George Putnam
Chairman of the Trustees
The Putnam Funds
One Post Office Square
Boston, Massachusetts 02109
PUTNAM INVESTMENTS
November 24, 1997
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. 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,
/s/ George Putnam
George Putnam
