Global High Yield

†Assets may include accounts that are not reflected in the composite.

Periods less than one year are not annualized. Performance is stated in U.S. dollars.

The Putnam Investments Global High Yield Composite (the "Composite") seeks above-average total returns relative to its agreed benchmark, the ICE Bank of America Merrill Lynch Global High Yield Investment Grade Country Constrained Index, by investing primarily in high-yielding, non-investment grade debt obligations issued by U.S. and European corporations. The Composite includes all fully discretionary accounts managed by Putnam Investments in this investment style. Accounts in the Composite may have different but largely similar benchmarks. The Composite creation date was May 15, 2003.

The ICE BofA Merrill Lynch Global High Yield Investment Grade Country Constrained Index is an unmanaged, USD-hedged index of high yield corporate bonds from those countries that issue investment-grade government bonds.

*As of January 1, 2013, the Composite's benchmark is the ICE BofA Merrill Lynch Global High Yield Investment Grade Country Constrained Index, hedged to USD.  For periods prior, the composite was benchmarked to the BofA Merrill Lynch Global High Yield Constrained Index. The new benchmark, which includes high-yield corporate debt from only investment-grade (i.e., developed) countries, more closely aligns with the goals and investment universe for this strategy.

Composites may include portfolios with certain existing investment restrictions that the Firm believes do not materially impact the investment strategy. Benchmarks are generally taken from published sources and may have different calculation methodologies, pricing times, and/or foreign exchange sources from the composite. The effect of those differences is generally deemed to be immaterial. The securities holdings of the composite may differ materially from those of the index used for comparative purposes. Composites and benchmarks include the reinvestment of dividends and other earnings. Indexes are unmanaged and do not incur expenses. You cannot invest directly in an index. Gross-of-fees returns do not include the deduction of management fees and other expenses that may be incurred in managing an investment account. A portfolio's return will be reduced by advisory and other fees. Net of fee returns are calculated using a model fee. For the applicable time periods, net of fees returns reflect either the deduction of the highest management fee that is paid by a portfolio in the Composite during the performance period, applied on a monthly basis or the deduction of the highest applicable management fee in effect during the performance period that would be charged based on the fee schedule appropriate to this mandate, without the benefit of breakpoints, applied on a monthly basis, whichever is higher. Net of fee calculation methodology may change over time. Actual investment advisory fees incurred by clients are typically negotiated on an individual basis and may vary depending upon, among other things, the applicable fee schedule and portfolio size. Our standard fee schedules are available upon request.