| 1 EO /15 Not FDIC Insured May Lose Value No Bank Guarantee | 1 EO /15

| 2 EO /15 January 2012 The stock market has been choppy Monthly stock market returns (%) Source: Standard & Poor’s. Stocks are represented by the S&P 500 Index, an unmanaged index of common stock performance. You cannot invest directly in an index. Past performance does not guarantee future results. December 2014

| 3 EO /15 When stocks were choppy, bonds were often stable Data is as of 12/31/14 and is historical. Past performance does not guarantee future results. Stocks are represented by the S&P 500 Index, which is an unmanaged index of common stock performance. Bonds are represented by the Barclays Aggregate Bond Index, an unmanaged index of U.S. investment-grade fixed-income securities. It is not possible to invest directly in an index. Annual market results (%) U.S. bonds U.S. stocks

| 4 EO /15 Cash yields are now near zero Sources: Federal Reserve, 2014, and Bloomberg, T-bills are represented by the 6-month Treasury bill (secondary market) rate quoted on an investment basis. CDs are represented by the average rate on 6-month negotiable certificates of deposit (secondary market), quoted on an investment basis. Past performance is not indicative of future results. Unlike stocks or bonds, which incur more risk, certificates of deposit (CDs) offer a fixed rate of return, and the interest and principal on CDs will generally be insured by the FDIC up to $250,000. Current yields as of 12/31/14 6-month T-bill 0.11% 6-month CD 0.43%

| 5 EO /15 And cash has barely kept pace with inflation over time 3.5% 5.7% 10.1% Source: Putnam Investments. Returns are annualized and assume a historical average inflation rate of 3%. Stocks are represented by the S&P 500 Total Return Index. Bonds are represented by the Long-Term Government Bond Total Return Index. Cash is represented by the U.S. Treasury Bill Index. All indexes are unmanaged and measure common sectors of the stock and bond indexes. You cannot invest directly in an index. Past performance is not indicative of future results. CashBondsStocks Returns for asset classes 1926– % 2.7% 7.1% Returns after inflation

| 6 EO /15 Missing even a few of the market ’ s best days can hurt Data is historical. Past performance is not a guarantee of future results. The best time to invest assumes shares are bought when market prices are low. The Dow Jones Industrial Average is an unmanaged index of common stock performance. Indexes assume reinvestment of all distributions and do not have a sales charge. It is not possible to invest directly in an index. The securities in the Putnam funds will differ from those in the index, and the funds’ performance will differ. Investing $10,000 in the Dow Jones Industrial Average 15-year period, 12/31/99–12/31/14 If you stayed fully invested for 15 years If you missed the market ’ s 10 best days If you missed the market ’ s 20 best days 5.43% 0.82% -2.08%

| 7 EO /15 Past performance does not indicate future results. Indexes are unmanaged and show broad market performance. It is not possible to invest directly in an index. Diversify to own more of each year ’ s winners Changes in market performance, 1994–2014 Highest return Lowest return U.S. Large-Cap Growth Stocks | Russell 1000 Growth IndexU.S. Large-Cap Stocks | S&P 500 Index U.S. Small-Cap Growth Stocks | Russell 2000 Growth IndexInternational stocks | MSCI EAFE Index U.S. Large-Cap Value Stocks | Russell 1000 Value IndexU.S. Bonds | Barclays Capital U.S. Aggregate Bond Index U.S. Small-Cap Value Stocks | Russell 2000 Value IndexCash | BofA Merrill Lynch U.S. 3-Month Treasury Bill Index

| 8 EO /15 Small-cap growth stocks are represented by the Russell 2000 Growth Index, which is an unmanaged index of those companies in the Russell 2000 Index chosen for their growth orientation. Large-cap growth stocks are represented by the Russell 1000 Growth Index, which is an unmanaged index of capitalization-weighted stocks chosen for their growth orientation. Small-cap value stocks are represented by the Russell 2000 Value Index, which is an unmanaged index of those companies in the Russell 2000 Index chosen for their value orientation. Large-cap value stocks are represented by the Russell 1000 Value Index, which is an unmanaged index of capitalization-weighted stocks chosen for their value orientation. International stocks are represented by the MSCI EAFE Index, which is an unmanaged index of international stocks from Europe, Australasia, and the Far East. U.S. bonds are represented by the Barclays Aggregate Bond Index, which is an unmanaged index used as a general measure of fixed-income securities. Government bonds and Treasury bills are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and fixed principal value. Cash is represented by the BofA Merrill Lynch U.S. 3-month Treasury Bill Index, which is an unmanaged index used as a general measure for money market or cash instruments.

| 9 EO /15 Keep your eyes on the horizon

| 10 EO /15 The storm has always passed Markets are represented by the S&P 500 Index. Data is as of 12/31/14, is historical, and reflects reinvested dividends. Each bull or bear market is determined by at least four consecutive months of continuous gain or decline. Past performance does not guarantee future results. There are no guarantees that prior markets will be duplicated. The S&P 500 Index is an unmanaged index of common stock performance. It is not possible to invest directly in an index. Bull market Bear market January 1974 December 2014

| 11 EO /15 Stocks are priced attractively today *As measured by the S&P 500 Index. Data as of 12/31/14. Current price to earnings is a ratio equal to the market capitalization divided by its after-tax earnings, based on 12 months’ trailing earnings. Price-to-normal- earnings ratio of the U.S. stock market *

| 12 EO / International stocks are even more attractive Price-to-normal- earnings ratio of U.S. and international stock markets * *As measured by the S&P 500 Index. Data as of 12/31/14. International stocks are measured by the MSCI EAFE Index. Current price to earnings is a ratio equal to the market capitalization divided by its after-tax earnings, based on 12 months’ trailing earnings. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. International stocks

| 13 EO /15 A BALANCED APPROACH A WORLD OF INVESTING A COMMITMENT TO EXCELLENCE | 13 EO /14

| 14 EO /15 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 Please read the prospectus carefully before investing. Putnam Retail Management putnam.com

| 15 EO /15 | 15 EO /15