In late 2003 and 2004, Putnam Management settled charges
brought by the SEC and the Massachusetts Securities
Division in connection with excessive short-term trading in
Putnam funds. In July 2011, the fund recorded a receivable
of $17,870,838 related to restitution amounts in connection
with a distribution plan approved by the SEC. This amount
was received by the fund in December 2011. 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.