Vote-By-Phone Solicitation Script for
(Name of Fund)


This script provides information to the shareholder and solicits
their vote by phone, to be confirmed by written confirmation.


Good Morning/Afternoon/Evening.  May I please speak with (name of
shareholder)?  I am representing Putnam Investments in Boston.  

To verify that I am speaking with the shareholder of record, may
I confirm that you are (name of shareholder of record) and that
your address of record is (address of record)? 

(If the person is unwilling to confirm this information, thank
them for their time and terminate the call.)

We noted that we have not yet received your vote.  Do you have
any questions regarding the proposals I can clarify for you?  

(If there are questions regarding the non-routine proposals for
Putnam Dividend Growth Fund, Putnam Europe Growth Fund, Putnam
Global Growth Fund, Putnam New Opportunities Fund or Putnam
Voyager Fund, please refer to the Q & A attached.)

Would you like to vote by phone?  

(If not, ask the shareholder if they would like another ballot,
thank them for their time and terminate the call. If so, proceed
as follows:)

We previously sent you a letter describing our procedures for
voting your proxy ballot by telephone. 

I will now read the information on the proxy card so that you can
provide us with your voting instructions.

Putnam (Name of Fund) 

Proxy for a meeting of shareholders, July 7, 1994.  

This proxy is solicited on behalf the Trustees of the Fund.

The shareholder hereby appoints George Putnam, Hans H. Estin and
William F. Pounds, and each of them separately, proxies, with
power of substitution, and hereby authorizes them to represent
and vote, as designated hereafter, at the meeting of shareholders
of Putnam (Name of Fund), on July 7, 1994, at 1:00 p.m., Boston
time, and at any adjournments thereof, all of the shares of the
Fund which the shareholder would be entitled to vote if
personally present.

This proxy when properly authorized will be voted in the manner
directed herein by the shareholder. In their discretion, the
proxies are authorized to vote upon such other matters as may
properly come before the meeting.  The Trustees recommend a vote
FOR electing all of the nominees for Trustees and FOR the
following proposals: 

1.   (All Funds)
     Election of Trustees. 

     The nominees are: Jameson Adkins Baxter, Hans H. Estin, John
     A. Hill, Elizabeth T. Kennan, Lawrence J. Lasser, Robert E.
     Patterson, Donald S. Perkins, William F. Pounds, George
     Putnam, George Putnam III, A.J.C. Amith, and William N.
     Thorndike.

     How would you like to vote on this proposal? 

          For electing all of the nominees?
          For electing all nominees other than the following
          nominees? (specify nominees for whom voting authority
          is withheld)
          Withhold authority to vote for all nominees?
          
2.   (All Funds)
     Ratify the selection of (see below) as auditors. 

     (Coopers & Lybrand: Dividend Growth
                         Dividend Income
                         Global Growth
                         New Jersey
                         New Opportunities
                         U.S. Government Income)
     (Price Waterhouse:  Europe Growth
                         Premier Income
                         Voyager)

     How would you like to vote on this proposal? 
          For, Against or Abstain?

3.   (Putnam Dividend Growth Fund, Putnam Europe Growth Fund,
     Putnam Global Growth Fund, Putnam New Opportunities Fund or
     Putnam Voyager Fund only) 
     To eliminate the Fund's fundamental investment restriction
     with respect to investments in investment companies. 

     How would you like to vote on this proposal? 
          For, Against or Abstain?

4.   (Putnam Dividend Growth Fund, Putnam Europe Growth Fund,
     Putnam Global Growth Fund, Putnam New Opportunities Fund or
     Putnam Voyager Fund only) 
     To amend the Fund's fundamental investment restriction with
     respect to investments in restricted securities. 

     How would you like to vote on this proposal? 
          For, Against or Abstain?

5.   (Putnam Global Growth Fund only)

     To amend the Fund's fundamental investment restrictions with
     respect to the use of financial futures contracts and
     related options. 

     How would you like to vote on this proposal? 
          For, Against or Abstain?

6.   (Putnam Voyager Fund only)

     To eliminate the Fund's fundamental investment restriction
     with respect to the pledging of assets. 

     How would you like to vote on this proposal? 
          For, Against or Abstain?


Thank you.  Do you wish to send the entire message?

To repeat your instructions:  

You voted:
     On proposal 1:
     On proposal 2:
     etc.
     Is this correct?

Thank you.  We will be sending you a written confirmation of your
vote. Please call us if the information on the confirmation is
incorrect. 



Q & A FOR PUTNAM DIVIDEND GROWTH FUND, PUTNAM EUROPE GROWTH FUND,
PUTNAM GLOBAL GROWTH FUND, PUTNAM NEW OPPORTUNITIES FUND, AND
PUTNAM VOYAGER FUND

On May 6, 1994, a proxy statement was sent to shareholders of
Putnam Dividend Growth Fund, Putnam Europe Growth Fund, Putnam
Global Growth Fund, Putnam New Opportunities Fund, and Putnam
Voyager Fund. Listed below are answers to the questions and
concerns shareholders are likely to have regarding non-routine
proposals for these funds, followed by answers and information
regarding each issue.

WHAT, EXACTLY, ARE THE FUNDS PROPOSING?

      All five funds are seeking to eliminate their fundamental
     investment restrictions regarding investments in investment
     companies. The proposal would permit these funds to invest
     in certain other registered open-end investment companies.

      All five funds are seeking to amend their fundamental
     investment restrictions regarding investments in restricted
     securities. The proposal would expand the ability of these
     funds to invest in certain restricted securities.

      Putnam Global Growth Fund is seeking to amend its
     fundamental investment restrictions regarding margin
     transactions and commodities and commodities contracts. The
     proposal would permit the fund to invest in certain
     financial futures contracts and related options.

      Putnam Voyager Fund is seeking to eliminate its fundamental
     investment restriction regarding the pledging of assets, in
     order to clarify that the fund may sell covered put options
     on securities. 

1. INVESTMENTS IN INVESTMENT COMPANIES:

     What are the issues regarding investments in open-end
     investment companies?

     Your fund seeks the change to provide maximum flexibility
     for it to take advantage of securities that might be
     structured using a pass-through entity. Many of these
     securities did not exist when your fund's prospectus was
     originally written, and others may be developed in the
     future.

     WHY MIGHT THESE PASS-THROUGH ENTITIES BE CONSIDERED
     "INVESTMENT COMPANIES"?

     Because such securities represent investment in an
     underlying pool of securities, they technically fall under
     the definition of investment companies as defined by the
     Investment Company Act of 1940. 
     If the proposal is approved, the Trustees intend to adopt a
     more flexible nonfundamental investment restriction that
     would only prohibit investments in mutual funds such as the
     fund. Such a restriction could be revised or eliminated by
     the Trustees without a shareholder vote. 

     WHAT ARE SOME EXAMPLES?

      Certain mortgage-backed securities, such as collateralized
     mortgage obligations (CMOs) and certain municipal securities
     such as inverse floaters.

      Shares of a foreign-based investment fund that invests in
     companies of its home country, which does not allow direct
     investment in individual companies by U.S. or other foreign
     investors.

     Even though adding these securities to a portfolio could
     involve duplication of some fees and expenses, Putnam
     Management believes they may provide attractive investment
     opportunities that would be consistent with your fund s
     objectives and policies. 

2. INVESTMENTS IN RESTRICTED SECURITIES:

     What are the issues regarding investments in restricted
     securities?

     Your fund seeks the change to permit it to invest a greater
     portion of its assets in securities that are restricted as
     to resale.  Essentially, your fund seeks to increase its
     flexibility to the extent permitted under recent Securities
     and Exchange Commission (SEC) guidelines.

     WHAT IS A "RESTRICTED SECURITY"?

     A restricted security is one that is subject to a
     restriction on its transfer. A common example of such a
     security is one that has not been registered with the SEC
     and that is not sold to the general public. Such
     unregistered securities are frequently purchased by large
     institutional investors who generally have experience
     trading restricted securities.

     WHY DOES MY FUND INVEST IN THESE SECURITIES?

     While Putnam Management believes the use of restricted
     securities can pose some risks and that their use should
     therefore be limited, Putnam Management also believes that
     restricted securities can provide many attractive investment
     opportunities for your fund, especially since the
     institutional markets for many of these securities in recent
     years have continued to increase in size and have become
     more liquid.

     WHAT ARE SOME OF THE RISKS ASSOCIATED WITH INVESTMENTS IN
     RESTRICTED SECURITIES?

     The SEC has long taken the position that mutual funds such
     as your fund should limit investments in illiquid securities
     because such securities may present problems of accurate
     valuation and because a fund owning a high percentage of
     such securities may have difficulty disposing of them in
     satisfying redemption requests in a timely fashion. 
     
     In general, illiquid securities have included restricted
     securities and those securities for which there is no
     readily available market. The SEC recently revised its
     position to permit mutual funds to invest up to 15% of their
     assets in illiquid securities. 

     In addition, the SEC has adopted a rule that facilitates the
     trading of certain restricted securities among institutional
     investors and has stated that such securities may be treated
     as liquid securities by a mutual fund if its trustees
     determine they are, in fact, liquid. 

     Putnam Management believes that the fact that a security may
     be restricted will not necessarily adversely affect its
     liquidity or the ability of the fund to determine its value. 
     As institutional markets develop, your fund would be
     constrained by its current investment restriction even
     though the institutional restricted securities markets could
     provide both readily ascertainable values for restricted
     securities and the ability to reduce an investment to cash
     in order to satisfy fund share redemption orders on a timely
     basis. 

     WHAT CHANGES ARE BEING PROPOSED AND WHY?

     There are two parts to the current proposal: 

      Part 1    The SEC recently revised its requirement, which
     previously stated that mutual funds like your fund should
     not invest more than 10% of assets in illiquid securities,
     including restricted securities. The requirement now states
     that they may invest up to 15% of net assets in these
     securities. While your fund previously limited investments
     in these securities to 5% of its net assets, the proposal
     would allow it to invest up to 15% of its net assets in
     these securities, in line with the new SEC limits.
     
      Part 2    In recognition of the increased size and
     liquidity of the institutional markets for unregistered
     securities, the SEC has also adopted a rule that states that
     restricted securities traded under the rule may be treated
     as liquid, for purposes of investment limitations, if the
     trustees of a mutual fund like your fund determine that the
     securities are, in fact, liquid or readily convertible to
     cash.

     Putnam Management believes that updating your fund's policy
     with respect to the trading of these securities so it is as
     flexible as the new SEC regulations permit will allow your
     fund to benefit from the increasing number of investment
     opportunities available in the institutional markets.

3.   USE OF OPTIONS AND FUTURES:

     WHAT'S BEHIND THE REQUEST TO CHANGE PUTNAM GLOBAL GROWTH
     FUND'S POLICIES ON THE USE OF OPTIONS AND FUTURES?

     To change the fund's investment restrictions regarding
     margin transactions and commodities and commodities
     contracts to expand the fund's ability to invest in
     financial futures contracts and related options. This would
     allow the fund to do what Putnam's other global equity funds
     (Asia Pacific, Europe Growth, and Overseas Growth) are
     already permitted to do. Under the fund's current
     fundamental investment restrictions, the fund may only
     engage in currency futures contracts entered into for
     hedging purposes. If the proposal is approved, the fund's
     use of futures contracts and related options would be
     expanded to permit the fund to buy and sell other types of
     futures contracts and related options for hedging purposes
     or to earn additional income.  

     WHY IS IT BEING PROPOSED?

     The fund was introduced in 1967 and began investing mostly
     in global stocks in 1977. The fund's investment restrictions
     therefore reflect an investment strategy that does not
     provide the management tools and flexibility desireable in
     the 1990s.  

      WHAT WOULD IT ALLOW THE FUND TO DO?

     Strategically, the change would allow the fund, like its
     newer counterparts, to hedge its portfolio in two ways: 

      Classic hedge   Use  index futures contracts and related
     options to hedge against changes in currency exchange rates
     or declines in specific markets.  An index future is a
     contract to buy or sell units of a securities index at an
     agreed price on a specified future date.

      Anticipatory hedge   Use certain index futures contracts
     and related options in the markets of a particular country
     in which Putnam Management is considering new investments
     but has not yet completed all the research required to
     purchase a sufficient quantity of specific investments. Use
     of these index futures contracts and related options in that
     market would allow the fund to participate in potentially
     favorable opportunities there while it becomes more fully
     invested in individual securities.

     The proposal would also permit the use of futures contracts
     and related options for other permissible purposes,
     including earning additional income.

     The fund does not currently contemplate immediately engaging
     in financial futures and related options transactions other
     than those involving currency and index futures. However,
     the proposal would permit the fund to engage in such other
     transactions without the need for shareholder approval,
     although the fund would only engage in them to the extent
     permitted by regulatory requirements. 

     WHAT ARE THE RISKS INVOLVED WITH THESE INVESTMENT
     STRATEGIES?

     The use of futures contracts and options involves certain
     special risks. Futures and options transactions involve
     costs and may result in losses. Certain risks arise because
     of the possibility of imperfect correlations between
     movements in the prices of index futures and options and
     movements in the prices of the underlying securities index
     or of the securities in the fund's portfolio that are the
     subject of the hedge. 

     The successful use of index futures and related options
     further depends on Putnam Management's ability to forecast
     market movements correctly. Other risks arise from the
     fund's potential inability to close out its index futures or
     options positions, and there can be no assurance that a
     liquid secondary market will exist for any index future or
     option at any time. Certain provisions of the Internal
     Revenue Code and certain regulatory requirements may limit
     the fund's ability to engage in index futures and options
     transactions. 

     The use of most other types of financial futures contracts
     and related options would involve similar risks but could
     involve additional risks as well.

4.   POLICY ON PLEDGING OF ASSETS: 
     
     WHAT'S BEHIND THE REQUEST TO CHANGE PUTNAM VOYAGER FUND'S
     POLICY ON THE PLEDGING OF ASSETS?

     Your fund already has broad authority to use options and
     futures. The proposal seeks to clarify a technicality. 

     On the one hand, the fund's investment policy permits the
     fund to sell put options on securities. On the other hand,
     the fund's investment restriction on pledging assets may be
     viewed as prohibiting the selling of put options on
     securities. 

     The proposal simply resolves this possible contradiction by
     eliminating the restriction on pledging assets.

     If the proposal is approved, the Trustees intend to adopt a
     more flexible nonfundamental investment restriction on the
     pledging of assets. Such a restriction could be revised or
     eliminated by the Trustees without shareholder approval.