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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.

Institutional Investor Research administered surveys by e-mail, phone calls, and conferences to more than a thousand of the top U.S. foundations and endowments, corporate pension plans, and public pension plans over a two-month period. Investors were asked to rank their top managers in the 20 awarded asset classes on a scale of 1–10 for the following attributes: Client Service, Innovation, Performance, Reputation, and Risk Management. Winners were identified based on the analysis of the survey data.