Report of Independent Registered Public Accounting Firm


To the Board of Trustees of 
The Putnam Funds and the Board
of Directors of Putnam Fiduciary Trust Company 

We have examined managements assertion, included in the 
accompanying Management Statement Regarding Compliance with 
Certain Provisions of the Investment Company Act of 1940, about 
The Putnam Funds (the Funds) compliance with the requirements of 
subsections (b) and (c) of Rule 17f-2 under the Investment 
Company Act of 1940 (the Act) as of June 25, 2004.  Management of 
Putnam Fiduciary Trust Company on behalf of the Funds is 
responsible for the Funds compliance with those requirements.  
Our responsibility is to express an opinion on managements 
assertion about the Funds compliance based on our examination.

Our examination was conducted in accordance with the standards of 
the Public Company Accounting Oversight Board (United States) 
and, accordingly, included examining, on a test basis, evidence 
about the Funds compliance with those requirements and performing 
such other procedures as we considered necessary in the 
circumstances.  Included among our procedures were the following 
tests performed as of June 25, 2004, and with respect to 
agreement of security purchases and sales, for the period from 
March 26, 2004  (the date of our last examination), through June 
25, 2004:

-	Obtained confirmation of all securities recordkept at banks 
with whom the custodian and the Funds have contracted to 
provide sub-custodian services including Mellon Bank, State 
Street Bank and Trust, Brown Brothers Harriman & Co., United 
Missouri Bank, JP MorganChase, and Citibank;

-	Reconciled all such securities to the books and records of the 
Funds and the custodian; 

-	Confirmed with brokers or inspected documentation for selected 
securities purchased but not received; and

-	Agreed selected securities purchased and securities sold or 
matured since our last report from the books and records of the 
Funds to broker confirmations.

We believe that our examination provides a reasonable basis for 
our opinion.  Our examination does not provide a legal 
determination on the Funds compliance with specified 
requirements.

In our opinion, managements assertion that the Funds were in 
compliance with the requirements of subsections (b) and (c) of 
Rule 17f-2 of the Investment Company Act of 1940 as of June 25, 
2004 with respect to securities reflected in the investment 
accounts of the Funds is fairly stated, in all material respects.

This report is intended solely for the information and use of the 
Board of Trustees of The Putnam Funds, the Board of Directors and 
management of Putnam Fiduciary Trust Company, the Securities and 
Exchange Commission, and the auditors of the Funds and the Trusts 
and is not intended to be and should not be used by anyone other 
than these specified parties. 




March 30, 2005
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