Putnam Global Sector Fund

Consider these risks before investing:

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The fund may invest a portion of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. The fund invests in fewer issuers or concentrates its investments by region or sector, and involves more risk than a fund that invests more broadly. 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. A fund that engages in short sales of securities may incur losses if the securities appreciate in value and may experience higher volatility due to leverage resulting from investing the proceeds of securities sold short.

The MSCI World indexes for Putnam Global Sector Funds are made up of subsectors of the MSCI World Index, designed to measure the equity market performance of developed markets in their respective sectors. Indexes are unmanaged. You cannot invest directly in an index. Subsectors include: consumer discretionary and consumer staples, energy, financials, health care, industrials, energy and materials, technology, telecommunications services, and utilities.

The fund manager commentaries and videos are general in nature and should not be construed as investment advice. The commentary opinions are those of the speakers and are current as of the posting date. The video opinions are those of the speakers and are current as of March 31, 2011. Opinions are subject to change with market conditions. All performance information is historical and not a guarantee of future results. An investment in a mutual fund will fluctuate with market conditions.

For more information about a fund or fund performance, please click on the fund name above.

The discussion of specific securities mentioned in the commentaries is neither an offer to sell nor a solicitation of an offer to buy these specific securities. Fund holdings will vary. All indexes referenced are measures of common market sectors and performance. It is not possible to invest directly in an index. Links are provided for more information on holdings, performance, and indexes.

Investors 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, click on the prospectus section or call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management

(PPGAX)