Vote-By-Phone Solicitation Script for
Putnam Vista Fund

This script provides information to the shareholder and solicits
their vote by phone, to be confirmed by written confirmation.

Good Morning/ Afternoon/ Evening.  May I please speak with (name of
shareholder)?  I am representing Putnam Investments in Boston.  I
am calling in connection with the upcoming shareholder meeting for
Putnam Vista Fund  for which you recently received a proxy
statement requesting you vote.

To verify I am speaking with he shareholder of record, may I
confirm that you are (name of shareholder of record) and that your
address of record is (address of record)?

(If the person is unwilling to confirm this information , thank
them for their time and terminate the call.)

We noted that we have not yet received your proxy card.  Do you
have any questions regarding the proposals being considered at the
meeting that I can clarify for you?

(If there are questions regarding the proposal, please refer to the
proxy statement.)

Would you like to vote by telephone?

(If not, ask the shareholder if they would like another proxy card,
thank them for their time and terminate the call. If so, proceed as
follows:)

Pages 52 and 53 of the proxy statement that you received describes
our procedures for voting your shares by telephone.

I will now paraphrase the proxy card so that you can provide us
with your voting instructions.  The proxy card generally states the
following:

By authorizing your shares to be voted at the meeting you are
approving George Putnam, Hans H. Estin, and Robert E. Patterson,
and each of them separately, as proxies, with power of
substitution, and are authorizing them to represent and vote your
share, at he meeting of shareholders of Putnam Vista Fund, on July
31, 1996, at 2:00 p.m., Boston time, and at any adjournments
thereof.

When properly authorized, the proxy will be voted in the manner
directed by the shareholder.  In their discretion, the proxies are
authorized to vote upon such other matters as may properly come
before the meeting.

The proxy card requests your vote on the following  proposals , for
which the Trustees are recommending your voting in favor.

Proposal 1
     Elect the following nominees as Trustees: J.A. Baxter, H.H.
Estin, J.A. Hill, R.J. Jackson, E.T. Kennan,  L.J. Lasser,  R.E.
Paterson, D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam, III, E.
Shapiro, A.J.C. Smith, W.N. Thorndike.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal? 
     Would you like to withhold authority to      vote for one or
     more of the nominees?

Proposal 2
     Ratify the selection of Price Waterhouse LLP as independent
     auditors of your fund?

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.A.
     Amend the fund s fundamental investment restriction with
     respect to the diversification of investments.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.B.
     Amend the fund s fundamental investment restriction with
     respect to the investments in the securities of a single
     issuer.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.C.
     Amend the fund s fundamental investment restriction with
     respect to making loans through purchases of debt obligations,
     repurchase agreements and securities loans.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?
     
Proposal 3.D.
     Amend the fund s fundamental investment restriction with
     respect to investments in real estate.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.E.
     Amend the fund s fundamental investment restriction with
     respect to concentration of its assets.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.F.
     Amend the fund s fundamental investment restriction with
     respect to investments in commodities or commodity contracts.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.G.
     Amend the fund s fundamental investment restriction with
     respect to underwriting.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.H. 
     Eliminate the fund s fundamental investment restriction with
     respect to investment in issuers that have been in     
     operation for less than three years.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.I.
     Eliminate the fund s fundamental investment restriction with
     respect to investments in securities of issuers in which
     management of the fund or Putnam Investment Management, Inc.
     owns securities.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?


Proposal 3. J. 
     Eliminate the fund s fundamental investment restriction with
     respect to margin transactions.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.K.
     Eliminate the fund s fundamental investment restriction with
     respect to short sales

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.L.
     Eliminate the fund s fundamental investment restriction which
     limits the fund s ability to pledge assets.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.M.
     Eliminate the fund s fundamental investment restriction with
     respect investing to gain control of a company s management.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.N.
     Eliminate the fund s fundamental investment restriction with
     respect to investments in illiquid securities.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.O.
     Eliminate the fund s fundamental investment restriction with
     respect to certain oil, gas, and mineral interests.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?

Proposal 3.P.
     Eliminate the fund s fundamental investment restriction with
     respect to option transactions.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the proposal,
     or would you like to abstain from voting on this proposal?


Thank you.

I will now repeat your instructions:

You voted:  (For, Against, Abstained from) (list all proposals)

Is this correct?

Thank you.  We will be sending you a written confirmation of your
vote.  Please call us if the information on the confirmation is
incorrect.