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 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 (as

defined in Section 3.12) account of the Sub-Custodian only upon receipt

of Proper Instructions (as defined in Section 3.16), 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 applicable 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;



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 Eligible Foreign

Custodian subject to a Contract (each as defined in Section 3.11A) or

eligible securities depository (as defined in Section 3.11B), 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, Eligible Foreign Custodian or eligible securities

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, Eligible Foreign Custodian or eligible securities

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 Eligible Foreign

Custodian or eligible securities 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 Eligible Foreign Custodian or

eligible securities 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 1940 Act. 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 1940 Act 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

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