77l

Note 7:  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 is not
expected to 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 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.