85% of Putnam U.S. equity funds These funds beat their Lipper category medians over five years as of 12/31/13. 89% 100% of Putnam taxable fixed income funds of Putnam global asset allocation funds It takes New Ways of Thinking SM to change minds. And get results. In 2009, we started with a new vision, and at Putnam, vision has proof points. With the goal of strong long-term performance squarely in mind, we added to our team of high achievers and refocused our commitment to active fundamental research. The sweeping strategic and structural redirection we implemented five years ago drove returns for our clients. It was a new way of thinking, and it was worth it. Robert L. Reynolds President and Chief Executive Officer Discover New Ways of Thinking. putnam.com Source: Lipper. Eleven of 13 Putnam U.S. equity, 8 of 9 Putnam taxable income, and 3 of 3 Putnam global asset allocation class A funds. Based on total returns before sales charge. Rankings for other periods will vary. Past performance does not guarantee future results. Investing involves risk, including loss of principal. In challenging times, the best minds challenge themselves to think in new ways. Our long-tenured team of bond managers navigates a dramatically changing fixed-income landscape. They have developed an independent view of four types of risk. And they actively manage strategies in all four risk sources. Source: Lipper. Eight of nine Putnam taxable income class A funds. Based on total returns before sales charge. Rankings for other periods will vary. Past performance does not guarantee future results. Investing involves risk, including loss of principal. D. William Kohli Investing since 1986 Michael V. Salm Investing since 1989 Paul D. Scanlon, CFA® Investing since 1986 89% of Putnam taxable fixed income funds beat their Lipper category medians over five years as of 12/31/13. Diversification never goes out of style, but it’s no reason for complacency. Putnam’s global asset allocation group has leveraged decades of experience to develop new ways of thinking about allocating risks, not just assets. Innovation is never easy. Breaking new ground for investors is worth it. 100% Source: Lipper. Three of three Putnam global asset allocation class A funds. Based on total returns before sales charge. Rankings for other periods will vary. Past performance does not guarantee future results. Investing involves risk including loss of principal. of Putnam asset allocation funds beat their Lipper category medians over five years as of 12/31/13. James A. Fetch Investing since 1994 Robert J. Kea, CFA® Investing since 1988 Robert J. Schoen Investing since 1990 Jason R. Vaillancourt, CFA® Investing since 1993 Insight. Ideas. Opportunities. We call it New Ways of Thinking. SM Fundamental research is a cornerstone of our success, promoting sound stock selection and a thoughtful approach to risk. Our global research team scours industries worldwide to gain insights on the companies, trends, and market conditions that are most relevant to investment performance. We have created a culture that encourages the kind of debate, rigor, and creativity that helps our clients capitalize on opportunities. 78% Source: Lipper. Three of three Putnam global asset allocation class A funds. Based on total returns before sales charge. Rankings for other periods will vary. Past performance does not guarantee future results. Investing involves risk including loss of principal. of Putnam global sector funds outperformed their benchmark indexes over five years as of 12/31/13. Aaron M. Cooper, CFA® Investing since 1999 Kelsey Chen, Ph.D. Investing since 1999 Vivek Gandhi, CFA® Investing since 1994 Walter D. Scully, CPA® Investing since 1996 Ferat Ongoren Investing since 1997 Request a prospectus or summary prospectus from your financial representative or by calling Putnam at 1-800-225-1581. The prospectus includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Tax-Free Income Funds A share C share Y share Putnam AMT-Free Municipal Fund PPNAX PAMTX PAMYX Putnam Intermediate-Term Municipal Income Fund PIMEX PIMFX PIMYX Putnam Short-Term Municipal Income Fund PSMEX PSMTX PSMYX Putnam Tax Exempt Income Fund PTAEX PTECX PTEXY Putnam Tax-Free High Yield Fund PTHAX PTCCX PTFYX Putnam AZ Tax Exempt Income Fund PTAZX PAZCX PAZYX Putnam CA Tax Exempt Income Fund PCTEX PCTCX PCIYX Putnam MA Tax Exempt Income Fund PXMAX PMMCX PMAYX Putnam MI Tax Exempt Income Fund PXMIX PMGCX PMIYX Putnam MN Tax Exempt Income Fund PXMNX PMOCX PNMYX Putnam NJ Tax Exempt Income Fund PTNJX PNJCX PNJYX Putnam NY Tax Exempt Income Fund PTEIX PNNCX PNYYX Putnam OH Tax Exempt Income Fund PXOHX POOCX POTYX Putnam PA Tax Exempt Income Fund PTEPX PPNCX PPTYX Putnam Tax Exempt Money Market Fund PTXXX — — Taxable Funds A share C share Y share Putnam American Government Income Fund PAGVX PAMIX PATYX Putnam Diversified Income Trust PDINX PDVCX PDVYX Putnam Emerging Markets Income Fund PEMWX PEMJX PEMOX Putnam Floating Rate Income Fund PFLRX PFICX PFRYX Putnam Global Income Trust PGGIX PGGLX PGGYX Putnam High Yield Advantage Fund PHYIX PHYLX PHAYX Putnam High Yield Trust PHIGX PCHYX PHYYX Putnam Income Fund PINCX PUICX PNCYX Putnam Short Duration Income Fund PSDTX PSDLX PSDYX Putnam U.S. Government Income Trust PGSIX PGVCX PUSYX Putnam Money Market Fund PDDXX PFCXX PMMXX Value Funds A share C share Y share Putnam Convertible Securities Fund PCONX PRCCX PCGYX Putnam Equity Income Fund PEYAX PEQCX PEIYX Putnam Global Dividend Fund PGDEX PGDHX PGDYX George Putnam Balanced Fund PGEOX PGPCX PGEYX Putnam International Value Fund PNGAX PIGRX PNGYX Putnam Multi-Cap Value Fund PMVAX PMVBX PMVYX Putnam Small Cap Value Fund PSLAX PSLCX PYSVX The Putnam Fund for Growth and Income PGRWX PGRIX PGIYX Absolute Return Funds A share C share Y share Putnam Absolute Return 100 Fund® PARTX PARQX PARYX Putnam Absolute Return 300 Fund® PTRNX PTRGX PYTRX Putnam Absolute Return 500 Fund® PJMDX PJMCX PJMYX Putnam Absolute Return 700 Fund® PDMAX PDMCX PDMYX Growth Funds A share C share Y share Putnam Growth Opportunities Fund POGAX POGCX PGOYX Putnam International Growth Fund PINOX PIOCX PINYX Putnam Multi-Cap Growth Fund PNOPX PNOCX PNOYX Putnam Small Cap Growth Fund PNSAX PNSCX PSYGX Putnam Voyager Fund PVOYX PVFCX PVYYX Global Sector Funds A share C share Y share Putnam Global Consumer Fund PGCOX PGCNX PGCYX Putnam Global Energy Fund PGEAX PGECX PGEIX Putnam Global Financials Fund PGFFX PGFDX PGFYX Putnam Global Health Care Fund PHSTX PCHXS PHSYX Putnam Global Industrials Fund PGIAX PGIEX PGILX Putnam Global Natural Resources Fund EBERX PGLCX PGRYX Putnam Global Sector Fund PPGAX PPGCX PPGYX Putnam Global Technology Fund PGTAX PGTDX PGTYX Putnam Global Telecommunications Fund PGBZX PGBNX PGBYX Putnam Global Utilities Fund PUGIX PUTCX PUTYX Asset Allocation Funds A share C share Y share Putnam Dynamic Asset Allocation Growth Fund PAEAX PAECX PAGYX Putnam Dynamic Asset Allocation Balanced Fund PABAX AABCX PABYX Putnam Dynamic Asset Allocation Conservative Fund PACAX PACCX PACYX Putnam Dynamic Risk Allocation Fund PDREX PDRFX PDRYX Putnam Retirement Income Fund Lifestyle 1 PRMAX PRMCX PRMYX Putnam Retirement Income Fund Lifestyle 2 PRYAX PRYCX PRLYX Putnam Retirement Income Fund Lifestyle 3 PISFX PCIOX PIIYX Blend Funds A share C share Y share Putnam Asia Pacific Equity Fund PAPAX PAPCX PAPYX Putnam Capital Opportunities Fund PCOAX PCOCX PYCOX Putnam Capital Spectrum Fund PVSAX PVSCX PVSYX Putnam Emerging Markets Equity Fund PEMMX PEMZX PEMYX Putnam Equity Spectrum Fund PYSAX PYSCX PYSYX Putnam Europe Equity Fund PEUGX PEECX PEUYX Putnam Global Equity Fund PEQUX PUGCX PEQYX Putnam International Capital Opportunities Fund PNVAX PUVCX PIVYX Putnam International Equity Fund POVSX PIGCX POVYX Putnam Investors Fund PINVX PCINX PNVYX Putnam Low Volatility Equity Fund PLVEX PLVGX PLVKX Putnam Multi-Cap Core Fund PMYAX PMYCX PMYYX Putnam Research Fund PNRAX PRACX PURYX Putnam Strategic Volatility Equity Fund PSVEX PSVHX PSVYX Putnam Retail Management Putnam Investments | One Post Office Square | Boston, MA 02109 | putnam.com EO210 286743 2/14 Pursuing great performance in the stock market is a task for active managers who think differently. Our talented investors collaborate to sharpen their ideas and benefit from each other’s experience. They share a passion for analyzing companies. For debating the degrees of risk and the dimensions of opportunity. And for gaining insights on the factors that matter most to performance. 85% Source: Lipper. Eleven of 13 Putnam U.S. equity class A funds. Based on total returns before sales charge. Rankings for other periods will vary. Past performance does not guarantee future results. Investing involves risk, including loss of principal. Robert D. Ewing, CFA® Investing since 1990 Nick C. Thakore Investing since 1993 Robert M. Brookby Investing since 1999 Gerard P. Sullivan Investing since 1982 Darren A. Jaroch, CFA® Investing since 1996 James A. Polk, CFA® Investing since 1994 of Putnam U.S. equity funds beat their Lipper category medians over five years as of 12/31/13.