BOSTON--(BUSINESS WIRE)--Putnam Investments announced today that the Trustees of the Putnam Funds have authorized Putnam Investments to renew the current closed-end fund share repurchase program to allow each Putnam closed-end fund beginning October 10, 2018 to repurchase up to a total of 10% of its outstanding common shares (based on common shares outstanding on October 9, 2018) over the twelve months ending October 9, 2019 in open market transactions.

The Putnam Funds instituted the share repurchase program in 2005. The share repurchase program is intended to enhance shareholder value, as repurchases made at a discount will have the effect of increasing the net asset value per share of the applicable fund's remaining shares. The Trustees authorized both the share repurchase program and its current renewal in the belief that repurchases of fund shares may at times represent attractive investment opportunities for the funds.

About Putnam Investments

Founded in 1937, Putnam Investments is a global money management firm with 80 years of investment experience. At the end of August 2018, Putnam had $177 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Tokyo, Singapore and Sydney. For more information, visit putnam.com.