Prospectus Supplement                                         209754  12/03

dated December 19, 2003 to the prospectuses of open-end Putnam funds
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The section "Who manages the fund(s)?" is supplemented as follows:

Regulatory matters and litigation.  On November 13, 2003, Putnam
Management agreed to entry of an order by the Securities and Exchange
Commission in partial resolution of administrative and cease-and-desist
proceedings initiated by the SEC on October 28, 2003 in connection with
alleged excessive short-term trading by at least six Putnam Management
investment professionals.  The SEC's findings reflect that four of those
employees engaged in such trading in funds over which they had
investment decision-making responsibility and had access to non-public
information regarding, among other things, current portfolio holdings,
and valuations.  The six individuals no longer have investment
responsibilities with Putnam Management.  Under the order, Putnam
Management will make restitution for losses attributable to excessive
short-term trading by Putnam employees, institute new employee trading
restrictions and enhanced employee trading compliance, retain an
independent compliance consultant, and take other remedial actions.
Putnam Management neither admitted nor denied the order's findings,
which included findings that Putnam Management willfully violated
provisions of the federal securities laws.  A civil monetary penalty and
other monetary relief, if any, will be determined at a later date. If a
hearing is necessary to determine the amounts of such penalty or other
relief, Putnam Management will be precluded from arguing that it did not
violate the federal securities laws in the manner described in the SEC
order, the findings set forth in the SEC order will be accepted as true
by the hearing officer and additional evidence may be presented.  Putnam
Management, and not the investors in any Putnam fund, will bear all
costs, including restitution, civil penalties and associated legal fees.
Administrative proceedings instituted by the Commonwealth of
Massachusetts on October 28, 2003 against Putnam Management in
connection with alleged market timing activities by Putnam employees and
by participants in some Putnam-administered 401(k) plans are pending.
Putnam Management has committed to make complete restitution for any
losses suffered by Putnam shareholders as a result of any improper
market-timing activities by Putnam employees or within
Putnam-administered 401(k) plans.

The SEC's and Commonwealth's allegations and related matters also serve
as the general basis for numerous lawsuits, including purported class
action lawsuits filed against Putnam Management and certain related
parties, including certain Putnam funds.  Putnam Management has agreed
to bear any costs incurred by Putnam funds in connection with these
lawsuits.  Based on currently available information, Putnam Management
believes that the likelihood that the pending private lawsuits and
purported class action lawsuits will have a material adverse financial
impact on the fund is remote, and the pending actions are not likely to
materially affect its ability to provide investment management services
to its clients, including the Putnam funds.

Review of these matters by counsel for Putnam Management and by separate
independent counsel for the Putnam funds and their independent Trustees
is continuing.  In addition, Marsh & McLennan Companies, Inc., Putnam
Management's parent company, has engaged counsel to conduct a separate
review of Putnam Management's policies and controls related to
short-term trading. The fund may experience increased redemptions as a
result of these matters, which could result in increased transaction
costs and operating expenses.