<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>acctpron073.txt
<TEXT>
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 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.

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