Putnam 529 International Capital Opportunities

Putnam International Capital Opportunities Fund Investment Option invests in Putnam International Capital Opportunities Fund, which invests mainly in common stocks (growth or value stocks or both) of small and midsize companies outside the United States that Putnam Management believes have favorable investment potential.

Fund Description

The Individual Fund Investment Options enable Account Owners to build portfolios concentrating on specific asset classes such as large capitalization equity growth, international equity or investment grade fixed income. Doing so permits Account Owners to tailor investments to their specific investment needs and objectives that may not be met by the broader Asset Allocation Investment Options.

Management team

Data is historical. Past performance is not a guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions. Returns after sales charge for class A shares reflect a sales charge of 5.75% for the Asset Allocation, Age-Based, and Equity Asset Class Options, and 4.00% for the Fixed-Income Asset Class Option. The Money Market option does not have an initial sales charge or CDSC, and Absolute Return 100 and 300 Funds initial sales charge is 1.00%. Performance reflects ongoing fees and expenses, including an annualized 0.20% fee charged by the College Savings Plans of Nevada and the Nevada College Savings Trust Fund and the fees and other expenses of the Putnam Mutual Funds in which the plan invests. The funds' expense ratios are taken from the most recent prospectus and are subject to change. Indexes are unmanaged and used as a broad measure of market performance. It is not possible to invest directly in an index. Past performance is not indicative of future results. Please see the offering statement for more information.

Portfolio characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

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 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. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound.

You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.