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Putnam Fund Manager to Depart

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Dec. 3, 2004 — Putnam Investments said that Deborah F. Kuenstner, managing director and chief investment officer of its large cap value team, international value team, and portfolio manager of the Putnam Classic Equity Fund/A (PXGIX), has decided to leave the company at year-end.

Josh Brooks, chief investment officer of Putnam’s large cap equities area, assumes responsibility for the value teams. Michael Abata and Ronald J. Bukovac were named co-managers of the Classic Equity Fund. They were members of the fund’s management team.

For the one-year period through October, the fund gained 9.3%, while the average large cap value fund rose 11.9%. For the three-year period, the fund climbed 3.3%, annualized, versus a 5.5% rise for the peer group.