Shareholder Report
Aug. 31, 2026
USD ($)
$ / shares
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$148
|
1.39%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended August 31, 2026, Class A shares of Putnam International Small Cap Fund returned 13.65%. The Fund compares its performance to the S&P Developed ex-U.S. SmallCap Index, which returned 18.97% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Overweight position in Jenoptik, a photonics technology company
|
|
↑
|
Out-of-benchmark position in Yageo Corp, an electronic component manufacturer
|
|
↑
|
Out-of-benchmark position in Elite Material, a manufacturer of copper-clad laminate for printed circuit boards
|
|
Top detractors from performance:
|
|
|
Overweight position in:
|
|
|
↓
|
CTS Eventim AG, a ticketing, and live entertainment company
|
|
↓
|
Carl Zeiss Meditec, a medical technology company
|
|
↓
|
Jungheinrich, a material handling and sustainable solutions provider
|
Use of derivatives and the impact on performance:
The Fund utilized forward foreign currency contracts to hedge currency exposure back to the benchmark, which contributed to performance.
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026
|
|
1 Year
|
5 Year
|
10 Year
|
|
Class A
|
13.65
|
5.91
|
9.09
|
|
Class A (with sales charge)
|
7.11
|
4.66
|
8.44
|
|
MSCI All Country World ex-U.S. Index-NR
|
27.35
|
9.37
|
9.64
|
|
S&P Developed ex-U.S. SmallCap Index
|
18.97
|
5.55
|
8.60
|
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of August 31, 2026)
|
Total Net Assets
|
$349,559,507
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
66
|
|
Total Management Fee Paid
|
$3,019,003
|
|
Portfolio Turnover Rate
|
35%
|
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
HOW HAS THE FUND CHANGED?
Effective September 30, 2025, the Fund’s name changed to “Putnam International Small Cap Fund”.
Effective September 30, 2025, the following replaced the first sentence of the section titled “Investments, risks and performance - Investments” in the Fund’s Summary Prospectus and Prospectus.
“Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes, if any) in companies of a size similar to those in the S&P Developed Ex-U.S. SmallCap Index. This policy may be changed only after 60 days’ notice to shareholders. As of October 31, 2025, the capitalization range for companies in this S&P Developed Ex-U.S. SmallCap Index was $63.4 million to $39.4 billion. The Fund invests mainly in common stocks (growth or value, or both) of companies outside of the U.S. that the Investment Manager believes have favorable investment potential.”
Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Putnam Investment Management, LLC (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.
The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.
This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$228
|
2.14%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended August 31, 2026, Class C shares of Putnam International Small Cap Fund returned 12.82%. The Fund compares its performance to the S&P Developed ex-U.S. SmallCap Index, which returned 18.97% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Overweight position in Jenoptik, a photonics technology company
|
|
↑
|
Out-of-benchmark position in Yageo Corp, an electronic component manufacturer
|
|
↑
|
Out-of-benchmark position in Elite Material, a manufacturer of copper-clad laminate for printed circuit boards
|
|
Top detractors from performance:
|
|
|
Overweight position in:
|
|
|
↓
|
CTS Eventim AG, a ticketing, and live entertainment company
|
|
↓
|
Carl Zeiss Meditec, a medical technology company
|
|
↓
|
Jungheinrich, a material handling and sustainable solutions provider
|
Use of derivatives and the impact on performance:
The Fund utilized forward foreign currency contracts to hedge currency exposure back to the benchmark, which contributed to performance.
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026
|
|
1 Year
|
5 Year
|
10 Year
|
|
Class C
|
12.82
|
5.11
|
8.44
|
|
Class C (with sales charge)
|
11.82
|
5.11
|
8.44
|
|
MSCI All Country World ex-U.S. Index-NR
|
27.35
|
9.37
|
9.64
|
|
S&P Developed ex-U.S. SmallCap Index
|
18.97
|
5.55
|
8.60
|
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of August 31, 2026)
|
Total Net Assets
|
$349,559,507
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
66
|
|
Total Management Fee Paid
|
$3,019,003
|
|
Portfolio Turnover Rate
|
35%
|
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
HOW HAS THE FUND CHANGED?
Effective September 30, 2025, the Fund’s name changed to “Putnam International Small Cap Fund”.
Effective September 30, 2025, the following replaced the first sentence of the section titled “Investments, risks and performance - Investments” in the Fund’s Summary Prospectus and Prospectus.
“Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes, if any) in companies of a size similar to those in the S&P Developed Ex-U.S. SmallCap Index. This policy may be changed only after 60 days’ notice to shareholders. As of October 31, 2025, the capitalization range for companies in this S&P Developed Ex-U.S. SmallCap Index was $63.4 million to $39.4 billion. The Fund invests mainly in common stocks (growth or value, or both) of companies outside of the U.S. that the Investment Manager believes have favorable investment potential.”
Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Putnam Investment Management, LLC (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.
The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.
This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class R
|
$175
|
1.64%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended August 31, 2026, Class R shares of Putnam International Small Cap Fund returned 13.37%. The Fund compares its performance to the S&P Developed ex-U.S. SmallCap Index, which returned 18.97% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Overweight position in Jenoptik, a photonics technology company
|
|
↑
|
Out-of-benchmark position in Yageo Corp, an electronic component manufacturer
|
|
↑
|
Out-of-benchmark position in Elite Material, a manufacturer of copper-clad laminate for printed circuit boards
|
|
Top detractors from performance:
|
|
|
Overweight position in:
|
|
|
↓
|
CTS Eventim AG, a ticketing, and live entertainment company
|
|
↓
|
Carl Zeiss Meditec, a medical technology company
|
|
↓
|
Jungheinrich, a material handling and sustainable solutions provider
|
Use of derivatives and the impact on performance:
The Fund utilized forward foreign currency contracts to hedge currency exposure back to the benchmark, which contributed to performance.
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026
|
|
1 Year
|
5 Year
|
10 Year
|
|
Class R
|
13.37
|
5.64
|
8.82
|
|
MSCI All Country World ex-U.S. Index-NR
|
27.35
|
9.37
|
9.64
|
|
S&P Developed ex-U.S. SmallCap Index
|
18.97
|
5.55
|
8.60
|
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of August 31, 2026)
|
Total Net Assets
|
$349,559,507
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
66
|
|
Total Management Fee Paid
|
$3,019,003
|
|
Portfolio Turnover Rate
|
35%
|
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
HOW HAS THE FUND CHANGED?
Effective September 30, 2025, the Fund’s name changed to “Putnam International Small Cap Fund”.
Effective September 30, 2025, the following replaced the first sentence of the section titled “Investments, risks and performance - Investments” in the Fund’s Summary Prospectus and Prospectus.
“Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes, if any) in companies of a size similar to those in the S&P Developed Ex-U.S. SmallCap Index. This policy may be changed only after 60 days’ notice to shareholders. As of October 31, 2025, the capitalization range for companies in this S&P Developed Ex-U.S. SmallCap Index was $63.4 million to $39.4 billion. The Fund invests mainly in common stocks (growth or value, or both) of companies outside of the U.S. that the Investment Manager believes have favorable investment potential.”
Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Putnam Investment Management, LLC (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.
The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.
This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class R6
|
$104
|
0.97%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended August 31, 2026, Class R6 shares of Putnam International Small Cap Fund returned 14.14%. The Fund compares its performance to the S&P Developed ex-U.S. SmallCap Index, which returned 18.97% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Overweight position in Jenoptik, a photonics technology company
|
|
↑
|
Out-of-benchmark position in Yageo Corp, an electronic component manufacturer
|
|
↑
|
Out-of-benchmark position in Elite Material, a manufacturer of copper-clad laminate for printed circuit boards
|
|
Top detractors from performance:
|
|
|
Overweight position in:
|
|
|
↓
|
CTS Eventim AG, a ticketing, and live entertainment company
|
|
↓
|
Carl Zeiss Meditec, a medical technology company
|
|
↓
|
Jungheinrich, a material handling and sustainable solutions provider
|
Use of derivatives and the impact on performance:
The Fund utilized forward foreign currency contracts to hedge currency exposure back to the benchmark, which contributed to performance.
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026
|
|
1 Year
|
5 Year
|
10 Year
|
|
Class R6
|
14.14
|
6.33
|
9.51
|
|
MSCI All Country World ex-U.S. Index-NR
|
27.35
|
9.37
|
9.64
|
|
S&P Developed ex-U.S. SmallCap Index
|
18.97
|
5.55
|
8.60
|
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of August 31, 2026)
|
Total Net Assets
|
$349,559,507
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
66
|
|
Total Management Fee Paid
|
$3,019,003
|
|
Portfolio Turnover Rate
|
35%
|
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
HOW HAS THE FUND CHANGED?
Effective September 30, 2025, the Fund’s name changed to “Putnam International Small Cap Fund”.
Effective September 30, 2025, the following replaced the first sentence of the section titled “Investments, risks and performance - Investments” in the Fund’s Summary Prospectus and Prospectus.
“Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes, if any) in companies of a size similar to those in the S&P Developed Ex-U.S. SmallCap Index. This policy may be changed only after 60 days’ notice to shareholders. As of October 31, 2025, the capitalization range for companies in this S&P Developed Ex-U.S. SmallCap Index was $63.4 million to $39.4 billion. The Fund invests mainly in common stocks (growth or value, or both) of companies outside of the U.S. that the Investment Manager believes have favorable investment potential.”
Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Putnam Investment Management, LLC (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.
The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.
This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class Y
|
$104
|
0.97%
|
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended August 31, 2026, Class Y shares of Putnam International Small Cap Fund returned 14.12%. The Fund compares its performance to the S&P Developed ex-U.S. SmallCap Index, which returned 18.97% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Overweight position in Jenoptik, a photonics technology company
|
|
↑
|
Out-of-benchmark position in Yageo Corp, an electronic component manufacturer
|
|
↑
|
Out-of-benchmark position in Elite Material, a manufacturer of copper-clad laminate for printed circuit boards
|
|
Top detractors from performance:
|
|
|
Overweight position in:
|
|
|
↓
|
CTS Eventim AG, a ticketing, and live entertainment company
|
|
↓
|
Carl Zeiss Meditec, a medical technology company
|
|
↓
|
Jungheinrich, a material handling and sustainable solutions provider
|
Use of derivatives and the impact on performance:
The Fund utilized forward foreign currency contracts to hedge currency exposure back to the benchmark, which contributed to performance.
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026
|
|
1 Year
|
5 Year
|
10 Year
|
|
Class Y
|
14.12
|
6.22
|
9.38
|
|
MSCI All Country World ex-U.S. Index-NR
|
27.35
|
9.37
|
9.64
|
|
S&P Developed ex-U.S. SmallCap Index
|
18.97
|
5.55
|
8.60
|
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of August 31, 2026)
|
Total Net Assets
|
$349,559,507
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
66
|
|
Total Management Fee Paid
|
$3,019,003
|
|
Portfolio Turnover Rate
|
35%
|
WHAT DID THE FUND INVEST IN? (as of August 31, 2026)
Portfolio Composition* (% of Total Investments)
HOW HAS THE FUND CHANGED?
Effective September 30, 2025, the Fund’s name changed to “Putnam International Small Cap Fund”.
Effective September 30, 2025, the following replaced the first sentence of the section titled “Investments, risks and performance - Investments” in the Fund’s Summary Prospectus and Prospectus.
“Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes, if any) in companies of a size similar to those in the S&P Developed Ex-U.S. SmallCap Index. This policy may be changed only after 60 days’ notice to shareholders. As of October 31, 2025, the capitalization range for companies in this S&P Developed Ex-U.S. SmallCap Index was $63.4 million to $39.4 billion. The Fund invests mainly in common stocks (growth or value, or both) of companies outside of the U.S. that the Investment Manager believes have favorable investment potential.”
Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Putnam Investment Management, LLC (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.
The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.
This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.
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