Company Profile

Founded in 1937, Putnam Investments began with a simple concept: a balance between risk and reward is the mark of a well-rounded financial program. Today we manage money with a focus on consistent results for individuals and institutions worldwide, and this prudent approach continues to underscore everything we do.

Putnam Investments traces its heritage to the 1800s, when ship captains hired trustees to manage their money while they were away at sea. In a landmark 1830 decision that involved one such trustee, Massachusetts Supreme Judicial Court Justice Samuel Putnam established The Prudent Man Rule, a legal foundation for responsible money management.

A Time-Honored Tradition in Money
Management

In 1937, his great-great-grandson, George Putnam, founded Putnam Investments with The George Putnam Fund of Boston, one of the nation's first balanced funds, offering both stocks and bonds in a single portfolio.

Because Mr. Putnam believed that every investor could benefit from the guidance of an experienced advisor, The George Putnam Fund of Boston was offered to investors through financial intermediaries.

Today, Putnam is a global money management leader and one of the ten largest investment management companies in America. We continue to believe that a knowledgeable and experienced advisor can help create a sound investment plan and help keep that plan on track. And just as in 1937, the principles of balance, integrity, and prudence remain at the heart of Putnam today.

A Prudent Approach to Investing

A focus on consistent results. Our more than 65 years of investment experience have taught us that the best way to pursue superior investment results over the long term is by focusing on consistent results year after year. Funds that produce the very best short-term results often do so by taking on excessive risk. Our more disciplined approach seeks superior results over the long term with less volatility along the way.

A collaborative environment
We've found that the best investment results are produced by entrepreneurial teams supported by sophisticated research and technology. Each Putnam team possesses a balance of skills, backgrounds, and investment expertise. The result is an active exchange of information and insights as team members pursue the common goal of delivering superior performance with consistency and dependability over time.

A research-driven approach
Our research-driven approach combines the best fundamental and quantitative techniques in every fund. On the fundamental side, Putnam research analysts and fund managers visit companies, interview their management teams, and use their knowledge of current circumstances and future prospects to determine how each company's securities are likely to perform. On the quantitative side, team members analyze past trends and use sophisticated financial modeling to gauge how that company's securities may perform. We also incorporate a risk-management capability that analyzes securities across all Putnam funds to identify areas of over-concentration and potential risks.

Funds for Every Investment Goal

Our years of experience in the market have taught us that one of the best ways to seek long-term financial goals is through a diversified portfolio that combines different investment styles and is rebalanced regularly. We offer fund choices in every investment style — growth, blend, value, and income — so you and your advisor can build a diversified portfolio that is right for you. We also offer asset allocation funds that provide complete diversification in a single step. Our funds stay true to their styles so your portfolio stays on track in every market environment. Some might say this approach is just common sense. We call it Built for Balance®.

In addition to mutual funds, Putnam manages institutional portfolios, alternative investments, and separately managed accounts for individuals and businesses worldwide.

A Commitment to Doing What's Right for the InvestorBelow-average expenses
At Putnam, we're committed to providing exceptional investment management, research, and service at a reasonable cost. That's why every Putnam mutual fund has ongoing expenses that are below the average of their front-end load peers as measured by Lipper. Lower expenses means more of your money goes to work for you.

Stringent investor protections
Safeguarding your investments is a responsibility we take very seriously at Putnam, and we have adopted some of the strongest shareholder protections in the industry. In fact, Putnam was the first fund company to adopt investor safeguards based on the Mutual Fund Protection Principles. Many industry observers regard these principles as among the highest business standards in the investment industry, and we are proud to uphold them.

Detailed information about the Putnam funds
At Putnam, we believe it is important for investors to know what they own. Each Putnam fund prospectus provides detailed information about fund strategies, risks, expenses, and portfolio manager compensation, and shows the level of portfolio manager and trustee ownership in all Putnam funds. You'll also find clear and prominent information about sales-charge discounts.

Industry Leading Service

We believe great service is more than just ease and convenience. It's providing you and your advisor with the information you need to make informed investment decisions. And it's addressing your questions and concerns quickly, courteously, and knowledgeably. We understand that every interaction counts, whether you choose to do business with us by mail, over the phone, or online.

In a world of rapidly changing markets and investment choices, we also believe that choosing to work with a financial advisor is one of the wisest decisions you can make. Your advisor can look at your entire financial program, from your tax bill to your estate plan, and find the right combination of investments and tax relief for you and your family.