<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>newaccounting77l.txt
<TEXT>
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.
In April 2009, FASB issued a new FASB Staff Position
FSP FAS 157-4 which amends FASB Statement No. 157,
Fair Value Measurements, and is effective for interim
and annual periods ending after June 15, 2009. FSP FAS
157-4 provides additional guidance when the volume
and level of activity for the asset or liability measured at
fair value has significantly decreased. Additionally, FSP
FAS 157-4 expands disclosure by reporting entities with
respect to categories of assets and liabilities carried
at fair value. Putnam Management believes applying
the provisions of FSP FAS 157-4 will not have a material
impact on its financial statements.
</TEXT>
</DOCUMENT>
