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 negligence in

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC