMENT OF THE FUNDS OR PUTNAM
INVESTMENT
MANAGEMENT OWNS SECURITIES
(FOR SHAREHOLDERS OF ALL FUNDS)
The Trustees are recommending eliminating each fund's
fundamental
investment restriction which prevents the fund from
investing in
the securities of issuers in which management of the
fund or
Putnam Management owns a certain percentage of
securities. The
current restriction states that a fund may not:
"Invest in securities of any issuer if, to the
knowledge
of the Trust, officers and Trustees of the Trust
and
officers and directors of Putnam Management who
beneficially own more than 0.5% of the
securities of that
issuer together beneficially own more than 5%."
By eliminating this restriction, each fund would be able
to
invest in the securities of any issuer without regard to
ownership in such issuer by management of the fund or
Putnam
Management, except to the extent otherwise prohibited by
the
fund's investment policies or the 1940 Act.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
4.B. ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO MARGIN TRANSACTIONS
(FOR SHAREHOLDERS OF ALL FUNDS)
The Trustees are recommending that each fund's
fundamental
investment restriction with respect to margin
transactions be
eliminated. "Margin transactions" involve the purchase
of
securities with money borrowed from a broker, with cash
or
<PAGE>
eligible securities being used as collateral against the
loan.
The current restriction states that a fund may not:
"Purchase securities on margin, except such
short-term
credits as may be necessary for the clearance of
purchases and sales of securities, and except
that it
may make margin payments in connection with
transactions
in futures contracts and related options."
Putnam Management recommended that this restriction be
eliminated
because it is unnecessary in light of current regulatory
requirements; the 1940 Act does not require a fund to
have such a
restriction. If the restriction were removed, a fund
would be
able to engage in margin transactions to the extent
consistent
with its investment policies and the 1940 Act.
The fund's potential use of margin transactions beyond
transactions in financial futures and options and for
the
clearance of purchases and sales of securities,
including the use
of margin in ordinary securities transactions, is
currently
limited by the SEC position that margin transactions are
prohibited under Section 18 of the 1940 Act because they
create
senior securities. The fund's ability to engage in
margin
transactions is also limited by its investment policies,
which
generally permit the fund to borrow money only in
limited
circumstances.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
4.C. ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO SHORT SALES
(FOR SHAREHOLDERS OF ALL FUNDS)
The Trustees are recommending that each fund's
fundamental
investment restriction with respect to short sales be
eliminated.
The current restriction states that a fund may not:
"Make short sales of securities or maintain a
short
position for the account of the fund unless at
all times
when a short position is open the fund owns an
equal
amount of such securities or owns securities
which,
without payment of any further consideration,
are
convertible into or exchangeable for securities
of the
same issue as, and equal in amount to, the
securities
sold short."
<PAGE>
Putnam Management recommended that this restriction be
eliminated
because it is unnecessary in light of current regulatory
requirements; the 1940 Act does not require a fund to
have such a
restriction.
In a typical short sale, the fund borrows securities
from a
broker that it anticipates will decline in value in
order to sell
to a third party. The fund becomes obligated to return
securities of the same issue and quantity at some future
date,
and it realizes a loss to the extent the securities
increase in
value and a profit to the extent the securities decline
in value
(after including any associated costs). Since the value
of a
particular security can increase without limit, the fund
could
potentially realize losses with respect to short sales
in which
the fund does not own or have the right to acquire at no
added
cost securities identical to those sold short that are
significantly greater than the value of the securities
at the
time they are sold short.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
4.D. ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO PLEDGING ASSETS
(FOR SHAREHOLDERS OF ALL FUNDS)
The Trustees are recommending that each fund's
fundamental
investment restriction which limits the fund's ability
to pledge
its assets be eliminated. The current restriction
states that a
fund may not:
"Pledge, hypothecate, mortgage, or otherwise
encumber its
assets in excess of 15% of the fund's total
assets (taken
at current value) and then only to secure
borrowings
permitted by restriction 1 above. (The deposit
of
underlying securities and other assets in escrow
and
other collateral arrangements in connection with
the
writing of put or call options and collateral
arrangements with respect to margin for futures
contracts
and related options are not considered to be
pledges or
other encumbrances.)" [Restriction 1 referred
to in this
restriction allows each fund except for the
Voyager Fund
to borrow up to 10% of its total assets for
certain
purposes and allows the Voyager Fund to borrow
more than
50% of its total assets less certain
liabilities.]
<PAGE>
Putnam Management recommended that this restriction be
eliminated
because it is unnecessary in light of current regulatory
requirements; the 1940 Act does not require a fund to
have such a
restriction.
This proposal would remove all restrictions on each
fund's
ability to pledge assets. Putnam Management believes
that this
enhanced flexibility could assist each fund in achieving
its
investment objective. Further, Putnam Management
believes that
each fund's current limits on pledging may conflict with
the
fund's ability to borrow money to meet redemption
requests or for
extraordinary or emergency purposes. This conflict
arises
because banks may require borrowers such as the funds to
pledge
assets in order to collateralize the amount borrowed.
These
collateral requirements are typically for amounts at
least equal
to, and often larger than, the principal amount of the
loan. If
a fund needed to borrow the maximum amount permitted by
its
policies (currently 10% of its total assets or, with
respect to
Voyager Fund, more than 50% of its total assets less
certain
liabilities), it might be possible that a bank would
require
collateral in excess of 15% of the fund's total assets.
Thus,
the current restriction could have the effect of
reducing the
amount that the fund may borrow in these situations.
Pledging assets does entail certain risks. To the
extent that a
fund pledges its assets, the fund may have less
flexibility in
liquidating its assets. If a large portion of the
fund's assets
were involved, the fund's ability to meet redemption
requests or
other obligations could be delayed.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
4.E.1. ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO INVESTMENTS IN RESTRICTED
SECURITIES
(FOR SHAREHOLDERS OF ALL FUNDS EXCEPT ASIA
PACIFIC GROWTH
FUND, NEW OPPORTUNITIES FUND, UTILITIES GROWTH
AND INCOME
FUND AND MONEY MARKET FUND)
The Trustees are recommending that each of the
above-referenced
fund's fundamental investment restriction which limits
its
investments in securities subject to restrictions on
resale,
which are known as "restricted securities," be
eliminated. The
current fundamental investment restriction states that a
fund may
not:
"Purchase securities the disposition of which is
restricted under federal securities laws, if, as
a
<PAGE>
result, such investments would exceed 15% of the
value of
the fund's net assets, excluding restricted
securities
that have been determined by the Trustees of the
Trust
(or the person designated by them to make such
determinations) to be readily marketable."
Putnam Management believes the restriction is
unnecessary in
light of current regulatory requirements, which prohibit
a fund
from investing more than 15% of its net assets in any
combination
of (a) securities which are not readily marketable, (b)
securities restricted as to resale (excluding securities
determined by the Trustees of the fund (or the person
designated
by the Trustees of the fund to make such determinations)
to be
readily marketable), and (c) repurchase agreements
maturing in
more than seven days.
By eliminating this restriction, each fund would have
maximum
flexibility to respond quickly to legal, regulatory and
market
developments regarding illiquid investments.
To the extent a fund invests in illiquid investments,
the fund
may encounter difficulty in determining the fair value
of such
securities for purposes of computing net asset value.
In
addition, a fund could encounter difficulty satisfying
redemption
requests within seven days if it could not readily
dispose of its
illiquid investments.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
4.E.2. ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO INVESTMENTS IN RESTRICTED
SECURITIES
(FOR SHAREHOLDERS OF MONEY MARKET FUND ONLY)
The Trustees are recommending that the above-referenced
fund's
fundamental investment restriction which limits the
fund's
investments in securities subject to restrictions on
resale,
which are known as "restricted securities," be
eliminated. The
current fundamental investment restriction states that
the fund
may not:
"Purchase securities the disposition of which is
restricted under federal securities laws, if, as
a
result, such investments would exceed 10% of the
value of
the fund's net assets."
<PAGE>
Putnam Management believes the restriction is
unnecessary in
light of current regulatory requirements, which prohibit
the fund
from investing more than 10% of its assets in illiquid
securities, including restricted securities.
By eliminating this restriction, the fund would then
have maximum
flexibility to respond quickly to legal, regulatory and
market
developments regarding illiquid investments.
To the extent the fund invests in illiquid investments,
the fund
may encounter difficulty in determining the fair value
of such
securities for purposes of computing net asset value.
In
addition, the fund could encounter difficulty satisfying
redemption requests within seven days if it could not
readily
dispose of its illiquid investments.
Required vote. Approval of this proposal requires the
affirmative vote of the lesser of (1) more than 50% of
the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
4.F.1. ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO CERTAIN OIL, GAS AND MINERAL
INTERESTS
(FOR SHAREHOLDERS OF ALL FUNDS EXCEPT UTILITIES
GROWTH
AND INCOME FUND)
The Trustees are recommending that each of the
above-referenced
fund's fundamental investment restriction with respect
to
investments in oil, gas and mineral leases, rights or
royalty
contracts be eliminated. The current restriction states
that a
fund may not:
"Buy or sell oil, gas or other mineral leases,
rights or
royalty contracts."
Putnam Management recommended that this restriction be
eliminated
because it is unnecessary in light of current regulatory
requirements; the 1940 Act does not require the funds to
have
such a restriction.
Putnam Management believes that the current restriction
is
unnecessarily restrictive, and could prevent the fund
from
investing in certain opportunities to the fullest extent
that
Putnam Management believes would best serve the fund's
investment
objective. If the proposal is approved, the fund would
be able
to invest, consistent with applicable regulatory
requirements, in
a variety of securities the value of which is dependent
upon the
value of oil, gas and mineral interests, including
securities
<PAGE>
which represent interests in, are secured by, or are
issued by
companies which deal in, such interests.
Investments in oil, gas and other mineral leases, rights
or
royalty contracts and in securities which derive their
value in
part from such instruments, entail certain risks. The
prices of
these investments are subject to substantial
fluctuations, and
may be affected by unpredictable economic and political
circumstances such as social, political or military
disturbances,
the taxation and regulatory policies of various
governments, the
activities and policies of OPEC (an organization of
major oil
producing countries), reserves and the development of
new
techniques for producing, refining and transporting such
materials and related products, the development of new
technology, energy conservation practices, and the
development of
alternative energy sources and alternative uses for such
materials and related products. In addition, in order
to enforce
its rights in the event of a default of an issuer of
these
securities, a fund may be required to participate in
various
legal proceedings or take possession of and manage
assets
securing the issuer's obligations. This could increase
a fund's
operating expenses and adversely affect the fund's net
asset
value.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
4.F.2. ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO INVESTMENTS IN CERTAIN OIL, GAS
AND
MINERAL INTERESTS
(FOR SHAREHOLDERS OF UTILITIES GROWTH AND INCOME
FUND
ONLY).
The Trustees are recommending that the above-referenced
fund's
fundamental investment restriction with respect to
investments in
oil, gas and mineral leases, rights or royalty contracts
be
eliminated. The current restriction states that the
fund may
not:
"Buy or sell oil, gas or other mineral leases,
rights or
royalty contracts, although it may purchase
securities of
issuers which deal in, represent interests in,
or are
secured by interests in such leases, rights, or
contracts, and it may acquire or dispose of such
leases,
rights, or contracts acquired through the
exercise of its
rights as a holder of debt obligations secured
thereby."
<PAGE>
Putnam Management recommended that this restriction be
eliminated
because it is unnecessary in light of current regulatory
requirements; the 1940 Act does not require the fund to
have such
a restriction.
Putnam Management also believes that eliminating the
restriction
will provide the fund with maximum investment
flexibility.
Investments in oil, gas and other mineral leases, rights
or
royalty contracts and in securities which derive their
value in
part from such instruments, entail certain risks. The
prices of
these investments are subject to substantial
fluctuations, and
may be affected by unpredictable economic and political
circumstances such as social, political or military
disturbances,
the taxation and regulatory policies of various
governments, the
activities and policies of OPEC (an organization of
major oil
producing countries), the existence of cartels in such
industries, the discovery of new reserves and the
development of
new techniques for producing, refining and transporting
such
materials and related products, the development of new
technology, energy conservation practices, and the
development of
alternative energy sources and alterative uses for such
materials
and related products. In addition, in order to enforce
its
rights in the event of a default of an issuer of these
securities, the fund may be required to participate in
various
legal proceedings or take possession of and manage
assets
securing the issuer's obligations. This could increase
the
fund's operating expenses and adversely affect the
fund's net
asset value.
Required vote. Approval of this proposal requires the
affirmative vote of the lesser of (1) more than 50% of
the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
4.G. ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT
RESTRICTION
WITH RESPECT TO INVESTING TO GAIN CONTROL OF A
COMPANY'S
MANAGEMENT
(FOR SHAREHOLDERS OF ALL FUNDS)
The Trustees are recommending that each fund's
fundamental
investment restriction which states that the fund may
not "make
investments for the purpose of gaining control of a
company's
management" be eliminated. Eliminating the restriction
would
make it clear that a fund can freely exercise its rights
as a
shareholder of the various companies in which it may
invest,
which may at times fall under the technical definition
of
control. These rights may include the right to actively
oppose
or support the management of such companies.
<PAGE>
With respect to the Fixed-Income Funds, this proposal
will not
impact the majority of such funds' investments.
Nevertheless,
Putnam Management believes it would be in the best
interest of
each fund to eliminate the restriction.
Putnam Management believes that eliminating this
restriction will
allow each fund maximum flexibility to protect the value
of its
investments through influencing management of companies
in which
it may invest. Putnam Management believes that a fund
should be
allowed to freely communicate its views as a shareholder
on
matters of policy to management, the board of directors,
and
other shareholders when a policy may affect the value of
the
fund's investment. Activities in which a fund may
engage might
include the fund, either individually or with others,
seeking
changes in a company's goals, management, or board of
directors,
seeking the sale of some or all of a company's assets,
or voting
to participate in or oppose a takeover effort with
respect to a
company. Although Putnam Management believes that each
fund
currently may engage in such activities without
necessarily
violating this restriction, it believes that eliminating
the
restriction will eliminate any potential obstacle to a
fund in
protecting their interests as shareholders.
This area of corporate activity is highly prone to
litigation,
and whether or not the restriction is eliminated, a fund
could be
drawn into lawsuits related to these activities. Each
fund will
direct its efforts toward those instances where Putnam
Management
believes the potential for benefit to the fund outweighs
potential litigation risks.
Required vote. Approval of this proposal by each fund
requires
the affirmative vote of the lesser of (1) more than 50%
of the
outstanding shares of the fund, or (2) 67% or more of
the shares
of the fund present at the meeting if more than 50% of
the
outstanding shares of the fund are present at the
meeting in
person or by proxy.
5. AMENDING THE AGREEMENT AND DECLARATION OF TRUST
TO PERMIT
ISSUANCE OF ADDITIONAL CLASSES OF SHARES
The Agreement and Declaration of Trust of the Trust (the
"Declaration of Trust") currently provides for the
issuance of
one class of shares for each series (or Fund) of the
Trust. The
Trustees recommend that they be authorized to amend the
Declaration of Trust to permit the Trustees, without
further
shareholder action, to issue one or more additional
classes of
shares of the funds, having such preferences and special
or
relative rights and privileges as the Trustees may
determine.
The purpose of these amendments would be to permit the
Trust to
take advantage of alternative methods of selling shares
of the
funds. Presently, shares of the funds are sold solely
at net
asset value to separate accounts of various insurers
with no
<PAGE>
sales commission or load being charged. The Trust and
its
underwriter, Putnam Mutual Funds, are currently
considering
offering insurance company separate accounts the option
of buying
shares that bear ongoing distribution fees paid to
Putnam Mutual
Funds for its services and expenses in connection with
the sale
of such shares, including promotional incentives paid to
dealers
that sell variable insurance products. The costs
associated with
the distribution of such shares would be allocated among
those
insurance company separate accounts that elect this
optional
method of purchasing shares. Contract Owners whose
accounts are
currently allocated to shares of the funds would not
bear any
portion of such costs.
Any such additional classes of shares of a particular
fund would
participate on a proportionate basis with all other
classes of
shares in all other respects, including investment
income,
realized and unrealized gains and losses on portfolio
investments, and other operating expenses. All classes
of shares
will generally vote together as a single class, except
where a
particular matter affects a class materially differently
from
other classes, in which case a class will vote
separately as to
that matter.
The offering of new classes of shares is not expected to
have any
adverse affect on the funds' current shareholders.
Costs
attributable to any new classes of shares will be borne
solely by
shareholders of any such class, and not current
shareholders,
unless they elect to purchase shares of any such class.
The Trustees believe that providing alternative methods
of
purchasing shares of the Funds may lead to increased
sales,
resulting in greater investment flexibility and, to the
extent of
any increase in the size of a fund, possible reductions
in
operating expense ratios for all classes due to
economies of
scale, thus benefitting both existing and future
shareholders.
The proposed amendments would permit the creation of
additional
classes of shares for other purposes as well. However,
the
Trustees have no present intention of creating
additional classes
of shares for purposes other than as described above.
Required vote. Approval of this proposal as to any Fund
will
require the affirmative vote of a majority of
outstanding shares
of such Fund.
If the shareholders of a Fund do not approve the
proposal, the
Declaration of Trust will remain unchanged as to any
such Fund.
Further Information About Voting and the Shareholder
Meeting
Quorum and Methods of Tabulation. Thirty percent of the
shares
entitled to vote -- present in person or represented by
proxy --
constitutes a quorum for the transaction of business
with respect
<PAGE>
to any proposal at the meeting (unless otherwise noted
in the
proxy statement). Shares represented by proxies that
reflect
abstentions will be counted as shares that are present
and
entitled to vote on the matter for purposes of
determining the
presence of a quorum. Votes cast by proxy or in person
at the
meeting will be counted by persons appointed by each
fund as
tellers for the meeting.
The tellers will count the total number of votes cast
"for"
approval of the proposals for purposes of determining
whether
sufficient affirmative votes have been cast. With
respect to the
election of Trustees and selection of auditors,
abstentions do
not have any effect on the outcome of the proposal.
With respect
to any other proposals, abstentions have the effect of a
negative
vote on the proposal. Each of the Insurance Companies
holding
shares of the funds have agreed to vote their shares in
proportion to and in the manner instructed by Contract
Owners.
As stated previously, if instructions are not received
or a
Contract Owner leaves the voting discretionary for a
particular
fund, the relevant Insurance Company will vote shares in
the same
proportion as shares of that fund for which it has
received
instructions.
Other business. The Trustees know of no other business
to be
brought before the meeting. However, if any other
matters
properly come before the meeting, it is their intention
that
absent specific Contract Owner instructions to the
contrary, the
Insurance Companies holding shares of the funds will
vote on such
matters in accordance with their best judgment.
Simultaneous meetings. The meeting of shareholders of
the Trust
is called to be held at the same time as the meetings of
shareholders of certain of the other Putnam funds. It
is
anticipated that all meetings will be held
simultaneously. If
any shareholder at the meeting objects to the holding of
a
simultaneous meeting and moves for an adjournment of the
meeting
to a time promptly after the simultaneous meetings, the
persons
named as proxies will vote in favor of such adjournment.
Solicitation of proxies and voting instructions. In
addition to
soliciting proxies and voting instructions by mail,
Trustees of
each fund and employees of the Insurance Companies,
Putnam
Management, Putnam Fiduciary Trust Company and Putnam
Mutual
Funds may solicit voting instructions from Contract
Owners in
person or by telephone. Each fund may also arrange to
have
voting instructions recorded by telephone. The
telephone voting
procedure is designed to authenticate Contract Owners'
identities, to allow them to direct the voting of shares
attributable to their accounts in accordance with their
instructions and to confirm that their instructions have
been
properly recorded. Each fund has been advised by
counsel that
these procedures are consistent with the requirements of
applicable law. If these procedures were subject to a
successful
<PAGE>
legal challenge, such votes would not be counted at the
meeting.
Your fund is unaware of any such challenge at this time.
Contract Owners would be called at the phone number the
Insurance
Companies or Putnam Investments, as the case may be, has
in its
records for their accounts, and would be asked for their
Social
Security number or other identifying information. The
Contract
Owners would then be given an opportunity to give their
voting
instructions. To ensure that the Contract Owners'
instructions
have been recorded correctly, they will also receive a
confirmation of their instructions in the mail. A
special toll-
free number will be available in case the information
contained
in the confirmation is incorrect.
Each fund's Trustees have adopted a general policy of
maintaining
confidentiality in the voting of proxies.
Proxies and voting instructions may be solicited from
shareholders
who have not voted or who have abstained from voting and
from
Contract Owners who have not provided voting
instructions or have
abstained from providing voting instructions.
Each of the funds has also retained at its expense D.F.
King & Co.
Inc., 77 Water Street, New York, NY 10055, to aid in the
solicitation instructions for registered accounts, for a
fee not to
exceed $17,500 plus reasonable out-of-pocket expenses
for mailing
and phone costs.
Revocation of proxies. Proxies executed by any of the
Insurance
Companies may be revoked at any time before they are
voted by a
written revocation received by the Clerk of the
appropriate fund,
by properly executing a later-dated proxy or by
attending the
meeting and voting in person.
Date for receipt of shareholders' proposals for
subsequent meetings
of shareholders. The Trust's Agreement and Declaration
of Trust
does not provide for annual meetings of shareholders,
and the Trust
does not currently intend to hold such a meeting in
1997.
Shareholder proposals for inclusion in the proxy
statement for any
subsequent meeting must be received by the Trust within
a
reasonable period of time prior to any such meeting.
Adjournment. If sufficient votes in favor of any of the
proposals
set forth in the Notice of the Meeting are not received
by the time
scheduled for the meeting, the persons named as proxies
may propose
adjournments of the meeting for a period or periods of
not more
than 60 days in the aggregate to permit further
solicitation of
proxies with respect to any of such proposals. Any
adjournment
will require the affirmative vote of a majority of the
votes cast
on the question in person or by proxy at the session of
the meeting
to be adjourned. The appropriate Insurance Companies
will vote in
favor of such adjournment those shares which they are
entitled to
vote in favor of such proposals. They will vote against
such
adjournment those shares required to be voted against
such
<PAGE>
proposals. Such fund pays the costs of any additional
solicitation
and of any adjourned session. Any proposals for which
sufficient
favorable votes have been received by the time of the
meeting may
be acted upon and considered final regardless of whether
the
meeting is adjourned to permit additional solicitation
with respect
to any other proposal.
Financial information. The Trust will furnish, without
charge, to
any of its shareholders upon request a copy of the
Trust's annual
report for its most recent fiscal year, and a copy of
its
semiannual report for any subsequent semiannual period.
Such
requests may be directed to Putnam Investor Services,
P.O. Box
41203, Providence, RI 02940-1203 or 1-800-225-1581.
Further Information About Your Funds
Limitation of Trustee liability. The Agreement and
Declaration of
Trust of the Trust provides that the Trust will
indemnify its
Trustees and officers against liabilities and expenses
incurred in
connection with litigation in which they may be involved
because of
their offices with the Trust, except if it is determined
in the
manner specified in the Agreement and Declaration of
Trust that
they have not acted in good faith in the reasonable
belief that
their actions were in the best interests of the Trust or
that such
indemnification would relieve any officer or Trustee of
any
liability to the Trust or its shareholders arising by
reason of
willful misfeasance, bad faith, gross negligence or
reckless
disregard of his or her duties. The Trust, at its
expense,
provides liability insurance for the benefit of its
Trustees and
officers.
Audit and Nominating Committees. The voting members of
the Audit
Committee of the Trust include only Trustees who are not
"interested persons" of the Trust by reason of any
affiliation with
Putnam Investments and its affiliates. The Audit
Committee
currently consists of Messrs. Estin (Chairman), Perkins
(without
vote), Putnam, III (without vote), Shapiro, Smith
(without vote),
and Ms. Kennan. The Nominating Committee consists only
of Trustees
who are not "interested persons" of the Trust or Putnam
Management.
The Nominating Committee currently consists of Dr.
Pounds and Ms.
Kennan (Co-chairpersons), Ms. Baxter, and Messrs. Estin,
Hill,
Jackson, Patterson, Shapiro, and Thorndike.
<PAGE>
Officers and other information. In addition to George
Putnam and
Lawrence J. Lasser, the officers of the Trust are as
follows:
Year First
Elected
Name (age) Office (Specific fund only)to
Office
Charles Executive Vice President
19__
E. Porter
(58)
Patricia Senior Vice President
19__
C. Flaherty
(49)
John D. Senior Vice President
19__
Hughes
(61)
Gordon Vice President
19__
H. Silver
(49)
Gary N. Vice President
19__
Coburn
(50)
Peter Vice President
19__
Carman
(55)
Tim Ferguson Vice President
19__
(__)
Brett Vice President
19__
C. Browchuk
(33)
D. William Vice President
19__
Kohli* (Diversified Income Fund
(35) and Global Asset Allocation
Fund)
Anthony Vice President
19__
I. Kreisel* (Growth and Income Fund)
(51)
William Vice President
19__
J. Landes** (Global Asset Allocation)
(43)
Michael Vice President
19__
Martino* (Diversified Income Fund)
(43)
Carol Vice President
19__
C. McMullen* (Global Growth Fund)
(41)
Robert Vice President
19__
Swift* (Global Growth Fund)
(36)
Ami T, Vice President
19__
Kuan* (Global Growth Fund)
( )
Daniel Vice President
19__
L. Miller* (New Opportunities Fund)
(39)
Robert Vice President
19__
R. Beck* (Voyager Fund)
(56)
Richard Vice President
19__
M. Frucci* (Global Asset Allocation
(51) Fund)
Roland Vice President
19__
W. Gillis* (Voyager Fund)
(47)
David Vice President
19__
L. King* (Growth and Income Fund,
(39) Global Asset Allocation
Fund)
Jennifer Vice President
19__
E. Leichter* (Diversified Income Fund)
(35)
Neil J. Powers* (34)
Vice President
(Diversified
Income Fund)
19__ Christopher A. Ray* (33)
Vice President
(Utilities
Growth and
Income Fund
and
Global
Asset Allocation
Fund)
19__ Sheldon N. Simon* (39)
Vice President
(Utilities
Growth and
Income Fund)
19__ John K. Storkerson* (57)
Vice President
(Global Growth
Fund and
Global Asset
Allocation
Fund)
19__ Charles H. Swanberg* (48)
Vice President
(Voyager Fund)
19__ Kenneth J. Taubes* (38)
Vice President
(U.S. Government
and
High
Quality Fund)
19__ David K. Thomas* (54)
Vice President
(Asia Pacific
Growth Fund)
19__ Rosemary H. Thomsen* (35)
Vice President
(High Yield
Fund)
19__ David J. Santos* (38)
Vice President
(Global Asset
Allocation
Fund)
19__ Mark J. Siegel* (36)
Vice President
(Diversified
Income Fund)
19__ Lindsey C. Strong* (35)
Vice President
(Money Market
Fund)
19__ William N. Shiebler
(54)***Vice President
19__ John R. Verani (57)
Vice President
19__ Paul M. O'Neil (43)
Vice President
19__ Beverly Marcus (52)
Clerk
19__
__________________________
* One of the fund's portfolio managers
** Lead Portfolio Manager
*** President of Putnam Mutual Funds
All of the officers are employees of Putnam Management
or its
affiliates. Because of their positions with Putnam
Management or
its affiliates or their ownership of stock of Marsh &
McLennan
Companies, Inc., the parent corporation of Putnam
Management and
Putnam Mutual Funds, Messrs. Putnam, George Putnam, III,
Lasser and
Smith (nominees for Trustees of the Trust), as well as
the officers
of the Trust, will benefit from the management fees,
custodian
fees, and investor servicing fees paid or allowed by the
Trust.
Assets and shares outstanding of each fund
as of September 6, 1996
Number
of Shares
Outstanding
Fund Name
Net Assets
Asia Pacific $ 700,877,401
9,900,277
Growth
Fund
Diversified 425,022,368
39,950,129
Income
Fund
Global 642,439,778
40,868,193
Asset
Fund
Global 1,116,330,002
72,634,571
Growth
Fund
Growth 4,596,752,406
210,264,571
and Income
Fund
High Yield 647,038,729
52,704,280
Fund
Money 453,896,399
453,896,399
Market
Fund
U.S. Government 743,534,350
59,426,435
and High
Quality
Fund
New Opportunities 1,319,777,118
77,841,534
Fund
Utilities 590,101,419
44,006,052
Growth
and Income
Fund
Voyager 2,815,940,337
90,728,697
Fund
5% beneficial ownership as of August 30, 1996.
Persons beneficially owning more than 5%
of the fund's shares
ASIA PACIFIC GROWTH FUND
DIVERSIFIED INCOME FUND
GLOBAL ASSET ALLOCATION FUND
GLOBAL GROWTH FUND
GROWTH AND INCOME FUND
HIGH YIELD FUND
MONEY MARKET FUND
NEW OPPORTUNITIES FUND
U.S. GOVERNMENT AND HIGH QUALITY BOND FUND
UTILITIES GROWTH AND INCOME FUND
VOYAGER FUND
<PAGE>
PUTNAMINVESTMENTS
The Putnam Funds
One Post Office Square
Boston, Massachusetts 02109
Toll-free 1-800-225-1581
<PAGE>
PUTNAMINVESTMENTS
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it
promptly in
the envelope provided. Your vote is important.
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in
address or
telephone number or to provide us with your comments.
Detach this
form from the proxy ballot and return it with your
signed proxy in
the enclosed envelope.
Street
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
City State
Zip
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Telephone
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DO YOU HAVE ANY COMMENTS?
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the
expense of
follow-up mailings by signing and returning this proxy
as soon as
possible. A postage-paid envelope is enclosed for your
convenience.
THANK YOU!
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Please fold at perforation before detaching.
<PAGE>
Proxy for a meeting of shareholders to be held on
December 5, 1996
for PCM Asia Pacific Growth Fund.
This proxy is solicited on behalf of the Trustees of the
fund.
The undersigned shareholder hereby appoints George
Putnam, Hans H.
Estin, and Robert E. Patterson, and each of them
separately,
Proxies, with power of substitution, and hereby
authorizes them to
represent and to vote, as designated below, at the
meeting of
shareholders of PCM Asia Pacific Growth Fund on December
5, 1996,
at 2:00 p.m., Boston time, and at any adjournments
thereof, all of
the shares of the fund that the undersigned shareholder
would be
entitled to vote if personally present.
If you complete and sign the proxy, we'll vote it
exactly as you
tell us. If you simply sign the proxy, it will be voted
Trustees
as set forth in Proposal 1 and FOR Proposals 2, 3.B.1.,
3.C.,
3.D.1., 3.E.-3.G., 4.A.-4.D., 4.F.1, 4.G and 5. In
their
discretion, the Proxies will also be authorized to vote
upon such
other matters that may properly come before the meeting.
Note: If you have questions on any of the proposals,
please
call 1-800-225-1581.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this
card. If you
are a joint owner, each owner should sign. When signing
as
executor, administrator, attorney, trustee, or guardian,
or as
custodian for a minor, please give your full title as
such. If you
are signing for a corporation, please sign the full
corporate name
and indicate the signer's office. If you are a partner,
sign in
the partnership name.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Shareholder sign here Date
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Co-owner sign here Date
<PAGE>
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent / / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
B.1 Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
D.1 Investments in real / / / /
/ /
estate.
E. Concentration of its / / / /
/ /
Assets
F. Senior Securities / / / /
/ /
G. Investments in commodities/ / / /
/ /
4. Eliminate
the fund's
fundamental
investment
restriction
with respect
to:
A. Investments
in securities
of issuers
in which
management
of the / /
/ /
fund or
Putnam
Investment
Management
owns securities.
B. Margin / /
/ /
transactions.
/ /
/ / C. Short sales./ /
/ /
/ / D. Pledging / /
/ /
assets.
/ / F.1 Investments
in certain/ /
/ /
oil, gas
and mineral
interests
G. Investing
/ to gain / /
/ /
control
/ of a company's
management
5. Amend the / /
/ /
/ Trust's
Declaration
/ of Trust
to permit
the issuance
of additional
classes
of shares
/
/
<PAGE>
PUTNAMINVESTMENTS
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it
promptly in
the envelope provided. Your vote is important.
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in
address or
telephone number or to provide us with your comments.
Detach this
form from the proxy ballot and return it with your
signed proxy in
the enclosed envelope.
Street
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
City State
Zip
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Telephone
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DO YOU HAVE ANY COMMENTS?
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the
expense of
follow-up mailings by signing and returning this proxy
as soon as
possible. A postage-paid envelope is enclosed for your
convenience.
THANK YOU!
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Please fold at perforation before detaching.
<PAGE>
Proxy for a meeting of shareholders to be held on
December 5, 1996
for PCM Diversified Income Fund.
This proxy is solicited on behalf of the Trustees of the
fund.
The undersigned shareholder hereby appoints George
Putnam, Hans H.
Estin, and Robert E. Patterson, and each of them
separately,
Proxies, with power of substitution, and hereby
authorizes them to
represent and to vote, as designated below, at the
meeting of
shareholders of PCM Diversified Income Fund on December
5, 1996, at
2:00 p.m., Boston time, and at any adjournments thereof,
all of the
shares of the fund that the undersigned shareholder
would be
entitled to vote if personally present.
If you complete and sign the proxy, we'll vote it
exactly as you
tell us. If you simply sign the proxy, it will be voted
Trustees
as set forth in Proposal 1 and FOR Proposals 2 and 3.A.,
3.B.1.,
3.C., 3.D.3., 3.E.-3.G., 4.A.-4.D., 4.E.1, 4.F.1, 4.G
and 5. In
their discretion, the Proxies will also be authorized to
vote upon
such other matters that may properly come before the
meeting.
Note: If you have questions on any of the proposals,
please
call 1-800-225-1581.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this
card. If you
are a joint owner, each owner should sign. When signing
as
executor, administrator, attorney, trustee, or guardian,
or as
custodian for a minor, please give your full title as
such. If you
are signing for a corporation, please sign the full
corporate name
and indicate the signer's office. If you are a partner,
sign in
the partnership name.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Shareholder sign here Date
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Co-owner sign here Date
<PAGE>
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent / / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1 Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
D.3 Investments in real / / / /
/ /
estate.
E. Concentration of its / / / /
/ /
Assets
F. Senior Securities / / / /
/ /
G. Investments/ /
/ /
in commodities
/ 4. Eliminate
the fund's
/ fundamental
investment
restriction
with respect
to:
A. Investments
in securities
of issuers
in which
management
of the / /
/ /
fund or
Putnam
Investment
Management
owns securities.
B. Margin / /
/ /
transactions.
/ /
/ / C. Short sales./ /
/ /
/ / D. Pledging / /
/ /
assets.
/ / E.1 Investments
in restricted/ /
/ /
securities.
F.1 Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests
G. Investing
/ to gain / /
/ /
control
/ of a company's
management
5. Amend the / /
/ /
/ Trust's
Declaration
/ of Trust
to permit
the issuance
of additional
classes
of shares
/
/
<PAGE>
PUTNAMINVESTMENTS
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it
promptly in
the envelope provided. Your vote is important.
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in
address or
telephone number or to provide us with your comments.
Detach this
form from the proxy ballot and return it with your
signed proxy in
the enclosed envelope.
Street
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
City State
Zip
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Telephone
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DO YOU HAVE ANY COMMENTS?
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the
expense of
follow-up mailings by signing and returning this proxy
as soon as
possible. A postage-paid envelope is enclosed for your
convenience.
THANK YOU!
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Please fold at perforation before detaching.
<PAGE>
Proxy for a meeting of shareholders to be held on
December 5, 1996
for PCM Global Asset Allocation Fund.
This proxy is solicited on behalf of the Trustees of the
fund.
The undersigned shareholder hereby appoints George
Putnam, Hans H.
Estin, and Robert E. Patterson, and each of them
separately,
Proxies, with power of substitution, and hereby
authorizes them to
represent and to vote, as designated below, at the
meeting of
shareholders of PCM Global Asset Allocation Fund on
December 5,
1996, at 2:00 p.m., Boston time, and at any adjournments
thereof,
all of the shares of the fund that the undersigned
shareholder
would be entitled to vote if personally present.
If you complete and sign the proxy, we'll vote it
exactly as you
tell us. If you simply sign the proxy, it will be voted
Trustees
as set forth in Proposal 1 and FOR Proposals 2, 3.A.,
3.B.1., 3.C.,
3.D.2., 3.E.-3.G., 4.A.-4.D., 4.E.1, 4.F.1, 4.G and 5.
In their
discretion, the Proxies will also be authorized to vote
upon such
other matters that may properly come before the meeting.
Note: If you have questions on any of the proposals,
please
call 1-800-225-1581.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this
card. If you
are a joint owner, each owner should sign. When signing
as
executor, administrator, attorney, trustee, or guardian,
or as
custodian for a minor, please give your full title as
such. If you
are signing for a corporation, please sign the full
corporate name
and indicate the signer's office. If you are a partner,
sign in
the partnership name.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Shareholder sign here Date
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Co-owner sign here Date
<PAGE>
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent / / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1 Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
D.2 Investments in real / / / /
/ /
estate.
E. Concentration of its / / / /
/ /
Assets
F. Senior Securities / / / /
/ /
G. Investments/ /
/ /
in commodities
/ 4. Eliminate
the fund's
/ fundamental
investment
restriction
with respect
to:
A. Investments
in securities
of issuers
in which
management
of the / /
/ /
fund or
Putnam
Investment
Management
owns securities.
B. Margin / /
/ /
transactions.
/ /
/ / C. Short sales./ /
/ /
/ / D. Pledging / /
/ /
assets.
/ / E.1 Investments
in restricted/ /
/ /
securities.
F.1 Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests
G. Investing
/ to gain / /
/ /
control
/ of a company's
management
5. Amend the / /
/ /
/ Trust's
Declaration
/ of Trust
to permit
the issuance
of additional
classes
of shares
/
/
<PAGE>
PUTNAMINVESTMENTS
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it
promptly in
the envelope provided. Your vote is important.
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in
address or
telephone number or to provide us with your comments.
Detach this
form from the proxy ballot and return it with your
signed proxy in
the enclosed envelope.
Street
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
City State
Zip
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Telephone
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DO YOU HAVE ANY COMMENTS?
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the
expense of
follow-up mailings by signing and returning this proxy
as soon as
possible. A postage-paid envelope is enclosed for your
convenience.
THANK YOU!
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Please fold at perforation before detaching.
<PAGE>
Proxy for a meeting of shareholders to be held on
December 5, 1996
for PCM Global Growth Fund.
This proxy is solicited on behalf of the Trustees of the
fund.
The undersigned shareholder hereby appoints George
Putnam, Hans H.
Estin, and Robert E. Patterson, and each of them
separately,
Proxies, with power of substitution, and hereby
authorizes them to
represent and to vote, as designated below, at the
meeting of
shareholders of PCM Global Growth Fund on December 5,
1996, at 2:00
p.m., Boston time, and at any adjournments thereof, all
of the
shares of the fund that the undersigned shareholder
would be
entitled to vote if personally present.
If you complete and sign the proxy, we'll vote it
exactly as you
tell us. If you simply sign the proxy, it will be voted
Trustees
as set forth in Proposal 1 and FOR Proposals 2, 3.A.,
3.B.1., 3.C.,
3.D.2., 3.E.-3.G., 4.A.-4.D., 4.E.1, 4.F.1, 4.G and 5.
In their
discretion, the Proxies will also be authorized to vote
upon such
other matters that may properly come before the meeting.
Note: If you have questions on any of the proposals,
please
call
1-800-225-1581.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this
card. If you
are a joint owner, each owner should sign. When signing
as
executor, administrator, attorney, trustee, or guardian,
or as
custodian for a minor, please give your full title as
such. If you
are signing for a corporation, please sign the full
corporate name
and indicate the signer's office. If you are a partner,
sign in
the partnership name.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Shareholder sign here Date
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Co-owner sign here Date
<PAGE>
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent / / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1 Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
D.2 Investments in real / / / /
/ /
estate.
E. Concentration of its / / / /
/ /
Assets
F. Senior Securities / / / /
/ /
G. Investments/ /
/ /
in commodities
/ 4. Eliminate
the fund's
/ fundamental
investment
restriction
with respect
to:
A. Investments
in securities
of issuers
in which
management
of the / /
/ /
fund or
Putnam
Investment
Management
owns securities.
B. Margin / /
/ /
transactions.
/ /
/ / C. Short sales./ /
/ /
/ / D. Pledging / /
/ /
assets.
/ / E.1 Investments
in restricted/ /
/ /
securities.
F.1 Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests
G. Investing
/ to gain / /
/ /
control
/ of a company's
management
5. Amend the / /
/ /
/ Trust's
Declaration
/ of Trust
to permit
the issuance
of additional
classes
of shares
/
/
<PAGE>
PUTNAMINVESTMENTS
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it
promptly in
the envelope provided. Your vote is important.
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in
address or
telephone number or to provide us with your comments.
Detach this
form from the proxy ballot and return it with your
signed proxy in
the enclosed envelope.
Street
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
City State
Zip
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Telephone
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DO YOU HAVE ANY COMMENTS?
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the
expense of
follow-up mailings by signing and returning this proxy
as soon as
possible. A postage-paid envelope is enclosed for your
convenience.
THANK YOU!
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Please fold at perforation before detaching.
<PAGE>
Proxy for a meeting of shareholders to be held on
December 5, 1996
for PCM Growth and Income Fund.
This proxy is solicited on behalf of the Trustees of the
fund.
The undersigned shareholder hereby appoints George
Putnam, Hans H.
Estin, and Robert E. Patterson, and each of them
separately,
Proxies, with power of substitution, and hereby
authorizes them to
represent and to vote, as designated below, at the
meeting of
shareholders of PCM Growth and Income Fund on December
5, 1996, at
2:00 p.m., Boston time, and at any adjournments thereof,
all of the
shares of the fund that the undersigned shareholder
would be
entitled to vote if personally present.
If you complete and sign the proxy, we'll vote it
exactly as you
tell us. If you simply sign the proxy, it will be voted
Trustees
as set forth in Proposal 1 and FOR Proposals 2, 3.A.,
3.B.1., 3.C.,
3.D.2., 3.E.-3.G., 4.A.-4.D., 4.E.1, 4.F.1, 4.G and 5.
In their
discretion, the Proxies will also be authorized to vote
upon such
other matters that may properly come before the meeting.
Note: If you have questions on any of the proposals,
please
call 1-800-225-1581.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this
card. If you
are a joint owner, each owner should sign. When signing
as
executor, administrator, attorney, trustee, or guardian,
or as
custodian for a minor, please give your full title as
such. If you
are signing for a corporation, please sign the full
corporate name
and indicate the signer's office. If you are a partner,
sign in
the partnership name.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Shareholder sign here Date
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Co-owner sign here Date
<PAGE>
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent / / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1 Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
D.2 Investments in real / / / /
/ /
estate.
E. Concentration of its / / / /
/ /
Assets
F. Senior Securities / / / /
/ /
G. Investments/ /
/ /
in commodities
/ 4. Eliminate
the fund's
/ fundamental
investment
restriction
with respect
to:
A. Investments
in securities
of issuers
in which
management
of the / /
/ /
fund or
Putnam
Investment
Management
owns securities.
B. Margin / /
/ /
transactions.
/ /
/ / C. Short sales./ /
/ /
/ / D. Pledging / /
/ /
assets.
/ / E.1 Investments
in restricted/ /
/ /
securities.
F.1 Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests
G. Investing
/ to gain / /
/ /
control
/ of a company's
management
5. Amend the / /
/ /
/ Trust's
Declaration
/ of Trust
to permit
the issuance
of additional
classes
of shares
/
/
<PAGE>
PUTNAMINVESTMENTS
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it
promptly in
the envelope provided. Your vote is important.
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in
address or
telephone number or to provide us with your comments.
Detach this
form from the proxy ballot and return it with your
signed proxy in
the enclosed envelope.
Street
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
City State
Zip
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Telephone
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DO YOU HAVE ANY COMMENTS?
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the
expense of
follow-up mailings by signing and returning this proxy
as soon as
possible. A postage-paid envelope is enclosed for your
convenience.
THANK YOU!
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Please fold at perforation before detaching.
<PAGE>
Proxy for a meeting of shareholders to be held on
December 5, 1996
for PCM High Yield Fund.
This proxy is solicited on behalf of the Trustees of the
fund.
The undersigned shareholder hereby appoints George
Putnam, Hans H.
Estin, and Robert E. Patterson, and each of them
separately,
Proxies, with power of substitution, and hereby
authorizes them to
represent and to vote, as designated below, at the
meeting of
shareholders of PCM High Yield Fund on December 5, 1996,
at 2:00
p.m., Boston time, and at any adjournments thereof, all
of the
shares of the fund that the undersigned shareholder
would be
entitled to vote if personally present.
If you complete and sign the proxy, we'll vote it
exactly as you
tell us. If you simply sign the proxy, it will be voted
Trustees
as set forth in Proposal 1 and FOR Proposals 2, 3.A.,
3.B.1., 3.C.,
3.D.2., 3.E.-3.G., 4.A.-4.D., 4.E.1, 4.F.1, 4.G and 5.
In their
discretion, the Proxies will also be authorized to vote
upon such
other matters that may properly come before the meeting.
Note: If you have questions on any of the proposals,
please
call 1-800-225-1581.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this
card. If you
are a joint owner, each owner should sign. When signing
as
executor, administrator, attorney, trustee, or guardian,
or as
custodian for a minor, please give your full title as
such. If you
are signing for a corporation, please sign the full
corporate name
and indicate the signer's office. If you are a partner,
sign in
the partnership name.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Shareholder sign here Date
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Co-owner sign here Date
<PAGE>
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent / / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1 Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
D.2 Investments in real / / / /
/ /
estate.
E. Concentration of its / / / /
/ /
Assets
F. Senior Securities / / / /
/ /
G. Investments/ /
/ /
in commodities
/ 4. Eliminate
the fund's
/ fundamental
investment
restriction
with respect
to:
A. Investments
in securities
of issuers
in which
management
of the / /
/ /
fund or
Putnam
Investment
Management
owns securities.
B. Margin / /
/ /
transactions.
/ /
/ / C. Short sales./ /
/ /
/ / D. Pledging / /
/ /
assets.
/ / E.1 Investments
in restricted/ /
/ /
securities.
F.1 Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests
G. Investing
/ to gain / /
/ /
control
/ of a company's
management
5. Amend the / /
/ /
/ Trust's
Declaration
/ of Trust
to permit
the issuance
of additional
classes
of shares
/
/
<PAGE>
PUTNAMINVESTMENTS
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it
promptly in
the envelope provided. Your vote is important.
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in
address or
telephone number or to provide us with your comments.
Detach this
form from the proxy ballot and return it with your
signed proxy in
the enclosed envelope.
Street
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
City State
Zip
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Telephone
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DO YOU HAVE ANY COMMENTS?
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the
expense of
follow-up mailings by signing and returning this proxy
as soon as
possible. A postage-paid envelope is enclosed for your
convenience.
THANK YOU!
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Please fold at perforation before detaching.
<PAGE>
Proxy for a meeting of shareholders to be held on
December 5, 1996
for PCM Money Market Fund.
This proxy is solicited on behalf of the Trustees of the
fund.
The undersigned shareholder hereby appoints George
Putnam, Hans H.
Estin, and Robert E. Patterson, and each of them
separately,
Proxies, with power of substitution, and hereby
authorizes them to
represent and to vote, as designated below, at the
meeting of
shareholders of PCM Money Market Fund on December 5,
1996, at 2:00
p.m., Boston time, and at any adjournments thereof, all
of the
shares of the fund that the undersigned shareholder
would be
entitled to vote if personally present.
If you complete and sign the proxy, we'll vote it
exactly as you
tell us. If you simply sign the proxy, it will be voted
Trustees
as set forth in Proposal 1 and FOR Proposals 2, 3.A.,
3.B.1., 3.C.,
3.D.2., 3.E.-3.G., 4.A.-4.D., 4.E.2, 4.F.1, 4.G and 5.
In their
discretion, the Proxies will also be authorized to vote
upon such
other matters that may properly come before the meeting.
Note: If you have questions on any of the proposals,
please
call 1-800-225-1581.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this
card. If you
are a joint owner, each owner should sign. When signing
as
executor, administrator, attorney, trustee, or guardian,
or as
custodian for a minor, please give your full title as
such. If you
are signing for a corporation, please sign the full
corporate name
and indicate the signer's office. If you are a partner,
sign in
the partnership name.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Shareholder sign here Date
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Co-owner sign here Date
<PAGE>
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent / / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1 Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
D.2 Investments in real / / / /
/ /
estate.
E. Concentration of its / / / /
/ /
Assets
F. Senior Securities / / / /
/ /
G. Investments/ /
/ /
in commodities
/ 4. Eliminate
the fund's
/ fundamental
investment
restriction
with respect
to:
A. Investments
in securities
of issuers
in which
management
of the / /
/ /
fund or
Putnam
Investment
Management
owns securities.
B. Margin / /
/ /
transactions.
/ /
/ / C. Short sales./ /
/ /
/ / D. Pledging / /
/ /
assets.
/ / E.2 Investments
in restricted/ /
/ /
securities.
F.1 Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests
G. Investing
/ to gain / /
/ /
control
/ of a company's
management
5. Amend the / /
/ /
/ Trust's
Declaration
/ of Trust
to permit
the issuance
of additional
classes
of shares
/
/
<PAGE>
PUTNAMINVESTMENTS
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it
promptly in
the envelope provided. Your vote is important.
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in
address or
telephone number or to provide us with your comments.
Detach this
form from the proxy ballot and return it with your
signed proxy in
the enclosed envelope.
Street
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
City State
Zip
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Telephone
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DO YOU HAVE ANY COMMENTS?
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the
expense of
follow-up mailings by signing and returning this proxy
as soon as
possible. A postage-paid envelope is enclosed for your
convenience.
THANK YOU!
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Please fold at perforation before detaching.
<PAGE>
Proxy for a meeting of shareholders to be held on
December 5, 1996
for PCM New Opportunities Fund.
This proxy is solicited on behalf of the Trustees of the
fund.
The undersigned shareholder hereby appoints George
Putnam, Hans H.
Estin, and Robert E. Patterson, and each of them
separately,
Proxies, with power of substitution, and hereby
authorizes them to
represent and to vote, as designated below, at the
meeting of
shareholders of PCM New Opportunities Fund on December
5, 1996, at
2:00 p.m., Boston time, and at any adjournments thereof,
all of the
shares of the fund that the undersigned shareholder
would be
entitled to vote if personally present.
If you complete and sign the proxy, we'll vote it
exactly as you
tell us. If you simply sign the proxy, it will be voted
Trustees
as set forth in Proposal 1 and FOR Proposals 2, 3.B.1.,
3.C.,
3.D.1., 3.E.-3.G., 4.A.-4.D., 4.F.1, 4.G and 5. In
their
discretion, the Proxies will also be authorized to vote
upon such
other matters that may properly come before the meeting.
Note: If you have questions on any of the proposals,
please
call 1-800-225-1581.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this
card. If you
are a joint owner, each owner should sign. When signing
as
executor, administrator, attorney, trustee, or guardian,
or as
custodian for a minor, please give your full title as
such. If you
are signing for a corporation, please sign the full
corporate name
and indicate the signer's office. If you are a partner,
sign in
the partnership name.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Shareholder sign here Date
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Co-owner sign here Date
<PAGE>
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent / / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
B.1 Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
D.1 Investments in real / / / /
/ /
estate.
E. Concentration of its / / / /
/ /
Assets
F. Senior Securities / / / /
/ /
G. Investments in commodities/ / / /
/ /
4. Eliminate
the fund's
fundamental
investment
restriction
with respect
to:
A. Investments
in securities
of issuers
in which
management
of the / /
/ /
fund or
Putnam
Investment
Management
owns securities.
B. Margin / /
/ /
transactions.
/ /
/ / C. Short sales./ /
/ /
/ / D. Pledging / /
/ /
assets.
/ / F.1 Investments
in certain/ /
/ /
oil, gas
and mineral
interests
G. Investing
/ to gain / /
/ /
control
/ of a company's
management
5. Amend the / /
/ /
/ Trust's
Declaration
/ of Trust
to permit
the issuance
of additional
classes
of shares
/
/
<PAGE>
PUTNAMINVESTMENTS
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it
promptly in
the envelope provided. Your vote is important.
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in
address or
telephone number or to provide us with your comments.
Detach this
form from the proxy ballot and return it with your
signed proxy in
the enclosed envelope.
Street
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
City State
Zip
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Telephone
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DO YOU HAVE ANY COMMENTS?
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the
expense of
follow-up mailings by signing and returning this proxy
as soon as
possible. A postage-paid envelope is enclosed for your
convenience.
THANK YOU!
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Please fold at perforation before detaching.
<PAGE>
Proxy for a meeting of shareholders to be held on
December 5, 1996
for PCM U.S. Government and High Quality Bond Fund.
This proxy is solicited on behalf of the Trustees of the
fund.
The undersigned shareholder hereby appoints George
Putnam, Hans H.
Estin, and Robert E. Patterson, and each of them
separately,
Proxies, with power of substitution, and hereby
authorizes them to
represent and to vote, as designated below, at the
meeting of
shareholders of PCM U.S. Government and High Quality
Bond Fund on
December 5, 1996, at 2:00 p.m., Boston time, and at any
adjournments thereof, all of the shares of the fund that
the
undersigned shareholder would be entitled to vote if
personally
present.
If you complete and sign the proxy, we'll vote it
exactly as you
tell us. If you simply sign the proxy, it will be voted
Trustees
as set forth in Proposal 1 and FOR Proposals 2, 3.A.,
3.B.1., 3.C.,
3.D.2., 3.E.-3.G., 4.A.-4.D., 4.E.1, 4.F.1, 4.G and 5.
In their
discretion, the Proxies will also be authorized to vote
upon such
other matters that may properly come before the meeting.
Note: If you have questions on any of the proposals,
please
call 1-800-225-1581.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this
card. If you
are a joint owner, each owner should sign. When signing
as
executor, administrator, attorney, trustee, or guardian,
or as
custodian for a minor, please give your full title as
such. If you
are signing for a corporation, please sign the full
corporate name
and indicate the signer's office. If you are a partner,
sign in
the partnership name.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Shareholder sign here Date
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Co-owner sign here Date
<PAGE>
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent / / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification / / / /
/ /
B.1 Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
D.2 Investments in real / / / /
/ /
estate.
E. Concentration of its / / / /
/ /
Assets
F. Senior Securities / / / /
/ /
G. Investments/ /
/ /
in commodities
/ 4. Eliminate
the fund's
/ fundamental
investment
restriction
with respect
to:
A. Investments
in securities
of issuers
in which
management
of the / /
/ /
fund or
Putnam
Investment
Management
owns securities.
B. Margin / /
/ /
transactions.
/ /
/ / C. Short sales./ /
/ /
/ / D. Pledging / /
/ /
assets.
/ / E.1 Investments
in restricted/ /
/ /
securities.
F.1 Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests
G. Investing
/ to gain / /
/ /
control
/ of a company's
management
5. Amend the / /
/ /
/ Trust's
Declaration
/ of Trust
to permit
the issuance
of additional
classes
of shares
/
/
<PAGE>
PUTNAMINVESTMENTS
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it
promptly in
the envelope provided. Your vote is important.
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in
address or
telephone number or to provide us with your comments.
Detach this
form from the proxy ballot and return it with your
signed proxy in
the enclosed envelope.
Street
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
City State
Zip
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Telephone
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DO YOU HAVE ANY COMMENTS?
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the
expense of
follow-up mailings by signing and returning this proxy
as soon as
possible. A postage-paid envelope is enclosed for your
convenience.
THANK YOU!
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Please fold at perforation before detaching.
<PAGE>
Proxy for a meeting of shareholders to be held on
December 5, 1996
for PCM Utilities Growth and Income Fund.
This proxy is solicited on behalf of the Trustees of the
fund.
The undersigned shareholder hereby appoints George
Putnam, Hans H.
Estin, and Robert E. Patterson, and each of them
separately,
Proxies, with power of substitution, and hereby
authorizes them to
represent and to vote, as designated below, at the
meeting of
shareholders of PCM Utilities Growth and Income Fund on
December 5,
1996, at 2:00 p.m., Boston time, and at any adjournments
thereof,
all of the shares of the fund that the undersigned
shareholder
would be entitled to vote if personally present.
If you complete and sign the proxy, we'll vote it
exactly as you
tell us. If you simply sign the proxy, it will be voted
Trustees
as set forth in Proposal 1 and FOR Proposals 2, 3.B.2.,
3.C.,
3.D.1., 3.E.-3.G., 4.A.-4.D., 4.F.2, 4.G and 5. In
their
discretion, the Proxies will also be authorized to vote
upon such
other matters that may properly come before the meeting.
Note: If you have questions on any of the proposals,
please
call 1-800-225-1581.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this
card. If you
are a joint owner, each owner should sign. When signing
as
executor, administrator, attorney, trustee, or guardian,
or as
custodian for a minor, please give your full title as
such. If you
are signing for a corporation, please sign the full
corporate name
and indicate the signer's office. If you are a partner,
sign in
the partnership name.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Shareholder sign here Date
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Co-owner sign here Date
<PAGE>
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent / / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
B.2 Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
D.1 Investments in real / / / /
/ /
estate.
E. Concentration of its / / / /
/ /
Assets
F. Senior Securities / / / /
/ /
G. Investments in commodities/ / / /
/ /
4. Eliminate
the fund's
fundamental
investment
restriction
with respect
to:
A. Investments
in securities
of issuers
in which
management
of the / /
/ /
fund or
Putnam
Investment
Management
owns securities.
B. Margin / /
/ /
transactions.
/ /
/ / C. Short sales./ /
/ /
/ / D. Pledging / /
/ /
assets.
/ / F.2 Investments
in certain/ /
/ /
oil, gas
and mineral
interests
G. Investing
/ to gain / /
/ /
control
/ of a company's
management
5. Amend the / /
/ /
/ Trust's
Declaration
/ of Trust
to permit
the issuance
of additional
classes
of shares
/
/
<PAGE>
PUTNAMINVESTMENTS
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it
promptly in
the envelope provided. Your vote is important.
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in
address or
telephone number or to provide us with your comments.
Detach this
form from the proxy ballot and return it with your
signed proxy in
the enclosed envelope.
Street
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
City State
Zip
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Telephone
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DO YOU HAVE ANY COMMENTS?
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the
expense of
follow-up mailings by signing and returning this proxy
as soon as
possible. A postage-paid envelope is enclosed for your
convenience.
THANK YOU!
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Please fold at perforation before detaching.
<PAGE>
Proxy for a meeting of shareholders to be held on
December 5, 1996
for PCM Voyager Fund.
This proxy is solicited on behalf of the Trustees of the
fund.
The undersigned shareholder hereby appoints George
Putnam, Hans H.
Estin, and Robert E. Patterson, and each of them
separately,
Proxies, with power of substitution, and hereby
authorizes them to
represent and to vote, as designated below, at the
meeting of
shareholders of PCM Voyager Fund on December 5, 1996, at
2:00 p.m.,
Boston time, and at any adjournments thereof, all of the
shares of
the fund that the undersigned shareholder would be
entitled to vote
if personally present.
If you complete and sign the proxy, we'll vote it
exactly as you
tell us. If you simply sign the proxy, it will be voted
Trustees
as set forth in Proposal 1 and FOR Proposals 2, 3.A.,
3.B.1., 3.C.,
3.D.2., 3.E.-3.G., 4.A.-4.D., 4.E.1, 4.F.1, 4.G and 5.
In their
discretion, the Proxies will also be authorized to vote
upon such
other matters that may properly come before the meeting.
Note: If you have questions on any of the proposals,
please
call 1-800-225-1581.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this
card. If you
are a joint owner, each owner should sign. When signing
as
executor, administrator, attorney, trustee, or guardian,
or as
custodian for a minor, please give your full title as
such. If you
are signing for a corporation, please sign the full
corporate name
and indicate the signer's office. If you are a partner,
sign in
the partnership name.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Shareholder sign here Date
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
Co-owner sign here Date
<PAGE>
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent / / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1 Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
D.2 Investments in real / / / /
/ /
estate.
E. Concentration of its / / / /
/ /
Assets
F. Senior Securities / / / /
/ /
G. Investments/ /
/ /
in commodities
/ 4. Eliminate
the fund's
/ fundamental
investment
restriction
with respect
to:
A. Investments
in securities
of issuers
in which
management
of the / /
/ /
fund or
Putnam
Investment
Management
owns securities.
B. Margin / /
/ /
transactions.
/ /
/ / C. Short sales./ /
/ /
/ / D. Pledging / /
/ /
assets.
/ / E.1 Investments
in restricted/ /
/ /
securities.
F.1 Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests
G. Investing
/ to gain / /
/ /
control
/ of a company's
management
5. Amend the / /
/ /
/ Trust's
Declaration
/ of Trust
to permit
the issuance
of additional
classes
of shares
/
/
<PAGE>
AMERICAN EXPRESS FINANCIAL ADVISORS INC.
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
For the PCM New Opportunities Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by American Express
Financial
Advisors Inc. ("American Express") from owners of
variable annuity
policies issued by American Express who have specified
that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM New Opportunities Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- ------------------------------------
Co-owner sign here
Date
AMERICAN EXPRESS FINANCIAL ADVISORS INC.
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for the
PCM New Opportunities Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by American Express
Financial
Advisors Inc. ("American Express") from owners of
variable annuity
policies issued by American Express who have specified
that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY AMERICAN EXPRESS IN
THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
AMERICAN EXPRESS FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize American Express and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
<PAGE>
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / / /
/
3. Amend the fund's fundamental
investment restriction
with respect to:
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / / /
/
/ / / / /
/
D.1. Investments in real
estate.
E. Concentration of its / / / / /
/
assets.
F. Senior securities. / / / / /
/
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / / /
/
C. Short sales. / / / / /
/
D. Pledging assets. / / / / /
/
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ / /
/
oil, gas
and mineral
interests.
G. Investing
/ to gain / / /
/
control
/ of a company's
management.
5. Amend the / / /
/
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on
December 5, 1996 for the PCM Utilities Growth
and
Income Fund (the "fund") of Putnam Capital Manager
Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Utilities Growth and Income Fund of
Putnam
Capital Manager Trust on December 5, 1996, at 2:00 p.m.,
Boston
time, and at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Global Growth Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY PARAGON IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY PARAGON
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize Paragon and its affiliates and
employees to
exercise their discretion in voting upon such other
business as may
properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / / /
/
3. Amend the fund's fundamental
investment restriction
with respect to:
B.2. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / / /
/
/ / / / /
/
D.1. Investments in real
estate.
E. Concentration of its / / / / /
/
assets.
F. Senior securities. / / / / /
/
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / / /
/
C. Short sales. / / / / /
/
D. Pledging assets. / / / / /
/
E.1. Investments in restricted
securities. / / / /
/ /
F.2. Investments
in certain/ / /
/
oil, gas
and mineral
interests.
G. Investing
/ to gain / / /
/
control
/ of a company's
management.
5. Amend the
/ Agreement
and Declaration
/ of Trust / / /
/
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on
December 5, 1996 for the PCM Asia Pacific Growth Fund
(the "fund")
of Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Asia Pacific Growth Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders,
December 5, 1996
for the PCM Asia Pacific Growth Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY PARAGON IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY PARAGON
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize Paragon and its affiliates and
employees to
exercise their discretion in voting upon such other
business as may
properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / /
/ /
3. Amend the fund's fundamental
investment restriction
with respect to:
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.1. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement
and Declaration
/ of Trust / /
/ /
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on
December 5, 1996 for the PCM Diversified Income Fund
(the "fund")
of Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Diversified Income Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Diversified Income Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY PARAGON IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY PARAGON
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize Paragon and its affiliates and
employees to
exercise their discretion in voting upon such other
business as may
properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / /
/ /
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.3. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement
and Declaration
/ of Trust / /
/ /
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on
December 5, 1996 for the PCM Global Asset
Allocation Fund
(the "fund") of Putnam Capital Manager
Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Global Asset Allocation Fund of
Putnam Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments hereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Global Asset Allocation Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY PARAGON IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY PARAGON
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize Paragon and its affiliates and
employees to
exercise their discretion in voting upon such other
business as may
properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / /
/ /
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement
and Declaration
/ of Trust / /
/ /
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on
December 5, 1996 for the PCM Global Growth Fund (the
"fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Global Growth Fund of Putnam Capital
Manager
Trust on December 5, 1996, at 2:00 p.m., Boston time,
and at any
adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on
December 5, 1996 for the PCM Global Growth Fund (the
"fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY PARAGON IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY PARAGON
FOR THE FUND. The undersigned, by completing this
form, does
hereby authorize Paragon and its affiliates and
employees to
exercise their discretion in voting upon such other
business as may
properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / /
/ /
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement
and Declaration
/ of Trust / /
/ /
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on
December 5, 1996 for the PCM Growth and Income Fund
(the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Growth and Income Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Growth and Income Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY PARAGON IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY PARAGON
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize Paragon and its affiliates and
employees to
exercise their discretion in voting upon such other
business as may
properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / /
/ /
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement
and Declaration
/ of Trust / /
/ /
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on
December 5, 1996 for the PCM High Yield Fund (the
"fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM High Yield Fund of Putnam Capital
Manager Trust
on December 5, 1996, at 2:00 p.m., Boston time, and at
any
adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM High Yield Fund (the "fund") of Putnam Capital
Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY PARAGON IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY PARAGON
FOR THE FUND. The undersigned, by completing this
form, does
hereby authorize Paragon and its affiliates and
employees to
exercise their discretion in voting upon such other
business as may
properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / /
/ /
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Declaration
of Trust
/ of the / /
/ /
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on
December 5, 1996 for the PCM Money Market Fund (the
"fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Money Market Fund of Putnam Capital
Manager
Trust on December 5, 1996, at 2:00 p.m., Boston time,
and at any
adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Money Market Fund (the "fund") of Putnam Capital
Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY PARAGON IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY PARAGON
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize Paragon and its affiliates and
employees to
exercise their discretion in voting upon such other
business as may
properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / /
/ /
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / /
/ / /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
/ / / /
/ /
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.2. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement
and Declaration
/ of Trust / /
/ /
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on
December 5, 1996 for the PCM New Opportunities Fund
(the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM New Opportunities Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM New Opportunities Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY PARAGON IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY PARAGON
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize Paragon and its affiliates and
employees to
exercise their discretion in voting upon such other
business as may
properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your / / / /
/ /
fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.1. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / /
/ / /
4. Eliminate the fund's
fundamental investment
restriction with
respect to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement
and Declaration
/ of Trust / /
/ /
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on
December 5, 1996 for the PCM U.S. Government and
High Quality
Bond Fund (the "fund") of Putnam Capital Manager
Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM U.S. Government and High Quality
Bond Fund of
Putnam Capital Manager Trust on December 5, 1996, at
2:00 p.m.,
Boston time, and at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM U.S. Government and High Quality Bond Fund
(the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY PARAGON IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY PARAGON
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize Paragon and its affiliates and
employees to
exercise their discretion in voting upon such other
business as may
properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / / /
/
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / / /
/
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / / /
/
/ / / / /
/
D.2. Investments in real
estate.
E. Concentration of its / / / / /
/
assets.
F. Senior securities. / / / / /
/
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / / /
/
C. Short sales. / / / / /
/
D. Pledging assets. / / / / /
/
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / / /
/
control
/ of a company's
management.
5. Approving
/ an amendment
to the
/ Agreement
and Declaration/ /
/ /
of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders
to be held
on December 5, 1996 for the PCM Voyager Fund (the
"fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Voyager Fund of Putnam Capital
Manager Trust on
December 5, 1996, at 2:00 p.m., Boston time, and at any
adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
<PAGE>
PARAGON LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Voyager Fund (the "fund") of Putnam Capital
Manager Trust.
This Instruction Card is solicited by Paragon Life
Insurance
Company ("Paragon") from owners of group variable
universal life
policies issued by Paragon who have specified that a
portion of
their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY PARAGON IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY PARAGON
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize Paragon and its affiliates and
employees to
exercise their discretion in voting upon such other
business as may
properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your / / / / /
/
fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / / /
/
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / / /
/
/ / / / /
/
D.2. Investments in real
estate.
E. Concentration of its / / / / /
/
assets.
F. Senior securities. / / / / /
/
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with
respect to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / / /
/
C. Short sales. / / / / /
/
D. Pledging assets. / / / / /
/
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / / /
/
control
/ of a company's
management.
5. Amend the
/ Agreement
and Declaration/ /
/ of Trust /
/
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for the
PCM Utilities Growth and Income Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Utilities Growth and Income Fund of
Putnam
Capital Manager Trust on December 5, 1996, at 2:00 p.m.,
Boston
time, and at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for the PCM
Utilities Growth and Income Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY NWNL IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY NWNL
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize NWNL and its affiliates and employees
to exercise
their discretion in voting upon such other business as
may properly
come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
<PAGE>
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / /
/ /
3. Amend the fund's fundamental
investment restriction
with respect to:
B.2. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.1. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / /
/ / /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
of issuers in which
management of the
fund or Putnam Investment
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.2. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement / /
/ /
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for the
PCM Asia Pacific Growth Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Asia Pacific Growth Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for the
PCM Asia Pacific Growth Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY NWNL IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY NWNL
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize NWNL and its affiliates and employees
to exercise
their discretion in voting upon such other business as
may properly
come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
<PAGE>
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection of FOR AGAINST
ABSTAIN
Price Waterhouse LLP as
the independent auditors / / / /
/ /
of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
B.1. Investments in the voting
securities of a single / / / /
/ /
issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.1. Investments in real estate.
E. Concentration of its assets./ / / /
/ /
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's fundamental
investment restriction
with respect to:
A. Investments in securities
of issuers in which management
of the fund or Putnam
Investment Management / / / /
/ /
owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted / /
securities. / /
/ /
F.1. Investments in certain
oil, gas and mineral interests./ / /
/ / /
G. Investing
to gain / /
/ /
control
of a
company's
management.
5. Amend / /
/ the
/ /
Agreement
/ and
Declaration
of Trust
of the
Trust
to permit
the
issuance
of additional
classes
of shares.
/
/
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Diversified Income Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Diversified Income Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Diversified Income Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY NWNL IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY NWNL
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize NWNL and its affiliates and employees
to exercise
their discretion in voting upon such other business as
may properly
come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
<PAGE>
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your / / / /
/ /
fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.3. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / /
/ / /
4. Eliminate the fund's
fundamental investment
restriction with
respect to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement / /
/ /
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Growth and Income Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Growth and Income Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Growth and Income Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY NWNL IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY NWNL
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize NWNL and its affiliates and employees
to exercise
their discretion in voting upon such other business as
may properly
come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
<PAGE>
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / /
/ /
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement / /
/ /
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM New Opportunities Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM New Opportunities Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM New Opportunities Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY NWNL IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY NWNL
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize NWNL and its affiliates and employees
to exercise
their discretion in voting upon such other business as
may properly
come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
<PAGE>
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / /
/ /
3. Amend the fund's fundamental
investment restriction
with respect to:
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.1. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement / /
/ /
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Voyager Fund (the "fund") of Putnam Capital
Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Voyager Fund of Putnam Capital
Manager Trust on
December 5, 1996, at 2:00 p.m., Boston time, and at any
adjournments thereof.
- -------------------------------------
Shareholder sign here
Date
- -------------------------------------
Co-owner sign here
Date
NORTHWESTERN NATIONAL LIFE INSURANCE COMPANY
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Voyager Fund (the "fund") of Putnam Capital
Manager Trust.
This Instruction Card is solicited by Northwestern
National Life
Insurance Company ("NWNL") from owners of variable
annuity policies
and variable life policies issued by NWNL who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY NWNL IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY NWNL
FOR THE FUND. The undersigned, by completing this form,
does
hereby authorize NWNL and its affiliates and employees
to exercise
their discretion in voting upon such other business as
may properly
come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
<PAGE>
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent
auditors of your fund./ / / /
/ /
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities
of issuers in which
management of the
fund or Putnam Investment/ / / /
/ /
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the
/ Agreement / /
/ /
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
AMERICAN ENTERPRISE LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Diversified Income Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by American
Enterprise Life
Insurance Companies ("American Enterprise") from owners
of variable
annuity policies issued by American Enterprise who have
specified
that a portion of their investment be allocated to the
fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Diversified Income Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
AMERICAN ENTERPRISE LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Diversified Income Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by American
Enterprise Life
Insurance Companies ("American Enterprise") from owners
of variable
annuity policies issued by American Enterprise who have
specified
that a portion of their investment be allocated to the
fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY AMERICAN ENTERPRISE
IN THE
MANNER DIRECTED HEREIN BY THE UNDERSIGNED. IF NO
DIRECTION IS
MADE, THE VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM
WILL BE VOTED
IN THE SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE
BEEN
RECEIVED BY AMERICAN ENTERPRISE FOR THE FUND. The
undersigned, by
completing this form, does hereby authorize American
Enterprise and
its affiliates and employees to exercise their
discretion in voting
upon such other business as may properly come before the
meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
<PAGE>
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.3. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
AMERICAN ENTERPRISE LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Growth and Income Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by American
Enterprise Life
Insurance Companies ("American Enterprise") from owners
of variable
annuity policies issued by American Enterprise who have
specified
that a portion of their investment be allocated to the
fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Growth and Income Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
AMERICAN ENTERPRISE LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM Growth and Income Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by American
Enterprise Life
Insurance Companies ("American Enterprise") from owners
of variable
annuity policies issued by American Enterprise who have
specified
that a portion of their investment be allocated to the
fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY AMERICAN ENTERPRISE
IN THE
MANNER DIRECTED HEREIN BY THE UNDERSIGNED. IF NO
DIRECTION IS
MADE, THE VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM
WILL BE VOTED
IN THE SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE
BEEN
RECEIVED BY AMERICAN ENTERPRISE FOR THE FUND. The
undersigned, by
completing this form, does hereby authorize American
Enterprise and
its affiliates and employees to exercise their
discretion in voting
upon such other business as may properly come before the
meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
<PAGE>
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
AMERICAN ENTERPRISE LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM New Opportunities Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by American
Enterprise Life
Insurance Companies ("American Enterprise") from owners
of variable
annuity policies issued by American Enterprise who have
specified
that a portion of their investment be allocated to the
fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM New Opportunities Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
<PAGE>
AMERICAN ENTERPRISE LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996 for
the PCM New Opportunities Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by American
Enterprise Life
Insurance Companies ("American Enterprise") from owners
of variable
annuity policies issued by American Enterprise who have
specified
that a portion of their investment be allocated to the
fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY AMERICAN ENTERPRISE
IN THE
MANNER DIRECTED HEREIN BY THE UNDERSIGNED. IF NO
DIRECTION IS
MADE, THE VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM
WILL BE VOTED
IN THE SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE
BEEN
RECEIVED BY AMERICAN ENTERPRISE FOR THE FUND. The
undersigned, by
completing this form, does hereby authorize American
Enterprise and
its affiliates and employees to exercise their
discretion in voting
upon such other business as may properly come before the
meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your
fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.1. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / /
/ / /
4. Eliminate the fund's
fundamental investment
restriction with
respect to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
AMERICAN ENTERPRISE LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM High Yield Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by American
Enterprise Life
Insurance Companies ("American Enterprise") from owners
of variable
annuity policies issued by American Enterprise who have
specified
that a portion of their investment be allocated to the
fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM High Yield Fund of Putnam Capital
Manager Trust
on December 5, 1996, at 2:00 p.m., Boston time, and at
any
adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
<PAGE>
AMERICAN ENTERPRISE LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM High Yield Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by American
Enterprise Life
Insurance Companies ("American Enterprise") from owners
of variable
annuity policies issued by American Enterprise who have
specified
that a portion of their investment be allocated to the
fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY AMERICAN ENTERPRISE
IN THE
MANNER DIRECTED HEREIN BY THE UNDERSIGNED. IF NO
DIRECTION IS
MADE, THE VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM
WILL BE VOTED
IN THE SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE
BEEN
RECEIVED BY AMERICAN ENTERPRISE FOR THE FUND. The
undersigned, by
completing this form, does hereby authorize American
Enterprise and
its affiliates and employees to exercise their
discretion in voting
upon such other business as may properly come before the
meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH
AMERICA
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Money Market Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Investors Life
Insurance
Company of North America ("Investors Life") from owners
of variable
annuity policies issued by Investors Life who have
specified that
a portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Money Market Fund of Putnam Capital
Manager
Trust on December 5, 1996, at 2:00 p.m., Boston time,
and at any
adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH
AMERICA
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Money Market Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by Investors Life
Insurance
Company of North America ("Investors Life") from owners
of variable
annuity policies issued by Investors Life who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY INVESTORS LIFE IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
INVESTORS LIFE FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize Investors Life and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.2. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH
AMERICA
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM U.S. Government and High Quality Bond Fund
(the "fund")
of Putnam Capital Manager Trust.
This Instruction Card is solicited by Investors Life
Insurance
Company of North America ("Investors Life") from owners
of variable
annuity policies issued by Investors Life who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM U.S. Government and High Quality
Bond Fund of
Putnam Capital Manager Trust on December 5, 1996, at
2:00 p.m.,
Boston time, and at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH
AMERICA
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM U.S. Government and High Quality Bond Fund
(the "fund")
of Putnam Capital Manager Trust.
This Instruction Card is solicited by Investors Life
Insurance
Company of North America ("Investors Life") from owners
of variable
annuity policies issued by Investors Life who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY INVESTORS LIFE IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
INVESTORS LIFE FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize Investors Life and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH
AMERICA
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Growth and Income Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Investors Life
Insurance
Company of North America ("Investors Life") from owners
of variable
annuity policies issued by Investors Life who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Growth and Income Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH
AMERICA
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Growth and Income Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by Investors Life
Insurance
Company of North America ("Investors Life") from owners
of variable
annuity policies issued by Investors Life who have
specified that
a portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY INVESTORS LIFE IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
INVESTORS LIFE FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize Investors Life and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your
fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / /
/ / /
4. Eliminate the fund's
fundamental investment
restriction with
respect to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH
AMERICA
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Voyager Fund (the "fund") of Putnam Capital
Manager Trust.
This Instruction Card is solicited by Investors Life
Insurance
Company of North America ("Investors Life") from owners
of variable
annuity policies issued by Investors Life who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
The undersigned policy owner hereby instructs that the
votes
attributable to the undersigned's interests with respect
to the
fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Voyager Fund of Putnam Capital
Manager Trust on
December 5, 1996, at 2:00 p.m., Boston time, and at any
adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
<PAGE>
INVESTORS LIFE INSURANCE COMPANY OF NORTH
AMERICA
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Voyager Fund (the "fund") of Putnam Capital
Manager Trust.
This Instruction Card is solicited by Investors Life
Insurance
Company of North America ("Invstors Life") from owners
of variable
annuity policies issued by Investors Life who have
specified that a
portion of their investment be allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY NWNL IN THE MANNER
DIRECTED
HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS MADE, THE
VOTES
ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE VOTED IN
THE SAME
RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN RECEIVED
BY
INVESTORS LIFE FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize Investors Life and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Utilities Growth and Income Fund (the
"fund") of Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned contract/policy owner hereby instructs
that the
votes attributable to the undersigned's interests with
respect to
the fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Utilities Growth and Income Fund of
Putnam
Capital Manager Trust on December 5, 1996, at 2:00 p.m.,
Boston
time, and at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM Utilities Growth and Income Fund (the
"fund") of Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY ITT HARTFORD IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
ITT HARTFORD FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize ITT Hartford and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
B.2. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.1. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.2. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Asia Pacific Growth Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned contract/policy owner hereby instructs
that the
votes attributable to the undersigned's interests with
respect to
the fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Asia Pacific Growth Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM Asia Pacific Growth Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY ITT HARTFORD IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
ITT HARTFORD FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize ITT Hartford and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.1. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM Diversified Income Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned contract/policy owner hereby instructs
that the
votes attributable to the undersigned's interests with
respect to
the fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Diversified Income Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM Diversified Income Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY ITT HARTFORD IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
ITT HARTFORD FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize ITT Hartford and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your
fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / / /
/
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / / /
/
/ / / / /
/
D.3. Investments in real
estate.
E. Concentration of its / / / / /
/
assets.
F. Senior securities. / / / / /
/
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with
respect to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / / /
/
C. Short sales. / / / / /
/
D. Pledging assets. / / / / /
/
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ / /
/
oil, gas
and mineral
interests.
G. Investing
/ to gain / / /
/
control
/ of a company's
management.
5. Amend the / / /
/
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Global Asset Allocation Fund (the "fund")
of Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned contract/policy owner hereby instructs
that the
votes attributable to the undersigned's interests with
respect to
the fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Global Asset Allocation Fund of
Putnam Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM Global Asset Allocation Fund (the "fund")
of Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY ITT HARTFORD IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
ITT HARTFORD FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize ITT Hartford and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Global Growth Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned contract/policy owner hereby instructs
that the
votes attributable to the undersigned's interests with
respect to
the fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Global Growth Fund of Putnam Capital
Manager
Trust on December 5, 1996, at 2:00 p.m., Boston time,
and at any
adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM Global Growth Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY ITT HARTFORD IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
ITT HARTFORD FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize ITT Hartford and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / /
/ / /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Growth and Income Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned contract/policy owner hereby instructs
that the
votes attributable to the undersigned's interests with
respect to
the fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Growth and Income Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM Growth and Income Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY ITT HARTFORD IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
ITT HARTFORD FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize ITT Hartford and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM High Yield Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned contract/policy owner hereby instructs
that the
votes attributable to the undersigned's interests with
respect to
the fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM High Yield Fund of Putnam Capital
Manager Trust
on December 5, 1996, at 2:00 p.m., Boston time, and at
any
adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
Voting Instructions for the Meeting of Shareholdersto be held on
December 5, 1996
for the PCM High Yield Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY ITT HARTFORD IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
ITT HARTFORD FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize ITT Hartford and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your
fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / / /
/
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / / /
/
/ / / / /
/
D.2. Investments in real
estate.
E. Concentration of its / / / / /
/
assets.
F. Senior securities. / / / / /
/
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with
respect to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / / /
/
C. Short sales. / / / / /
/
D. Pledging assets. / / / / /
/
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ / /
/
oil, gas
and mineral
interests.
G. Investing
/ to gain / / /
/
control
/ of a company's
management.
5. Amend the / / /
/
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Money Market Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned contract/policy owner hereby instructs
that the
votes attributable to the undersigned's interests with
respect to
the fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Money Market Fund of Putnam Capital
Manager
Trust on December 5, 1996, at 2:00 p.m., Boston time,
and at any
adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM Money Market Fund (the "fund") of Putnam
Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY ITT HARTFORD IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
ITT HARTFORD FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize ITT Hartford and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your
fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / /
/ / /
4. Eliminate the fund's
fundamental investment
restriction with
respect to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.2. Investments
in restricted/ /
/ /
securities.
F.1. Investments
/ / in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM New Opportunities Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned contract/policy owner hereby instructs
that the
votes attributable to the undersigned's interests with
respect to
the fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM New Opportunities Fund of Putnam
Capital
Manager Trust on December 5, 1996, at 2:00 p.m., Boston
time, and
at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM New Opportunities Fund (the "fund") of
Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY ITT HARTFORD IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
ITT HARTFORD FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize ITT Hartford and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your
fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / / /
/
/ / / / /
/
D.1. Investments in real
estate.
E. Concentration of its / / / / /
/
assets.
F. Senior securities. / / / / /
/
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with
respect to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / / /
/
C. Short sales. / / / / /
/
D. Pledging assets. / / / / /
/
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ / /
/
oil, gas
and mineral
interests.
G. Investing
/ to gain / / /
/
control
/ of a company's
management.
5. Amend the / / /
/
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM U.S. Government and High Quality Bond Fund
(the "fund") of Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned contract/policy owner hereby instructs
that the
votes attributable to the undersigned's interests with
respect to
the fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM U.S. Government and High Quality
Bond Fund of
Putnam Capital Manager Trust on December 5, 1996, at
2:00 p.m.,
Boston time, and at any adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM U.S. Government and High Quality Bond Fund
(the "fund") of Putnam Capital Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY ITT HARTFORD IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
ITT HARTFORD FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize ITT Hartford and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
1. Proposal to elect Trustees
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
Voting Instructions for the Meeting of Shareholders to
be held on December 5, 1996
for the PCM Voyager Fund (the "fund") of Putnam Capital
Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
FUND: PCM CONTRACT:
The undersigned contract/policy owner hereby instructs
that the
votes attributable to the undersigned's interests with
respect to
the fund be cast as directed on the reverse side, at the
Meeting of
Shareholders of PCM Voyager Fund of Putnam Capital
Manager Trust on
December 5, 1996, at 2:00 p.m., Boston time, and at any
adjournments thereof.
- --------------------------------
Shareholder sign here
Date
- --------------------------------
Co-owner sign here
Date
Voting Instructions for the Meeting of Shareholders to be held on
December 5, 1996
for the PCM Voyager Fund (the "fund") of Putnam Capital
Manager Trust.
This Instruction Card is solicited by ITT Hartford Life
Insurance
Companies ("ITT Hartford") from owners of variable
annuity
contracts and/or variable life insurance policies issued
by ITT
Hartford who have specified that a portion of their
investment be
allocated to the fund.
Please fold and detach at perforation. Return only the
Instruction
Card below.
THE INTERESTS TO WHICH THIS FORM OF INSTRUCTION RELATES
WHEN
PROPERLY EXECUTED WILL BE VOTED BY ITT HARTFORD IN THE
MANNER
DIRECTED HEREIN BY THE UNDERSIGNED. IF NO DIRECTION IS
MADE, THE
VOTES ATTRIBUTABLE TO THIS INSTRUCTION FORM WILL BE
VOTED IN THE
SAME RATIO AS VOTES FOR WHICH INSTRUCTIONS HAVE BEEN
RECEIVED BY
ITT HARTFORD FOR THE FUND. The undersigned, by
completing this
form, does hereby authorize ITT Hartford and its
affiliates and
employees to exercise their discretion in voting upon
such other
business as may properly come before the meeting.
Please mark your choice / X / in blue or black ink. Do
not use red
ink.
THE TRUSTEES RECOMMEND A VOTE FOR ELECTING ALL OF THE
NOMINEES FOR
TRUSTEES AND FOR THE OTHER PROPOSALS LISTED BELOW.
Please mark your choices / X / in blue or black ink.
1. Proposal to elect Trustees
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
The nominees for Trustees are: J.A. Baxter, H.H.
Estin, J.A.
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E.
Patterson,
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam,
III, E.
Shapiro, A.J.C. Smith and W.N. Thorndike.
/ / FOR electing all the nominees
(except as indicated to the contrary below)
/ / WITHHOLD authority to vote for all nominees
To withhold authority to vote for one or more of the
nominees,
write those nominees' names below:
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
PROPOSAL TO:
2. Ratify the selection FOR AGAINST
ABSTAIN
of Price Waterhouse
LLP as the independent/ / / /
/ /
auditors of your fund.
3. Amend the fund's fundamental
investment restriction
with respect to:
A. Diversification. / / / /
/ /
B.1. Investments in the
voting securities / / / /
/ /
of a single issuer.
C. Making loans. / / / /
/ /
/ / / /
/ /
D.2. Investments in real
estate.
E. Concentration of its / / / /
/ /
assets.
F. Senior securities. / / / /
/ /
G. Investments in commodities./ / / /
/ /
4. Eliminate the fund's
fundamental investment
restriction with respect
to:
A. Investments in securities/ / / /
/ /
of issuers in which
management of the
fund or Putnam Investment
Management owns securities.
B. Margin transactions. / / / /
/ /
C. Short sales. / / / /
/ /
D. Pledging assets. / / / /
/ /
E.1. Investments in restricted
securities. / / / /
/ /
F.1. Investments
in certain/ /
/ /
oil, gas
and mineral
interests.
G. Investing
/ to gain / /
/ /
control
/ of a company's
management.
5. Amend the / /
/ /
/ Agreement
and Declaration
/ of Trust
of the
Trust
to permit
the issuance
of additional
classes
of shares.
/
/
<PAGE>
ITT HARTFORD LIFE INSURANCE COMPANIES
lipsett/106290.111/proxys/capman3.wp
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