Footnotes:
1. The Federal Reserve (“Fed”) is responsible for the formulation of policies designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.
2. The Bloomberg US Corporates 1-3 Years Index is a market value-weighted fixed income index comprised of investment grade, fixed-rate, taxable corporate bond issues whose maturity ranges between one and three years. Source: Bloomberg.
3. Periods shorter than one year are shown as cumulative total returns.
4. The fund’s 30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal 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, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance.
Active management does not ensure 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 determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
The information provided is not a complete analysis of every material fact regarding any country, market, industry, security or fund. Because market and economic conditions are subject to change, comments, opinions and analyses are rendered as of the date of this material and may change without notice. A portfolio manager’s assessment of a particular security, investment or strategy is not intended as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy; it is intended only to provide insight into the fund’s portfolio selection process. Holdings are subject to change. Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.
Before June 1, 2018, the fund was managed with a materially different investment strategy and may have achieved materially different performance results.
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 served as distributor of Putnam funds and services. Putnam Investments is a Franklin Templeton company.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Source: FactSet. Important data provider notices and terms available at www.franklintempletondatasources.com.
a. The total annual operating expenses are as of the fund’s prospectus available at the time of publication. Actual expenses may be higher and may impact portfolio returns.
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Not FDIC Insured | No Bank Guarantee | May Lose Value
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