This Web site provides information about Putnam's settlement of proceedings brought by the Securities and Exchange Commission (SEC) and the Commonwealth of Massachusetts Securities Division (Commonwealth). As part of the settlements of these proceedings, Putnam made monetary payments that will be distributed to shareholders to compensate them for losses that may have been caused by market timing and excessive short-term trading in certain Putnam mutual funds. In addition to providing details about the settlement, this Web site provides the following: general information about the distribution payments to shareholders, tax information related to the distribution payments to shareholders, links to important background documents, information about appeals, and contact information.

A brief history of the events leading up to the settlement as well as an overview of the settlement terms and distribution.

The Putnam Fair Fund has issued a "Statement to Eligible Investors," which provides tax information related to distribution payments.

Links to various documents issued by the SEC and other sources that can assist shareholders in their understanding of the settlement and Fair Fund distribution.

Answers to frequently asked questions regarding the settlement and Fair Fund distribution.

Answers to frequently asked questions regarding the settlement and Fair Fund distribution.

Contact information for the Putnam Fair Fund Administrator and the Independent Distribution Consultant.