• Consolidated Amended Fund Derivative Complaint

Chimicles & Tikellis LLP announces that a derivative lawsuit has been filed on behalf of the Putnam family of funds (the “Funds”), owned and/or operated by Marsh & McLennan Companies, Inc., Putnam Investments Trust, Putnam Investment Management LLC, Putnam Investment Funds, and their affiliates and/or subsidiaries, seeking to pursue remedies under common law and the Investment Advisers Act of 1940.

The Complaint alleges that defendants violated common law and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that certain of the defendants improperly allowed certain favored investors to engage in “timing” of the Funds’ securities. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing and that premature redemptions will be assessed a charge.

The derivative complaint seeks damages for harm caused to the various mutual fund families, disgorgement of excessive management fees and profits, removal of fund directors, rescission of fund management contracts, and the payment of attorneys’ fees and expenses, as well as therapeutic or structural changes in the funds’ policies and review procedures, aimed at decreasing the risk of similar wrongdoing occurring in the future. It is our belief that a derivative action will maximize recovery to investors because the illegally gained profits will be returned to the Fund and inure to the benefit of the investors.

Please contact us if you are an investor in one of the following mutual fund families and would like to learn more about the cases and possibly become a named plaintiff in a derivate lawsuit filed on behalf of the mutual fund:

Timothy N. Mathews, Esquire (timothymathews@chimicles.com)
Chimicles & Tikellis LLP
361 West Lancaster Avenue
Haverford, PA 19041
Toll Free: 866-399-2487

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

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

To learn more about the individual cases, click on the following links:

   Friday, July 04th, 2008