Only an active approach can offer more than the market. Ourportfolio managersinvest with conviction based on fundamental research and a proactive view of risk.

D. William Kohli, Chief Investment Officer, Fixed Income on how his background in quantitative analysis contributes to his approach to investing in dynamic markets.

A traditional gauge of success for the 401(k) measures inputs, but companies also need to track outcomes to determine if a plan is successful.

This powerful new tool shines a light on retirement plan design and participant readiness at all ages and salary levels.

Select a Putnam fund to compareCapital Spectrum FundConvertible Securities FundDiversified Income TrustDynamic Asset Allocation Balanced FundDynamic Asset Allocation Conservative FundDynamic Asset Allocation Growth FundDynamic Risk Allocation FundEmerging Markets Equity FundEquity Income FundEquity Spectrum FundEurope Equity FundFixed Income Absolute Return FundFloating Rate Income FundGeorge Putnam Balanced FundGlobal Communications FundGlobal Consumer FundGlobal Equity FundGlobal Financials FundGlobal Health Care FundGlobal Income TrustGlobal Industrials FundGlobal Natural Resources FundGlobal Sector FundGlobal Technology FundGlobal Utilities FundGovernment Money Market Fund(A Shares)Growth Opportunities FundHigh Yield FundIncome FundInternational Capital Opportunities FundInternational Equity FundInternational Growth FundInternational Value FundMoney Market Fund(A Shares)Mortgage Securities FundMulti-Asset Absolute Return FundMulti-Cap Core FundPutnam PanAgora Managed Futures StrategyPutnam PanAgora Market Neutral FundPutnam PanAgora Risk Parity FundResearch FundRetirement Income Fund Lifestyle 1RetirementReady 2020 FundRetirementReady 2025 FundRetirementReady 2030 FundRetirementReady 2035 FundRetirementReady 2040 FundRetirementReady 2045 FundRetirementReady 2050 FundRetirementReady 2055 FundRetirementReady 2060 FundShort Duration Bond FundShort Duration Income FundSmall Cap Growth FundSmall Cap Value FundSustainable Future FundSustainable Leaders Fund

Compare Putnam fundswith industry peers on FundVisualizer®, then share insights with your clients.

Annualized returns (before sales charge) as of 03/31/19

Annualized returns (after sales charge) as of 03/31/19

Cumulative returns (before sales charge) as of 03/31/19

Cumulative returns (after sales charge) as of 03/31/19

Up-market capture ratio (A and Y shares only)

Down-market capture ratio (A and Y shares only)

Please note: B Shares are closed to new investors

The benchmark shown is a best fit benchmark assigned by Morningstar. Morningstar does not calculate benchmark performance for funds with a blended, or combined primary benchmark. For more information on the Funds benchmark, please click on the prospectus link above.

Morningstar data is shown as of the most recent reporting period by each fund family. Allocations may not equal 100% and will vary overtime. Assets contained within Other category are not classified by Morningstar. All information presented in this tool is for informational purposes only and is not intended to be investment advice. The information is not meant to be an offer to sell or a recommendation to buy any investment product. Unless otherwise noted, performance is shown before sales charge. For more fund information, click the prospectuses button.

All information is historical and not indicative of future results. Current performance may be lower or higher than the quoted past performance, which cannot guarantee results. Share price, principal value, and return will vary, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. After-sales-charge returns reflect the maximum sales charge applicable to the fund, which can be found within theTable Chart. Performance may not reflect any expense limitation or subsidies currently in effect. Short-term trading fees may apply. To obtain the most recent month-end performance, visit .

For informational purposes only. Not an investment recommendation.

Not FDIC insured May lose value No bank guarantee

The following reports show how Putnam funds have performed relative to their peers as of the most recent quarter-end.

Morningstar ratings list Putnam funds that have received three-, four-, or five-star ratings in their Morningstar categories.

Top-scoring Putnam funds according to the Retirement Plan Advisory Group (RPAG).

Putnam funds that have received Lipper Leader designations for total return, expense, consistent return, and preservation.

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit .

Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Multi-Asset Absolute Return Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund and Putnam Short Duration Bond Fund and Fixed Income Absolute Return Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, which is 3% in the first year, declining to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.


Market data provided by Reuters. Market data is delayed up to 20 minutes. Data and information provided for informational purposes only, and are not intended for trading purposes. Neither Putnam nor any of its data or content providers (e.g., Reuters and exchanges) shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Retirement Advantage, Stable Value, and Large-cap Value funds are a collective trust managed and distributed by Putnam Fiduciary Trust Company, a non-depository New Hampshire trust company. However, they are not FDIC insured; are not a deposit or other obligation of, and are not guaranteed by, Putnam Fiduciary Trust Company or any of its affiliates. The funds are not mutual funds registered under the Investment Company Act of 1940, and their units are not registered under the Securities Act of 1933. The funds are only available for investment by eligible, qualified retirement plan trusts, as defined in the declaration of trust and participation agreement.

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Investors should carefully consider the investment objectives, 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, contact your financial representative, call Putnam at1-888-4-PUTNAM (1-), or click on theprospectus sectionto view or download a prospectus. Please read the prospectus carefully before investing.

Shares of mutual funds are not deposits of, or guaranteed or endorsed by, any financial institution; are not insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other agency; and involve risk, including the possible loss of the principal amount invested.

Putnam funds may, at times, invest in the Putnam Cash Collateral Pool, LLC.View more information about this fund.

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