PUTNAM INVESTMENTS LLC

Putnam Investment Management (PIM) provides investment advisory services to clients, including high-net-worth individuals and institutional investors. They offer a range of services, including separate accounts, model portfolio programs, and sub-advisory arrangements. PIM engages with Franklin Templeton Private Portfolio Group (FTPPG) to provide operational support for separate accounts, and FTPPG in turn may delegate some of these services to Market Street Advisors, Inc., dba "Archer." PIM charges a blended fee for its services, which is determined by the account's assets under management and type. PIM emphasizes the importance of clients consulting with their own financial advisors, legal and tax professionals to ensure the suitability of their investment strategies. PIM relies on information provided by Program Sponsors or designated brokers to assess clients' financial circumstances, investment objectives, and restrictions. PIM acknowledges that conflicts of interest may arise when managing client accounts that hold securities from multiple parts of a company's capital structure. In such cases, PIM endeavors to fulfill its fiduciary duties to all clients, recognizing that some clients may experience lower returns due to these conflicting interests.

The document describes two investment strategies offered in Retail SMAs: U.S. Core Equity Concentrated and U.S. Large Cap Growth Equity Concentrated. The U.S. Core Equity Concentrated strategy aims for capital appreciation by investing in common stocks of U.S. companies, regardless of size, that have favorable investment potential. This strategy considers factors like valuation, financial strength, growth potential, competitive position, and projected future earnings to identify stocks with undervalued prices or potential for price increases. The U.S. Core Equity Concentrated strategy employs a disciplined, fundamental investment process with three buckets of idea generation: legacy companies, smart-money indicators, and special situations. The document does not provide information about the U.S. Large Cap Growth Equity Concentrated strategy, so its specific details remain unknown.

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