Source: Barron's, "The Best Fund Families of 2020," February 22, 2021. Putnam ranked in the top 10 for 10-year performance with complete rankings as follows: 22 out of 53, 14 out of 50, and 3 out of 44 fund families for the 1-, 5-, and 10-year periods ending December 31, 2020, respectively. Barron's rankings are based on asset-weighted net-of-management-fee returns in five categories - U.S. equity funds; world equity funds (including international and global portfolios); mixed equity funds (which invest in stocks, bonds, and other securities); taxable bond funds; and tax-exempt funds - as calculated by Refinitiv Lipper. Barron's does not include sales charges in calculating returns. Each fund's return is measured against those of all funds in its Refinitiv Lipper category, resulting in a percentile ranking that is then weighted by asset size, relative to the fund family's other assets in its general classification. To be included in the ranking, a firm must have at least three funds in the general equity category, one in the world equity category, one in the mixed-asset category (such as a balanced or target-date fund), two taxable-bond funds, and one national tax-exempt bond fund. Single-sector and country equity funds are factored into the rankings as general equity. The rankings exclude all passive index funds, including pure index, enhanced index, and index-based, but include actively managed ETFs and so-called smart-beta ETFs, which are passively managed but created from active strategies.

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Annualized returns (before sales charge) between % and %

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Morningstar Ratings  (overall): (and above)

Please note: B Shares are closed to new investors

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. 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 4.00% and 3.25% for income funds (2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, 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, Putnam Short Duration Bond Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second 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, N, R, 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 Strategic Intermediate Municipal Fund, which are based on the historical performance of class B shares ). Performance for class A, C, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which have been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. 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 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

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 fund's 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 10–year (if applicable) Morningstar Rating metrics. Data is historical. Past performance is no guarantee of future results.

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.

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

FundVisualizer is a free, advisor-only tool for comparing mutual funds (including ETFs and no-loads) head to head, and from within portfolios.

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