Footnotes:

^1. THE Federal Reserve (“Fed”) is responsible for formulating policies designed to promote economic growth, full employment, price stability and a sustainable model of international trade and payments.

^2. Periods less than one year are presented as cumulative total returns.

^3. The fund’s 30-day SEC yield is calculated using the net income (interest and dividends) per share earned over a rolling 30-day period (annualized), divided by the fund’s share price at the end of that period. . It may not correspond to the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.

What are the risks?

All investments involve risks, including possible loss of principal. Fixed Income Securities involve interest rate, credit, inflation and reinvestment risks, as well as possible loss of principal. As interest rates rise, the value of fixed income securities declines. Low-rated, high-yielding bonds are subject to greater price volatility, illiquidity and the possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to early repayment and extension risks. International investments are subject to particular risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are amplified in emerging markets. Derivative instruments may be illiquid, disproportionately increase losses and have a potentially material impact on performance. Active management does not guarantee gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determining factor in stock selection. Furthermore, the manager cannot evaluate every investment according to ESG criteria, and not all ESG factors can be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

Important information

The information provided does not constitute a complete analysis of all material facts regarding any country, market, sector, security or fund. Because market and economic conditions are subject to change, comments, opinions and analyzes are made as of the date of this material and are subject to change without notice. A portfolio manager’s evaluation of a particular security, investment or strategy does not constitute individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt an investment strategy; it is intended only to provide an overview of the fund’s portfolio selection process. Holdings are subject to change. Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.

On 02/28/23, the fund name changed from Putnam Fixed Income Absolute Return Fund and was repositioned to a core bond strategy.

Before investing, carefully consider a fund’s investment objectives, risks, charges, and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at www.franklintempleton.com. Please read it carefully.

Franklin Templeton. Franklin Distributors, LLC. Member FINRA/SIPC. Prior to August 2, 2024, Putnam Retail Management, LP was a distributor of Putnam funds and services. Putnam Investments is a Franklin Templeton company.

CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute.

Source: FactSet. Important notices and terms of data provider available at www.franklintempletondatasources.com.

^A. Total annual operating expenses are shown in the fund prospectus available at the time of publication. Actual expenses may be higher and impact portfolio returns.

© 2024 Franklin Templeton. All rights reserved.

Not FDIC Insured | No bank guarantee | May lose value