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<TYPE>EX-99
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<FILENAME>acctpron074.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. 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, FASB issued Statement of Financial
Accounting Standards No. 161 (FAS 161) Disclosures
about Derivative Instruments and Hedging Activities
an amendment of FASB Statement No. 133
(FAS 133), which expands the disclosure requirements
in FAS 133 about an entitys derivative
instruments and hedging activities. FAS 161 is effective
for fiscal years and interim periods beginning
after November 15, 2008. Putnam Management is
currently evaluating the impact the adoption of
these accounting pronouncements will have on the
Funds financial statements and related disclosures.
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