SUPPLEMENT DATED SEPTEMBER 26, 2024
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
OF PUTNAM FLOATING RATE INCOME FUND
Effective September 30, 2024, the following changes are made to the Fund’s Summary Prospectus, Prospectus and SAI:
| 1) | The following replaces all references to Norman Boucher and Robert Salvin in the section titled “Your fund’s management – Portfolio managers” in the Fund’s Summary Prospectus and Prospectus: |
Reema Agarwal, CFA, Portfolio Manager, portfolio manager
of the fund since 2024.
Margaret Chiu, CFA, Portfolio Manager, portfolio manager of the fund since 2024.
Justin Ma, CFA, Portfolio Manager, portfolio manager of the fund since 2024.
| 2) | The following replaces all references to Norman Boucher and Robert Salvin in the section titled “Who oversees and manages the fund? – Portfolio managers” in the Fund’s Prospectus: |
| Portfolio managers | Joined fund | Employer | Positions over past five years |
| Reema Agarwal, CFA | 2024 |
Franklin Advisers 2004-Present |
Portfolio Manager |
| Margaret Chiu, CFA | 2024 |
Franklin Advisers 2012-Present |
Portfolio Manager |
| Justin Ma, CFA | 2024 |
Franklin Advisers 2006-Present |
Portfolio Manager |
| 3) | The following replaces all references to Norman Boucher and Robert Salvin in the table in the section titled “PORTFOLIO MANAGERS – Other accounts managed” in the Fund’s SAI: |
| Portfolio managers | Other SEC-registered open-end and closed-end funds | Other accounts that pool assets from more than one client | Other accounts (including separate accounts, managed account programs and single-sponsor defined contribution plan offerings) | |||
| Number of accounts | Assets | Number of accounts | Assets | Number of accounts | Assets | |
| Reema Agarwal* | 3 | $2,501,600,000 | 1 | $383,200,000 | 1 | $500,000 |
| Margaret Chiu* | 3 | $2,501,600,000 | 1 | $383,200,000 | 1 | $500,000 |
| Justin Ma* | 4 | $2,788,600,000 | 0 | $0 | 0 | $0 |
*Information is provided as of August 31, 2024.
| 4) | The following replaces all references to Norman Boucher and Robert Salvin in the section titled “PORTFOLIO MANAGERS – Ownership of securities” in the Fund’s SAI: |
| Portfolio manager(s) | Dollar range of fund shares owned |
| Reema Agarwal* | None |
| Margaret Chiu* | None |
| Justin Ma* | None |
| *Information is provided as of August 31, 2024. |
Shareholders should retain this Supplement for future reference.
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