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

| 2 EO /15 Major goals are expensive *Putnam research, using U.S. Dept. of Labor, Consumer Expenditure 2012 (September 2013). **The College Board, Trends in College Pricing, , based on annual total charges for in-state students at public institutions. † U.S. Bureau of Labor Statistics, Consumer Price Index annual average for the period 12/31/84–12/31/14. The average consumer over age 65 spends $40,140 annually. Over 20 years with inflation, that’s $1,076,893 * Four years at a public university costs $73,564 ** Long-term inflation averages 2.7% per year † Retirement College Wealth preservation

| 3 EO /15 3.7% 9.6% 11.3% 8.6% 1.0% 6.9% Returns after 2.7% inflation CashBondsStocks Investing can help Source: Morningstar, Returns and inflation are annualized for the period 12/31/84–12/31/14. Stocks are represented by the Ibbotson U.S. Large Cap Stock Total Return Index. Bonds are represented by the Ibbotson U.S. Long-Term Government Bond Total Return Index. Cash is represented by the Ibbotson U.S. 30-day Treasury Bill Total Return Index. Inflation is represented by the Consumer Price Index. All indexes are unmanaged and measure broad sectors of the stock and bond markets. You cannot invest directly in an index. Past performance is not indicative of future results. Returns for asset classes 1984–2014

| 4 EO /15 The examples are for illustrative purposes only and do not reflect average annualized returns or the performance of any Putnam fund, which will fluctuate. Data are historical. Past performance is not a guarantee of future results. All indexes are unmanaged and measure common sectors of global asset markets. Securities in the indexes do not match those in Putnam funds, and performance will differ. Securities indexes assume reinvestment of distributions and interest payments, and do not take into account brokerage fees and taxes. It is not possible to invest directly in an index. Be ready for changing markets History shows market leadership changes Annual returns for key indexes (2005–2014) ranked in order of performance (highest to lowest) %35.92%39.39%10.11%78.51%28.48%13.56%18.22%33.55%30.38% U.S. stocks | Russell 3000 IndexEmerging-market (EM) stocks | MSCI Emerging Markets Index (ND) U.S. bonds | Barclays U.S. Aggregate Bond IndexEmerging-market (EM) bonds | JPMorgan Emerging Markets Global Diversified Index International bonds | Citigroup Non-U.S. World Government IndexREITs | MSCI U.S. REIT Index U.S. high-yield bonds | JPMorgan Developed High Yield IndexTIPS | Barclays U.S. TIPS Index Cash | BofA Merrill Lynch U.S. 3-month T-Bill IndexCommodities | S&P GSCI Commodity Index International stocks | MSCI EAFE Index (ND) Highest return Lowest return

| 5 EO /15 U.S. stocks are represented by the Russell 3000 Index, an unmanaged index of the 3,000 largest U.S. companies. U.S. bonds are represented by the Barclays U.S. Aggregate Bond Index, which is an unmanaged index used as a general measure of fixed-income securities. International bonds are represented by the Citigroup Non-U.S. World Government Index, an unmanaged index generally considered to be representative of the world bond market excluding the United States. U.S. high-yield bonds are represented by the JPMorgan Developed High Yield Index, an unmanaged index of high-yield fixed-income securities issued in developed countries. Cash is represented by the BofA Merrill Lynch U.S. 3-month T-Bill Index used as a general measure for money market or cash instruments. International stocks are represented by the MSCI EAFE Index (ND) of international stocks from Europe, Australasia, and the Far East. Emerging-market (EM) stocks are represented by the MSCI Emerging Markets Index (ND), a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. Emerging-market (EM) bonds are represented by the JPMorgan Emerging Markets Global Diversified Index, which is composed of U.S. dollar-denominated Brady bonds, eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities. REITs are represented by the MSCI U.S. REIT Index, a free float-adjusted market capitalization weighted index that is composed of equity REITs. TIPS are represented by the Barclays U.S. TIPS Index, an unmanaged index that tracks the performance of U.S. government inflation protected securities. Commodities are represented by the S&P GSCI Commodity Index, a composite index of commodity sector returns that represents a broadly diversified, unleveraged, long-only position in commodity futures.

| 6 EO /15 Asset allocation makes sense Diversification helps solve the volatility problem – Over time, diversifying across several asset classes may be the most effective strategy for accumulating wealth *Rebalanced annually. Asset classes shown in the tile chart and the performance comparison bar chart are represented by 11 indexes. The asset allocation scenario is based on investments evenly distributed across these asset classes. The risk allocation scenario is based on the following weightings: 30% TIPS, 25% U.S. bonds, 25% international bonds, 15% high-yield bonds, 5% emerging-market bonds, 5% REITs, 15% U.S. stocks, 10% international stocks, 5% emerging-market stocks, 15% commodities, and, to reflect the role of leverage, -50% cash. Annual performance is adjusted by adding 1% to the return of cash, then subtracting this sum from overall returns. Diversification does not assure a profit or protect against loss. It is possible to lose money in a diversified portfolio. The examples are for illustrative purposes only and do not reflect average annualized returns or the performance of any Putnam fund, which will fluctuate. Data are historical. Past performance is not a guarantee of future results. All indexes are unmanaged and measure common sectors of global asset markets. Securities in the indexes do not match those in Putnam funds, and performance will differ. Securities indexes assume reinvestment of distributions and interest payments, and do not take into account brokerage fees and taxes. It is not possible to invest directly in an index. Staying in cash Investing with the losers Chasing the winners Asset allocation* Investing in last year’s worst-performing asset class Investing in last year’s best-performing asset class Investing consistently across several asset classes Consistent diversification across multiple asset classes outperformed other strategies $10,000 invested annually from 2004 to 2014 $104,199 Average annual total return: 0.75% $117,029 Average annual total return: 2.84% $132,497 Average annual total return: 5.06% $ 135,725 Average annual total return: 5.49%

| 7 EO /15 Asset allocation defined An investment strategy that seeks to balance risk and reward Mixes different assets, such as stocks, bonds, and cash Assets are mixed in amounts that reflect the investor ’ s time horizon and risk tolerance – Greater growth goals or risk tolerance = more equities

| 8 EO /15 Look far for opportunities Source: International Monetary Fund, World Economic Outlook Update, January Past performance is not indicative of future results. There are no guarantees that prior markets will be duplicated.

| 9 EO /15 Mix investments for all seasons RecessionExpansionInflationDeflation Equities Bonds Commodities Credit

| 10 EO /15 Rebalance for consistency Stocks Bonds Original balanced portfolio Stocks are represented by the S&P 500 Index and bonds by the Barclays U.S. Aggregate Bond Index. Indexes are unmanaged and represent broad market performance. It is not possible to invest directly in an index. Data is historical. Past performance is not a guarantee of future results. Diversification and rebalancing will not necessarily prevent you from losing money; however, they may reduce volatility and potentially limit downside losses.. 67% 33% 73% 27% Portfolio out of balance Without rebalancing: The market can change your asset allocation

| 11 EO /15 Rebalance for consistency Balanced portfolio Stocks are represented by the S&P 500 Index and bonds by the Barclays U.S. Aggregate Bond Index. Indexes are unmanaged and represent broad market performance. It is not possible to invest directly in an index. Data is historical. Past performance is not a guarantee of future results. Diversification and rebalancing will not necessarily prevent you from losing money; however, they may reduce volatility and potentially limit downside losses.. 67% 33% 67% 33% With active rebalancing, asset allocation remains consistent Stocks Bonds

| 12 EO /15 Consider Putnam Experienced Asset Allocation managers Focused on risk-adjusted returns Global investment flexibility Active strategies | 12 EO /13

Over two decades of experience James A. Fetch 21 years Robert J. Kea, CFA 27 years Robert J. Schoen 25 years Jason R. Vaillancourt, CFA 22 years | 13 EO /13

| 14 EO /15 Conservative Fund Balanced Fund Growth Fund A choice of four funds Stocks Bonds Inflation-sensitive Credit 70% 30% Stocks Bonds Target 40% 60% Target 20% 80% Target 64.15% 13.75% 22.31% -0.20% Putnam Dynamic Risk Allocation as of 12/31/14, Risk balance totals 100%. For illustrative purposes only. Putnam Dynamic Asset Allocation Funds Allocations to asset classes Putnam Dynamic Risk Allocation Fund

| 15 EO /15 Consider these risks before investing: 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. Investments in small and/or midsize companies increase the risk of greater price fluctuations. 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. Our allocation of assets among permitted asset categories may hurt performance. The use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of 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. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest- rate risk, which means the prices of the fund’s bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuer of the bond may default on payment of interest or principal. Interest-rate risk is generally greater for longer- term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative. Unlike bonds, funds that invest in bonds have ongoing fees and expenses. 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. You can lose money by investing in the funds.

| 16 EO /15 Investing can help you achieve long-term investment goals Diversifying investments with an asset allocation plan helps build wealth and manage risk Work with your financial representative to build a strategy Consider Putnam for asset allocation The views and opinions expressed are those of the speaker, are subject to change with market conditions, and are not meant as investment advice. Develop your plan

| 17 EO /15 A BALANCED APPROACH A WORLD OF INVESTING A COMMITMENT TO EXCELLENCE | 17 EO /13

| 18 EO /15 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus or summary prospectus 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

| 19 EO /15 | 19 EO /13