INVESTOR SERVICING AGREEMENT



AGREEMENT made as of the 3rd day of June, 1991, between each of the

Putnam Funds listed in Appendix A hereto (as the same may from time to

time be amended to add one or more additional Putnam Funds or to delete

one or more of such Funds), each of such Funds acting severally on its

own behalf and not jointly with any of such other Funds (each of such

Funds being hereinafter referred to as the "Fund"), and The Putnam

Management Company, Inc. (the "Manager"), a Delaware corporation, and

Putnam Fiduciary Trust Company (the "Agent"), a Massachusetts trust

company.



W I T N E S S E T H:



WHEREAS, the Fund is an investment company registered under the

Investment Company Act of 1940; and



WHEREAS, the Fund desires to engage the Manager and the Agent to provide

all services required by the Fund in connection with the establishment,

maintenance and recording of shareholder accounts, including without

limitation all related tax and other reporting requirements, and the

implementation of investment and redemption arrangements offered in

connection with the sale of the Fund's shares; and



WHEREAS, the Agent, an affiliate of the Manager, is willing to provide

such services on the terms and subject to the conditions set forth

herein;



NOW, THEREFORE, in consideration of the premises and the mutual

covenants set forth herein, the parties hereto agree as follows:



1. APPOINTMENT.



The Fund hereby appoints the Agent as its "Investor Servicing Agent" on

the terms and conditions set forth herein.  In such capacity the Agent

shall act as transfer, distribution disbursing and redemption agent for

the Fund and shall act as agent for the shareholders of the Fund in

connection with the various shareholder investment and/or redemption

plans from time to time made available to shareholders.  The Agent

hereby accepts such appointment and agrees to perform the respective

duties and functions of such offices in accordance with the terms of

this agreement and in a manner generally consistent with the practices

and standards customarily followed by other high quality investor

servicing agents for registered investment companies.



Notwithstanding such appointment, however, the parties agree that the

Manager may, upon thirty (30) days prior written notice to the Fund,

assume such appointment and perform such duties and functions itself.

Pending any such assumption, however, the Manager hereby guarantees the

performance of the Agent hereunder and shall be fully responsible to the

Fund, financially and otherwise, for the performance by the Agent of its

agreements contained herein.



2. GENERAL AUTHORITY AND DUTIES.



By its acceptance of the foregoing appointment, the Agent shall be

responsible for performing all functions and duties which, in the

reasonable judgment of the Fund, are necessary or desirable in

connection with the establishment, maintenance and recording of the

Fund's shareholder accounts and the conduct of its relations with

shareholders with respect to their accounts.  Without limiting the

generality of the foregoing, the Agent shall be responsible:



(a) as transfer agent, for performing all functions customarily

performed by transfer agents for registered investment companies,

including without limitation all functions necessary or desirable to

establish and maintain accounts evidencing the ownership of securities

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC