XML 35 R2.htm IDEA: XBRL DOCUMENT v3.24.4
Shareholder Report
 12 Months Ended
Nov. 30, 2024
USD ($)
$ / shares
Shareholder Report [Line Items]  
Document Type N-CSR
Amendment Flag false
Registrant Name Putnam Funds Trust
Entity Central Index Key 0001005942
Entity Investment Company Type N-1A
Document Period End Date Nov. 30, 2024
Class A  
Shareholder Report [Line Items]  
Fund Name Putnam Short-Term Municipal Income Fund
Class Name Class A
Trading Symbol PSMEX
Annual or Semi-Annual Statement [Text Block] This annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2023, to November 30, 2024.
Shareholder Report Annual or Semi-Annual annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
Material Fund Change Notice [Text Block]
This report describes changes to the Fund that occurred during the reporting period.
Additional Information Phone Number (800) 225-1581
Additional Information Website https://www.franklintempleton.com/regulatory-fund-documents
Expenses [Text Block]
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class A
$62
0.61%
[1]
Expenses Paid, Amount $ 62
Expense Ratio, Percent 0.61%
Factors Affecting Performance [Text Block]
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended November 30, 2024, Class A shares of Putnam Short-Term Municipal Income Fund returned 4.01%. The Fund compares its performance to the Bloomberg 3-year Municipal Bond Index, which returned 3.38% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance:
Security Selection in:
↑
Muni bonds with two to six years to maturity
↑
AAA and AA rated bonds
↑
Multi-family housing and pre-refunded bonds
Top detractors from performance:
↓
Security selection in bonds with less than two years to maturity, as well as selection in bonds with eight or more years to maturity
↓
Security selection in prepaid gas sector bonds
↓
Underweight to bonds with no external credit rating
Use of derivatives and the impact on performance:
The Fund utilized U.S. Treasury futures to adjust exposure to interest rates and yield curve positioning. These derivatives minimally contributed to performance over the period.
Performance Past Does Not Indicate Future [Text] The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.
Line Graph [Table Text Block]
image
Average Annual Return [Table Text Block]
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended November 30, 2024
 
1 Year
5 Year
10 Year
Class A
4.01
1.48
1.29
Class A (with sales charge)
1.67
1.02
1.06
Bloomberg Municipal Bond Index
4.93
1.35
2.45
Bloomberg 3-year Municipal Bond Index
3.38
1.18
1.36
No Deduction of Taxes [Text Block] The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Material Change Date Dec. 01, 2023
Updated Performance Information Location [Text Block]
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
Net Assets $ 155,646,461
Holdings Count | $ / shares 172 [2]
Advisory Fees Paid, Amount $ 262,394
Investment Company Portfolio Turnover 38.00%
Additional Fund Statistics [Text Block]
KEY FUND STATISTICS (as of November 30, 2024)
Total Net Assets
$155,646,461
Total Number of Portfolio Holdings*
172
Total Management Fee Paid
$262,394
Portfolio Turnover Rate
38%
[2]
Holdings [Text Block]
image
 [3]
Material Fund Change [Text Block]
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Templeton”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s then-current investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s then-current sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Putnam Management transferred its management contract for your Fund to Franklin Advisers, Inc. (“Franklin Advisers”), and Franklin Advisers replaced Putnam Management as the investment advisor to your Fund. In connection with the transfer, your Fund’s portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers. Putnam Management also transferred to Franklin Advisers its sub-management agreement with PIL in respect of your Fund. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton. In addition, effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor to your Fund pursuant to a new subadvisory agreement.
Effective November 1, 2024 (the “Effective Date”), PIL, a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited (“FTIML”), a wholly-owned subsidiary of Franklin Templeton (the “Merger”). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund’s Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-adviser of the Fund on the Effective Date.
Effective September 30, 2024, the portfolio managers for the Fund are Benjamin Barber, James Conn, Paul Drury, Garrett Hamilton, Francisco Rivera and Daniel Workman.  
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by April 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or       
funddocuments@putnam.com.
Updated Prospectus Phone Number (800) 225-1581
Updated Prospectus Email Address funddocuments@putnam.com
Updated Prospectus Web Address https://www.franklintempleton.com/regulatory-fund-documents
Class C  
Shareholder Report [Line Items]  
Fund Name Putnam Short-Term Municipal Income Fund
Class Name Class C
Trading Symbol PSMTX
Annual or Semi-Annual Statement [Text Block] This annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2023, to November 30, 2024.
Shareholder Report Annual or Semi-Annual annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
Material Fund Change Notice [Text Block]
This report describes changes to the Fund that occurred during the reporting period.
Additional Information Phone Number (800) 225-1581
Additional Information Website https://www.franklintempleton.com/regulatory-fund-documents
Expenses [Text Block]
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class C
$138
1.36%
[4]
Expenses Paid, Amount $ 138
Expense Ratio, Percent 1.36%
Factors Affecting Performance [Text Block]
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended November 30, 2024, Class C shares of Putnam Short-Term Municipal Income Fund returned 3.23%. The Fund compares its performance to the Bloomberg 3-year Municipal Bond Index, which returned 3.38% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance:
Security Selection in:
↑
Muni bonds with two to six years to maturity
↑
AAA and AA rated bonds
↑
Multi-family housing and pre-refunded bonds
Top detractors from performance:
↓
Security selection in bonds with less than two years to maturity, as well as selection in bonds with eight or more years to maturity
↓
Security selection in prepaid gas sector bonds
↓
Underweight to bonds with no external credit rating
Use of derivatives and the impact on performance:
The Fund utilized U.S. Treasury futures to adjust exposure to interest rates and yield curve positioning. These derivatives minimally contributed to performance over the period.
Performance Past Does Not Indicate Future [Text] The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.
Line Graph [Table Text Block]
image
Average Annual Return [Table Text Block]
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended November 30, 2024
 
1 Year
5 Year
10 Year
Class C
3.23
0.71
0.73
Class C (with sales charge)
2.23
0.71
0.73
Bloomberg Municipal Bond Index
4.93
1.35
2.45
Bloomberg 3-year Municipal Bond Index
3.38
1.18
1.36
No Deduction of Taxes [Text Block] The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Material Change Date Dec. 01, 2023
Updated Performance Information Location [Text Block]
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
Net Assets $ 155,646,461
Holdings Count | $ / shares 172 [5]
Advisory Fees Paid, Amount $ 262,394
Investment Company Portfolio Turnover 38.00%
Additional Fund Statistics [Text Block]
KEY FUND STATISTICS (as of November 30, 2024)
Total Net Assets
$155,646,461
Total Number of Portfolio Holdings*
172
Total Management Fee Paid
$262,394
Portfolio Turnover Rate
38%
[5]
Holdings [Text Block]
image
 [6]
Material Fund Change [Text Block]
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Templeton”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s then-current investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s then-current sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Putnam Management transferred its management contract for your Fund to Franklin Advisers, Inc. (“Franklin Advisers”), and Franklin Advisers replaced Putnam Management as the investment advisor to your Fund. In connection with the transfer, your Fund’s portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers. Putnam Management also transferred to Franklin Advisers its sub-management agreement with PIL in respect of your Fund. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton. In addition, effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor to your Fund pursuant to a new subadvisory agreement.
Effective November 1, 2024 (the “Effective Date”), PIL, a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited (“FTIML”), a wholly-owned subsidiary of Franklin Templeton (the “Merger”). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund’s Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-adviser of the Fund on the Effective Date.
Effective September 30, 2024, the portfolio managers for the Fund are Benjamin Barber, James Conn, Paul Drury, Garrett Hamilton, Francisco Rivera and Daniel Workman.  
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by April 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or       
funddocuments@putnam.com.
Updated Prospectus Phone Number (800) 225-1581
Updated Prospectus Email Address funddocuments@putnam.com
Updated Prospectus Web Address https://www.franklintempleton.com/regulatory-fund-documents
Class R6  
Shareholder Report [Line Items]  
Fund Name Putnam Short-Term Municipal Income Fund
Class Name Class R6
Trading Symbol PYSTX
Annual or Semi-Annual Statement [Text Block] This annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2023, to November 30, 2024.
Shareholder Report Annual or Semi-Annual annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
Material Fund Change Notice [Text Block]
This report describes changes to the Fund that occurred during the reporting period.
Additional Information Phone Number (800) 225-1581
Additional Information Website https://www.franklintempleton.com/regulatory-fund-documents
Expenses [Text Block]
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class R6
$34
0.33%
[7]
Expenses Paid, Amount $ 34
Expense Ratio, Percent 0.33%
Factors Affecting Performance [Text Block]
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended November 30, 2024, Class R6 shares of Putnam Short-Term Municipal Income Fund returned 4.30%. The Fund compares its performance to the Bloomberg 3-year Municipal Bond Index, which returned 3.38% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance:
Security Selection in:
↑
Muni bonds with two to six years to maturity
↑
AAA and AA rated bonds
↑
Multi-family housing and pre-refunded bonds
Top detractors from performance:
↓
Security selection in bonds with less than two years to maturity, as well as selection in bonds with eight or more years to maturity
↓
Security selection in prepaid gas sector bonds
↓
Underweight to bonds with no external credit rating
Use of derivatives and the impact on performance:
The Fund utilized U.S. Treasury futures to adjust exposure to interest rates and yield curve positioning. These derivatives minimally contributed to performance over the period.
Performance Past Does Not Indicate Future [Text] The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.
Line Graph [Table Text Block]
image
Average Annual Return [Table Text Block]
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended November 30, 2024
 
1 Year
5 Year
10 Year
Class R6
4.30
1.74
1.56
Bloomberg Municipal Bond Index
4.93
1.35
2.45
Bloomberg 3-year Municipal Bond Index
3.38
1.18
1.36
No Deduction of Taxes [Text Block] The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Material Change Date Dec. 01, 2023
Updated Performance Information Location [Text Block]
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
Net Assets $ 155,646,461
Holdings Count | $ / shares 172 [8]
Advisory Fees Paid, Amount $ 262,394
Investment Company Portfolio Turnover 38.00%
Additional Fund Statistics [Text Block]
KEY FUND STATISTICS (as of November 30, 2024)
Total Net Assets
$155,646,461
Total Number of Portfolio Holdings*
172
Total Management Fee Paid
$262,394
Portfolio Turnover Rate
38%
[8]
Holdings [Text Block]
image
 [9]
Material Fund Change [Text Block]
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Templeton”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s then-current investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s then-current sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Putnam Management transferred its management contract for your Fund to Franklin Advisers, Inc. (“Franklin Advisers”), and Franklin Advisers replaced Putnam Management as the investment advisor to your Fund. In connection with the transfer, your Fund’s portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers. Putnam Management also transferred to Franklin Advisers its sub-management agreement with PIL in respect of your Fund. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton. In addition, effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor to your Fund pursuant to a new subadvisory agreement.
Effective November 1, 2024 (the “Effective Date”), PIL, a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited (“FTIML”), a wholly-owned subsidiary of Franklin Templeton (the “Merger”). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund’s Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-adviser of the Fund on the Effective Date.
Effective September 30, 2024, the portfolio managers for the Fund are Benjamin Barber, James Conn, Paul Drury, Garrett Hamilton, Francisco Rivera and Daniel Workman.  
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by April 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or       
funddocuments@putnam.com.
Updated Prospectus Phone Number (800) 225-1581
Updated Prospectus Email Address funddocuments@putnam.com
Updated Prospectus Web Address https://www.franklintempleton.com/regulatory-fund-documents
Class Y  
Shareholder Report [Line Items]  
Fund Name Putnam Short-Term Municipal Income Fund
Class Name Class Y
Trading Symbol PSMYX
Annual or Semi-Annual Statement [Text Block] This annual shareholder report contains important information about Putnam Short-Term Municipal Income Fund for the period December 1, 2023, to November 30, 2024.
Shareholder Report Annual or Semi-Annual annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
Material Fund Change Notice [Text Block]
This report describes changes to the Fund that occurred during the reporting period.
Additional Information Phone Number (800) 225-1581
Additional Information Website https://www.franklintempleton.com/regulatory-fund-documents
Expenses [Text Block]
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class Y
$37
0.36%
[10]
Expenses Paid, Amount $ 37
Expense Ratio, Percent 0.36%
Factors Affecting Performance [Text Block]
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended November 30, 2024, Class Y shares of Putnam Short-Term Municipal Income Fund returned 4.27%. The Fund compares its performance to the Bloomberg 3-year Municipal Bond Index, which returned 3.38% for the same period.
PERFORMANCE HIGHLIGHTS
Top contributors to performance:
Security Selection in:
↑
Muni bonds with two to six years to maturity
↑
AAA and AA rated bonds
↑
Multi-family housing and pre-refunded bonds
Top detractors from performance:
↓
Security selection in bonds with less than two years to maturity, as well as selection in bonds with eight or more years to maturity
↓
Security selection in prepaid gas sector bonds
↓
Underweight to bonds with no external credit rating
Use of derivatives and the impact on performance:
The Fund utilized U.S. Treasury futures to adjust exposure to interest rates and yield curve positioning. These derivatives minimally contributed to performance over the period.
Performance Past Does Not Indicate Future [Text] The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.
Line Graph [Table Text Block]
image
Average Annual Return [Table Text Block]
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended November 30, 2024
 
1 Year
5 Year
10 Year
Class Y
4.27
1.74
1.55
Bloomberg Municipal Bond Index
4.93
1.35
2.45
Bloomberg 3-year Municipal Bond Index
3.38
1.18
1.36
No Deduction of Taxes [Text Block] The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Material Change Date Dec. 01, 2023
Updated Performance Information Location [Text Block]
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
Net Assets $ 155,646,461
Holdings Count | $ / shares 172 [11]
Advisory Fees Paid, Amount $ 262,394
Investment Company Portfolio Turnover 38.00%
Additional Fund Statistics [Text Block]
KEY FUND STATISTICS (as of November 30, 2024)
Total Net Assets
$155,646,461
Total Number of Portfolio Holdings*
172
Total Management Fee Paid
$262,394
Portfolio Turnover Rate
38%
[11]
Holdings [Text Block]
image
 [12]
Material Fund Change [Text Block]
HOW HAS THE FUND CHANGED?
On May 31, 2023, Franklin Resources, Inc. (“Franklin Templeton”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s then-current investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s then-current sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts are identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.
Effective July 15, 2024, Putnam Management transferred its management contract for your Fund to Franklin Advisers, Inc. (“Franklin Advisers”), and Franklin Advisers replaced Putnam Management as the investment advisor to your Fund. In connection with the transfer, your Fund’s portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers. Putnam Management also transferred to Franklin Advisers its sub-management agreement with PIL in respect of your Fund. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton. In addition, effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor to your Fund pursuant to a new subadvisory agreement.
Effective November 1, 2024 (the “Effective Date”), PIL, a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited (“FTIML”), a wholly-owned subsidiary of Franklin Templeton (the “Merger”). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund’s Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-adviser of the Fund on the Effective Date.
Effective September 30, 2024, the portfolio managers for the Fund are Benjamin Barber, James Conn, Paul Drury, Garrett Hamilton, Francisco Rivera and Daniel Workman.  
This is a summary of certain changes to the Fund since December 1, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by April 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or       
funddocuments@putnam.com.
Updated Prospectus Phone Number (800) 225-1581
Updated Prospectus Email Address funddocuments@putnam.com
Updated Prospectus Web Address https://www.franklintempleton.com/regulatory-fund-documents
[1]
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
[2]
* Includes derivatives, if applicable.
[3]
Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time.
[4]
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
[5]
* Includes derivatives, if applicable.
[6]
Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time.
[7]
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
[8]
* Includes derivatives, if applicable.
[9]
Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time.
[10]
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
[11]
* Includes derivatives, if applicable.
[12]
Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time.