Report of Independent Accountants


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

We have examined management's 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 March 28, 2003.  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 management's
assertion about the Funds compliance based on our examination.

Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified
Public Accountants 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 March 28,
2003, and with respect to agreement of security purchases and
sales, for the period from September 27, 2002 (the date of our
last examination), through March 28, 2003:

-	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, management's 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 March 28,
2003 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 12, 2004
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