Item 77E

In late 2003 and 2004, Putnam Management settled charges brought
by the SEC and the Massachusetts Securities Division in
connection with excessive shortterm trading in Putnam funds.
Distribution of payments from Putnam Management to certain
openend Putnam funds and their shareholders is expected to be
completed in the next several months. These allegations and
related matters have served as the general basis for certain
lawsuits, including purported class action lawsuits against
Putnam Management and, in a limited number of cases, some Putnam
funds. In May 2011, the fund received a payment of $18,004 related
to settlement of those lawsuits. Putnam Management has agreed to bear
any costs incurred by the Putnam funds as a result of these matters.