77e
Regulatory matters and litigation

Putnam Management has entered into agreements with the
Securities and Exchange Commission and the Massachusetts
Securities Division settling charges connected with excessive
short-term trading by Putnam employees and, in the case of the
charges brought by the Massachusetts Securities Division, by
participants in some Putnam-administered 401(k) plans.  Pursuant
to these settlement agreements, Putnam Management will pay a
total of $193.5 million in penalties and restitution, with
$153.5 million being paid to shareholders and the funds. The
restitution amount will be allocated to shareholders pursuant to
a plan developed by an independent consultant, with payments to
shareholders currently expected by the end
of the summer.

The Securities and Exchange Commissions and Massachusetts
Securities Divisions allegations and related matters also serve
as the general basis for numerous lawsuits, including purported
class action lawsuits filed against Putnam Management and
certain related parties, including certain Putnam funds.  Putnam
Management will bear any costs incurred by Putnam funds in
connection with these lawsuits.  Putnam Management believes that
the likelihood that the pending private lawsuits and purported
class action lawsuits will have a material adverse financial
impact on the fund is remote, and the pending actions are not
likely to materially affect its ability to provide investment
management services to its clients, including the Putnam funds.