This is Putnam Today

8/9/2019 This is Putnam Today

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JANUARY 2012

Through the end o 2011, worries about slowing global economic

growth and the European debt crisis resulted in risk aversion and

volatility in markets around the world. While we have experienced

some positive trends in recent months, stock markets ended the yearessentially where they began.

In all market environments, we believe investors need actively

managed portolios backed by analysis, insight, innovation, and

experience. Also critically important is the counsel and expertise o

a proessional inancial advisor. At Putnam, we oer unds to address

a wide range o investor goals, as well as innovative tools to assist

inancial advisors and their clients.

I encourage you to ind out more by visiting us at putnam.com, and

I thank you or your interest in Putnam Investments.

Robert L. Reynolds

President and Chief Executive Officer
http://www.putnam.com/http://www.putnam.com/http://www.putnam.com/


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Experience.

Nick C. Thakore

U.S. Large Cap Equity

18 years o experience

Robert D. Ewing, CFA

U.S. Large Cap Equity


David L. Glancy

Capital Structure/Leveraged


Jefrey L. Knight, CFA

Asset Allocation


Simon Davis

International Core Equity


Aaron M. Cooper, CFA

Global Equity Research


Shep Perkins, CFA

International Equities


D. William Kohli

Global Strategies


Michael V. Salm

Liquid Markets and

Securitized Products


Paul D. Scanlon, CFA

Global Credit


Thalia Meehan, CFA

Tax Exempt Fixed Income


There is no secret formula tha

will consistently produce goo

investment results. It comes

down to smart, motivated

people working creatively.

Walter C. Donovan

Chie Investment Ofcer


We have added to our team of high achievers and restructured our equity

organization, resulting in a performance-driven culture with a more nimble

decision-making process. Fundamental research is the cornerstone of Putnams

approach, backed by an integrated team of highly talented and experienced

research analysts with worldwide reach.


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Innovation.New for advisors: FundVisualizerTM

At Putnam, we use leading technology and web-based

capabilities to help financial advisors and their clients pursue

their financial goals. One of the newest features we offer

advisors is FundVisualizer, a powerful online tool that can be

used to conduct analysis and model investment portfolios

from a universe of over 11,000 mutual funds and ETFs. The

tool features more than 60 performance and risk metrics and

enables advisors to provide instant, dynamic fund-to-fund

comparisons.

Thought leadership and analysis

from Putnam experts

Our experienced team of portfolio managers and analysts

delivers timely insights on topics that are making the news

in the financial press. Putnam perspective pieces go into

greater depth, exploring investment opportunities, strate-

gies, and challenges across global markets. Our thought

leadership resources include print and video commentary,

and can be accessed at putnamperspectives.com.

NEW

Putnam Short Duration Income Fund

For income investors who want to get off the sidelines while

avoiding the potential volatility of long-term bonds, Putnam

Short Duration Income Fund can provide an attractive

alternative. The fund uses active risk management strategies t

pursue a broad range of income securities. Befitting its name,

the fund targets limited interest-rate risk and is backed by the

deep sector research capabilities of Putnams fixed-income

group. Four veteran portfolio managers representing differen

sectors of the bond market manage the fund and are led by

Michael V. Salm, Putnams Co-Head of Fixed Income.


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Service.Putnam wins DALBAR service awards

Putnam Investments was honored with a 2011 DALBAR

award for providing outstanding service to shareholders

of its mutual funds. This was the 22nd consecutive year

that Putnam has been recognized by DALBAR for service

quality. Also, in 2012, Putnam received DALBARs first-

ever Total Client Experience award, which is based on

a multi-dimensional analysis of customer service that

measures security, processing accuracy, and information

accuracy. DALBAR is a financial services market

research and consulting firm that conducts rigorous,

year-long testing of customer service based on industry

benchmarks.

Visit Putnam online

There are many ways to communicate with Putnam and access

insights from our portfolio managers.

At Putnam, we are

committed to helping

financial advisors and

their clients have a great

investment experience,

whether they interact

with us online, in person,

or by phone.

Robert L. Reynolds

President and

Chie Executive Ofcer

facebook.com/putnaminvestments

twitter.com/putnamtoday

putnamperspectives.com

youtube.com/putnaminvestments

absolutereturnblog.com

rothirablog.com

putnam.com


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Keys to successful investing

Our compensation structure is aligned with performance goals

Our portfolio managers are accountable for results

We empower analysts to generate independent research

We have a globally integrated research organization

Our risk management is stringent and independent

Putnams performance goal

We seek top-quartile fund performance over any three-year

period (as determined by Lipper). Managers in the top quartile

of their peer groups receive their full performance-related

compensation. Managers of funds in the bottom quartile receive

no performance-related compensation.

Putnam is a leader in tax-free investing

100% o Putnams municipal bond

unds outperormed their peers or the

10 years ending 12/31/11*

An experienced team

Putnams team of portfolio managers specializing in tax-free

investing has 24 years of investment experience on average,

and draws on the strength of our fully integrated fixed-income

group of over 70 investment professionals.

A broad range of funds

Putnams lineup of tax-free funds includes lower-risk money

market funds, higher-yielding (and higher risk) funds, and nine

single-state funds whose income is exempt from federal, state,

and local income taxes.

* Source: Lipper. 13 out of 13 funds based on cumulative class A total returns before sales charge. Results for other periods will vary.

Past performance does not guarantee future results.


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One Post Ofce Square

Boston, MA 02109

putnam.com

A BALANCED APPROACH

Since 1937, when George Putnam created a diverse

mix of stocks and bonds in a single, professionally

managed portfolio, Putnam has championed the

balanced approach.

A WORLD OF INVESTING

Today, we offer investors a world of equity, fixed-

income, multi-asset, and absolute-return portfolios

to suit a range of financial goals.

A COMMITMENT TO EXCELLENCE

Our portfolio managers seek superior results over

time, backed by original, fundamental research on a

global scale. We believe in the value of experienced

financial advice, in providing exemplary service, and

in putting clients first in all we do.

Putnam Retail Management II887 270871 2/12

Consider these risks before investing: Putnam Short Duration Income Fund

is not a money market fund. The ef fects of inflation may erode the value of

your investment over time. Funds that invest in government securities are

not guaranteed. Mortgage-backed securities are subject to prepayment risk.

The use of derivatives involves additional risks, such as the potential inability

to terminate or sell derivatives positions and the potential failure of the other

party to the instrument to meet its obligations. Funds that invest in bonds

are subject to certain risks including interest-rate risk, credit risk, and infla-tion risk. As interest rates rise, the prices of bonds fall. Long-term bonds are

more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond

funds have ongoing fees and expenses. Additional risks are listed in the funds

prospectus.

For Putnam tax-exempt funds: Capital gains, if any, are taxable for federal

and, in most cases, state purposes . For some investors, investment income

may be subject to the federal alternative minimum tax. Income from federally

tax exempt funds may be subject to state and local taxes. Funds that invest in

bonds are subject to certain risks including interest-rate risk, credit risk, and

inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds

are more exposed to interest-rate risk than short-term bonds. Unlike bonds,

bond funds have ongoing fees and expenses. Since the fund invests in tax-

exempt bonds, which, to be treated as tax-exempt under the Internal Revenue

Code, may be issued only by limited types of issuers for limited types of

projects , the funds investments may be focused in certain market segments.

Consequently, the fund may be more vulnerable to fluctuations in the values

of the securities it holds than a fund that invests more broadly. The prices of

bonds in the funds portfolio may fall or fail to rise over extended periods of

time for a variety or reasons, including both general financial market condi-

tions and factors related to a specific issuer or industry.

You should carefully consider the investment objectives, risks,

charges, and expenses of a fund before investing. For a prospectus,

or a summary prospectus if available, containing this and other

information for any Putnam fund or product, call your financial

advisor or contact Putnam at 1-800-225-1581. You should read

the prospectus carefully before investing.
http://www.putnam.com/http://www.putnam.com/http://www.putnam.com/

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