12 Putnam funds have earned 4- or 5-star Overall Morningstar Ratings™ as of 10/31/19.

Morningstar ratings can help you see how Putnam pursues superior, risk-adjusted long-term performance with active investment strategies across all asset classes. The following class A shares of the funds below have achieved 4- or 5-star overall ratings according to Morningstar. Learn more about 4- and 5-star rated funds.

Explore the funds below and let us know if you have any questions.

What the Morningstar star rating means

The fund was in the top 10% of the category for risk-adjusted return

The fund was in the top 32.5% of the category for risk-adjusted return

EQUITY FUNDS

FIXED-INCOME FUNDS

OTHER FUNDS

What are 4- and 5-star rated funds?

Morningstar, a leading independent investment research firm, reviews and evaluates mutual funds within their categories, such as Intermediate-Term Bond funds or World Stock funds. The star rating is based on risk-adjusted returns, which means the rating system equalizes the risk levels of funds before comparing them. A raw score is calculated for funds and then it is converted into a star rating of between 1 and 5 stars for each fund. As you might imagine, 5-star mutual funds have achieved the greatest risk-adjusted return during the review period for that particular category. Star ratings will fluctuate, as they are based on the performance over very specific time periods and are re-calculated monthly.