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             163,597,273		5,533,247
Charles B. Curtis             163,572,449		5,558,071
Myra R. Drucker               165,011,946		4,118,574
Charles E. Haldeman, Jr.      164,492,814		4,637,706
John A. Hill                  163,556,357		5,574,163
Ronald J. Jackson             163,620,413		5,510,107
Paul L. Joskow                163,550,619		5,579,901
Elizabeth T. Kennan           163,517,040		5,613,480
John H. Mullin, III           163,514,817		5,615,703
Robert E. Patterson           163,594,414		5,536,106
George Putnam, III            163,401,185		5,729,335
A.J.C. Smith                  163,402,416		5,728,104
W. Thomas Stephens            163,594,855		5,535,665
Richard B. Worley             165,050,333		4,080,187





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		Abstentions
	  For	against

	113,467,261	9,853,254		4,843,777

A proposal to amend the 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		Abstentions
	For	against

	114,103,299	9,611,613		4,449,381

A proposal to amend the 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 was defeated as follows:

 	Votes	Votes		Abstentions
	For	against


	118,153,085	5,723,881		4,287,326


A proposal to amend the funds Agreement and Declaration of Trust
to permit the fund to satisfy redemption requests other than in
cash was defeated as follows:

	Votes For	Votes Against		Abstentions

	114,784,161	7,974,771		5,405,361


* Mr. Smith resigned from the Board of Trustees on January 21,
2005.


All tabulations are rounded to the nearest whole number.