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The views and opinions expressed are those of the Putnam Investments, are subject to change with market conditions, and are not meant as investment advice.

Putnam Absolute Return Funds pursue a positive return that exceeds the rate of inflation, as reflected by Treasury bills, over a period of three-years with less volatility than general securities markets.

Consider these risks before investing: Our allocation of assets among permitted asset categories may hurt performance. The prices of stocks and bonds in the fund's portfolio may fall or fail to rise over extended periods of time for a variety or reasons, including both general financial market conditions and factors related to a specific issuer or industry. Our active trading strategy may lose money or not earn a return sufficient to cover associated trading and other costs. Our use of leverage obtained through derivatives increases these risks by increasing investment exposure. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. 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 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. REITs involve the risks of real estate investing, including declining property values. Commodities involve the risks of changes in market, political, regulatory, and natural conditions. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The fund may not achieve its goal, and it is not intended to be a complete investment program. The fund's effort to produce lower volatility returns may not be successful and may make it more difficult at time for the fund to achieve its targeted return. In addition, under certain market conditions, the fund may accept grater volatility than would typically be the case, in order to seek its targeted return. Additional risks are listed in the funds' prospectus.

The funds are not intended to outperform stocks and bonds during strong market rallies.

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, visit the prospectus section of putnam.com, call your financial representative, or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management