Putnam believes a sustainable global economy is essential to the creation of long-term value. We integrate analysis of relevant environmental, social, and governance (ESG) factors into our research and investment decision-making processes within our equity and corporate credit teams. Our goal is to leverage ESG insights to both mitigate risk and augment returns, that is, outperform market averages, although there can be no guarantee of results. Incorporating material ESG issues into the investment process is a way of being smarter about investing. Attention to ESG issues is an emerging and important part of Putnam's culture – both within our research and portfolio management, as well as within our own corporate policies and values.