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PUTNAM FUNDS TRUST
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<b>Fund Summaries</b>
<b>Fund Summary</b>
<b>Fund Summary</b>
<b>Goal</b>
<b>Goal</b>
<b>Goal</b>
Putnam Capital
Spectrum Fund seeks total return.
Putnam Equity
Spectrum Fund seeks capital appreciation.
Putnam Multi-Cap
Core Fund seeks capital appreciation.
<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 $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 24 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 24 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 12 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).
<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)
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<b>Annual fund operating expenses </b><i><br />(expenses you pay each year as a percentage of the value of your investment)
<b>Annual fund operating expenses </b><i><br />(expenses you pay each year as a percentage of the value of your investment)
<b>Annual fund operating expenses </b><i><br />(expenses you pay each year as a percentage of the value of your investment)
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<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’s operating expenses remain
the same. 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’s operating expenses remain
the same. 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’s operating expenses remain
the same. Your actual costs may be higher or lower
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<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 “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 2%.
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 3%.
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 80%.
<b>Investments,
risks, and performance</b><br />
<br />
<b>Investments</b>
<b>Investments,
risks, and performance</b><br />
<br />
<b>Investments</b>
<b>Investments,
risks, and performance</b><br />
<br />
<b>Investments</b>
We invest in
equity and fixed-income securities, including floating and fixed rate bank loans and both growth and value stocks, of companies
of any size that we believe have favorable investment potential. The fund is “non-diversified,” which means it may
invest a greater percentage of its assets in fewer issuers than a “diversified” fund. Furthermore, the fund has the
flexibility to focus its investments in particular types of securities. From time to time the fund may, without limit, emphasize
investments in a particular type of security (i.e., in a particular part of the capital structure) at various points during a credit
cycle. This may mean that the fund may invest only modestly, or not at all, in fixed-income or equity securities at any given time.
In recent years, a significant majority of the fund’s investments have consisted of equity securities.<br />
<br />
We expect to
invest in leveraged companies, which employ significant leverage in their capital structure through borrowing from banks or other
lenders or through issuing fixed-income, convertible or preferred equity securities, and whose fixed income securities are often
rated below-investment-grade (sometimes referred to as “junk bonds”). We may also invest in fixed income securities
of other issuers, in securitized debt instruments (such as mortgage- and asset-backed securities), and in companies
that are not leveraged. 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
equity investments, and, among other factors, credit, interest rate and prepayment risks, as well as general market conditions,
when deciding whether to buy or sell fixed income investments. We may also engage in short sales of securities.<br />
<br />
We may invest
in securities that are purchased in private placements, which are illiquid because they are subject to restrictions on resale.
We invest in
equity securities of companies of any size, including both growth and value stocks, that we believe have favorable investment potential.
Under normal circumstances, we invest at least 80% of the fund’s net assets in equity investments, including common stocks,
preferred stocks, convertible securities and warrants. This policy may be changed only after 60 days’ notice to shareholders.
For purposes of this policy, the fund treats short sales of equity securities as investments in the equity securities sold short.<br />
<br />
The fund is
“non-diversified,” which means it may invest a greater percentage of its assets in fewer issuers than a “diversified”
fund.<br />
<br />
We expect to
invest in leveraged companies, which employ significant leverage in their capital structure through borrowing from banks or other
lenders or through issuing fixed-income, convertible or preferred equity securities, and whose fixed income securities are often
rated below-investment-grade (sometimes referred to as “junk bonds”).<br />
<br />
We may also
invest in companies that are not leveraged. 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 engage in short sales of securities. We may invest in securities that are purchased in
private placements, which are illiquid because they are subject to restrictions on resale.
We invest mainly
in common stocks (growth or value stocks or both) of U.S. companies of any size that we believe have favorable investment potential.
For example, we may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company.
We may also consider other factors we believe will cause the stock price to 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.
<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
securities 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, in the case of bonds, perceptions about the risk of
default and expectations about changes in monetary policy or interest rates), 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, particularly for larger investments. Growth stocks may be more susceptible
to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies.
The fund will be more susceptible to these risks than other funds because it concentrates its investments in a limited number of
issuers and currently focuses its investments in particular sectors. For example, because the fund currently invests significantly
in certain companies in the communication services and health care sectors, the fund may perform poorly as a result of adverse
developments affecting those companies or sectors. The fund may focus its investments in other sectors in the future, in which
case it would be exposed to risks relating to those sectors.<br />
<br />
As a non-diversified
fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the value
of the securities that it holds.<br />
<br />
The risks associated
with bond investments include interest rate risk, which means the prices of the fund’s investments are 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. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally
greater for below-investment-grade bonds, which may be considered speculative. Mortgage- and other asset-backed investments carry
the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We
may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments
with less attractive terms and yields.<br />
<br />
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’s investments in leveraged
companies, the fund’s “non-diversified” status and the fund’s use of short selling can increase the risks
of investing in the fund.<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’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, particularly for larger investments. Growth stocks may be more susceptible to
earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies.
The fund will be more susceptible to these risks than other funds because it concentrates its investments in a limited number of
issuers and currently focuses its investments in particular sectors. For example, because the fund currently invests significantly
in certain companies in the communication services and health care sectors, the fund may perform poorly as a result of adverse
developments affecting those companies or sectors. The fund may focus its investments in other sectors in the future, in which
case it would be exposed to risks relating to those sectors.<br />
<br />
As a non-diversified
fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values
of the securities it holds.<br />
<br />
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.<br />
<br />
The fund’s
investments in leveraged companies, the fund’s “non-diversified” status and the fund’s use of short selling
can increase the risks of investing in the fund.<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’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 or industry. These and other factors may lead to increased volatility and reduced liquidity
in the fund’s portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and value stocks may
fail to rebound. These risks are generally greater for small and midsize companies.<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.
<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’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’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’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.
<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>
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Year-to-date performance<br />
<b>through 6/30/18 </b> −4.05%<br />
<br />
Best calendar quarter<br />
<b>Q1 2012</b>   14.90%
<br /><br />Worst calendar quarter<br />
<b>Q3 2011</b> −16.17%
Year-to-date performance<br />
<b>through 6/30/18 </b> 2.27%<br />
<br />
Best calendar quarter<br />
<b>Q1 2012</b>   17.31%
<br /><br />Worst calendar quarter<br />
<b>Q3 2011</b> −16.51%
Year-to-date performance<br />
<b>through 6/30/18 </b> 1.32%<br />
<br />
Best calendar quarter<br />
<b>Q1 2012</b>  15.36%
<br /><br />Worst calendar quarter<br />
<b>Q3 2011</b> −17.17%
<b>Average annual total returns after sales charges <br />
</b><i>(for periods ending 12/31/17)</i>
<b>Average annual total returns after sales charges </b><i><br />
(for periods ending 12/31/17)</i>
<b>Average annual total returns after sales charges </b><i>(for periods ending 12/31/17)</i>
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The Putnam Capital
Spectrum Blended Index is an unmanaged index administered by Putnam Management, 50% of which is the S&P 500 Index and 50% of
which is the JPMorgan Developed High Yield Index.<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’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.<br />
<br />
Class B share
performance reflects conversion to class A shares after 8 years.
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.<br />
<br />
Class B share
performance reflects conversion to class A shares after 8 years.
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.
0.0575
0
0
0.0350
0
0
0.0575
0
0
0.0350
0
0
0.0575
0
0
0.0350
0
0
0
0
0
0
0
0
0
0
0
0
0
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0025
0.0100
0.0100
0.0075
0.0050
0.0025
0.0100
0.0100
0.0075
0.0050
0.0025
0.0100
0.0100
0.0075
0.0050
0.0018
0.0018
0.0018
0.0018
0.0018
0.0018
0.0024
0.0024
0.0024
0.0024
0.0024
0.0024
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0001
0.0066
0.0141
0.0141
0.0116
0.0091
0.0041
0.0039
0.0114
0.0114
0.0089
0.0064
0.0014
0.0102
0.0177
0.0177
0.0152
0.0127
0.0067
0.0077
0.02
0.03
0.80
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 24 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 24 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 12 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).
50000
50000
50000
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.
As a non-diversified
fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the value
of the securities that it holds.
As a non-diversified
fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the value
of the securities that it holds.
As a non-diversified
fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the value
of the securities that it holds.
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.
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 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 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.
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.
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.
0.2164
0.2359
0.0877
0.0917
0.0021
0.2413
0.2429
0.1810
0.3551
0.4455
0.4156
0.1196
0.0610
0.1355
-0.0899
-0.1396
-0.0312
0.0246
0.0400
0.1333
0.0454
0.0663
0.2368
-0.0147
-0.0126
0.0275
0.0036
0.0429
0.0481
0.0050
0.0083
0.0485
0.0236
0.0634
0.0689
0.1657
0.1777
0.2179
0.1880
0.2339
0.2401
-0.0147
-0.0083
0.1466
0.0050
0.0028
0.2183
0.1588
0.0992
0.0687
0.0702
0.0733
0.0684
0.0787
0.0842
0.0664
0.0680
0.0710
0.0660
0.0763
0.0818
0.1552
0.1581
0.1602
0.1550
0.1662
0.1720
0.0600
0.0525
0.1103
0.0586
0.0506
0.1579
0.1444
0.1207
0.1309
0.1308
0.1302
0.1283
0.1359
0.1415
0.1400
0.1399
0.1393
0.1374
0.1450
0.1508
0.1544
0.1553
0.1553
0.1525
0.1611
0.1668
0.1203
0.1052
0.1374
0.1310
0.1142
0.1574
0.1417
0.1218
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2010-09-24
2010-09-24
2010-09-24
2010-09-24
2010-09-24
2010-09-24
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2009-05-18
2010-09-24
2010-09-24
639
644
244
464
93
42
613
616
216
438
65
14
673
680
280
499
129
68
79
774
747
447
706
291
132
693
662
362
624
205
45
881
857
557
813
403
214
246
922
972
772
967
505
231
782
828
628
826
357
79
1106
1159
959
1150
697
373
428
1352
1488
1692
1711
1121
519
1040
1177
1387
1409
799
180
1751
1886
2084
2099
1534
835
954
144
144
116
116
180
180
447
447
362
362
557
557
772
772
628
628
959
959
1488
1692
1177
1387
1886
2084
Year-to-date performance
Year-to-date performance
Year-to-date performance
2018-06-30
2018-06-30
2018-06-30
-0.0405
0.0227
0.0132
Best calendar quarter
Best calendar quarter
Best calendar quarter
2012-03-31
2012-03-31
2012-03-31
0.1490
0.1731
0.1536
Worst calendar quarter
Worst calendar quarter
Worst calendar quarter
2011-09-30
2011-09-30
2011-09-30
-0.1617
-0.1651
-0.1717
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.
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.
Other expenses are based on expenses of class Y shares for the fund's last fiscal year, restated to reflect current fees
and adjusted to reflect the lower investor servicing fees applicable to class R6 shares.
Putnam Spectrum Funds
Applies only to certain redemptions of shares bought with no initial sales charge.
This charge is phased out over six years.
This charge is eliminated after one year.
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 a 50/50 blend (balanced daily) of the S&P 500 Index and JPMorgan Developed High Yield Index. For the most recent fiscal year, the fund's base management fee prior to any performance adjustment was 0.72%.
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 S&P 500 Index. Management fees for the most recent fiscal year are negative because the fund's negative performance adjustment exceeded the fund's base management fee. For the most recent fiscal year, the fund's base management fee prior to any performance adjustment was 0.72%.
Restated to reflect current fees.
Other expenses are based on expenses of class Y shares for the fund's last fiscal year, restated to reflect current fees and adjusted to reflect the lower investor servicing fees applicable to class R6 shares.
Performance for class R6 shares prior to its inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it, returns would have been higher.
Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell(R) is a trademark of Frank Russell Company.