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Preservation of capital is a secondary goal. Fees and expenses <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in <span style="font-style: italic;">How do I buy fund shares?</span> beginning on page 21 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-style: italic;">How to buy shares</span> beginning on page 17 of the fund’s Statement of Additional Information (“SAI”).</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Putnam funds. 100000 Shareholder Fees (fees paid directly from your investment) 0.0225 0.0100 0 0.0100 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) 0.0054 0.0025 0.0019 0.0098 0.0054 0.0100 0.0019 0.0173 0.0054 0.0050 0.0019 0.0123 0.0054 0 0.0013 0.0067 0.0054 0 0.0019 0.0073 Example <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.</div> 323 531 755 1400 276 546 940 1844 176 546 940 1844 125 390 675 1487 68 214 373 834 75 234 407 908 Portfolio turnover <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 34%.</div> 0.34 Investments, risks, and performance Investments <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund invests mainly in corporate loans and debt securities that have floating rates of interest and other corporate debt securities. Under normal circumstances, the fund will invest at least 80% of its net assets in income-producing floating rate loans and other floating rate debt securities. This policy may be changed only after 60 days’ notice to shareholders. The fund invests mainly in obligations of U.S. issuers that are below-investment-grade in quality (having credit characteristics similar to “junk bonds”). The fund may invest up to 25% of its net assets in foreign securities. The fund’s portfolio managers may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. The fund may also use derivatives, such as futures, options, warrants, certain foreign currency transactions, and credit default, total return and interest rate swap contracts for both hedging and non-hedging purposes. The fund’s investments in derivative instruments and other investments that provide exposure to the investment focus indicated in the fund’s 80% policy, or that provide exposure to one or more market risk factors associated with the investment focus indicated in the fund’s name, are included in the fund’s 80% basket.</div> The fund invests mainly in corporate loans and debt securities that have floating rates of interest and other corporate debt securities. Under normal circumstances, the fund will invest at least 80% of its net assets in income-producing floating rate loans and other floating rate debt securities. This policy may be changed only after 60 days’ notice to shareholders. The fund invests mainly in obligations of U.S. issuers that are below-investment-grade in quality (having credit characteristics similar to “junk bonds”). The fund may invest up to 25% of its net assets in foreign securities. The fund’s portfolio managers may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. The fund may also use derivatives, such as futures, options, warrants, certain foreign currency transactions, and credit default, total return and interest rate swap contracts for both hedging and non-hedging purposes. Under normal circumstances, the fund will invest at least 80% of its net assets in income-producing floating rate loans and other floating rate debt securities. This policy may be changed only after 60 days’ notice to shareholders. The fund invests mainly in obligations of U.S. issuers that are below-investment-grade in quality (having credit characteristics similar to “junk bonds”).  The fund may invest up to 25% of its net assets in foreign securities. The fund’s portfolio managers may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. The fund may also use derivatives, such as futures, options, warrants, certain foreign currency transactions, and credit default, total return and interest rate swap contracts for both hedging and non-hedging purposes. The fund’s investments in derivative instruments and other investments that provide exposure to the investment focus indicated in the fund’s 80% policy, or that provide exposure to one or more market risk factors associated with the investment focus indicated in the fund’s name, are included in the fund’s 80% basket. <div style="margin-top: 4pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">It is important to understand that you can lose money by investing in the fund.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Market risk:</span> The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Focus of investments risk:</span> The fund will not invest more than 25% of its total assets in floating rate loans of borrowers in a single industry. However, events that affect banking or related industries may affect the agent banks administering floating rate loans, or any intermediate participants positioned between the fund and the borrower with respect to a loan participation, and may have a significant effect on the fund.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Interest rate risk:</span> The value of the fund’s investments is likely to fall if interest rates rise. Interest rate risk is generally greater for longer-term investments. To the extent the fund holds floating rate loans, interest rate risk may be reduced but will not be eliminated.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Credit risk:</span> Credit risk is the risk that issuers of the fund’s investments may default on payment of interest or principal. Credit risk is generally greater for below-investment-grade bonds (a significant part of the fund’s investments).</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Impairment of collateral risk:</span> While floating rate loans are normally secured by specific collateral or assets of the issuer (so that holders of the loans, such as the fund, will have a priority claim on those assets in the event of default or bankruptcy of the issuer), the value of collateral may be insufficient to meet the issuer’s obligations, and the fund’s access to collateral may be limited by bankruptcy or other insolvency laws.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Floating rate loan liquidity risk:</span> The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for floating rate loan transactions is typically longer than seven days, and it is possible that sale proceeds from floating rate loan transactions will not be available to meet redemption obligations.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Prepayment risk:</span> Most floating rate loans, as well as some other debt securities, allow for prepayment of principal without penalty. If a borrower prepays a loan, the fund might have to reinvest the proceeds in an investment that may have lower yields than the yield on the prepaid loan or might not be able to take advantage of potential gains from increases in the credit quality of the issuer.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Derivatives risk:</span> The fund’s use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues).</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Foreign investments risk:</span> The fund may invest up to 25% of its net assets in securities of foreign issuers. Foreign investments involve certain special risks. For example, their values may decline in response to changes in currency exchange rates, unfavorable political and legal developments, unreliable or untimely information, and economic and financial instability. In addition, the liquidity of these investments may be more limited than for most U.S. investments, which means the fund may at times be unable to sell them at desirable prices. Foreign settlement procedures may also involve additional risks. These risks are generally greater in the case of developing (also known as emerging) markets, which typically have less developed legal and financial systems.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Large shareholder transaction risk:</span> The fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager, as defined below, and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Management and operational risk:</span> There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund.</div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown.</div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 79%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">Best Quarter:</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: top;"> </td> <td style="padding-bottom: 2pt; vertical-align: top; text-align: right;">Q2 2020</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: top;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: top;"> </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: top; text-align: right;">    </td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: top;"> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: bottom; text-align: right;">7.47%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">Worst Quarter:</div> </td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: top;"> </td> <td style="padding-bottom: 2pt; vertical-align: top; text-align: right;">Q1 2020</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: top;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"></td> <td style="vertical-align: top;"></td> <td style="vertical-align: top;"></td> <td style="vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: bottom; text-align: right;">-11.70%</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #999999; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #999999; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">As of March 31, 2026, the fund’s year-to-date return was -0.94%.</div> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.0747 Worst Quarter: 2020-03-31 -0.1170 2026-03-31 year-to-date return -0.0094 Average annual total returns after sales charges (for periods ended 12/31/25) 0.0237 0.0473 0.0433 -0.0037 0.0220 0.0224 0.0136 0.0250 0.0239 0.0283 0.0442 0.0393 0.0433 0.0492 0.0430 0.0492 0.0552 0.0488 0.0485 0.0545 0.0482 0.0730 -0.0036 0.0201 0.0590 0.0642 0.0583 After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. <div style="margin-top: 18pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Class C share performance reflects conversion to class A shares after eight years.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial;">Important data provider notices and terms are available at <span style="font-family: arial; font-size: 8pt; color: #388491;"><span style="text-decoration: underline;">www.franklintempletondatasources.com</span></span><span style="font-family: arial;">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher.