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The Lipper/Barron's survey, published February 1, 2010, included 61 fund families with funds in five categories: general U.S. stock, global or international, mixed-asset, taxable bond, and tax-exempt bond. Only funds with at least one year of performance were included. Returns were calculated minus the effects of sales charges and 12b-1 fees. Rankings were asset weighted, so larger funds had a greater impact on a fund family's overall ranking, and then weighted by category, with each category assigned a percentage. Putnam ranked 43 of 54 and 46 of 48 for the 5- and 10-year periods, respectively. Past performance is not indicative of future results. For more information on the Lipper/Barron's survey methodology, visit putnam.com. Barron's is a registered trademark of Dow Jones & Company.

Consider these risks before investing: The funds invest some or all of their assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. Stocks with above-average earnings may be more volatile, especially if earnings do not continue to grow.

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, contact your financial representative, call Putnam at 1-888-4-PUTNAM (1-888-478-8626), or click on the prospectus section to view or download a prospectus. Please read the prospectus carefully before investing.

Putnam Retail Management