Regulatory matters and litigation

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. In
July 2011, the fund recorded a receivable of $17,794,843 related
to restitution payments in connection with a distribution plan
approved by the SEC. 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 $831,529 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.