Summary Prospectus Supplement  March 19, 2013 

Putnam Absolute Return 100 Fund
Summary Prospectus dated February 28, 2013

The table under the sub-section Shareholder fees in the section Fees and expenses is deleted in its entirety and replaced with the following:

Shareholder fees (fees paid directly from your investment)

		Maximum deferred
		sales charge (load) (as
	Maximum sales	a percentage of
	charge (load) imposed	original purchase
	on purchases (as a	price or redemption
	percentage of offering	proceeds, whichever is
Share class	price)	lower)
Class A	1.00%	1.00%*
Class B	NONE	1.00%**
Class C	NONE	1.00%***
Class M	0.75%	0.30%*
Class R	NONE	NONE
Class R5	NONE	NONE
Class R6	NONE	NONE
Class Y	NONE	NONE

280678 - 3/13