800-225-1581 o www.putnaminv.com

Ticker: PEYAX

Manager: Bartlett R. Geer

Manager’s tenure: 4 years

Fund started: June 15, 1977

Min. initial investment: $500

Load (front-end): 5.25%

12(b)-1 fee: 0.25%

Net assets: $3.19 billion

P/E ratio: 13.49

P/B ratio: 3.09

Median market cap: $85.9 million

Expense ratio: 1.02%

Turnover: 65.45%

3-year alpha: 0.29%

3-year beta: 0.83%

3-year r-squared: 0.90%

3-year stand. deviation: 14.57%

RETURNS

2003: 26.61%

2002: -12.87%

2001: -1.57%

12-month (annualized): 12.98%

3-year (annualized): 3.51%

5-year (annualized): 3.71%

TOP FIVE HOLDINGS

1. Exxon5.2%

2. Citigroup5.0%

3. Bank of America3.9%

4. US Bancorp3.3%

5. JP Morgan2.5%