New accounting pronouncements

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. The Interpretation will become
effective for fiscal years beginning after December 15, 2006 but
will also apply to tax positions reflected in the funds financial
statements as of that date. No determination has been made
whether the adoption of the Interpretation will require the fund
to make any adjustments to its net assets or have any other
effect on the funds financial statements. The effects of
implementing this pronouncement, if any, will be noted in the
funds next semiannual financial statements.

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 requires additional disclosures
about fair value measurements. The Standard applies to fair value
measurements already required or permitted by existing standards.
The Standard is effective for financial statements issued for
fiscal years beginning after November 15, 2007 and interim
periods within those fiscal years. Putnam Management is currently
evaluating what impact the adoption of the Standard will have on
the funds financial statements.