The Law Firm Of Schiffrin & Barroway, LLP Announces That Putnam Mutual Fund Investors Have Six Days Remaining To File Lead Plaintiff Motion

Radnor, Pennsylvania, UNITED STATES

BALA CYNWYD, Pa., Dec. 16, 2003 (PRIMEZONE) -- Putnam Mutual Fund investors have six (6) days to move for lead plaintiff in a securities fraud class action recently brought against Marsh & McLennan Companies, Inc. (NYSE: MMC), Putnam Investment Management LLC, Putnam Investments Trust, Putnam Investment Funds, and the Putnam Funds. If you purchased any of the Putnam Funds listed below between November 1, 1998 and September 3, 2003, inclusive (the "Class Period") and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Southern District of New York by December 22, 2003.

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

Putnam American Government Income Fund (Nasdaq:PAGVX) (Nasdaq:PAMBX) (Nasdaq:PAMMX)

Putnam Arizona Tax Exempt Income Fund (Nasdaq:PTAZX) (Nasdaq:PAZBX)

Putnam Asset Allocation: Balanced Portfolio (Nasdaq:PABAX) (Nasdaq:PABBX) (Nasdaq:AABCX) (Nasdaq:PABMX)

Putnam Asset Allocation: Conservative Portfolio (NASDAQ:PACAX) (Nasdaq:PACBX) (Nasdaq:PACCX) (Nasdasq:PACMX)

Putnam Asset Allocation: Growth Portfolio (Nasdaq:PAEAX) (Nasdaq:PAEBX) (Nasdaq:PAECX) (Nasdaq:PAGMX)

Putnam California Tax Exempt Income Fund (Nasdaq:PCTEX) (Nasdaq:PCTBX) (Nasdaq:PCLMX)

Putnam Capital Appreciation Fund (Nasdaq:PCAPX) (Nasdaq:PCABX) (Nasdaq:PCAMX)

Putnam Capital Opportunities Fund (Nasdaq:PCOAX) (Nasdaq:POPBX) (Nasdaq:PCOCX)

Putnam Classic Equity Fund (Nasdaq:PXGIX) (Nasdaq:PGIIX) (Nasdaq:PGTCX) (Nasdaq:PGIMX)

Putnam Convertible Income-Growth Trust (Nasdaq:PCONX) (Nasdaq:PCNBX) (Nasdaq:PCNMX)

Putnam Discovery Growth Fund (Nasdaq:PVIIX) (Nasdaq:PVYBX) (Nasdaq:PVYCX) (Nasdaq:PVYMX)

Putnam Diversified Income Trust (Nasdaq:PDINX) (Nasdaq:PSIBX) (Nasdaq:PDVCX) (Nasdaq:PDVMX)

Putnam Equity Income Fund (Nasdaq:PEYAX) (Nasdaq:PEQNX) (Nasdaq:PEQCX) (Nasdaq:PEIMX)

Putnam Europe Equity Fund (Nasdaq:PEUGX) (Nasdaq:PEUBX) (Nasdaq:PEUMX)

Putnam Florida Tax Exempt Income Fund (Nasdaq:PTFLX) (Nasdaq:PFLBX)

Putnam Fund for Growth and Income (Nasdaq:PGRWX) (Nasdaq:PGIBX) (Nasdaq:PGRIX) (Nasdaq:PGRMX)

George Putnam Fund of Boston (Nasdaq:PGEOX) (Nasdaq:PGEBX) (Nasdaq:PGPCX) (Nasdaq:PGEMX)

Putnam Global Equity Fund (Nasdaq:PEQUX) (Nasdaq:PEQBX) (Nasdaq:PUGCX) (Nasdaq:PEQMX)

Putnam Global Income Trust (Nasdaq:PGGIX) (Nasdaq:PGLBX) (Nasdaq:PGGMX)

Putnam Global Natural Resources Fund (Nasdaq:EBERX) (Nasdaq:PNRBX) (Nasdaq:PGLMX)

Putnam Growth Opportunities Fund (Nasdaq:POGAX) (Nasdaq:POGBX) (Nasdaq:POGCX) (Nasdaq:PGOMX)

Putnam Health Sciences Trust (Nasdaq:PHSTX) (Nasdaq:PHSBX) (Nasdaq:PCHSX) (Nasdaq:PHLMX)

Putnam High Yield Advantage Fund (Nasdaq:PHYIX) (Nasdaq:PHYBX) (Nasdaq:PHYMX)

Putnam High Yield Trust (Nasdaq:PHIGX) (Nasdaq:PHBBX) (Nasdaq:PCHYX) (Nasdaq:PHIMX)

Putnam Income Fund (Nasdaq:PINCX) (Nasdaq:PNCBX) (Nasdaq:PUICX) (Nasdaq:PNCMX)

Putnam Intermediate U.S. Government Income Fund (Nasdaq:PBLGX) (Nasdaq:PBGBX) (Nasdaq:PVICX)

Putnam International Capital Opportunities Fund (Nasdaq:PNVAX) (Nasdaq:PVNBX) (Nasdaq:PUVCX) (Nasdaq:PIVMX)

Putnam International Equity Fund (Nasdaq:POVSX) (Nasdaq:POVBX) (Nasdaq:PIGCX) (NASDAQ:POVMX)

Putnam International Growth and Income Fund (Nasdaq:PNGAX) (Nasdaq:PGNBX) (Nasdaq:PIGRX) (Nasdaq:PIGMX)

Putnam International New Opportunities Fund (NASDAQ:PINOX) (NASDAQ:PINWX) (Nasdaq:PIOCX) (Nasdaq:PINMX)

Putnam Investors Fund (Nasdaq:PINVX) (Nasdaq:PNVBX) (Nasdaq:PCINX) (Nasdaq:PNVMX)

Putnam Massachusetts Tax Exempt Income Fund (Nasdaq:PXMAX) (Nasdaq:PMABX)

Putnam Michigan Tax Exempt Income Fund (Nasdaq:PXIMX) (Nasdaq:PMEBX)

Putnam Mid Cap Value Fund (Nasdaq:PMVAX) (Nasdaq:PMVBX) (Nasdaq:PMPCX)

Putnam Minnesota Tax Exempt Income Fund (Nasdaq:PXMNX) (Nasdaq:PMTBX)

Putnam Money Market Fund (Nasdaq:PDDXX) (Nasdaq:PTBXX) (Nasdaq:PFCXX) (Nasdaq:PTMXX)

Putnam Municipal Income Fund (Nasdaq:PTFHX) (Nasdaq:PFHBX) (Nasdaq:PMUMX)

Putnam New Jersey Tax Exempt Income Fund (Nasdaq:PTNJX) (Nasdaq:PNJBX)

Putnam New Opportunities Fund (Nasdaq:PNOPX) (Nasdaq:PNOBX) (Nasdaq:PNOMX)

Putnam New Value Fund (Nasdaq:PANVX) (Nasdaq:PBNVX) (Nasdaq:PNVCX) (Nasdaq:PMNVX)

Putnam New York Tax Exempt Income Fund (Nasdaq:PTEIX) (Nasdaq:PEIBX)

Putnam New York Tax Exempt Opportunities Fund (Nasdaq:PTNHX) (Nasdaq:PTNBX) (Nasdaq:PNYMX)

Putnam OTC & Emerging Growth Fund (Nasdaq:POEGX) (Nasdaq:POTBX) (Nasdaq:POEXC) (Nasdaq:POEMX)

Putnam Ohio Tax Exempt Income Fund (Nasdaq:PHOHX) (Nasdaq:POXBX)

Putnam Pennsylvania Tax Exempt Income Fund (Nasdaq:PTEPX) (Nasdaq:PPNBX)

Putnam Research Fund (Nasdaq:PNRAX) (Nasdaq:PRFBX) (Nasdaq:PRACX)

Putnam Small Cap Growth Fund (Nasdaq:PNSAX)

Putnam Small Cap Value Fund (Nasdaq:PSLAX) (Nasdaq:PSLBX) (Nasdaq:PSLCX) (Nasdaq:PSLMX)

Putnam Tax Exempt Income Fund (Nasdaq:PTAEX) (Nasdaq:PTBEX) (Nasdaq:PTXMX)

Putnam Tax Exempt Money Market Fund (Nasdaq:PTXXX)

Putnam Tax Smart Equity Fund (Nasdaq:PATSX) (Nasdaq:PBTSX) (Nasdaq:PCSMX)

Putnam Tax-Free High Yield Fund (Nasdaq:PTHAX) (Nasdaq:PTHYX) (Nasdaq:PTYMX)

Putnam Tax-Free Insured Fund (Nasdaq:PPNAX) (Nasdaq:PTFIX)

Putnam U.S. Government Income Trust (Nasdaq:PGSIX) (Nasdaq:PGSBX) (Nasdaq:PGVCX) (Nasdaq:PGSMX)

Putnam Utilities Growth and Income Fund (Nasdaq:PUGIX) (Nasdaq:PUTBX) (Nasdaq:PUTMX)

Putnam Vista Fund (Nasdaq:PVISX) (Nasdaq:PVTBX) (Nasdaq:PCVFX) (Nasdaq:PVIMX)

Putnam Voyager Fund (Nasdaq:PVOYX) (Nasdaq:PVOBX) (Nasdaq:PVFCX) (Nasdaq:PVOMX)

The complaint charges Marsh & McLennan Companies, Inc. (NYSE:MMC), Putnam Investment Management LLC, Putnam Investments Trust, Putnam Investment Funds, and the Putnam Funds with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Investment Company Act of 1940 (the "Investment Company Act"), and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period the Putnam Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the Putnam Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors to illegally engage in "timing" of the Putnam Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares despite explicit restrictions on such activity in the Putnam Funds' prospectuses.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit

If you are a member of the class described above, you may, not later than December 22, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.

More information on this and other class actions can be found on the Class Action Newsline at


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