Sustainable Leaders

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Retail managed account programs: Putnam Investment Management, LLC (“Putnam”) offers non-discretionary investment advisory services through managed account programs and platforms sponsored by non-affiliated financial intermediaries (“Unaffiliated Financial Intermediaries”) pursuant to “model delivery” managed account arrangements. In such arrangements, Putnam generally provides ongoing investment recommendations through one or more "model" portfolios, and the Unaffiliated Financial Intermediary, rather than Putnam, makes investment decisions and executes trades on behalf of its underlying clients. The Unaffiliated Financial Intermediary decides in its discretion whether to make any changes to the model that Putnam recommends and is also solely responsible for determining the suitability of the strategy and investments for each client that participates. Putnam also offers discretionary investment advisory services through managed account programs and platforms sponsored by non-affiliated financial intermediaries pursuant to “single contract” and “dual contract” managed account arrangements. In such arrangements, an Unaffiliated Financial Intermediary and its client enter into an agreement with regard to the Unaffiliated Financial Intermediary's overall management of the client's assets pursuant to which the Unaffiliated Financial Intermediary identifies managers that it believes are suitable for each client. Either the Unaffiliated Financial Intermediary or the client then selects the applicable managers to manage portions of the client's portfolio. In a “single contract” arrangement, if Putnam is selected, Putnam enters into an agreement with the Unaffiliated Financial Intermediary pursuant to which Putnam will provide investment advice with respect to a portion of the portfolios of certain clients of the Unaffiliated Financial Intermediary. However, Putnam does not enter into a separate agreement with each applicable client. In a “dual contract” arrangement, on the other hand, if Putnam is selected, Putnam enters into an agreement with the Unaffiliated Financial Intermediary's client. As a result, a client in a single contract arrangement enters into a single contract with the Unaffiliated Financial Intermediary, whereas a client in a dual contract arrangement enters into two separate contracts — one with the Unaffiliated Financial Intermediary and another with Putnam. There is no guarantee that any investment strategy illustrated will be successful or achieve any particular level of results. Information and other marketing materials created by Putnam concerning a model delivery, single contract or dual contract strategy — including holdings, performance and other characteristics — may not be indicative of a client's actual experience from an account managed in accordance with the strategy. This material has been created by Putnam and the information included herein has not been verified by an Unaffiliated Financial Intermediary and may materially differ from information provided by an Unaffiliated Financial Intermediary Putnam is not responsible for overseeing the provision of services by a Unaffiliated Financial Intermediary and cannot assure the quality of its services.