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 February 25, 2005.
Management 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 February 25, 2005, and with
respect to agreement of security purchases and sales, for the
period from September 24, 2004 (the date of our last
examination), through February 25, 2005:

-	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 & 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;

-	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 February
25, 2005 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 or 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 Trusts and is not intended to be and should not be
used by anyone other than these specified parties.

/s/PricewaterhouseCoopers LLP

March 29, 2006






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