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. Our records show that we have not received
your completed ballot. 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
