Schoengold & Sporn Has Commenced a Class Action Lawsuit Against Putnam Funds Defendants on Behalf of Purchasers of The Securities of The Putnam Family of Funds

NEW YORK, NY, November 13, 2003 /MARKET WIRE/ – Schoengold & Sporn, P.C. (www.spornlaw.com) commenced a class action lawsuit has been filed in United States District Court for the Southern District of New York, on behalf of all persons or entities who purchased or otherwise acquired Putnam Global Equity A Fund (NASDAQ: PEQUX) and other Putnam family of funds (the “Putnam Funds”), between November 1, 1998 and September 3, 2003, inclusive (the “Class Period”). The complaint names Marsh & McLennan Companies, Inc., Putnam Investments Trust, Putnam Investment Management LLC, Putnam Investment Funds, each of the Funds, and John Does 1-100 (the “Doe Defendants”) (collectively the “Defendants”). If you purchased or otherwise acquired shares of Putnam Funds during the Class Period and would like to pursue securities claims against the Defendants, you may visit our website at www.spornlaw.com or contact the attorneys at Schoengold & Sporn, toll free at (866) 348-7700 or via e-mail at shareholderrelations@spornlaw.com. However, please note that the deadline to seek lead plaintiff status in this case expires on December 22, 2003.

Putnam Funds, and the symbols for the respective funds named below, are as follows:

Putnam American Government Income Fund (Nasdaq:PAGVX - News) (Nasdaq:PAMBX - News) (Nasdaq:PAMMX - News)Putnam Arizona Tax Exempt Income Fund (Nasdaq:PTAZX - News) (Nasdaq:PAZBX - News)Putnam Asset Allocation: Balanced Portfolio (Nasdaq:PABAX - News) (Nasdaq:PABBX - News) (Nasdaq:AABCX - News) (Nasdaq:PABMX - News)Putnam Asset Allocation: Conservative Portfolio (Nasdaq:PACAX - News) (Nasdaq:PACBX - News) (Nasdaq:PACCX - News) (Nasdaq:PACMX - News)Putnam Asset Allocation: Growth Portfolio (Nasdaq:PAEAX - News) (Nasdaq:PAEBX - News) (Nasdaq:PAECX - News) (Nasdaq:PAGMX - News)Putnam California Tax Exempt Income Fund (Nasdaq:PCTEX - News) (Nasdaq:PCTBX - News) (Nasdaq:PCLMX - News)Putnam Capital Appreciation Fund (Nasdaq:PCAPX - News) (Nasdaq:PCABX - News) (Nasdaq:PCAMX - News)Putnam Capital Opportunities Fund (Nasdaq:PCOAX - News) (Nasdaq:POPBX - News) (Nasdaq:PCOCX - News)Putnam Classic Equity Fund (Nasdaq:PXGIX - ) (Nasdaq:PGIIX - News) (Nasdaq:PGTCX - News) (Nasdaq:PGIMX - News)Putnam Convertible Income-Growth Trust (Nasdaq:PCONX - News) (Nasdaq:PCNBX - Newss24 ) (Nasdaq:PCNMX - News)Putnam Discovery Growth Fund (Nasdaq:PVIIX - News) (Nasdaq:PVYBX - News) (Nasdaq:PVYCX - News) (Nasdaq:PVYMX - News)Putnam Diversified Income Trust (Nasdaq:PDINX - News) (Nasdaq:PSIBX - News) (Nasdaq:PDVCX - News) (Nasdaq:PDVMX - News)Putnam Equity Income Fund (Nasdaq:PEYAX - News) (Nasdaq:PEQNX - News) (Nasdaq:PEQCX - News) (Nasdaq:PEIMX - News)Putnam Europe Equity Fund (Nasdaq:PEUGX - News) (Nasdaq:PEUBX - News) (Nasdaq:PEUMX - News)Putnam Florida Tax Exempt Income Fund (Nasdaq:PTFLX - News) (Nasdaq:PFLBX - News)Putnam Fund for Growth and Income (Nasdaq:PGRWX - News) (Nasdaq:PGIBX - News) (Nasdaq:PGRIX - News) (Nasdaq:PGRMX - News)George Putnam Fund of Boston (Nasdaq:PGEOX - News) (Nasdaq:PGEBX - News) (Nasdaq:PGPCX - News) (Nasdaq:PGEMX - News)Putnam Global Equity Fund (Nasdaq:PEQUX - News\fs24fs24 ) (Nasdaq:PEQBX - News) (Nasdaq:PUGCX - News) (Nasdaq:PEQMX - News)Putnam Global Income Trust (Nasdaq:PGGIX - News) (Nasdaq:PGLBX - News) (Nasdaq:PGGMX - News)Putnam Global Natural Resources Fund (Nasdaq:EBERX - News) (Nasdaq:PNRBX - News) (Nasdaq:PGLMX - News)Putnam Growth Opportunities Fund (Nasdaq:POGAX - News) (Nasdaq:POGBX - News) (Nasdaq:POGCX - News) (Nasdaq:PGOMX - News)Putnam Health Sciences Trust (Nasdaq:PHSTX - News) (Nasdaq:PHSBX - News) (Nasdaq:PCHSX - News) (Nasdaq:PHLMX - News)Putnam High Yield Advantage Fund (Nasdaq:PHYIX - News) (Nasdaq:PHYBX - News) (Nasdaq:PHYMX - News)Putnam High Yield Trust (Nasdaq:PHIGX - News) (Nasdaq:PHBBXs24 - News) (Nasdaq:PCHYX - News) (Nasdaq:PHIMX - News)Putnam Income Fund (Nasdaq:PINCX - News) (Nasdaq:PNCBX - News) (Nasdaq:PUICX - News) (Nasdaq:PNCMX - News)Putnam Intermediate U.S. Government Income Fund (Nasdaq:PBLGX - News) (Nasdaq:PBGBX - News) (Nasdaq:PVICX - News)Putnam International Capital Opportunities Fund (Nasdaq:PNVAX - News) (Nasdaq:PVNBX - News) (Nasdaq:PUVCX - News) (Nasdaq:PIVMX - News)Putnam International Equity Fund (Nasdaq:POVSX - News) (Nasdaq:POVBX - News) (Nasdaq:PIGCX - News) (Nasdaq:POVMX - News)Putnam International Growth and Income Fund (Nasdaq:PNGAX - News) (Nasdaq:PGNBX - News) (Nasdaq:PIGRX - News) (Nasdaq:PIGMX - News)Putnam International New Opportunities Fund (Nasdaq:PINOX - News) (Nasdaq:PINWX - News) (Nasdaq:PIOCX - News) (Nasdaq:PINMX - News)Putnam Investors Fund (Nasdaq:PINVX - News) (Nasdaq:PNVBX - News) (Nasdaq:PCINX - News) (Nasdaq:PNVMX - News)Putnam Massachusetts Tax Exempt Income Fund (Nasdaq:PXMAX - News)(Nasdaq:PMABX - News)Putnam Michigan Tax Exempt Income Fund (Nasdaq:PXIMX - News)(Nasdaq:PMEBX - News)Putnam Mid Cap Value Fund (Nasdaq:PMVAX - News)(Nasdaq:PMVBX - News) (Nasdaq:PMPCX - News)Putnam Minnesota Tax Exempt Income Fund (Nasdaq:PXMNX - News) (Nasdaq:PMTBX - News)Putnam Money Market Fund (Nasdaq:PDDXX - News) (Nasdaq:PTBXX - News) (Nasdaq:PFCXX - News) (Nasdaq:PTMXX - News)Putnam Municipal Income Fund (Nasdaq:PTFHX\fs24plain - News) (Nasdaq:PFHBX - News)(Nasdaq:PMUMX - News)Putnam New Jersey Tax Exempt Income Fund (Nasdaq:PTNJX - News) (Nasdaq:PNJBX - News)Putnam New Opportunities Fund (Nasdaq:PNOPX - http://finance.yahoo.com/q/h?s=pnopxltNews) (Nasdaq:PNOBX - News) (Nasdaq:PNOMX - News)Putnam New Value Fund (Nasdaq:PANVX - News) (Nasdaq:PBNVX - News) (Nasdaq:PNVCX - News)(Nasdaq:PMNVX - News)Putnam New York Tax Exempt Income Fund (Nasdaq:PTEIX - News) (Nasdaq:PEIBX - News)Putnam New York Tax Exempt Opportunities Fund (Nasdaq:PTNHX - News) (Nasdaq:PTNBX - News) (Nasdaq:PNYMX - News)Putnam OTC & Emerging Growth Fund (Nasdaq:POEGX - News) (Nasdaq:POTBX - News) (POEXC - News) (Nasdaq:POEMX - News)Putnam Ohio Tax Exempt Income Fund (Nasdaq:PHOHX - News) (Nasdaq:POXBX - News)Putnam Pennsylvania Tax Exempt Income Fund (Nasdaq:PTEPX - News) (Nasdaq:PPNBX - News)Putnam Research Fund (Nasdaq:PNRAX - News) (Nasdaq:PRFBX - News) (Nasdaq:PRACX - News)Putnam Small Cap Growth Fund (Nasdaq:PNSAX - News)Putnam Small Cap Value Fund (Nasdaq:PSLAX - News) (Nasdaq:PSLBX - News) (Nasdaq:PSLCX - News) (Nasdaq:PSLMX - News)Putnam Tax Exempt Income Fund (Nasdaq:PTAEX - News) (Nasdaq:PTBEX - News) (Nasdaq:PTXMX - News)Putnam Tax Exempt Money Market Fund (Nasdaq:PTXXX - News)Putnam Tax Smart Equity Fund (Nasdaq:PATSX - News) (Nasdaq:PBTSX - News) (Nasdaq:PCSMX - News)Putnam Tax-Free High Yield Fund (Nasdaq:PTHAX - News) (Nasdaq:PTHYX - News) (Nasdaq:PTYMX - News)Putnam Tax-Free Insured Fund (Nasdaq:PPNAX - News) (Nasdaq:PTFIX - News)Putnam U.S. Government Income Trust (Nasdaq:PGSIX - News) (Nasdaq:PGSBX - News) (Nasdaq:PGVCX - News) (Nasdaq:PGSMX - News)Putnam Utilities Growth and Income Fund (Nasdaq:PUGIX - News) (Nasdaq:PUTBX - News) (Nasdaq:PUTMX - News)Putnam Vista Fund (Nasdaq:PVISX - News) (Nasdaq:PVTBX - News) (Nasdaq:PCVFX - News) (Nasdaq:PVIMX - News)Putnam Voyager Fund (Nasdaq:PVOYX - News) (Nasdaq:PVOBX - News) (Nasdaq:PVFCX - News) (Nasdaq:PVOMX - News)

The Complaint alleges that Defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that, throughout the Class Period, Defendants failed to disclose that they improperly allowed certain investors (the Doe Defendants) to engage in the “timing” of their transactions in Putnam Funds’ securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit. Timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices -- and is acknowledged as an improper practice by Putnam Funds. In return for receiving extra fees, defendants allowed Doe Defendants to engage in timing to the detriment of class members, who paid, dollar for dollar, for the favored investors’ improper profits. These practices were undisclosed in the prospectuses of Putnam Funds, which falsely represented that Putnam Funds actively police against timing. A copy of the complaint filed in this action can be viewed on Schoengold & Sporn’s website at: www.spornlaw.com.

If you purchased or otherwise acquired shares of Putnam Funds during the Class Period and either sold those securities at a loss or still hold them, you are eligible to join this action to pursue your claims and request that the Court appoint you as a lead plaintiff. To do so, please visit our website at www.spornlaw.com or contact Schoengold & Sporn, toll free at 866-348-7700 or via e-mail at shareholderrelations@spornlaw.com. However, you must do so before December 22, 2003.

Schoengold & Sporn was established in 1962 and has specialized in securities fraud li a plaintiffs' attorney . . . . Mr. Sporn said the settlement represents almost half of the more than $160 million in stocks and bonds that Wedtech sold to the public between 1983 and 1986."

If you would like to further discuss your rights or receive more information, you may call collect or otherwise contact the undersigned, who will be pleased to assist:

CONTACT:
Jay P. Saltzman, Esq.
Ashley Kim, Esq.
Schoengold & Sporn, P.C.
19 Fulton Street, Suite 406
New York, New York 10038
Tel: (212) 964-0046
Fax: (212) 267-8137
Toll Free: (866) 348-7700
E-Mail: shareholderrelations@spornlaw.com
Website: www.spornlaw.com

SOURCE: Schoengold & Sporn, P.C.

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