Non-U.S. funds

Important Information

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


I understand that Putnam's funds and products shown on this Web site may not be distributed to persons who are residents of the United States or who are located in any country where the Funds are not authorised for distribution.

I have read the information below, agree to its contents, and wish to proceed.

This Web site is not directed to persons who are residents or citizens of the United States or Ireland 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 World Wide Web is not permitted.

If you have accessed this Web site 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 Web site.

Information contained in the Web site 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 Web site or meets his or her financial or any other objectives.

In particular, the information in the Web site is not for distribution, and does not constitute an offer to sell or the solicitation of any offer to buy any securities, in the United States of America to or for the benefit of "U.S. persons" within the meaning of Regulation S under the United States Securities Act of 1933.

Putnam's non-US affiliates manage products designed for investors outside of the United States. These products and the information about these products that is contained on this Web site are directed at and available only to investors in specific countries. Please speak with your financial advisor about products that you may be interested in.

Applications for units or shares in any fund referred to in the Web site should be made only on the basis of the information contained in the current prospectus, simplified prospectus, product disclosure statement, annual report, and/or semi-annual report, as applicable ("Offering Documents") relating to the funds.

The information contained in the Web site 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.

Performance data is historical.

Past performance is not a guarantee of future results. More recent returns may be more or less than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units or shares. Performance assumes reinvestment of distributions at NAV and does not account for any taxes payable by any security holder or any sales, redemption, distribution, or optional charges. The payment of any sales charges will reduce performance. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments.

Putnam World Trust Class A1 units have been redesignated Class I units as of 17 October 2003. Returns shown for Class B, Class C, and Class I units for periods prior to inception are derived from the historical performance of Class A units, adjusted to reflect the different operating expenses applicable to such units, but is not adjusted to reflect the current maximum sales charge. Performance for Class E and Class S units is not derived from the historical performance of the Class A units.

Mutual 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 values per security 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. Any views expressed in the Web site are not to be taken as advice or a recommendation to buy or sell any investment.

Anti-money laundering

Obligations are imposed on financial sector professionals to prevent the use of mutual funds and investment products for money-laundering purposes. Within this context Putnam may require that dealers/financial advisors provide information for the identification of investors, further details of which are contained in the Offering Documents. If you have further questions about Putnam's anti-money-laundering policies and procedures and the responsibilities of intermediaries selling our international products, please contact Putnam at one of the numbers listed below.

Investors located in the countries noted below should take particular note of the following.

Germany

The information contained on this Web site is not intended for investors resident in the Federal Republic of Germany, and includes information regarding funds that are not registered for sale there. German investors should not make use of or rely on the information contained on this Web site. For information on Putnam funds registered in the Federal Republic of Germany, please speak with your financial advisor.

Switzerland

Only the following sub-fund of the Irish domiciled Putnam World Trust (formerly Putnam World Trust II) is approved for public distribution in or from Switzerland: Putnam Global High Yield Bond Fund. The Swiss Representative of this sub-fund is Fortis Foreign Fund Services AG, and the Swiss Paying Agent is Fortis Banque (Suisse) S.A., Zurich branch, Zurich. The Prospectus and the Simplified Prospectus, copies of the Trust Deed, as well as annual and semiannual reports may be obtained free of charge from the Swiss Representative. All other collective investment schemes mentioned on this Web site are not approved for public distribution in Switzerland. Units of such collective investment schemes are not offered to Swiss investors except as permitted under applicable law.

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

Putnam Investments Limited®
Cassini House
57-59 St James's Street
London, SW1A 1LD
United Kingdom

Tel: +44-20-7907-8200
Putnam Investments Australia Pty Limited
Level 40, Australia Square
264 George Street
Sydney NSW 2000
Australia

Tel: +61 (0)2 8864 8150

All copyright, patent, intellectual, and other property in the information contained in the Web site 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.

I understand that Putnam's funds and products, which include Putnam World Trust funds and Putnam Worldwide Income Fund (registered in Australia) among others, may not be distributed to persons who are residents of the United States or Ireland 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.