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MERRILL LYNCH RIC REPORT HIGHLIGHTS Ȕ JANAURY 2020 1 FOR USE WITH MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.

RIC Report Highlights

January 2020

Opportunities from Current Positioning

Theme Rationale Putnam Investment

Options

Focus on credit risk

(Pg. 8) Merrill has a preference for credit risk rather than interest rate risk this year. They flag high yield, leveraged loans, floating- rate preferreds, and HY munis as the most attractive sectors in fixed income. (Pg. 13) Merrill is market-weight US investment grade credit in 2020 while remaining tactically bullish in the near term. A US China trade deal, tapering new issue activity and a resumption of both foreign buying and very strong inflows to bond funds and ETFs will push us to re-test post-crisis tights of 90bps before mid-year 2020.Additionally, Merrill thinks securitized product spreads should narrow relative to corporates, but given the recent risk rally, the upcoming Fed meeting is an emerging risk.

Ultra Short Duration Income

(PSDYX)*

Income Fund

(PNCYX)*

Mortgage Securites

(PUSYX)*

Overweight US equities

(Pg. 7) Merrill Lynch prefers cyclical sectors over defensives, value over growth, and small caps over large: They are overweight cyclicals: financials for the yield, industrials for the macro turn, and consumer discretionary for the wage growth; utilities work as a hedge with some yield. (Pg. 12) moderating trade risk, signs of stabilization in macro data and neutral equity sentiment are supportive. She also sees the potential for several tactical shifts, including Grow th/Momentum to Value.

Equity Income

(PEIYX)*

US Large Cap Value

Managed Account

(28S02204)* * Morningstar Covered ** CIO Office Due Diligence Covered MERRILL LYNCH RIC REPORT HIGHLIGHTS Ȕ JANUARY 2020 2 FOR USE WITH MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Putnam separately managed accounts available at Merrill

Putnam Fund (Advisory symbol) Merrill Category

Account

Minimum Strategy Code

Managed

Strategies

Custom Managed

Strategies

Putnam U.S. Large Cap Value SMA Large Cap Value Equity $100,000 28S02204 Available Available

Putnam funds available at Merrill

Merrill One

Putnam Fund (Advisory symbol) Lipper Category

CIO Office Due

Diligence

Coverage

Morningstar

Research

Coverage

Retail

Brokerage

Fiduciary Advisory

Services (FAS)

AMT-Free Municipal Fund (PAMYX) Muni National Y A, C CA Tax Exempt Income Fund (PCIYX) Muni Single State Y A, C Convertible Securities Fund (PCGYX) Convertibles Y A, C Diversified Income Trust (PDVYX) Alternative Investments

Non-Traditional Bond Y A, C

DAA Balanced Fund (PABYX) Multi-Style Y A, C A, Y, R6 DAA Conservative Fund (PACYX) Multi-Style Y A, C DAA Growth Fund (PAGYX) Multi-Style Y A, C A, Y, R6 Equity Income Fund (PEIYX) Large Cap Value Equity Y A, C A, Y, R6 Floating Rate Income Fund (PFRYX) Bank Loans/ Floating Rate Y A, C Global Income Trust (PGGYX) Global Bond Y A, C A, Y, R6 Growth Opportunities Fund (PGOYX) Large Cap Growth Equity Y A, C A, Y, R6 Income Fund (PNCYX) Core Plus Fixed Income Y A, C A, Y, R6 International Equity Fund (POVYX) International Core Equity Y A, C A, Y, R6

MA Tax Exempt Income Fund

(PMAYX) Muni Single State Y A, C

MN Tax Exempt Income Fund

(PMNYX) Muni Single State Y A, C Mortgage Securities Fund (PUSYX) Intermediate Duration Fixed

Income Y A, C A, Y

Multi-Asset Absolute Return Fund

(PDMYX)

Alternative Investments

Multi-Strategy Y A, C

Multi-Cap Core Fund (PMYYX) Large Cap Core Equity Y A, C Y

NJ Tax Exempt Income Fund

(PNJYX) Muni Single State Y A, C NY Tax Exempt Income Fund (PNYYX) Muni Single State Y A, C

OH Tax Exempt Income Fund

(POTYX) Muni Single State Y A, C PA Tax Exempt Income Fund (PPTYX) Muni Single State Y A, C Tax Exempt Income Fund (PTEYX) Muni National Y A, C Tax-Free High Yield Fund (PTFYX) High Yield Muni Y A, C

Ultra Short Duration Income Fund

(PSDYX)

Ultra Short Duration Fixed

Income Y

Putnam Stable Value Stable Value Available

MERRILL LYNCH RIC REPORT HIGHLIGHTS Ȕ JANUARY 2020 3 FOR USE WITH MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. Putnam Variable Annuity Investment Options offered at Merrill Lynch through the following annuity products: Firm VA Product Type Putnam Investment Options Available Lincoln Choice Plus Assurance Variable Annuity George Putnam Balanced (VT) Lincoln Investor Advantage Investment Only Variable

Annuity

Multi-Asset Absolute Return (VT),

Global Healthcare (VT), Income (VT)

Nationwide Destination Variable Annuity International Equity (VT) Nationwide Destination Freedom Plus Investment Only Variable

Annuity

International Equity (VT)

AIG Polaris Income Plus Daily Variable Annuity Asset Allocation: Diversified Growth (sub- advised) Putnam Investments is not affiliated with the firms mentioned above

*Underlying subaccounts are only available as investment options in variable insurance contracts issued by life insurance companies. They are not

offered directly to the general public

All annuity contract and rider guarantees, including optional benefits and any fixed subaccount crediting rates or annuity payout rates, are the sole

obligations of and are backed by the claims-paying ability of the issuing insurance company. They are not obligations of or backed by Merrill Lynch or

its affiliates, nor do Merrill Lynch or its affiliates make any representations or guarantees regarding the claims-paying ability of the issuing insurance

company. Putnam Investments | 100 Federal Street | Boston, MA 02110 | putnam.com 1/20

FOR ADVISOR USE ONLY. THIS MATERIAL IS NOT FOR INSPECTION BY, DISTRIBUTION OR QUOTATION TO THE GENERAL PUBLIC.

Consider these risks before investing: Allocation of assets among asset classes may hurt performance. Stock and bond prices may

fall or fail to rise over time for several reasons, including general financial market conditions, factors related to a specific issuer or

industry and, with respect to bond prices, changing market perceptions of the risk of default and changes in government intervention.

These factors may also lead to increased volatility and reduced liquidity in the bond markets. 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. Funds that invest in government securities are not guaranteed. Mortgage-

backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in

value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. 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). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is greater

for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees

and expenses. The use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage)

or, in the case of over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the

potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.

For Ultra Short Duration Income, these risks apply: Putnam Ultra Short Duration Income Fund is not a money market fund. The

effects of inflation may erode the value of your investment over time. Funds that invest in government securities are not guaranteed.

Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may

increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates

rise. The fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other

investments with less attractive terms and yieǽȉ

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. ȉǽ

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). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally

greater for below-investment-grade bonds. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S.

government. 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. Unlike bonds, funds that invest in bonds have fees and expenses. You can lose

money by investing in the fund.

This document has been prepared by Putnam Investments for information purposes only and does not indicate approval or

disapproval by Bank of America Ȕ Merrill Lynch Global Research. The information in the RIC Report is based on the views of Bank of

America Ȕ Merrill Lynch Global Research at the time of its printing and is not necessarily the opinions of Putnam Investments. Merrill

Lynch Financial Advisors must consider whether any fund is apprȉ investment objectives, financial situation, and risk tolerance.

Variable annuities are sold by prospectus. The current contract prospectus and underlying fund prospectuses contain more complete

details on the investment objectives, risks, fees, charges and expenses, as well as other information about the contract and the

underlying portfolios which should be carefully considered. Your clients should read the prospectuses carefully before investing.

For informational purposes only. Not an investment recommendation. Putnam Mutual Funds are offered through Putnam Retail Management.

Your clients should carefully consider the investment objective, 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 the Putnam Client Engagement Center at

1-800-354-4000. Your clients should read the prospectus carefully before investing.

This material has been prepared by Putnam Investments for informational purposes only and does not indicate

approval or disapproval by Bank of America Merrill Lynch Global Research. Putnam is not affiliated with Bank of

America Merrill Lynch.

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