| Additions |
Additional investments and transfers; also includes shares that converted from class B to class A. |
| Average cost basis |
An estimate of the average cost of your original investment, plus additional investments, including reinvested dividends and capital gains. This should not be used for tax purposes. |
| Capital gain/loss |
A profit (or loss) on the sale of a security or other asset, calculated by subtracting the cost basis from the selling price. Gains on assets owned for one year or less are considered short-term capital gains. Gains on assets owned for more than one year are considered long-term capital gains. |
| Change in value |
Share price appreciation (or depreciation) plus any dividends and capital gains that have been reinvested, minus any sales fee incurred. Dividends and capital gains distributed in cash are not part of this calculation and are shown separately on your statement. |
| Contributions |
Investments made to your Putnam retirement account. For your Putnam IRA, previous year's contributions will also be reported. Rollovers or transfers of assets are not included. |
| Cost basis |
The original cost of an investment. When you sell your mutual funds shares, the cost basis is subtracted from the sales price to determine any capital gain or loss from the sale. |
| Dividends |
A cash payment of profits to a company's stockholders. Dividends received by a mutual fund portfolio are distributed to shareholders. |
| Exchanges |
Shares of one mutual fund are sold and the assets are reinvested in shares of another mutual fund. Putnam shareholders may generally make an exchange without incurring a sales change, subject to rules on minimum holding periods. Exchanges are a taxable event for non-retirement accounts. |
| Initial investment amount |
The dollar amount of an initial purchase or transfer to an account. If more than one transaction occurs on the same trade date, than this amount reflects all transactions made on that trade date. For transactions that occurred prior to 1991, the "initial investment amount" will reflect the account balance as of January 1, 1992. |
| Net amount invested |
The initial investment amount, plus additions or exchanges into a fund minus withdrawals or exchanges of a fund. |
| Net asset value (NAV) |
The market value of a mutual fund share calculated at the end of each business day. Represents fund assets minus liabilities, divided by the number of shares outstanding. |
| Portfolio funding |
New or existing accounts moved to a particular portfolio. |
| Public offering price (POP) |
The market value (NAV) of one mutual fund share, plus the maximum sales charge levied at the time of purchase. |
| Redemption |
The liquidation or sale of a mutual fund share for cash. |
| Rebalance-on-demand |
The ability to rebalance a portfolio outside of the set schedule. Short-term trading restrictions may apply. |
| Transfers |
Mutual fund shares for which a change in ownership has been executed. |
| Withdrawals |
Redemptions or transfers to another fund. |
