Putnam Investments honored for service excellence by DALBAR for 27th consecutive year

BOSTON, December 14, 2016Putnam Investments announced today that for the 27th consecutive year, it has been honored by DALBAR for mutual fund service quality, reflecting industry-leading consistency and reliability. This continuous acknowledgement of Putnam’s work in this area includes being named DALBAR Mutual Fund Service Award winner for 25 years and the sole winner of DALBAR’s Total Client Experience Award for the past five years.

“Delivering industry-leading service has long been a hallmark of Putnam’s brand and culture,” said Putnam President and Chief Executive Officer, Robert L. Reynolds. “It is for this reason that our entire organization is always so proud to receive this important DALBAR honor.”

For nearly three decades, DALBAR has conducted rigorous, systematic and yearlong testing of customer service based on industry benchmarks, and pointed to service that eclipses industry standards in the most important areas. The DALBAR Service Awards are given annually by DALBAR, Inc., a leading financial services market research and consulting firm to elite service providers.

In discussing the DALBAR achievement, Putnam’s Chief of Operations Michael J. Woodall added, “Service has long been at the core of our value-add offering to clients and is an area that we continue to enhance through technological advancements, thoughtful innovation and unyielding focus across our company. Putnam is very honored to be recognized by DALBAR for an achievement that speaks to our strong commitment to providing the highest levels of service.”

About DALBAR
DALBAR, Inc. is the financial community’s leading independent expert for evaluating, auditing and rating business practices, customer performance, product quality and service. Launched in 1976, DALBAR has earned a reputation for consistent and unbiased evaluations of investment companies, registered investment advisers, insurance companies, broker/dealers, retirement plan providers and financial professionals. DALBAR awards are recognized as marks of excellence in the financial community.

Putnam Investments names equity research leadership

BOSTON, December 1, 2016Putnam Investments today announced the appointments of Samuel Cox and Kathryn B. Lakin as Co-Directors of Equity Research, roles in which they will directly oversee the work of nearly 35 analysts who cover every major industry, providing critical fundamental research and analysis for the firm’s broader equity platform. Cox and Lakin will report to Aaron M. Cooper, Chief Investment Officer – Equities, who previously served as Director of Global Equity Research.

“As a firm that is highly committed to delivering active management to the marketplace, equity research remains a key engine in finding new and different sources of investment opportunity,” said Cooper. “We are pleased to have Kate and Sam, talented leaders with solid equity research experience, piloting this important function for our organization.

Cooper indicated that one of the distinguishing features of Putnam’s research structure is that a number of research analysts at the firm also serve as portfolio managers, bringing deep sector expertise to bear in an array of mutual fund and institutional strategies for clients.

Cox has been an analyst in Global Equity Research at Putnam, focusing on the U.S. health care sector. In addition, he serves as a portfolio manager of Putnam Global Health Care Fund and Putnam Global Sector Fund — and will join Putnam Research Fund team. He will retain his analyst and portfolio management responsibilities in his new position.

Prior to joining Putnam in 2012, Cox was an Equity Analyst at Pyramis Global Advisors. Earlier, he held positions with the Rock Creek Group and Cambridge Associates. Cox holds a B.A. degree in Politics, Philosophy, Economics and Urban Studies from the University of Pennsylvania and an MBA from the Massachusetts Institute of Technology’s Sloan School of Management

Previously, Lakin was Assistant Director of Global Equity Research at Putnam. She has served as a portfolio manager of Putnam Research Fund since December 2014, a responsibility that will continue. In addition, Lakin will join the portfolio management team of Putnam Global Sector Fund. In recent years, Lakin has also managed a group of analysts and investment associates, as well as the Equity Associate and MBA internship programs. Prior, she was an analyst in the U.S. Large Cap Equity Research group, covering consumer staples

Lakin joined Putnam in 2012 from Fidelity Investments, where she held positions in Equity Research. She received a B.A. degree in psychology from Wellesley College and is an MBA candidate in asset management at the Yale School of Management

About Putnam Global Institutional Management
Through offices in North America, Europe, Australia and Asia, Putnam currently has relationships with more than 100 institutional clients worldwide. Putnam offers more than 50 institutional strategies for clients including multi-asset absolute return and alternative fixed income and equity products. Putnam’s clients include sovereign wealth funds, endowments and foundations, government pension funds, the defined benefit retirement plans of large corporations and other institutions

Putnam Investments appoints Daniel Melley to lead Institutional efforts in Europe, Middle East and Africa

BOSTON, November 30, 2016Putnam Investments today announced that Daniel Melley has joined the firm in a newly created senior position responsible for the firm’s efforts serving institutional clients and investors in Europe, the Middle East and Africa (EMEA). Based in London, Melley will report directly to Jeffrey L. Gould, Head of Putnam Global Institutional Management.

“In the coming years, we expect to see an ongoing evolution of the institutional marketplace within Europe, the Middle East and Africa, presenting its own unique set of opportunities,” said Gould. “As the region continues to seek an array of innovative strategies, leading investment thought leadership and an unyielding commitment to service, Putnam, under Dan’s leadership, is well-positioned to be a partner of choice — providing tailored, long-term solutions.”

In his new role, Melley will be responsible for overseeing institutional sales and consultant relations for Putnam in the EMEA region.

Melley joins Putnam from London-based Winton Capital, a $30 billion hedge fund, where he had served as Global Head of Consultant Relations since 2015. Prior, he spent 17 years at Mercer, where he worked in both the New York and London offices, holding a series of leadership positions. Melley began his career at Bessemer Trust in New York in 1996.

A CFA charterholder, Melley graduated cum laude from the University of Notre Dame in 1996, with a degree in finance.

About Putnam Global Institutional Management
Through offices in North America, Europe, Australia and Asia, Putnam currently has relationships with more than 100 institutional clients worldwide. Putnam offers more than 50 institutional strategies for clients including multi-asset absolute return and alternative fixed income and equity products. Putnam’s clients include sovereign wealth funds, endowments and foundations, government pension funds, the defined benefit retirement plans of large corporations and other institutions.

Putnam Investments CEO Robert L. Reynolds calls on business community to urge next administration and congress to make economic growth a top priority

BOSTON, November 2, 2016 — Speaking today at the Greater Boston Chamber of Commerce, Putnam Investments President and CEO Robert L. Reynolds urged the business community to press the next U.S. President and incoming Congress to launch a range of initiatives to lift the country to greater growth and prosperity.

In his speech, “The Next American Imperative: Rebooting Stronger Economic Growth,” Reynolds strongly stated, “Business men, women and associations should step up and insist that the new Administration and Congress act on as broad a growth agenda as possible — because the risks posed by slow growth are too serious not to act.

“I believe that getting America growing strongly again is the most critical issue the next president and Congress need to come to grips with,” he emphasized. “Growth is the prime variable — the one ring that rules them all.”

In discussing the challenge, Reynolds pointed to the key headwinds that have been dragging growth down for many years — and suggested multiple policy options to push against them. In particular, he cited falling productivity, loss of manufacturing jobs, income stagnation, wealth disparity, slow job creation and the drop-off in new business formation.

A 30-year financial services leader, Reynolds has been a vocal advocate for public policies to spur savings, investments, job creation, and economic growth. For many years, he has taken a lead role in calling for action to build and strengthen the country’s retirement savings system.

Reynolds appealed to the broader business community to help focus Washington on practical strategies to help make America grow again. In particular, he proposed:

  • Investing in the country’s infrastructure — in earnest
  • Addressing the “skills gap” between employers who need trained staff and unemployed workers who need training, utilizing significant tax credits
  • Increasing science and medical research
  • Raising the earned income tax credit
  • Dropping capital gains tax on venture and angel capital, as well as on IPOs, to stimulate entrepreneurship
  • Importantly, revising the overall U.S. tax code to support expanded employment, savings and investment in America, family formation and child-rearing, education and skill training for students and workers, and the business creation that creates most new jobs and spurs innovation

Even just a one percent increase in GDP growth would have a huge, positive impact on federal revenues, and hence, federal deficits, Reynolds noted. “Economic growth is the single most powerful variable in shaping our future. Let’s reach for it — now.”

Reynolds concluded on a note of hope and optimism: “I do believe that when Americans come together — we’re stronger and I also believe that together, we can — and we will — make America greater than ever.”

Putnam Investments ranked #1 for digital engagement with financial advisors

BOSTON, October 31, 2016Putnam Investments has been ranked the #1 digital engagement leader for financial advisors, brokers and other intermediaries by DST kasina, LLC, a provider of data-driven insights and distribution solutions to financial companies around the world. Putnam was recognized for industry-leading engagement across a host of influential digital channels, involving high-profile use of its “socially active” CEO Robert L. Reynolds, effective web integration of the firm’s award-winning fund comparison tool FundVisualizer, and Putnam’s unique performance data visualization.

Putnam’s selection is part of DST kasina’s first ever industry study of “Digital Engagement Leaders 2016,” a report series looking at a broad range of digital interactions that asset managers have with advisors — and evaluates how effectively they provide: personalized, relevant information; an invitation to interact; what’s unique about the firm and its products; ease of doing business; and consistent, high-quality user experiences across devices.

“The digital revolution that began two decades ago is continuing to transform how financial services firms interact with their clients, partners and other stakeholders,” said DST kasina President Steven Miyao. “Putnam has been a leader in engaging the advisor community through full use of its digital ecosystem and thinking more broadly about the significance of omni-channel communications to best serve the marketplace.”

The DST kasina ranking is the latest recognition of Putnam’s commitment to supporting its advisor partners. Earlier this year, the Mutual Fund Industry Awards presented Putnam with its first-ever Social Media Leader of the Year Award. In 2015, Putnam was ranked first in DST kasina’s evaluation of the industry’s leading advisor websites.

In discussing the DST kasina study, Mark McKenna, Putnam Head of Global Marketing said, “Utilizing the full breadth of digital capabilities — threading all components together in a complementary manner — is becoming a marketplace imperative in our industry. Putnam recognizes that websites, blogs, emails and social media — working in harmony — can create a powerful formula for highly effective two-way communications with advisors to help address their array of needs.”

About the Study
The DST kasina study is based on proprietary methodology to evaluate asset managers’ efforts to engage advisors on and across the most influential digital channels–the advisor website, email, LinkedIn, Twitter and blog–as well as both desktop and mobile devices. The study evaluated 31 small-, mid- and large-cap firms ranging from $92M to $2.6T during July-August 2016 and examined which firms provided industry–leading digital engagement, including: personalized content and product recommendations; use of social platforms to build relationships with advisors; best practices for email engagement; leveraging digital channels and devices to differentiate their brand; and providing an overall “easy to do business” experience for advisors.

About DST kasina
DST kasina, LLC, helps leading companies in the financial services industry manage data, gain insight, and ignite change in their business. Through effective use of advanced analytics, research, and distribution intelligence technologies, DST kasina enables business to better understand, predict, and optimize key business factors impacting their asset growth and profitability. For more information on how to leverage DST kasina’s strategic advisory services, visit www.kasina.com.

Putnam Investments Congratulates Brendan Steele on Winning Inaugural Event of 2016-17 PGA Tour Season

BOSTON, October 17, 2016Putnam Investments, congratulates professional golfer and Putnam Performance in Motion marketing partner Brendan Steele on a dramatic, final round win at the Safeway Open, the first event of the 2016-17 PGA TOUR. Steele shot a seven-under-par 65 final round in rainy weather, including birdies on his final three holes.

“It was thrilling to watch Brendan Steele win the Safeway Open golf tournament, particularly with his relentless spirit, which allowed him to come back for a final-round victory,” said Putnam Investments President and Chief Executive Officer Robert L. Reynolds. “Brendan’s victory showcased his talent, skill and determination — key attributes that drove his success under intense competition. Putnam is proud to be associated with such an outstanding professional, who embodies many of the very best aspects of his sport.”

Steele, 33, secured his second PGA TOUR win, following a victory in his rookie season at the 2011 Valero Texas Open. By winning the first PGA TOUR Tournament of the year, Steele automatically qualifies for the 2017 Masters, the 2017 PGA Championship, as well as all PGA TOUR events through the 2018-2019 season. He also secured 500 FedEx Cup Points and is the early leader for the PGA TOUR’s season-long championship.

Mark McKenna, Head of Global Marketing at Putnam Investments, explained that Steele and fellow PGA TOUR golfers Keegan Bradley and Jon Curran — who also had strong showings at the Safeway Open — have been important brand ambassadors for the firm through its Performance in Motion program. Putnam has been affiliated with Bradley since 2011 and added Steele and Curran to its roster in 2014.

The three PGA TOUR professionals participate in Putnam’s advertising, social media efforts and overall support of global marketing initiatives. In addition, the golfers sport Putnam-branded competitive clothing and participate in year-round events sponsored by the firm.

Putnam Investments: Performance in Motion
The partnerships with PGA TOUR golfers Brendan Steele, Keegan Bradley and Jon Curran are part of Putnam Investments’ Performance in Motion marketing strategy that draws upon sports that appeal to its advisor, institutional and investor audiences. As part of this effort, the firm works closely with teams and athletes who best personify Putnam’s focus on performing at the highest level. Putnam’s other Performance in Motion marketing partners include Olympic gold medal-winning skier Ted Ligety, the U.S. Ski Team and U.S. Snowboarding, the Boston Celtics, the New England Revolution soccer team and the four-time Super Bowl-winning New England Patriots. For more information, visit www.putnam.com/performanceinmotion.

Putnam Investments study finds extremely broad–based and increasingly sophisticated use of social media by financial advisors

BOSTON, October 13, 2016 — In one of the largest known surveys of financial advisors — over 1,000 professionals nationwide — on the use of social media in their business practices, the Putnam Investments 2016 Social Advisor Study found that 85% of advisors — up from 75% in 2014 — are actively using social media in their day-to-day work, and they continue to become more sophisticated in their use of multiple social networking platforms for business.

In addition, the study found that advisors gaining new clients via social media has grown from 49% in 2013 to 80% in 2016. Further, 85% of advisors agree that social media has shortened the time to close, compared with traditional approaches.

“The use of social media by the financial advisor community has matured to a level where it is ingrained in how business is conducted and how professionals communicate with their clients and prospects,” said William T. Connolly, Co-Head of Global Distribution, Putnam Investments. “In our ongoing dialogue with financial professionals, it is eminently clear that social media’s role as a critical conduit for advisors in reaching the marketplace is going to continue to deepen and evolve for the foreseeable future.

Connolly indicated that Putnam first embarked on what has become an annual research initiative several years ago in order to provide deep insight to advisors nationwide — at wirehouses, independent broker-dealers, banks, insurance companies and RIA firms — on the increasing importance of social media to their business practice and ultimately to better serving existing and prospective clients.

In further discussing the 2016 study, Mark McKenna, Head of Global Marketing, Putnam Investments said, “Our research indicates that not only are a huge swath of advisors using social media in their practices today, they are actively combining their professional and personal presence on multiple platforms to further develop and strengthen their client relationships.”

McKenna pointed to the continued growth of the more personally-focused Facebook platform which is being accessed by advisors in their ongoing work with clients. Facebook’s usage for business among advisors has risen from 36% in 2014 to 54% today, while usage of LinkedIn for business has grown from 64% in 2014 to 73% this year.

Other Critical Findings
The study yielded other notable insights for advisors using social media for business, including:

  • 80% of advisors using social media say it helped them gain new clients
  • The median AUM (or asset) gain through social media is $1.9M, with the average gain at $4.9M
  • 56% of advisors report that social media has improved their efficiency a great deal
  • For advisors with AUM of $100M or more, 35% report that social media plays a very significant role in their marketing efforts and 82% have used social
  • media to gain clients, with a median gain of $4.7M and an average gain of $8.3M

Attributes of a “Social Advisor”
The Putnam Investments research reveals the following profile of the typical financial advisor gaining assets through social media:

  • 43 year-old advisor working at an independent broker-dealer
  • Has 10 years of experience
  • Runs a book of business of $92 million (median)
  • Active on social media networks daily

About the Survey
The research, conducted online in conjunction with Brightwork Partners LLC, included 1,018 financial advisors nationally who have been advising retail clients for at least two years. The study was conducted in July 2016. The results of the survey can be found at putnam.com/advisorsAREsocial.

About Brightwork Partners LLC
Brightwork Partners is a specialty research and consulting firm focusing on distribution strategies for retail asset managers and providers of defined contribution services. Founded in 1999, the firm conducts custom and multi-client research among advisors, consultants, plan sponsors, third party administrators and participants on behalf of major providers in the industry.

Highly popular New England Patriots Fan Engagement Activity — Fancam — to be offered throughout 2016 regular season

BOSTON, September 14, 2016Putnam Investments, the official mutual fund sponsor of the New England Patriots, today announced that the firm will sponsor Patriots Fancam (patriots.fancam.com) for the third consecutive season. Patriots Fancam is an innovative technology that allows fans to locate a high-definition image of themselves in virtually any of the nearly 67,000 seats within Gillette Stadium. It will be available at every New England Patriots home game, throughout the 2016 regular season. Fans in attendance will be able to share their game-day photos on social media platforms, beginning with the first home game at Gillette Stadium on Sunday, September 18 against the Miami Dolphins.

“In our ongoing partnership with the New England Patriots, Putnam continues to seek unique ways to engage this highly loyal and informed fan base,” said Mark McKenna, head of global marketing, Putnam Investments. “This exciting and highly interactive Fancam technology has been a tremendously popular promotional feature with the Gillette Stadium faithful since it was first introduced near the end of the 2014 regular season.”

According to McKenna, Patriots Fancam garnered nearly 1 million page views last season from fans searching for their images and generated over 22 million social media impressions.

“Putnam is really pleased to help Patriots’ fans celebrate their in-game experience across their social networks — and create the opportunity to take an exciting outing at Gillette Stadium and have it go viral,” explained McKenna.

The firm will be promoting the availability of Patriots Fancam through regional radio spots throughout the 2016 football season, narrated by Patriots three-time Super Bowl Champion Matt Light.

Putnam Investments: Performance in Motion
The partnership with the New England Patriots is part of Putnam Investments’ Performance in Motion marketing strategy that draws upon sports that appeal to its advisor, institutional and investor audiences. As part of this effort, the firm works closely with teams and athletes who best personify Putnam’s focus on performing at the highest level. For more information, visit www.putnam.com/performanceinmotion.

Putnam Investments and the New England Patriots
Putnam Investments and the four-time Super Bowl champion New England Patriots have a multifaceted, multiyear marketing partnership that aligns the company with the Patriots, one of the strongest and most recognizable global brands in professional sports. The relationship, which underscores Putnam and the Patriots shared commitments to performance excellence, includes an extensive co-branded multimedia campaign across television, radio, print, digital and social media elements. It also incorporates high-profile branding of various properties at Gillette Stadium, most notably the Putnam Club, an upscale dining and entertainment venue at the stadium.

About Patriots Fancam
Patriots Fancam employs an advanced photographic technology that enables fans to locate images of themselves in almost all of the nearly 67,000 seats within Gillette Stadium, and then share them with friends via Facebook, Twitter and email. Additionally, fans will be able to get an inside look at Gillette Stadium with exclusive 360-degree virtual tours of the stadium, the Putnam Club and the Putnam Suite.

Putnam Investments offers investment strategies for a world of uncertainty

BOSTON, May 24, 2016Putnam Investments today released “Four Strategies for a World of Uncertainty,” a thoughtful new strategic blueprint to help financial advisors — and their clients — navigate today’s dynamic markets. As part of its continuing “Maneuver in MarketsTM program, Putnam will be rolling out a series of written perspectives on modern investment approaches that should be considered in managing risk and seeking to make the most of opportunities that current market turmoil may be masking.

“Today’s financial advisor and investor face a complex web of market drivers and environmental factors that make the task of long-term investing seemingly more challenging and daunting than ever,” said Robert L. Reynolds, President and CEO, Putnam Investments. “Our firm believes there is a new framework of thinking that can be helpful in maneuvering these markets and is designed to address the protection and growth of investment assets.”

“Four Strategies for a World of Uncertainty,” identifies key market challenges related to “specific segments that have been transformed by interventionist central bank policy and macroeconomic uncertainties” prevailing in recent years, along with corresponding strategies to allow a portfolio to potentially weather adverse conditions and seize stealth opportunities.

Navigating rates by investing outside common indexes
Bonds have long been valued by investors who are seeking a reliable source of income and refuge from the volatility of stocks. However, as central banks consider scaling back ultra-low interest rates, pursuing income with benchmark-aligned strategies may be less safe than many people think, according to the just-released Putnam paper. Currently, the benchmark Barclays U.S. Aggregate Bond Index, which represents more than $18 trillion worth of bonds, is marked by long duration. If rates start to rise across the yield curve, longer-duration debt could incur real losses.

As an alternative, advisors, on behalf of their clients, should consider looking beyond traditional bond indexes at securities that are not overly subject to the risk of rising rates, such as high-yield debt, emerging market debt and non-agency residential mortgage-backed securities.

Exploring new opportunities at the short end of the yield curve
Money market funds have long been considered among the very safest investments. New regulations intended to make these investments more liquid also have had the effect of limiting their scope — shrinking the universe of what is “safe.” Moreover, the addition of mechanisms to allow redemption fees and “gates” — limits on redemptions — actually could make advance runs more likely if investors fear they will not be able to get their money out quickly in a crisis. Investors may find that their short-term investment vehicles potentially leave them at greater risk than they had thought.

Advisors may want to consider short-term investment vehicles that can exploit the space between money markets and ultra-short bond funds, which could offer both a robust capital preservation profile as well as real higher-yield potential.

Managing market volatility with modern diversification strategies
Despite the recent flurry of rule changes and efforts to reduce systemic risks, market volatility continues to rattle investors’ nerves. Motivated by fear, investors often move with the herd, whether that means expecting the worst risks will come to pass or feeling like risk has suddenly disappeared. Diversification is one option, but investors can find it hard to manage the volatility affecting their portfolios, especially since correlations within equities can rise dramatically during periods of high volatility.

One way to counter this correlation problem is to employ an absolute return approach that seeks uncorrelated sources of return. Absolute return funds generally take a highly flexible approach to asset classes, geographies and trading strategies: Not only can they invest in stocks, bonds, cash and derivatives, but they also can invest anywhere, sell securities short to benefit from declining markets and employ leverage to enhance performance when markets are flat.

Active strategies offer valuable sources of growth
Pursuing greater returns in the equity markets may seem like one of the most difficult paths an investor can take but, as more investors shed riskier assets during uncertainty, the balance of risk and reward may tilt in favor of stock investments. In choppy markets, investors need to assess whether something fundamental has changed for the worse in a given stock, or whether a compelling buying opportunity is emerging, particularly for those companies where the fundamentals have not slipped.

In working with their clients, advisors will want to stay committed to an investment plan rather than to try to guess the best time to be in the market, especially during short periods of volatility. Over longer timeframes, earnings matter most in the determination of stock prices, so investors should consider actively-managed stock selection backed by deep research into company fundamentals such as balance sheet flexibility, market share advantage and superior technological attributes.

“We view advisors as our full partners in serving investors, and we want them to have the best information and tools available to help their clients make the right decisions,” said Scott Sipple, Head of Global Investment Strategies, Putnam Investments. “The ‘Maneuver in Markets’ program, exemplified by leading-edge thought pieces such as “Four Strategies for a World of Uncertainty,” has been created to provide extra assistance in navigating today’s markets.”

Diversification does not guarantee a profit or ensure against loss. It is possible to lose money in a diversified portfolio.

Consider these risks before investing: Our allocation of assets among permitted asset categories may hurt performance. The prices of stocks and bonds in the funds’ portfolio may fall or fail to rise over extended periods of time for a variety of 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. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds 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. Our use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The funds may not achieve their goal, and they are not intended to be a complete investment program. The funds’ effort to produce lower-volatility returns may not be successful and may make it more difficult at times for the fund to achieve their targeted return. In addition, under certain market conditions, the funds may accept greater volatility than would typically be the case, in order to seek their targeted return. For the 500 Fund and 700 Fund these risks also apply: 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. The funds are not intended to outperform stocks and bonds during strong market rallies. Additional risks are listed in the funds’ prospectus. You can lose money by investing in the funds.

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

Putnam Investments named Social Media Leader of the year at Mutual Fund Industry Awards

BOSTON, April 27, 2016Putnam Investments was named the first-ever recipient of the Social Media Leader of the Year Award at the 23rd Annual Mutual Fund Industry Awards ceremony held last night in New York City. The new award category honors a firm that demonstrates leadership in social media through observations, insights and engagement with clients and the general public.

“Social media has become a critically important communication tool for asset management firms to interact with all stakeholders in the marketplace,” said Robert L. Reynolds, Putnam Investments President and Chief Executive Officer. “We take great pride both in being the first recipient of this award and in the acknowledgement of our leadership in developing an innovative, ever-evolving social media program that has become an integral part of the firm’s culture. Our social media efforts span the entire advisor and investor experience as we work each day to help clients and investors succeed.”

Putnam was recognized for the social media program that began in 2009 with the company’s launch of its presence on Facebook and Twitter. Reynolds embraced the emerging communications platforms and began tweeting @RobertLReynolds, becoming one of the very first financial services CEOs with an active Twitter presence. Putnam immediately began expanding its outreach, building out a robust social media program unique in the industry in terms of its depth and innovation, focused on branding, marketing and communications outreach, as well as industry leadership.

With a corporate presence on Twitter, LinkedIn, Facebook, YouTube ,Instagram, Google+ and three standalone blogs, Putnam presents a balanced and humanized portrait of its brand to advisors and investors.

Putnam identified a need among financial advisors to understand the emerging importance of social media as a business-building tool and, in response, developed key practice management offerings, including best practice seminars on the use of LinkedIn and other social platforms; a series of online resources and tools; one-on-one training and continuing discussions; and video vignettes on Putnam’s Advisor Tech Tips blog.

In 2014, Reynolds was named a LinkedIn Influencer, joining a select group of CEOs, political figures, entrepreneurs and other influential leaders who provide compelling commentary and professional insights on a variety of subjects. Reynolds currently has more than 130,000 followers on LinkedIn.

In addition to offering informative content marketing, robust practice management tools, customer service and advisor support, Putnam’s social media outreach communicates the firm’s commitment to thought leadership in the social sphere. The 2015 Putnam Social Advisor Study, an in-depth survey of more than 800 financial advisors, represented the third edition of the firm’s groundbreaking benchmarking of advisors’ use of social media in their practices.

Putnam has been widely recognized for developing and adopting best practices in social media, including being ranked #1 in 2014 by kasina, a leading industry observer, for the firms’ leadership and outreach in this area.

About the Awards
The annual Mutual Fund Industry Awards recognize the funds, fund leaders, marketers, trustees and independent counsel who stood out for their successes, achievements and contributions in 2015. Winners are selected by the editorial staff of Fund Action and Fund Directions based on their extensive industry-wide due diligence. The editorial staff draws on market intelligence as well as input from the industry garnered through an annual call for nominations when making their selections.