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Shareholder Class Action Filed Against The Putnam Family of Mutual Funds by the Law Firm of Schiffrin & Barroway, LLP - PAGVX, POGAX, PBLGX, MMC.

BALA CYNWYD, Pa., Nov. 7 /PRNewswire/ -- The law firm of Schiffrin & Barroway, LLP announces that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers, redeemers and holders of shares of Marsh & McLennan Companies, Inc. , Putnam Classic Equity Fund , Putnam Convertible Income-Growth Trust , Putnam Discovery Growth Fund , Putnam Diversified Income Trust , Putnam Equity Income Fund

, Putnam Europe Equity Fund , Putnam Florida Tax Exempt Income Fund , Putnam Fund for Growth and Income , George Putnam Fund of Boston , Putnam Global Equity Fund , Putnam Global Income Trust

, and other Putnam Mutual Funds (the "Putnam Funds") from November 1, 1998 through September 3, 2003, inclusive (the "Class Period").

The Putnam Funds and the symbols for the respective funds named below are as follows:
 Putnam American Government Income Fund

 Putnam Arizona Tax Exempt Income Fund



Putnam Asset Allocation: Balanced Portfolio

Putnam Asset Allocation: Conservative Portfolio
 Putnam Asset Allocation: Growth Portfolio

 Putnam California Tax Exempt Income Fund

 Putnam Capital Appreciation Fund

 Putnam Capital Opportunities Fund

 Putnam Classic Equity Fund

 Putnam Convertible Income-Growth Trust

 Putnam Discovery Growth Fund

 Putnam Diversified Income Trust

 Putnam Equity Income Fund

 Putnam Europe Equity Fund
 Putnam Florida Tax Exempt Income Fund
 Putnam Fund for Growth and Income

 George Putnam Fund of Boston

 Putnam Global Equity Fund

 Putnam Global Income Trust
 Putnam Global Natural Resources Fund

 Putnam Growth Opportunities Fund




Putnam Health Sciences Trust
 Putnam High Yield Advantage Fund

 Putnam High Yield Trust

 Putnam Income Fund

 Putnam Intermediate U.S. Government Income Fund

 Putnam International Capital Opportunities Fund

 Putnam International Equity Fund

 Putnam International Growth and Income Fund

 Putnam International New Opportunities Fund

 Putnam Investors Fund

 Putnam Massachusetts Tax Exempt Income Fund

 Putnam Michigan Tax Exempt Income Fund
 Putnam Mid Cap Value Fund
 Putnam Minnesota Tax Exempt Income Fund
 Putnam Money Market Fund

 Putnam Municipal Income Fund

 Putnam New Jersey Tax Exempt Income Fund
 Putnam New Opportunities Fund

 Putnam New Value Fund

 Putnam New York Tax Exempt Income Fund
 Putnam New York Tax Exempt Opportunities Fund

 Putnam OTC & Emerging Growth Fund

 Putnam Ohio Tax Exempt Income Fund
 Putnam Pennsylvania Tax Exempt Income Fund
 Putnam Research Fund
 Putnam Small Cap Growth Fund
 Putnam Small Cap Value Fund

 Putnam Tax Exempt Income Fund

 Putnam Tax Exempt Money Market Fund
 Putnam Tax Smart Equity Fund

 Putnam Tax-Free High Yield Fund

 Putnam Tax-Free Insured Fund
 Putnam U.S. Government Income Trust

 Putnam Utilities Growth and Income Fund

 Putnam Vista Fund

 Putnam Voyager Fund





The complaint charges Marsh & McLennan Companies, Inc. , 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 http://www.sbclasslaw.com/currentcases.cfm.

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.
 CONTACT: Schiffrin & Barroway, LLP
 Marc A. Topaz, Esq.
 Stuart L. Berman, Esq.
 Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004
 1-888-299-7706 (toll free) or 1-610-667-7706
 Or by e-mail at info@sbclasslaw.com



CONTACT: Marc A. Topaz, Esq. or Stuart L. Berman, Esq., both of Schiffrin & Barroway, LLP, +1-888-299-7706, or +1-610-667-7706, info@sbclasslaw.com

Web site: http://www.sbclasslaw.com/

Web site: http://www.sbclasslaw.com/currentcases.cfm
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Geographic Code:1USA
Date:Nov 7, 2003
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