Item 77L

New Accounting Pronouncement

In June 2006, the Financial Accounting Standards Board (FASB)
issued Interpretation No. 48, Accounting for Uncertainty in
Income Taxes (the Interpretation).  The Interpretation prescribes
a minimum threshold for financial statement recognition of the
benefit of a tax position taken or expected to be taken by a
filer in the filers tax return.  Upon adoption, the
Interpretation did not have a material effect on the funds
financial statements.  However, the conclusions regarding the
Interpretation may be subject to review and adjustment at a later
date based on factors including, but not limited to, further
implementation guidance expected from the FASB, and on-going
analysis of tax laws, regulations and interpretations thereof.

In September 2006, the FASB issued Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (the
Standard).  The Standard defines fair value, sets out a framework
for measuring fair value and expands disclosures about fair value
measurements.  The Standard applies to fair value measurements
already required or permitted by existing standards.  The
Standard is effective for fiscal years beginning after November
15, 2007 and interim periods within those fiscal years. Putnam
Management does not believe the adoption of the Standard will
impact the amounts reported in the financial statements; however,
additional disclosures will be required about the inputs used to
develop the measurements of fair value.

In March 2008, FASB issued Statement of Financial Accounting
Standards No. 161 (FAS 161) Disclosures about Derivative
Instruments and Hedging Activities - an amendment of FASB
Statement No. 133 (FAS 133), which expands the disclosure
requirements in FAS 133 about an entitys derivative instruments
and hedging activities.  FAS 161 is effective for fiscal years
and interim periods beginning after November 15, 2008.  Putnam
Management is currently evaluating the impact the adoption of
these accounting pronouncements will have on the funds financial
statements and related disclosures.