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<FILENAME>acctingpro074.txt
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Note 9: 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.
65

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