Statement of Additional Information Supplement dated June 1, 2001  72419   5/01
to Statements of Additional Information of various Putnam funds:
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1. Items (i) and (iv) under "How to buy shares Sales without sales charges or
contingent deferred sales charges" are revised to read as follows:

(i) current and former Trustees of the fund, their family members, business and
personal associates; current and former employees of Putnam Management and
certain corporate affiliates, their family members, business and personal
associates; employee benefit plans for the foregoing; and partnerships, trusts
or other entities in which any of the foregoing has a substantial interest;

(iv) registered representatives and other employees of broker-dealers having
sales agreements with Putnam Retail Management; employees of financial
institutions having sales agreements with Putnam Retail Management or otherwise
having an arrangement with any such broker-dealer or financial institution with
respect to sales of fund shares; and their family members (Putnam Retail
Management is regarded as the dealer of record for all such accounts);

2. The following text is added at the end of "How to buy shares Additional
Information About Class A and Class M Shares":

Purchases of less than $1 million of Class A shares for rollover IRAs.
Purchases of class A shares for a Putnam Rollover IRA with less than $1 million
in proceeds from a retirement plan for which a Putnam fund is an investment
option are not subject to an initial sales charge or CDSC.  Putnam Retail
Management does not pay commissions to the dealer of record at the time of
the sale of such shares.

Purchases of Class M shares for rollover IRAs. Purchases of class M shares for
a Putnam Rollover IRA with proceeds in any amount from a retirement plan for
which a Putnam fund is an investment option are not subject to an initial sales
charge but may be subject to a CDSC on shares redeemed within one year of
purchase at the rates set forth below, which are equal to commissions Putnam
Retail Management pays to the dealer of record at the time of the sale of
class M shares.  These purchases will not be subject to a CDSC if the dealer
of record has, with Putnam Retail Management's approval, waived its commission
or agreed to refund its commission to Putnam Retail Management if a CDSC would
otherwise apply.

                                                       Class M CDSC and dealer
                                                             commission

All growth, growth and income, and asset allocation funds:      0.65%
All income funds (except two funds listed below):               0.40%
Preferred Income Fund                                           0.25%
Money Market Fund                                               0.15%

3. The first sentence of "Distribution Plans Class M shares" is replaced with
the following text:

Putnam Retail Management makes quarterly payments to dealers at the annual
rates set forth below (as a percentage of the average net asset value of
class M shares for which such dealers are designated the dealer of record),
except as follows.  No payments are made during the first year after purchase
on shares purchased at net asset value for Putnam Rollover IRAs, unless the
dealer of record has waived the sales commission.