Vote-By-Phone Solicitation Script
                                   for 
                              (Name of Fund)


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

Putnam:   Good Morning/Afternoon/Evening.  May I please speak
          with (name of shareholder)?  I am representing Putnam
          Investments in Boston.  

1.        (If the shareholder HAS PREVIOUSLY VOTED BUT ABSTAINED
          on a proposal, ask the following question.  If the
          shareholder did not vote at all, proceed to step 2
          below.)

          We noted that you abstained on (describe proposal as
          described on proxy card).  Do you have any questions
          regarding this proposal I can clarify for you?  

          (If so, refer to script for questions regarding
          proposal in telephone script previously prepared and
          filed with the SEC.)

          Would your like to reconsider your vote?

          (If the shareholder wishes to reconsider the vote,
          proceed to step 3 below.  If not, thank him for his
          time and terminate the call.)

2.        (If the shareholder has not voted at all, refer to the
          telephone script previously prepared and filed with the
          SEC.  Proceed to step 3 below.)

3.        Would you like to vote by phone?  

          (If not, ask the shareholder if he would like another
          ballot, thank him for his time and terminate the call.)

          (If so, proceed as to A or B as follows:)

          A.   (If the shareholder has previously been sent
               written vote-by-phone information that includes
               disclosure regarding the procedures, then make the
               following statement:)

               We previously sent you a mailgram describing our
               procedures for voting your proxy ballot by
               telephone.  We are calling you today because we
               have not heard from you.

               (Proceed to C below.)

          B.   (If the shareholder has not previously been sent
               written vote-by-phone information that includes
               the following disclosure, then thank the
               shareholder for his time and terminate the call.) 

          C.   (Read the proxy card and ask shareholder how he
               wishes to vote on each proposal that he would like
               to vote by phone.)

               Thank you.  Do you wish to send the entire
               message?

               To repeat your instructions:  

                    on item 1, you voted ---,
                    on item 2, you voted ---,
                    (etc.)
                    and you wish to send the entire message.

               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. 


scripz