Your guide to investing at Putnam guide to investing at Putnam How to monitor and manage your account with Putnam Investments. Welcome to Putnam Investments Whether you are a first-time

Your guide to investing at Putnam

How to monitor and manage your account with Putnam Investments.

https://www.putnam.com/?ref=SH502.pdf

Welcome to Putnam InvestmentsWhether you are a first-time or seasoned investor, this guide

will help you become more familiar with the Putnam family of

funds and the many services available from Putnam.

You will find the information you need to monitor and manage

your investments as well as information about accessing your

accounts online.

As a winner of multiple DALBAR awards for service to investors,

Putnam is committed to helping you make the most of your

investments. We hope you find this guide useful, and we look

forward to helping you pursue your financial goals.

Robert L. ReynoldsPresident and Chief Executive OfficerPutnam Investments

Kenneth R. LeiblerChair, Board of Trustees

CONTENTS

How to contact Putnam 2

Go paperless 2

Your online account 3

How to read your Putnam statement 5

Mutual fund share prices 7

Measuring fund performance 7

Communications you will receive 8

Account services 10

How to buy shares 12

How to sell shares 13

Managing your investments 14

The Putnam family of funds 15

The value of a financial advisor 19

Your fund’s Board of Trustees 20

Putnam’s privacy policy 21

How to contact PutnamYour Putnam account1-800-225-1581

Monday–Friday8:00 a.m.–8:00 p.m. Eastern Time

Putnam retirement plans1-800-662-0019

Monday–Friday8:30 a.m.–7:00 p.m. Eastern Time

For those with a hearing impairment, please contact us at one of the numbers above via a relay service.

Putnam Investor ServicesP.O. Box 8383Boston, MA 02266-8383

Overnight delivery: Putnam Investor Services 30 Dan Road Canton, MA 02021-2809

putnam.com

Go paperlessTo reduce clutter and help the environment, sign up for electronic delivery of your Putnam account mailings. As soon as a new document is available, we will alert you by email. Your documents will be available to view or print from Putnam’s website.

•Log in to your account at putnam.com

•Under account preferences, select “Mailing and paperless options”

•Choose the documents you would like to receive electronically

2



Investor loginEnter your User ID and password here to access your personal account information

Investor resourcesGet the most-requested forms, important tax information, and helpful education

Set up online accountSelect Login, then “Need a password”

INDIVIDUAL INVESTORS HOME PAGE

Your online accountRegister for online access to get daily updates to your account information, conduct account transactions, and more. You will need your Putnam account number and the Social Security number of the primary account holder.

To begin, go to putnam.com/individual.

3

https://www.putnam.com/individual?ref=SH502.pdf

Tax information centerView or print copies of your tax forms and access information that will help you complete your tax return

Online transactionsMake additional investments to your account, conduct exchanges, or change your account options

Change mailing optionsTo reduce the amount of paper you receive, use this link to eliminate the mailing of your quarterly statements and fund reports

Daily statementsView your account balances, account activity, and the history of your investment in each fund, as of the previous day’s market close

Your mutual fund account informationView or print a copy of your latest quarterly statement, make investments or exchanges, or make changes to your account options

MY ACCOUNTS PAGE

12/31/2017

12/31/2017

For assistance, call 1-800-225-1581, Monday through Friday, 8:00 a.m. to 8:00 p.m. Eastern Time.

4

How to read your Putnam statementIf you want to reduce paper, you can elect to access your statement electronically. To eliminate the mailing of your statement, log on to Putnam’s Individual Investors website and select “mailing and paperless options.”

YOUR PORTFOLIO VALUE as of 12/31/2017

Current quarter (09/30/2017–12/31/2017)

Year to date (01/01/2017–12/31/2017)

Beginning value $114,714.54 $114,714.54

Additions (+) 1,100.00 1,100.00

Withdrawals (-) -15.00 -15.00

Change in value (+/-) $11,745.55 $11,745.55

Ending value $127,545.09

YOUR PORTFOLIO HISTORY

12/31/2016

$99,899 $102,512$110,231 $114,715

$127,545

XX% (C0 M0 Y0 K50)

XX% (C0 M0 Y0 K30)

XX% (C0 M0 Y0 K100)

XX% (C0 M0 Y0 K75)

XX% (C0 M0 Y0 K10)

3/31/2017 6/30/2017 12/31/20179/30/2017

It is easier than ever to go green and reduce paper from Putnam. If you have a mobile device with the Microsoft Tag application (available at gettag.mobi), scan this code to go directly to your paper suppression login page. You can also visit our website at putnam.com/individual to eliminate account document mailings.

Page 1 of 4

SUMMARY OF ACCOUNTS

Name Account numberBeginning value

(01/01/2017)Additions/

withdrawalsChange in value (+/-)

Ending value (12/31/2017)

SUE SMITH INDIVIDUAL ACCOUNT 1234567890

PUTNAM DYNAMIC ASSET ALL GRW-Y $4,332.99 $0.00 $-245.26 $4,087.73

PUTNAM ABSOLUTE RETURN 500-Y $2,223.90 $0.00 $-32.20 $2,191.70


$9,037.14 $0.00 $-281.81 $8,755.33

SUE SMITH JOINT ACCOUNT 1234567890

PUTNAM DYNAMIC ASSET ALL GRW-Y $4,332.99 $0.00 $-245.26 $4,087.73



$9,037.14 $0.00 $-281.81 $8,755.33

Non-retirement account subtotal $18,074.28 $0.00 $563.62 $17,510.66

SUE SMITH IRA ROLLOVER 1234567890

PUTNAM EQUITY INCOME FUND-A $9,090.85 $0.00 $1,199.88 $10,290.73

PUTNAM EUROPE EQUITY FUND-A $5,049.30 $0.00 $708.71 $5,758.01

$45,870.59 $0.00 $1,908.59 $16,048.74

Retirement account subtotal $45,870.59 $0.00 $1,908.59 $16,048.74

Value of Putnam portfolio $63,944.87 $0.00 $2,472.21 $33,559.40

2017 YEAR-TO-DATE STATEMENT01/01/2017–12/31/2017

Post Offi ce Box 55814Boston, MA 02205-5814

CONTACT INFORMATION

INVESTMENTS:Putnam RetailManagement1-800-634-1590

ACCOUNT:Putnam Investments 1-800-634-1590putnam.com

>00000 0000000 000 000000 000000000SUE SMITH123 MAIN STREETNEW YORK, NY 10013ADDRESS LINE 4ADDRESS LINE 5ADDRESS LINE 6

ADDRESS BAR CODE

HistoryCharts the change in value of your Putnam portfolio

Account summaryShows recent activity and changes in value by account

Details when you need themComplete account information is available at putnam.com

Portfolio snapshotShows the total value of all your Putnam accounts

ACCOUNT SUMMARY

5


Fund investment performance

Detailed performance history for each fund

Activity detailYour year-to-date

transaction history

Asset allocation Pie charts show

the makeup of your port folio by

individual fund and by investment style

Page 2 of 4


SUMMARY ALLOCATION OF YOUR PUTNAM ACCOUNTS

ALLOCATION OF YOUR ACCOUNTS BY FUND AND INVESTMENT STYLE

Allocation by Putnam fund Allocation by investment style

XX% (C0 M0 Y0 K100)

XX% (C0 M0 Y0 K75)

XX% (C0 M0 Y0 K40)

XX% (C0 M0 Y0 K20)

XX% (C0 M0 Y0 K100)

XX% (C15 M10 Y0 K75)

XX% (C30 M0 Y0 K40)

13% PUTNAM DIVERSIFIED INCOME

10% PUTNAM CAPITAL SPECTRUM FUND

10% PUTNAM GROWTH OPPORTUNITIES FUND

10% PUTNAM MULTI-CAP VALUE FUND

10% PUTNAM INTERNATIONAL VALUE

10% PUTNAM ABSOLUTE RETURN 300

37% OTHER

XX% VALUE (C0 M0 Y0 K100)

XX% BLEND (C0 M0 Y0 K75)

XX% GROWTH (C0 M0 Y0 K40)

XX% INCOME (C0 M0 Y0 K20)

XX% ASSET ALLOCATION (C0 M0 Y0 K0)

XX% ABSOLUTE RETURN (C0 M0 Y0 K0)

XX% GLOBAL SECTOR (C0 M0 Y0 K0)

55% VALUE $4,902.12

27% BLEND $2,661.22

15% GROWTH $500.00

3% INCOME $60.00

0% ASSET ALLOCATION $0.00

0% ABSOLUTE RETURN $0.00

0% GLOBAL SECTOR $0.00

53% of portfolio invested internationally/globally

SUE SMITH

Page 3 of 4


ACCOUNT ACTIVITY

PUTNAM EQUITY INCOME FUND-A Account number: 0001-1234567890

Account open date: 01/28/2003Automatically rebalanced portfolio:GROWTH 7030-A #1234567

SUE SMITHIRA ROLLOVER PLAN

Account income This quarter Year-to-date

Dividends (reinvest) $0.00 $0.00

Capital gains (reinvest) $0.00 $0.00

Cost basis method Type Value

Average cost Uncovered* $546.23

* Uncovered refers to securities acquired prior to 01/01/2017

Date Account activity detail AmountShare price

Number of shares

Share balance

Total value

01/01/2017 Beginning balance 15.010 39.159 $587.78

01/05/2017 RETIREMENT DISTRIBUTION $100.00 21.470 -4.658 260.526

03/20/2017 EXCHANGE FROM PUTNAM CONV SECURITIES FUND-A0010-0055667788

67.33 22.540 2.987 262.825

06/22/2017 EXCHANGE FROM PUTNAM EQUITY INCOME FUND-A0011-0055667788

4.04 22.860 0.177 263.002

03/31/2017 Ending balance 16.280 39.159 $637.51

HISTORY OF YOUR INVESTMENT IN THIS ACCOUNT

Initial amountinvested on 01/28/2003$0.00 +

Additions $0.00 +

Exchanges$5,012.01 –

Withdrawals$415.00 =

Net amountinvested$4,597.01 +

Change in value$701.34 =

Ending balance as of09/30/2017$5,298.35

Capital gains and dividends distributed in cash since initial investment $0.00

SUE SMITH

Page 4 of 4


FUND INVESTMENT PERFORMANCE

Fund inception date

1 year 5 years annualized

10 years/life annualized

Fund name NAV POP NAV POP NAV POP

PUTNAM INVESTORS FUND-A 12/01/1925 -3.95% -9.47% 12.92% 11.60% 5.23% 4.61%

PUTNAM CONV SECURITIES FUND-A 06/29/1972 -5.27% -10.72% 7.29% 6.02% 5.99% 5.36%

PUTNAM EMERGING MKTS EQ FUND-A 09/29/2008 -17.99% -22.70% -4.14% -5.27% 0.78% -0.07%

If “N/A” appears in any box, performance was either not available or not reported at the time this statement was produced, or the fund has not been in operation long enough for performance to be reported. For more information, see the section entitled “Information to Consider When Investing”.

SUE SMITH

ASSET ALLOCATION

DETAILED TRANSACTION HISTORY

FUND PERFORMANCE HISTORY

6

Mutual fund share pricesNet asset value (NAV) is the basic value, or price, of one share of a mutual fund, without a sales charge. NAV is calculated at the end of each business day that the New York Stock Exchange is open by adding the value of all the individual securities in the fund, and then subtracting its liabilities. This number is then divided by the number of shares outstanding to determine the fund’s NAV.

Just as the prices of individual securities fluctuate, a fund’s NAV changes with market conditions. You can seek to take advantage of these fluctuations to lower your average price per share. This strategy is called dollar cost averaging (see page 14).

Daily prices for mutual funds are reported in newspapers and on websites, including putnam.com/individual.

Measuring fund performanceDaily priceOne way to monitor your investment is to check its daily price, which is the value of one share of the fund, as explained above. However, monitoring daily prices focuses only on short-term movements; it does not provide a long-term perspective. For investors seeking long-term growth, the best measure of a fund’s performance is its total return.

Total returnTotal return shows the change in the value of an investment over a given period of time and assumes that all earnings are reinvested in the fund to purchase additional shares. Your financial advisor can provide you with your fund’s 1-, 5-, and 10-year total returns, or you can access this information at putnam.com/individual, and in your fund’s annual and semiannual reports.

For investors seeking long-term growth, the best measure of a fund’s performance is its total return.

7



Communications you will receiveDuring the year, Putnam will keep you informed about the status of your funds. Not all shareholders will receive tax forms. It varies based on the type of account or the types of transactions performed.

TYPE OF COMMUNICATION WHEN IT IS MAILED PURPOSE TAX USE

Confirmations and quarterly statements

Following most transactions, as well as quarterly Reports purchases, sales, distributions, and other transactions

Provides information for determining cost basis on sale of shares to compute gain or loss

Annual and semiannual shareholder reports

60 days after the end of the fund’s fiscal year (annual) and 60 days after the fund’s fiscal midyear (semiannual)

Reports fund performance and financial data

Provides information on fund’s distributions and may include other midyear (semiannual) useful tax information

Prospectus Updates mailed annually; supplements mailed when additional shares are purchased.

Describes the fund’s investment strategy and provides key financial data

Provides basic tax information

Proxy As needed Notifies shareholders that an important fund issue needs to be voted on

Does not apply

Form 1099-DIV Mid to late January Reports tax status of fund’s distributions as reported to the IRS

Shows amounts that must be reported on tax returns

Form 1099-B Mid to late January Reports proceeds from sales of fund shares as reported to the IRS


Form 1099-R Mid to late January Reports taxable income reported on tax returns

Shows amounts that may be reportable distributions from retirement plans

Form 1099-Q Mid to late January Reports payments from qualified education programs


Form 1042S Mid March Reports gross income paid and taxes withheld for nonresident aliens

Shows foreign residents’ U.S. source of income subject to withholding

Form 5498 Mid to late January (then again in May if another contribution is made)

Reports contributions to your IRA and provides account’s year-end market value

Verifies IRA contributions and provides information for computing deductible and nondeductible percentages

8

TYPE OF COMMUNICATION WHEN IT IS MAILED PURPOSE TAX USE

Confirmations and quarterly statements

Following most transactions, as well as quarterly Reports purchases, sales, distributions, and other transactions

Provides information for determining cost basis on sale of shares to compute gain or loss

Annual and semiannual shareholder reports

60 days after the end of the fund’s fiscal year (annual) and 60 days after the fund’s fiscal midyear (semiannual)

Reports fund performance and financial data

Provides information on fund’s distributions and may include other midyear (semiannual) useful tax information

Prospectus Updates mailed annually; supplements mailed when additional shares are purchased.

Describes the fund’s investment strategy and provides key financial data

Provides basic tax information

Proxy As needed Notifies shareholders that an important fund issue needs to be voted on

Does not apply

Form 1099-DIV Mid to late January Reports tax status of fund’s distributions as reported to the IRS


Form 1099-B Mid to late January Reports proceeds from sales of fund shares as reported to the IRS


Form 1099-R Mid to late January Reports taxable income reported on tax returns

Shows amounts that may be reportable distributions from retirement plans

Form 1099-Q Mid to late January Reports payments from qualified education programs


Form 1042S Mid March Reports gross income paid and taxes withheld for nonresident aliens

Shows foreign residents’ U.S. source of income subject to withholding

Form 5498 Mid to late January (then again in May if another contribution is made)

Reports contributions to your IRA and provides account’s year-end market value

Verifies IRA contributions and provides information for computing deductible and nondeductible percentages

To go paperless, log in to your account at putnam.com. Under account preferences, select “Mailing and paperless options.”

9

https://www.putnam.com?ref=SH502.pdf

Account servicesSystematic investment planTell us how much you wish to invest regularly, and the amount you choose will be transferred automatically from your checking or savings account. Putnam does not charge any fees for this service, and you can suspend it at any time.

�Please�note�that�regular�investing�does�not�guarantee�a�profit�or�protect�against�loss�in�a�declining�market.�Before�arranging�a�systematic�investment�plan,�consider�your�financial�ability�to�continue�making�purchases�in�periods�when�prices�are�low.

Systematic exchangeYou can make regular exchanges from one Putnam fund to another Putnam fund. There are no additional fees for this service, and you can cancel or change your options at any time.

Dividends reinvestmentYou can choose to have the dividend distributions from one of your Putnam funds automatically reinvested in another Putnam fund at no additional charge.

Free exchange privilegeYou can exchange money between Putnam funds free of charge, as long as they are the same class of shares and are within the same registered account. Certain exchanges may be restricted, and a signature guarantee is required if you are exchanging more than $500,000.

Reinstatement privilegeIf you have sold Putnam fund shares or received a check for a dividend or capital gain, you may reinvest the proceeds into a Putnam fund with no sales charge. For sold shares, you must reinvest the proceeds within 90 days; for dividend and capital gains checks, you must return the check within one year from the date of the check. Ask your financial or tax representative for details, or call Putnam at 1-800-225-1581 for a reinstatement certificate.

10

Check writing serviceYou can write checks against accounts in the Putnam money market funds and certain other income funds (check your fund’s prospectus for eligibility). Putnam does not charge any special fees for this service; however, contingent deferred sales charges (CDSCs) do apply to check writing redemptions. If shares being redeemed by check are subject to a CDSC, the amount of the redemption will be increased to cover the amount of the check and the CDSC.

Making account changesTo change your name, address, or the owner of your account, you must complete a change authorization form. The forms are available online at putnam.com/individual, in the Forms section. You may also call Putnam for assistance at 1-800-225-1581.

TRY CHECK-FREE, ELECTRONIC INVESTING

You can send money directly to Putnam from your bank account — without writing a check. It’s easy to get started — even if you’ve never made electronic payments before.

•Go to your bank’s website to access your bank account and your bank’s bill-pay service

•To add your Putnam account, you will need your 14-digit Putnam account number

•You will also need to enter Putnam’s mailing address: Putnam Investments, P.O. Box 8383, Boston, MA 02266-8383

For more information about your Putnam account, you may call a customer service representative at 1-800-225-1581.

11


How to buy sharesThrough your financial advisorA simple way to buy and sell shares is through your financial advisor. Your advisor can help you take advantage of two special features: a statement of intention and a right of accumulation discount. These entitle you to a lower sales charge on purchases of Putnam funds. Also, you may buy your shares directly from Putnam.

By mailTo open a new account, send a check made payable to The Putnam Funds along with a completed fund application. To add to an existing account, complete the investment slip found at the top of your Confirmation of Activity statement and return it with a check payable to your fund. If an investment slip is not available or if you would like to order a booklet containing 12 personalized investment slips, call Putnam.

OnlineYou can make additional investments to existing accounts on Putnam’s website. You will need to complete the “On-demand investment and systematic investment/exchange plan application.” It is available at putnam.com/individual, in the Forms section.

Electronic investingYou can send money directly to Putnam from your bank account. Go to your bank’s website to access your bank account and your bank’s bill-pay service. You will need your 14-digit Putnam account number and Putnam’s mailing address: Putnam Investments, P.O. Box 8383, Boston, MA 02266-8383.

Pricing Mutual funds are subject to forward pricing. This means that you do not know the price of the fund before you buy or sell it. Mutual funds are priced each business day following the close of the New York Stock Exchange (NYSE). Any order to purchase or redeem shares that is placed before the close of the NYSE will receive that day’s closing price; any order received after the close will receive the following day’s closing price.

12


How to sell sharesWhile mutual funds are designed for long-term investing, you can sell — or redeem — shares on any business day. You should remember that when you sell shares, they may be worth more or less than your original cost. Before you redeem, talk to your financial advisor and check your fund’s prospectus for restrictions that may apply to certain accounts.

Telephone redemption serviceIf your account was set up with telephone redemption privileges, you may sell up to $100,000 in shares per day by calling Putnam at 1-800-225-1581. Please note that telephone redemptions are not available if an account address change has occurred 15 days prior to the redemption.

Redeeming by mailYou will need to complete the “Redemption form,” available at putnam.com/individual, in the Forms section, and mail it to Putnam Investor Services, P.O. Box 8383, Boston, MA 02266-8383. Certain redemption requests require a signature guarantee.

New cash investmentsPayment for redemptions of fund shares may be delayed until the fund collects payment for the shares, which may be up to 10 days after the purchase date.

Calculating cost basisIn accordance with regulations, Putnam will report cost basis on certain shares acquired on or after January 1, 2012, to both shareholders and the IRS on IRS Form 1099-B. Putnam will use the average cost basis accounting method as the default method for your account(s); however, you may request to change the cost basis calculation method for your accounts at any time (change requests must be received in good order prior to a redemption to be effective and will not apply to prior redemptions).

Questions? Contact your financial advisor or call Putnam at 1-800-225-1581.

13


Managing your investmentsDividend distributionsWhen funds earn income, it is paid to you and other shareholders in the form of dividend distributions. You can choose to receive dividends or to reinvest them in the fund to purchase more shares. To find out how often dividends are distributed for your fund, refer to the prospectus or our family of funds listing (see pages 17–18).

Capital gains distributionsWhen securities in your fund are sold at a profit, the profit can be paid to you and other shareholders in the form of capital gains distributions.

Unless you have chosen to receive them in cash, dividend and capital gains distributions are automatically reinvested in your fund. You may also choose to have distributions from one of your Putnam funds automatically reinvested in another of your Putnam funds at no additional charge (see page 10). For more information, ask your financial advisor about Putnam’s dividend plan.

Dollar cost averagingWhen you are investing for long-term goals, it is time, not timing, that counts. Investing on a systematic basis is a better strategy than trying to figure out when the markets will go up or down. This means investing the same amount of money regularly over a long period — known as dollar cost averaging. When a fund’s share price declines, your investment dollars buy more shares at lower prices. When it increases, they buy fewer shares. Over time, you will pay a lower average price per share.

Regular�investing�does�not�guarantee�a�profit�or�protect�against�loss�in�a�declining�market.�Investors�should�consider�their�financial�ability�to�continue�their�purchases�through�periods�of�low�price�levels.

Some funds earn income

Fund shares are purchased

Income can be reinvested

Income can be paid to you

14

The Putnam family of fundsPutnam manages funds in every asset class and investment

style so that investors and their financial advisors can build

diversified portfolios.

Putnam Short Duration Income Fund

FUND SYMBOL CLASS A

PSDTX

Semiannual report 1 | 31 | 17

Income funds invest in bonds and other securities with the goal of providing a steady stream of income over time.

Putnam Equity Income Fund

FUND SYMBOL CLASS A

PEYAX


Value funds look for stocks that have been overlooked by other investors and that may be selling for less than their true worth.

Putnam Capital Spectrum Fund

FUND SYMBOL CLASS A

PVSAX

Annual report 4 | 30 | 17

Blend funds invest opportunistically in a variety of stocks, such as growth stocks and value stocks.

Putnam Growth Opportunities Fund

FUND SYMBOL CLASS A

POGAX


Growth funds look for stocks of companies that have the potential to grow over time.

Putnam Global Health Care Fund

FUND SYMBOL CLASS A

PHSTX


This global sector fund invests in stocks of health-care companies worldwide.

Putnam Dynamic Asset Allocation Balanced Fund

FUND SYMBOL CLASS A

PABAX


Asset allocation funds invest in a mix of many different types of investments to help weather changing market environments.

Putnam Multi-Asset Absolute Return Fund*

FUND SYMBOL CLASS A

PDMAX


Absolute return funds are designed for a wide range of investors and pursue positive returns with less volatility over time than more traditional funds.

* Effective April 30, 2018, Putnam Absolute Return 700 Fund® was renamed Putnam Multi-Asset Absolute Return Fund.

Investors should carefully consider the investment objective, 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, call your financial advisors or call Putnam at 1-800-225-1581. Read the prospectus carefully before investing.

15

A financial advisor can help you select the Putnam funds and

investment styles that suit your objectives and risk tolerance.

INVESTMENT CATEGORIES

Growth funds invest in stocks of companies with potential for above-average growth, and may be more volatile than blend or value funds.

Blend funds target companies believed to be worth more than their current stock prices indicate. They can invest in both growth and value stocks, and may be more or less volatile than value funds or growth funds.

Value funds invest in stocks of companies that are priced attractively. Some value funds also invest in bonds to pay income in varying proportions.

Income funds invest in interest-paying bonds and, to a limited extent, dividend-paying stocks.

Asset allocation funds provide one-step global diversification. They invest in a mix of stocks, bonds, and cash, and across investment styles, including growth, blend, and value.

Global sector funds invest in growth and value stocks, and each fund invests at least 80% of its assets in a particular sector.

Absolute return funds are designed to provide positive returns over time with less volatility than more traditional funds.

Putnam PanAgora Funds offer choices to seek portfolio diversification through a Managed Futures strategy or a Market Neutral strategy, or to seek long-term total return through a Risk Parity strategy.

Putnam offers education savings and retirement savings plan options for investors. To learn more about them, talk with your advisor and visit putnam.com/individual.

16


TAX-FREE INCOME FUNDS Symbol Dividends paidAMT-Free Municipal Fund PPNAX MonthlyCA Tax Exempt Income Fund PCTEX MonthlyIntermediate-Term Municipal Income Fund PIMEX MonthlyMA Tax Exempt Income Fund PXMAX MonthlyMN Tax Exempt Income Fund PXMNX MonthlyNJ Tax Exempt Income Fund PTNJX MonthlyNY Tax Exempt Income Fund PTEIX MonthlyOH Tax Exempt Income Fund PXOHX MonthlyPA Tax Exempt Income Fund PTEPX MonthlyShort-Term Municipal Income Fund PSMEX MonthlyTax Exempt Income Fund PTAEX MonthlyTax-Free High Yield Fund PTHAX MonthlyTAXABLE INCOME FUNDS Symbol Dividends paidDiversified Income Trust PDINX MonthlyEmerging Markets Income Fund PEMWX MonthlyFloating Rate Income Fund PFLRX MonthlyGlobal Income Trust PGGIX MonthlyGovernment Money Market Fund PGDXX MonthlyHigh Yield Fund PHYIX MonthlyIncome Fund PINCX MonthlyMoney Market Fund PDDXX MonthlyMortgage Securities Fund * PGSIX MonthlyShort Duration Bond Fund † PARTX MonthlyShort Duration Income Fund PSDTX MonthlyVALUE FUNDS Symbol Dividends paidConvertible Securities Fund PCONX QuarterlyEquity Income Fund PEYAX QuarterlyInternational Value Fund PNGAX AnnuallySmall Cap Value Fund PSLAX AnnuallyBLEND FUNDS Symbol Dividends paidCapital Opportunities Fund‡ PCOAX AnnuallyCapital Spectrum Fund PVSAX AnnuallyEmerging Markets Equity Fund PEMMX AnnuallyEquity Spectrum Fund PYSAX AnnuallyEurope Equity Fund PEUGX AnnuallyGlobal Equity Fund PEQUX AnnuallyInternational Capital Opportunities Fund PNVAX AnnuallyInternational Equity Fund POVSX AnnuallyMulti-Cap Core Fund PMYAX AnnuallyResearch Fund PNRAX AnnuallyGROWTH FUNDS Symbol Dividends paidGrowth Opportunities Fund POGAX AnnuallyInternational Growth Fund PINOX AnnuallySmall Cap Growth Fund PNSAX AnnuallySustainable Future Fund§ PMVAX AnnuallySustainable Leaders Fund§ PNOPX Annually

17

ASSET ALLOCATION FUNDS Symbol Dividends paidDynamic Asset Allocation Balanced Fund PABAX QuarterlyDynamic Asset Allocation Conservative Fund PACAX MonthlyDynamic Asset Allocation Growth Fund PAEAX AnnuallyDynamic Risk Allocation Fund PDREX AnnuallyGeorge Putnam Balanced Fund PGEOX QuarterlyRetirement Income Fund Lifestyle 1 PRMAX MonthlyRETIREMENTREADY® FUNDS Symbol Dividends paidRetirementReady 2060 Fund PRTFX AnnuallyRetirementReady 2055 Fund PRRFX AnnuallyRetirementReady 2050 Fund PRRJX AnnuallyRetirementReady 2045 Fund PRVLX AnnuallyRetirementReady 2040 Fund PRRZX AnnuallyRetirementReady 2035 Fund PRRWX AnnuallyRetirementReady 2030 Fund PRRQX AnnuallyRetirementReady 2025 Fund PRROX AnnuallyRetirementReady 2020 Fund PRRMX AnnuallyABSOLUTE RETURN FUNDS Symbol Dividends paidFixed Income Absolute Return Fund** PTRNX MonthlyMulti-Asset Absolute Return Fund** PDMAX AnnuallyGLOBAL SECTOR FUNDS Symbol Dividends paidGlobal Consumer Fund PGCOX AnnuallyGlobal Financials Fund PGFFX AnnuallyGlobal Health Care Fund PHSTX AnnuallyGlobal Industrials Fund PGIAX AnnuallyGlobal Natural Resources Fund EBERX AnnuallyGlobal Sector Fund PPGAX AnnuallyGlobal Technology Fund PGTAX AnnuallyGlobal Telecommunications Fund PGBZX AnnuallyGlobal Utilities Fund PUGIX QuarterlyPUTNAM PANAGORA FUNDS Symbol Dividends paidPutnam PanAgora Managed Futures Strategy PPMFX AnnuallyPutnam PanAgora Market Neutral Fund PPMAX AnnuallyPutnam PanAgora Risk Parity Fund PPRPX Annually

Symbols�in�the�table�refer�to�class�A�shares�only.�Symbols�for�other�share�classes�can�be�found�at�putnam.com.

1Effective�April�19,�2018,�Putnam�American�Government�Income�Fund�merged�into�Putnam�U.S.�Government�Income�Trust,�and�the�name�changed�to�Putnam�Mortgage�Securities�Fund.

2Effective�June�1,�2018,�the�name�of�Putnam�Absolute�Return�100�Fund�changed�to�Putnam�Short�Duration�Bond�Fund.�

3Closed�to�new�investors,�August�10,�2018.

4Effective�March�21,�2018,�the�name�of�Putnam�Multi-Cap�Value�Fund�changed�to�Putnam�Sustainable�Future�Fund�and�Putnam�Multi-Cap�Growth�Fund�changed�to�Putnam�Sustainable�Leaders�Fund.

5Effective�April�30,�2018,�the�name�of�Putnam�Absolute�Return�300�Fund�changed�to�Putnam�Fixed�Income�Absolute�Return�Fund�and�Putnam�Absolute�Return�500�Fund�merged�into�Putnam�Absolute�Return�700�Fund,�and�the�name�of�the�fund�changed�to�Putnam�Multi-Asset�Absolute�Return�Fund.

18

https://www.putnam.com?ref=SH502.pdf

A VALUABLE PARTNERSHIP

Consult with your financial advisor to

The value of a financial advisorExpertise and guidanceIn a world of rapidly changing markets — and thousands of mutual funds from which to choose — a full-service financial advisor is an invaluable resource for investors. An advisor can help you narrow your investment options to those that are most suited to you. Even the most experienced investors benefit from the comprehensive research, timely information, and expertise that a financial professional can provide.

An important partnershipWhether you’re starting a new job, beginning a family, saving for college, or planning for retirement, you’ll want investments that will grow and build wealth over time. A partnership with a full-service financial advisor can help you determine your objectives, evaluate your risk tolerance, and create a long-term financial plan to help you pursue your goals.

Determine your goals:

• Save for college• Plan for retirement• Buy a new home

Evaluate your risk tolerance:

• Aggressive• Moderate• Conservative

Narrow your investment options:

• Mutual funds• 529 college

savings plans• Retirement

savings plans

Monitor your long-term financial plan

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Your fund’s Board of TrusteesEvery Putnam mutual fund is monitored by a Board of Trustees, which is responsible for protecting your interests as a fund shareholder. The Trustees’ duties include general oversight of each fund’s business, reviewing each fund’s investment performance, and overseeing the quality of other services.

Trustees and fund performanceThe Trustees periodically review each fund’s investment performance and the quality of other services such as administration, custody, and investor services.

Trustees and fees and expensesAt least annually, the Trustees review the fees paid to Putnam Management and its affiliates for these services and the overall level of each fund’s operating expenses.

Trustee administration In carrying out their responsibilities, the Trustees are assisted by an independent administrative staff and by auditors and legal counsel, which are selected by the Trustees and are independent of Putnam Management and its affiliates.

Electing your fund’s TrusteesAs a shareholder, you have an opportunity to elect your fund’s Trustees. Each Putnam fund has committed to elect Trustees every five years, beginning in 2004. Under SEC requirements, at least 75% of a fund’s Trustees must be independent, which means that they are not affiliated with Putnam Investments.

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Putnam’s privacy policyIn order to conduct business with our shareholders, we must obtain certain personal information such as account holders’ names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.

It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.

Under certain circumstances, we do share information with outside vendors who provide services to us, such as mailing and proxy solicitation. In those cases, the firms with whom we do business enter into confidentiality agreements with us, and we limit the information we provide them to only what is necessary to process transactions and perform other services related to your shareholder account. It is also our policy to share account information with your financial advisor if you’ve provided us with information about your advisor and that person is listed on your Putnam account.

This�information�is�intended�for�Putnam�shareholders�only�and�must�be�preceded�or�accompanied�by�a�prospectus�or�an�offering�statement�for�one�of�the�Putnam�funds�or�products.

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. Putnam, which earns fees when clients select its products and services, is not offering impartial advice in a fiduciary capacity in providing this sales and marketing material. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.

21

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Documents

Your guide to investing at Putnam guide to investing at Putnam How to monitor and manage your account with Putnam Investments. Welcome to Putnam Investments Whether you are a first-time