this is putnam today
TRANSCRIPT
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JANUARY 2012
Through the end o 2011, worries about slowing global economic
growth and the European debt crisis resulted in risk aversion and
volatility in markets around the world. While we have experienced
some positive trends in recent months, stock markets ended the yearessentially where they began.
In all market environments, we believe investors need actively
managed portolios backed by analysis, insight, innovation, and
experience. Also critically important is the counsel and expertise o
a proessional inancial advisor. At Putnam, we oer unds to address
a wide range o investor goals, as well as innovative tools to assist
inancial advisors and their clients.
I encourage you to ind out more by visiting us at putnam.com, and
I thank you or your interest in Putnam Investments.
Robert L. Reynolds
President and Chief Executive Officer
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Experience.
Nick C. Thakore
U.S. Large Cap Equity
18 years o experience
Robert D. Ewing, CFA
U.S. Large Cap Equity
21 years o experience
David L. Glancy
Capital Structure/Leveraged
24 years o experience
Jefrey L. Knight, CFA
Asset Allocation
24 years o experience
Simon Davis
International Core Equity
23 years o experience
Aaron M. Cooper, CFA
Global Equity Research
12 years o experience
Shep Perkins, CFA
International Equities
18 years o experience
D. William Kohli
Global Strategies
24 years o experience
Michael V. Salm
Liquid Markets and
Securitized Products
22 years o experience
Paul D. Scanlon, CFA
Global Credit
25 years o experience
Thalia Meehan, CFA
Tax Exempt Fixed Income
28 years o experience
There is no secret formula tha
will consistently produce goo
investment results. It comes
down to smart, motivated
people working creatively.
Walter C. Donovan
Chie Investment Ofcer
26 years o experience
We have added to our team of high achievers and restructured our equity
organization, resulting in a performance-driven culture with a more nimble
decision-making process. Fundamental research is the cornerstone of Putnams
approach, backed by an integrated team of highly talented and experienced
research analysts with worldwide reach.
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Innovation.New for advisors: FundVisualizerTM
At Putnam, we use leading technology and web-based
capabilities to help financial advisors and their clients pursue
their financial goals. One of the newest features we offer
advisors is FundVisualizer, a powerful online tool that can be
used to conduct analysis and model investment portfolios
from a universe of over 11,000 mutual funds and ETFs. The
tool features more than 60 performance and risk metrics and
enables advisors to provide instant, dynamic fund-to-fund
comparisons.
Thought leadership and analysis
from Putnam experts
Our experienced team of portfolio managers and analysts
delivers timely insights on topics that are making the news
in the financial press. Putnam perspective pieces go into
greater depth, exploring investment opportunities, strate-
gies, and challenges across global markets. Our thought
leadership resources include print and video commentary,
and can be accessed at putnamperspectives.com.
NEW
Putnam Short Duration Income Fund
For income investors who want to get off the sidelines while
avoiding the potential volatility of long-term bonds, Putnam
Short Duration Income Fund can provide an attractive
alternative. The fund uses active risk management strategies t
pursue a broad range of income securities. Befitting its name,
the fund targets limited interest-rate risk and is backed by the
deep sector research capabilities of Putnams fixed-income
group. Four veteran portfolio managers representing differen
sectors of the bond market manage the fund and are led by
Michael V. Salm, Putnams Co-Head of Fixed Income.
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Service.Putnam wins DALBAR service awards
Putnam Investments was honored with a 2011 DALBAR
award for providing outstanding service to shareholders
of its mutual funds. This was the 22nd consecutive year
that Putnam has been recognized by DALBAR for service
quality. Also, in 2012, Putnam received DALBARs first-
ever Total Client Experience award, which is based on
a multi-dimensional analysis of customer service that
measures security, processing accuracy, and information
accuracy. DALBAR is a financial services market
research and consulting firm that conducts rigorous,
year-long testing of customer service based on industry
benchmarks.
Visit Putnam online
There are many ways to communicate with Putnam and access
insights from our portfolio managers.
At Putnam, we are
committed to helping
financial advisors and
their clients have a great
investment experience,
whether they interact
with us online, in person,
or by phone.
Robert L. Reynolds
President and
Chie Executive Ofcer
facebook.com/putnaminvestments
twitter.com/putnamtoday
putnamperspectives.com
youtube.com/putnaminvestments
absolutereturnblog.com
rothirablog.com
putnam.com
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Keys to successful investing
Our compensation structure is aligned with performance goals
Our portfolio managers are accountable for results
We empower analysts to generate independent research
We have a globally integrated research organization
Our risk management is stringent and independent
Putnams performance goal
We seek top-quartile fund performance over any three-year
period (as determined by Lipper). Managers in the top quartile
of their peer groups receive their full performance-related
compensation. Managers of funds in the bottom quartile receive
no performance-related compensation.
Putnam is a leader in tax-free investing
100% o Putnams municipal bond
unds outperormed their peers or the
10 years ending 12/31/11*
An experienced team
Putnams team of portfolio managers specializing in tax-free
investing has 24 years of investment experience on average,
and draws on the strength of our fully integrated fixed-income
group of over 70 investment professionals.
A broad range of funds
Putnams lineup of tax-free funds includes lower-risk money
market funds, higher-yielding (and higher risk) funds, and nine
single-state funds whose income is exempt from federal, state,
and local income taxes.
* Source: Lipper. 13 out of 13 funds based on cumulative class A total returns before sales charge. Results for other periods will vary.
Past performance does not guarantee future results.
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One Post Ofce Square
Boston, MA 02109
putnam.com
A BALANCED APPROACH
Since 1937, when George Putnam created a diverse
mix of stocks and bonds in a single, professionally
managed portfolio, Putnam has championed the
balanced approach.
A WORLD OF INVESTING
Today, we offer investors a world of equity, fixed-
income, multi-asset, and absolute-return portfolios
to suit a range of financial goals.
A COMMITMENT TO EXCELLENCE
Our portfolio managers seek superior results over
time, backed by original, fundamental research on a
global scale. We believe in the value of experienced
financial advice, in providing exemplary service, and
in putting clients first in all we do.
Putnam Retail Management II887 270871 2/12
Consider these risks before investing: Putnam Short Duration Income Fund
is not a money market fund. The ef fects of inflation may erode the value of
your investment over time. Funds that invest in government securities are
not guaranteed. Mortgage-backed securities are subject to prepayment risk.
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. Funds that invest in bonds
are subject to certain risks including interest-rate risk, credit risk, and infla-tion 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. Additional risks are listed in the funds
prospectus.
For Putnam tax-exempt funds: Capital gains, if any, are taxable for federal
and, in most cases, state purposes . For some investors, investment income
may be subject to the federal alternative minimum tax. Income from federally
tax exempt funds may be subject to state and local taxes. 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. Since the fund invests in tax-
exempt bonds, which, to be treated as tax-exempt under the Internal Revenue
Code, may be issued only by limited types of issuers for limited types of
projects , the funds investments may be focused in certain market segments.
Consequently, the fund may be more vulnerable to fluctuations in the values
of the securities it holds than a fund that invests more broadly. The prices of
bonds in the funds portfolio may fall or fail to rise over extended periods of
time for a variety or reasons, including both general financial market condi-
tions and factors related to a specific issuer or industry.
You 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, call your financial
advisor or contact Putnam at 1-800-225-1581. You should read
the prospectus carefully before investing.
http://www.putnam.com/http://www.putnam.com/http://www.putnam.com/