A SPECIAL LETTER TO SHAREHOLDERS OF (NAME OF FUND)
(date) 
Dear Shareholder:

You recently received a proxy statement requesting your vote on
matters relating to (name of Fund).  Our records show you have
not yet voted.  Your vote is very important.  In the next several
days, representatives of the Fund will try to contact you by
telephone to receive your voting instructions.  

The Fund is offering shareholders like yourself who have not yet
voted the opportunity to use our vote-by-phone program.  (See the
back of this letter.)  We have included another copy of the proxy
ballot and business reply envelope for your convenience in case
you decide you prefer to vote by mail.  In closing, we ask you to
consider this proposal carefully.  Your vote is important to us. 
Thank you.


Sincerely, 


gram4
INFORMATION ON PUTNAM INVESTMENTS' VOTE-BY-PHONE PROGRAM:

The telephone voting procedure is designed to authenticate your
identity, to allow you to authorize the voting of your shares in
accordance with your instructions and to confirm that your
instruction  have been properly recorded.  If these procedures
were subject to successful legal challenge, such votes would not
be counted at the Fund's shareholder meeting to be held on July
7, 1994.  The Fund has not sought to obtain an opinion of counsel
on this matter and we are unaware of any such challenge at this
time.  
We will call you on a recorded line at the phone number Putnam
Investments has in its records for your account, and ask you for
your Social Security number or other identifying information. 
You will then be given an opportunity to authorize proxies to
vote your shares at the meeting in accordance with your instruc
tions.  To ensure your instructions have been recorded correctly,
you will also receive a confirmation of your instructions in the
mail.  

A special toll-free number will be available in case the informa-

tion contained in the confirmation is incorrect.  If you decide
after you have voted that you want to attend the Fund's share
holder meeting in person, you can revoke your proxy at that time
and vote your shares at the meeting.  If you no longer have a
copy of your proxy statement, you can call us at xxx-xxx-xxxx and
a copy will be promptly forwarded to you.



                     VOTE BY PHONE CONFIRMATION LETTER
                                 (WRITTEN)

                          PROXY VOTE CONFIRMATION

(SHAREHOLDER NAME & ADDRESS)

(NAME OF FUND) 
Meeting of Shareholders July 7, 1994 
Account:
Shares:

          Vote Received: (List proposals voted as on proxy card)

                         (FOR) (AGAINST) (ABSTAIN)

Dear Shareholder:

In connection with the above referenced Meeting of Shareholders,
this notice will confirm that your shares have been voted as
indicated above in accordance with your telephone instructions.
If any of the information is incorrect, please call 1-800-xxx-
xxxx immediately, and in any event no later than 5:00 P.M.
Eastern Daylight Time, on July 6, 1994.

To ensure your vote will be received in time for the meeting, we
arranged to have your vote recorded by telephone.  The voting
procedure is designed to authenticate your identity and to
confirm that your votes have been taken in accordance with your
instructions.  If these procedures were subject to successful
legal challenges, such votes would not be counted at the meeting. 
The Fund has not sought to obtain an opinion of counsel on this
matter and we are unaware of any such challenge at this time.  To
ensure your vote was recorded correctly, we have sent you this
confirmation of your vote for your files.  If you decide after
you have voted that you will attend the meeting in person, you
can revoke your proxy at that time and vote your shares at the
meeting.  If you no longer have a copy of your proxy statement,
you can call us at (phone number) and a copy will be promptly
forwarded to you.

Thank you for your cooperation.

Very truly yours,
(Solicitation Agent) 

gram4