The views and information contained within this website are provided for informational purposes only, are not meant as investment advice, and represent the current good-faith views of the authors at the time of publication. These views are subject to change without notice of any kind. The information on this website does not constitute an offer for products or services, or a solicitation of an offer to any persons outside of the U.S. who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence, and is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject Putnam Investments or its affiliates to any registration requirement within such jurisdiction or country. Further, this does not constitute an offer of products or services with regard to any fund, investment scheme, or pooled investment (except defined contribution related materials that contain information about mutual funds that are available to U.S. investors only).
The Institutional Investor Section of the website is intended for the sole use of institutional investors. Any person who is not an institutional investor should not act or rely on this information.
Germany: This website is a marketing communication and does not constitute an offer or solicitation for the sale, purchase, or subscription of any financial instrument in any jurisdiction. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It is addressed solely to persons that do not qualify as consumers under applicable laws. The information contained in this website should not be regarded as an investment recommendation or investment advice. This website does not purport to give an exhaustive description of the financial instrument(s) and/or investment strategies (including on certain related risks) it relates to, and, although all reasonable care has been taken to ensure that it is accurate, neither Putnam Investments Limited nor its subsidiaries, affiliates, or branches can be held liable for any incorrect, incomplete, or missing information. Putnam Investments Limited may change the information contained in this website without any prior notice and is under no obligation to inform you about any such change. Putnam Investments Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. For the activities carried out in Germany, the German branch of Putnam Investments Limited is also subject to a limited regulatory supervision of the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht — BaFin). The website is directed exclusively at professional clients and eligible counterparties (as defined under the FCA Rules, or the German Securities Trading Act (Wertpapierhandelsgesetz) or other applicable law) who are knowledgeable and experienced in investment matters. Any investments to which this website relates are available only to or will be engaged in only with such persons, and any other persons (including retail clients) should not act or rely on this website.
United Kingdom: The website is directed exclusively at professional clients and eligible counterparties (as defined under the FCA Rules who are knowledgeable and experienced in investment matters. Any investments to which this website relates are available only to or will be engaged in only with such persons, and any other persons (including retail clients) should not act or rely on this material. Putnam Investments Limited is authorized and regulated by the Financial Conduct Authority (FCA).
Japan: This website is prepared by Putnam Investments for use in Japan by Putnam Investments Securities Co., Ltd. ("PISCO"), and is for Professional Investors defined in Article 2, Paragraph 31 of the Financial Instruments and Exchange Law of Japan ("Tokutei-toshika") only. PISCO is registered with Kanto Local Finance Bureau in Japan as a financial instruments business operator conducting the type 1 financial instruments business, and is a member of Japan Securities Dealers Association. The material and information on this website are prepared for informational purposes only, and are not meant as investment advice and do not constitute any offer or solicitation in Japan for the execution of an investment advisory contract or a discretionary investment management contract.
Australia: Prepared for use with wholesale investors in Australia by Putnam Investments Australia Pty Limited, ABN,50 105 178 916, AFSL No. 247032. This material has been prepared without taking account of an investor's objectives, financial situation, and needs. Before deciding to invest, investors should consider whether an investment is appropriate for them.
Canada: Prepared for use in Canada by Putnam Investments Canada ULC (o/a Putnam Management in Manitoba). Where permitted, advisory services are provided in Canada by Putnam Investments Canada ULC (o/a Putnam Management in Manitoba) and its affiliate, The Putnam Advisory Company, LLC. This material is directed exclusively at institutional investors.
Singapore: This website is directed exclusively at institutional investors as defined in the Securities And Futures Act, Chapter 289 of Singapore (the "SFA"). No person other than an institutional investor should read or rely on the contents of this website. The Putnam Advisory Company, LLC Singapore Branch is an exempt financial adviser under the Financial Advisers Act, Chapter 110 and a licensed fund manager under the SFA. The content of this website does not constitute an offer or a provision of investment advice or service to any person other than institutional investors.
The information provided relates to Putnam Investments and its affiliates, which include The Putnam Advisory Company, LLC and Putnam Investments Limited®.
This website does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this website. Nor does this website constitute an offering or recommendation by Putnam Investments of any security or advisory service. Putnam Investments does not represent that the securities, products, or services discussed on, or accessible through, this website are suitable for any particular investor. Predictions, opinions, and other information contained in the institutional section of the website are subject to change. Any forward-looking statements speak only as of the date they are made, and Putnam assumes no duty to update them. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those anticipated. You acknowledge that your requests for information are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security. Investors should consult a financial advisor for advice suited to their individual financial needs. Putnam Investments cannot guarantee the accuracy or completeness of any statements or data contained on this site. Past performance is not a guarantee of future results. As with any investment, there is a potential for profit as well as the possibility of loss.
If you have accessed this website from another site, Putnam Investments and its affiliates are not responsible for the accuracy of information contained within the sites of other providers who have links to any pages of this website. By proceeding into this website, you agree to the exclusion by Putnam Investments and its affiliates of any liability in respect of any errors or omissions.
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.
I understand that Putnam's products may not be distributed to persons who are residents of any country where the products are not authorized for distribution.