<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>newacctpron052.txt
<TEXT>
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.
Each of the funds federal tax returns for the prior three fiscal
years remains
subject to examination by the Internal Revenue Service
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, 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.
In September 2008, FASB Staff Position FAS 133-1 and FIN 45-4,
Disclosures
about Credit Derivatives and Certain Guarantees: An Amendment of
FASB Statement No. 133 and FASB Interpretation No. 45; and
Clarifi cation
of the Effective Date of FASB Statement No. 161 (the Amendment)
was
issued and is effective for annual and interim reporting periods
ending
after November 15, 2008. The Amendment requires enhanced
disclosures
regarding a funds credit derivatives holdings and hybrid
financial instruments
containing embedded credit derivatives. Putnam Management is
currently
evaluating the impact the adoption of the Amendment will have on
the funds
financial statement disclosures.
</TEXT>
</DOCUMENT>
