New accounting pronouncement

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