0000928816-17-001211.txt : 20170418 0000928816-17-001211.hdr.sgml : 20170418 20170418092224 ACCESSION NUMBER: 0000928816-17-001211 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 20 FILED AS OF DATE: 20170418 DATE AS OF CHANGE: 20170418 EFFECTIVENESS DATE: 20170418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FUNDS TRUST CENTRAL INDEX KEY: 0001005942 IRS NUMBER: 043299786 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-00515 FILM NUMBER: 17766144 BUSINESS ADDRESS: STREET 1: ONE POST STREET 2: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921010 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FUNDS TRUST CENTRAL INDEX KEY: 0001005942 IRS NUMBER: 043299786 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07513 FILM NUMBER: 17766145 BUSINESS ADDRESS: STREET 1: ONE POST STREET 2: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921010 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 0001005942 S000039833 Putnam Short-Term Municipal Income Fund C000123516 CLASS A C000123517 CLASS B C000123518 CLASS C C000123519 CLASS M C000123520 CLASS Y C000184707 Class T Shares 0001005942 S000039834 Putnam Intermediate-Term Municipal Income Fund C000123521 CLASS Y C000123522 CLASS A C000123523 CLASS B C000123524 CLASS C C000123525 CLASS M C000184708 Class T Shares 0001005942 S000039835 Putnam Emerging Markets Income Fund C000123526 CLASS A C000123527 CLASS B C000123528 CLASS C C000123529 CLASS M C000123530 CLASS Y C000184709 Class T Shares 0001005942 S000039836 Putnam Global Dividend Fund C000123531 CLASS A C000123532 CLASS B C000123533 CLASS C C000123534 CLASS M C000123535 CLASS Y 485BPOS 1 a_pftcvr.htm PUTNAM FUNDS TRUST a_pftcvr.htm
As filed with the Securities and Exchange Commission on   
April 18, 2017   
  Registration No. 333-515 
  811-07513 
 
SECURITIES AND EXCHANGE COMMISSION   
WASHINGTON, D.C. 20549   
 
---------------   
 
FORM N-1A   
    ---- 
  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  / X / 
    ---- 
    ---- 
  Pre-Effective Amendment No.  /    / 
    ---- 
    ---- 
  Post-Effective Amendment No. 262 / X / 
  and  ---- 
 
    ---- 
  REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY  / X / 
  ACT OF 1940  ---- 
    ---- 
  Amendment No. 263 / X / 
  (Check appropriate box or boxes)  ---- 
 
---------------   
PUTNAM FUNDS TRUST   
(Exact Name of Registrant as Specified in Charter)   
 
One Post Office Square, Boston, Massachusetts 02109   
(Address of Principal Executive Offices) (Zip Code)   
 
Registrant's Telephone Number, including Area Code   
(617) 292-1000   
-----------------   

 



  It is proposed that this filing will become effective 
  (check appropriate box) 
----   
/    /  immediately upon filing pursuant to paragraph (b) 
----   
----   
/ X /  on March 30, 2017 pursuant to paragraph (b) 
----   
----   
/    /  60 days after filing pursuant to paragraph (a)(1) 
----   
----   
/    /  on (date) pursuant to paragraph (a)(1) 
----   
----   
/    /  75 days after filing pursuant to paragraph (a)(2) 
----   
----   
/    /  on (date) pursuant to paragraph (a)(2) of Rule 485. 
----   
 
If appropriate, check the following box: 
----   
/    /  this post-effective amendment designates a new 
----  effective date for a previously filed post-effective amendment. 
 
  -------------- 
  ROBERT T. BURNS, Vice President 
  PUTNAM FUNDS TRUST 
  One Post Office Square 
  Boston, Massachusetts 02109 
  (Name and address of agent for service) 
  --------------- 
  Copy to: 
 
  BRYAN CHEGWIDDEN, Esquire 
  ROPES & GRAY LLP 
  1211 Avenue of the Americas 
  New York, New York 10036 
  --------------------- 

 

This Post-Effective Amendment relates solely to the Registrant's Putnam Emerging Markets Income Fund, Putnam Global Dividend Fund, Putnam Intermediate-Term Municipal Income Fund and Putnam Short-Term Municipal Income Fund, each a series of Putnam Funds Trust. Information contained in the Registrant's Registration Statement relating to any other series of the Registrant is neither amended nor superseded hereby.




PUTNAM FUNDS TRUST

 

Putnam Emerging Markets Income Fund

Putnam Global Dividend Fund

Putnam Intermediate-Term Municipal Income Fund

Putnam Short-Term Municipal Income Fund

 

 

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts, on the 18th day of April, 2017.

 

 

Putnam Funds Trust

 

By: /s/ Jonathan S. Horwitz, Executive Vice President,

Principal Executive Officer and Compliance Liaison

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

 

Signature Title
Jameson A. Baxter * Chair, Board of Trustees

 

Kenneth R. Leibler* Vice Chair, Board of Trustees

 

Robert L. Reynolds* President and Trustee

 

Jonathan S. Horwitz* Executive Vice President, Principal Executive Officer and Compliance
  Liaison

 

Janet C. Smith** Vice President, Principal Financial Officer, Principal Accounting Officer
  and Assistant Treasurer

 

Liaquat Ahamed* Trustee

 

Ravi Akhoury* Trustee

 

Barbara M. Baumann* Trustee

 

Robert J. Darretta* Trustee

 

Katinka Domotorffy* Trustee

 

Catharine Bond Hill*** Trustee

John A. Hill* Trustee

 

Paul L. Joskow* Trustee

 

Robert E. Patterson* Trustee

 

George Putnam, III* Trustee

 

Manoj P. Singh*** Trustee

 

W. Thomas Stephens* Trustee

 

 

By: /s/ Jonathan S. Horwitz, as Attorney-in-Fact

March 29, 2017


*Signed pursuant to power of attorney filed in Post-Effective Amendment No. 150 to the Registrant’s Registration Statement on September 28, 2012.

 

** Signed pursuant to power of attorney filed in Post-Effective Amendment No. 247 to the Registrant’s Registration Statement on November 25, 2016.

 

*** Signed pursuant to power of attorney filed in Post-Effective Amendment No. 261 to the Registrant’s Registration Statement on March 29, 2017.

 

 

 

 

 

 

EX-101.INS 2 pft-20160331.xml XBRL INSTANCE FILE 0001005942 2016-04-01 2017-03-31 0001005942 PFT:S000039833Member 2016-04-01 2017-03-31 0001005942 PFT:S000039833Member PFT:C000123516Member 2016-04-01 2017-03-31 0001005942 PFT:S000039833Member PFT:C000123517Member 2016-04-01 2017-03-31 0001005942 PFT:S000039833Member PFT:C000123518Member 2016-04-01 2017-03-31 0001005942 PFT:S000039833Member PFT:C000123519Member 2016-04-01 2017-03-31 0001005942 PFT:S000039833Member PFT:C000123520Member 2016-04-01 2017-03-31 0001005942 PFT:S000039834Member 2016-04-01 2017-03-31 0001005942 PFT:S000039834Member PFT:C000123521Member 2016-04-01 2017-03-31 0001005942 PFT:S000039834Member PFT:C000123522Member 2016-04-01 2017-03-31 0001005942 PFT:S000039834Member PFT:C000123523Member 2016-04-01 2017-03-31 0001005942 PFT:S000039834Member PFT:C000123524Member 2016-04-01 2017-03-31 0001005942 PFT:S000039834Member PFT:C000123525Member 2016-04-01 2017-03-31 0001005942 PFT:S000039835Member 2016-04-01 2017-03-31 0001005942 PFT:S000039835Member PFT:C000123526Member 2016-04-01 2017-03-31 0001005942 PFT:S000039835Member PFT:C000123527Member 2016-04-01 2017-03-31 0001005942 PFT:S000039835Member PFT:C000123528Member 2016-04-01 2017-03-31 0001005942 PFT:S000039835Member PFT:C000123529Member 2016-04-01 2017-03-31 0001005942 PFT:S000039835Member PFT:C000123530Member 2016-04-01 2017-03-31 0001005942 PFT:S000039836Member 2016-04-01 2017-03-31 0001005942 PFT:S000039836Member PFT:C000123531Member 2016-04-01 2017-03-31 0001005942 PFT:S000039836Member PFT:C000123532Member 2016-04-01 2017-03-31 0001005942 PFT:S000039836Member PFT:C000123533Member 2016-04-01 2017-03-31 0001005942 PFT:S000039836Member PFT:C000123534Member 2016-04-01 2017-03-31 0001005942 PFT:S000039836Member PFT:C000123535Member 2016-04-01 2017-03-31 0001005942 PFT:S000039833Member PFT:C000123516Member rr:AfterTaxesOnDistributionsMember 2016-04-01 2017-03-31 0001005942 PFT:S000039833Member PFT:C000123516Member rr:AfterTaxesOnDistributionsAndSalesMember 2016-04-01 2017-03-31 0001005942 PFT:S000039833Member PFT:Barclays3yearMunicipalBondIndexMember 2016-04-01 2017-03-31 0001005942 PFT:S000039834Member PFT:C000123522Member rr:AfterTaxesOnDistributionsMember 2016-04-01 2017-03-31 0001005942 PFT:S000039834Member PFT:C000123522Member rr:AfterTaxesOnDistributionsAndSalesMember 2016-04-01 2017-03-31 0001005942 PFT:S000039834Member PFT:Barclays7yearMunicipalBondIndexMember 2016-04-01 2017-03-31 0001005942 PFT:S000039835Member PFT:C000123526Member rr:AfterTaxesOnDistributionsMember 2016-04-01 2017-03-31 0001005942 PFT:S000039835Member PFT:C000123526Member rr:AfterTaxesOnDistributionsAndSalesMember 2016-04-01 2017-03-31 0001005942 PFT:S000039835Member PFT:PutnamEmergingMarketsIncomeBlendedIndexMember 2016-04-01 2017-03-31 0001005942 PFT:S000039836Member PFT:C000123531Member rr:AfterTaxesOnDistributionsMember 2016-04-01 2017-03-31 0001005942 PFT:S000039836Member PFT:C000123531Member rr:AfterTaxesOnDistributionsAndSalesMember 2016-04-01 2017-03-31 0001005942 PFT:S000039836Member PFT:MSCIWorldIndexMember 2016-04-01 2017-03-31 0001005942 PFT:S000039833Member PFT:C000184707Member 2016-04-01 2017-03-31 0001005942 PFT:S000039834Member PFT:C000184708Member 2016-04-01 2017-03-31 0001005942 PFT:S000039835Member PFT:C000184709Member 2016-04-01 2017-03-31 iso4217:USD xbrli:pure 485BPOS 2016-12-31 PUTNAM FUNDS TRUST 0001005942 false PFT 2017-03-31 2017-03-31 2017-03-31 <b>Goal</b> <b>Goal</b> <b>Goal</b> <b>Goal</b> Putnam Short-Term Municipal Income Fund seeks as high a level of current income exempt from federal income tax as we believe is consistent with preservation of capital. Putnam Intermediate-Term Municipal Income Fund seeks as high a level of current income exempt from federal income tax as we believe is consistent with preservation of capital. Putnam Emerging Markets Income Fund seeks high current income. Putnam Global Dividend Fund seeks capital growth and current income. <b>Fees and expenses</b> <b>Fees and expenses</b> <b>Fees and expenses</b> <b>Fees and expenses</b> The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $500,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in <i>How do I buy fund shares?</i> beginning on page 13 of the fund&#8217;s prospectus, in the Appendix to the fund&#8217;s prospectus, and in <i>How to buy shares</i> beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in <i>How do I buy fund shares?</i> beginning on page 13 of the fund's prospectus, in the Appendix to the fund's prospectus, and in <i>How to buy shares</i> beginning on page II-1 of the fund's statement of additional information (SAI). The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in <i>How do I buy fund shares?</i> beginning on page 14 of the fund's prospectus, in the Appendix to the fund's prospectus, and in <i>How to buy shares</i> beginning on page II-1 of the fund's statement of additional information (SAI). The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in <i>How do I buy fund shares?</i> beginning on page 13 of the fund&#8217;s prospectus, in the Appendix to the fund&#8217;s prospectus, and in <i>How to buy shares</i> beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). <b>Shareholder fees </b><i>(fees paid directly from your investment) <b>Shareholder fees </b><i>(fees paid directly from your investment) <b>Shareholder fees </b><i>(fees paid directly from your investment) <b>Shareholder fees </b><i>(fees paid directly from your investment) 0.0100 0 0 0.0075 0 0 0.0400 0 0 0.0325 0.0400 0 0 0.0325 0 0.0575 0 0 0.0350 0 0.0250 0.0250 0.0250 0.0100 0.0100 0.0100 0 0 0 0.0100 0.0500 0.0100 0 0.0100 0.0500 0.0100 0 0 0.0100 0.0500 0.0100 0 0 0 0 0 <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <b>Annual fund operating expenses </b><i>(expenses you pay each year as a percentage of the value of your investment)</i> <b>Annual fund operating expenses </b><i>(expenses you pay each year as a percentage of the value of your investment)</i> <b>Annual fund operating expenses </b><i>(expenses you pay each year as a percentage of the value of your investment)</i> <b>Annual fund operating expenses </b><i>(expenses you pay each year as a percentage of the value of your investment)</i> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <b>Portfolio turnover</b> <b>Portfolio turnover</b> <b>Portfolio turnover</b> <b>Portfolio turnover</b> The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund&#8217;s turnover rate in the most recent fiscal year was 46%. The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund&#8217;s turnover rate in the most recent fiscal year was 16%. The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund&#8217;s turnover rate in the most recent fiscal year was 48%. The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund&#8217;s turnover rate in the most recent fiscal year was 22%. 0.46 0.16 0.48 0.22 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $500,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in <i>How do I buy fund shares?</i> beginning on page 13 of the fund&#8217;s prospectus, in the Appendix to the fund&#8217;s prospectus, and in <i>How to buy shares</i> beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in <i>How do I buy fund shares?</i> beginning on page 13 of the fund's prospectus, in the Appendix to the fund's prospectus, and in <i />How to buy shares</i> beginning on page II-1 of the fund's statement of additional information (SAI). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in <i>How do I buy fund shares?</i> beginning on page 14 of the fund's prospectus, in the Appendix to the fund's prospectus, and in <i />How to buy shares</i> beginning on page II-1 of the fund's statement of additional information (SAI). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in <i>How do I buy fund shares?</i> beginning on page 13 of the fund&#8217;s prospectus, in the Appendix to the fund&#8217;s prospectus, and in <i>How to buy shares</i> beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). 500000 50000 50000 50000 <b>Example</b> <b>Example</b> <b>Example</b> <b>Example</b> The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund&#8217;s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund&#8217;s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund&#8217;s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund&#8217;s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0053 0.0512 0.0136 0.0437 0.0024 0.0179 -0.0308 -0.0253 <b>Investments</b> <b>Investments</b> <b>Investments</b> <b>Investments</b> We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)) and that have short-term maturities (i.e., three years or less). The bonds we invest in are mainly investment-grade in quality. Under normal circumstances, we invest at least 80% of the fund&#8217;s net assets in tax-exempt investments, which for purposes of this policy includes investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund&#8217;s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)). We normally maintain an average dollar-weighted maturity between three and ten years. The bonds we invest in are mainly investment-grade in quality. Under normal circumstances, we invest at least 80% of the fund&#8217;s net assets in tax-exempt investments, which for purposes of this policy include investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund&#8217;s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. For this &#8220;non-diversified&#8221; fund, we invest mainly in bonds that are obligations of emerging market companies and governments. Under normal circumstances, we invest at least 80% of the fund&#8217;s net assets in debt securities of issuers in emerging markets, emerging market currencies, and other currency-related derivative, or debt investments that are tied economically to emerging markets. This policy may be changed only after 60 days&#8217; notice to shareholders. We may invest in bonds denominated in U.S. dollars and bonds that are denominated in foreign currencies. Emerging markets include countries in the JPMorgan Emerging Markets Bond Index Global Diversified or that we consider to be equivalent to those countries based on our evaluation of their level of economic development or the size and experience of their securities markets. We may invest both in investment-grade and below-investment-grade investments (sometimes referred to as &#8220;junk bonds&#8221;).<br /> <br /> We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. We may also consider the fundamental characteristics of the particular countries in which we invest as well as our views on the currencies of those countries when making investment decisions. We invest in currencies directly and through derivatives, for both hedging and non-hedging purposes. We may also use derivatives, such as futures, options, warrants and swap contracts, for both hedging and non-hedging purposes. We invest mainly in common stocks and other equity or convertible securities of large and midsize companies worldwide that pay or that we expect to pay dividends, with a focus on value stocks that offer the potential for capital growth, current income, or both. Under normal circumstances, we invest at least 80% of the fund&#8217;s net assets in common stocks and other equity or convertible securities of companies that pay or that we expect to pay dividends. This policy may be changed only after 60 days&#8217; notice to shareholders. We invest mainly in developed countries, but may invest in emerging markets. Value stocks are those that we believe are currently undervalued by the market and that we believe may produce attractive levels of dividend income. If we are correct and other investors ultimately recognize the value of the company, the price of its stock may rise. We may consider, among other factors, a company&#8217;s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. We may also use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes.<br /> <b>Risks</b> <b>Risks</b> <b>Risks</b> <b>Risks</b> It is important to understand that you can lose money by investing in the fund.<br /> <br /> The value of bonds in the fund&#8217;s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund&#8217;s portfolio holdings. The risks associated with bond investments include interest rate risk, which means the value of the fund&#8217;s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund&#8217;s investments may default on payment of interest or principal. Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code, may be issued only by limited types of issuers for limited types of projects, the fund&#8217;s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Interest the fund receives might be taxable.<br /> <br /> The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund.<br /> <br /> The value of bonds in the fund&#8217;s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund&#8217;s portfolio holdings. The risks associated with bond investments include interest rate risk, which means the value of the fund&#8217;s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund&#8217;s investments may default on payment of interest or principal. Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code, may be issued only by limited types of issuers for limited types of projects, the fund&#8217;s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Interest the fund receives might be taxable.<br /> <br /> The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund.<br /> <br /> The value of bonds in the fund&#8217;s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund&#8217;s portfolio holdings. Bond investments are subject to interest rate risk, which means the value of the fund&#8217;s investments is likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuer of a bond may default on payment of interest or principal. Emerging markets often do not provide legal remedies for bondholders comparable to those available to bondholders in the United States, and it may not be possible to dispose of bonds of distressed issuers. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. Currency investments, whether for hedging or non-hedging purposes, may also be adversely impacted by exchange rate fluctuations. Investments in emerging markets may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid.<br /> <br /> The fund&#8217;s &#8220;non-diversified&#8221; status, which means the fund may invest a greater percentage of its assets in fewer issuers than a &#8220;diversified&#8221; fund, can increase the fund&#8217;s vulnerability to adverse developments affecting a single industry, country or issuer, which may result in greater losses and volatility for the fund.<br /> <br /> Our use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of many 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.<br /> <br /> The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund.<br /> <br /> The value of stocks in the fund&#8217;s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund&#8217;s portfolio holdings. Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be or become illiquid. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many 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.<br /> <br /> The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. It is important to understand that you can lose money by investing in the fund. It is important to understand that you can lose money by investing in the fund. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance</b> <b>Performance</b> <b>Performance</b> <b>Performance</b> The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#146;s performance year to year and over time. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#146;s performance year to year and over time. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#146;s performance year to year and over time. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#146;s performance year to year and over time. putnam.com putnam.com putnam.com putnam.com Please remember that past performance is not necessarily an indication of future results. Please remember that past performance is not necessarily an indication of future results. Please remember that past performance is not necessarily an indication of future results. Please remember that past performance is not necessarily an indication of future results. <b>Annual total returns for class A shares before sales charges</b> <b>Annual total returns for class A shares before sales charges</b> <b>Annual total returns for class A shares before sales charges</b> <b>Annual total returns for class A shares before sales charges</b> The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. <div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Best calendar quarter Best calendar quarter Best calendar quarter Best calendar quarter Worst calendar quarter Worst calendar quarter Worst calendar quarter Worst calendar quarter 2016-03-31 2016-06-30 2016-03-31 2014-06-30 0.0045 0.0176 0.0611 0.0535 2016-12-31 2016-12-31 2015-09-30 2015-09-30 -0.0086 -0.0382 -0.0496 -0.0859 Best calendar quarter<br /><b>Q1 2016&#160;&#160;0.45%</b><br /><br />Worst calendar quarter<br /><b>Q4 2016&#160; -0.86%</b> Best calendar quarter<br /><b>Q2 2016</b>&#160;&#160;1.76%<br /><br />Worst calendar quarter<br /><b>Q4 2016</b> &#160;-3.82% Best calendar quarter<br /><b>Q1 2016 &#160;6.11%</b><br /><br />Worst calendar quarter<br /><b>Q3 2015</b> &#160;-4.96% Best calendar quarter<br /><b>Q2</b> 2014&#160; 5.35%<br /><br />Worst calendar quarter<br /><b>Q3 2015</b> &#160;-8.59% <b>Average annual total returns after sales charges</b><br /> <i>(for periods ending 12/31/16)</i> <b>Average annual total returns after sales charges</b><br /> <i>(for periods ending 12/31/16)</i> <b>Average annual total returns after sales charges</b><br /> <i>(for periods ending 12/31/16)</i> <b>Average annual total returns after sales charges</b><br /> <i>(for periods ending 12/31/16)</i> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. The Putnam Emerging Markets Income Blended Index (Equal Weighted) is an unmanaged index administered by Putnam Management that is equally weighted between the JPMorgan Emerging Markets Bond Index Global Diversified, the JPMorgan Corporate Emerging Markets Bond Index Diversified, and the JPMorgan Government Bond Index &#8212; Emerging Markets Global Diversified.<br /> <br /> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. After-tax returns are shown for class A shares only and will vary for other classes. After-tax returns are shown for class A shares only and will vary for other classes. After-tax returns are shown for class A shares only and will vary for other classes. <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <b>Fund summary<br /> <br /> <b>Fund summary<br /> <br /> <b>Fund summary<br /> <br /> <b>Fund summary<br /> <br /> 2017-03-30 2017-03-30 2017-03-30 2017-03-30 Capital growth is a secondary goal when consistent with achieving high current income. The fund&#8217;s &#8220;non-diversified&#8221; status, which means the fund may invest a greater percentage of its assets in fewer issuers than a &#8220;diversified&#8221; fund, can increase the fund&#8217;s vulnerability to adverse developments affecting a single industry, country or issuer, which may result in greater losses and volatility for the fund. -0.0024 -0.0116 0.1118 0.0677 0.0035 0.0035 0.0035 0.0035 0.0035 0.0044 0.0044 0.0044 0.0044 0.0044 0.0072 0.0072 0.0072 0.0072 0.0072 0.0066 0.0066 0.0066 0.0066 0.0066 0.0035 0.0044 0.0072 0.0025 0.0045 0.0100 0.0030 0 0.0000 0.0025 0.0085 0.0100 0.0050 0.0025 0.0100 0.0100 0.0050 0 0.0025 0.0100 0.0100 0.0075 0 0.0025 0.0025 0.0025 0.0102 0.0102 0.0102 0.0102 0.0102 0.0078 0.0078 0.0078 0.0078 0.0078 0.0121 0.0121 0.0121 0.0121 0.0121 0.0103 0.0103 0.0103 0.0103 0.0103 0.0102 0.78 0.0121 0.0162 0.0182 0.0237 0.0167 0.0137 0.0122 0.0147 0.0207 0.0222 0.0172 0.0218 0.0293 0.0293 0.0243 0.0193 0.0194 0.0269 0.0269 0.0244 0.0169 0.0162 0.0147 0.0218 -0.0102 -0.0102 -0.0102 -0.0102 -0.0102 -0.0062 -0.0062 -0.0062 -0.0062 -0.0062 -0.0093 -0.0093 -0.0093 -0.0093 -0.0093 -0.0063 -0.0063 -0.0063 -0.0063 -0.0063 -0.0102 -0.0062 -0.0093 0.0060 0.0080 0.0135 0.0065 0.0035 0.0060 0.0085 0.0145 0.0160 0.0110 0.0125 0.0200 0.0200 0.0150 0.0100 0.0131 0.0206 0.0206 0.0181 0.0106 0.0060 0.0085 0.0125 1917 2001 2628 1951 1557 1427 2040 2201 2510 2244 2743 3008 3186 2933 2178 2661 2794 2976 2983 1945 2040 1912 2629 877 890 1173 880 652 613 1116 1259 1135 1174 1441 1661 1461 1497 956 1507 1569 1369 1550 859 1015 975 1307 507 473 642 498 333 327 789 890 636 792 969 1119 819 972 516 1092 1076 776 1026 471 651 644 828 161 182 237 141 36 62 484 648 263 434 522 703 303 473 102 701 709 309 527 108 310 335 374 82 137 148 163 203 203 209 209 473 642 590 636 819 819 776 776 890 1173 1059 1135 1461 1461 1369 1369 2001 2628 2201 2510 3008 3186 2794 2976 -0.0124 -0.0143 -0.0178 -0.0104 0.0001 -0.0091 -0.0512 -0.0664 -0.0288 -0.0461 0.0674 0.0528 0.0942 0.0718 0.1144 0.0063 0.0103 0.0501 0.0258 0.0703 -0.0124 -0.0046 0.0008 -0.0512 -0.0239 -0.0050 0.0515 0.0397 0.1030 -0.0016 0.0096 0.0751 -0.0274 -0.0363 0.0840 -0.0001 0.0006 -0.0020 0.0001 0.0050 0.0135 0.0001 -0.0029 0.0035 -0.0003 -0.0062 -0.0101 -0.0027 -0.0066 0.0072 0.0423 0.0440 0.0510 0.0439 0.0615 -0.0001 0.0010 0.0087 0.0001 0.0028 0.0200 -0.0213 -0.0112 0.0073 0.0322 0.0317 0.0761 -0.0042 0.0042 -0.0021 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 2013-03-18 The Putnam Emerging Markets Income Blended Index (Equal Weighted) is an unmanaged index administered by Putnam Management that is equally weighted between the JPMorgan Emerging Markets Bond Index Global Diversified, the JPMorgan Corporate Emerging Markets Bond Index Diversified, and the JPMorgan Government Bond Index &#8212; Emerging Markets Global Diversified. The fund's base management fee is subject to adjustment, up or down, based on the fund's performance relative to the performance of the MSCI World Index (ND). Restated to reflect current fees resulting from a change to the fund's investor servicing arrangements effective September 1, 2016. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is phased out over two years. This charge is eliminated after one year. This charge is phased out over six years. Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through March 30, 2018. This obligation may be modified or discontinued only with approval of the Board of Trustees. Other expenses are based on expenses of class A shares for the fund's last fiscal year. Class T shares were not outstanding during the time periods shown. Performance shown for class T shares is derived from the historical performance of class A shares, adjusted for the lower initial sales charge currently applicable to class T shares Restated to reflect current fees resulting from a change to the fund's investor servicing arrangements effective September 1, 2016. Management fees reflect a performance adjustment. The fund's base management fee is subject to adjustment, up or down, based on the fund's performance relative to the performance of the MSCI World Index (ND). For the most recent fiscal year, the fund's base management fee prior to any performance adjustment was 0.695%. Class T shares were not outstanding during the time periods shown. Performance for class T shares is derived from the historical performance of class A shares, adjusted for the higher initial sales charge currently applicable to class T shares. EX-101.SCH 3 pft-20160331.xsd XBRL SCHEMA FILE 00000003 - Document - Putnam Emerging Markets Income Fund Summary {Unlabeled} link:presentationLink link:calculationLink link:definitionLink 00000004 - Document - Putnam Global Dividend Fund Summary {Unlabeled} link:presentationLink link:calculationLink link:definitionLink 00000005 - Document - Putnam Intermediate-Term Municipal Income Fund Summary {Unlabeled} link:presentationLink link:calculationLink link:definitionLink 00000006 - Document - Putnam Short-Term Municipal Income Fund Summary {Unlabeled} link:presentationLink link:calculationLink link:definitionLink EX-101.DEF 4 pft-20160331_def.xml XBRL DEFINITION FILE EX-101.LAB 5 pft-20160331_lab.xml XBRL LABEL FILE Legal Entity [Axis] Putnam Short-Term Municipal Income Fund Share Class [Axis] Class A Class B Class C Class M Class Y Putnam Intermediate-Term Municipal Income Fund Class Y Class A Class B Class C Class M Putnam Emerging Markets Income Fund Class A Class B Class C Class M Class Y Putnam Global Dividend Fund Class A Class B Class C Class M Class Y Performance Measure [Axis] after taxes on distributions after taxes on distributions and sale of fund shares Bloomberg Barclays 3-year Municipal Bond Index (no deduction for fees, expenses or taxes) Bloomberg Barclays 7-year Municipal Bond Index (no deduction for fees, expenses or taxes) Putnam Emerging Markets Income Blended Index (Equal Weighted) (no deduction for fees, expenses or taxes) MSCI World Index (ND) (no deduction for fees, expenses or taxes) Class T Class T Class T Prospectus: [Table] Prospectus [Line Items] Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees [Table] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, With Redemption [Table] Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption [Table] Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Risk [Heading] Risk Narrative [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Bar Chart Narrative [Text Block] Bar Chart [Heading] Bar Chart [Table] Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Performance Table Heading Performance Table Narrative Performance [Table] Market Index Performance [Table] Performance Table Footnotes Performance Table Closing [Text Block] Shareholder Fees Column [Text] Maximum Cumulative Sales Charge (as a percentage of Offering Price) Maximum Cumulative Sales Charge (as a percentage) Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Column [Text] Management fees Distribution and service (12b-1) fees Distribution or Similar (Non 12b-1) Fees Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Other expenses Acquired Fund Fees and Expenses Total annual fund operating expenses Expense reimbursement Total annual fund operating expenses after expense reimbursement Expense Example, By Year, Column [Text] Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 3 Years Expense Example, with Redemption, 5 Years Expense Example, with Redemption, 10 Years Expense Example, No Redemption, By Year, Column [Text] Expense Example, No Redemption, 1 Year Expense Example, No Redemption, 3 Years Expense Example, No Redemption, 5 Years Expense Example, No Redemption, 10 Years Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Label 1 Year 5 Years 10 Years Since Inception Inception Date Risk/Return Detail [Table] Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Strategy Portfolio Concentration [Text] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart Does Not Reflect Sales Loads [Text] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Caption Column Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield Series Class Class Class Class Class Series Class Class Class Class Class Series Class Class Class Class Class Series Class Class Class Class Class Barclay 3 year Barclay 7 year Putnam Emerging Markets Income Blended MSCI World Index Class T Class T Class T C000123521Member C000123522Member C000123523Member C000123524Member C000123525Member C000123526Member C000123527Member C000123528Member C000123529Member C000123530Member C000123531Member C000123532Member C000123533Member C000123534Member C000123535Member C000184708Member C000184709Member EX-101.PRE 6 pft-20160331_pre.xml XBRL PRESENTATION FILE GRAPHIC 8 BarChart1.png IDEA: XBRL DOCUMENT begin 644 BarChart1.png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end XML 9 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Putnam Emerging Markets Income Fund
Fund summary

Goal
Putnam Emerging Markets Income Fund seeks high current income.
Capital growth is a secondary goal when consistent with achieving high current income.
Fees and expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI).
Shareholder fees (fees paid directly from your investment)
Shareholder Fees - Putnam Emerging Markets Income Fund
Class A
Class B
Class C
Class M
Class T
Class Y
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 4.00% none none 3.25% 2.50% none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) 1.00% [1] 5.00% [2] 1.00% [3] none none none
[1] Applies only to certain redemptions of shares bought with no initial sales charge.
[2] This charge is phased out over six years.
[3] This charge is eliminated after one year.
Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Putnam Emerging Markets Income Fund
Class A
Class B
Class C
Class M
Class T
Class Y
Management fees 0.72% 0.72% 0.72% 0.72% 0.72% 0.72%
Distribution and service (12b-1) fees 0.25% 1.00% 1.00% 0.50% 0.25% none
Other expenses 1.21% 1.21% 1.21% 1.21% 1.21% [1] 1.21%
Total annual fund operating expenses 2.18% 2.93% 2.93% 2.43% 2.18% 1.93%
Expense reimbursement [2] (0.93%) (0.93%) (0.93%) (0.93%) (0.93%) (0.93%)
Total annual fund operating expenses after expense reimbursement 1.25% 2.00% 2.00% 1.50% 1.25% 1.00%
[1] Other expenses are based on expenses of class A shares for the fund's last fiscal year.
[2] Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through March 30, 2018. This obligation may be modified or discontinued only with approval of the Board of Trustees.
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
Expense Example - Putnam Emerging Markets Income Fund - USD ($)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A 522 969 1,441 2,743
Class B 703 1,119 1,661 3,008
Class C 303 819 1,461 3,186
Class M 473 972 1,497 2,933
Class T 374 828 1,307 2,629
Class Y 102 516 956 2,178
Expense Example, No Redemption - Putnam Emerging Markets Income Fund - USD ($)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Class B 203 819 1,461 3,008
Class C 203 819 1,461 3,186
Portfolio turnover
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 48%.
Investments
For this “non-diversified” fund, we invest mainly in bonds that are obligations of emerging market companies and governments. Under normal circumstances, we invest at least 80% of the fund’s net assets in debt securities of issuers in emerging markets, emerging market currencies, and other currency-related derivative, or debt investments that are tied economically to emerging markets. This policy may be changed only after 60 days’ notice to shareholders. We may invest in bonds denominated in U.S. dollars and bonds that are denominated in foreign currencies. Emerging markets include countries in the JPMorgan Emerging Markets Bond Index Global Diversified or that we consider to be equivalent to those countries based on our evaluation of their level of economic development or the size and experience of their securities markets. We may invest both in investment-grade and below-investment-grade investments (sometimes referred to as “junk bonds”).

We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. We may also consider the fundamental characteristics of the particular countries in which we invest as well as our views on the currencies of those countries when making investment decisions. We invest in currencies directly and through derivatives, for both hedging and non-hedging purposes. We may also use derivatives, such as futures, options, warrants and swap contracts, for both hedging and non-hedging purposes.
Risks
It is important to understand that you can lose money by investing in the fund.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Bond investments are subject to interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuer of a bond may default on payment of interest or principal. Emerging markets often do not provide legal remedies for bondholders comparable to those available to bondholders in the United States, and it may not be possible to dispose of bonds of distressed issuers. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. Currency investments, whether for hedging or non-hedging purposes, may also be adversely impacted by exchange rate fluctuations. Investments in emerging markets may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid.

The fund’s “non-diversified” status, which means the fund may invest a greater percentage of its assets in fewer issuers than a “diversified” fund, can increase the fund’s vulnerability to adverse developments affecting a single industry, country or issuer, which may result in greater losses and volatility for the fund.

Our use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of many 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.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Annual total returns for class A shares before sales charges
Bar Chart
Best calendar quarter
Q1 2016  6.11%

Worst calendar quarter
Q3 2015  -4.96%
Average annual total returns after sales charges
(for periods ending 12/31/16)
Average Annual Total Returns - Putnam Emerging Markets Income Fund
1 Year
Since Inception
Inception Date
Class A 6.74% (0.62%) Mar. 18, 2013
Class A | after taxes on distributions 5.15% (2.13%) Mar. 18, 2013
Class A | after taxes on distributions and sale of fund shares 3.97% (1.12%) Mar. 18, 2013
Class B 5.28% (1.01%) Mar. 18, 2013
Class C 9.42% (0.27%) Mar. 18, 2013
Class M 7.18% (0.66%) Mar. 18, 2013
Class T 8.40% [1] (0.21%) [1] Mar. 18, 2013
Class Y 11.44% 0.72% Mar. 18, 2013
Putnam Emerging Markets Income Blended Index (Equal Weighted) (no deduction for fees, expenses or taxes) 10.30% 0.73% Mar. 18, 2013
[1] Class T shares were not outstanding during the time periods shown. Performance shown for class T shares is derived from the historical performance of class A shares, adjusted for the lower initial sales charge currently applicable to class T shares
The Putnam Emerging Markets Income Blended Index (Equal Weighted) is an unmanaged index administered by Putnam Management that is equally weighted between the JPMorgan Emerging Markets Bond Index Global Diversified, the JPMorgan Corporate Emerging Markets Bond Index Diversified, and the JPMorgan Government Bond Index — Emerging Markets Global Diversified.

After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
GRAPHIC 10 BarChart2.png IDEA: XBRL DOCUMENT begin 644 BarChart2.png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htm IDEA: XBRL DOCUMENT v3.7.0.1
Putnam Global Dividend Fund
Fund summary

Goal
Putnam Global Dividend Fund seeks capital growth and current income.
Fees and expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder fees (fees paid directly from your investment)
Shareholder Fees - Putnam Global Dividend Fund
Class A
Class B
Class C
Class M
Class Y
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 5.75% none none 3.50% none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) 1.00% [1] 5.00% [2] 1.00% [3] none none
[1] Applies only to certain redemptions of shares bought with no initial sales charge.
[2] This charge is phased out over six years.
[3] This charge is eliminated after one year.
Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Putnam Global Dividend Fund
Class A
Class B
Class C
Class M
Class Y
Management fees [1] 0.66% 0.66% 0.66% 0.66% 0.66%
Distribution and service (12b-1) fees 0.25% 1.00% 1.00% 0.75% none
Other expenses [2] 1.03% 1.03% 1.03% 1.03% 1.03%
Total annual fund operating expenses 1.94% 2.69% 2.69% 2.44% 1.69%
Expense reimbursement [3] (0.63%) (0.63%) (0.63%) (0.63%) (0.63%)
Total annual fund operating expenses after expense reimbursement 1.31% 2.06% 2.06% 1.81% 1.06%
[1] Management fees reflect a performance adjustment. The fund's base management fee is subject to adjustment, up or down, based on the fund's performance relative to the performance of the MSCI World Index (ND). For the most recent fiscal year, the fund's base management fee prior to any performance adjustment was 0.695%.
[2] Restated to reflect current fees resulting from a change to the fund's investor servicing arrangements effective September 1, 2016.
[3] Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through March 30, 2018. This obligation may be modified or discontinued only with approval of the Board of Trustees.
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
Expense Example - Putnam Global Dividend Fund - USD ($)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A 701 1,092 1,507 2,661
Class B 709 1,076 1,569 2,794
Class C 309 776 1,369 2,976
Class M 527 1,026 1,550 2,983
Class Y 108 471 859 1,945
Expense Example, No Redemption - Putnam Global Dividend Fund - USD ($)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Class B 209 776 1,369 2,794
Class C 209 776 1,369 2,976
Portfolio turnover
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 22%.
Investments
We invest mainly in common stocks and other equity or convertible securities of large and midsize companies worldwide that pay or that we expect to pay dividends, with a focus on value stocks that offer the potential for capital growth, current income, or both. Under normal circumstances, we invest at least 80% of the fund’s net assets in common stocks and other equity or convertible securities of companies that pay or that we expect to pay dividends. This policy may be changed only after 60 days’ notice to shareholders. We invest mainly in developed countries, but may invest in emerging markets. Value stocks are those that we believe are currently undervalued by the market and that we believe may produce attractive levels of dividend income. If we are correct and other investors ultimately recognize the value of the company, the price of its stock may rise. We may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. We may also use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes.
Risks
It is important to understand that you can lose money by investing in the fund.

The value of stocks in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be or become illiquid. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many 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.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Annual total returns for class A shares before sales charges
Bar Chart
Best calendar quarter
Q2 2014  5.35%

Worst calendar quarter
Q3 2015  -8.59%
Average annual total returns after sales charges
(for periods ending 12/31/16)
Average Annual Total Returns - Putnam Global Dividend Fund
1 Year
Since Inception
Inception Date
Class A 0.63% 4.23% Mar. 18, 2013
Class A | after taxes on distributions (0.16%) 3.22% Mar. 18, 2013
Class A | after taxes on distributions and sale of fund shares 0.96% 3.17% Mar. 18, 2013
Class B 1.03% 4.40% Mar. 18, 2013
Class C 5.01% 5.10% Mar. 18, 2013
Class M 2.58% 4.39% Mar. 18, 2013
Class Y 7.03% 6.15% Mar. 18, 2013
MSCI World Index (ND) (no deduction for fees, expenses or taxes) 7.51% 7.61% Mar. 18, 2013
After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
GRAPHIC 12 BarChart3.png IDEA: XBRL DOCUMENT begin 644 BarChart3.png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htm IDEA: XBRL DOCUMENT v3.7.0.1
Putnam Intermediate-Term Municipal Income Fund
Fund summary

Goal
Putnam Intermediate-Term Municipal Income Fund seeks as high a level of current income exempt from federal income tax as we believe is consistent with preservation of capital.
Fees and expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI).
Shareholder fees (fees paid directly from your investment)
Shareholder Fees - Putnam Intermediate-Term Municipal Income Fund
Class A
Class B
Class C
Class M
Class T
Class Y
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 4.00% none none 3.25% 2.50% none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) 1.00% [1] 5.00% [2] 1.00% [3] none none none
[1] Applies only to certain redemptions of shares bought with no initial sales charge.
[2] This charge is phased out over six years.
[3] This charge is eliminated after one year.
Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Putnam Intermediate-Term Municipal Income Fund
Class A
Class B
Class C
Class M
Class T
Class Y
Management fees 0.44% 0.44% 0.44% 0.44% 0.44% 0.44%
Distribution and service (12b-1) fees 0.25% 0.85% 1.00% 0.50% 0.25% none
Other expenses 0.78% 0.78% 0.78% 0.78% 78.00% [1] 0.78%
Total annual fund operating expenses 1.47% 2.07% 2.22% 1.72% 1.47% 1.22%
Expense reimbursement [2] (0.62%) (0.62%) (0.62%) (0.62%) (0.62%) (0.62%)
Total annual fund operating expenses after expense reimbursement 0.85% 1.45% 1.60% 1.10% 0.85% 0.60%
[1] Other expenses are based on expenses of class A shares for the fund's last fiscal year.
[2] Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through March 30, 2018. This obligation may be modified or discontinued only with approval of the Board of Trustees.
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
Expense Example - Putnam Intermediate-Term Municipal Income Fund - USD ($)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A 484 789 1,116 2,040
Class B 648 890 1,259 2,201
Class C 263 636 1,135 2,510
Class M 434 792 1,174 2,244
Class T 335 644 975 1,912
Class Y 62 327 613 1,427
Expense Example, No Redemption - Putnam Intermediate-Term Municipal Income Fund - USD ($)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Class B 148 590 1,059 2,201
Class C 163 636 1,135 2,510
Portfolio turnover
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 16%.
Investments
We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)). We normally maintain an average dollar-weighted maturity between three and ten years. The bonds we invest in are mainly investment-grade in quality. Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments, which for purposes of this policy include investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.
Risks
It is important to understand that you can lose money by investing in the fund.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The risks associated with bond investments include interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Interest the fund receives might be taxable.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Annual total returns for class A shares before sales charges
Bar Chart
Best calendar quarter
Q2 2016  1.76%

Worst calendar quarter
Q4 2016  -3.82%
Average annual total returns after sales charges
(for periods ending 12/31/16)
Average Annual Total Returns - Putnam Intermediate-Term Municipal Income Fund
1 Year
Since Inception
Inception Date
Class A (5.12%) 0.01% Mar. 18, 2013
Class A | after taxes on distributions (5.12%) 0.01% Mar. 18, 2013
Class A | after taxes on distributions and sale of fund shares (2.39%) 0.28% Mar. 18, 2013
Class B (6.64%) (0.29%) Mar. 18, 2013
Class C (2.88%) 0.35% Mar. 18, 2013
Class M (4.61%) (0.03%) Mar. 18, 2013
Class T (3.63%) [1] 0.42% [1] Mar. 18, 2013
Class Y (0.91%) 1.35% Mar. 18, 2013
Bloomberg Barclays 7-year Municipal Bond Index (no deduction for fees, expenses or taxes) (0.50%) 2.00% Mar. 18, 2013
[1] Class T shares were not outstanding during the time periods shown. Performance shown for class T shares is derived from the historical performance of class A shares, adjusted for the lower initial sales charge currently applicable to class T shares
After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
GRAPHIC 14 BarChart4.png IDEA: XBRL DOCUMENT begin 644 BarChart4.png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end XML 15 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Putnam Short-Term Municipal Income Fund
Fund summary

Goal
Putnam Short-Term Municipal Income Fund seeks as high a level of current income exempt from federal income tax as we believe is consistent with preservation of capital.
Fees and expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $500,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder fees (fees paid directly from your investment)
Shareholder Fees - Putnam Short-Term Municipal Income Fund
Class A
Class B
Class C
Class M
Class T
Class Y
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 1.00% none none 0.75% 2.50% none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) 1.00% [1] 1.00% [2] 1.00% [3] none none none
[1] Applies only to certain redemptions of shares bought with no initial sales charge.
[2] This charge is phased out over two years.
[3] This charge is eliminated after one year.
Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Putnam Short-Term Municipal Income Fund
Class A
Class B
Class C
Class M
Class T
Class Y
Management fees 0.35% 0.35% 0.35% 0.35% 0.35% 0.35%
Distribution and service (12b-1) fees 0.25% 0.45% 1.00% 0.30% 0.25% none
Other expenses 1.02% 1.02% 1.02% 1.02% 1.02% [1] 1.02%
Total annual fund operating expenses 1.62% 1.82% 2.37% 1.67% 1.62% 1.37%
Expense reimbursement [2] (1.02%) (1.02%) (1.02%) (1.02%) (1.02%) (1.02%)
Total annual fund operating expenses after expense reimbursement 0.60% 0.80% 1.35% 0.65% 0.60% 0.35%
[1] Other expenses are based on expenses of class A shares for the fund's last fiscal year.
[2] Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through March 30, 2018. This obligation may be modified or discontinued only with approval of the Board of Trustees.
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
Expense Example - Putnam Short-Term Municipal Income Fund - USD ($)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A 161 507 877 1,917
Class B 182 473 890 2,001
Class C 237 642 1,173 2,628
Class M 141 498 880 1,951
Class T 310 651 1,015 2,040
Class Y 36 333 652 1,557
Expense Example, No Redemption - Putnam Short-Term Municipal Income Fund - USD ($)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Class B 82 473 890 2,001
Class C 137 642 1,173 2,628
Portfolio turnover
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 46%.
Investments
We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)) and that have short-term maturities (i.e., three years or less). The bonds we invest in are mainly investment-grade in quality. Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments, which for purposes of this policy includes investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.
Risks
It is important to understand that you can lose money by investing in the fund.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The risks associated with bond investments include interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Interest the fund receives might be taxable.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Annual total returns for class A shares before sales charges
Bar Chart
Best calendar quarter
Q1 2016  0.45%

Worst calendar quarter
Q4 2016  -0.86%
Average annual total returns after sales charges
(for periods ending 12/31/16)
Average Annual Total Returns - Putnam Short-Term Municipal Income Fund
1 Year
Since Inception
Inception Date
Class A (1.24%) (0.01%) Mar. 18, 2013
Class A | after taxes on distributions (1.24%) (0.01%) Mar. 18, 2013
Class A | after taxes on distributions and sale of fund shares (0.46%) 0.10% Mar. 18, 2013
Class B (1.43%) 0.06% Mar. 18, 2013
Class C (1.78%) (0.20%) Mar. 18, 2013
Class M (1.04%) 0.01% Mar. 18, 2013
Class T (2.74%) [1] (0.42%) [1] Mar. 18, 2013
Class Y 0.01% 0.50% Mar. 18, 2013
Bloomberg Barclays 3-year Municipal Bond Index (no deduction for fees, expenses or taxes) 0.08% 0.87% Mar. 18, 2013
[1] Class T shares were not outstanding during the time periods shown. Performance for class T shares is derived from the historical performance of class A shares, adjusted for the higher initial sales charge currently applicable to class T shares.
After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Total
Putnam Short-Term Municipal Income Fund
Fund summary

Goal
Putnam Short-Term Municipal Income Fund seeks as high a level of current income exempt from federal income tax as we believe is consistent with preservation of capital.
Fees and expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $500,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder fees (fees paid directly from your investment)
~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Portfolio turnover
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 46%.
Investments
We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)) and that have short-term maturities (i.e., three years or less). The bonds we invest in are mainly investment-grade in quality. Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments, which for purposes of this policy includes investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.
Risks
It is important to understand that you can lose money by investing in the fund.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The risks associated with bond investments include interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Interest the fund receives might be taxable.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Annual total returns for class A shares before sales charges
~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Best calendar quarter
Q1 2016  0.45%

Worst calendar quarter
Q4 2016  -0.86%
Average annual total returns after sales charges
(for periods ending 12/31/16)
~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PFT_S000039833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
Putnam Intermediate-Term Municipal Income Fund
Fund summary

Goal
Putnam Intermediate-Term Municipal Income Fund seeks as high a level of current income exempt from federal income tax as we believe is consistent with preservation of capital.
Fees and expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI).
Shareholder fees (fees paid directly from your investment)
~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Portfolio turnover
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 16%.
Investments
We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)). We normally maintain an average dollar-weighted maturity between three and ten years. The bonds we invest in are mainly investment-grade in quality. Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments, which for purposes of this policy include investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.
Risks
It is important to understand that you can lose money by investing in the fund.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The risks associated with bond investments include interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Interest the fund receives might be taxable.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Annual total returns for class A shares before sales charges
~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Best calendar quarter
Q2 2016  1.76%

Worst calendar quarter
Q4 2016  -3.82%
Average annual total returns after sales charges
(for periods ending 12/31/16)
~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PFT_S000039834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
Putnam Emerging Markets Income Fund
Fund summary

Goal
Putnam Emerging Markets Income Fund seeks high current income.
Capital growth is a secondary goal when consistent with achieving high current income.
Fees and expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI).
Shareholder fees (fees paid directly from your investment)
~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Portfolio turnover
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 48%.
Investments
For this “non-diversified” fund, we invest mainly in bonds that are obligations of emerging market companies and governments. Under normal circumstances, we invest at least 80% of the fund’s net assets in debt securities of issuers in emerging markets, emerging market currencies, and other currency-related derivative, or debt investments that are tied economically to emerging markets. This policy may be changed only after 60 days’ notice to shareholders. We may invest in bonds denominated in U.S. dollars and bonds that are denominated in foreign currencies. Emerging markets include countries in the JPMorgan Emerging Markets Bond Index Global Diversified or that we consider to be equivalent to those countries based on our evaluation of their level of economic development or the size and experience of their securities markets. We may invest both in investment-grade and below-investment-grade investments (sometimes referred to as “junk bonds”).

We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. We may also consider the fundamental characteristics of the particular countries in which we invest as well as our views on the currencies of those countries when making investment decisions. We invest in currencies directly and through derivatives, for both hedging and non-hedging purposes. We may also use derivatives, such as futures, options, warrants and swap contracts, for both hedging and non-hedging purposes.
Risks
It is important to understand that you can lose money by investing in the fund.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Bond investments are subject to interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuer of a bond may default on payment of interest or principal. Emerging markets often do not provide legal remedies for bondholders comparable to those available to bondholders in the United States, and it may not be possible to dispose of bonds of distressed issuers. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. Currency investments, whether for hedging or non-hedging purposes, may also be adversely impacted by exchange rate fluctuations. Investments in emerging markets may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid.

The fund’s “non-diversified” status, which means the fund may invest a greater percentage of its assets in fewer issuers than a “diversified” fund, can increase the fund’s vulnerability to adverse developments affecting a single industry, country or issuer, which may result in greater losses and volatility for the fund.

Our use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of many 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.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Annual total returns for class A shares before sales charges
~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Best calendar quarter
Q1 2016  6.11%

Worst calendar quarter
Q3 2015  -4.96%
Average annual total returns after sales charges
(for periods ending 12/31/16)
~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PFT_S000039835Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
The Putnam Emerging Markets Income Blended Index (Equal Weighted) is an unmanaged index administered by Putnam Management that is equally weighted between the JPMorgan Emerging Markets Bond Index Global Diversified, the JPMorgan Corporate Emerging Markets Bond Index Diversified, and the JPMorgan Government Bond Index — Emerging Markets Global Diversified.

After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
Putnam Global Dividend Fund
Fund summary

Goal
Putnam Global Dividend Fund seeks capital growth and current income.
Fees and expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder fees (fees paid directly from your investment)
~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Portfolio turnover
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 22%.
Investments
We invest mainly in common stocks and other equity or convertible securities of large and midsize companies worldwide that pay or that we expect to pay dividends, with a focus on value stocks that offer the potential for capital growth, current income, or both. Under normal circumstances, we invest at least 80% of the fund’s net assets in common stocks and other equity or convertible securities of companies that pay or that we expect to pay dividends. This policy may be changed only after 60 days’ notice to shareholders. We invest mainly in developed countries, but may invest in emerging markets. Value stocks are those that we believe are currently undervalued by the market and that we believe may produce attractive levels of dividend income. If we are correct and other investors ultimately recognize the value of the company, the price of its stock may rise. We may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. We may also use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes.
Risks
It is important to understand that you can lose money by investing in the fund.

The value of stocks in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be or become illiquid. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many 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.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Annual total returns for class A shares before sales charges
~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
Best calendar quarter
Q2 2014  5.35%

Worst calendar quarter
Q3 2015  -8.59%
Average annual total returns after sales charges
(for periods ending 12/31/16)
~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PFT_S000039836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~
After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
XML 17 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Label Element Value
Risk Return Abstract rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2016
Registrant Name dei_EntityRegistrantName PUTNAM FUNDS TRUST
Central Index Key dei_EntityCentralIndexKey 0001005942
Amendment Flag dei_AmendmentFlag false
Trading Symbol dei_TradingSymbol PFT
Document Creation Date dei_DocumentCreationDate Mar. 31, 2017
Document Effective Date dei_DocumentEffectiveDate Mar. 31, 2017
Prospectus Date rr_ProspectusDate Mar. 31, 2017
Putnam Short-Term Municipal Income Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund summary

Objective [Heading] rr_ObjectiveHeading Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock Putnam Short-Term Municipal Income Fund seeks as high a level of current income exempt from federal income tax as we believe is consistent with preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $500,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Mar. 30, 2017
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 46%.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 46.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $500,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 500,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
Strategy [Heading] rr_StrategyHeading Investments
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)) and that have short-term maturities (i.e., three years or less). The bonds we invest in are mainly investment-grade in quality. Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments, which for purposes of this policy includes investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.
Risk [Heading] rr_RiskHeading Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is important to understand that you can lose money by investing in the fund.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The risks associated with bond investments include interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Interest the fund receives might be taxable.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is important to understand that you can lose money by investing in the fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress putnam.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please remember that past performance is not necessarily an indication of future results.
Bar Chart [Heading] rr_BarChartHeading Annual total returns for class A shares before sales charges
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect the impact of sales charges. If it did, performance would be lower.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best calendar quarter
Q1 2016  0.45%

Worst calendar quarter
Q4 2016  -0.86%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best calendar quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 0.45%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst calendar quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (0.86%)
Performance Table Heading rr_PerformanceTableHeading Average annual total returns after sales charges
(for periods ending 12/31/16)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for class A shares only and will vary for other classes.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
Putnam Short-Term Municipal Income Fund | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 1.00%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management fees rr_ManagementFeesOverAssets 0.35%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 1.02%
Total annual fund operating expenses rr_ExpensesOverAssets 1.62%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.02%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.60%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 161
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 507
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 877
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,917
Annual Return 2014 rr_AnnualReturn2014 0.53%
Annual Return 2015 rr_AnnualReturn2015 0.24%
Annual Return 2016 rr_AnnualReturn2016 (0.24%)
1 Year rr_AverageAnnualReturnYear01 (1.24%)
Since Inception rr_AverageAnnualReturnSinceInception (0.01%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Short-Term Municipal Income Fund | Class B  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management fees rr_ManagementFeesOverAssets 0.35%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.45%
Other expenses rr_OtherExpensesOverAssets 1.02%
Total annual fund operating expenses rr_ExpensesOverAssets 1.82%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.02%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.80%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 182
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 473
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 890
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,001
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 82
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 473
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 890
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,001
1 Year rr_AverageAnnualReturnYear01 (1.43%)
Since Inception rr_AverageAnnualReturnSinceInception 0.06%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Short-Term Municipal Income Fund | Class C  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management fees rr_ManagementFeesOverAssets 0.35%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 1.02%
Total annual fund operating expenses rr_ExpensesOverAssets 2.37%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.02%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.35%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 237
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 642
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,173
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,628
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 137
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 642
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,173
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,628
1 Year rr_AverageAnnualReturnYear01 (1.78%)
Since Inception rr_AverageAnnualReturnSinceInception (0.20%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Short-Term Municipal Income Fund | Class M  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 0.75%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.35%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.30%
Other expenses rr_OtherExpensesOverAssets 1.02%
Total annual fund operating expenses rr_ExpensesOverAssets 1.67%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.02%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.65%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 141
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 498
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 880
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,951
1 Year rr_AverageAnnualReturnYear01 (1.04%)
Since Inception rr_AverageAnnualReturnSinceInception 0.01%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Short-Term Municipal Income Fund | Class T  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.50%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.35%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 1.02% [5]
Total annual fund operating expenses rr_ExpensesOverAssets 1.62%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.02%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.60%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 310
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 651
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,015
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,040
1 Year rr_AverageAnnualReturnYear01 (2.74%) [6]
Since Inception rr_AverageAnnualReturnSinceInception (0.42%) [6]
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Short-Term Municipal Income Fund | Class Y  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.35%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 1.02%
Total annual fund operating expenses rr_ExpensesOverAssets 1.37%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.02%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.35%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 36
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 333
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 652
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,557
1 Year rr_AverageAnnualReturnYear01 0.01%
Since Inception rr_AverageAnnualReturnSinceInception 0.50%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Short-Term Municipal Income Fund | after taxes on distributions | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.24%)
Since Inception rr_AverageAnnualReturnSinceInception (0.01%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Short-Term Municipal Income Fund | after taxes on distributions and sale of fund shares | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.46%)
Since Inception rr_AverageAnnualReturnSinceInception 0.10%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Short-Term Municipal Income Fund | Bloomberg Barclays 3-year Municipal Bond Index (no deduction for fees, expenses or taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.08%
Since Inception rr_AverageAnnualReturnSinceInception 0.87%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Intermediate-Term Municipal Income Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund summary

Objective [Heading] rr_ObjectiveHeading Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock Putnam Intermediate-Term Municipal Income Fund seeks as high a level of current income exempt from federal income tax as we believe is consistent with preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Mar. 30, 2017
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 16%.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 16.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
Strategy [Heading] rr_StrategyHeading Investments
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)). We normally maintain an average dollar-weighted maturity between three and ten years. The bonds we invest in are mainly investment-grade in quality. Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments, which for purposes of this policy include investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.
Risk [Heading] rr_RiskHeading Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is important to understand that you can lose money by investing in the fund.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The risks associated with bond investments include interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Interest the fund receives might be taxable.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is important to understand that you can lose money by investing in the fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress putnam.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please remember that past performance is not necessarily an indication of future results.
Bar Chart [Heading] rr_BarChartHeading Annual total returns for class A shares before sales charges
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect the impact of sales charges. If it did, performance would be lower.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best calendar quarter
Q2 2016  1.76%

Worst calendar quarter
Q4 2016  -3.82%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best calendar quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 1.76%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst calendar quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.82%)
Performance Table Heading rr_PerformanceTableHeading Average annual total returns after sales charges
(for periods ending 12/31/16)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for class A shares only and will vary for other classes.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
Putnam Intermediate-Term Municipal Income Fund | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management fees rr_ManagementFeesOverAssets 0.44%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.78%
Total annual fund operating expenses rr_ExpensesOverAssets 1.47%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.62%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.85%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 484
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 789
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,116
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,040
Annual Return 2014 rr_AnnualReturn2014 5.12%
Annual Return 2015 rr_AnnualReturn2015 1.79%
Annual Return 2016 rr_AnnualReturn2016 (1.16%)
1 Year rr_AverageAnnualReturnYear01 (5.12%)
Since Inception rr_AverageAnnualReturnSinceInception 0.01%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Intermediate-Term Municipal Income Fund | Class B  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 5.00% [7]
Management fees rr_ManagementFeesOverAssets 0.44%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.85%
Other expenses rr_OtherExpensesOverAssets 0.78%
Total annual fund operating expenses rr_ExpensesOverAssets 2.07%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.62%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.45%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 648
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 890
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,259
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,201
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 148
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 590
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,059
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,201
1 Year rr_AverageAnnualReturnYear01 (6.64%)
Since Inception rr_AverageAnnualReturnSinceInception (0.29%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Intermediate-Term Municipal Income Fund | Class C  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management fees rr_ManagementFeesOverAssets 0.44%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.78%
Total annual fund operating expenses rr_ExpensesOverAssets 2.22%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.62%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.60%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 263
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 636
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,135
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,510
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 163
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 636
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,135
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,510
1 Year rr_AverageAnnualReturnYear01 (2.88%)
Since Inception rr_AverageAnnualReturnSinceInception 0.35%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Intermediate-Term Municipal Income Fund | Class M  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.25%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.44%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other expenses rr_OtherExpensesOverAssets 0.78%
Total annual fund operating expenses rr_ExpensesOverAssets 1.72%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.62%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.10%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 434
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 792
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,174
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,244
1 Year rr_AverageAnnualReturnYear01 (4.61%)
Since Inception rr_AverageAnnualReturnSinceInception (0.03%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Intermediate-Term Municipal Income Fund | Class T  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.50%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.44%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 78.00% [5]
Total annual fund operating expenses rr_ExpensesOverAssets 1.47%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.62%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.85%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 335
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 644
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 975
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,912
1 Year rr_AverageAnnualReturnYear01 (3.63%) [8]
Since Inception rr_AverageAnnualReturnSinceInception 0.42% [8]
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Intermediate-Term Municipal Income Fund | Class Y  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.44%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.78%
Total annual fund operating expenses rr_ExpensesOverAssets 1.22%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.62%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 0.60%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 62
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 327
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 613
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,427
1 Year rr_AverageAnnualReturnYear01 (0.91%)
Since Inception rr_AverageAnnualReturnSinceInception 1.35%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Intermediate-Term Municipal Income Fund | after taxes on distributions | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.12%)
Since Inception rr_AverageAnnualReturnSinceInception 0.01%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Intermediate-Term Municipal Income Fund | after taxes on distributions and sale of fund shares | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.39%)
Since Inception rr_AverageAnnualReturnSinceInception 0.28%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Intermediate-Term Municipal Income Fund | Bloomberg Barclays 7-year Municipal Bond Index (no deduction for fees, expenses or taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.50%)
Since Inception rr_AverageAnnualReturnSinceInception 2.00%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Emerging Markets Income Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund summary

Objective [Heading] rr_ObjectiveHeading Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock Putnam Emerging Markets Income Fund seeks high current income.
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock Capital growth is a secondary goal when consistent with achieving high current income.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Mar. 30, 2017
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 48%.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 48.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
Strategy [Heading] rr_StrategyHeading Investments
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock For this “non-diversified” fund, we invest mainly in bonds that are obligations of emerging market companies and governments. Under normal circumstances, we invest at least 80% of the fund’s net assets in debt securities of issuers in emerging markets, emerging market currencies, and other currency-related derivative, or debt investments that are tied economically to emerging markets. This policy may be changed only after 60 days’ notice to shareholders. We may invest in bonds denominated in U.S. dollars and bonds that are denominated in foreign currencies. Emerging markets include countries in the JPMorgan Emerging Markets Bond Index Global Diversified or that we consider to be equivalent to those countries based on our evaluation of their level of economic development or the size and experience of their securities markets. We may invest both in investment-grade and below-investment-grade investments (sometimes referred to as “junk bonds”).

We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. We may also consider the fundamental characteristics of the particular countries in which we invest as well as our views on the currencies of those countries when making investment decisions. We invest in currencies directly and through derivatives, for both hedging and non-hedging purposes. We may also use derivatives, such as futures, options, warrants and swap contracts, for both hedging and non-hedging purposes.
Risk [Heading] rr_RiskHeading Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is important to understand that you can lose money by investing in the fund.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Bond investments are subject to interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuer of a bond may default on payment of interest or principal. Emerging markets often do not provide legal remedies for bondholders comparable to those available to bondholders in the United States, and it may not be possible to dispose of bonds of distressed issuers. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. Currency investments, whether for hedging or non-hedging purposes, may also be adversely impacted by exchange rate fluctuations. Investments in emerging markets may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid.

The fund’s “non-diversified” status, which means the fund may invest a greater percentage of its assets in fewer issuers than a “diversified” fund, can increase the fund’s vulnerability to adverse developments affecting a single industry, country or issuer, which may result in greater losses and volatility for the fund.

Our use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of many 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.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is important to understand that you can lose money by investing in the fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus The fund’s “non-diversified” status, which means the fund may invest a greater percentage of its assets in fewer issuers than a “diversified” fund, can increase the fund’s vulnerability to adverse developments affecting a single industry, country or issuer, which may result in greater losses and volatility for the fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Putnam Emerging Markets Income Blended Index (Equal Weighted) is an unmanaged index administered by Putnam Management that is equally weighted between the JPMorgan Emerging Markets Bond Index Global Diversified, the JPMorgan Corporate Emerging Markets Bond Index Diversified, and the JPMorgan Government Bond Index — Emerging Markets Global Diversified.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress putnam.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please remember that past performance is not necessarily an indication of future results.
Bar Chart [Heading] rr_BarChartHeading Annual total returns for class A shares before sales charges
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect the impact of sales charges. If it did, performance would be lower.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best calendar quarter
Q1 2016  6.11%

Worst calendar quarter
Q3 2015  -4.96%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best calendar quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.11%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst calendar quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.96%)
Performance Table Heading rr_PerformanceTableHeading Average annual total returns after sales charges
(for periods ending 12/31/16)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for class A shares only and will vary for other classes.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The Putnam Emerging Markets Income Blended Index (Equal Weighted) is an unmanaged index administered by Putnam Management that is equally weighted between the JPMorgan Emerging Markets Bond Index Global Diversified, the JPMorgan Corporate Emerging Markets Bond Index Diversified, and the JPMorgan Government Bond Index — Emerging Markets Global Diversified.

After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
Putnam Emerging Markets Income Fund | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management fees rr_ManagementFeesOverAssets 0.72%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 1.21%
Total annual fund operating expenses rr_ExpensesOverAssets 2.18%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.93%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 522
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 969
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,441
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,743
Annual Return 2014 rr_AnnualReturn2014 1.36%
Annual Return 2015 rr_AnnualReturn2015 (3.08%)
Annual Return 2016 rr_AnnualReturn2016 11.18%
1 Year rr_AverageAnnualReturnYear01 6.74%
Since Inception rr_AverageAnnualReturnSinceInception (0.62%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Emerging Markets Income Fund | Class B  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 5.00% [7]
Management fees rr_ManagementFeesOverAssets 0.72%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 1.21%
Total annual fund operating expenses rr_ExpensesOverAssets 2.93%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.93%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 2.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 703
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,119
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,661
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,008
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 203
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 819
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,461
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 3,008
1 Year rr_AverageAnnualReturnYear01 5.28%
Since Inception rr_AverageAnnualReturnSinceInception (1.01%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Emerging Markets Income Fund | Class C  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management fees rr_ManagementFeesOverAssets 0.72%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 1.21%
Total annual fund operating expenses rr_ExpensesOverAssets 2.93%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.93%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 2.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 303
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 819
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,461
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,186
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 203
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 819
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,461
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 3,186
1 Year rr_AverageAnnualReturnYear01 9.42%
Since Inception rr_AverageAnnualReturnSinceInception (0.27%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Emerging Markets Income Fund | Class M  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.25%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.72%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other expenses rr_OtherExpensesOverAssets 1.21%
Total annual fund operating expenses rr_ExpensesOverAssets 2.43%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.93%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.50%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 473
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 972
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,497
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,933
1 Year rr_AverageAnnualReturnYear01 7.18%
Since Inception rr_AverageAnnualReturnSinceInception (0.66%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Emerging Markets Income Fund | Class T  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.50%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.72%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 1.21% [5]
Total annual fund operating expenses rr_ExpensesOverAssets 2.18%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.93%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 374
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 828
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,307
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,629
1 Year rr_AverageAnnualReturnYear01 8.40% [8]
Since Inception rr_AverageAnnualReturnSinceInception (0.21%) [8]
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Emerging Markets Income Fund | Class Y  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.72%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 1.21%
Total annual fund operating expenses rr_ExpensesOverAssets 1.93%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.93%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 516
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 956
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,178
1 Year rr_AverageAnnualReturnYear01 11.44%
Since Inception rr_AverageAnnualReturnSinceInception 0.72%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Emerging Markets Income Fund | after taxes on distributions | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.15%
Since Inception rr_AverageAnnualReturnSinceInception (2.13%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Emerging Markets Income Fund | after taxes on distributions and sale of fund shares | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.97%
Since Inception rr_AverageAnnualReturnSinceInception (1.12%)
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Emerging Markets Income Fund | Putnam Emerging Markets Income Blended Index (Equal Weighted) (no deduction for fees, expenses or taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.30%
Since Inception rr_AverageAnnualReturnSinceInception 0.73%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Global Dividend Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund summary

Objective [Heading] rr_ObjectiveHeading Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock Putnam Global Dividend Fund seeks capital growth and current income.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Mar. 30, 2017
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 22%.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 22.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 13 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current fees resulting from a change to the fund's investor servicing arrangements effective September 1, 2016.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.
Strategy [Heading] rr_StrategyHeading Investments
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock We invest mainly in common stocks and other equity or convertible securities of large and midsize companies worldwide that pay or that we expect to pay dividends, with a focus on value stocks that offer the potential for capital growth, current income, or both. Under normal circumstances, we invest at least 80% of the fund’s net assets in common stocks and other equity or convertible securities of companies that pay or that we expect to pay dividends. This policy may be changed only after 60 days’ notice to shareholders. We invest mainly in developed countries, but may invest in emerging markets. Value stocks are those that we believe are currently undervalued by the market and that we believe may produce attractive levels of dividend income. If we are correct and other investors ultimately recognize the value of the company, the price of its stock may rise. We may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. We may also use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes.
Risk [Heading] rr_RiskHeading Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is important to understand that you can lose money by investing in the fund.

The value of stocks in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be or become illiquid. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many 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.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is important to understand that you can lose money by investing in the fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The fund's base management fee is subject to adjustment, up or down, based on the fund's performance relative to the performance of the MSCI World Index (ND).
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress putnam.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please remember that past performance is not necessarily an indication of future results.
Bar Chart [Heading] rr_BarChartHeading Annual total returns for class A shares before sales charges
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect the impact of sales charges. If it did, performance would be lower.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best calendar quarter
Q2 2014  5.35%

Worst calendar quarter
Q3 2015  -8.59%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best calendar quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2014
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.35%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst calendar quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (8.59%)
Performance Table Heading rr_PerformanceTableHeading Average annual total returns after sales charges
(for periods ending 12/31/16)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for class A shares only and will vary for other classes.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
Putnam Global Dividend Fund | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management fees rr_ManagementFeesOverAssets 0.66% [9]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 1.03% [10]
Total annual fund operating expenses rr_ExpensesOverAssets 1.94%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.63%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.31%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 701
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,092
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,507
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,661
Annual Return 2014 rr_AnnualReturn2014 4.37%
Annual Return 2015 rr_AnnualReturn2015 (2.53%)
Annual Return 2016 rr_AnnualReturn2016 6.77%
1 Year rr_AverageAnnualReturnYear01 0.63%
Since Inception rr_AverageAnnualReturnSinceInception 4.23%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Global Dividend Fund | Class B  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 5.00% [7]
Management fees rr_ManagementFeesOverAssets 0.66% [9]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 1.03% [10]
Total annual fund operating expenses rr_ExpensesOverAssets 2.69%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.63%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 2.06%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 709
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,076
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,569
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,794
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 209
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 776
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,369
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,794
1 Year rr_AverageAnnualReturnYear01 1.03%
Since Inception rr_AverageAnnualReturnSinceInception 4.40%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Global Dividend Fund | Class C  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [4]
Management fees rr_ManagementFeesOverAssets 0.66% [9]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 1.03% [10]
Total annual fund operating expenses rr_ExpensesOverAssets 2.69%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.63%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 2.06%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 309
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 776
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,369
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,976
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 209
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 776
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,369
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,976
1 Year rr_AverageAnnualReturnYear01 5.01%
Since Inception rr_AverageAnnualReturnSinceInception 5.10%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Global Dividend Fund | Class M  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.50%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.66% [9]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.75%
Other expenses rr_OtherExpensesOverAssets 1.03% [10]
Total annual fund operating expenses rr_ExpensesOverAssets 2.44%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.63%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.81%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 527
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,026
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,550
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,983
1 Year rr_AverageAnnualReturnYear01 2.58%
Since Inception rr_AverageAnnualReturnSinceInception 4.39%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Global Dividend Fund | Class Y  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.66% [9]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 1.03% [10]
Total annual fund operating expenses rr_ExpensesOverAssets 1.69%
Expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.63%) [2]
Total annual fund operating expenses after expense reimbursement rr_NetExpensesOverAssets 1.06%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 108
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 471
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 859
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,945
1 Year rr_AverageAnnualReturnYear01 7.03%
Since Inception rr_AverageAnnualReturnSinceInception 6.15%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Global Dividend Fund | after taxes on distributions | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.16%)
Since Inception rr_AverageAnnualReturnSinceInception 3.22%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Global Dividend Fund | after taxes on distributions and sale of fund shares | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.96%
Since Inception rr_AverageAnnualReturnSinceInception 3.17%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
Putnam Global Dividend Fund | MSCI World Index (ND) (no deduction for fees, expenses or taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.51%
Since Inception rr_AverageAnnualReturnSinceInception 7.61%
Inception Date rr_AverageAnnualReturnInceptionDate Mar. 18, 2013
[1] Applies only to certain redemptions of shares bought with no initial sales charge.
[2] Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through March 30, 2018. This obligation may be modified or discontinued only with approval of the Board of Trustees.
[3] This charge is phased out over two years.
[4] This charge is eliminated after one year.
[5] Other expenses are based on expenses of class A shares for the fund's last fiscal year.
[6] Class T shares were not outstanding during the time periods shown. Performance for class T shares is derived from the historical performance of class A shares, adjusted for the higher initial sales charge currently applicable to class T shares.
[7] This charge is phased out over six years.
[8] Class T shares were not outstanding during the time periods shown. Performance shown for class T shares is derived from the historical performance of class A shares, adjusted for the lower initial sales charge currently applicable to class T shares
[9] Management fees reflect a performance adjustment. The fund's base management fee is subject to adjustment, up or down, based on the fund's performance relative to the performance of the MSCI World Index (ND). For the most recent fiscal year, the fund's base management fee prior to any performance adjustment was 0.695%.
[10] Restated to reflect current fees resulting from a change to the fund's investor servicing arrangements effective September 1, 2016.
XML 18 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 19 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 21 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 40 81 1 true 33 0 false 2 false true R1.htm 00000003 - Document - Putnam Emerging Markets Income Fund Summary {Unlabeled} Sheet http://putnam.com/role/PutnamEmergingMarketsIncomeFundSummaryUnlabeled Putnam Emerging Markets Income Fund Summary 1 false true R2.htm 00000004 - Document - Putnam Global Dividend Fund Summary {Unlabeled} Sheet http://putnam.com/role/PutnamGlobalDividendFundSummaryUnlabeled Putnam Global Dividend Fund Summary 2 false true R3.htm 00000005 - Document - Putnam Intermediate-Term Municipal Income Fund Summary {Unlabeled} Sheet http://putnam.com/role/PutnamIntermediate-termMunicipalIncomeFundSummaryUnlabeled Putnam Intermediate-Term Municipal Income Fund Summary 3 false true R4.htm 00000006 - Document - Putnam Short-Term Municipal Income Fund Summary {Unlabeled} Sheet http://putnam.com/role/PutnamShort-termMunicipalIncomeFundSummaryUnlabeled Putnam Short-Term Municipal Income Fund Summary 4 false false R5.htm 010000 - Document - Risk/Return Summary {Unlabeled} Sheet http://xbrl.sec.gov/rr/role/RiskReturn Risk/Return Summary 5 false false R12.htm 040000 - Disclosure - Risk/Return Detail Data {Elements} Sheet http://xbrl.sec.gov/rr/role/RiskReturnDetailData Risk/Return Detail Data 6 false false All Reports Book All Reports pft-20160331.xml pft-20160331.xsd pft-20160331_def.xml pft-20160331_lab.xml pft-20160331_pre.xml BarChart1.png BarChart2.png BarChart3.png BarChart4.png true false ZIP 23 0000928816-17-001211-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000928816-17-001211-xbrl.zip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end