Active Insights

In this episode, Chris hosts a discussion with Global Macro Strategist Jason Vaillancourt regarding the key topics that are shaping the market for the second half of the year. During the conversation, they touch on many topics, including:  Fed policy and inflation The likelihood, timing, and magnitude of a recession Adding duration to portfolios: what signals to look for and how to add duration most efficiently This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change. The Chicago Fed National Activity Index (CFNAI) is a monthly index designed to gauge overall economic activity and related inflationary pressure. Earnings per share (EPS) is found by taking the net income and dividing it by the basic or diluted number of shares outstanding, as reported. If you do this for each quarter and then add them up, you’ll get the trailing EPS. Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period; changes in GDP are an indicator of a nation's overall economic health. The Phillips curve represents the historical inverse relationship between the rate of inflation and the unemployment rate whereby periods of high unemployment showed low wage growth and periods with low unemployment showed rapidly rising wages. Duration measures the sensitivity of bond prices to interest-rate changes. A negative duration indicates that a security or fund may be poised to increase in value when interest rates increase. Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's return minus the risk-free rate (ICE BofA U.S. Treasury Bill Index) by the standard deviation of the fund's return. The higher the ratio, the better the fund's return per unit of risk.  Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.   Putnam Retail Management                                                                           AD2995377    7/23 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Jackie Cavanaugh, Portfolio Manager and Analyst in the Equity Research group, focusing on the global financial and U.S. health-care sectors. Jackie is a Portfolio Manager of Putnam Focused Equity Fund and Putnam Research Fund.  During the conversation, they touch on many topics, including:  The current state of the US banking system How the current situation compares historically The opportunities that exist in the financial sector Financials and “the crisis of confidence”  The Fed and rates The debt ceiling   As of 03/31/23, Charles Schwab comprised 1.58% of the Putnam Focused Equity Fund and 0.79% of the Putnam Research Fund. Citigroup comprised 1.33% and Bank of America comprised 0.75% of the Putnam Research Fund and were not held in the Putnam Focused Equity Fund. J.P. Morgan was not held in either fund.   This material is for informational and educational purposes only and does not recommend any specific investment product, strategy, or decision. It is not intended to address the needs, circumstances, and objectives of any specific investor or provide tax or legal advice. Consult a professional advisor before making investment and financial decisions.   The Russell 1000® Growth Index is an unmanaged index of companies chosen for their growth orientation. The Russell 1000® Value Index is an unmanaged index of companies chosen for their value orientation. You cannot directly invest in an index. Frank Russell Company owns the trademarks, service marks, and copyrights related to the Russell Indexes.   Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Risks associated with derivatives include increased investment exposure and potential inability to terminate or sell derivatives positions. The value of investments in the fund's portfolio may fall or fail to rise over extended periods due to various factors. These factors may lead to increased volatility and reduced liquidity in the fund's holdings.  Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnam at 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.    Putnam Retail Management Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Vivek Gandhi, the Portfolio Manager of Putnam International Equity Fund. Based in London, he is responsible for conducting fundamental analysis and valuation of mid-sized and large companies in non- U.S. markets, including Europe, China, and Japan. During the conversation, they touch on many topics, including:  Today’s international equity landscape The opportunities that exist internationally The importance of international exposure in portfolios How to analyze international stocks What characteristics Vivek and team look for  Stakeholder vs shareholder view Why active management is crucial when investing internationally This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.  Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging market securities carry illiquidity and volatility risks. Investments focused in a single region may be affected by common economic forces and other factors. In addition, events in any one country within the region may impact the other countries or the region as a whole. Because the fund currently, and may in the future, invest significantly in European companies, the fund is particularly susceptible to economic, political, regulatory, or other events or conditions affecting issuers in Europe. European financial markets have in recent years experienced increased volatility due to concerns with some countries’ high levels of sovereign debt, budget deficits, and unemployment. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector.These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1- 800-225-1581. Please read the prospectus carefully before investing.  Putnam Retail Management  AD2838037 4/23   

In this episode, Senior Market Strategist Rick Polsinello, Jr., CIMA® hosts a discussion with Senior Market Strategist Chris Galipeau, and Global Macro Strategist Jason Vaillancourt, CFA. During the conversation, they touch on many topics, including:  The Economy: A macro view of the global economy, including our outlook for real GDP, inflation, and key drivers of growth. Equities: Expectations for the S&P 500 in 2023, which investment styles and sectors we favor, how economic and earnings estimates drive our forecasts, and our concerns on valuation. Fixed income: A forecasts for U.S. Treasury yields, the strength of the U.S. dollar, likely changes in credit spreads, and the outlook for Fed actions and monetary policy. This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change. All investments involve risk, including the loss of principal. You can lose money by investing.  Diversification does not guarantee a profit or ensure against loss. It is possible to lose money in a diversified portfolio. Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period; changes in GDP are an indicator of a nation’s overall economic health. Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's return minus the risk-free rate (ICE BofA U.S. Treasury Bill Index) by the standard deviation of the fund's return. The higher the ratio, the better the fund's return per unit of risk. The Bloomberg Global Aggregate Bond Index (The Agg) is an unmanaged index of global investment-grade fixed income securities. The S&P 500® Index is an unmanaged index of common stock performance. The Russell 2000® Index is an unmanaged index composed of approximately 2,000 of the smallest companies in the Russell 3000® Index as measured by their market capitalization. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing. Putnam Retail ManagementAD27067891/23

In this episode, Chris speaks with Michael Petro, portfolio manager of the Putnam BDC Income ETF.  He is responsible for the overall strategy and positioning of Putnam’s small-cap value and BDC (business development company) capabilities. Mr. Petro joined Putnam in 2002 and has been in the investment industry since 1999.  During the conversation, they touch on many topics, including:  What is a Business Development Company (BDC) How BDCs are structured Why BDCs are compelling investment opportunities The current BDC landscape How BDCs have held up historically during market volatility The benefits and risks of BDCs This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change. For informational purposes only. Not an investment recommendation.  Return on Equity (ROE) is a measure of a corporation's profitability that reveals how much profit a company generates with the money shareholders have invested. Hurdle rate is a minimum rate of return on an investment required by a manager or investor. In this case, it is before Barings earns a fee. Consider these risks before investing: Business development companies (BDCs) generally invest in less mature U.S. private companies or thinly traded U.S. public companies, which involves greater risk than well-established publicly traded companies. The fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition of the financials sector. The use of leverage by BDCs magnifies gains and losses on amounts invested and increases the risks associated with investing in BDCs. A BDC may make investments with greater risk of volatility and loss of principal than other investment options and may also be highly speculative and aggressive. Certain BDCs may also be difficult to value since many of the assets of BDCs do not have readily ascertainable market values.  As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund. You should consider the fund’s investment objectives, risks, charges, and expenses carefully before you invest. This and other important information is contained in the fund’s prospectus available on Putnam.com or by calling 1-833-228-5577. Please read carefully before you invest. Putnam ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Putnam Investments. Putnam Retail Management AD2557752 11/22

In this episode, guest host Rick Polsinello speaks with Rob Salvin, Putnam’s Head of Corporate and Tax-Exempt Credit within Fixed Income.  Rob is responsible for managing the corporate credit and municipal investment processes. In addition, he is a portfolio manager of the Putnam Convertible Securities Fund, Putnam Diversified Income Trust, Putnam Floating Rate Income Fund, Putnam High Yield Fund, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust.   During the conversation, they touch on many topics, including:  The characteristics of the convertible bond market Why investors should own convertible bonds The relationship between convertible bonds and other assets How convertibles have held up in down markets  The opportunities in the current convertible market This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.  Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, asset class, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.   These risks are generally greater for convertible securities issued by small and/or midsize companies. Convertible securities’ prices may be adversely affected by underlying common stock price changes. While convertible securities tend to provide higher yields than common stocks, the higher yield may not protect against the risk of loss or mitigate any loss associated with a convertible security’s price decline. Convertible securities are subject to credit risk, which is the risk that an issuer of the fund’s investments may default on payment of interest or principal. Credit risk is generally greater for below-investment-grade convertible securities. Convertible securities may be less sensitive to interest-rate changes than non-convertible bonds because of their structural features (e.g., convertibility, “put” features). Interest-rate risk is generally greater, however, for longer-term bonds and convertible securities whose underlying stock price has fallen significantly below the conversion price.   Our investment techniques, analyses, and judgments may not produce the intended outcome, and the investments we select for the fund may not perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. You can lose money by investing in the fund. See episode transcript for full disclosure Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing. Putnam Retail Management AD2475277 10/22

In this episode, Chris speaks with Paul Drury, tax exempt portfolio manager and head of Putnam’s Municipal Portfolio team.   During the conversation, they touch on many topics, including:  The current municipal landscape   Issuance, Demand and Liquidity How to find opportunities in today’s market The impact of rate hikes on Munis Duration risk through market cycles The role yield plays in total return Recession fears and looking ahead This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.  Consider these risks before investing: Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally tax-exempt funds may be subject to state and local taxes.  Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable.  The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.  Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. You can lose money by investing in the fund.   The Bloomberg Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade tax-exempt bonds.   BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.  Putnam Retail Management    AD2450470    9/22

In this episode, Chris speaks with Richard Bodzy and Gregory McCullough, portfolio managers of the Putnam Growth Opportunities Fund.      During the conversation, they touch on many topics, including:  The current growth environment The benefits of a thematic, long-term approach to growth investing The themes resonating in today’s market The process of identifying growth trends The critical elements evaluated when implementing portfolio ideas The importance of analysts and bottom up research This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.  Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. The Russell 1000® Growth Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their growth orientation. You cannot directly invest in an index.  Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.  Top 10 holdings as of 07/31/22  | Microsoft Corp | 11.52%  | Apple | 10.79%  | Amazon.Com | 6.41%  | Alphabet | 5.97%  | Tesla | 3.69%  | UnitedHealth Group | 3.51%  | Mastercard | 2.89%  | Visa | 2.84%  | Costco Wholesale Corp | 2.59%  | Nvidia Corp | 2.09%  | Top 10 holdings, percent of portfolio | 52.29%  |  Holdings will vary over time. This is not an offer to sell or a recommendation to buy any individual security.   |    Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.  Putnam Retail Management            AD2420649    9-22 

In this episode, Chris speaks Jason Vaillancourt, Global Market Strategist on Putnam’s Capital Market Strategies team.   During the conversation, they touch on many topics, including:  Economic growth concerns Inflation Recession risk The Fed How to build a portfolio in the current environment The fixed income market This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.  All investments involve risk, including the loss of principal. You can lose money by investing.  The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by consumers for a basket of consumer goods and services, such as transportation, food, and medical care; the CPI is used for identifying periods of inflation or deflation.  The MSCI Emerging Markets Index (ND) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.  The S&P 500® Index is an unmanaged index of common stock performance.  The Russell 2000® Index is an unmanaged index composed of approximately 2,000 of the smallest companies in the Russell 3000® Index as measured by their market capitalization.  Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.  The Bloomberg U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed income securities.  BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.  Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.  Putnam Retail Management                                                                            AD2277578    7/22

In this episode, Chris speaks Scott D’Orsi, a portfolio manager in Putnam’s Fixed Income Group.  Scott has been in the investment industry since 1990, and specializes in bank loans, leveraged loans and collateralized loan obligations. During the conversation, they touch on many topics, including:  Banks loans, and the current Floating Rate landscape Liquidity The importance of fixed income investing in today’s market Historic default rates vs current default rates CLOs The switch from LIBOR to SOFR The sensitivity of bank loans and CLOs to macro events The yield curve This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change. All investments involve risk, including the loss of principal. You can lose money by investing. London Interbank Offered Rate [LIBOR] is set by the British Bankers Association (BBA). It is based on offered interbank deposit rates contributed in accordance with the instructions to BBA LIBOR contributor banks. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing. Putnam Retail ManagementAD20949433/22

In this episode, Chris speaks with legendary stock-picker Jerry Sullivan, portfolio manager of the Putnam Multi-Cap Core fund.  Jerry’s famed stock-picking and research talents have been in place since his early days as an analyst over 40 years ago. During the conversation, they touch on many topics, including:  The many lessons learned through 40 years of investing The importance of multi-cap investing How to find opportunities in an ever-changing market The current investment landscape How to utilize volatility to generate Alpha The basics of the “Three Bucket Approach” Legacy Names  Smart Money Special Situations   This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.  Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings.  Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.  Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

In this episode, Chris speaks with Putnam’s Capital Market Strategies Team, including Senior Market Strategist Rick Polsinello and veteran Portfolio Manager Jason Vaillancourt, Co-Head of Global Asset Allocation at Putnam. During the discussion, the team provides Putnam’s 2022 investment framework for equities, fixed income and the market as a whole.  In doing so, many topics are discussed including:  Expectations for the equity market in 2022 An overview of real GDP Inflation Sectors positioned well for the increased volatility expected Which investment styles could outperform How economic and earnings acceleration drive estimates Concerns on valuation The Treasury market  Credit spreads and the impact on the broader market The strength of the Dollar Rate hikes and the Fed This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change. All investments involve risk, including the loss of principal. You can lose money by investing. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing. Putnam Retail ManagementAD20206262/22

In this episode, Chris speaks with Seamus Young, CFA, a Senior Investment Director in the Global Investment Strategies group, specializing in Global Asset Allocation products. He is a portfolio manager of Putnam Multi-Asset Model Portfolios.  In addition, Seamus is responsible for gathering intelligence on trends in the global marketplace; communicating investment performance, positioning, and strategy as a member of the Portfolio Solutions group. During the conversation, they touch on many topics, including:  The Portfolio Solutions Group How financial advisors can utilize the portfolio solutions group to improve outcomes and optimize portfolio efficiency Multi-Asset Portfolios Portfolio construction How to successfully balance risk and return The key factors that influence overall portfolio performance The crucial data points when analyzing target date and retirement savings plans   This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.   Investing involves risk, including the loss of principal. Risks apply to those underlying funds in the allocation of the models, there is no guarantee the funds’ investment objectives will be achieved. Carefully consider the funds within the model portfolios’ investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the funds’ prospectuses, which may be obtained by visiting the respective fund information page or fund family website. Our allocation of investments among the underlying funds may hurt performance. Therefore, the model portfolio’s performance is subject to the risks that may affect the performance of the underlying funds. In addition, investors will bear the fees and expenses of the underlying funds included in the models.   To view additional information, please visit the Putnam Multi-Asset Model Portfolios page found on putnam.com.   Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.  Putnam Retail Management                                                                                       AD1959875 12/21

In this episode, Chris speaks with Joanne Driscoll, CFA, Head of Short Term Liquid Markets in the Fixed Income group at Putnam Investments. In this position, she is responsible for the oversight of the investment strategies and management of short duration products along with SEC Rule 2a-7 mandated portfolios and other cash assets. Joanne is a Portfolio Manager of Putnam Government Money Market Fund, Putnam Money Market Fund, Putnam Short Duration Bond Fund, and Putnam Ultra Short Duration Income Fund.  During the conversation, they touch on many topics, including:  The current landscape on the front-end of the curve The Fed and QE Inflation The challenges involved with managing through the pandemic Rising rates and the impact on the short end of the curve The difficulties in ’08 and ’09 compared to 2020 Fixed income spreads How Joanne manages risk in Putnam’s Ultrashort and Short Duration funds This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.  All investments involve risk, including the loss of principal. You can lose money by investing.  To view additional information including performance and holdings, please visit the Putnam Ultra Short Duration Income Fund page found on putnam.com.   Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.   Putnam Retail Management                                                                                       AD1931413 11/21    

In this episode, Chris speaks with Bill Cass, CFP®, CPWA®.  Bill is the Director of Wealth Management Programs for Putnam Retail Management. He is responsible for developing and delivering wealth management-related content, educational programs, and marketing initiatives.  In addition, he speaks regularly throughout the country to groups of financial advisors and investors on a wide range of financial planning topics, focusing on areas such as sustainable retirement income strategies, tax legislation, personal risk management, and efficient wealth transfer.     During the conversation, they touch on many topics, including:  The current situation in Washington Potential changes to tax law and capital gains The spending package SALT deductions How to approach tax code changes The importance of diversification in taxes Estate planning Traditional vs Roth IRAs  This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.  Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.  Putnam Retail Management                                                                                       AD1867025 10/21

In this episode, Chris speaks with Michael Petro, portfolio manager of the Putnam Small Cap Value Fund.  He is responsible for the overall strategy and positioning of Putnam's small-cap value products. Mr. Petro joined Putnam in 2002 and has been in the investment industry since 1999. During the conversation, they touch on many topics, including:  The case for small cap value The process of harvesting ideas that generate Alpha within small caps How working with small companies is different than large companies Inflation and the impact on small caps The art of stock picking How risk can be controlled in small caps This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change. All investments involve risk, including the loss of principal. You can lose money by investing. The Russell 2000 Value Index is an unmanaged index of those companies in the small-cap Russell 2000 Index chosen for their valueorientation. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. You cannot invest directly in an index. To view additional information including performance and holdings, please visit the Putnam Small Cap Value Fund page found on putnam.com.  Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing. Putnam Retail ManagementAD1851850 9/21

In this episode, Chris speaks with Brett Goldstein, Brett is Co-Chief Investment Officer of Global Asset Allocation (GAA) and a member of Putnam's Operating Committee. In this role, Bret oversees the strategy and positioning of Putnam's GAA products, including research, security selection, portfolio construction, and risk management. He also contributes extensively to retirement glide path research and GAA's target-date funds. During the conversation, they touch on many topics, including:  What makes a target-date strategy successful The glide path’s role in retirement planning  Portfolio construction and risk mitigation The savings rate and other variables that affect target-date strategies Why volatility is so problematic for retirees Inflation, and how it shapes a retirement portfolio Behavioral finance This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.  All investments involve risk, including the loss of principal. You can lose money by investing.  Each Retirement Advantage Fund and RetirementReady Fund has a different target date indicating when the fund’s investors expect to retire and begin withdrawing assets from their account. The dates range from 2025 to 2065 in five-year intervals. The funds are generally weighted more heavily toward more aggressive, higher-risk investments when the target date of the fund is far off, and more conservative, lower-risk investments when the target date of the fund is near. This means that both the risk of your investment and your potential return are reduced as the target date of the particular fund approaches, although there can be no assurance that any one fund will have less risk or more reward than any other fund. The principal value of the funds is not guaranteed at any time, including the target date.  Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.  Putnam Retail Management                                                                                       AD1832581 9/21

In this episode, Chris speaks with Katherine Collins, CFA, MTS.  A recognized thought leader, Ms. Collins provides analysis on current and emerging trends in sustainable investing. She is the author of The Nature of Investing: Resilient Investment Strategies through Biomimicry.   Katherine is Head of Sustainable Investing at Putnam. She is responsible for leading Putnam's investment research, strategy implementation, and thought leadership on environmental, social, and governance (ESG) issues.  Katherine collaborates with portfolio managers and analysts on ESG integration, assessing the fundamental relevance of ESG issues at a security level, and the potential for alpha generation and risk mitigation at a portfolio level. In addition, she is a portfolio manager of Putnam Sustainable Future Fund and Putnam Sustainable Leaders Fund.  During the conversation, they touch on many topics, including:  The definition of sustainable investing How to incorporate sustainable investing in portfolio management A look back at ESG investing and how it has developed The opportunity for alpha generation New themes emerging in the ESG landscape  The future of ESG investing

In this episode, Chris speaks with Onsel Emre, Ph.D.  Dr. Emre is an Analyst in the Global Fixed Income group.  She specializes in analyzing macroeconomic, political, financial, and other policy developments in global markets. Dr. Emre is responsible for making directional and relative-value interest-rate, inflation, and currency recommendations in major economies.  During the conversation, they touch on many topics, including:  The current labor market The pandemic’s effects on employment Rates The Fed, CPI and inflation Wage growth The peak rate of change in economic activity The growth of debt   This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.  All funds involve risk, including the loss of principal. You can lose money by investing.  Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.   Putnam Retail Management                                                                           AD1714294 7/21

In this episode, Chris speaks with Andrew O’Brien, Putnam’s Assistant Director of Equity Research, where he focuses on fundamental analysis and valuation of companies in the semiconductor, hardware, and software industries.  During the conversation, they touch on many topics, including:  The current semiconductor landscape Supply chain issues Geopolitical problems The average semiconductor cycle How to solve the capacity issues Pricing issues Potential long-term winners This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change.   The S&P 500 Index is an unmanaged index of common stock performance. All funds involve risk, including the loss of principal. You can lose money by investing. To view additional information including performance and holdings, please visit the Putnam Research Fund page found on putnam.com.  Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.   Putnam Retail Management                                                                                       AD1715859 7/21