<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>acct77l061.txt
<TEXT>
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. Putnam
Management is currently evaluating the application of ASU 2011 04
and its impact, if any, on the funds financial statements.
</TEXT>
</DOCUMENT>
