Prospectus Supplement                                             220817  12/04

dated December 30, 2004 to prospectuses of all Putnam retail funds:
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In the prospectuses of all Putnam retail funds, the paragraph under the
heading "How do I buy fund shares? - Payments to dealers" is deleted and
replaced with the following text:

If you purchase your shares through a dealer (the term "dealer" includes
any broker, dealer, bank, bank trust department, registered investment
advisor, financial planner, retirement plan administrator and any other
institution having a selling, services or any similar agreement with
Putnam Retail Management or one of its affiliates), your dealer
generally receives payments from Putnam Retail Management representing
some or all of the sales charges and distribution (12b-1) fees shown in
the tables under the heading "Fees and Expenses" at the front of this
prospectus.

Putnam Retail Management and its affiliates also pay additional
compensation to selected dealers in recognition of their marketing
support and/or program servicing (each of which is described in more
detail below). These payments may create an incentive for a dealer firm
or its representatives to recommend or offer shares of the fund or other
Putnam funds to its customers.  These additional payments are made by
Putnam Retail Management and its affiliates and do not increase the
amount paid by you or the fund as shown under the heading "Fees and
Expenses".

The additional payments to dealers by Putnam Retail Management and its
affiliates are generally based on one or more of the following factors:
average net assets of a fund attributable to that dealer, sales of a
fund attributable to that dealer, or reimbursement of ticket charges
(fees that a dealer firm charges its representatives for effecting
transactions in fund shares), or on the basis of a negotiated lump sum
payment for services provided.

Marketing support payments, which are generally available to most
dealers engaging in significant sales of Putnam fund shares, are not
expected, with certain limited exceptions, to exceed 0.085% of the
average net assets of Putnam's retail mutual funds attributable to that
dealer on an annual basis.  Program servicing payments, which are paid
in some instances to third parties in connection with investments in the
fund by retirement plans and other investment programs, are not
expected, with certain limited exceptions, to exceed 0.15% of the total
assets in the program on an annual basis.

Putnam Retail Management and its affiliates may make other payments or
allow other promotional incentives to dealers to the extent permitted by
SEC and NASD rules and by other applicable laws and regulations.
Certain dealers also receive payments in recognition of subaccounting or
other services they provide to shareholders or plan participants who
invest in the fund or other Putnam funds through their retirement plan.
See the discussion in the SAI under the heading "Management - Investor
Servicing Agent and Custodian" for more details.

You can find more details in the SAI about the payments made by Putnam
Retail Management and its affiliates and the services provided by your
dealer.  Your dealer may charge you fees or commissions in addition to
those disclosed in this prospectus.  You can also ask your dealer about
any payments it receives from Putnam Retail Management and its
affiliates and any services your dealer provides, as well as about fees
and/or commissions it charges.
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In the prospectuses of the Putnam funds (other than money market funds),
the table entitled "Initial sales charges for class A and M shares" in
the section "How do I buy fund shares?" is supplemented to include the
following footnote:

Because of rounding in the calculation of offering price and the number
of shares purchased, actual sales charges you pay may be more or less
than these percentages.

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In all prospectuses of the Putnam funds (other than money market funds),
references in "How do I sell fund shares?" and "How do I exchange fund
shares?" to "defined contribution plans administered by Putnam" are
modified to read "defined contribution plans administered by Putnam or a
Putnam affiliate" for purposes of determining the applicability of the
short-term trading fee.

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Statement of Additional Information Supplement                    220819  12/04

dated December 30, 2004 to the Statements of Additional Information of all
Putnam retail funds:
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The following text is added to the funds' Statements of Additional
Information after the first paragraph under the heading "Management -
Investor Servicing Agent and Custodian":

Certain dealers that are not affiliated with PFTC also receive payments
from PFTC in recognition of services they provide to shareholders or
retirement plan participants that invest in the fund or other Putnam
funds through their retirement plans.  These services include
subaccounting and similar recordkeeping services.  For purposes of this
section the term "dealers" includes any broker, dealer, bank, bank trust
department, registered investment advisor, financial planner, retirement
plan administrator and any other institution having a selling, services
or any similar agreement with Putnam Retail Management or one of its
affiliates.   Payments by PFTC to dealers for subaccounting services
provided to retirement plan participants who invest in the funds are not
expected to exceed 0.10% of the total assets in the plans invested in
the funds on an annual basis.  Payments to dealers for subaccounting
services provided to shareholders who invest in the funds through an
omnibus account may be determined on the basis of the number of
shareholders in such omnibus accounts or the assets held in such account
and are not expected to exceed $16 or $19 (depending on whether the
shares in which the shareholder invests are subject to a contingent
deferred sales charge) for those payments determined on the basis of the
number of shareholders in such account or 0.10% or 0.13% (depending on
whether the shares in which the shareholder invests are subject to a
contingent deferred sales charge) of the total assets in such account
invested in the funds on an annual basis for those payments determined
on the basis of the assets held in such account.  PFTC also makes
payments to dealers that charge networking fees for certain services
provided in connection with the maintenance of shareholder accounts.

PFTC and its affiliates are expected to transfer their defined
contribution plan administration business to Mercer HR Outsourcing, LLC
("MHRO"), an affiliate of PFTC.  In connection with that transfer, PFTC
has agreed to pay MHRO 0.386% of the total assets in MHRO-administered
plans invested in the funds on an annual basis in consideration of
recordkeeping, retirement plan administration and other services being
provided to participants in MHRO-administered retirement plans with
respect to their investments in the funds.  These services were
previously provided to such participants by PFTC.  An affiliate of PFTC
has also agreed to make additional transitional payments to MHRO (or one
of MHRO's affiliates) (i) during 2005 of 0.154% of the total assets
invested in the funds in plans that were administered by PFTC prior to
the transfer of the business and (ii) during 2006 of 0.077% of the total
assets invested in the funds in plans that were administered by PFTC
prior to the transfer of the business.  Such additional transitional
payments are expected to cease after 2006.

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The following section is added to the funds' Statements of Additional
Information at the end of the section under the heading "How to Buy
Shares":

ADDITIONAL DEALER PAYMENTS

As described above and in the section "Distribution Plans," dealers may
receive different commissions, sales charge reallowances and other
payments with respect to sales of different classes of shares of the
funds.  These payments may include servicing payments to retirement plan
administrators and other institutions up to the same levels as described
below under "Distribution Plans."  For purposes of this section the term
"dealer" includes any broker, dealer, bank, bank trust department,
registered investment advisor, financial planner, retirement plan
administrator and any other institution having a selling, services or
any similar agreement with Putnam Retail Management or one of its
affiliates.

Putnam Retail Management and its affiliates pay additional compensation
to selected dealers under the categories described below.  These
categories are not mutually exclusive, and a single dealer may receive
payments under all categories.  These payments may create an incentive
for a dealer firm or its representatives to recommend or offer shares of
the fund or other Putnam funds to its customers.  These additional
payments are made pursuant to agreements with dealers and do not change
the price paid by investors for the purchase of a share or the amount a
fund will receive as proceeds from such sales or the distribution
(12b-1) fees and the expenses paid by the fund as shown under the
heading "Fees and Expenses" in the prospectus.

Marketing Support Payments

Putnam Retail Management and its affiliates will make payments to
certain dealers for marketing support services, including business
planning assistance, educating dealer personnel about the Putnam funds
and shareholder financial planning needs, placement on the dealer's
preferred or recommended fund company list, and access to sales
meetings, sales representatives and management representatives of the
dealer.  These payments are made to dealers that are registered as
holders of record or dealers of record for accounts in the fund.  These
payments are generally based on one or more of the following factors:
average net assets of Putnam's retail mutual funds attributable to that
dealer, gross or net sales of Putnam's retail mutual funds attributable
to that dealer, reimbursement of ticket charges (fees that a dealer firm
charges its representatives for effecting transactions in fund shares)
or a negotiated lump sum payment for services rendered.

Putnam Retail Management and its affiliates compensate dealers
differently depending upon, among other factors, the level and/or type
of marketing support provided by the dealer.   In addition, payments
typically apply to retail sales and assets, but may not, in certain
situations, apply to other specific types of sales or assets, such as to
retirement plans or fee-based advisory programs.

Marketing support payments to any one dealer are not expected, with
certain limited exceptions, to exceed 0.085% of the average net assets
of Putnam's retail mutual funds attributable to that dealer on an annual
basis.

Program Servicing Payments

Putnam Retail Management and its affiliates will also make payments to
certain dealers that sell Putnam fund shares through retirement plans
and other investment programs to compensate dealers for a variety of
services they provide to such programs.  A dealer may perform program
services itself or may arrange with a third party to perform program
services.  In addition to participant recordkeeping, reporting, or
transaction processing, program services may include services rendered
in connection with fund/investment selection and monitoring, employee
enrollment and education, plan balance rollover or separation, or other
similar services.   Payments by Putnam Retail Management and its
affiliates for program servicing support to any one dealer are not
expected, with certain limited exceptions, to exceed 0.15% of the total
assets in the program on an annual basis.  In addition, Putnam Retail
Management and its affiliates will make one-time or annual payments to
selected dealers receiving program servicing payments in reimbursement
of printing costs for literature for participants, account maintenance
fees or fees for establishment of Putnam funds on the dealer's system.
The amounts of these payments may, but will not normally (except in
cases where the aggregate assets in the program are small), cause the
aggregate amount of the program servicing payments to such dealer on an
annual basis to exceed the amounts set forth above.

Other Payments

From time to time, Putnam Retail Management, at its expense, may provide
additional compensation to dealers which sell or arrange for the sale of
shares of the fund to the extent not prohibited by laws or the rules of
any self-regulatory agency, such as the NASD.  Such compensation
provided by Putnam Retail Management may include financial assistance to
dealers that enable Putnam Retail Management to participate in and/or
present at dealer-sponsored conferences or seminars, sales or training
programs for invited registered representatives and other dealer
employees, dealer entertainment, and other dealer-sponsored events, and
travel expenses, including lodging incurred by registered
representatives and other employees in connection with prospecting,
retention and due diligence trips.  Putnam Retail Management makes
payments for entertainment events it deems appropriate, subject to
Putnam Retail Management's internal guidelines and applicable law.
These payments may vary upon the nature of the event.

Certain dealers also receive payments in recognition of subaccounting or
other services they provide to shareholders or plan participants who
invest in the fund or other Putnam funds through their retirement plan.
See the discussion under the heading "Management - Investor Servicing
Agent and Custodian" for more details.

You can ask your dealer for information about payments it receives from
Putnam Retail Management or its affiliates and the services it provides
for those payments.

In addition to payments to dealers described above, PFTC or Putnam
Retail Management may, at the direction of a retirement plan's sponsor,
reimburse or pay direct expenses of the plan that would otherwise be
payable by the plan.