74P


On September 26, 2008, the fund entered into
an Agreement with another registered investment
company (the Seller) managed by Putnam
Management. Under the Agreement, the Seller sold
to the fund the right to receive, in the aggregate,
$655,823 in net payments from Lehman Brothers
Special Financing, Inc. in connection with certain
terminated derivatives transactions (the Receivable),
in exchange for an initial payment plus (or minus)
additional amounts based on the funds ultimate realized
gain (or loss) with respect to the Receivable. The
Receivable will be off set against the funds net payable
to Lehman Brothers Special Financing, Inc. and is
included in the Statement of assets and liabilities within
payable for investments purchased. Future payments
under the Agreement are valued at fair value following
procedures approved by the Trustees and are included
in the Statement of assets and liabilities. All remaining
payments under the Agreement will be recorded as
realized gain or loss.