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<FILENAME>acct77l582.txt
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Note 8: 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. 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.
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