Form 1099-B

Putnam Investor Services P.O. Box 8383 Boston, MA 02266-8383 1-800-225-1581 RECIPIENT'S name, address, and ZIP code JOANNE SAMPLE PO BOX 41203 PROVIDENCE RI 02940-1203 Corrected (if checked)	2014 Proceeds from Broker & Barter Exchange Transactions This is important tax information and is being furnished to the Internal Revenue Service (except as indicated). If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. You are ultimately responsible for the accuracy of your tax return. Recipient's tax identification number xxx-xx-1234

Name of Fund (Payer), Fund Tax I.D. Number, Account Number and CUSIP Number	1a Description	1b Date Acquired	1c Date of Sale or Exchange	1d Proceeds	1e Cost or other basis	1f/1g Wash Sale Adjustment	4 Federal Income Tax Withheld	Gain (Loss)	14 State	15 State Identification No.	16 State Tax Withheld
INTL EQUITY CL-A 04-6661045 0035-1111111111 74680E101	.178	12/06/2013	10/7/2014	3.70	2.68	.00	.00	1.02			0.00
Fund Total				3.70	2.68	.00	.00	1.02			.00

Frequently Asked Questions

• Why did I receive a Form 1099-B/Cost Basis when I only exchanged shares?
  An exchange of non-Money Market mutual fund shares is considered a taxable event. An exchange is treated as a "sell" transaction in which shares are sold out of the original fund and purchased into the receiving fund(s).
• What is the difference between long-term and short-term for tax purposes?
  If you sold shares held more than one year, the resulting gain or loss is considered Long Term, while shares held one year or less generate a Short Term gain or loss. Long term gains realized from your sale of fund shares, as well as those distributed by your fund, are taxed at a reduced capital gains tax rate while short-term gains and ordinary income dividends could be taxed at a higher tax rate.
• How do I determine my gain or loss from the sale of fund shares?
  As an additional service to its shareholders, Putnam calculates the cost basis and the resulting gain or loss for each sale of fund shares during the year.
• How does the Contingent Deferred Sales Charge (CDSC) affect my cost basis?
  Gain/loss calculations are made based on the total amount of the redemption. CDSC is treated as an addition to the basis of your shares redeemed.
• What is a wash sale?
  A Wash sale occurs when shares are redeemed at a loss and all or a portion of the shares are repurchased (including reinvested dividends) within a 61 day period, beginning 30 days before the sale and ending 30 days after the sale. All or a portion of any loss resulting from that sale is disallowed by the IRS and must be added into the average cost basis of the repurchase shares.
  
  NOTE: Wash sale information is reported in box 1f/1g
• How does a return of capital affect my Cost Basis?
  Return of capital distributions reduce your Cost Basis. For example, if your Cost Basis is $1,000 and you received a return of capital of $100, your Cost Basis is reduced to $900.
• Why is the Cost Basis information not available on my account?
  Generally, if the initial investment to your account was made prior to 1985 or the shares referenced were transferred from another account opened prior to 1985, then we are unable to provide your Cost Basis information.
• Is there an example of the average cost basis?
  • A shareholder makes three investments over time, purchasing:
    150 shares on February 3, 1992, at $9 per share
    100 shares on September 15, 1999, at $11.50 per share
    250 shares on January 4, 2013, at $12 per share
  • The shareholder's investment amount is $5,500 with a balance of 500 shares.
  • The shareholder decides to sell 300 shares on October 15, 2013.
  • The price per share on October 15, 2010, was $15, giving the shareholder $4,500.

  The average cost basis method averages the cost of all shares, regardless of the holding period.

  From the example above, first, take the total cost of all shares ($5,500) and divide it by the number of shares owned (500) for an average cost of $11 per share.

  Then, take the average cost per share ($11) and multiply it by the number of shares sold ($11 x 300 = $3,300) to get your cost basis amount.

  To determine your gain or loss, take the cost basis amount ($3,300) and subtract it from the sale amount ($4,500). In this example you had a total gain of $1,200