U.S. Core Equity Concentrated

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Managed accounts programs: Putnam Investment Management, LLC (“Putnam”) offers investment advisory services through managed account programs that offer “Model-Delivery” or “Dual-Contract” separately managed accounts (“SMAs”) and are sponsored by non-affiliated financial intermediaries (“Program Sponsors”). Model-Delivery SMAs are non-discretionary investment services where Putnam generally provides ongoing investment recommendations through one or more “model” portfolios, and the Program Sponsor, rather than Putnam, makes investment decisions and executes trades on behalf of its underlying clients. The Program Sponsor 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. For Dual-Contract SMAs, Putnam generally obtains a client’s written consent to its discretionary authority with respect to the client’s assets in the form of an executed investment management agreement or other comparable services agreement prior to providing discretionary advisory services. The Program Sponsor is responsible for ascertaining the financial circumstances, investment objectives, and investment restrictions applicable to each client through information provided by the client. Putnam is responsible only for managing the Dual-Contract SMA in accordance with the selected investment strategy and any “reasonable restrictions” imposed by the client. 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 or Dual-Contract SMA 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 a Program Sponsor and may materially differ from information provided by a Program Sponsor. Putnam is not responsible for overseeing the provision of services by a Program Sponsor and cannot assure the quality of its services.