Pricing and performance

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund and Putnam Absolute Return 100 Fund and 300 Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, which is 3% in the first year, declining to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T1, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y and T1 shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Performance for class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

For Putnam Europe Equity Fund, Fund for Growth and Income, Global Equity Fund, Growth Opportunities Fund, International Equity Fund, International Growth Fund, Investors Fund, Multi-Cap Growth Fund, and Research Fund, recent performance may have benefited from one or more legal settlements.

Money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. Although these funds seek to maintain a constant share price of $1.00, it is possible to lose money by investing in these funds.

* Note that prices, change, and YTD performance rate are updated and verified throughout the evening, beginning with the market's close. Data may not be final until 12 hours or more after yesterday's market close.

 Reflects large one-time start-up costs relative to assets.

  Yesterday's close (02/28/17) * Avg. ann. total returns as of:
Price Chg. YTD 1 mt. 1 yr. 3 yrs. 5 yrs. 10 yrs./
Total expense ratio Yields as of 01/31/17
(30-day SEC yield after sales charge unless noted)