PUTNAM LOGO

AN IMPORTANT NOTICE TO SHAREHOLDERS

During the past few weeks, we sent you the notice of your Putnam
fund's Shareholder Meeting, a proxy statement explaining the
proposals under consideration, and a proxy card for your vote and
signature.

When you complete and sign your proxy, you are informing us how
you would like to vote on matters relating to your fund.  So, if
you have not already done so, please vote and sign your card now
and mail it in the enclosed postage-paid envelope.

Your vote is important to us.  If you have any questions about
any of the proposals, or would like to receive a new proxy ballot
or proxy statement, please call 1-800-225-1581.

Sincerely,

/s/George Putnam
George Putnam
Chairman,
Board of Trustees

























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