Prospectus Supplement                                              215526  7/04

dated July 1, 2004 to the retail prospectus of all open-end Putnam
funds that offer class C shares:
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Effective July 1, 2004, the following text should be inserted under the
heading "Which class of shares is best for me? - Class C shares":

Orders for class C shares of one or more Putnam funds will be treated as
orders for class A shares or refused when the total value of the
purchase, plus existing account balances that are eligible to be linked
under a right of accumulation for purchases of class A shares (as
described below), is $1,000,000 or more