New accounting pronouncement

In May 2011, the Financial Accounting Standards Board (FASB)
issued Accounting Standards Update (ASU) 201104 Fair Value
Measurements and Disclosures (Topic 820) Amendments to Achieve
Common Fair Value Measurement and Disclosure Requirements in
U.S. GAAP and IFRS. ASU 201104 amends FASB Topic 820 Fair
Value Measurement and seeks to develop common requirements for
measuring fair value and for disclosing information about fair
value measurements in accordance with GAAP. ASU 201104
is effective for fiscal years and interim periods beginning
after December 15, 2011. Putnam Management is currently
evaluating the application of ASU 201104 and its impact,
if any, on the funds financial statements.