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 control 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
August 25, 2000, and from June 30, 2000 through August 25, 2000.

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 August
25, 2000, and from June 30, 2000 through August 25, 2000, with
respect to securities reflected in the investment accounts of
the Funds.


Putnam Fiduciary Trust Company


By:



Paul Bucuvalas
Managing Director Custody
Division



March 15, 2001