Putnam Investments

Fund highlights:

Four Putnam fixed-income funds received 2012 Lipper Fund Awards for superior risk-adjusted long-term performance.*

* A Lipper Fund Award is presented to one fund in each Lipper category for achieving the strongest trend of consistent risk-adjusted performance against its category peers over the 3-, 5-, or 10-year periods as of 12/31/11.

© 1998–TEXT, Putnam Investments. U.S.-registered mutual funds distributed by Putnam Retail Management
A Member of the Power Financial Corporation Group of Companies™