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





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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.





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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;



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          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;



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          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





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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.







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     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

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