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<FILENAME>acctg77l052.txt
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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.  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.

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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