<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>newaccpr77L.txt
<TEXT>
77L


New accounting pronouncements
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 off set 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.
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</DOCUMENT>
