Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Class R, R3, R4, R5, and R6 shares, which are available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. The "after sales charge" performance (at public offering price) for class N shares reflects the current maximum initial sales charge of 1.50%. Performance for class A, C, R6, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which has been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. 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 by adjusting for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (note, for two funds - Putnam Tax-Free High Yield Fund and Putnam Strategic Intermediate Municipal Fund performance prior to inception is based on the historical performance of class B shares). Class C share performance reflects a 1% CDSC the first year that is eliminated thereafter. Class B share performance reflects the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, and Putnam Fixed Income Absolute Return Fund for these funds, the CDSC is 1% in the first year, declines to 0.5% in the second year, and is eliminated thereafter). For class A and class M shares, the current maximum initial sales charges are 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds, respectively (with these exceptions: 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).
The "after sales charge" performance (or returns at public offering price) varies by share class and fund.
If performance did reflect the charges, it would be lower. The "before sales charge" performance does not reflect the current maximum sales charges, which we explain below. Performance assumes reinvestment of distributions and does not account for taxes. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results.
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