Note 7: 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 short-term trading in Putnam funds.
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 $9571 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.