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 management assertion, included in the
accompanying Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940, that
The Putnam Funds (the Funds) complied with the requirements of
subsections (b) and (c) of Rule 17f-2 under the Investment
Company Act of 1940 (the Act) as of October 27, 2006.
Management is responsible for the Fund compliance with those
requirements.  Our responsibility is to express an opinion on
management assertion about the Fund 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 Fund 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 October 27, 2006, and with respect to
agreement of security purchases and sales, for the period from
September 29, 2006 (the date of our last examination), through
October 27, 2006:

-	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 sub-custodian;

-	Confirmed with brokers or inspected documentation for selected
securities purchased but not received;

-	Examined the internal controls surrounding security purchases
and security sales or maturities from the books and records of
the Funds since our last report.

We believe that our examination provides a reasonable basis for
our opinion.  Our examination does not provide a legal
determination on the Fund compliance with specified
requirements.

In our opinion, management assertion that the Funds complied
with the requirements of subsections (b) and (c) of Rule 17f-2
of the Investment Company Act of 1940 as of October 27, 2006
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 Independent
Registered Public Accounting Firms of the Funds and is not
intended to be and should not be used by anyone other than these
specified parties.

/s/ PricewaterhouseCoopers LLP



October 27, 2006





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