[H & M Final]
[Translation]
SEMI-ANNUAL REPORT
(THE FIFTH TERM)
FROM: JULY 1, 1998
TO: DECEMBER 31, 1998
AMENDMENT TO SECURITIES REGISTRATION STATEMENT
PUTNAM EUROPE GROWTH FUND
SEMI-ANNUAL REPORT
(THE FIFTH TERM)
FROM: JULY 1, 1998
TO: DECEMBER 31, 1998
PUTNAM EUROPE GROWTH FUND
SEMI-ANNUAL REPORT
(The Fifth Term)
From: July 1, 1998
To: December 31, 1998
To: Director of Kanto Local Finance Bureau
Filing Date : March 31, 1999
Name of the Registrant Fund: PUTNAM EUROPE GROWTH FUND
Name and Official Title of Trustees: George Putnam
John A. Hill
William F. Pounds
Jameson A. Baxter
Hans H. Estin
Ronald J. Jackson
Paul L. Joskow
Elizabeth T. Kennan
Lawrence J. Lasser
John H. Mullin, III
Robert E. Patterson
Donald S. Perkins
George Putnam, III
A.J.C. Smith
W. Thomas Stephens
W. Nicholas Thorndike
Address of Principal Office: One Post Office Square
Boston, Massachusetts 02109
U.S.A.
Name and Title of Registration Agent: Harume Nakano
Attorney-at-Law
Signature [Harume Nakano]
(Seal)
Ken Miura
Attorney-at-Law
Signature [Ken Miura]
(Seal)
Address or Place of Business Kasumigaseki Building, 25th Floor
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo
Name of Liaison Contact: Harume Nakano
Ken Miura
Attorneys-at-Law
- ii -
Place of Liaison Contact: Hamada & Matsumoto
Kasumigaseki Building, 25th Floor
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo
Phone Number: 03-3580-3377
Places where a copy of this Semi-annual Report
is available for Public Inspection
Not applicable.
(Total number of pages of this Semi-annual Report
is 33 including the front page)
C O N T E N T S
This Japanese
EnglishOriginal
Translation
I. STATUS OF INVESTMENT FUND
(1) Diversification of Investment Portfolio 1 1
(2) Results of Past Operations 2 1
a. Record of Changes in Net Assets 2 2
b. Record of Distributions Paid 2 2
(3) Record of Sales and Repurchases 3 3
II. OUTLINE OF THE FUND
1. FUND 4 3
(1) Amount of Capital Stock 4 3
(2) Information Concerning Major Shareholders 4 3
(3) Information Concerning Directors, Officers
and Employees 4 3
(4) Description of Business and Outline of Operation
7 5
(5) Miscellaneous 7 5
2. Putnam Investment Management, Inc.
(Investment Management Company) 8 6
(1) Amount of Capital Stock 8 6
(2) Information Concerning Major Shareholders 8 6
(3) Information Concerning Directors, Officers
and Employees 8 6
(4) Summary of Business Lines and Business Operation
19 15
(5) Miscellaneous 32 37
III. OUTLINE OF THE FINANCIAL STATUS OF THE FUND 32 38
IV. OUTLINE OF THE FINANCIAL STATUS OF THE
INVESTMENT MANAGEMENT COMPANY 32 54
I. STATUS OF INVESTMENT FUND ("Putnam Europe Growth Fund")
(the "Fund")
(1) Diversification of Investment Portfolio
Diversification of Investment Portfolio by Types of
Assets and geographic Regions:
Types of Assets Name of Country Total U.S. Dollar Investment Ratio(%)
Common Stock United Kingdom 555,865,653 29.38
France 276,184,076 14.60
Switzerland 197,305,578 10.43
Netherlands 164,632,416 8.70
Germany 149,573,140 7.91
Italy 104,020,743 5.50
Ireland 88,338,284 4.67
Sweden 82,443,521 4.36
Spain 79,372,610 4.20
Portugal 51,419,974 2.72
Finland 34,273,989 1.81
Greece 16,655,815 0.88
Canada 11,822,771 0.62
Denmark 10,661,905 0.56
Poland 8,537,311 0.45
Austria 6,039,786 0.32
Sub-total 1,837,147,572 91.10
Cash, Deposit, and
Other Assets (After
liabilities) 54,874,011 2.90
Total 1,892,021,583 100.00
(Net Asset Value) (yen226,191 million)
Note 1: Investment ratio is calculated by dividing each
asset at its market value by the total Net Asset
Value of the Fund. The same applies hereinafter.
Note 2: The exchange rate of U.S. dollars ("Dollar" or
"$") into Japanese Yen is yen119.55 for one U.S.
Dollar, which is the actual middle point between the
selling and buying currency rate by telegraphic
transfer on February 26, 1999 quoted by The Bank of
Tokyo-Mitsubishi, Ltd. The same applies
hereinafter.
Note 3: In this report, money amounts and
percentages have been rounded. Therefore, there are
cases in which the amount for the "total" column is
not equal to the aggregate amount. Also, conversion
into other currencies is done simply by multiplying
the corresponding amount by the conversion rate
specified and rounded up when necessary. As a
result, in this report, there are cases in which
figures for the same information differ from each
other.
(2) Results of Past Operations
a. Record of Changes in Net Assets (Class M Shares)
Record of changes in net assets during the one year
period up to and including the end of February 1999 is as
follows:
Total Net Asset Value Net Asset Value per Share
Dollar Yen
(thousands) (millions) Dollar Yen
1998 End of March 26,875 3,213 22.21 2,655
April 31,145 3,723 22.97 2,746
May 36,768 4,396 23.45 2,803
June 42,614 5,095 23.51 2,811
July 114,329 13,668 23.96 2,864
August 163,573 19,555 20.31 2,428
September 137,523 16,441 19.19 2,294
October 124,309 14,861 20.93 2,502
November 142,392 17,023 21.92 2,621
December 212,701 25,428 21.56 2,577
1999 End of January 140,921 16,847 21.97 2,627
February 171,214 20,469 21.43 2,562
(Note) Operations of Class M Shares were commenced on December 1, 1994.
b. Record of Distributions Paid (Class M Shares)
Fiscal Year Amount paid per Capital Gains
Share
The Fourth $0.30 (yen36) $1.13 (yen135)
Fiscal Year
(7/1/97-6/30/98)
(Note) Record of distribution paid from December 1994 to
December 1998 are as follows:
Dividend NAV per Share
Ex-dividend Date Dollar Yen Dollar
1996 December 20 $1.230 147.05 $16.11
1997 December 20 $1.430 170.96 $18.09
1998 December 18 $1.196 142.98 $20.76
(3) Record of Sales and Repurchases (Class M Shares)
Record of sales and repurchases during the one year
period up to and including the end of February 1999 and
number of outstanding shares of the Fund as of the end of
February 1999 are as follows:
(3/1/98 - 2/28/99)
Number of Shares Number of Shares Number of
Sold Repurchased Outstanding Shares
22,339,686 15,513,905 7,987,861
(19,032,060) (13,096,830) (5,935,230)
Note: The number of Shares sold, repurchased and
outstanding in the parentheses represents those sold,
repurchased and outstanding in Japan.
II. OUTLINE OF THE FUND
1. Fund
(1) Amount of Capital Stock
Not applicable.
(2) Information Concerning Major Shareholders
Not applicable.
(3) Information Concerning Directors, Officers and Employees
(1) Trustees and Officers of the Fund (as of
the end of February 1999)
Shares
Name Office and Resume Owned
Title
George Putnam Chairman and present: Chairman and
President Director of 5,388.128
Putnam Investment
Management, Inc.
and Putnam Mutual
Funds Corp.
Director, Marsh &
McLennan
Companies, Inc.
John A. Hill Vice present: Chairman and
Chairman Managing 4,517.433
Director, First
Reserve
Corporation
William F. Vice present: Professor of
Pounds Chairman Management, 8,803.172
Alfred P. Sloan
School of
Management,
Massachusetts
Institute of
Technology
Jameson Adkins Trustee present: President,
Baxter Baxter 679.714
Associates, Inc.
Hans H. Estin Trustee present: Vice Chairman,
North American 414.931
Management Corp.
Ronald J. Trustee present: Former
Jackson Chairman, 1,190.857
President and
Chief Executive
Officer of Fisher-
Price, Inc.
Paul. L. Trustee present: Professor of 0
Joskow Economics and
Management and
former Head of
the Department of
Economics at the
Massachusetts
Institute of
Technology,
Director of New
England Electric
System, State
Farm Indemnity
Company and
Whitehead
Institute for
Biomedical
Research
Elizabeth T. Trustee present: President
Kennan Emeritus of Mount 313.030
Holyoke College
Lawrence J. Trustee and present: President,
Lasser Vice Chief Executive 107.696
President Officer and
Director of
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Director, Marsh &
McLennan
Companies, Inc.
John H. Trustee present: Chairman and
Mullin, III Chief Executive 577.126
Officer of
Ridgeway Farm,
Director of ACX
Technologies,
Inc., Alex. Brown
Realty, Inc. and
The Liberty
Corporation
Robert E. Trustee present: President and
Patterson Trustee of Cabot 1,709.320
Industrial Trust
and Chairman of
the Joselin
Diabetes Center
and Trustee of
SEA Education
Association
Donald S. Trustee present: Director of
Perkins various 1,614.516
corporations,
including Cummins
Engine Company,
Lucent
Technologies,
Inc., Nanophase
Technologies,
Inc. and Springs
Industries, Inc.
George Putnam, Trustee present: President, New
III Generation 326.955
Research, Inc.
A.J.C. Smith Trustee present: Chairman and
Chief Executive 138.313
Officer, Marsh &
McLennan
Companies, Inc.
W. Thomas Trustee present: President and
Stephens Chief Executive 116.541
Officer of
MacMillan
Bloedel, Ltd.
Director of Qwest
Communications
and New Century
Energies
W. Nicholas Trustee present: Director of
Thorndike various 128.588
corporations and
charitable
organizations,
including Data
General
Corporation,
Bradley Real
Estate, Inc. and
Providence
Journal Co.
Trustee of Cabot
Industrial Trust,
Massachusetts
General Hospital
and Eastern
Utilities
Associations
Charles E. Executive present: Managing 0
Porter Vice Director of
President Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
John D. Hughes Senior Vice present: Senior Vice 0
President President of
and Putnam
Treasurer Investments, Inc.
and Putnam
Investment
Management, Inc.
Patricia C. Senior Vice present: Senior Vice 0
Flaherty President President of
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Ian C. Vice present: Senior 0
Ferguson President Managing Director
of Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Gordon H. Vice present: Director and 10,755
Silver President Senior Managing .734
Director of
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Brett C. Vice present: Managing 0
Browchuk President Director of
Putnam Investment
Management, Inc.
John R. Verani Vice present: Senior Vice 0
President President of
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
John J. Vice present: Managing 0
Morgan, Jr. President Director of
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Richard Vice present: Managing 0
Monaghan President Director of
Putnam
Investments, Inc.
and Putnam Mutual
Funds Corp.
Nigel P. Hart Vice present: Vice President
President of Putnam 178.132
Investments, Inc.
and Putnam
Investment
Management, Inc.
Omid Kamshad Vice present: Managing 0
President Director of
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Mark D. Vice present: Senior Vice
Pollard President President of 4,740.581
Putnam
Investments Inc.
and Putnam
Investment
Management, Inc.
Justin M. Vice present: Managing
Scott President Director of 2,670.087
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Paul G. Assistant present: N/A 0
Bucuvalas Treasurer
Beverly Marcus Clerk and N/A
Assistant 124.406
Treasurer
Note: The Fund does not have any employees.
(4) Description of Business and Outline of Operation
The Fund may carry out any administrative and
managerial act, including the purchase, sale,
subscription and exchange of any securities, and the
exercise of all rights directly or indirectly pertaining
to the Fund's assets. The Fund has retained Putnam
Investment Management, Inc., the investment adviser, to
render investment advisory services and Putnam Fiduciary
Trust Company, to hold the assets of the Fund in custody
and act as Investor Servicing Agent.
(5) Miscellaneous
During the six months preceding the filing of this
report, there has not been, nor is there currently any
litigation that has had or is expected by Investment
Management Company to have, a material adverse effect on
the Fund.
2. Investment Management Company
(1) Amount of Capital Stock (as of the end of February 1999)
1. Amount of Capital (issued capital stock at par
value):
Common Stock 1,000 shares at $1 par value
2. Number of authorized shares of capital stock:
Common Stock 1,000 shares
3. Number of outstanding shares of capital stock:
Common Stock 1,000 shares
4. Amount of capital (for the purposes of this Item,
"Amount of Capital" means total stockholders' equity
for the past five years:
Year Amount of Capital
(Total Stockholders'
Equity)
End of 1994 $48,149,491
End of 1995 $45,521,351
End of 1996 $45,817,658
End of 1997 $48,617,160
End of 1998 $425,782,008
(2) Information Concerning Major Shareholders
As of the end of February 1999, all the outstanding
shares of capital stock of Investment Management Company
were owned by Putnam Investments, Inc.
(3) Information Concerning Directors, Officers and Employees
The following table lists the names of various officers
and directors of Investment Management Company and their
respective positions with Investment Management Company.
For each named individual, the table lists: (i) any other
organizations (excluding other Investment Management
Company's funds) with which the officer and/or director
has recently had or has substantial involvement; and (ii)
positions held with such organization:
List of Officers and Directors of Putnam Investment
Management, Inc.
(as of the end of February 1999)
Position
with Putnam
Name Investment Other Business Affiliation
Management,
Inc.
1 Putnam, George Chairman Director of Putnam Mutual
Funds Corp.
2 Lasser, Lawrence President
J. and
Director
3 Silver, Gordon Director Director of Putnam
H. and Senior Fiduciary Trust Company and
Managing Senior Managing Director of
Director Putnam Mutual Funds Corp.
4 Burke, Robert W. Senior Senior Managing Director of
Managing Putnam Mutual Funds Corp.
Director
5 Coburn, Gary N. Senior
Managing
Director
6 Collman, Senior Senior Managing Director of
Kathleen M. Managing Putnam Mutual Funds Corp.
Director
7 Ferguson, Ian C. Senior
Managing
Director
8 Regan, Anthony Senior
W. Managing
Director
9 Spiegel, Steven Senior Senior Managing Director of
Managing Putnam Mutual Funds Corp.
Director
10 Anderson, Blake Managing
E. Director
11 Antill, Jennifer Managing
Director
12 Beck, Robert R. Managing
Director
13 Browchuk, Brett Managing
C. Director
14 Cassaro, Joseph Managing
A. Director
15 Cotner, C. Beth Managing
Director
16 Cronin, Kevin M. Managing Managing Director of Putnam
Director Fiduciary Trust Company
17 D'Alelio, Edward Managing
H. Director
18 Daly, Kenneth L. Managing Managing Director of Putnam
Director Mutual Funds Corp.
19 DeTore, John A. Managing Managing Director of Putnam
Director Fiduciary Trust Company
20 Durgarian, Managing Director and Managing
Karnig H. Director Director of Putnam
and Chief Fiduciary Trust Company
Financial
Officer
21 Esteves, Irene Managing Treasurer of Putnam
M. Director Fiduciary Trust Company
and Chief
Financial
Officer
22 Gillis, Roland Managing
Director
23 Haslett, Thomas Managing
R. Director
24 Hurley, William Managing Managing Director and CFO
J. Director of Putnam Mutual Funds
Corp.
25 Jacobs, Jerome Managing
J. Director
26 Joseph, Joseph Managing
P. Director
27 Kamshad, Omid Managing
Director
28 King, David L. Managing Managing Director of Putnam
Director Mutual Funds Corp.
29 Kohli, D. Managing
William Director
30 Kreisel, Anthony Managing
I. Director
31 Kuenstner, Managing
Deborah F. Director
32 Landes, William Managing
J. Director
33 Leibovitch, Managing
Richard G. Director
34 Leichter, Managing
Jennifer Director
35 Maloney, Kevin Managing
J. Director
36 Martino, Michael Managing Managing Director of Putnam
Director Fiduciary Trust Company
37 Maxwell, Scott Managing
M. Director
38 McGue, William Managing
F. Director
39 McMullen, Carol Managing
C. Director
40 Memani, Krishna Managing
K. Director
41 Miller, Daniel Managing
L. Director
42 Morgan Jr., John Managing Managing Director of Putnam
J. Director Fiduciary Trust Company
43 Oristaglio, Managing
Stephen Director
44 Peacher, Stephen Managing
C. Director
45 Porter, Charles Managing
E. Director
46 Price, Quintin Managing
I. Director
47 Reilly, Thomas Managing
V. Director
48 Schultz, Managing Managing Director of Putnam
Mitchell D. Director Mutual Funds Corp.
49 Scott, Justin M. Managing Managing Director of Putnam
Director Fiduciary Trust Company
50 Shadek Jr., Managing
Edward T. Director
51 Starr, Loren Managing Managing Director of Putnam
Director Mutual Funds Corp.
52 Swift, Robert Managing
Director
53 Talanian, John Managing Managing Director of Putnam
C. Director Mutual Funds Corp.
54 Tibbetts, Managing Managing Director of Putnam
Richard B. Director Mutual Funds Corp.
55 Waldman, David Managing
L. Director
and Chief
Financial
Officer
56 Wetlaufer, Eric Managing
Director
57 Woolverton, Managing Managing Director of Putnam
William H. Director Mutual Funds Corp.
58 Arends, Michael Senior Vice Senior Vice President of
K. President Putnam Mutual Funds Corp.
59 Asher, Steven E. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
and Senior Vice President
of Putnam Fiduciary Trust
Company
60 Atkin, Michael Senior Vice
J. President
61 Augustine, Senior Vice
Jeffrey B. President
62 Bakshi, Manjit Senior Vice
S. President
63 Bamford, Dolores Senior Vice
Snyder President
64 Baumbach, Robert Senior Vice
K. President
65 Berka, Sharon A. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
66 Block, Richard Senior Vice
L. President
67 Boselli, John A. Senior Vice
President
68 Bousa, Edward P. Senior Vice
President
69 Bresnahan, Senior Vice Senior Vice President of
Leslee R. President Putnam Mutual Funds Corp.
70 Burke, Andrea Senior Vice
President
71 Burns, Cheryl A. Senior Vice
President
72 Byrne, Joshua L. Senior Vice
President
73 Callahan, Ellen Senior Vice
S. President
74 Carlson, David Senior Vice
G. President
75 Chrostowski, Senior Vice Senior Vice President of
Louis F. President Putnam Mutual Funds Corp.
76 Curran, Peter J. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
77 Dalferro, John Senior Vice
R. President
78 Derbyshire, Senior Vice Senior Vice President of
Ralph C. President Putnam Mutual Funds Corp.
79 England, Richard Senior Vice
B. President
80 Farrell, Deborah Senior Vice Senior Vice President of
S. President Putnam Mutual Funds Corp.
81 Finch, Edward R. Senior Vice
President
82 Flaherty, Senior Vice Senior Vice President of
Patricia C. President Putnam Mutual Funds Corp.
83 Fontana, Forrest Senior Vice
N. President
84 Francis, Senior Vice
Jonathan H. President
85 Frost, Karen T. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
86 Frucci, Richard Senior Vice Senior Vice President of
M. President Putnam Fiduciary Trust
Company
87 Fullerton, Brian Senior Vice Senior Vice President of
J. President Putnam Mutual Funds Corp.
88 Grant, Peter J. Senior Vice Senior Vice President of
President Putnam Fiduciary Trust
Company
89 Graviere, Senior Vice
Patrice President
90 Grim, Daniel J. Senior Vice
President
91 Haagensen, Paul Senior Vice
E. President
92 Hadden, Peter J. Senior Vice
President
93 Halperin, Senior Vice
Matthew C. President
94 Healey, Deborah Senior Vice
R. President
95 Holding, Pamela Senior Vice
President
96 Hotchkiss, Senior Vice
Michael F. President
97 Kaufman, Jeffrey Senior Vice
President
98 Kay, Karen R. Senior Vice Clerk, Director and Senior
President Vice President of Putnam
Fiduciary Trust Company and
Senior Vice President of
Putnam Mutual Funds Corp.
99 Kirson, Steven Senior Vice
L. President
100 Knight, Jeffrey Senior Vice
L. President
101 Koontz, Jill A. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
102 Korn, Karen R. Senior Vice
President
103 Lannum III, Senior Vice
Coleman N. President
104 Lindsey, Jeffrey Senior Vice
R. President
105 Lomba, Rufino R. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
106 MacElwee, Jones, Senior Vice
Elizabeth M. President
107 Madore, Robert Senior Vice Senior Vice President of
A. President Putnam Fiduciary Trust
Company
108 Malloy, Julie M. Senior Vice
President
109 Marrkand, Paul Senior Vice
E. President
110 Matteis, Andrew Senior Vice
S. President
111 McDonald, Senior Vice
Richard E. President
112 Meehan, Thalia Senior Vice
President
113 Mehta, Sandeep Senior Vice
President
114 Miller, William Senior Vice
H. President
115 Mockard, Jeanne Senior Vice
L. President
116 Morgan, Kelly A. Senior Vice
President
117 Mufson, Michael Senior Vice
J. President
118 Mullen, Donald Senior Vice Senior Vice President of
E. President Putnam Mutual Funds Corp.
119 Mullin, Hugh H. Senior Vice
President
120 Netols, Jeffrey Senior Vice Senior Vice President of
W. President Putnam Fiduciary Trust
Company
121 Oler, Stephen S. Senior Vice
President
122 Paine, Robert M. Senior Vice
President
123 Parker, Margery Senior Vice
C. President
124 Perry, William Senior Vice
President
125 Peters, Carmel Senior Vice
President
126 Petralia, Senior Vice Senior Vice President of
Randolph S. President Putnam Mutual Funds Corp.
127 Plapinger, Keith Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
128 Pohl, Charles G. Senior Vice
President
129 Pollard, Mark D. Senior Vice
President
130 Prusko, James M. Senior Vice Senior Vice President of
President Putnam Fiduciary Trust
Company
131 Quistberg, Paul Senior Vice
T. President
132 Ray, Christopher Senior Vice
A. President
133 Rogers, Kevin J. Senior Vice
President
134 Ruys de Perez, Senior Vice Senior Vice President of
Charles A. President Putnam Fiduciary Trust
Company and Senior Vice
President of Putnam Mutual
Funds Corp.
135 Santos, David J. Senior Vice Senior Vice President of
President Putnam Fiduciary Trust
Company
136 Santosus, Senior Vice
Anthony C. President
137 Schwister, Jay Senior Vice Senior Vice President of
E. President Putnam Fiduciary Trust
Company
138 Scordato, Senior Vice Senior Vice President of
Christine A. President Putnam Mutual Funds Corp.
139 Sievert, Jean I. Senior Vice
President
140 Simon, Sheldon Senior Vice
N. President
141 Simozar, Saied Senior Vice
President
142 Smith Jr., Leo Senior Vice
J. President
143 Smith, Margaret Senior Vice
D. President
144 Spatz, Erin J. Senior Vice
President
145 Stack, Michael Senior Vice Senior Vice President of
P. President Putnam Mutual Funds Corp.
146 Stairs, George Senior Vice
W. President
147 Strumpf, Casey Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
148 Sugimoto, Senior Vice Senior Vice President of
Toshifumi President Putnam Mutual Funds Corp.
149 Sullivan, Roger Senior Vice
R. President
150 Svensson, Lisa Senior Vice
H. President
151 Swanberg, Senior Vice
Charles H. President
152 Thomsen, Senior Vice Senior Vice President of
Rosemary H. President Putnam Fiduciary Trust
Company
153 Troped, Bonnie Senior Vice Senior Vice President of
L. President Putnam Mutual Funds Corp.
154 Verani, John R. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
155 Walsh, Francis Senior Vice
P. President
156 Warren, Paul C. Senior Vice
President
157 Weinstein, Senior Vice
Michael R. President
158 Weiss, Manuel Senior Vice
President
159 Whalen, Edward Senior Vice Senior Vice President of
F. President Putnam Mutual Funds Corp.
160 Wheeler, Diane Senior Vice
D.F. President
161 Wyke, Richard P. Senior Vice
President
162 Yogg, Michael R. Senior Vice
President
163 Zukowski, Gerald Senior Vice
S. President
(4) Summary of Business Lines and Business Operation
Investment Management Company is engaged in the business
of providing investment management and investment
advisory services to mutual funds. As of Junethe end of
February 1999, Investment Management Company managed,
advised, and/or administered the following 99112 funds
and fund portfolios (having an aggregate net asset value
of approximately $221.87 billion):
(As of February 28, 1999)
Name Month/Da Principal Total Net
te/Year Characteris Net Asset
Establis tics Asset Value
hed Value per
($ share
million ($)
)
1 The George Putnam Fund of 11/5/37 Open/Equity 3,766.1 17.76
Boston; A 5
2 The George Putnam Fund of 4/24/92 Open/Equity 1,481.5 17.63
Boston; B 8
3 The George Putnam Fund of 12/1/94 Open/Equity 279.71 17.62
Boston; M
4 The George Putnam Fund of 1/1/94 Open/Equity 541.94 17.79
Boston; Y
5 Putnam American Government 3/1/85 Open/Bond 1,414.9 8.74
Income Fund; A 1
6 Putnam American Government 5/20/94 Open/Bond 106.23 8.71
Income Fund; B
7 Putnam American Government 2/14/95 Open/Bond 4.17 8.76
Income Fund; M
8 Putnam Asia Pacific Growth 2/20/91 Open/Equity 115.56 8.92
Fund; A
9 Putnam Asia Pacific Growth 6/1/93 Open/Equity 108.87 8.76
Fund; B
10 Putnam Asia Pacific Growth 2/1/95 Open/Equity 6.15 8.85
Fund; M
11 Putnam Asia Pacific Fund 3/23/98 Open/Equity 1.85 7.10
II
12 Putnam Asset Allocation: 2/7/94 Open/Balanc 990.80 11.84
Balanced Portfolio; A ed
13 Putnam Asset Allocation: 2/11/94 Open/Balanc 544.72 11.77
Balanced Portfolio; B ed
14 Putnam Asset Allocation: 9/1/94 Open/Balanc 110.05 11.70
Balanced Portfolio; C ed
15 Putnam Asset Allocation: 2/6/95 Open/Balanc 66.59 11.82
Balanced Portfolio; M ed
16 Putnam Asset Allocation: 7/14/94 Open/Balanc 292.04 11.85
Balanced Portfolio; Y ed
17 Putnam Asset Allocation : 2/7/94 Open/Balanc 411.55 10.35
Conservative Portfolio; A ed
18 Putnam Asset Allocation : 2/18/94 Open/Balanc 180.61 10.30
Conservative Portfolio; B ed
19 Putnam Asset Allocation : 9/1/94 Open/Balanc 53.84 10.28
Conservative Portfolio; C ed
20 Putnam Asset Allocation : 2/7/95 Open/Balanc 21.98 10.30
Conservative Portfolio; M ed
21 Putnam Asset Allocation : 7/14/94 Open/Balanc 51.47 10.36
Conservative Portfolio; Y ed
22 Putnam Asset Allocation: 2/8/94 Open/Balanc 749.80 13.45
Growth Portfolio; A ed
23 Putnam Asset Allocation: 2/16/94 Open/Balanc 453.82 13.29
Growth Portfolio; B ed
24 Putnam Asset Allocation: 9/1/94 Open/Balanc 100.69 13.19
Growth Portfolio; C ed
25 Putnam Asset Allocation: 2/1/95 Open/Balanc 61.92 13.31
Growth Portfolio; M ed
26 Putnam Asset Allocation: 7/14/94 Open/Balanc 262.99 13.52
Growth Portfolio; Y ed
27 Putnam Arizona Tax Exempt 1/30/91 Open/Bond 112.94 9.34
Income Fund; A
28 Putnam Arizona Tax Exempt 7/15/93 Open/Bond 33.97 9.32
Income Fund; B
29 Putnam Arizona Tax Exempt 7/3/95 Open/Bond 0.51 9.37
Income Fund; M
30 Putnam Balanced Fund 10/2/95 Open/Balanc 3.67 11.98
ed
31 Putnam Balanced Retirement 4/19/85 Open/Balanc 656.05 10.59
Fund; A ed
32 Putnam Balanced Retirement 2/1/94 Open/Balanc 170.83 10.51
Fund; B ed
33 Putnam Balanced Retirement 3/17/95 Open/Balanc 13.84 10.54
Fund; M ed
34 Putnam California 11/27/92 Closed/Bond 71.84 15.59
Investment Grade Municipal
Trust
35 Putnam California Tax 4/29/83 Open/Bond 3,013.0 8.77
Exempt Income Fund; A 8
36 Putnam California Tax 1/4/93 Open/Bond 659.58 8.76
Exempt Income Fund; B
37 Putnam California Tax 2/14/95 Open/Bond 16.27 8.76
Exempt Income Fund; M
38 Putnam California Tax 10/26/87 Open/Bond 47.05 1.00
Exempt Money Market Fund
39 Putnam Capital 8/5/93 Open/Equity 51.51 7.28
Opportunities Fund; A
40 Putnam Capital 11/2/94 Open/Equity 74.33 7.26
Opportunities Fund; B
41 Putnam Capital 1/22/96 Open/Equity 4.31 7.27
Opportunities Fund; M
42 Putnam Capital 8/5/93 Open/Equity 1,413.6 21.90
Appreciation Fund; A 7
43 Putnam Capital 11/2/94 Open/Equity 1,566.5 21.66
Appreciation Fund; B 6
44 Putnam Capital 1/22/96 Open/Equity 104.09 21.69
Appreciation Fund; M
45 Putnam Convertible 6/29/95 Closed/Bond 85.12 22.93
Opportunity and Income
Trust
46 Putnam Convertible Income- 6/29/72 Open/Balanc 1,014.5 19.28
Growth Trust; A ed 7
47 Putnam Convertible Income- 7/15/93 Open/Balanc 288.05 19.06
Growth Trust; B ed
48 Putnam Convertible Income- 3/13/95 Open/Balanc 17.54 19.16
Growth Trust; M ed
49 Putnam Diversified Equity 7/1/94 Open/Equity 302.55 13.61
Trust; A
50 Putnam Diversified Equity 7/2/94 Open/Equity 377.08 13.40
Trust; B
51 Putnam Diversified Equity 2/1/99 Open/Equity 0.16 13.62
Trust; C
52 Putnam Diversified Equity 7/3/95 Open/Equity 29.38 13.47
Trust; M
53 Putnam Dividend Income 9/28/89 Closed/Bond 123.50 11.41
Fund
54 Putnam Diversified Income 10/3/88 Open/Bond 1,752.5 11.28
Trust; A 4
55 Putnam Diversified Income 3/1/93 Open/Bond 2,010.3 11.23
Trust; B 5
56 Putnam Diversified Income 2/1/99 Open/Bond 0.45 11.27
Trust; C
57 Putnam Diversified Income 12/1/94 Open/Bond 958.54 11.24
Trust; M
58 Putnam Diversified Income 7/11/96 Open/Bond 14.88 11.29
Trust ; Y
59 Putnam Emerging Markets 10/2/95 Open/Equity 34.58 6.97
Fund; A
60 Putnam Emerging Markets 10/2/95 Open/Equity 24.34 6.93
Fund; B
61 Putnam Emerging Markets 10/2/95 Open/Equity 2.03 6.94
Fund; M
62 Putnam Equity Fund 98 12/30/97 Open/Equity 5.74 10.49
63 Putnam Equity Income Fund; 6/15/77 Open/Balanc 1,114.5 15.54
A ed 1
64 Putnam Equity Income Fund; 9/13/93 Open/Balanc 649.44 15.42
B ed
65 Putnam Equity Income Fund; 2/1/99 Open/Balanc 1.27 15.54
C ed
66 Putnam Equity Income Fund; 12/2/94 Open/Balanc 60.75 15.44
M ed
67 Putnam Europe Growth Fund; 9/7/90 Open/Equity 906.36 21.64
A
68 Putnam Europe Growth Fund; 2/1/94 Open/Equity 814.45 21.11
B
69 Putnam Europe Growth Fund; 12/1/94 Open/Equity 171.21 21.43
M
70 Putnam Florida Tax Exempt 8/24/90 Open/Bond 241.54 9.47
Income Fund; A
71 Putnam Florida Tax Exempt 1/4/93 Open/Bond 81.67 9.46
Income Fund; B
72 Putnam Florida Tax Exempt 5/1/95 Open/Bond 1.84 9.46
Income Fund; M
73 Putnam Global Natural 7/24/80 Open/Equity 153.10 15.14
Resources Fund; A
74 Putnam Global Natural 2/1/94 Open/Equity 107.57 14.92
Resources Fund; B
75 Putnam Global Natural 7/3/95 Open/Equity 5.34 15.06
Resources Fund; M
76 Putnam Global Equity Fund 5/6/98 Open/Equity 3.21 11.86
77 Putnam Global Growth and 1/3/95 Open/Equity 26.79 12.87
Income Fund; A
78 Putnam Global Growth and 1/3/95 Open/Equity 20.88 12.79
Income Fund; B
79 Putnam Global Growth and 1/3/95 Open/Equity 2.15 12.82
Income Fund; M
80 Putnam Global Governmental 6/1/87 Open/Bond 240.38 12.64
Income Trust; A
81 Putnam Global Governmental 2/1/94 Open/Bond 35.05 12.60
Income Trust; B
82 Putnam Global Governmental 3/17/95 Open/Bond 230.26 12.58
Income Trust; M
83 Putnam Global Growth Fund; 9/1/67 Open/Equity 3,316.9 12.41
A 9
84 Putnam Global Growth Fund; 4/27/92 Open/Equity 1,943.7 11.94
B 1
85 Putnam Global Growth Fund; 2/1/99 Open/Equity 1.11 12.40
C
86 Putnam Global Growth Fund; 3/1/95 Open/Equity 60.30 12.31
M
87 Putnam Global Growth Fund; 6/15/94 Open/Equity 113.97 12.60
Y
88 Putnam Growth and Income 1/5/95 Open/Balanc 1,259.8 13.96
Fund II; A ed 4
89 Putnam Growth and Income 1/5/95 Open/Balanc 1,492.6 13.83
Fund II; B ed 6
90 Putnam Growth and Income 2/1/99 Open/Balanc 3.53 13.96
Fund II; C ed
91 Putnam Growth and Income 1/5/95 Open/Balanc 169.63 13.88
Fund II; M ed
92 The Putnam Fund for Growth 11/6/57 Open/Balanc 20,615. 20.39
and Income; A ed 29
93 The Putnam Fund for Growth 4/27/92 Open/Balanc 15,810. 20.11
and Income; B ed 88
94 The Putnam Fund for Growth 5/1/95 Open/Balanc 455.79 20.25
and Income; M ed
95 The Putnam Fund for Growth 6/15/94 Open/Balanc 1,021.9 20.43
and Income; Y ed 7
96 Putnam Growth Fund 5/1/98 Open/Equity 2.41 9.83
97 Putnam Growth 10/2/95 Open/Equity 774.92 20.46
Opportunities; A
98 Putnam Growth 8/1/97 Open/Equity 863.43 20.23
Opportunities; B
99 Putnam Growth 2/1/99 Open/Equity 8.46 20.47
Opportunities; C
100 Putnam Growth 8/1/97 Open/Equity 60.12 20.31
Opportunities; M
101 Putnam High Income 7/9/87 Closed/Bond 112.97 8.31
Convertible and Bond Fund
102 Putnam High Yield 3/25/86 Open/Bond 1,162.7 8.12
Advantage Fund; A 6
103 Putnam High Yield 5/16/94 Open/Bond 978.30 8.08
Advantage Fund; B
104 Putnam High Yield 12/1/94 Open/Bond 946.32 8.11
Advantage Fund; M
105 Putnam High Yield Total 1/1/97 Open/Bond 50.92 7.44
Return Fund; A
106 Putnam High Yield Total 1/1/97 Open/Bond 58.33 7.37
Return Fund; B
107 Putnam High Yield Total 1/1/97 Open/Bond 3.69 7.38
Return Fund; M
108 Putnam High Quality Bond 6/2/86 Open/Bond 330.75 9.91
Fund; A
109 Putnam High Quality Bond 6/6/94 Open/Bond 44.01 9.87
Fund; B
110 Putnam High Quality Bond 4/12/95 Open/Bond 2.97 9.92
Fund; M
111 Putnam High Yield Fund II; 12/31/97 Open/Bond 461.20 7.78
A
112 Putnam High Yield Fund II; 12/31/97 Open/Bond 673.92 7.78
B
113 Putnam High Yield Fund II; 12/31/97 Open/Bond 37.86 7.78
M
114 Putnam High Yield Trust; A 2/14/78 Open/Bond 2,602.5 10.74
6
115 Putnam High Yield Trust; B 3/1/93 Open/Bond 878.52 10.70
116 Putnam High Yield Trust; M 7/3/95 Open/Bond 17.91 10.74
117 Putnam Health Sciences 5/28/82 Open/Equity 2,938.6 61.65
Trust; A 2
118 Putnam Health Sciences 3/1/93 Open/Equity 2,076.6 59.22
Trust; B 2
119 Putnam Health Sciences 7/3/95 Open/Equity 90.55 60.71
Trust; M
120 Putnam High Yield 5/25/89 Closed/Bond 202.22 9.17
Municipal Trust
121 Putnam Income Fund; A 11/1/54 Open/Bond 1,389.1 6.75
2
122 Putnam Income Fund; B 3/1/93 Open/Bond 503.10 6.72
123 Putnam Income Fund; M 12/14/94 Open/Bond 1,600.7 6.72
6
124 Putnam Income Fund; Y 2/12/94 Open/Bond 252.00 6.76
125 Putnam Intermediate U.S. 2/16/93 Open/Bond 232.07 4.92
Government Income Fund; A
126 Putnam Intermediate U.S. 2/16/93 Open/Bond 148.04 4.92
Government Income Fund; B
127 Putnam Intermediate U.S. 4/3/95 Open/Bond 10.84 4.93
Government Income Fund; M
128 Putnam Intermediate U.S. 10/1/97 Open/Bond 115.72 4.91
Government Income Fund; Y
129 Putnam International Fund 12/28/95 Open/Equity 4.45 10.70
130 Putnam International 8/1/96 Open/Equity 397.63 10.96
Growth and Income Fund; A
131 Putnam International 8/1/96 Open/Equity 393.04 10.87
Growth and Income Fund; B
132 Putnam International 2/1/99 Open/Equity 1.25 10.95
Growth and Income Fund; C
133 Putnam International 8/1/96 Open/Equity 33.26 10.92
Growth and Income Fund; M
134 Putnam International 2/28/91 Open/Equity 2,304.4 19.54
Growth Fund; A 9
135 Putnam International 6/1/94 Open/Equity 1,520.3 19.19
Growth Fund; B 6
136 Putnam International 12/1/94 Open/Equity 169.20 19.40
Growth Fund; M
137 Putnam International 7/12/96 Open/Equity 181.61 19.60
Growth Fund; Y
138 Putnam International New 1/3/95 Open/Equity 722.94 13.42
Opportunities Fund; A
139 Putnam International New 7/21/95 Open/Equity 915.68 13.12
Opportunities Fund; B
140 Putnam International New 2/1/99 Open/Equity 0.63 13.42
Opportunities Fund; C
141 Putnam International New 7/21/95 Open/Equity 72.20 13.24
Opportunities Fund; M
142 Putnam International 12/28/95 Open/Equity 126.15 13.88
Voyager Fund; A
143 Putnam International 10/30/96 Open/Equity 98.88 13.77
Voyager Fund; B
144 Putnam International 10/30/96 Open/Equity 11.35 13.82
Voyager Fund; M
145 Putnam Investment Grade 10/26/89 Closed/Bond 248.09 11.88
Municipal Trust
146 Putnam Investment Grade 11/27/92 Closed/Bond 187.66 14.05
Municipal Trust II
147 Putnam Investment Grade 11/29/93 Closed/Bond 53.65 13.39
Municipal Trust III
148 Putnam Investors Fund; A 12/1/25 Open/Equity 4,770.8 14.97
1
149 Putnam Investors Fund; B 3/1/93 Open/Equity 2,084.9 14.33
2
150 Putnam Investors Fund; M 12/2/94 Open/Equity 152.83 14.70
151 Putnam Investors Fund; Y 1/7/97 Open/Equity 361.07 15.02
152 Putnam Latin America Fund 3/23/98 Open/Equity 1.25 4.74
153 Putnam Massachusetts Tax 10/23/89 Open/Bond 302.06 9.60
Exempt Income Fund; A
154 Putnam Massachusetts Tax 7/15/93 Open/Bond 120.26 9.59
Exempt Income Fund; B
155 Putnam Massachusetts Tax 5/12/95 Open/Bond 3.36 9.59
Exempt Income Fund; M
156 Putnam Master Income Trust 4/29/88 Closed/Bond 434.89 8.19
157 Putnam Managed High Yield 6/25/93 Closed/Bond 92.03 12.26
Trust
158 Putnam Michigan Tax Exempt 10/23/89 Open/Bond 147.32 9.28
Income Fund; A
159 Putnam Michigan Tax Exempt 7/15/93 Open/Bond 46.12 9.27
Income Fund; B
160 Putnam Michigan Tax Exempt 4/17/95 Open/Bond 1.71 9.28
Income Fund; M
161 Putnam Minnesota Tax 10/23/89 Open/Bond 104.52 9.19
Exempt Income Fund; A
162 Putnam Minnesota Tax 7/15/93 Open/Bond 50.09 9.16
Exempt Income Fund; B
163 Putnam Minnesota Tax 4/3/95 Open/Bond 1.40 9.18
Exempt Income Fund; M
164 Putnam Managed Municipal 2/24/89 Closed/Bond 449.55 9.70
Income Trust
165 Putnam Money Market Fund; 10/1/76 Open/Bond 3,146.5 1.00
A 5
166 Putnam Money Market Fund; 4/27/92 Open/Bond 825.06 1.00
B
167 Putnam Money Market Fund; 2/1/99 Open/Bond 0.23 1.00
C
168 Putnam Money Market Fund; 12/8/94 Open/Bond 106.81 1.00
M
169 Putnam Master Intermediate 4/29/88 Closed/Bond 791.74 7.92
Income Trust
170 Putnam Municipal Income 5/22/89 Open/Bond 826.67 9.30
Fund; A
171 Putnam Municipal Income 1/4/93 Open/Bond 506.95 9.29
Fund; B
172 Putnam Municipal Income 2/1/99 Open/Bond 1.24 9.30
Fund; C
173 Putnam Municipal Income 12/1/94 Open/Bond 15.88 9.29
Fund; M
174 Putnam Municipal 5/28/93 Closed/Bond 228.70 14.15
Opportunities Trust
175 Putnam New Opportunities 8/31/90 Open/Equity 10,419. 57.68
Fund; A 84
176 Putnam New Opportunities 3/1/93 Open/Equity 7,654.9 55.07
Fund; B 9
177 Putnam New Opportunities 12/1/94 Open/Equity 441.99 56.42
Fund; M
178 Putnam New Opportunities 7/19/94 Open/Equity 767.70 58.41
Fund; Y
179 Putnam New Value Fund; A 1/3/96 Open/Equity 379.19 13.59
180 Putnam New Value Fund; B 2/26/96 Open/Equity 385.21 13.48
181 Putnam New Value Fund; M 2/26/96 Open/Equity 38.07 13.54
182 Putnam New Jersey Tax 2/20/90 Open/Bond 215.68 9.32
Exempt Income Fund; A
183 Putnam New Jersey Tax 1/4/93 Open/Bond 100.88 9.31
Exempt Income Fund; B
184 Putnam New Jersey Tax 5/1/95 Open/Bond 1.20 9.32
Exempt Income Fund; M
185 Putnam New York Investment 11/27/92 Closed/Bond 40.27 14.14
Grade Municipal Trust
186 Putnam New York Tax Exempt 9/2/83 Open/Bond 1,592.8 8.94
Income Fund; A 0
187 Putnam New York Tax Exempt 1/4/93 Open/Bond 229.45 8.92
Income Fund; B
188 Putnam New York Tax Exempt 4/10/95 Open/Bond 2.27 8.94
Income Fund; M
189 Putnam New York Tax Exempt 10/26/87 Open/Bond 39.59 1.00
Money Market Fund
190 Putnam New York Tax Exempt 11/7/90 Open/Bond 163.15 9.17
Opportunities Fund; A
191 Putnam New York Tax Exempt 2/1/94 Open/Bond 69.67 9.17
Opportunities Fund; B
192 Putnam New York Tax Exempt 2/10/95 Open/Bond 2.52 9.16
Opportunities Fund; M
193 Putnam Ohio Tax Exempt 10/23/89 Open/Bond 187.89 9.14
Income Fund; A
194 Putnam Ohio Tax Exempt 7/15/93 Open/Bond 57.49 9.12
Income Fund; B
195 Putnam Ohio Tax Exempt 4/3/95 Open/Bond 2.03 9.14
Income Fund; M
196 Putnam OTC & Emerging 11/1/82 Open/Equity 2,346.4 16.57
Growth Fund; A 8
197 Putnam OTC & Emerging 7/15/93 Open/Equity 1,156.2 15.77
Growth Fund; B 2
198 Putnam OTC & Emerging 12/2/94 Open/Equity 243.48 16.17
Growth Fund; M
199 Putnam OTC & Emerging 7/12/96 Open/Equity 97.10 16.70
Growth Fund; Y
200 Putnam Pennsylvania Tax 7/21/89 Open/Bond 184.52 9.27
Exempt Income Fund; A
201 Putnam Pennsylvania Tax 7/15/93 Open/Bond 98.18 9.26
Exempt Income Fund; B
202 Putnam Pennsylvania Tax 7/3/95 Open/Bond 2.67 9.27
Exempt Income Fund; M
203 Putnam Preferred Income 1/4/84 Open/Bond 118.01 8.79
Fund; A
204 Putnam Preferred Income 4/20/95 Open/Bond 12.04 8.76
Fund; M
205 Putnam Premier Income 2/29/95 Closed/Bond 1,106.0 7.86
Trust 1
206 Putnam Research Fund; A 10/2/95 Open/Equity 296.75 15.48
207 Putnam Research Fund; B 6/15/98 Open/Equity 305.88 15.40
208 Putnam Research Fund; C 2/1/99 Open/Equity 4.92 15.49
209 Putnam Research Fund; M 6/15/98 Open/Equity 28.06 15.43
210 Putnam Strategic Income 2/19/95 Open/Bond 75.45 7.63
Fund; A
211 Putnam Strategic Income 2/19/96 Open/Bond 120.98 7.64
Fund; B
212 Putnam Strategic Income 2/1/99 Open/Bond 0.65 7.64
Fund; C
213 Putnam Strategic Income 2/19/96 Open/Bond 8.93 7.63
Fund; M
214 Putnam Tax Exempt Income 12/31/76 Open/Bond 1,925.9 9.16
Fund; A 9
215 Putnam Tax Exempt Income 1/4/93 Open/Bond 244.21 9.16
Fund; B
216 Putnam Tax Exempt Income 2/16/95 Open/Bond 10.38 9.18
Fund; M
217 Putnam Tax Exempt Money 10/26/87 Open/Bond 80.00 1.00
Market Fund
218 Putnam Tax - Free Health 6/29/92 Closed/Bond 230.62 14.75
Care Fund
219 Putnam Tax - Free Income 9/20/93 Open/Bond 1,093.2 14.61
Trust 5
Tax - Free High Yield
Fund; A
220 Putnam Tax - Free Income 9/9/85 Open/Bond 902.31 14.63
Trust
Tax - Free High Yield Fund
B
221 Putnam Tax - Free Income 2/1/99 Open/Bond 0.57 14.61
Trust
Tax - Free High Yield Fund
C
222 Putnam Tax - Free Income 12/29/94 Open/Bond 22.02 14.61
Trust
Tax - Free High Yield Fund
M
223 Putnam Tax - Free Income 9/30/93 Open/Bond 246.88 15.37
Trust
Tax - Free Insured Fund; A
224 Putnam Tax - Free Income 9/9/85 Open/Bond 354.59 15.39
Trust
Tax - Free Insured Fund; B
225 Putnam Tax - Free Income 6/1/95 Open/Bond 2.33 15.39
Trust
Tax - Free Insured Fund; M
226 Putnam U.S. Core Fund 5/1/98 Open/Equity 2.52 9.83
227 Putnam U.S. Government 2/8/84 Open/Bond 2,060.1 12.94
Income Trust; A 2
228 Putnam U.S. Government 4/27/92 Open/Bond 1,265.4 12.88
Income Trust; B 7
229 Putnam U.S. Government 2/6/95 Open/Bond 152.42 12.91
Income Trust; M
230 Putnam U.S. Government 4/11/94 Open/Bond 21.17 12.93
Income Trust; Y
231 Putnam Utilities Growth 11/19/90 Open/Balanc 860.32 13.19
and Income Fund; A ed
232 Putnam Utilities Growth 4/27/92 Open/Balanc 667.68 13.10
and Income Fund; B ed
233 Putnam Utilities Growth 3/1/95 Open/Balanc 13.38 13.16
and Income Fund; M ed
234 Putnam Value Fund 5/1/98 Open/Balanc 2.04 8.36
ed
235 Putnam Vista Fund; A 6/3/68 Open/Equity 3,343.2 12.77
5
236 Putnam Vista Fund; B 3/1/93 Open/Equity 1,602.7 12.09
0
237 Putnam Vista Fund; M 12/1/94 Open/Equity 131.27 12.45
238 Putnam Vista Fund; Y 3/28/95 Open/Equity 354.40 12.94
239 Putnam Voyager Fund II; A 4/14/93 Open/Equity 754.79 22.42
240 Putnam Voyager Fund II; B 10/2/95 Open/Equity 695.62 21.83
241 Putnam Voyager Fund II; C 2/1/99 Open/Equity 3.18 22.43
242 Putnam Voyager Fund II; M 10/2/95 Open/Equity 81.55 22.05
243 Putnam Voyager Fund; A 4/1/96 Open/Equity 15,463. 21.95
86
244 Putnam Voyager Fund; B 4/27/92 Open/Equity 7,786.6 20.49
6
245 Putnam Voyager Fund; M 12/1/94 Open/Equity 339.71 21.41
246 Putnam Voyager Fund; Y 4/1/94 Open/Equity 1,805.4 22.31
5
247 Putnam VT Asia Pacific 5/1/95 Open/Equity 85.07 8.06
Growth Fund; IA
248 Putnam VT Asia Pacific 4/30/98 Open/Equity 0.11 8.06
Growth Fund; IB
249 Putnam VT Diversified 9/15/93 Open/Bond 655.84 10.40
Income Fund; IA
250 Putnam VT Diversified 4/6/98 Open/Bond 2.75 10.38
Income Fund; IB
251 Putnam VT Global Asset 2/1/88 Open/Balanc 991.17 18.72
Allocation Fund; IA ed
252 Putnam VT Global Asset 4/30/98 Open/Balanc 1.77 18.72
Allocation Fund; IB ed
253 Putnam VT George Putnam 4/30/98 Open/Equity 141.96 10.19
Fund; IA
254 Putnam VT George Putnam 4/30/98 Open/Equity 3.72 10.19
Fund; IB
255 Putnam VT Global Growth 5/1/90 Open/Equity 1,967.7 20.23
Fund; IA 4
256 Putnam VT Global Growth 4/30/98 Open/Equity 1.53 20.22
Fund; IB
257 Putnam VT Growth and 2/1/88 Open/Balanc 9,860.8 28.65
Income Fund; IA ed 4
258 Putnam VT Growth and 4/6/98 Open/Balanc 12.40 28.62
Income Fund; IB ed
259 Putnam VT U.S. Government 2/1/88 Open/Bond 1,007.8 13.55
and High Quality Bond 4
Fund; IA
260 Putnam VT U.S. Government 4/30/98 Open/Bond 3.31 13.55
and High Quality Bond
Fund; IB
261 Putnam VT High Yield Fund; 2/1/88 Open/Bond 1,022.4 11.81
IA 4
262 Putnam VT High Yield Fund; 4/30/98 Open/Bond 3.00 11.81
IB
263 Putnam VT Health and 4/30/98 Open/Equity 162.44 10.56
Sciences Fund; IA
264 Putnam VT Health and 4/30/98 Open/Equity 2.69 10.55
Sciences Fund; IB
265 Putnam VT International 1/1/97 Open/Balanc 296.56 12.07
Growth and Income; IA ed
266 Putnam VT International 4/6/98 Open/Balanc 1.12 12.06
Growth and Income; IB ed
267 Putnam VT International 1/1/97 Open/Equity 139.20 11.94
New Opportunities Fund; IA
268 Putnam VT International 4/30/98 Open/Equity 0.11 11.93
New Opportunities Fund; IB
269 Putnam VT International 1/1/97 Open/Equity 330.57 13.71
Growth Fund; IA
270 Putnam VT International 4/30/98 Open/Equity 1.92 13.70
Growth Fund; IB
271 Putnam VT Investors Fund; 4/30/98 Open/Equity 324.13 11.76
IA
272 Putnam VT Investors Fund; 4/30/98 Open/Equity 4.76 11.76
IB
273 Putnam VT Money Market 2/1/88 Open/Bond 652.50 1.00
Fund; IA
274 Putnam VT Money Market 4/30/98 Open/Bond 7.02 1.00
Fund; IB
275 Putnam VT New 5/2/94 Open/Equity 3,565.3 25.75
Opportunities Fund; IA 4
276 Putnam VT New 4/30/98 Open/Equity 2.26 25.73
Opportunities Fund; IB
277 Putnam VT New Value Fund; 1/2/97 Open/Equity 249.35 12.15
IA
278 Putnam VT New Value Fund; 4/30/98 Open/Equity 0.75 12.14
IB
279 Putnam VT OTC & Emerging 4/30/98 Open/Equity 31.51 9.86
Growth Fund; IA
280 Putnam VT OTC & Emerging 4/30/98 Open/Equity 0.77 9.86
Growth Fund; IB
281 Putnam VT Research; IA 10/1/98 Open/Equity 35.79 12.20
282 Putnam VT Research; IB 10/1/98 Open/Equity 0.51 12.19
283 Putnam VT Utilities Growth 5/1/92 Open/Balanc 966.61 17.15
and Income Fund; IA ed
284 Putnam VT Utilities Growth 4/30/98 Open/Balanc 2.23 17.15
and Income Fund; IB ed
285 Putnam VT Vista Fund; IA 1/2/97 Open/Equity 316.27 14.40
286 Putnam VT Vista Fund; IB 4/30/98 Open/Equity 1.27 14.40
287 Putnam VT Voyager Fund; IA 2/1/88 Open/Equity 5,797.5 45.94
2
288 Putnam VT Voyager Fund; IB 4/30/98 Open/Equity 6.47 45.89
(5) Miscellaneous
During the six months preceding the filing of this
report, there has not been, nor is there currently any
litigation that has had or is expected by Investment
Management Company to have, a material adverse effect on
the Fund.
III. OUTLINE OF THE FINANCIAL STATUS OF THE FUND
PricewaterhouseCoopers LLP in the U.S.A. is responsible
for this part.
Translation of unaudited semi-annual accounts will be
attached to the Japanese version of the Semi-annual
Report.
IV. OUTLINE OF THE FINANCIAL STATUS OF THE INVESTMENT
MANAGEMENT COMPANY
PricewaterhouseCoopers LLP in the U.S.A. is responsible
for this part.
Translation of unaudited semi-annual accounts will be
attached to the Japanese version of the Semi-annual
Report.
AMENDMENT TO SECURITIES REGISTRATION STATEMENT
PUTNAM EUROPE GROWTH FUND
AMENDMENT TO
SECURITIES REGISTRATION STATEMENT
To: Director of Kanto Local Finance Bureau
Filing Date: March 31, 1999
Name of the Registrant Trust: PUTNAM EUROPE GROWTH
Name and Official Title of Trustees: George Putnam
John A. Hill
William F. Pounds
Jameson A. Baxter
Hans H. Estin
Ronald J. Jackson
Paul L. Joskow
Elizabeth T. Kennan
Lawrence J. Lasser
John H. Mullin, III
Robert E. Patterson
Donald S. Perkins
George Putnam, III
A.J.C. Smith
W. Thomas Stephens
W. Nicholas Thorndike
Address of Principal Office: One Post Office Square
Boston, Massachusetts 02109
U.S.A.
Name and Title of Registration Agent: Harume Nakano
Attorney-at-Law
Signature [Harume Nakano]
(Seal)
Ken Miura
Attorney-at-Law
Signature [Ken Miura]
(Seal)
Address or Place of Business Kasumigaseki Building, 25th Floor
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo
Name of Liaison Contact: Harume Nakano
Ken Miura
Attorneys-at-Law
- ii -
Place of Liaison Contact: Hamada & Matsumoto
Kasumigaseki Building, 25th Floor
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo
Phone Number: 03-3580-3377
Public Offering or Sale for Registration
Name of the Fund Making Public PUTNAM EUROPE GROWTH FUND
Offering or Sale of Foreign
Investment Fund Securities:
Type and Aggregate Amount of Up to 30 million Class M Shares
Foreign Investment Fund Securities Up to the total amount obtained by
to be Publicly Offered or Sold: aggregating the respective net
asset value per Class M Share in
respect of 30 million Class M Shares
(The maximum amount expected to be
sold is 627.9 million U.S.
dollars (approximately yen75.1
billion)).
Note 1: U.S.$ amount is translated into Japanese Yen at the
rate of U.S.$l.00=yen119.55 the mean of the exchange rate
quotations by The Bank of Tokyo-Mitsubishi, Ltd. for
buying and selling spot dollars by telegraphic transfer
against yen on February 28, 1999.
Note 2: The maximum amount expected to be sold is, for
convenience, an amount calculated by multiplying the net
asset value per Class M Share as of October 30, 1998
(U.S.$20.93) by 30 million Class M Shares.
Places where a copy of this Amendment to Securities
Registration
Statement is available for Public Inspection
Not applicable.
(Total number of pages of this Amendment to Securities
Registration
Statement is 5 including front and back pages.)
I. Reason For Filing This Amendment To Securities
Registration Statement:
This statement purports to amend and update the relevant
information of the Securities Registration Statement
("Original SRS") filed on December 18, 1998 due to the
fact that the aforementioned Semi-annual Report was filed
today.
The exchange rates used in this statement to translate
the amended amounts of foreign currencies are different
from those used before these amendments, as the latest
exchange rates are used in this statement.
II. Contents of the Amendments:
Part II. INFORMATION ON THE ISSUER (page 5 of the Original
SRS)
The following matters in the Original SRS are amended to
have the same contents as those provided in the following
items of the aforementioned Semi-annual Report:
Before amendment After amendment
[Original SRS] [Aforementioned Semi-annual Report]
I. Description of the Fund I. Status of Investment
5. Status of Investment Portfolio of the Fund
Portfolio
(A) Diversification of (1)Diversification of
Investment Portfolio Investment Portfolio
(the aforementioned Semi-
annual Report, page 1)
(B) Results of Past Operations (2) Results of Past Operations
(1) Record of Changes in Net a Record of Changes in Net
Assets Class M Shares) Assets (Class M Shares)
(Regarding the amounts as (Ditto, page 2)
at the end of each month (Regarding the amounts as
during one-year period at the end of each month
from, and including, the during one-year period
latest relevant date prior from, and including, the
to the filing date of the latest relevant date prior
Original SRS) to the filing date of the
aforementioned Semi-annual
Report)
(2) Record of Distributions b Record of Distributions
Paid (Class M Shares) Paid (Class M Shares)
(Regarding the dividends (Ditto, page 2)
paid at the end of each (Regarding the dividends
month up to the latest paid at the end of each
relevant date of the month up to the latest
Original SRS) relevant date of the
aforementioned Semi-annual
Report)
II. Outline of the Fund II Outline of the Fund
1. Fund 1. Fund
(E) Amount of Capital Stock (1) Amount of Capital Stock
(Ditto, page 4)
(G) Information Concerning (2) Information Concerning
Major Shareholders Major Shareholders (Ditto,
page 4)
(H) Information Concerning (3) Information Concerning
Directors, Officers and Directors, Officers and
Employees Employees (Ditto, page 4)
(I) Description of Business and (4) Description of Business and
Outline of Operation Outline of Operation
(Ditto, page 7)
2. Putnam Investment 2. Putnam Investment
Management, Inc. Management, Inc.
(Investment Management (Investment Management
Company) Company)
(E) Amount of Capital Stock (1) Amount of Capital Stock
(Ditto, page 8)
(G) Information Concerning (2) Information Concerning
Major Stockholders Major Stockholders (Ditto,
page 8)
(H) Information Concerning (3) Information Concerning
Officers and Employees Officers and Employees
(Ditto, page 8)
(I) Summary of Business Lines (4) Summary of Business Lines
and Business Operation and Business Operation
(Ditto, page 19)
With respect to Section IV the Financial Condition of the
Fund in the Original SRS, Item III Outline of the
Financial Status of the Fund in the aforementioned Semi-
annual Report (Ditto, page 32) is added to the Original
SRS.
Part III. SPECIAL INFORMATION (page 13 of the Original SRS)
With respect to Section II the Financial Condition of the
Investment Management Company in the Original SRS, Item
IV Outline of the Financial Status of the Investment
Management Company in the aforementioned Semi-annual
Report (Ditto, page 32) is added to the Original SRS.
