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, Statement of Financial Accounting Standards No.
161, Disclosures about Derivative Instruments and Hedging
Activities (SFAS 161) - an amendment of FASB Statement No. 133
(SFAS 133), was issued and is effective for fiscal years
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.