Press release


Four Putnam Fixed-Income Mutual Funds Honored

BOSTON, March 14, 2012 — Putnam Investments today announced that four of its mutual funds received 2012 Lipper Fund Awards to honor their consistent, strong risk-adjusted performance relative to peers for periods of three years or more.

At an industry dinner last week in New York City, Putnam was recognized for strong, long-term investment results for a number of its fixed-income funds, including:

  • Putnam Global Income Trust Y (PGGYX) — 3 years
  • Putnam Income Fund Y (PNCYX) — 3 years
  • Putnam U.S. Government Income Trust Y (PUSYX) — 3 years
  • Putnam Massachusetts Tax Exempt Income Fund A (PXMAX) — 5 years

“The Lipper Awards are a benchmark for performance excellence in our industry, and as a firm, we couldn’t be prouder than to have four of our fixed income funds recognized this year as the top performing fund in their category, including two funds that have been honored for the second year in a row,” said Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. “As an organization, we see our job – every day – as being the relentless pursuit of strong, risk-adjusted investment performance over the long haul for advisors and their clients. We remain steadfast in our mission and are honored to receive this fine recognition from Lipper.”

Putnam Global Income Trust Y (PGGYX) was the top performing fund in the Global Income Funds category for the three-year period out of a universe of 132 funds. Managed by Bill Kohli, Michael Atkin, Michael Salm and Raman Srivastava, the Fund seeks to invest in attractive income securities from a broad range of sectors worldwide, while maintaining an active risk management component.

Putnam U.S. Government Income Trust Y (PUSYX) was honored for its performance over a three-year period in the Government National Mortgage Association (GNMA) Funds category as the number one fund out of 63 contenders. The fund pursues income and capital preservation with a conservative focus on government bonds. It is managed by Michael Salm and Daniel Choquette. The Fund was also lauded at the 2011 Lipper Award event.

Putnam Income Fund Y (PNCYX), managed by Michael Salm, Daniel Choquette, Brett Kozlowski, Kevin Murphy, and Raman Srivastava, received its 3-year award within the Corporate Debt A-Rated Funds category as the top performer out of 101 funds. The Fund invests across all sectors of the U.S. bond market, including mortgage-backed securities, corporate bonds, and other government obligations, and seeks high current income consistent with what Putnam Management believes to be prudent risk.

For the second year in a row, Putnam Massachusetts Tax Exempt Income Fund A (PXMAX) was honored for its performance over the past five years in the Massachusetts Municipal Debt Funds category as the number one fund out of a competitive universe of 40 funds. The fund seeks dependable income that is free of federal and state income tax through investing in municipal bonds issued in the state of Massachusetts. It is managed by Thalia Meehan, Paul Drury, and Susan McCormack.

About the Lipper Fund Awards
The Lipper Fund Awards are presented annually by Lipper, a wholly-owned subsidiary of Reuters. Funds are awarded based on “delivering consistently strong risk-adjusted performance, relative to peers.” Lipper provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Covering over 143,000 share classes and over 75,000 funds domiciled in 59 countries, Lipper is the world’s leading fund research and analysis organization.

About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm with nearly 75 years of investment experience. At the end of February 2012, Putnam had $124 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore and Sydney. For more information, visit

Putnam mutual funds are distributed by Putnam Retail Management.

All funds involve risk, and you can lose money. See prospectus for details.

Putnam Global Income Trust Y (PGGYX) Lipper Rankings as of 2/29/12 in the Global Income category:
1 Year 78% (131/168)
3 Years 5% (6/133)
5 Years 7% (7/99)
10 Years —

Putnam Income Fund Y (PNCYX) Lipper Rankings as of 2/29/12 in the Corporate Debt A Rated category:
1 Year 90% (107/118)
3 Years 3% (3/102)
5 Years 11% (10/94)
10 Years 18% (11/62)

Putnam U.S. Government Income Trust Y (PUSYX) Lipper Rankings as of 2/29/12 in the GNMA category:
1 Year 90% (63/69)
3 Years 2% (1/66)
5 Years 2% (1/56)
10 Years 6% (3/51)

Putnam Massachusetts Tax Exempt Income Fund A (PXMAX) Lipper Rankings as of 2/29/12 in the Massachusetts Municipal Debt category:
1 Year 21% (9/43)
3 Years 28% (12/42)
5 Years 5% (2/40)
10 Years 12% (4/34)

Lipper rankings for class A and Y shares are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results. Class Y shares are available to investors through and asset-based fee program or for institutional clients only.

Consider these risks before investing: International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management