<SEC-DOCUMENT>0000928816-13-001937.txt : 20140408
<SEC-HEADER>0000928816-13-001937.hdr.sgml : 20140408
<ACCEPTANCE-DATETIME>20131220175737
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000928816-13-001937
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20131220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM FUND FOR GROWTH & INCOME
		CENTRAL INDEX KEY:			0000081260
		IRS NUMBER:				046013678
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAIKLSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GROWTH FUND
		DATE OF NAME CHANGE:	19841025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INCOME FUND
		CENTRAL INDEX KEY:			0000081264
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				046013712
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921471

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INCOME FUND INC/PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM VOYAGER FUND
		CENTRAL INDEX KEY:			0000081280
		IRS NUMBER:				046187125
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM VOYAGER FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH YIELD TRUST
		CENTRAL INDEX KEY:			0000225777
		IRS NUMBER:				046415410
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A-14 LEGAL DEPARTMENT
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A-14 LEGAL DEPARTMENT
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH YIELD TRUST FUND
		DATE OF NAME CHANGE:	19960328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM U S GOVERNMENT INCOME TRUST
		CENTRAL INDEX KEY:			0000732337
		IRS NUMBER:				042811119
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM U S GOVERNMENT GUARANTEED SECURITIES INCOME TRUST
		DATE OF NAME CHANGE:	19910102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM UNITED STATES GOVERNMENT SECURITIES INCOME FUND
		DATE OF NAME CHANGE:	19840806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL INCOME TRUST
		CENTRAL INDEX KEY:			0000794614
		IRS NUMBER:				046549525
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GOVERNMENT INCOME GLOBAL TRUST
		DATE OF NAME CHANGE:	19870225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GLOBAL GOVERNMENT INCOME TRUST
		DATE OF NAME CHANGE:	19870115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM FUNDS TRUST
		CENTRAL INDEX KEY:			0001005942
		IRS NUMBER:				043299786
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST
		STREET 2:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921010

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW YORK TAX EXEMPT INCOME TRUST
		CENTRAL INDEX KEY:			0000719712
		IRS NUMBER:				042794490
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM NEW YORK TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND/MA/
		CENTRAL INDEX KEY:			0000792288
		IRS NUMBER:				046626127
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND II
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND /MA/
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MINNESOTA TAX EXEMPT INCOME FUND/MA
		CENTRAL INDEX KEY:			0000794612
		IRS NUMBER:				046626128
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MINNESOTA TAX EXEMPT INCOME FUND II
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX EXEMPT MONEY MARKET FUND
		CENTRAL INDEX KEY:			0000806944
		IRS NUMBER:				046561110
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM TAX EXEMPT MONEY MARKET TRUST
		DATE OF NAME CHANGE:	19870927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM VARIABLE TRUST
		CENTRAL INDEX KEY:			0000822671
		IRS NUMBER:				046649095
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CAPITAL MANAGER TRUST /MA/
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASTER INTERMEDIATE INCOME TRUST
		CENTRAL INDEX KEY:			0000830622
		IRS NUMBER:				046584465
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000857463
		IRS NUMBER:				043073948
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INTERNATIONAL EQUITY FUND /MA/
		CENTRAL INDEX KEY:			0000868648
		IRS NUMBER:				046661045
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921471

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL GROWTH FUND /MA/
		DATE OF NAME CHANGE:	19960805

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM OVERSEAS GROWTH FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL GROWTH FUND
		DATE OF NAME CHANGE:	19901107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM ARIZONA TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000869392
		IRS NUMBER:				046665534
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PUTNAM INVESTMENTS INC
		STREET 2:		ONE POST OFFICE SQUARE MAIL STOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251585

	MAIL ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		MAIL STOP L6
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM ASSET ALLOCATION FUNDS
		CENTRAL INDEX KEY:			0000914209
		IRS NUMBER:				046746612
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM LIFE STAGES ASSET ALLOCATION TRUST
		DATE OF NAME CHANGE:	19931027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CONVERTIBLE SECURITIES FUND
		CENTRAL INDEX KEY:			0000081247
		IRS NUMBER:				042493360
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CONVERTIBLE INCOME GROWTH TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CONVERTIBLE FUND
		DATE OF NAME CHANGE:	19841212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CONVERTIBLE FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GEORGE PUTNAM FUND OF BOSTON
		CENTRAL INDEX KEY:			0000081259
		IRS NUMBER:				046013677
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002252581

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EQUITY INCOME FUND/NEW
		DATE OF NAME CHANGE:	19940302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GEORGE FUND OF BOSTON
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTORS FUND
		CENTRAL INDEX KEY:			0000081269
		IRS NUMBER:				042713095
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INVESTORS FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCORPORATED INVESTORS
		DATE OF NAME CHANGE:	19670327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM DIVERSIFIED INCOME TRUST
		CENTRAL INDEX KEY:			0000836622
		IRS NUMBER:				043017475
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL HEALTH CARE FUND
		CENTRAL INDEX KEY:			0000357295
		IRS NUMBER:				046471950
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HEALTH SCIENCES TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM AMERICAN GOVERNMENT INCOME FUND
		CENTRAL INDEX KEY:			0000759827
		IRS NUMBER:				042856297
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PUTNAM INVESTMENTS INC
		STREET 2:		ONE POST OFFICE SQUARE MAIL STOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME GOVERNMENT TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM OHIO TAX EXEMPT INCOME FUND/MA
		CENTRAL INDEX KEY:			0000794616
		IRS NUMBER:				046626129
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-292-1000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			021009

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM OHIO TAX EXEMPT INCOME FUND II
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM OHIO TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM PREMIER INCOME TRUST
		CENTRAL INDEX KEY:			0000827773
		IRS NUMBER:				042995046
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM EUROPE EQUITY FUND
		CENTRAL INDEX KEY:			0000842940
		IRS NUMBER:				043083315
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EUROPE GROWTH FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EUROPE FUND
		DATE OF NAME CHANGE:	19900726

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GOVERNMENT INCOME FUND
		DATE OF NAME CHANGE:	19900412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL UTILITIES FUND
		CENTRAL INDEX KEY:			0000867824
		IRS NUMBER:				046660195
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM UTILITIES GROWTH & INCOME FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL EQUITY FUND
		CENTRAL INDEX KEY:			0000081251
		IRS NUMBER:				046145734
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GLOBAL GROWTH FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL EQUITIES FUND
		DATE OF NAME CHANGE:	19900722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL EQUITIES FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000794615
		IRS NUMBER:				043057637
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQU
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000205802
		IRS NUMBER:				046396109
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MONEY MARKET FUND
		CENTRAL INDEX KEY:			0000081248
		IRS NUMBER:				046386436
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A-14 LEGAL DEPARTMENT
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921471

	MAIL ADDRESS:	
		STREET 1:		MAILSTOP A-14 LEGAL DEPARTMENT
		STREET 2:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM DAILY DIVIDEND TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM EQUITY INCOME FUND/NEW/
		CENTRAL INDEX KEY:			0000216934
		IRS NUMBER:				046407893
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM STRATEGIC INCOME TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM OPTION INCOME TRUST
		DATE OF NAME CHANGE:	19910307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MULTI-CAP GROWTH FUND
		CENTRAL INDEX KEY:			0000865177
		IRS NUMBER:				043091455
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM NEW OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTMENT FUNDS
		CENTRAL INDEX KEY:			0000932101
		IRS NUMBER:				043251560
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAIL STOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		PUTNAM EQUITY FUNDS
		STREET 2:		ONE POST OFFICE SQUARE MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EQUITY FUNDS
		DATE OF NAME CHANGE:	19941028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH YIELD ADVANTAGE FUND
		CENTRAL INDEX KEY:			0000787836
		IRS NUMBER:				066290063
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH YIELD TRUST II
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH INCOME SECURITIES FUND
		CENTRAL INDEX KEY:			0000810943
		IRS NUMBER:				046562068
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		PUTNAM LLC
		STREET 2:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME BOND FUND
		DATE OF NAME CHANGE:	20030408

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH BOND FUND
		DATE OF NAME CHANGE:	20021107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME CONVERTIBLE & BOND FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Putnam RetirementReady Funds
		CENTRAL INDEX KEY:			0001295293
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617 760-4623

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CALIFORNIA TAX EXEMPT INCOME TRUST
		CENTRAL INDEX KEY:			0000711402
		IRS NUMBER:				042786284
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL NATURAL RESOURCES FUND
		CENTRAL INDEX KEY:			0000317031
		IRS NUMBER:				133035507
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM NATURAL RESOURCES FUND /MA/
		DATE OF NAME CHANGE:	19950629

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM ENERGY RESOURCES TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EBERSTADT ENERGY RESOURCES FUND INC
		DATE OF NAME CHANGE:	19850317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MICHIGAN TAX EXEMPT INCOME FUND /
		CENTRAL INDEX KEY:			0000794611
		IRS NUMBER:				046626130
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-292-14

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX FREE INCOME TRUST /MA/
		CENTRAL INDEX KEY:			0000771951
		IRS NUMBER:				046483374
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM TAX FREE INCOME TRUST
		DATE OF NAME CHANGE:	19920101
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>a_cwcorresp.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<!--$$/page=--><A name="page_1"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=3 face=serif>Putnam Investments</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=3 face=serif>One Post Office Square</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=3 face=serif>Boston, MA 02109</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=3 face=serif>December 20, 2013</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><U><FONT size=3 face=serif>BY EDGAR CORRESPONDENCE</FONT></U></B><BR><BR><FONT size=3 face=serif>Securities and Exchange Commission</FONT><BR><FONT size=3 face=serif>100 F Street, NE</FONT><BR><FONT size=3 face=serif>Washington, DC 20549</FONT><BR><FONT size=3 face=serif>Attn: Monique Botkin</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="6%"></TD>

   <TD width="93%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>Re:</FONT>&nbsp;</TD>

   <TD noWrap align=left><FONT size=3 face=serif>Preliminary Proxy Statement on Schedule 14A filed by The Putnam Funds (each a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left><FONT size=3 face=serif>&#8220;Fund&#8221; and collectively the &#8220;Funds&#8221;)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Dear Ms. Botkin:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>This letter responds to the comments that you and Laura Hatch provided telephonically to me and my colleague, Carlo Forcione, on behalf of the Staff of the Securities and Exchange Commission (the &#8220;Commission Staff&#8221;) on December 4, 2013 regarding the preliminary proxy statement on Schedule 14A, as filed by the Funds with the Securities and Exchange Commission on November 27, 2013 (the &#8220;Proxy Statement&#8221;). For convenience of reference, I have summarized the Commission Staff&#8217;s comments before the responses by the Funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>1. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: We note the statement in Proposal 1 of the Proxy Statement that &#8220;there are no current plans to make changes with respect to existing management fees, expense limitations, distribution arrangements, or the quality of any services provided to the funds or their shareholders as a result of the Transfer.&#8221; Please confirm that for a one-year period from October 8, 2013 there will be no changes to the advisory fees reflected in the proposed new management contracts that would be required to be disclosed pursuant to Item 22(c)(9) of Schedule 14A.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: Item 22(c)(9) of Schedule 14A requires certain disclosures &#8220;[i]f a change in the investment advisory fee is sought.&#8221; We confirm that no change in any fund&#8217;s investment advisory fee is sought and that there are no proposed or intended changes to the advisory fees reflected in the proposed new management contracts. We do not believe that Item 22(c)(9) requires a firm commitment that there will be no changes to advisory fees for any other reason (that is, for reasons unrelated to the Transfer) for a one year period.</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_2"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>2. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: Please confirm supplementally that no disclosure about Putnam Management&#8217;s financial condition is required to be provided pursuant to Item 22(c)(7) of Schedule 14A.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: We confirm that no disclosure pursuant to Item 22(c)(7) is required.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>3. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: Please confirm supplementally that the provisions of the proposed new management contract described in the sub-paragraph of Proposal 1 in the Proxy Statement &#8220;The Proposed New Management Contract; Comparison with your Fund&#8217;s Prior Management Contract&#8212;Expenses&#8221; relating to the payment by the Funds of Trustee fees and reimbursement of Putnam Management by the Funds of certain expenses do not differ from the relevant provisions of each Fund&#8217;s previous management contract. If there is no difference, please consider revising the Proxy Statement disclosure to clarify.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: We confirm that there is no change to these provisions in each Fund&#8217;s proposed management contract. We have revised the disclosure in this sub-paragraph to clarify this point.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>4. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: Please confirm supplementally that George Putnam, III is not an interested person of the Funds or of Putnam Management.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: We confirm that Mr. Putnam is not an interested person of the Funds or of Putnam Management, and has not been an interested person since the 2007 acquisition of Putnam Investments by Great-West Lifeco Inc. Before the 2007 acquisition, Mr. Putnam had been considered an interested person primarily due to his family&#8217;s direct and indirect stock ownership of Marsh &amp; McLennan, the former ultimate parent company of Putnam Investments. Before the 2007 acquisition, Mr. Putnam also served as President of the Funds, in which capacity he presided at the Funds&#8217; shareholder meetings. Mr. Putnam&#8217;s role as President terminated in 2007.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>5. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: Please consider revising the Proxy Statement disclosure to provide additional information about how shareholders of the Funds may access the Funds&#8217; Declarations of Trust that have been filed with the Secretary of The Commonwealth of Massachusetts.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: We have revised the Proxy Statement disclosure to indicate that the Declarations of Trust are available on the website of the Secretary of The Commonwealth of Massachusetts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>6. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: We note that, as disclosed in paragraph 4 of Proposal 3 of the Proxy Statement, the Revised Declaration &#8220;permits a fund to make involuntary redemptions in certain additional circumstances, including . . . (iv) if the Trustees determine for any other reason, in their sole discretion, that the ownership of fund shares by a shareholder is not in the best interests of the remaining shareholders of the Trust or of the applicable series</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_3"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>or class.&#8221; Please revise the Proxy Statement disclosure to provide additional information about the circumstances in which this plenary authority might be exercised.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: We have revised the Proxy Statement to provide some illustrative examples of the circumstances in which the Trustees may authorize an involuntary redemption under clause (iv). These circumstances may include situations in which (i) a shareholder repeatedly violates a Fund&#8217;s short-term trading restrictions or otherwise abuses shareholder privileges, (ii) a shareholder&#8217;s residence in a particular foreign jurisdiction may impose regulatory restrictions on a Fund, or (iii) a shareholder is added to the Specially Designated Nationals List maintained by the Office of Foreign Assets Control within the U.S. Department of the Treasury (or a similar list of persons subject to sanctions).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>7. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: Please confirm that no redemption fees will be introduced or modified for any Fund upon the adoption by the relevant Funds of the Revised Declaration or, if any such changes are to be made, revise the disclosure in the Proxy Statement to provide the disclosure required by Item 22(c) of Schedule 14A with respect to such changes.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: As indicated in paragraph 8 of Proposal 3 in the Proxy Statement disclosure, the Revised Declaration, if adopted by the Affected Funds, would merely clarify the authority of the Trustees to assess redemption fees. The adoption of the Revised Declaration, by itself, would not result in any changes to a fund&#8217;s fee structure (including with respect to redemption fees), and no such changes are planned in connection with the adoption of the Revised Declaration by the Affected Funds. The introduction or modification of any redemption fee would be considered separately by the Trustees, in accordance with Rule 22c-2 under the Investment Company Act of 1940, and would be accompanied by appropriate disclosure in an Affected Fund&#8217;s prospectus. Currently, none of the Funds assesses redemption fees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>8. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: In addition to referring shareholders to Putnam Dynamic Asset Allocation Conservative Fund&#8217;s prospectus, please revise the disclosure in Proposal 4 of the Proxy Statement to provide additional information about the risks associated with investments in commodities by Putnam Dynamic Asset Allocation Conservative Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: We have revised the Proxy Statement disclosure accordingly.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>9. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: Please indicate supplementally which Proposals in the Proxy Statement will be subject to &#8220;echo voting&#8221; by Putnam Fiduciary Trust Company and Putnam Investor Services, Inc., acting as trustee of retirement plan accounts and shareholder of record for Fund shares held in such accounts.</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_4"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: Putnam Fiduciary Trust Company and Putnam Investor Services, Inc. will &#8220;echo vote&#8221; shares for which they are the shareholder of record, in the manner set forth in the Proxy Statement, for all Proposals.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>10. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: Please indicate supplementally whether the proportional voting mechanic outlined in the section of the Proxy Statement &#8220;Special Rule for Proportional Voting for Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust&#8221; will be utilized for all Proposals.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: The proportional voting mechanic will be utilized for all Proposals, in accordance with Section 402.08(C) of the New York Stock Exchange Listed Company Manual.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>11. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: We note that the disclosure in Appendix F of the Proxy Statement describing the Trustees&#8217; approval of the Funds&#8217; previous management contracts states that &#8220;the Trustees noted that a portion of available soft dollars continues to be used to pay fund expenses.&#8221; Please describe supplementally this practice and its relation to the safe harbor set forth in Section 28(e) of the Securities Exchange Act of 1934.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: As indicated in the cited Proxy Statement disclosure, Putnam Management, in placing portfolio transactions for the Funds with broker-dealers, has entered into arrangements with certain broker-dealers whereby a negotiated portion of the trading commissions payable by the Funds in respect of certain portfolio transactions is allocated by the broker-dealer for use in paying certain Fund expenses, such as custody fees. This practice results in lower expenses for the Funds and, in the view of Putnam Management, is consistent with Putnam Management&#8217;s fiduciary duty to seek best execution in placing portfolio transactions on behalf of the Funds. Putnam Management and its affiliates do not receive any benefit from these arrangements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The practice of using brokerage commissions to pay fund expenses is separate from the common practice by investment advisers of using &#8220;soft dollars,&#8221; in accordance with the Section 28(e) safe harbor, to obtain &#8220;research&#8221; and &#8220;brokerage services&#8221; that may benefit the adviser even where the brokerage commission paid exceeds the commission that might have been payable if the broker-dealer were not providing research or brokerage services to the adviser. As indicated in the Proxy Statement disclosure in Proposal 1, Putnam Management is authorized under both the previous management contracts and the proposed new management contracts to use soft dollars to obtain research and brokerage services in accordance with policies adopted from time to time by the Trustees, which include usage consistent with the Section 28(e) safe harbor and applicable guidance issued by the Securities and Exchange Commission and the Commission Staff. As indicated in Appendix F to the Proxy Statement, the Trustees regularly review Putnam Management&#8217;s use of soft dollars, including the benefits received by Putnam</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_5"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Management in the form of research and brokerage services, both in connection with their consideration of management contract approvals and as part of their oversight of Putnam Management&#8217;s portfolio trading processes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Putnam Management and the Trustees believe that the use of brokerage commissions to pay fund expenses is analytically different from the use of soft dollars to obtain research and brokerage services, as the former practice does not inure to the benefit of Putnam Management and instead benefits solely the Funds. We note that, since no benefit inures to Putnam Management from the use of brokerage commissions to pay fund expenses, there is no need for reliance on the Section 28(e) safe harbor. We have revised the cited statement in the Proxy Statement disclosure to substitute &#8220;brokerage commissions&#8221; for &#8220;soft dollars&#8221; to reduce potential confusion caused by the use of the latter term in describing this practice.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>12. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: Please provide supplementally an update on the matters described in the section of Appendix G entitled &#8220;A note for funds audited by PricewaterhouseCoopers LLP.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: As of the date of this letter, we have been advised by PricewaterhouseCoopers LLP that it expects the asset transfers described in the Proxy Statement disclosure to be complete on or before December 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>13. </FONT><U><FONT size=3 face=serif>Comment</FONT></U><FONT size=3 face=serif>: Please revise the disclosure in the Proxy Statement accompanying paragraph 10 of Proposal 3 to make more prominent the statement &#8220;The proposed changes would expand, to a certain extent, the Trustees&#8217; authority to amend a declaration of trust without obtaining a shareholder vote.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Response</FONT></U><FONT size=3 face=serif>: We have revised the Proxy Statement disclosure accordingly.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>I believe this letter addresses the Commission Staff&#8217;s comments. Should you have any further questions, please do not hesitate to call me at (617) 760-8939. Thank you for your assistance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Very truly yours,</FONT><BR><BR><FONT size=3 face=serif>/s/ James F. Clark</FONT><BR><BR><FONT size=3 face=serif>James F. Clark</FONT><BR><BR><FONT size=3 face=serif>Associate General Counsel</FONT></P></DIV>

<HR align=center SIZE=2 width="100%" noShade>




<!--$$/page=-->
<A name="page_6"></A><BR>

<a name="_bclPageBorder6"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=3 face="serif">Putnam Investments</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">cc: Carlo N. Forcione, Esq., Putnam Investments</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">James E. Thomas, Esq., Ropes &amp; Gray LLP</FONT></P>
</DIV>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
