85% of Putnam U.S. equity funds

These funds beat their Lipper category medians over five years

as of 12/31/13.

89%100%

of Putnam taxable fixed income funds

of Putnam global asset allocation funds

It takes New Ways of ThinkingSM to change minds. And get results.In 2009, we started with a new vision, and at Putnam, vision has proof points. With the goal of strong long-term performance squarely in mind, we added to our team of high achievers and refocused our commitment to active fundamental research.

The sweeping strategic and structural redirection we implemented five years ago drove returns for our clients. It was a new way of thinking, and it was worth it.

Robert L. Reynolds President and Chief Executive Officer

Discover New Ways of Thinking.

putnam.com

Source: Lipper. Eleven of 13 Putnam U.S. equity, 8 of 9 Putnam taxable income, and 3 of 3 Putnam global asset allocation class A funds.

Based on total returns before sales charge. Rankings for other periods will vary. Past performance does not guarantee future results.

Investing involves risk, including loss of principal.

In challenging times, the best minds challenge themselves to think in new ways. Our long-tenured team of bond managers navigates a dramatically changing fixed-income landscape. They have developed an independent view of four types of risk. And they actively manage strategies in all four risk sources.

Source: Lipper. Eight of nine Putnam taxable income class A funds. Based on total returns before sales charge. Rankings for other periods

will vary. Past performance does not guarantee future results. Investing involves risk, including loss of principal.

D. William KohliInvesting since 1986

Michael V. SalmInvesting since 1989

Paul D. Scanlon, CFA®Investing since 1986

89%of Putnam taxable fixed income funds beat their Lipper category medians over five years as of 12/31/13.

Diversification never goes out of style, but it’s no reason for complacency. Putnam’s global asset allocation group has leveraged decades of experience to develop new ways of thinking about allocating risks, not just assets. Innovation is never easy. Breaking new ground for investors is worth it.

100%

Source: Lipper. Three of three Putnam global asset allocation class A funds. Based on total returns before sales charge. Rankings for other

periods will vary. Past performance does not guarantee future results. Investing involves risk including loss of principal.

of Putnam asset allocation funds beat their Lipper category medians over five years as of 12/31/13.

James A. FetchInvesting since 1994

Robert J. Kea, CFA®Investing since 1988

Robert J. SchoenInvesting since 1990

Jason R. Vaillancourt, CFA®Investing since 1993

Insight. Ideas. Opportunities. We call it New Ways of Thinking.SM Fundamental research is a cornerstone of our success, promoting sound stock selection and a thoughtful approach to risk. Our global research team scours industries worldwide to gain insights on the companies, trends, and market conditions that are most relevant to investment performance.

We have created a culture that encourages the kind of debate, rigor, and creativity that helps our clients capitalize on opportunities.

78%

Source: Lipper. Three of three Putnam global asset allocation class A funds. Based on total returns before sales charge. Rankings for other

periods will vary. Past performance does not guarantee future results. Investing involves risk including loss of principal.

of Putnam global sector funds outperformed their benchmark indexes over five years as of 12/31/13.

Aaron M. Cooper, CFA®Investing since 1999

Kelsey Chen, Ph.D.Investing since 1999

Vivek Gandhi, CFA®Investing since 1994

Walter D. Scully, CPA®Investing since 1996

Ferat OngorenInvesting since 1997

Request a prospectus or summary prospectus from your financial representative or by calling Putnam at 1-800-225-1581. The prospectus includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

Tax-Free Income Funds A share C share Y share

Putnam AMT-Free Municipal Fund PPNAX PAMTX PAMYX

Putnam Intermediate-Term Municipal Income Fund PIMEX PIMFX PIMYX

Putnam Short-Term Municipal Income Fund PSMEX PSMTX PSMYX

Putnam Tax Exempt Income Fund PTAEX PTECX PTEXY

Putnam Tax-Free High Yield Fund PTHAX PTCCX PTFYX

Putnam AZ Tax Exempt Income Fund PTAZX PAZCX PAZYX

Putnam CA Tax Exempt Income Fund PCTEX PCTCX PCIYX

Putnam MA Tax Exempt Income Fund PXMAX PMMCX PMAYX

Putnam MI Tax Exempt Income Fund PXMIX PMGCX PMIYX

Putnam MN Tax Exempt Income Fund PXMNX PMOCX PNMYX

Putnam NJ Tax Exempt Income Fund PTNJX PNJCX PNJYX

Putnam NY Tax Exempt Income Fund PTEIX PNNCX PNYYX

Putnam OH Tax Exempt Income Fund PXOHX POOCX POTYX

Putnam PA Tax Exempt Income Fund PTEPX PPNCX PPTYX

Putnam Tax Exempt Money Market Fund PTXXX — —

Taxable Funds A share C share Y share

Putnam American Government Income Fund PAGVX PAMIX PATYX

Putnam Diversified Income Trust PDINX PDVCX PDVYX

Putnam Emerging Markets Income Fund PEMWX PEMJX PEMOX

Putnam Floating Rate Income Fund PFLRX PFICX PFRYX

Putnam Global Income Trust PGGIX PGGLX PGGYX

Putnam High Yield Advantage Fund PHYIX PHYLX PHAYX

Putnam High Yield Trust PHIGX PCHYX PHYYX

Putnam Income Fund PINCX PUICX PNCYX

Putnam Short Duration Income Fund PSDTX PSDLX PSDYX

Putnam U.S. Government Income Trust PGSIX PGVCX PUSYX

Putnam Money Market Fund PDDXX PFCXX PMMXX

Value Funds A share C share Y share

Putnam Convertible Securities Fund PCONX PRCCX PCGYX

Putnam Equity Income Fund PEYAX PEQCX PEIYX

Putnam Global Dividend Fund PGDEX PGDHX PGDYX

George Putnam Balanced Fund PGEOX PGPCX PGEYX

Putnam International Value Fund PNGAX PIGRX PNGYX

Putnam Multi-Cap Value Fund PMVAX PMVBX PMVYX

Putnam Small Cap Value Fund PSLAX PSLCX PYSVX

The Putnam Fund for Growth and Income PGRWX PGRIX PGIYX

Absolute Return Funds A share C share Y share

Putnam Absolute Return 100 Fund® PARTX PARQX PARYX

Putnam Absolute Return 300 Fund® PTRNX PTRGX PYTRX

Putnam Absolute Return 500 Fund® PJMDX PJMCX PJMYX

Putnam Absolute Return 700 Fund® PDMAX PDMCX PDMYX

Growth Funds A share C share Y share

Putnam Growth Opportunities Fund POGAX POGCX PGOYX

Putnam International Growth Fund PINOX PIOCX PINYX

Putnam Multi-Cap Growth Fund PNOPX PNOCX PNOYX

Putnam Small Cap Growth Fund PNSAX PNSCX PSYGX

Putnam Voyager Fund PVOYX PVFCX PVYYX

Global Sector Funds A share C share Y share

Putnam Global Consumer Fund PGCOX PGCNX PGCYX

Putnam Global Energy Fund PGEAX PGECX PGEIX

Putnam Global Financials Fund PGFFX PGFDX PGFYX

Putnam Global Health Care Fund PHSTX PCHXS PHSYX

Putnam Global Industrials Fund PGIAX PGIEX PGILX

Putnam Global Natural Resources Fund EBERX PGLCX PGRYX

Putnam Global Sector Fund PPGAX PPGCX PPGYX

Putnam Global Technology Fund PGTAX PGTDX PGTYX

Putnam Global Telecommunications Fund PGBZX PGBNX PGBYX

Putnam Global Utilities Fund PUGIX PUTCX PUTYX

Asset Allocation Funds A share C share Y share

Putnam Dynamic Asset Allocation Growth Fund PAEAX PAECX PAGYX

Putnam Dynamic Asset Allocation Balanced Fund PABAX AABCX PABYX

Putnam Dynamic Asset Allocation Conservative Fund PACAX PACCX PACYX

Putnam Dynamic Risk Allocation Fund PDREX PDRFX PDRYX

Putnam Retirement Income Fund Lifestyle 1 PRMAX PRMCX PRMYX

Putnam Retirement Income Fund Lifestyle 2 PRYAX PRYCX PRLYX

Putnam Retirement Income Fund Lifestyle 3 PISFX PCIOX PIIYX

Blend Funds A share C share Y share

Putnam Asia Pacific Equity Fund PAPAX PAPCX PAPYX

Putnam Capital Opportunities Fund PCOAX PCOCX PYCOX

Putnam Capital Spectrum Fund PVSAX PVSCX PVSYX

Putnam Emerging Markets Equity Fund PEMMX PEMZX PEMYX

Putnam Equity Spectrum Fund PYSAX PYSCX PYSYX

Putnam Europe Equity Fund PEUGX PEECX PEUYX

Putnam Global Equity Fund PEQUX PUGCX PEQYX

Putnam International Capital Opportunities Fund PNVAX PUVCX PIVYX

Putnam International Equity Fund POVSX PIGCX POVYX

Putnam Investors Fund PINVX PCINX PNVYX

Putnam Low Volatility Equity Fund PLVEX PLVGX PLVKX

Putnam Multi-Cap Core Fund PMYAX PMYCX PMYYX

Putnam Research Fund PNRAX PRACX PURYX

Putnam Strategic Volatility Equity Fund PSVEX PSVHX PSVYX

Putnam Retail Management

Putnam Investments | One Post Office Square | Boston, MA 02109 | putnam.com EO210 286743 2/14

Pursuing great performance in the stock market is a task for active managers who think differently.Our talented investors collaborate to sharpen their ideas and benefit from each other’s experience. They share a passion for analyzing companies. For debating the degrees of risk and the dimensions of opportunity. And for gaining insights on the factors that matter most to performance.

85%

Source: Lipper. Eleven of 13 Putnam U.S. equity class A funds. Based on total returns before sales charge. Rankings for other periods will

vary. Past performance does not guarantee future results. Investing involves risk, including loss of principal.

Robert D. Ewing, CFA®Investing since 1990

Nick C. ThakoreInvesting since 1993

Robert M. BrookbyInvesting since 1999

Gerard P. SullivanInvesting since 1982

Darren A. Jaroch, CFA®Investing since 1996

James A. Polk, CFA® Investing since 1994

of Putnam U.S. equity funds beat their Lipper category medians over five years as of 12/31/13.