77L

New accounting pronouncements


In March 2008, Statement of Financial Accounting
Standards No. 161, Disclosures about Derivative
Instruments and Hedging Activities (SFAS 161) an
amendment of FASB Statement No. 133, was issued and
is effective for fiscal years and interim periods beginning
after November 15, 2008. SFAS 161 requires enhanced
disclosures about how and why an entity uses derivative
instruments and how derivative instruments affect
an entitys financial position. Putnam Management is
currently evaluating the impact the adoption of SFAS 161
will have on the funds financial statement disclosures.

In April 2009, FASB issued a new FASB Staff Position FSP FAS
157-4 which amends FASB Statement No. 157, Fair Value
Measurements, and is effective for interim and annual periods
ending after June 15, 2009.  FSP FAS 157-4 provides additional
guidance when the volume and level of activity for the asset or
liability measured at fair value has significantly decreased.
Additionally, FSP FAS 157-4 expands disclosure by reporting
entities with respect to categories of assets and liabilities
carried at fair value.  Putnam Management believes applying the
provisions of FSP FAS 157-4 will not have a material impact on
the funds financial statements.