George Putnam
                              Chairman of the Trustees

                              The Putnam Funds
                              One Post Office Square
                              Boston, Massachusetts
                              02109




PUTNAM INVESTMENTS  

Dear Shareholder:

You recently received a proxy statement requesting your vote on
important proposals relating to NAME OF FUND.  Our records show
that you have not yet voted.  Your vote is important.  Please
cast your ballot.

In the next several days, representatives of the fund may try to
contact you by telephone to obtain your voting instructions. 
Should you decide to vote by mail, we have included another copy
of the proxy ballot and a business reply envelope for your
convenience.

Putnam Management and the Trustees believe that these proposals
would be in the best interest of shareholders.

In closing, we ask you to consider the proposals carefully. 
Should you have any questions, please consult your financial
advisor or contact a Putnam customer service representative at 
1-800-225-1581.

Sincerely,

[signature]

George Putnam