New accounting pronouncement

In December 2011, the FASB issued ASU No. 2011 11 Disclosures
about Offsetting Assets and Liabilities. The update creates new
disclosure requirements requiring entities to disclose both gross
and net information for derivatives and other financial
instruments that are either offset in the Statement of assets and
liabilities or subject to an enforceable master netting
arrangement or similar agreement. The disclosure requirements are
effective for annual reporting periods beginning on or after
January 1, 2013 and interim periods within those annual periods.
Putnam Management is currently evaluating the application of ASU
2011 11 and its impact, if any, on the funds financial
statements.