113 funds with an Overall Morningstar Rating™ of 4 or 5 stars as of  4/30/24*

Morningstar Ratings measure risk-adjusted returns. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) rating metrics.

Download the All-Star Lineup or see our Frequently asked questions about Morningstar ratings.

Below are Putnam funds that received an Overall Morningstar Rating of 4 or 5 stars. To view Franklin Templeton funds, please visit the Morningstar page on Franklin Templeton's website.

Morningstar rating Ranking within category
top 10%
next 22.5%
next 35%
next 22.5%
bottom 10%

Equity Funds

Fixed-income Funds

Asset Allocation Funds

Target Date Funds


*Source: Morningstar®,  4/30/24. For each mutual fund and exchange traded fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund’s monthly performance, and does not take into account the effects of sales charges and loads, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Mutual fund Morningstar Ratings™ are for Class I, Z or Advisor Shares only; other classes may have different performance characteristics. Past performance is not an indicator or a guarantee of future performance. © 2024 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

To find out more information about one of the funds above, click on the fund name to be taken directly to the fund’s page.

Performance data quoted represents past performance, which does not guarantee future results.

All investments involve risk, including possible loss of principal. Please see each product's web page for specific details regarding investment objective, risks, performance, and other important information. Review this information carefully before you make any investment decision.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Putnam Investments is a Franklin Templeton affiliated company.

Putnam funds are not exchangeable for funds distributed by Franklin Distributors, LLC.

Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Frequently asked questions | Morningstar rankings

How is Morningstar's star rating calculated?

The star rating is based on a fund's risk-adjusted return relative to similar funds over three-, five-, and 10-year periods. Morningstar calculates the rating by taking into account a fund's net-of-expenses performance, and risk, among other factors.

What do Morningstar's star ratings mean?

The star ratings evaluate a fund's past performance adjusted for risk. The rating is then assigned to the fund on a scale of one to five stars. The higher the number of stars, the better the fund's performance has been relative to similar funds. Five stars indicate a fund ranks in the top 10% of its peer group. Four stars is the second-highest group, comprising 22.5% of the category. One star indicates a fund ranks in the bottom 10%.

Are Morningstar's star ratings a guarantee of future performance?

No, Morningstar's star ratings are not a guarantee of future performance. The star rating is based on past performance.

How often are Morningstar's star ratings updated?

Morningstar updates the star ratings on a monthly basis. The ratings take into account the latest performance data and can change as a result.

How do fees impact Morningstar rankings?

When determining a fund's star rating, Morningstar evaluates performance net of expenses. Funds with lower fees have a lower hurdle, so to speak, but the performance of a fund sometimes more than makes up for a difference in fees. It's important for investors to consider both a fund's performance and its fees when making investment decisions. Investors may also benefit from consulting with a financial advisor.

Are Morningstar's star ratings influenced by conflicts of interest, such as relationships with fund managers or sponsors?

The star rating system is a quantitative analysis of past performance and does not include subjective inputs. Morningstar has other rating systems for funds that include subjective inputs, but the organization has policies in place to prevent conflicts of interest.

Can investors use Morningstar's star ratings in conjunction with other sources of information when making investment decisions?

Morningstar's star ratings can be a factor to consider in researching funds, but it is important for investors to consider other sources of information as well, as even Morningstar declares. Investors can consider a fund's management, fees, investment objectives, and risks, as well as its performance relative to its peers and its underlying assets. Additionally, investors should be aware that past performance is not a guarantee of future results, and that market conditions can impact a fund's performance. Investors may also benefit from consulting with a financial advisor before making any investment decisions.

Putnam is recognized as a leader in service to shareholders and financial professionals

DALBAR service quality award winner for 33 consecutive years

DALBAR Total Client Experience award winner for 12 consecutive years

DALBAR, Inc. is the financial community's leading independent expert for evaluating, auditing, and rating business practices, customer performance, product quality, and service. Launched in 1976, DALBAR has earned a reputation for consistent and unbiased evaluations of investment companies, registered investment advisers, insurance companies, broker/dealers, retirement plan providers, and financial professionals. DALBAR awards are recognized as marks of excellence in the financial community.