Jose Gomez-

Gomez-Marquez
q
PowerPoint Sampler
 The Fixed
Fixed-Income
Income
Opportunity
Adding diversification
to your clients’ portfolios

For investment professional use only

Not FDIC Insured • May Lose Value • No Bank Guarantee
Fidelity Advisor
Government Investment Fund
Avg Ann Return (%) at POP
Cl T as of 6/30/04
Portfolio Composition 1
1-yr -4.80
4 80 | 5-yr
5 5 39 | 10-yr
5.39 10 6 12
6.12

3.4% U.S. Treasury Current performance may be higher or

lower than the performance data quotedquoted.
Mortgage-Backed Sec. For month-end performance figures, please
25.6%
visit advisor.fidelity.com or contact Fidelity.
U.S. Agency The performance data featured represents
35.4% past performance, which is no guarantee of
Cash Equivalents
q
future results.
results Share price,
price yield
yield, and return
will vary, and you may have a gain or a loss
when you sell your shares.
Total returns are historical and include
35.6% changes in share price, reinvestment of
dividends and capital gains
gains, and the effects
of the maximum 3.5% sales charge.

Lipper averages are averages of the performance of all Beats about 3/4 of Lipper
mutual funds within their respective investment peers for the 3-, 5-, and 10-
categories. The number of funds in each category year periods ended 6/30/04
FA Government Investment Fund Class T Lipper
periodically changes. Rankings are based on total returns ranking as of 6/30/04: #105 out of 185, #37 out of
for the periods shown and do not reflect the effects of the 157 #35 out of 137
157, 137, and #22 out of 76 in Lipper
General U.S. Government Funds Objective
fund’s sales load but include reinvestment of dividends category for 1-year, 3-year, 5-year, and 10-year
and capital gains, if any. periods, respectively.
Why
y High
g Yield Bonds Are Attractive

Merrill Lynch
y U.S. High
g Yield Master II Index
Annual Performance & Yield Spread over 10-Year Treasury
45%

ML High Y
1198
40% 39.17%
981.5
98 5
998

Yield Master III Yield minus 10-Y Treasury (bps)

35% 906.0

30% 820.0 28.10%

798
umulative Retturns

25%
772 0
772.0
20.46%
20% 17.44% 16.69% 586.8
674.6 598
15% 13.27%
11.27% 526.0
10% 492 8
492.8 468 4
468.4
398
Cu

403.6 433.7
5% 4.48%
350.1 331.5 2.95% 2.51%
327.7
0% 198
-1.03% -1.89%
1.89%
-5%
5% -4.36% -5.12%
-10% -2
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Year

Past performance is no guarantee of future results. Not intended to represent the performance of any Fidelity Advisor
fund. It is not possible to invest directly in an index.
 2006 Q3
Backlog
reaches
$85.3

The Picis 2005 2006

Growth Story
CareSuite ED
$59.7mm
$59 7mm version 3.6
released
Revenue
OR/ICU version
7.5 released

2005
1,000th
2004 customer
Acquired Ibex
2003 Emergency
e ge cy 89 CareSuite
First to Department sites go live
2002 introduce IT solution
Acquired “Total
Medical Perioperative
Systems Automation”
Management
g

2001
$3.9mm
Revenue 2005

98% CAGR
5 Picis Company Confidential
 U.S. High Acuity IT Market
Annual Market ($bn)
Macro Trends Drive for ED, OR and ICU Solutions
Demand for High-Acuity IT
Solutions
Aging Population

Higher acuity level of

hospital patients

Shortage of high-acuity
caregivers

Patient safety at
increased risk

$5.8 BN addressable
market
<20% penetrated

6 Picis Company Confidential

 Strong Sustainable Revenue Growth
Strong,
($mm)

Backlog Revenue

’03 – ’05 ’03 – ’05

CAGR: 69% CAGR: 69%

Expect to recognize > 70% of current backlog within 12 months

7 Picis Company Confidential

 Strong Sustainable Revenue Growth
Strong,
($mm)

B kl
Backlog R
Revenue
’03 – ’05 ’03 – ’05
CAGR: 69% CAGR: 69%

Expect to recognize > 70% of current backlog within 12 months

8 Picis Company Confidential

 Strong Sustainable Revenue Growth
Strong,
($mm)

’03 – ’05
CAGR: 69%

’03 – ’05
CAGR: 69%

Expect to recognize > 70% of current backlog within 12 months

9 Picis Company Confidential

 Our Strategy: Continue to Raise the Barriers to Entry
Patient Acuity

Ambulatory Inpatient
High Barriers to Entry

A4 Wellsoft
(ED) (ED) Medhost

Picis
Clinical

(ED)

Cerner SIS

Entry
Epic (OR)
us

Eclipsys
oduct Focu

Barriers to E
IMDSoft
GE/IDX (ICU)
Pro

High B
Administrative

Siemens
McKesson
Meditech

>75% win rate in competitively bid processes since January 2005

10 Picis Company Confidential
 CareSuite Enhances Throughput
Throughput, Patient and
Staff Satisfaction

Automated tracking in ED and

OR improves patient flow
Enhance status communication
Optimize staffing
Reduce overall length of stay
Increase number of cases
and visits

11 Picis Company Confidential

The Payments Year in Review:
March 2006 – March 2007

David S
S. Evans
Founder/Market Platform Dynamics

THE LYDIAN
ROUNDTABLE
 The Current State
The payment industry is passing through an
inflection point

NEW BUSINESS
MODELS

OLD BUSINESS
MODELS RISKS

OPPORTUNITIES

The Global payment ecosystem in 2020

will look much different from today

THE LYDIAN David S. Evans

ROUNDTABLE
 Moves Made By Incumbents March
Wal-Mart drops ILC
application

January 2007
US Senate holds
September
p hearings on credit
TSYS announces November card practices
relationship with Discover to be
Toyota Finance/Nikko accepted in China
Cordial Securities through its alliance
April
p with CUP
Visa announces a
small ticket payment
strategy for purchases
under $25 June 30 February
Bank of America MC’s stock at
Merchant
M h t plaintiffs
l i tiff i
issues fi
firstt credit
dit $118 – more thanth
amend lawsuit to card with AmEx triple its IPO price
include signature
debit cards

December
Discover spin off plan
October announced
WU trades on NYSE
July
MC Paypass Visa announces
launches in Europe restructuring plan and
May 25 2006 FDIC imposes IPO
MC goes public moratorium on ILC
on NYSE applications

THE LYDIAN Speaker Name and Company Affiliation Goes Here

ROUNDTABLE
 Payment Industry 2020:
Capitalizing on the Industry’s Inflection Point
David SS. Evans
Founder
Market Platform Dynamics
>< One: Geographic SECTION
SECTION 2I

IMPLICATIONS GEOGRAPHIC

ASIAN EMERGING
MARKETS EUROPE UNITED STATES
SEPA will slowly
create
Rapid uptake of opportunities for Slower growing
payment “cards” cross-border and complicated
in China, India, acquiring and credit card
etc. processing market

16
>< The Balancing Act SECTION I

Corporate Events
Comm
Product
Campaigns
Launches
Channel IR& PR
Comm
Web Customer
Marketing Programs

17
><
Measurable Insight Drives Business
Action SECTION I

18
 Confidential
Benefits of Innovation
Closes Growth Gap
Innovation helps companies close their “growth gap”

Growth Gap Issue

1,000

Revenue or Stretch
Earnings Target
900 Innovation
($MM) Shareholder Target
Expectation
800

700
Projected
P j t d
Revenue
600

500
2000 2001 2002 2003 2004 2005

ZOC-IMI-GIBS_Innovation-10-14-03-DF 19 Copyright © 2003 Monitor Company Group, L.P. — Confidential — CAM

 Confidential
Benefits of Innovation
Innovation Premiums
Innovation leaders create strong premiums across their customers, employees, partners,
and investors
The Best Company
to Invest In

Owner and
Shareholder
Premiums
The Preferred The Brand
Partner to Have to Buy
y

Customers and
Partnership and Business
End User
Supplier
pp Premiums Innovation
Premium

Employee
Premiums

A Great Place to Work

ZOC-IMI-GIBS_Innovation-10-14-03-DF 20 Copyright © 2003 Monitor Company Group, L.P. — Confidential — CAM
 Confidential

Making Innovation Real

1. Leaders establish a Strategic Innovation Imperative with clear stretch targets to close the
Growth Gap
Reinvigorated earnings momentum
Flat earnings growth with
through stretched innovation targets and
an unanswered growth gap
roadmap to meet investor expectations

The Emerging
Growth Gap Closing the Growth Gap
Heightened and Building Confidence
Investor and Board for the Longer Term
Earnings Grrowth

Earnings Grrowth
Earnings
??
E
Expectations
t ti

Anticipated Earnings Through Anticipated Earnings Through

Conventional Methods: Conventional Methods:
M&A, TQM, BPR, NPD M&A, TQM, BPR, NPD

Today Tomorrow Today Tomorrow

More and more companies

p Leading
g companies
p establish a Strategic
g
recognize that conventional methods Innovation Imperative to close the growth
alone no longer work gap

ZOC-IMI-GIBS_Innovation-10-14-03-DF 21 Copyright © 2003 Monitor Company Group, L.P. — Confidential — CAM

 Confidential

Making Innovation Real

9. Leaders utilize R&D and innovation metrics must measure performance and proactively direct
actions across the entire pipeline from concept to customer

$$$$
$$
$

$$$$
Type of
Metrics
In-Process Lagging Leading
Examples z Timeliness of project z Revenue / turnover z Quality of Ideas
z Performance on target z Profit margin z Number of Ideas
z Project cost on target z Market Share z Number of customer applications
z Etc. z Royalties z Market / product / technology
z Applicability across SBUs vision
z Number of new patents z Staff motivation
z Coverage of strategic goals
z Backlog

Traditional Additional Focus

Focus Area Area
ZOC-IMI-GIBS_Innovation-10-14-03-DF 22 Copyright © 2003 Monitor Company Group, L.P. — Confidential — CAM
 Merging Process

Genetic Engineering Breakthroughs

Drug
D D
Deployment
l tTTech
h

Common R&D platform and support EPA and FDA Drug strategy
regulatory strategy implemented/ready
defense for market
Alpha Phase

Pharma
Technical
Services

Biohazard
Delivery preemption Launch $$$$
Services

Biotech
Client
Centered

Alternative uses
rolled out

23

CAS-COD-Prez-Date-CTL
 Gen X and Y
Something Special or More
of the Same?
David S.
S Evans

Founder/ Market Platform Dynamics

Author / Paying with Plastic: The Digital Revolution in Buying and Borrowing

© 2006 First Data Corporation. All Rights Reserved. This document contains unpublished, confidential and proprietary information of First Data Corporation.
You may not disclose, copy or use any part of these materials for any purpose without the express written consent of First Data Corporation.
25
 The Gen X and Y Context:
Payment Industry 1990-
1990-2000 2004
PIN debit volume increases Number of debit
from %7.1B to $317.8B transactions
exceeds number
on credit cards
1966 1970 1989 1995
16% 56% 67%
2000
109.5M
1990 1997
5.3M 19%
4.5 1976
People Born

20% 37% 2003

s)

1981
(Millions

4.0
67%
3.5
55%
P

3.0
64 67 70 73 76 79 82 85 88 91 94 97 00 03

1-Year T-Bill 1-Year T-Bill 1-Year T-Bill

14.8%
14.8% 5.8%
14.8% 1.2%
14.8%
26
…Revolving
Revolving Balance To Total Debt
Percentage
Age of HH 1983 1989 1992 1995 1998 2001 2004
18-23 1.9 7.3 4.9 6.0 7.6 9.2 3.8
24 29
24-29 2.2 3.5 5.2 5.0 4.9 4.2 2.7
30-34 1.8 2.8 2.5 4.7 3.7 4.0 2.7
35 40
35-40 18
1.8 21
2.1 26
2.6 36
3.6 37
3.7 29
2.9 25
2.5
41-49 1.5 1.7 2.9 3.6 3.4 3.0 3.0
50-58
50 58 22
2.2 19
1.9 21
2.1 25
2.5 32
3.2 28
2.8 29
2.9
59+ 2.4 2.1 3.0 2.9 4.6 3.8 3.4
Total 1.9 2.2 2.8 3.6 3.7 3.3 2.9
Depression/War Gen X Mix Gen X/Gen Y
Mixed Baby Boomers/Depression/War Mixed Gen X/Baby Boomers Gen Y
y Boomers
Baby Source: FRB’s
FRB s Survey of Consumer Finances

27
Much Ado About Nothing Perhaps?

Need Comment Here

28
 5 Alternative Form Factors
5.
Why People Wouldn’t Pay for Alternative Form Factors?
100

Mobile
75 SMS
Biometric

50

25

0
Too Expensive Not Secure Don’t want to Unnecessary I don’t have a cell I don’t trust it to
Enough touch phone work properly

The perception of added security seems to influence willingness

to pay and willingness to use biometric solutions
29
 Methods of Payment

2000
2005

Checks Credit Cards

Cash Debit Cards

Money Orders Prepaid Cards

Official Checks EBT Cards

Travelers Cheques Preauth.Payments

Food Stamps Remote Payments

2010 30
© 2007 Market Platform Dynamics
 Creating A Framework for Catalysts

Compete
Identify
y the Establish a Design
g the Focus on Strategically Experiment
Platform Pricing Catalyst for Profitability With Other and Evolve
Community Structure Success Catalysts

ƒ Identify distinct ƒ Set separate prices ƒ Attract multiple ƒ Study industry ƒ Understand the ƒ Know when to be
groups who need for access and customer groups history dynamics of first – and when to
each other usage that need each catalyst follow
other ƒ Use forecasts to competition
ƒ Determine why and ƒ Set prices to enhance ƒ Control growth
how much they balance demand ƒ Promote profitability ƒ Look for
need each other from the two sides interactions competition from ƒ Protect your back
ƒ Anticipate different business
ƒ Evaluate who else ƒ Price to grow ƒ Minimize competitor actions models ƒ Plan for what’s
is serving the slowly – at first transaction costs next
community ƒ Align interests ƒ Leverage to attack
ƒ Pay customers to ƒ Design for internally and ƒ Look out for the
ƒ Compare multi- belong – sometimes evolution externally ƒ Consider cops
sided business cooperation
model with a g
ƒ Price for long-term
single-sided one profits

Draw Challenge
Find Out Shape Visualize Existing Pursue
Participation
p Customers & Path Toward Evolutionary
y
Who Needs Catalysts and
& Maximize F ilit t
Facilitate Long-Term React to New Strategy for
Whom—and
Profits Interactions Profit Catalyst Growth
Why
© 2007 Market Platform Dynamics Threats 31
 The Worldwide Presence of INVESCO
In This Issue . . . Page #
AMVESCAP PLC
$319 Billion International
te at o a Equity
qu ty Update 2
INVESCO—The All-Weather Manager 3
INVESCO Atlantic Trust Private
INVESCO*
Retirement†
AIM
Wealth Management Why International? 4
$174 Billion $137 Billion
[$23 Billion] $8 Billion Why International Value? 5
Whyy INVESCO International? 6
Good Value in Europe 7
Americas Europe Pacific
Japan Stays Afloat 8
Atlanta Montreal Amsterdam Madrid Hong Kong Sydney
Consistency of Characteristics 9
Baltimore New York Brussels Milan Melbourne Taipei
Boston Palm Beach Dublin Paris Singapore Tokyo
Partial World Client List
Buenos Aires Palo Alto Frankfurt Vienna BellSouth Corporation
Calgary Portland Henley Warsaw CITGO Petroleum Corporation
The Coca-Cola Company
Dallas San Francisco Jersey Zurich Dow Chemical Canada
Denver San Juan London Ford Motor Company
National Geographic Society
Louisville Toronto BMW
Miami Vancouver Caterpillar UK
DaimlerChrysler
Washington, D.C. IBM Germany
Aichi Prefecture Truck Business Pension Fund
DuPont China Limited
Fukoku Life Insurance
Hong Kong University of Science & Technology
Pfizer Pharmaceutical (Japan) Pension Fund
SANYO Electric Pension Fund
Tokyo Printers Industries Pension Fund

The above represents

p a partial
p list of INVESCO’S better known clients. It is
not known whether these clients approve of the advisor and the services
that the advisor provides. Assets as of March 31, 2003 in U.S. $bn
* The assets under management for INVESCO represent the combined total for several affiliated registered investment advisers.
† Defined contribution assets under administration by INVESCO Retirement total $23 billion, a portion of which is managed by the other AMVESCAP business units.
Assets as of March 31, 2003 in U.S. $bn.
4Q02_Global_Perspectives.ppt 1812-O-4/03
32
 International Equity
q y Process Review
Stock Selection Process
Philosophy: The Four Cornerstones
„ Compare share price to current earnings
ƒ Bottom
Bottom-up
up stock selection and assets
Financial Analysis
Compare share price with demonstrated
ƒ Financial analysis using comparable data of 2,200 Stock Universe „
financial record

ƒ Global sector fundamental research „ Rank stocks based on best relative valuation

Utilize INVESCO’s global resources

ƒ Risk Controls Fundamental Analysis
„

„ Analyze the sustainability of company profitability

on 350 Qualifying Stocks
„ Focus on company’s embedded characteristics
„ Disciplined assessment of economic and political
factors
Portfolio Design „ Statistical tools assure diversification and
INVESCO Portfolio precisely measure risk
50-60 Stocks
„ Meet client objectives

Stock Price and Financial Characteristics

28 1.5

24 1.3
12 Mo EPS
Value & Price

1.1 12 Mo EPS & 12 Mo Div

20
0.9 ƒ Stock prices are more volatile than demonstrated
16 financial fundamentals.
Price
12 Mo
M Di
Div 07
0.7
Book V

12 ƒ Attractive stocks identified by comparing current

0.5
8
price to the returns generated by the underlying
Book Value 0.3 business.
4 0.1

0 -0.1
1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

4Q02_Global_Perspectives.ppt 1812-O-4/03
33
 INVESCO Managed Accounts
Screenshow

4Q01_overview 34
 INVESCO Managed Accounts
p Style
Multiple y Accounts Presentations Client Specific
p Piece

4Q01_overview 35
 Antitrust Analysis
y for Multi-Sided
Platform Industries

David S. Evans*
Antitrust of Two-Sided
Two Sided Industries
MIT
June 23, 2006

© 2004 eSapience, Ltd

 Types of Differentiated Platform Competition
E
Example
l off advertising-supported
d ti i t d media
di
Evening
Advertising
Standard
Billboard
FT
ITV
The
e Times
es

News

TV shows
Coincident One-sided Intersecting
Evening The
FT Billboard ITV
Standard Times

Advertising X X X X
News X X X X
TV Shows X

>>>Page 37
© 2006 eSapience, Ltd
Putnam
P t
Asset Allocation
Funds

J ff
Jeffrey L
L. Knight,
K i ht CFA
Managing Director
Chief
C e Investment
es e O Officer
ce
Global Asset Allocation Team
Putnam Investments

235990_GAA
 Philosophy Consistent
C i t t
performer
$215,892
¾ Volatility can diminish returns Average
g of yearly
y y
returns = 8.0%
STEADY WINS THE RACE

+23%
Volatile performer
+28% $189,726

$100,000 –5%
+18%
initial Average of yearly
investment returns = 8.0%
–8%
+0% –2%
+8%
+38%

–20%

Year 0 Year 5 Year 10

Source: Putnam research, 2005.
In this hypothetical example, each investment starts with $100,000. The consistent performer grows 8% every year. The volatile performer achieves
random results each year, the average of which is 8%. Due to losses, any gains in the volatile performer start from a reduced base, preventing the
volatile performer from keeping pace. The example is for illustrative purposes only and does not reflect average annualized returns or the performance
of any Putnam fund, which will fluctuate.

235990_GAA
 Process
¾ Address distinct investment goals
CONSERVATIVE PORTFOLIO: BALANCED PORTFOLIO: GROWTH PORTFOLIO:
CAPITAL PRESERVATION MANAGEABLE VOLATILITY EQUITY-LIKE RETURNS

70% Fixed Income 40% Fixed Income 20% Fixed Income

30% Equity 60% Equity 80% Equity

Small-cap stocks Value stocks High-yield bonds U.S. bonds

Growth stocks Foreign stocks International bonds
As of 6/30/06. Holdings will vary over time. The funds can invest in international investments, which involve risks such as currency fluctuations,
economic instability,y, and political
p developments.
p The funds can invest their assets in small and/or
/ midsize companies.
p S
Such investments increase the
risk of greater price fluctuations. Diversification and rebalancing will not necessarily prevent you from losing money; however, they may reduce volatility
and potentially limit downside losses.The use of derivatives involves special risks and may result in losses.The funds can also have a significant portion
of their holdings in bonds. Mutual funds that invest in bonds are subject to certain risks including interest rate risk, credit risk, and inflation risk. As
interest rates rise, the prices of bonds fall. Long-term bonds have more exposure to interest rate risk than short-term bonds. Lower-rated bonds may
offer higher yields in return for more risk. Unlike bonds, bond funds have ongoing fees and expenses. Putnam Asset Allocation: Growth Portfolio,
Balanced Portfolio, and Conservative Portfolio are series of Putnam Asset Allocation Funds, a registered investment company.

235990_GAA
 Large Cap Value Equity
professionals
¾ David L.
L King,
King CFA,
CFA is the lead Global Equity
Research
portfolio manager Analysts
Global
Quantitative
22-year Putnam veteran Equity
Economic
Research
L d manager on th
Lead the strategy
t t A l t
Analysts Team

since inception
¾ Michael J. Abata, CFA, is the LARGE CAP VALUE
Risk Q
EQUITY TEAM Other Equity
q y
portfolio co
co-manager
manager Management David L. King, CFA Portfolio
Team Managers
Michael J. Abata,CFA
Member of the team Nancy A. Ward
since 2000
Global
Provides quantitative research Global Asset
on security selection and risk Trading Team Allocation
Dedicated Team
analysis Equity
Research
¾ Supported by Putnam
Putnam’s
s A l t
Analysts
Large-Cap Value team
9 Large-Cap Value portfolio managers

236141_LCV_Q206
Asset diversification is the key to
l
long-term
t success
ASSETS AS OF JUNE 2006 (%)
$6 6TR $851B $842B $767B $265B $200B $190B $171B $135B $113B
$6.6TR $97B
100%
Unclassified
80% Tax Free FI

Taxable FI
60%
Int'l/Global
40% Growth

20% Aggressive Growth

Growth & Income

0%
Income Equity
y
try

an

e
O

er
lin
rd

am
ox
ba
lit

ic
C

im
ua
ic

nk
us

C
de

Pr
lo

tn
M
er

he
ng

&
G

PI
ra
d

Pu
Fi

e
m
In

ge
w
F

en
s
Va
A

ay

Ro

od
pp
cl

T.

D
O
ar
B

Note: Asset mix is based on long-term open-end mutual fund assets that are tracked by Strategic Insight. Barclays’ assets are primarily registered
exchange-traded funds.
Source: Strategic Insight Simfund, 2006.

237398_Coveney
Putnam
Investors
Fund
James C
C. Wiess
Wiess, CFA
Managing Director
Chief Investment Officer
US C
U.S. Core E
Equity
it T
Team
Putnam Investments

236001_investors
We take advantage g of market
inefficiencies to make money
on the “tails”
tails
Market underestimates
long-term growth rate and
franchise power of the company

• Apple Computer
• UnitedHealth Group
• Whole Foods Market
• H l D id
Harley-Davidson

This is not an offer to sell or a recommendation to buy any individual security

security. Holdings will vary over time
time. As of 6/30/06
6/30/06, Apple Computer
Computer,
UnitedHealth Group, Whole Foods Market, and Harley-Davidson make up 1.77%, 1.83%, 0.82%, and 1.54% of Putnam Investors Fund, respectively.

236001_investors
 +

+
=
+

This is not a recommendation to buy or sell an individual security. Portfolio holdings will vary over time. As of 6/30/06, General Electric, Citigroup, Whirlpool,
Caterpillar, and Teva Pharmaceuticals make up 0.00%, 3.49%, 0.69%, 1.40%, and 0.48% of Putnam Investors Fund, respectively.

236001_investors
 Default rates are low
LAGGING TWELVE-MONTH INSTITUTIONAL LOAN DEFAULT RATE BY NUMBER OF ISSUERS
VERSUS ESTIMATE MODEL FORECAST
(%) 10
Actual Model forecast
8

0
98

99

00

01

02

03

04

05
9

7F
06
9

0
-

-
n-

n-

n-

n-

n-

n-

n-

n-

0
ec

ec

ec

ec

ec

ec

ec

ec

n-
ec
Ju

Ju

Ju

Ju

Ju

Ju

Ju

Ju
D

Ju
D
Default rate is calculated as the number of defaults over the past twelve months divided by the number of issuers in the index at the beginning of the
twelve-month period.
Source: Standard & Poor’s, 2006.

236335_Floating_Rate
Strong investment performance
ANNUALIZED RETURNS AND LIPPER RANKINGS FOR CLASS A SHARES AT NAV
1 year 3 years 5 years 10 years
6/30/05–6/30/06 6/30/03–6/30/06 6/30/01–6/30/06 6/30/96–6/30/06
Fund Name Total Lipper Total Lipper Total Lipper Total Lipper
(Lipper Category) Return Rank Return Rank Return Rank Return Rank
Putnam American Government Income Fund 4,7 42% 0.68% 63% 3.53% 60% 4.95% 55%
-1.49%
(G
(General lUU.S.
S governmentt ffunds)
d ) (75/178) (98/157) (77/129) (43/78)
Putnam Diversified Income Trust1,2,3,4,7 1.97 46% 6.55 24% 8.12 32% 5.67 65%
(Multi-sector income funds) (56/122) (23/97) (27/85) (33/50)
Putnam Floating Rate Income Fund 4.81 61% — — — — — —
(Loan participation funds) (28/45)
Putnam Global Income Trust1,2,3,4,5,7 -0.28 61% 4.29 36% 7.86 25% 4.46 73%
(Global income funds) (64/104) (34/95) (20/80) (37/50)
Putnam High Yield Advantage Fund3 6.55 13% 9.45 15% 8.84 20% 5.16 54%
(High current yield funds) (55/444) (57/395) (62/313) (61/114)
Putnam High Yield Trust3 4.98 42% 8.88 22% 8.49 27% 5.48 47%
(High current yield funds) (186/444) (86/395) (83/313) (53/114)
Putnam Income Fund3,4,7 -1.18 44% 1.98 38% 4.45 59% 5.01 84%
(Corporate debt A rated funds) (76/173) (56/149) (65/111) (54/64)
Putnam Limited Duration Government Income Fund4,7 -0.69 77% 0.53 70% 3.01 64% 4.64 58%
(Short-intermediate U.S. government funds) (60/77) (49/70) (41/64) (28/48)
Putnam U.S. Government Income Trust4,7 -0.27 56% 1.96 39% 3.66 58% 5.18 60%
(GNMA funds) (35/62) (24/62) (32/55) (19/31)
Putnam Money Market Fund6 3.85 12% 2.06 14% 1.89 15% 3.59 16%
(Money market funds) (41/359) (45/339) (45/301) (29/190)
S
Source: Li
Lipper. Li
Lipper ranks
k ffunds
d ((without
ith t sales
l charges)
h )b
based d on ttotal
t l return
t relative
l ti tto ffunds
d with
ith similar
i il currentt iinvestment
t t styles
t l or objectives
bj ti as
determined by Lipper. Data is historical. Past performance is not a guarantee of future results. More recent returns may be higher or lower than those
shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes
reinvestment of distributions and does not account for taxes. Returns are shown at NAV and do not reflect the current maximum initial sales charge of
3.75% for income funds, with the exception of Putnam Limited Duration Government Income Fund, and the Putnam Floating Rate Income Fund, which is
3.25%. Some funds may have negative
returns for the five-year period. Also, some funds may have limited expenses without which returns would be lower. For the most recent month-end
performance, visit www.putnam.com. Mutual funds that invest in bonds are subject to certain risks including interest rate risk, credit risk, and inflation risk.
As interest rates rise, the prices of bonds fall. Long
Long-term
term bonds are more exposed to interest rate risk than short-term
short term bonds. Unlike bonds, bond funds
have ongoing fees and expenses.
1 International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. 2 Additional risks may be
associated with emerging-market securities, including illiquidity and volatility. 3 Lower-rated bonds may offer higher yields in return for more risk. 4 Mutual
funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. 5 The fund invests in fewer
issuers or concentrates its investments by region or sector, and involves more risk than a fund that invests more broadly. 6 Money market funds are not
insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. Although the fund seeks to maintain a
constant share price of $1.00, it is possible to lose money by investing in this fund. The fund’s current 7-day yield is 4.77% as of 6/30/06.
7 The use of derivatives involves special risks and may result in losses.

236335_Floating_Rate