<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>newaccounting074.txt
<TEXT>
New accounting pronouncements
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 eff ective for fi scal years and
interim periods beginning after December 15, 2011. The
application of ASU 201104 will not have a material impact
on the funds fi nancial statements.
In December 2011, the FASB issued ASU No. 201111 Disclosures
about Off setting Assets and Liabilities. The update
creates new disclosure requirements requiring entities to
disclose both gross and net information for derivatives
and other fi nancial 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 eff ective 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
201111 and its impact, if any, on the funds
fi nancial statements.
</TEXT>
</DOCUMENT>
