Results of November 11, 2004 and January 10, 2005 shareholder
meetings
(Unaudited)

A special meeting of shareholders of the fund was held on
November 11, 2004. At that meeting consideration of certain
proposals was adjourned to a final meeting held on January 10,
2005.

November 11, 2004 meeting
At the meeting, each of the nominees for Trustees was elected, as
follows:


     					Votes 		Votes
 	   		 		for 		withheld

Jameson A. Baxter 			17,936,823 	870,676
Charles B. Curtis 			17,939,043 	868,456
Myra R. Drucker 			17,956,305 	851,194
Charles E. Haldeman, Jr. 		17,947,375 	860,124
John A. Hill 				17,938,408 	869,091
Ronald J. Jackson 			17,954,306 	853,193
Paul L. Joskow 				17,943,176 	864,323
Elizabeth T. Kennan 			17,921,426 	886,073
John H. Mullin, III 			17,929,950 	877,549
Robert E. Patterson 			17,942,953 	864,546
George Putnam, III 			17,897,296 	910,203
A.J.C. Smith* 				17,911,884 	895,615
W. Thomas Stephens 			17,927,889 	879,610
Richard B. Worley 			17,953,168 	854,331

A motion with respect to a proposal to approve an amendment to
the funds Agreement and Declaration of Trust was not brought
before the meeting and accordingly no vote was taken with respect
to the proposal.


Results of November 11, 2004 and January 10, 2005 shareholder
meetings (continued)
(Unaudited)

January 10, 2005 meeting
A proposal to amend funds fundamental investment restriction with
respect to borrowing to allow the fund the investments
flexibility permitted by the Investment Company Act was defeated
as follows:

      Votes 				Votes
      for 				against 		Abstentions

      11,766,415 			1,198,777 		6,026,229

A proposal to amend funds fundamental investment restriction with
respect to making loans to enhance the funds ability to
participate in an interfund borrowing and lending program was
defeated as follows:

      Votes 			Votes
      for 			against 		Abstentions

      11,845,783 		1,102,612 		6,043,026

A proposal to amend funds fundamental investment restriction with
respect to diversification of investments to enhance the funds
ability to invest in registered investment companies such as
Putnam Prime Money Market Fund was defeated as follows:

      Votes 			Votes
      for 			against 		Abstentions

      12,280,983 		738,460 		5,971,978



* Mr. Smith resigned from the Board of Trustees on January 21,
2005.
All tabulations are rounded to nearest whole number.