June 29, 2012
Each of the Borrowers listed
on Appendix I hereto
One Post Office Square
Boston, MA 02109
Attention:	Jonathan S. Horwitz,
	Executive Vice President, Principal Executive Officer,
	Treasurer and Compliance Liaison
RE: Fifth Amendment to Putnam Funds Uncommitted Line of Credit

Ladies and Gentlemen:

Pursuant to a letter agreement dated as of July 6, 2010 (as amended, the “Loan Agreement”) among State Street Bank and Trust Company (the “Bank”) and each of the management investment companies registered under the Investment Company Act listed on Appendix I attached thereto (each, a “Borrower”), the Bank has made available to each of the Borrowers, for itself or on behalf of designated fund series thereof, a $185,000,000 uncommitted, unsecured line of credit (the “Uncommitted Line”). The obligations of the Borrowers arising under the Uncommitted Line are evidenced by an amended and restated promissory note in the original principal amount of $185,000,000, dated March 30, 2012, executed by each of the Borrowers, for itself or on behalf of such designated fund series thereof, in favor of the Bank (as amended, the “Note”). Any capitalized term not otherwise defined herein shall have the same meaning as set forth in the Loan Agreement.

The Borrowers have requested, and the Bank has agreed, to make certain changes to the Loan Documents in connection therewith as set forth below. Therefore, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereby agree as follows:

I. Amendments to Loan Documents

Subject to the terms and conditions hereof, the Loan Documents are hereby amended as follows:

1. Section I(1) of the Loan Agreement is hereby amended by deleting the first sentence in its entirety and substituting the following therefor: “The Uncommitted Line shall expire on June 28, 2013 (the “Expiration Date”), unless extended by mutual agreement of the Bank and the Borrowers or, with respect to any Fund, terminated by a Borrower on behalf of such Fund as provided herein.”

2. The Borrowers have informed the Bank that (i) Putnam Asset Allocation: Balanced Portfolio, a fund series of Putnam Asset Allocation Funds, has changed its name to Putnam Dynamic Asset Allocation Balanced Fund, (ii) Putnam Asset Allocation: Conservative Portfolio, a

June 29, 2012
Page 2

fund series of Putnam Asset Allocation Funds, has changed its name to Putnam Dynamic Asset Allocation Conservative Fund, (iii) Putnam Asset Allocation: Growth Portfolio, a fund series of Putnam Asset Allocation Funds, has changed its name to Putnam Dynamic Asset Allocation Growth Fund and (iv) Putnam Asset Allocation: Equity Portfolio, a fund series of Putnam Funds Trust, has changed its name to Putnam Dynamic Asset Allocation Equity Fund.

3. The Appendix I attached to the Loan Agreement and the Appendix I (or other applicable schedule, appendix or exhibit designation), as applicable, attached to each other certificate, agreement or form executed and/or delivered in connection with the Loan Agreement which includes such an Appendix I (or other applicable schedule, appendix or exhibit designation) listing the Borrowers and Funds, is hereby deleted and the Appendix I attached hereto is substituted in each instance therefor, such revised Appendix I reflecting the name change of certain Funds as described in paragraph 2.

II. Renewal Fee

As a condition precedent to the effectiveness of this letter agreement, the Borrowers shall pay to the Bank a non-refundable fee of $50,000 for renewing the Uncommitted Line, which fee shall be fully earned by the Bank upon the date of this letter agreement.

III. Miscellaneous

1. Other than as expressly amended hereby, all terms and conditions of the Loan Agreement and all related Loan Documents shall remain unchanged and are hereby ratified and affirmed as of the date hereof.

2. Each of the Borrowers, for itself and on behalf of its respective Funds, represents and warrants to the Bank as follows: (a) no Default or Event of Default has occurred and is continuing on the date hereof under the Loan Documents; (b) each of the representations and warranties contained in the Loan Agreement is true and correct in all respects with respect to such Borrower, for itself and its respective Funds, on and as of the date of this letter amendment except to the extent such representation and warranty is made as of an earlier date; (c) the execution, delivery and performance of this letter amendment, and the Loan Documents, as amended hereby (collectively, the “Amended Loan Documents”): (i) are, and will be, within such Borrower's power and authority, (ii) have been authorized by all necessary proceedings, (iii) do not, and will not, require any consent or approval from any governmental authority or any other party other than those which have been received, (iv) will not contravene any provision of, or exceed any limitation contained in, the declaration of trust, by-laws or other organizational documents or Prospectus of such Borrower or any law, rule or regulation applicable to such Borrower, and (v) do not constitute a default under any other agreement, order or undertaking binding on such Borrower; and (d) each of the Amended Loan Documents constitutes the legal, valid, binding and enforceable obligation of such Borrower, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting the enforcement of creditors' rights generally and by general equitable principles.

3. Upon receipt of a fully executed copy of this letter amendment and such other documents or instruments as the Bank may reasonably request, this letter amendment shall be deemed to be an instrument under seal and an amendment to the Loan Agreement to be governed by the laws of The Commonwealth of Massachusetts.

June 29, 2012
Page 3

4. A copy of the Agreement and Declaration of Trust of each Borrower, as amended or restated from time to time, is on file with the Secretary of the Commonwealth of The Commonwealth of Massachusetts. Notice is hereby given, and it is expressly agreed, that the obligations of any such Borrower under this letter amendment, the Loan Agreement as amended by this letter amendment, and the other Loan Documents as amended by this letter amendment, shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of such Borrower personally, but bind only the trust property of such Borrower. Furthermore, notice is given that the assets and liabilities of each Fund are separate and distinct and that the obligations of or arising out of the Loan Agreement as amended by this letter amendment and the other Loan Documents as amended by this letter amendment with respect to each Fund are several and not joint. In the case of each Borrower, the execution and delivery of this letter amendment on its behalf has been authorized by its trustees, and this letter amendment has been executed and delivered by an authorized officer, in each case acting in such capacity and not individually, and neither such authorization by the trustees nor such execution and delivery shall be deemed to have been made by any of them individually, but shall bind only the trust property of such Borrower.

[Remainder of Page Intentionally Left Blank] 

This letter amendment may be executed in counterparts each of which shall be deemed to be an original document.

Very truly yours, 

STATE STREET BANK AND 

  TRUST COMPANY, as Bank 

By: ____________________________

      Janet B. Nolin 

      Vice President 

Acknowledged and Accepted: 

PUTNAM AMERICAN GOVERNMENT INCOME FUND 

PUTNAM ARIZONA TAX EXEMPT INCOME FUND 

PUTNAM ASSET ALLOCATION FUNDS, on behalf of 

its fund series as listed in Appendix I attached hereto 

PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND 

PUTNAM CONVERTIBLE SECURITIES FUND 

PUTNAM DIVERSIFIED INCOME TRUST 

PUTNAM EQUITY INCOME FUND 

PUTNAM EUROPE EQUITY FUND 

PUTNAM FUNDS TRUST, on behalf of 

its fund series as listed in Appendix I attached hereto 

PUTNAM GLOBAL EQUITY FUND 

PUTNAM GLOBAL HEALTH CARE FUND 

PUTNAM GLOBAL INCOME TRUST 

PUTNAM GLOBAL NATURAL RESOURCES FUND 

PUTNAM GLOBAL UTILITIES FUND 

PUTNAM HIGH YIELD ADVANTAGE FUND 

PUTNAM HIGH YIELD TRUST 

PUTNAM INCOME FUND 

PUTNAM INTERNATIONAL EQUITY FUND 

PUTNAM INVESTMENT FUNDS, on behalf of 

its fund series as listed in Appendix I attached hereto 

PUTNAM INVESTORS FUND 

PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND 

PUTNAM MICHIGAN TAX EXEMPT INCOME FUND 

PUTNAM MINNESOTA TAX EXEMPT INCOME FUND 

PUTNAM MONEY MARKET FUND 

PUTNAM MORTGAGE RECOVERY FUND 

PUTNAM MULTI-CAP GROWTH FUND 

PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND 

PUTNAM NEW YORK TAX EXEMPT INCOME FUND 

PUTNAM OHIO TAX EXEMPT INCOME FUND 

PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND 

PUTNAM TAX EXEMPT INCOME FUND 

PUTNAM TAX EXEMPT MONEY MARKET FUND 

PUTNAM TAX-FREE INCOME TRUST, on behalf of 

its fund series as listed in Appendix I attached hereto 

PUTNAM US GOVERNMENT INCOME TRUST 

PUTNAM VARIABLE TRUST, on behalf of 

its fund series as listed in Appendix I attached hereto 

PUTNAM VOYAGER FUND 

THE GEORGE PUTNAM FUND OF BOSTON 

  d/b/a GEORGE PUTNAM BALANCED FUND 

THE PUTNAM FUND FOR GROWTH AND INCOME 

By: __________________________________________

      Jonathan S. Horwitz 

      Executive Vice President, Principal Executive Officer, 

      Treasurer and Compliance Liaison, of each of the foregoing 

APPENDIX I 

List of Borrowers and Funds 

PUTNAM AMERICAN GOVERNMENT INCOME FUND 

PUTNAM ARIZONA TAX EXEMPT INCOME FUND 

PUTNAM ASSET ALLOCATION FUNDS 

on behalf of: 

Putnam Dynamic Asset Allocation Balanced Fund 

  (f/k/a Putnam Asset Allocation: Balanced Portfolio) 

Putnam Dynamic Asset Allocation Conservative Fund 

  (f/k/a Putnam Asset Allocation: Conservative Portfolio) 

Putnam Dynamic Asset Allocation Growth Fund 

  (f/k/a Putnam Asset Allocation: Growth Portfolio) 

PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND 

PUTNAM CONVERTIBLE SECURITIES FUND 

PUTNAM DIVERSIFIED INCOME TRUST 

PUTNAM EQUITY INCOME FUND 

PUTNAM EUROPE EQUITY FUND 

PUTNAM FUNDS TRUST 

on behalf of: 

Putnam Absolute Return 100 Fund 

Putnam Absolute Return 300 Fund 

Putnam Absolute Return 500 Fund 

Putnam Absolute Return 700 Fund 

Putnam Asia Pacific Equity Fund 

Putnam Dynamic Asset Allocation Equity Fund 

  (f/k/a Putnam Asset Allocation: Equity Portfolio) 

Putnam Capital Spectrum Fund 

Putnam Dynamic Risk Allocation Fund 

Putnam Emerging Markets Equity Fund 

Putnam Equity Spectrum Fund 

Putnam Floating Rate Income Fund 

Putnam Global Consumer Fund 

Putnam Global Energy Fund 

Putnam Global Financials Fund 

Putnam Global Industrials Fund 

Putnam Global Technology Fund 

Putnam Global Telecommunications Fund 

Putnam International Value Fund 

Putnam Multi-Cap Core Fund 

Putnam Retirement Income Fund Lifestyle 2 

Putnam Retirement Income Fund Lifestyle 3 

Putnam Short Duration Income Fund 

Putnam Small Cap Growth Fund 

PUTNAM GLOBAL EQUITY FUND 

PUTNAM GLOBAL HEALTH CARE FUND 

2 

PUTNAM GLOBAL INCOME TRUST 

PUTNAM GLOBAL NATURAL RESOURCES FUND 

PUTNAM GLOBAL UTILITIES FUND 

PUTNAM HIGH YIELD ADVANTAGE FUND 

PUTNAM HIGH YIELD TRUST 

PUTNAM INCOME FUND 

PUTNAM INTERNATIONAL EQUITY FUND 

PUTNAM INVESTMENT FUNDS 

on behalf of: 

Putnam Capital Opportunities Fund 

Putnam Growth Opportunities Fund 

Putnam International Capital Opportunities Fund 

Putnam International Growth Fund 

Putnam Multi-Cap Value Fund 

Putnam Research Fund 

Putnam Small Cap Value Fund 

PUTNAM INVESTORS FUND 

PUTNAM MASSACHUSETTS TAX EXEMPT INCOME 

FUND 

PUTNAM MICHIGAN TAX EXEMPT INCOME FUND 

PUTNAM MINNESOTA TAX EXEMPT INCOME FUND 

PUTNAM MONEY MARKET FUND 

PUTNAM MORTGAGE RECOVERY FUND 

PUTNAM MULTI-CAP GROWTH FUND 

PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND 

PUTNAM NEW YORK TAX EXEMPT INCOME FUND 

PUTNAM OHIO TAX EXEMPT INCOME FUND 

PUTNAM PENNSYLVANIA TAX EXEMPT INCOME 

FUND 

PUTNAM TAX EXEMPT INCOME FUND 

PUTNAM TAX EXEMPT MONEY MARKET FUND 

PUTNAM TAX-FREE INCOME TRUST 

on behalf of: 

Putnam AMT-Free Municipal Fund 

Putnam Tax-Free High Yield Fund 

PUTNAM US GOVERNMENT INCOME TRUST 

PUTNAM VARIABLE TRUST 

on behalf of: 

Putnam VT Absolute Return 500 Fund 

Putnam VT American Government Income Fund 

Putnam VT Capital Opportunities Fund 

Putnam VT Diversified Income Fund 

Putnam VT Equity Income Fund 

Putnam VT Global Asset Allocation Fund 

Putnam VT Global Equity Fund 

Putnam VT Global Health Care Fund 

Putnam VT Global Utilities Fund 

Putnam VT Growth and Income Fund 

Putnam VT Growth Opportunities Fund 

3 

Putnam VT High Yield Fund 

Putnam VT Income Fund 

Putnam VT International Equity Fund 

Putnam VT International Growth Fund 

Putnam VT International Value Fund 

Putnam VT Investors Fund 

Putnam VT Money Market Fund 

Putnam VT Multi-Cap Growth Fund 

Putnam VT Multi-Cap Value Fund 

Putnam VT Research Fund 

Putnam VT Small Cap Value Fund 

Putnam VT George Putnam Balanced Fund 

Putnam VT Voyager Fund 

PUTNAM VOYAGER FUND 

THE GEORGE PUTNAM FUND OF BOSTON 

  d/b/a GEORGE PUTNAM BALANCED FUND 

THE PUTNAM FUND FOR GROWTH AND INCOME