CUSTODIAN AGREEMENT



AGREEMENT made as of the 3rd day of May, 1991, as amended July 13, 1992,

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 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.



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 in

writing any such bank or trust company and the Custodian gives prompt

written 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. The Fund shall be

responsible for informing the Custodian sufficiently in advance of a

proposed investment which is to be held at a location not listed on

Schedule B, in order that there shall be sufficient time for the

Custodian to put the appropriate arrangements in place with such

Sub-Custodian pursuant to such Sub-Custodian Agreement.



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 transmitting any instructions received by it from the Fund

and for its own negligence in connection with the delivery of any

securities, funds or other property of the Fund to any such

Sub-Custodian.



In the event that any Sub-Custodian appointed pursuant to the provisions

of this Section 2 fails to perform any of its obligations under the

terms and conditions of the applicable Sub-Custodian Agreement, the

Custodian shall use its best efforts to cause such Sub-Custodian to

perform such obligations.  In the event that the Custodian is unable to

cause such Sub-Custodian to perform fully its obligations thereunder,

the Custodian shall forthwith terminate such Sub-Custodian and, if

necessary or desirable, appoint another Sub-Custodian in accordance with

the provisions of this Section 2.  The Custodian may with the approval

of the Fund commence any legal or equitable action which it believes is

necessary or appropriate in connection with the failure by a

Sub-Custodian to perform its obligations under the applicable

Sub-Custodian Agreement.  Provided the Custodian shall not have been

negligent with respect to any such matter, such action shall be at the

expense of the Fund.  The Custodian shall keep the Fund fully informed

regarding such action and the Fund may at any time upon notice to the

Custodian elect to take responsibility for prosecuting such action.  In

such event the Fund shall have the right to enforce and shall be

subrogated to the Custodian's rights against any such Sub-Custodian for

loss or damage caused the Fund by such Sub-Custodian.



At the written request of the Fund, the Custodian will terminate any

Sub-Custodian appointed pursuant to the provisions of this Section 2 in

accordance with the termination provisions of the applicable

Sub-Custodian Agreement.  The Custodian will not amend any Sub-Custodian

Agreement in any material manner except upon the prior written approval

of the Fund and shall in any case give prompt written notice to the Fund

of any amendment to the Sub-Custodian Agreement.



3. Duties of the Custodian with Respect to Property of the Fund Held by

Sub-Custodians.



3.1    Holding Securities - The Custodian shall cause one or more

Sub-Custodians to hold and, by book-entry or otherwise, identify as

belonging to the Fund all non-cash property delivered to such

Sub-Custodian.



3.2    Delivery of Securities - The Custodian shall cause Sub-Custodians

holding securities of the Fund to release and deliver securities owned by

the Fund held by the Sub-Custodian or in a Securities System account of the

Sub-Custodian only upon receipt of Proper Instructions, which may be

continuing instructions when deemed appropriate by the parties, and only in

the following cases:



3.2.1  Upon sale of such securities for the account of the Fund and receipt

of payment therefor; provided, however, that a Sub-Custodian may release

and deliver securities prior to the receipt of payment therefor if (i) in

the Sub-Custodian's judgment, (A) release and delivery prior to payment is

required by the terms of the instrument evidencing the security or (B)

release and delivery prior to payment is the prevailing method of settling

securities transactions between institutional investors in the applicable

market and (ii) release and delivery prior to payment is in accordance with

generally accepted trade practice and with any pplicable governmental

regulations and the rules of Securities Systems or other securities

depositories and clearing agencies in the applicable market.  The Custodian

agrees, upon request, to advise the Fund of all pending transactions in

which release and delivery will be made prior to the receipt of payment

therefor;



3.2.2  Upon the receipt of payment in connection with any repurchase

agreement related to such securities entered into by the Fund;



3.2.3  In the case of a sale effected through a Securities System, in

accordance with the provisions of Section 3.12 hereof;



3.2.4  To the depository agent in connection with tender or other similar

offers for portfolio securities of the Fund; provided that, in any such

case, the cash or other consideration is thereafter to be delivered to the

Sub-Custodian;



3.2.5  To the issuer thereof or its agent, when such securities are called,

redeemed, retired or otherwise become payable; provided that, in any such

case, the cash or other consideration is to be delivered to the

Sub-Custodian;



3.2.6  To the issuer thereof, or its agent for transfer into the name of

the Fund or into the name of any nominee or nominees of the Sub-Custodian

or into the name or nominee name of any agent appointed pursuant to Section

3.11 or any other name permitted pursuant to Section 3.3; or for exchange

for a different number of bonds, certificates or other evidence

representing the same aggregate face amount or number of units; provided

that, in any such case, the new securities are to be delivered to the

Sub-Custodian;



3.2.7  Upon the sale of such securities for the account of the Fund, to the

broker or its clearing agent, against a receipt, for examination in

accordance with "street delivery" custom; provided that in any such case,

the Sub-Custodian shall have no responsibility or liability for any loss

arising from the delivery of such securities prior to receiving payment for

such securities except as may arise from the Sub-Custodian's own negligence

or willful misconduct;



3.2.8  For exchange or conversion pursuant to any plan of merger,

consolidation, recapitalization, reorganization or readjustment of the

securities of the issuer of such securities, or pursuant to provisions for

conversion contained in such securities, or pursuant to any deposit

agreement; provided that, in any such case, the new securities and cash, if

any, are to be delivered to the Sub-Custodian;



3.2.9  In the case of warrants, rights or similar securities, the surrender

thereof in the exercise of such warrants, rights or similar securities or

the surrender of interim receipts or temporary securities for definitive

securities; provided that, in any such case, the new securities and cash,

if any, are to be delivered to the Sub-Custodian;



3.2.10 For delivery in connection with any loans of securities made by the

Fund, but only against receipt of adequate collateral as agreed upon from

time to time by the Custodian and the Fund, which may be in the form of

cash or obligations issued by the United States government, its agencies or

instrumentalities; except that in connection with any loan of securities

held in a Securities System for which collateral is to credited to the

Sub-Custodian's account in another Securities System, the Sub-Custodian

will not be held liable or responsible for delivery of the securities prior

to the receipt of such collateral.



3.2.11 For delivery as security in connection with any borrowings by

the Fund requiring a pledge of assets by the Fund, but only against

receipt of amounts borrowed;



3.2.12 Upon receipt of instructions from the transfer agent ("Transfer

Agent") for the Fund, for delivery to such Transfer Agent or to the

shareholders of the Fund in connection with distributions in kind, as

may be described from time to time in the Fund's Declaration of Trust

and currently effective registration statement, if any, in satisfaction

of requests by Fund shareholders for repurchase or redemption;



3.2.13 For delivery to another Sub-Custodian of the Fund; and



3.2.14 For any other proper corporate purpose, but only upon receipt of, in

addition to Proper Instructions, a certified copy of a resolution of the

Trustees or of the Executive Committee of the Fund signed by an officer of

the Fund and certified by its Clerk or an Assistant Clerk, specifying the

securities to be delivered, setting forth the purpose for which such

delivery is to be made, declaring such purposes to be proper corporate

purposes, and naming the person or persons to whom delivery of such

securities shall be made.



3.3    Registration of Securities.  Securities of the Fund held by the

Sub-Custodians hereunder (other than bearer securities) shall be registered

in the name of the Fund or in the name of any nominee of the Fund or of any

nominee of the Sub-Custodians or any 17f-5 Sub-Custodian or Foreign

Depository (as each of those terms is defined in the Foreign Sub-Custodian

Agreement, which nominee shall be assigned exclusively to the Fund, unless

the Fund has authorized in writing the appointment of a nominee to be used

in common with other registered investment companies having the same

investment adviser as the Fund, or in the name or nominee name of any agent

appointed pursuant to Section 3.12.  Notwithstanding the foregoing, a

Sub-Custodian, agent, 17f-5 Sub-Custodian or Foreign Depository may hold

securities of the Fund in a nominee name which is used for its other

clients provided that such name is not used by the Sub-Custodian, agent,

17f-5 Sub-Custodian or Foreign Depository for its own securities and that

securities of the Fund are, by book-entry or otherwise, at all times

identified as belonging to the Fund and distinguished from other securities

held for other clients using the same nominee name.  In addition, and

notwithstanding the foregoing, a Sub-Custodian or agent thereof or 17f-5

Sub-Custodian or Foreign Depository may hold securities of the Fund in its

own name if such registration is the prevailing method in the applicable

market by which custodians register securities of institutional clients and

provided that securities of the Fund are, by book-entry or otherwise, at

all times identified as belonging to the Fund and distinguished from other

securities held for other clients or for the Sub-Custodian or agent thereof

or 17f-5 Sub-Custodian or Foreign Depository.  All securities accepted by a

Sub-Custodian under the terms of a Sub-Custodian Agreement shall be in good

delivery form.



3.4    Bank Accounts.  The Custodian shall cause one or more Sub-Custodians

to open and maintain a separate bank account or accounts in the name of the

Fund or the Custodian, subject only to draft or order by the Sub-Custodian

acting pursuant to the terms of a Sub-Custodian Contract or by the

Custodian acting pursuant to this Agreement, and shall hold in such account

or accounts, subject to the provisions hereof, all cash received by it from

or for the account of the Fund, other than cash maintained by the Fund in a

bank account established and used in accordance with Rule 17f-3 under the

Investment Company Act of 1940.  Funds held by the Sub-Custodian for the

Fund may be deposited by it to its credit as sub-custodian or to the

Custodian's credit as custodian in the Banking Department of the

Sub-Custodian or in such other banks or trust companies as it may in its

discretion deem necessary or desirable; provided, however, that every such

bank or trust company shall be qualified to act as a custodian under the

Investment Company Act of 1940 and that each such bank or trust company and

the funds to be deposited with each such bank or trust company shall be

approved by vote of a majority of the Trustees of the Fund.  Such funds

shall be deposited by the Sub-Custodian or the Custodian in its capacity as

sub-custodian or custodian, respectively, and shall be withdrawable by the

Sub-Custodian or the Custodian only in that capacity.  The Sub-Custodian

shall be liable for actual losses incurred by the Fund attributable to any

failure on the part of the Sub-Custodian to report accurate cash

availability information with respect to the Fund's or the Custodian's bank

accounts maintained by the Sub-Custodian or any of its agents.



3.5    Payments for Shares.  The Custodian shall cause one or more

Sub-Custodians to deposit into the Fund's account amounts received from the

Transfer Agent of the Fund for shares of the Fund issued by the Fund and

sold by its distributor.  The Custodian will provide timely notification to

the Fund of any receipt by the Sub-Custodian from the Transfer Agent of

payments for shares of the Fund.



3.6    Availability of Federal Funds.  Upon mutual agreement between the

Fund and the Custodian, the Custodian shall cause one or more

Sub-Custodians, upon the receipt of Proper Instructions, to make federal

funds available to the Fund as of specified times agreed upon from time to

time by the Fund and the Custodian with respect to amounts received by the

Sub-Custodians for the purchase of shares of the Fund.



3.7    Collection of Income.  The Custodian shall cause one or more

Sub-Custodians to collect on a timely basis all income and other payments

with respect to registered securities held hereunder, including securities

held in a Securities System, to which the Fund shall be entitled either by

law or pursuant to custom in the securities business, and shall collect on

a timely basis all income and other payments with respect to bearer

securities if, on the date of payment by the issuer, such securities are

held by the Sub-Custodian or agent thereof and shall credit such income, as

collected, to the Fund's account.  Without limiting the generality of the

foregoing, the Custodian shall cause the Sub-Custodian to detach and

present for payment all coupons and other income items requiring

presentation as and when they become due and shall collect interest when

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