New accounting pronouncement

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.