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Not FDIC Insured

May Lose Value

No Bank Guarantee

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-1.13 -1.67 -2.03-5.43 -7.03

-0.22+3.29+4.32+4.48

+1.02

+10.93

+2.96+0.04

March2011

The stock markethas been choppyMonthly 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.

March

2012

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How to weather the storm

•Adjust your sails

•Don’t abandon ship!

•Keep an even keel

•Keep your eyes on the horizon

Diversification does not assure a profit or protect against loss. It is possible to losemoney in a diversified portfolio.

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Adjust your sails

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When stocks were choppy, bonds were often stable

Data is as of 12/31/11 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 Capital 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 (%)

-40-30-20-10

010203040

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

U.S. stocks

U.S. bonds

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Don’t abandon ship!Don’t abandon ship!

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Cash yields are now near zero

Source: Federal Reserve, 2012. T-bills are represented by the 6-month Treasury bill (secondary market) rate quoted on an investment basis. CDs are represented by the 6-month Treasury bill (secondary market) rate quoted on a discount 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 3/31/12

6-month T-bill 0.14%

6-month CD 0.50%

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And cash has barely kept pacewith inflation over time

3.6%

5.7%

9.8%

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.

Cash Bonds Stocks

Returns for asset classes1926–2011

0.6%

2.7%

6.8%

Returnsafterinflation

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How long does it take to recover from a downturn?In an economic downturn with a 50% loss in

the market, it would take you 35 years to

recover your investments if you earned 2% per year

If you earned 10% per year, you would

recover your investment in 7 yearsThis hypothetical illustration is based on mathematical principles and assumes monthly compounding. It is not meant as a forecast of future events or as a statement that prior markets may be duplicated.

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Investors who shifted in and out of the market have suffered

Source: DALBAR, Quantitative Analysis of Investor Behavior, 2008. Study is based on data as of 12/31/07, which is the most recent data available. The average equity fund investor’s portfolio is composed of 95% domestic equity and 5% domestic fixed-income holdings.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.

Average equity fund investorholding various fundsfor just over 3 years

11.8%

4.5%

Buy and hold20-year investmentin the S&P 500

20-year annualized returns1987–2007

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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 Average15-year period, 12/31/96–12/31/11

If you stayed fully invested for 15 yearsIf you missed the market’s10 best daysIf you missed the market’s20 best days

6.63%

1.97%

-1.05%

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Keep aneven keel

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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.

Highestreturn

Lowestreturn

Diversify to own moreof each year’s winners

U.S. small-cap growth stocks | Russell 2000 Growth Index International stocks | MSCI EAFE IndexU.S. large-cap growth stocks | Russell 1000 Growth Index U.S. bonds | Barclays Capital Aggregate Bond Index

U.S. small-cap value stocks | Russell 2000 Value IndexCash | BofA Merrill Lynch U.S. 3-month Treasury Bill Index

U.S. large-cap value stocks | Russell 1000 Value Index

Changes in market performance, 1991–2011199

1199

6200

1200

6201

1

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Diversify to own fewerof each year’s losersAverage annual total return on $10,000, 1991–2011

Diversification does not assure a profit or protect against loss. It is possible to lose money in a diversified portfolio. Past performance does not guarantee future results.The asset allocation scenario represents an investment allocated equally across all seven indexes shown on slide 14. You cannot invest directly in an index. This analysis has been figured on an annual basis and does not reflect rebalancing.

Investing in last year’sbest-performing asset class 5.45%

Investing in last year’sworst-performing asset class

5.53%

Investing consistently across several asset classes 6.13%

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Keep your eyeson the horizon

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The storm has always passed

Markets are represented by the S&P 500 Index.Data is as of 12/31/11, 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

January1973

December2011

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Stocks are pricedattractivelytoday

* As measured by the S&P 500 Index. Data as of 12/31/11.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 ratioof the U.S. stock market*

200026.8

201115.9

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200026.8

201115.9

International stocks areeven moreattractivePrice-to-normal-earnings ratioof U.S. andinternationalstock markets*

* As measured by the S&P 500 Index. Data as of 12/31/11. 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.

Internationalstocks2011

13.0

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Benefit from those whohave gone before you

• Market volatility is inevitable

• There are ways to lessen the impact

• Abandoning your plan is counterproductive

• Remember, bull markets have always returned

• Take advantage of today’s opportunities toimprove your portfolio

Hire an experienced crew

• Your financial advisor

• Putnam Investments

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A BALANCED APPROACH

A WORLD OF INVESTING

A COMMITMENT TO EXCELLENCE

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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 at1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management putnam.com

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