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Compare Putnam funds in FundVisualizer:Select a Putnam fund to compareAMT-Free Municipal FundCalifornia Tax Exempt Income FundCapital Spectrum FundConvertible Securities FundDiversified Income TrustDynamic Asset Allocation Balanced FundDynamic Asset Allocation Conservative FundDynamic Asset Allocation Growth FundDynamic Risk Allocation FundEmerging Markets Equity FundEquity Income FundEquity Spectrum FundEurope Equity FundFixed Income Absolute Return FundFloating Rate Income FundGeorge Putnam Balanced FundGlobal Communications FundGlobal Equity FundGlobal Health Care FundGlobal Income TrustGlobal Industrials FundGlobal Natural Resources FundGlobal Technology FundGovernment Money Market Fund(A Shares)Growth Opportunities FundHigh Yield FundIncome FundIntermediate-Term Municipal Income FundInternational Capital Opportunities FundInternational Equity FundInternational Growth FundInternational Value FundMassachusetts Tax Exempt Income FundMinnesota Tax Exempt Income FundMoney Market Fund(A Shares)Mortgage Securities FundMulti-Asset Absolute Return FundMulti-Cap Core FundNew Jersey Tax Exempt Income FundNew York Tax Exempt Income FundOhio Tax Exempt Income FundPennsylvania Tax Exempt Income FundPutnam PanAgora Managed Futures StrategyPutnam PanAgora Market Neutral FundPutnam PanAgora Risk Parity FundResearch FundRetirement Income Fund Lifestyle 1RetirementReady 2020 FundRetirementReady 2025 FundRetirementReady 2030 FundRetirementReady 2035 FundRetirementReady 2040 FundRetirementReady 2045 FundRetirementReady 2050 FundRetirementReady 2055 FundRetirementReady 2060 FundShort Duration Bond FundShort-Term Municipal Income FundSmall Cap Growth FundSmall Cap Value FundSustainable Future FundSustainable Leaders FundTax Exempt Income FundTax-Free High Yield FundUltra Short Duration Income Fund

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Learn more about theadvantages of absolute return investing

Annualized returns (before sales charge) as of 03/31/19

Annualized returns (after sales charge) as of 03/31/19

Cumulative returns (before sales charge) as of 03/31/19

Cumulative returns (after sales charge) as of 03/31/19

Up-market capture ratio (A and Y shares only)

Down-market capture ratio (A and Y shares only)

Please note: B Shares are closed to new investors

The benchmark shown is a best fit benchmark assigned by Morningstar. Morningstar does not calculate benchmark performance for funds with a blended, or combined primary benchmark. For more information on the Funds benchmark, please click on the prospectus link above.

Morningstar data is shown as of the most recent reporting period by each fund family. Allocations may not equal 100% and will vary overtime. Assets contained within Other category are not classified by Morningstar. All information presented in this tool is for informational purposes only and is not intended to be investment advice. The information is not meant to be an offer to sell or a recommendation to buy any investment product. Unless otherwise noted, performance is shown before sales charge. For more fund information, click the prospectuses button.

All information is historical and not indicative of future results. Current performance may be lower or higher than the quoted past performance, which cannot guarantee results. Share price, principal value, and return will vary, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. After-sales-charge returns reflect the maximum sales charge applicable to the fund, which can be found within theTable Chart. Performance may not reflect any expense limitation or subsidies currently in effect. Short-term trading fees may apply. To obtain the most recent month-end performance, visit .

For informational purposes only. Not an investment recommendation.

Not FDIC insured May lose value No bank guarantee

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 m.

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 Multi-Asset Absolute Return Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund and Putnam Short Duration Bond Fund and Fixed Income Absolute Return 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, T, 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 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 T shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results. Rankings for other periods can be found on the Facts & Rankings tab.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads, and redemption fees), 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3, 5, and 10year (if applicable) Morningstar Rating metrics. Data is historical. Past performance is no guarantee of future results. Rankings for other periods can be found on the Facts & Rankings tab.

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