Putnam 529 SSGA S&P 500 Index Fund

SSgA S&P 500 Index Fund seeks to replicate as closely as possible, before expenses, the performance of the Index. SSgA S&P 500 Index Fund seeks to achieve its investment objective by investing substantially all of its assets in the State Street Equity 500 Index Portfolio (the "Master Fund"), the "master fund" that has the same investment objective as, and investment policies that are substantially similar to those of, the fund. The Master Fund uses a passive management strategy designed to track the performance of the S&P 500. The Index is a well-known stock market index that includes common stocks of 500 companies from a number of sectors representing a significant portion of the market value of all stocks publicly traded in the United States. The Master Fund is not managed according to traditional methods of "active" investment management, which involve the buying and selling of securities based upon economic, financial and market analysis and investment judgment. Instead, the Master Fund, using a "passive" or "indexing" investment approach, attempts to replicate, before expenses, the performance of the S&P 500.

Fund Description

The Individual Fund Investment Options enable Account Owners to build portfolios concentrating on specific asset classes such as large capitalization equity growth, international equity or investment grade fixed income. Doing so permits Account Owners to tailor investments to their specific investment needs and objectives that may not be met by the broader Asset Allocation Investment Options.

Portfolio characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.