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CUSTODIAN AGREEMENT



AGREEMENT amended and restated as of June 1, 2001, between each of the

Putnam Funds listed in Schedule A, each of such Funds acting on its own

behalf separately from all the other Funds and not jointly or jointly

and severally with any of the other Funds (each of the Funds being

hereinafter referred to as the "Fund"), and Putnam Fiduciary Trust

Company (the "Custodian").



WHEREAS, the Custodian represents to the Fund that it is eligible to

serve as a custodian and foreign custody manager for a management

investment company registered under the Investment Company Act of 1940,

as amended (the "1940 Act"), and



WHEREAS, the Fund wishes to appoint the Custodian as the Fund's

custodian and foreign custody manager.



NOW, THEREFORE, in consideration of the mutual covenants and agreements

herein contained, the parties hereto agree as follows:



1. Appointment of Custodian.  The Fund hereby employs and appoints the

Custodian as custodian of its assets for the term and subject to the

provisions of this Agreement.  At the direction of the Custodian, the

Fund agrees to deliver to the Sub-Custodians appointed pursuant to

Section 2 below (the "Sub-Custodians") securities, funds and other

property owned by it. The Custodian shall have no responsibility or

liability for or on account of securities, funds or other property not

so delivered to the Sub-Custodians.  Upon request, the Fund shall

deliver to the Custodian or to such Sub-Custodians as the Custodian may

direct such proxies, powers of attorney or other instruments as may be

reasonably necessary or desirable in connection with the performance by

the Custodian or any Sub-Custodian of their respective obligations under

this Agreement or any applicable Sub-Custodian Agreement.



2. Appointment of Sub-Custodians.  The Custodian may at any time and

from time to time appoint, at its own cost and expense, as a

Sub-Custodian for the Fund any bank or trust company which meets the

requirements of the 1940 Act and the rules and regulations thereunder to

act as a custodian, provided that the Fund shall have approved any such

bank or trust company and the Custodian gives prompt notice to the Fund

of any such appointment.  The agreement between the Custodian and any

Sub-Custodian shall be substantially in the form of the Sub-Custodian

agreement attached hereto as Exhibit 1 (the "Sub-Custodian Agreement")

unless otherwise approved by the Fund, provided, however, that the

agreement between the Custodian and any Sub-Custodian appointed

primarily for the purpose of holding foreign securities of the Fund

shall be substantially in the form of the Sub-Custodian Agreement

attached hereto as Exhibit 1(A) (the "Foreign Sub-Custodian Agreement";

the "Sub-Custodian Agreement" and the "Foreign Sub-Custodian Agreement"

are herein referred to collectively and each individually as the

"Sub-Custodian Agreement").  All Sub-Custodians shall be subject to the

instructions of the Custodian and not the Fund.  The Custodian may, at

any time in its discretion, remove any bank or trust company which has

been appointed as a Sub-Custodian but shall in such case promptly notify

the Fund in writing of any such action.  Securities, funds and other

property of the Fund delivered pursuant to this Agreement shall be held

exclusively by Sub-Custodians appointed pursuant to the provisions of

this Section 2.



The Sub-Custodians which the Fund has approved to date are set forth in

Schedule B hereto.  Schedule B shall be amended from time to time as

Sub-Custodians are changed, added or deleted.



With respect to the securities, funds or other property held by a

Sub-Custodian, the Custodian shall be liable to the Fund if and only to

the extent that such Sub-Custodian is liable to the Custodian.  The

Custodian shall nevertheless be liable to the Fund for its own

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