(NAME OF FUND)
                                                   Priority Express Message
(Shareholder name and address)

Dear Shareholder:

On behalf of your Fund, Tritech Services as solicitation agent
has previously forwarded to you proxy material relating to the
Meeting of Shareholders of your Fund scheduled to be held on July
1, 1994.  

(If the shareholder has not returned his ballot, use following
text:)    
     The meeting is growing close and we have not as yet received
     your executed proxy so that your shares can be voted at the
     meeting.  We need your assistance and that of your fellow
     shareholders to help us reduce additional solicitation
     expenses by providing us with your voting instructions as
     soon as possible.  To ensure your vote will be received in
     time for the meeting, we will be calling you to ask if you
     are willing to have your vote recorded by telephone.

(If the shareholder has voted but abstained, use the following
text instead:)
     We have received your proxy ballot, and our records indicate
     that you elected to abstain from voting on one or more of
     the proposals.  We appreciate your prompt response to our
     initial mailings.  However, we would like you to reconsider
     your decision to abstain.  We will be calling you to ask if
     if you are willing to reconsider your abstention and, if so,
     to have your vote recorded by telephone.

The telephonic 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 challenge, 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.  We will call you on recorded line at the
phone number Putnam has in its records for your account, and ask
you for your Social Security number.  To ensure your vote is
recorded correctly, you will also receive in the mail a
confirmation of your vote for your files.  A special toll-free
number will be available in case the information contained in the
confirmation is incorrect.  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.

Very truly yours,
(Solicitation agent)

gramz1A
                     VOTE BY PHONE CONFIRMATION LETTER
                                 (WRITTEN)

                          PROXY VOTE CONFIRMATION

(SHAREHOLDER NAME & ADDRESS)

(NAME OF FUND) 
Meeting of Shareholders July 1, 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 June 30, 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) 

gramz1A