RETIREMENT PLAN
                          FOR THE
                TRUSTEES OF THE PUTNAM FUNDS

1. General; effective date.  This Retirement Plan For The Trustees Of
The Putnam Funds is intended to provide, on the terms and conditions
specified below, cash retirement benefits to certain individuals who
have served as trustees ("Trustees") of the Funds.  Except as provided
at Section 12 below, the Plan is effective with respect to retirements
occurring on or after January 1, 1996.

2. Statement of Purpose.  The purpose of this Plan is to assist the
Funds in attracting and retaining highly qualified individuals to serve
as Trustees of the Putnam Funds by providing a form of deferred
compensation which is competitive with compensation practices of other
major investment company complexes as well as those of major business
corporations and which recognizes the benefits to the Funds and of
having Trustees with many years of experience with the affairs of the
Funds.

3. Defined terms.  When used in the Plan, the following terms shall have
the meanings set forth in this Section:

* "Administrator":  such committee, consisting solely of Trustees who
  are not "interested persons" of the Funds within the meaning of Section
  2(a)(19) of the Investment Company Act of 1940, as may be designated
  from time to time by the Trustees to administer the Plan.

* "Service":  active service as a Trustee of one or more of the Funds
  for which the Trustee is compensated by such Fund(s), including service
  prior to the Effective Date.  For purposes of this definition, service
  for an entity that was a Fund at the time of such service shall not be
  disregarded merely because the entity later ceases to be a Fund.  A
  Participant who dies prior to retirement or who retires by reason of
  total and permanent disability (as determined by the Administrator)
  shall be deemed to have served at least one hundred twenty (120) months
  of Service regardless of his or her actual period of service.

* "Effective Date":  the date specified in the second sentence of Section 1.

* "Final Average Remuneration":  the quotient obtained by dividing (i) a
  Participant's total retainer and meeting fees paid to the individual by
  the Funds for the last thirty-six (36) months of the individual's
  Service as a Trustee, by (ii) three.

* "Fund":  any of the Putnam Funds, other than any such Fund that has
  either (i) elected by vote of a majority of its Trustees who are not
  "interested persons" of the Fund (as defined above) not to participate
  in the Plan, or (ii) terminated its participation in the Plan in
  accordance with Section 14(c).

* "Participant":  a Trustee with at least sixty (60) months of Service.

* "Plan":  the Retirement Plan For The Trustees Of The Putnam Funds set
  forth herein, as the same may from time to time be amended and in
  effect.

* "Retirement":  ceasing to be an active Trustee (regardless of whether
  service to one or more Funds continues in a capacity other than as a
  Trustee) for any reason other than (i) termination for cause as
  determined by the Administrator, or (ii) death.  The terms "retire,"
  "retires" and "retired" shall be similarly construed.

* "Trustee":  a trustee of any of the Funds.

4. Eligibility for retirement benefit.  Each Participant shall receive
the normal retirement benefit specified in Section 5 below commencing in
the calendar year next following the date of retirement.

5. Form and amount of retirement benefit.  The retirement benefit
payable to a Participant shall be an annual cash payment equal to fifty
percent (50%) of the Participant's Final Average Remuneration.  Such
retirement benefit shall be paid on January 15 of each calendar year
commencing with the year specified in Section 4 above and continuing for
the lesser of (i) a number of years equal to the Participant's years of
Service (rounded to the nearest whole year) or (ii) the lifetime of the
Participant.

6. Death benefit.  The only death benefits payable under the Plan shall
be those described in this Section:

(a) If a Participant dies after retirement but before ten (10) annual
retirement benefit payments have been made, the Participant's designated
beneficiary shall be entitled to receive an annual death benefit, in the
same amount, payable on January 15 of each year for the lesser of (i)
the remainder, if any, of the period specified in clause (i) of Section
5 above or (ii) the remainder of such 10-year period.

(b) If a Participant dies before retirement, there shall be paid to his
or her designated beneficiary an annual death benefit equal in amount to
the annual retirement benefit specified in Section 5 above.  The death
benefit described in this paragraph (b) shall be paid on January 15 of
each year commencing in the calendar year next following the
Participant's death for a number of years equal to the lesser of (i) the
period specified in clause (i) of Section 5 above or (ii) ten (10)
years.

(c) The Administrator in its discretion may commute any death benefit
under this Section to an immediate lump sum payment or may otherwise
accelerate such payments, in each case applying such reasonable discount
rates as it deems appropriate.

7. Designation of beneficiary.  For purposes of Section 6 above, a
Participant's designated beneficiary shall be such person or persons,
including a trust, as the Participant shall have designated in writing
on a form acceptable to and delivered to the Administrator.  In the
absence of an effective beneficiary designation governing the payment of
any portion of the death benefit described in Section 6 above, payment
of such portion shall be made to the Participant's estate, which shall
be deemed to be the Participant's designated beneficiary for all
purposes hereunder.  If the person designated as the beneficiary to
receive any portion of the death benefit should die prior to completion
of payments to such beneficiary without the Participant having made
effective provision (by a designation delivered to the Administrator as
hereinabove prescribed) for a successor or contingent beneficiary,
payment of such portion or the remainder thereof shall be made to the
decedent beneficiary's estate.

8. Agreement not to compete, etc.   Eligibility for and payment of
benefits under the Plan is conditioned on agreement by the Participant
(i) to refrain from engaging in any business activity in competition
with the Funds, and (ii) not to disclose any proprietary or otherwise
confidential information pertaining to the Funds.  Any breach by an
active or retired Trustee of the agreement or conditions specified in
the preceding sentence shall be grounds for termination or reduction by
the Administrator of benefits under the Plan.

9. Nature of rights.  Nothing in the Plan shall be construed as
requiring the Funds, or any of them, to set aside or to segregate any
assets of any kind to meet any of its obligations hereunder or otherwise
to fund the Plan.  The rights of persons claiming benefits under the
Plan shall be no greater than those of general unsecured creditors of a
Fund, and no such person shall have any right in or to any specific
assets of any Fund.  All rights to benefits under the Plan shall be
construed and interpreted consistent with the continued qualification of
each Fund as a registered investment company under the Investment
Company Act of 1940, as amended.

10. Rights non-assignable.  No Participant, beneficiary or other person
shall have any right to assign, pledge, encumber, or otherwise alienate
or transfer any right to receive benefits or payments hereunder or any
other interest under the Plan, in whole or in part, and any attempt by
any such person to effectuate such an assignment, pledge, encumbrance,
or other alienation or transfer shall be null and void.

11. No rights to continuation of status.  Nothing in the Plan shall be
construed as giving any individual a right to continue to serve as a
Trustee of the Funds, or any of them, or to receive any particular level
of remuneration for any such service.

12. Application of Plan to certain persons.  This Plan supersedes in its
entirety the voluntary retirement program heretofore maintained by the
Funds and any benefits previously authorized under such program but not
yet paid for periods commencing on or after January 1, 1996.  Reference
is made to those former Trustees listed on Schedule A hereto who retired
prior to the effective date of this Plan and who are currently receiving
benefits under such voluntary retirement program.  In addition,
reference is made to a current Trustee listed on Schedule B hereto who
previously received certain retirement benefits under such voluntary
retirement program following such Trustee's initial retirement from the
Funds.  Each person listed on Schedules A or B shall be entitled to a
retirement benefit in the amount and payable in accordance with the
terms of the Plan except that, to the extent inconsistent with the
generally applicable provisions of the Plan, the specific provisions of
Schedule A and B shall control.

13. Payment of benefits.  Benefits shall be paid by the Funds, in cash,
upon direction by the Administrator.  The Administrator shall allocate
the obligation to make payments with respect to a Trustee under the Plan
for any calendar year among the Funds in proportion to their respective
cumulative liabilities accrued with respect to such Trustee's
participation in the Plan for financial reporting purposes or on such
other reasonable basis as the Administrator may determine.

14. Amendment and termination.

(a) Amendment.  The Plan may be amended at any time by the
Administrator.  No amendment shall reduce the benefits or future
benefits of any Trustee who has retired, and in the case of a
Participant who is still an active Trustee no amendment shall reduce the
amount such Trustee would have been entitled to receive if he or she had
ceased to serve as a Trustee immediately prior to such amendment.

(b) Termination of the Plan as a whole.  The Plan as a whole may be
terminated by the Administrator.  Upon termination of the Plan as a
whole, benefits in pay status shall continue to be paid.  Any
Participant not yet in pay status shall continue to be entitled to a
benefit equal to the benefit to which he or she would have been entitled
had retirement as a Trustee occurred immediately prior to such Plan
termination.  Notwithstanding the foregoing, in its discretion the
Administrator may commute and pay as a single lump sum payment any
benefits remaining payable upon termination of the Plan as a whole, and
in determining such lump sum amounts the Administrator may apply such
reasonable discount factors and mortality assumptions as it determines
in its discretion.

(c) Termination by individual Fund.  A Fund may terminate its
participation in the Plan at any time by vote of a majority of its
Trustees who are not "interested persons" of the Fund (as defined under
"Administrator" in Section 3 above), provided that upon any such
termination such Fund shall remain liable for its allocable share of the
benefits to which Participants would have been entitled if the Plan as a
whole had been terminated as of the date of such individual termination,
as determined by the Administrator in its sole discretion.

As Adopted October 4, 1996 and amended July 21, 2000


SCHEDULE A

Annual Retirement Benefit Payable to Certain Former Trustees

Each former Trustee listed below, who is currently receiving a
retirement benefit under the voluntary retirement program heretofore
maintained by the Funds, shall be entitled to receive an annual
retirement benefit in accordance with the terms and conditions of the
Plan except that (i) such benefit shall be payable for the remainder of
his or her lifetime in the amount shown below, and (ii) no death benefit
shall be payable upon or following the death of such former Trustee.

1. D. Reid Weedon -- annual benefit of $45,325.08.

2. Richard Cutler -- annual benefit of $45,999.96.

3. Alla O'Brien -- annual benefit of $59,570.04.

4. Robert Seamans -- annual benefit of $43,449.96.

5. Carol Goldberg -- annual benefit of $43,875.00.


SCHEDULE B

Retirement Benefit Payable to Eli Shapiro.

In recognition of his service as a Trustee prior to his retirement in
1989 and his receipt of certain retirement benefits prior to his
re-election as a Trustee, Eli Shapiro shall be entitled to receive
retirement benefits in accordance with the terms and conditions of the
Plan (including without limitation the death benefit provided in Section
6 of the Plan) except that (i) if he retires prior to the third
anniversary of his re-election as a Trustee, his "Final Average
Remuneration" shall be computed solely on the basis of his compensation
for the period of Service since such re-election, (ii) his period of
Service shall be computed including his period of Service prior to his
initial retirement, and (iii) the number of annual payments specified in
clause (i) of Section 5 of the Plan shall be equal to his years of
Service (including prior Service as provided above) reduced by the
number of years during which he received retirement benefits following
his initial retirement as a Trustee.