77L New accounting pronouncement

In January 2013, ASU 2013 01 Clarifying the Scope of Disclosures
about Offsetting Assets and Liabilities replaced ASU No. 2011 11
Disclosures about Offsetting Assets and Liabilities. The updates
create 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 2013 01 and its impact, if any, on the
funds financial statements.