LOS ANGELES, Dec. 12, 2003 (PRIMEZONE) -- Notice is hereby given by Glancy & Binkow LLP that a Class Action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired certain of the Putnam family of mutual funds (the "Putnam Funds"), between November 1, 1998 and September 3, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges, among others, Putnam Investment Funds, Putnam Investment Management LLC and Marsh & McLennan Companies, Inc. with violations of federal securities laws. The complaint alleges that during the Class Period defendants failed to disclose that certain favored investors were allowed to engage in "market timing" - short-term, in-and-out trading of mutual fund shares - to the detriment of other Putnam Funds investors who paid, dollar-for-dollar, for the favored investors' improper profits. The complaint alleges that these improper practices were undisclosed in the Putnam Funds' prospectuses, which represented that the Putnam Funds actively deter "timing."
The Putnam Funds, and the symbols for the respective Putnam 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:AZBX) Putnam Asset Allocation: Balanced Portfolio (Nasdaq: PABAX) (Nasdaq:PABBX) (Nasdaq: AABCX) (Nasdaq: PABMX) Putnam Asset Allocation: Conservative Portfolio (Nasdaq: PACAX) (Nasdaq: PACBX) (Nasdaq: PACCX) (Nasdaq: 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)
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud. If you are a member of the Class described above, you may move the Court, not later than December 22, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.