It is important that you read this page before proceeding. It provides information about Putnam's UCITS funds (the "Funds") and where they are authorised for sale.

I understand that Putnam's Funds and products shown on this website may not be distributed to persons who are citizens or residents of the United States or who are located in any country where the Funds are not authorised for distribution. I understand that it is the responsibility of the investor or his or her dealer/advisor to ensure that the offering and sale of Fund units or shares complies with the relevant national and /or local law.

Information contained in the website is provided for informational purposes only and does not constitute an offer to sell any securities in any jurisdiction in which such distribution or offer is not authorised or where they are not available for distribution in the jurisdiction of the reader. It does not constitute advice, a recommendation, or an expression of our view as to whether a particular security or financial instrument is suitable for any investor accessing the website or meets his, her or its financial or any other objectives.

This website is not directed to persons who are residents or citizens of the United States (including persons who are "U.S. Persons" under U.S. federal income tax or securities laws) or who are located in any country, state, or jurisdiction where the Funds are not authorised for distribution or in which the dissemination of information regarding the Funds on the Internet is not permitted. The information on the website is not for distribution, and does not constitute an offer to sell or the solicitation of any offer to buy any securities, to or for the benefit of "U.S. Persons" within the meaning of Regulation S under the United States Securities Act of 1933 or U.S. federal income tax law.

Putnam's non-U.S. affiliates manage products designed for investors outside of the United States. These products and the information about these products that is contained on this website are directed at and available only to investors in specific countries.

Applications for units or shares in any Fund referred to in the website should be made only on the basis of the information contained in the current Prospectus, Key Investor Information Document(s), annual report, and/or semi-annual report, as applicable ("Offering Documents") relating to the Funds.

If you are in any doubt about the information contained in the website, please consult your Putnam representative or financial advisor. The information is current at the date of publication, but is subject to change without notification.

If you have accessed this website via a link from another site, Putnam Investments is not responsible for the accuracy of information contained within the sites of other providers who have links to any pages of this website.

The information contained in the website is to the best of the knowledge of Putnam Investments in accordance with the facts and does not omit anything likely to affect the import of such information. However, no warranty of accuracy is given and no liability in respect of any errors or omissions created by any third party is accepted by Putnam Investments. By proceeding you agree to the exclusion by Putnam Investments and its affiliates of any liability in respect of any errors or omissions to the extent permitted by applicable law.

Fund securities are not covered by any government deposit insurer. There can be no assurances that a money market fund will be able to maintain its net asset value per unit at a constant amount, or that the full amount of your investment in any Fund will be returned to you.

When a subscription involves a foreign exchange transaction, it may be subject to the fluctuations of currency values. For Funds that invest in emerging markets, volatility and the risk to your capital may be greater.

All copyright, patent, intellectual, and other property in the information contained in the website is held by Putnam Investments, and it will continue to belong to Putnam Investments, except as stated otherwise. No rights of any kind are licensed or assigned or will otherwise pass to persons accessing this information.