007 Putnam Voyager Fund attachment
1/31/05 Semi-Annual

77E

Regulatory matters and litigation.  Putnam Management has
entered into agreements with the Securities and Exchange
Commission and the Massachusetts Securities Division settling
charges connected with excessive short-term trading by Putnam
employees and, in the case of the charges brought by the
Massachusetts Securities Division, by participants in some
Putnam-administered 401(k) plans. Pursuant to these settlement
agreements, Putnam Management will pay a total of $193.5 million
in penalties and restitution, with $153.5 million being paid to
shareholders and the funds. The restitution amount will be
allocated to shareholders pursuant to a plan developed by an
independent consultant, with payments to shareholders currently
expected by the end of the summer.

The SECs and Massachusetts Securities Divisions allegations and
related matters also serve as the general basis for numerous
lawsuits, including purported class action lawsuits filed
against Putnam Management and certain related parties, including
certain Putnam funds. Putnam Management will bear any costs
incurred by Putnam funds in connection with these lawsuits.
Putnam Management believes that the likelihood that the pending
private lawsuits and purported class action lawsuits will have a
material adverse financial impact on the fund is remote, and the
pending actions are not likely to materially affect its ability
to provide investment management services to its clients,
including the Putnam funds.

In connection with its investigation of certain brokerage
matters, the staff of the Philadelphia district office of the
SEC has raised the question whether, in years prior to 2004,
Putnam Management fully and effectively disclosed its practices
relating to the allocation of brokerage on mutual fund portfolio
transactions to brokerdealers who sold shares of the funds.
Putnam Management ceased directing brokerage to broker-dealers
in connection with the sale of fund shares as of January 1,
2004. Putnam Management and the Philadelphia office negotiated
an offer of settlement under which Putnam Management would pay a
civil penalty in the amount of $40 million and disgorgement in
the amount of $1, and the total amount would be distributed to
certain Putnam funds. The offer of settlement is subject to
final documentation and approval by the Commissioners and the
staff of the SEC. Discussions with the staff with respect to the
offer of settlement are ongoing.