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Absolute return funds pursue
a low-risk profile

Stock market risk has tested the patience of investors in recent
years, as shown by the high 3-year standard deviations of
the equity indexes filling this chart.

Putnam Absolute Return Funds hit the center of this standard
deviation chart because of their historic low-risk profiles.
The funds target positive returns above inflation, as measured
by T-bills, with lower volatility over a market cycle.

The risk of market ups and downs
Standard deviation (SD) measures historical risk
by indicating how far monthly returns have varied
from a long-term average over a three-year period.

High SD — many or larger performance swings
Low SD — fewer or smaller performance swings

As of March 31, 2013

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At the center of any portfolio

Putnam Absolute Return Funds can be paired with traditional, relative return funds to seek reduced portfolio volatility.
Fund Standard deviation
Absolute Return 100® 1.29
Absolute Return 300® 2.95
Absolute Return 500® 4.01
Absolute Return 700® 4.87

As of March 31, 2013