March - Putnam Investments

Services for shareholdersInvestor servicesSystematic investment plan Tell us howmuch you wish to invest regularly — weekly,semimonthly, or monthly — and the amountyou choose will be transferred automaticallyfrom your checking or savings account.There’s no additional fee for this service, andyou can suspend it at any time. This plan maybe a great way to save for college expensesor to plan for your retirement.Please note that regular investing does notguarantee a profit or protect against loss in adeclining market. Before arranging a systematicinvestment plan, consider your financialability to continue making purchases inperiods when prices are low.Systematic exchange You can make regulartransfers from one Putnam fund to anotherPutnam fund. There are no additional feesfor this service, and you can cancel or changeyour options at any time.Dividends PLUS You can choose to havethe dividend distributions from one of yourPutnam funds automatically reinvested inanother Putnam fund at no additional charge.Free exchange privilege You can exchangemoney between Putnam funds free ofcharge, as long as they are the same class ofshares. A signature guarantee is required ifyou are exchanging more than $500,000.The fund reserves the right to revise orterminate the exchange privilege.Reinstatement privilege If you’ve soldPutnam shares or received a check for a dividendor capital gain, you may reinvest theproceeds with Putnam within 90 days of thetransaction and they will be reinvested at thefund’s current net asset value — with no salescharge. However, reinstatement of class Bshares may have special tax consequences.Ask your financial or tax representativefor details.Check-writing service You have readyaccess to many Putnam accounts. It’s assimple as writing a check, and there are nospecial fees or service charges. For moreinformation about the check-writing service,call Putnam or visit our website.Dollar cost averaging When you’reinvesting for long-term goals, it’s time, nottiming, that counts. Investing on a systematicbasis is a better strategy than trying to figureout when the markets will go up or down.This means investing the same amount ofmoney regularly over a long period. Thismethod of investing is called dollar cost averaging.When a fund’s share price declines,your investment dollars buy more sharesat lower prices. When it increases, they buyfewer shares. Over time, you will pay a loweraverage price per share.For more informationVisit the Individual Investors section atputnam.com A secure section of our websitecontains complete information on youraccount, including balances and transactions,updated daily. You may also conducttransactions, such as exchanges, additionalinvestments, and address changes. Log ontoday to get your password.Call us toll free at 1-800-225-1581 Ask ahelpful Putnam representative or your financialadvisor for details about any of these orother services, or see your prospectus.Dynamic Asset Allocation Growth Fund 121