Supplement -- dated July 27, 2005 to Putnam's Code of Ethics

Putnam is making two modifications to the Code of Ethics addressing
situations where the Code may be viewed as overly restrictive.

Section I -- Rule 7: 90-Day and One-Year Restrictions in Putnam Mutual Funds
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Effective immediately, redemptions from an employee's college savings 529
plan to pay for qualified educational expenses for the beneficiary of the
account (and redemptions due to death or disability) will no longer be
subject to the 90-day and one-year restrictions applicable to Putnam
mutual fund. Qualified redemptions include:

Tuition
School fees
Books
Supplies and equipment required for enrollment
Room and board
Death
Disability

The following restrictions apply:
Redemptions from 529 funds are not allowed through phone requests
529 funds are not allowed in the Portfolio Rebalancer

Qualified exchanges and transfers will still be subject to the 90-day and
one-year employee restrictions

Section I -- Rule 9: Excessive Trading
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Putnam employees are strongly discouraged from engaging in excessive
trading for their personal accounts. Under the Code, employees are
prohibited from making more than 10 trades in individual securities in any
given calendar quarter.

Effective immediately, the rule will be modified to provide that all
trades of the same security in the same direction (i.e. all buys or all
sells ) over a period of 5 consecutive business days will be counted as
one trade for purposes of the 10 trade limit. For example, if an employee
purchases 1,000 shares of IBM stock on Monday through Friday of a week,
the 5 trades will count as one for the 10 trade limit.  Employees must
still pre-clear each trade separately on its trade date.  All other rules
under the Code of Ethics will continue to be applied on a day to day
basis.