77L New accounting pronouncement

In May 2011, the Financial Accounting Standards Board (FASB)
issued Accounting Standards Update (ASU) 2011-04 Fair Value
Measurements and Disclosures (Topic 820) - Amendments to Achieve
Common Fair Value Measurement and Disclosure Requirements in
U.S. GAAP and IFRS. ASU 2011-04 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 2011-04 is
effective for fiscal years and interim periods beginning after
December 15, 2011. The application of ASU 2011-04 did not have a
material impact on the funds financial statements.

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.