Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940

We, as members of management of Putnam Fiduciary Trust Company
on behalf of the Putnam Funds (the Funds), are responsible for
complying with the requirements of subsections (b) and (c) of
Rule 17f-2, Custody of Investments by Registered Management
Investment Companies, of the Investment Company Act of 1940.  We
are also responsible for establishing and maintaining effective
internal controls over compliance with those requirements.  We
have performed an evaluation of the Funds compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 as of
March 31, 2006, and from October 28, 2005 through March 31, 2006.

Based on this evaluation, we assert 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 March 31,
2006, and from October 28, 2005 through March 31, 2006, with
respect to securities reflected in the investment accounts of
the Funds.


Putnam Fiduciary Trust Company



By:




/s/ Judd Symon
Senior Vice President
Custody Services



March 31, 2006

Date