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<FILENAME>legal77e052.txt
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Note 5
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 SECs 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.

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