putnam global communications fundfiber-optic cable to media and entertainment, the fund invests in...
TRANSCRIPT
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
’08 ’10 ’12 ’14 ’16 ’1812/31/1812/18/08
Growth of a $10,000 investment
The fund has returned an average of 9.8% annually since inception.
Putnam Global Communications Fund*
Pursuing investment opportunities in communications-related companies worldwide
$25,533
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Objective
The fund seeks capital appreciation.
Morningstar category
Communications
Fund symbols
Class A PGBZXClass B PGBBXClass C PGBNXClass M PGBMXClass R PGBTXClass Y PGBYX
Number of holdings
22
Net assets
$19.09M
Dividend frequency
Annually
Vivek Gandhi, CFA Portfolio Manager (industry since 1994)
Dynamic industries A global approach Active management
From mobile devices and
fiber-optic cable to media and
entertainment, the fund invests
in industries that can profit
from the global demand for
communications products and
services.
To seek the best opportunities, the
fund manager has the flexibility to
invest in stocks from around the
world.
The manager, supported by
experienced research analysts,
combines rigorous fundamental
research with macroeconomic
views to pinpoint opportunities
across the sector.
Top ten holdings
Alphabet 21.22%
Verizon 8.34
AT&T 6.19
Netflix 5.27
Facebook 4.81
Comcast 4.37
Twenty-First Century Fox 4.34
Walt Disney 4.19
T-Mobile 4.10
Microsoft 4.07
Holdings represent 66.90% of the portfolio and will vary over time.
Diversification across markets
l United States 83.7%
l United Kingdom 4.0
l Japan 3.2
l Spain 3.1
l Netherlands 2.4
l Germany 1.5
l China 1.5
l Cash and net other assets 0.6
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
* Effective 11/30/18, Putnam Global Telecommunications Fund was renamed Putnam Global Communications Fund.
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS723_Y 314892 3/19R1
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for
taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For
the most recent month-end performance, please visit putnam.com.
Putnam Global Communications Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Communication Services Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the communication services sector. You cannot invest directly in an index.
Betais defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations.The telecommunications industry may be affected by government regulation, intense competition, equipment incompatibility, changing consumer preferences, technological obsolescence, and large capital expenditures and debt burdens. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose moneyby investing in the fund.
Annualized total return performance
Inception 12/18/08 Class Y shares
MSCI World Communication Services Index (ND)
1 year -11.38% -10.02%
3 years 1.52 0.20
5 years 1.51 0.23
10 years 9.64 5.95
Life of fund 9.79 5.82
Highlights of five-year performance periods (12/18/08‒12/31/18)*
Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
21.72% 3/31/14 1.51% 12/31/18 12.30% 100% 21 0
*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 13.5 % 21.9 % 4.2 % 18.9 % 35.9 % -2.5 % 5.7 % 3.2 % 14.4 % -11.4 %
MSCI World Communication Services Index (ND)
13.7 10.2 0.8 6.4 31.2 -1.9 2.5 5.7 5.8 -10.0
Expense ratio
(Y shares)
Total expense ratio1.56%
What you pay1.05%
“What you pay” reflects Putnam Management’s decision to contractually limit expenses through 12/30/19.
Market-cap breakdown
Over $69B 71.29%$16B–$69B 19.09%$3.4B–$16B 7.56%$1B–$3.4B 0.00%Less than $1B 1.46%Cash and other assets 0.61%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta
0.84
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
80 ’82 ’84 ’86 ’88 ’90 ’92 ’94 ’96 ’98 ’00 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 ’1812/31/187/24/80
Ryan W. Kauppila Portfolio Manager (industry since 2000)
Growth of a $10,000 investmentThe fund has returned an average of 5.4% annually since inception.
Putnam Global Natural Resources FundInvesting in natural resources stocks worldwide since 1980
Plotted on a logarithmic scale so that comparable percentage changes appear similar.
$74,215
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 7/24/80), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Daniel Schiff Portfolio Manager (industry since 1998)
A dynamic sector A global approach Active management From oil and gas to chemicals and metals, the fund invests in industries that can profit from the global demand for natural resources.
To seek the best opportunities, the fund managers have the flexibility to invest in stocks from around the world.
The managers, supported by experienced research analysts, combine rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Objective The fund seeks capital appreciation.
Morningstar category Natural Resources
Fund symbols Class A EBERXClass B PNRBXClass C PGLCXClass M PGLMXClass R PGNRXClass Y PGRYX
Number of holdings 29
Net assets $112.43M
Dividend frequency Annually
Top ten holdingsChevron 6.98%
BP 6.50
Total 6.39
Linde 6.02
DowDuPont 5.80
Rio Tinto 5.66
Royal Dutch Shell 5.17
Cheniere Energy 4.80
ConocoPhilips 4.62
NextEra Energy 4.24
Holdings represent 56.18% of the portfolio and will vary over time.
Diversification across markets United States 64.7%
United Kingdom 25.0
France 6.4
Canada 1.9
Japan 1.3
Cash and net other assets 0.6
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS007_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 7/24/80), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Putnam Global Natural Resources Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Energy & Materials Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the energy and materials sectors. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. The energy and other natural resources industries may be affected by changes in crude oil prices and changes in governmental regulatory policies. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is more vulnerable to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 10/4/05 Class Y sharesMSCI World Energy & Materials Index (ND)
1 year -16.42% -16.37%
3 years -0.55 6.20
5 years -8.33 -2.69
10 years 1.39 4.22
Life of fund 5.35 —
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 44.9 % 17.8 % -11.3 % 5.5 % 11.0 % -12.8 % -24.5 % 13.7 % 3.5 % -16.4 %
MSCI World Energy & Materials Index (ND) 38.3 15.8 -8.5 5.5 12.2 -9.1 -19.8 24.9 14.7 -16.4
Total expense ratio(Y shares) 1.05%
Market-cap breakdownOver $69B 53.45%$16B–$69B 22.07%$3.4B–$16B 19.04%$1B–$3.4B 0.62%Less than $1B 4.20%Cash and other assets 0.62%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta1.09
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
82 ’84 ’86 ’88 ’90 ’92 ’94 ’96 ’98 ’00 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 ’1812/31/185/28/82
Michael J. Maguire, CFA Portfolio Manager (industry since 2002)
Growth of a $10,000 investmentThe fund has returned an average of 11.5% annually since inception.
Putnam Global Health Care FundInvesting in the health-care sector since 1982
Plotted on a logarithmic scale so that comparable percentage changes appear similar.$535,403
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 5/28/82), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Samuel Cox Portfolio Manager (industry since 2002)
A dynamic sector A global approach Active management From biotech and drugs to devices and hospitals, the fund invests in industries that can profit from the global demand for health care products and services.
To seek the best opportunities, the fund’s managers have the flexibility to invest in stocks from around the world.
The managers, supported by experienced research analysts, combine rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Objective The fund seeks capital appreciation.
Morningstar category Health
Fund symbols Class A PHSTXClass B PHSBXClass C PCHSXClass M PHLMXClass R PHSRXClass Y PHSYX
Number of holdings 50
Net assets $1,219.67M
Dividend frequency Annually
Top ten holdingsUnitedHealth Group 7.92%
Merck 7.34
Danaher 7.29
BD Medical 6.77
AstraZeneca 5.29
Novartis 5.09
Vertex Pharmaceuticals 4.04
Jazz Pharmaceuticals 3.70
Eli Lilly 3.51
Roche 3.25
Holdings represent 54.20% of the portfolio and will vary over time.
Diversification across markets United States 73.9%
Switzerland 8.5
United Kingdom 7.3
Japan 3.9
Germany 3.9
Spain 0.7
Other countries 0.7
Cash and net other assets 1.1
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Effective 12/12/18, Isabel Buccellati left Putnam.
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS008_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 5/28/82), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Putnam Global Health Care Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Health Care Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the health-care sector. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. The health care industries may be affected by technological obsolescence; changes in regulatory approval policies for drugs, medical devices, or procedures; and changes in governmental and private payment systems. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in financial markets, and factors related to a specific issuer or industry. You can lose money by investing in the fund.
Annualized total return performance
Inception 4/4/00 Class Y sharesMSCI World Health Care Index (ND)
1 year -0.38% 2.51%
3 years 0.63 4.60
5 years 7.02 7.58
10 years 11.96 11.89
Life of fund 11.49 —
Highlights of five-year performance periods (5/28/82‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
26.48% 3/31/99 -2.09% 9/30/05 12.03% 95% 121 6*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 25.5 % 2.3 % -1.2 % 22.3 % 42.1 % 27.8 % 7.8 % -11.5 % 15.6 % -0.4 %
MSCI World Health Care Index (ND) 18.9 2.4 9.5 17.5 36.3 18.1 6.6 -6.8 19.8 2.5
Total expense ratio(Y shares) 0.83%
Market-cap breakdownOver $69B 49.31%$16B–$69B 29.16%$3.4B–$16B 13.74%$1B–$3.4B 5.09%Less than $1B 1.61%Cash and other assets 1.09%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta1.09
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’1812/31/1811/19/90
Growth of a $10,000 investmentThe fund has returned an average of 6.3% annually since inception.
Putnam Global Utilities FundInvesting in the utilities sector since 1990
$56,125
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 11/19/90), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Objective The fund seeks capital growth and current income.
Morningstar category Utilities
Fund symbols Class A PUGIXClass B PUTBXClass C PUTCXClass M PUTMXClass R PULRXClass Y PUTYX
Number of holdings 38
Net assets $149.00M
Dividend frequency Quarterly
William C. Rives Portfolio Manager (industry since 2012)
A dynamic sector A global approach Active management From electricity, water, and gas to power storage, the fund invests in industries that can profit from the global demand for utilities.
To seek the best opportunities, the fund’s manager has the flexibility to invest in stocks from around the world.
The manager, supported by experienced research analysts, combines rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Top ten holdingsNextEra Energy 9.31%
American Electric Power 7.33
Exelon 5.29
Dominion Energy 4.81
Enel 4.42
Duke Energy 4.13
NRG Energy 4.04
Eversource Energy 3.40
National Grid 3.22
SSE 3.14
Holdings represent 49.09% of the portfolio and will vary over time.
Diversification across markets United States 64.1%
United Kingdom 6.4
Spain 5.3
Japan 4.5
Italy 4.4
France 3.7
Other countries 8.5
Cash and net other assets 3.2
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS026_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 11/19/90), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Putnam Global Utilities Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Utilities Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the utilities sector. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. The utilities industries may be affected by increases in fuel costs, technological obsolescence, changes in regulatory policies, and deregulation. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 10/4/05 Class Y sharesMSCI World Utilities Index (ND)
1 year -0.40% 1.97%
3 years 7.55 7.09
5 years 5.18 5.74
10 years 4.77 4.43
Life of fund 6.33 —
Highlights of five-year performance periods (11/19/90‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
21.11% 9/30/07 -6.52% 3/31/03 6.32% 81% 75 18*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 7.6 % 1.7 % -5.4 % 5.1 % 13.7 % 14.6 % -9.7 % 2.0 % 22.4 % -0.4 %
MSCI World Utilities Index (ND) 6.2 -1.0 -3.3 1.8 12.6 15.3 -6.6 6.0 13.7 2.0
Total expense ratio(Y shares) 0.98%
Market-cap breakdownOver $69B 9.31%$16B–$69B 63.25%$3.4B–$16B 23.74%$1B–$3.4B 0.53%Less than $1B 0.00%Cash and other assets 3.18%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta0.96
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
08 ’10 ’12 ’14 ’16 ’1812/31/1812/18/08
Growth of a $10,000 investmentThe fund has returned an average of 12.8% annually since inception.
Putnam Global Consumer FundPursuing investment opportunities in consumer staples and consumer discretionary companies worldwide
$33,412
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Objective The fund seeks capital appreciation.
Morningstar category Consumer Cyclical
Fund symbols Class A PGCOXClass B PGCKXClass C PGCNXClass M PGCMXClass R PGCIXClass Y PGCYX
Number of holdings 27
Net assets $48.97M
Dividend frequency Annually
Walter D. Scully, CPA Portfolio Manager (industry since 1996)
A dynamic sector A global approach Active management The fund invests in industries that can profit from the global demand for consumer products and services. Examples include retail, hotels, autos, food, and beverages.
To seek the best opportunities, the fund’s manager has the flexibility to invest in stocks from around the world.
The manager, supported by experienced research analysts, combines rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Top ten holdingsAmazon 10.99%
Unilever 6.13
CarMax 5.97
Charter Communications 5.92
Sherwin-Williams 5.41
Liberty Media 4.83
MGM China Holdings 4.77
Compass Group 4.49
Home Depot 4.38
Gaming and Leisure Properties 4.14
Holdings represent 57.03% of the portfolio and will vary over time.
Diversification across markets United States 66.7%
United Kingdom 9.9
Netherlands 6.1
Japan 5.2
Hong Kong 4.8
Germany 2.8
Other countries 3.8
Cash and net other assets 0.7
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS718_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Putnam Global Consumer Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Consumer Discretionary & Consumer Staples Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the consumer discretionary and consumer staples sectors. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Consumer staples and consumer discretionary products and services industries may be affected by demographic and product trends, competition, economic trends, and consumer confidence. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 12/18/08 Class Y shares
MSCI World Consumer Discretionary & Consumer Staples Index (ND)
1 year -9.04% -7.44%
3 years 6.34 4.62
5 years 5.28 5.03
10 years 12.66 11.95
Life of fund 12.77 11.86
Highlights of five-year performance periods (12/18/08‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
22.87% 3/31/14 5.28% 12/31/18 13.72% 100% 21 0*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 34.0 % 24.7 % -5.2 % 17.9 % 36.4 % 2.4 % 5.0 % 5.5 % 25.3 % -9.0 %
MSCI World Consumer Discretionary & Consumer Staples Index (ND)
29.6 18.5 1.7 18.7 30.6 5.5 5.9 2.4 20.8 -7.4
Expense ratio(Y shares)
Total expense ratio1.15%
What you pay1.05%
“What you pay” reflects Putnam Management’s decision to contractually limit expenses through 12/30/19.
Market-cap breakdownOver $69B 32.16%$16B–$69B 34.35%$3.4B–$16B 29.24%$1B–$3.4B 3.59%Less than $1B 0.00%Cash and other assets 0.66%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta1.11
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
08 ’10 ’12 ’14 ’16 ’1812/31/1812/18/08
Growth of a $10,000 investmentThe fund has returned an average of 6.6% annually since inception.
Putnam Global Financials FundPursuing investment opportunities in financial-related companies worldwide
$18,982
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Objective The fund seeks capital appreciation.
Morningstar category Financial
Fund symbols Class A PGFFXClass B PGFOXClass C PGFDXClass M PGFMXClass R PGFRXClass Y PGFYX
Number of holdings 60
Net assets $21.07M
Dividend frequency Annually
Jacquelyne J. Cavanaugh Portfolio Manager (industry since 1995)
A dynamic sector A global approach Active management From banking and insurance to real estate, the fund invests in industries that can profit from the global demand for financial services.
To seek the best opportunities, the fund’s manager has the flexibility to invest in stocks from around the world.
The manager, supported by experienced research analysts, combines rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Top ten holdingsBank of America 5.30%
Citigroup 4.58
AIA Group 4.39
Prudential 3.65
Assured Guaranty 3.28
Goldman Sachs 2.95
E*Trade Financial 2.92
KKR 2.91
Cigna 2.82
BlackRock 2.79
Holdings represent 35.59% of the portfolio and will vary over time.
Diversification across markets United States 50.1%
United Kingdom 9.2
Japan 7.4
France 6.0
Canada 5.8
Australia 4.6
Other countries 16.9
Cash and net other assets 0.1
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS720_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Putnam Global Financials Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Financials & Real Estate Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the financials sector. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Financial services companies may be affected by the availability and cost of capital; changes in interest rates, insurance claims activity, industry consolidation, and general economic conditions; and reduced profitability from limitations on loans, proprietary trading, and interest rates and fees charged as a result of extensive government regulations. The fund’s policy of concentrating on a limited group of industries can increase the fund’s vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 12/18/08 Class Y shares
MSCI World Financials & Real Estate Index (ND)
1 year -18.88% -15.40%
3 years 0.86 3.87
5 years -0.11 2.24
10 years 6.38 7.48
Life of fund 6.60 7.48
Highlights of five-year performance periods (12/18/08‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
18.67% 3/31/14 -0.11% 12/31/18 8.39% 95% 20 1*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 33.9 % 2.2 % -20.1 % 31.3 % 30.0 % -1.5 % -1.6 % 4.7 % 20.8 % -18.9 %
MSCI World Financials & Real Estate Index (ND) 31.1 4.6 -18.5 29.4 27.3 3.2 -3.4 9.0 21.5 -15.4
Expense ratio(Y shares)
Total expense ratio1.41%
What you pay1.03%
“What you pay” reflects Putnam Management’s decision to contractually limit expenses through 12/30/19.
Market-cap breakdownOver $69B 23.63%$16B–$69B 36.64%$3.4B–$16B 29.57%$1B–$3.4B 8.61%Less than $1B 1.43%Cash and other assets 0.12%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta1.04
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’1812/31/1812/18/08
Growth of a $10,000 investmentThe fund has returned an average of 13.1% annually since inception.
Putnam Global Industrials FundPursuing investment opportunities in industrial products, services, and equipment companies worldwide
$34,414
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Objective The fund seeks capital appreciation.
Morningstar category Industrials
Fund symbols Class A PGIAXClass B PGIVXClass C PGIEXClass M PGIHXClass R PGIOXClass R6 PGWTXClass Y PGILX
Number of holdings 28
Net assets $74.01M
Dividend frequency Annually
Daniel Schiff Portfolio Manager (industry since 1998)
A dynamic sector A global approach Active management From aerospace and trucking to infrastructure, the fund invests in industries that can profit from the global demand for industrial products and services.
To seek the best opportunities, the fund’s manager has the flexibility to invest in stocks from around the world.
The manager, supported by experienced research analysts, combines rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Top ten holdingsHoneywell International 7.39%
Boeing 7.34
Union Pacific 6.70
United Technologies 6.38
Roper Technologies 5.60
Emerson Electric 5.50
Mitsubishi 5.11
Waste Connections 4.91
Fortive 4.91
Transdigm Group 4.79
Holdings represent 58.63% of the portfolio and will vary over time.
Diversification across markets United States 78.3%
Japan 12.9
France 2.5
Canada 2.2
United Kingdom 1.5
Germany 0.7
Cash and net other assets 1.9
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS721_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Putnam Global Industrials Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Industrials Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the industrials sector. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Industrial products, services, and equipment industries may be affected by economic trends, commodity prices, technological obsolescence, labor relations, legislation, worldwide competition, and liability for environmental damage. The fund's policy of concentrating on a limited group of industries and the fund’s non-diversified status, which means the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund, can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 12/18/08 Class Y shares
MSCI World Industrials Index (ND)
1 year -13.72% -14.54%
3 years 8.38 6.50
5 years 5.52 3.51
10 years 12.79 10.08
Life of fund 13.11 10.15
Highlights of five-year performance periods (12/18/08‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
26.08% 3/31/14 5.52% 12/31/18 15.08% 100% 21 0*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 25.0 % 32.9 % -14.4 % 27.3 % 40.8 % 0.9 % 1.9 % 15.2 % 28.1 % -13.7 %
MSCI World Industrials Index (ND) 26.7 23.4 -8.2 16.0 32.1 0.4 -2.1 12.9 25.2 -14.5
Total expense ratio(Y shares) 1.02%
Market-cap breakdownOver $69B 32.01%$16B–$69B 47.53%$3.4B–$16B 16.51%$1B–$3.4B 2.10%Less than $1B 0.00%Cash and other assets 1.85%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta0.98
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’1812/31/1812/18/08
Neil P. Desai Portfolio Manager (industry since 1997)
Growth of a $10,000 investmentThe fund has returned an average of 16.1% annually since inception.
Putnam Global Technology FundPursuing investment opportunities in technology-related companies worldwide
$44,690
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
A dynamic sector A global approach Active management From software and computers to Internet services and storage, the fund invests in industries that can profit from the global demand for technology products and services.
To seek the best opportunities, the fund’s managers have the flexibility to invest in stocks from around the world.
The managers, supported by experienced research analysts, combine rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Di Yao Portfolio Manager (industry since 2005)
Objective The fund seeks capital appreciation.
Morningstar category Technology
Fund symbols Class A PGTAXClass B PGTPXClass C PGTDXClass M PGTMXClass R PGTRXClass R6 PTTEXClass Y PGTYX
Number of holdings 43
Net assets $336.18M
Dividend frequency Annually
Top ten holdingsMicrosoft 17.81%
Alphabet 5.50
Visa 4.72
NXP Semiconductors 4.07
Talend 3.53
ASML Holding 3.42
Okta 3.40
Charter Communications 3.01
GoDaddy 2.94
Tencent 2.89
Holdings represent 51.29% of the portfolio and will vary over time.
Diversification across markets United States 70.7%
Japan 8.1
China 5.9
Netherlands 4.5
Taiwan 3.5
South Korea 2.9
Other countries 3.5
Cash and net other assets 0.9
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
The fund received a 4-star Overall Morningstar Rating as of 12/31/18 among 182 funds in the Technology category (Y shares, based on risk-adjusted returns)
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS722_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Putnam Global Technology Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Putnam Global Technology Fund received 4, 4, and 3 stars for the 3-, 5-, and 10-year periods among 182, 174, and 146 Technology funds, respectively.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. The technology industries may be affected by technological obsolescence, short product cycles, falling prices and profits, competitive pressures, and general market conditions. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 12/18/08 Class Y shares
MSCI World Information Technology Index (ND)
1 year -6.46% -2.60%
3 years 15.70 14.49
5 years 14.35 12.78
10 years 16.07 15.89
Life of fund 16.09 15.88
Highlights of five-year performance periods (12/18/08‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
25.06% 6/30/18 9.91% 9/30/15 15.58% 100% 21 0*Based on annualized returns for quarterly rolling periods.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
The MSCI World Information Technology Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the information technology sector. You cannot invest directly in an index.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 53.9 % 10.8 % -5.7 % 13.4 % 24.6 % 13.8 % 10.9 % 12.6 % 47.0 % -6.5 %
MSCI World Information Technology Index (ND) 52.4 10.5 -2.5 13.3 28.7 16.1 4.8 11.5 38.2 -2.6
Total expense ratio(Y shares) 0.90%
Market-cap breakdownOver $69B 39.44%$16B–$69B 17.01%$3.4B–$16B 27.58%$1B–$3.4B 13.28%Less than $1B 1.84%Cash and other assets 0.85%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta0.99
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
’08 ’10 ’12 ’14 ’16 ’1812/31/1812/18/08
Growth of a $10,000 investment
The fund has returned an average of 9.8% annually since inception.
Putnam Global Communications Fund*
Pursuing investment opportunities in communications-related companies worldwide
$25,533
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Objective
The fund seeks capital appreciation.
Morningstar category
Communications
Fund symbols
Class A PGBZXClass B PGBBXClass C PGBNXClass M PGBMXClass R PGBTXClass Y PGBYX
Number of holdings
22
Net assets
$19.09M
Dividend frequency
Annually
Vivek Gandhi, CFA Portfolio Manager (industry since 1994)
Dynamic industries A global approach Active management
From mobile devices and
fiber-optic cable to media and
entertainment, the fund invests
in industries that can profit
from the global demand for
communications products and
services.
To seek the best opportunities, the
fund manager has the flexibility to
invest in stocks from around the
world.
The manager, supported by
experienced research analysts,
combines rigorous fundamental
research with macroeconomic
views to pinpoint opportunities
across the sector.
Top ten holdings
Alphabet 21.22%
Verizon 8.34
AT&T 6.19
Netflix 5.27
Facebook 4.81
Comcast 4.37
Twenty-First Century Fox 4.34
Walt Disney 4.19
T-Mobile 4.10
Microsoft 4.07
Holdings represent 66.90% of the portfolio and will vary over time.
Diversification across markets
l United States 83.7%
l United Kingdom 4.0
l Japan 3.2
l Spain 3.1
l Netherlands 2.4
l Germany 1.5
l China 1.5
l Cash and net other assets 0.6
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
* Effective 11/30/18, Putnam Global Telecommunications Fund was renamed Putnam Global Communications Fund.
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS723_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for
taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For
the most recent month-end performance, please visit putnam.com.
Putnam Global Communications Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Communication Services Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the communication services sector. You cannot invest directly in an index.
Betais defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations.The telecommunications industry may be affected by government regulation, intense competition, equipment incompatibility, changing consumer preferences, technological obsolescence, and large capital expenditures and debt burdens. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose moneyby investing in the fund.
Annualized total return performance
Inception 12/18/08 Class Y shares
MSCI World Communication Services Index (ND)
1 year -11.38% -9.90%
3 years 1.52 0.24
5 years 1.51 0.26
10 years 9.64 5.97
Life of fund 9.79 5.84
Highlights of five-year performance periods (12/18/08‒12/31/18)*
Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
21.72% 3/31/14 1.51% 12/31/18 12.30% 100% 21 0
*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 13.5 % 21.9 % 4.2 % 18.9 % 35.9 % -2.5 % 5.7 % 3.2 % 14.4 % -11.4 %
MSCI World Communication Services Index (ND)
13.7 10.2 0.8 6.4 31.2 -1.9 2.5 5.7 5.8 -9.9
Expense ratio
(Y shares)
Total expense ratio1.56%
What you pay1.05%
“What you pay” reflects Putnam Management’s decision to contractually limit expenses through 12/30/19.
Market-cap breakdown
Over $69B 71.29%$16B–$69B 19.09%$3.4B–$16B 7.56%$1B–$3.4B 0.00%Less than $1B 1.46%Cash and other assets 0.61%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta
0.84
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
10 ’12 ’14 ’16 ’18 12/31/183/31/10
Growth of a $10,000 investmentThe fund has returned an average of 7.2% annually since inception.
Putnam Global Sector FundA world of sectors in one portfolio
$18,306
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Broad sector exposure Research expertise Global approach The fund invests in eight of Putnam’s actively managed global sector funds, providing exposure to all sectors of the MSCI World Index.
The underlying funds are managed by equity analysts with specialized knowledge and industry insight. They actively select stocks using fundamental bottom-up research.
The managers of the underlying funds can invest in markets around the world and are supported by analysts in Boston, London, and Singapore.
Portfolio Managers
Aaron M. Cooper, CFA (industry since 1999)
Samuel Cox (industry since 2002)
Kathryn B. Lakin (industry since 2008)
Objective The fund seeks capital appreciation.
Morningstar category World Large Stock
Fund symbols Class A PPGAXClass B PPGBXClass C PPGCXClass M PPGMXClass R PPGSXClass Y PPGYX
Number of holdings 9
Net assets $23.44M
Dividend frequency Annually
Geographic compositionUnited States 67.1%
United Kingdom 8.2
Japan 6.1
Netherlands 2.4
France 2.3
Germany 2.1
Other countries 10.6
Cash and net other assets 1.3
The fund’s global approach enables it to invest in emerging markets, which represented 2.6% of the portfolio.Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Putnam fund allocation Global Financials Fund 19.45%
Global Consumer Fund 18.66
Global Technology Fund 14.82
Global Health Care Fund 13.42
Global Industrials Fund 10.82
Global Natural Resources Fund 10.60
Global Communications Fund 8.29
Global Utilities Fund 3.53
Government Money Market Fund 0.53
Assets are allocated in approximately the same proportions as sector weightings in the MSCI World Index (ND). The fund is rebalanced quarterly to remain in alignment with this benchmark.Allocations will vary over time.
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS730_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Putnam Global Sector Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Index (ND) is an unmanaged index of equity securities from developed countries. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: Our allocation of investments among the underlying funds may hurt performance. In addition, the fund’s performance is subject to the risks that may affect the performance of the underlying funds, which are as follows. International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. An underlying fund may have a policy of concentrating on a limited group of industries and may be non-diversified. Because an underlying fund may invest in fewer issuers, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific company or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 3/31/10 Class Y sharesMSCI World Index (ND)
1 year -10.80% -8.71%
3 years 5.23 6.30
5 years 3.81 4.56
Life of fund 7.15 7.45
Highlights of five-year performance periods (3/31/10‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
13.90% 6/30/15 3.81% 12/31/18 9.71% 100% 16 0*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares — — -9.6 % 18.3 % 29.2 % 3.5 % -0.0 % 5.7 % 23.5 % -10.8 %
MSCI World Index (ND) 30.0 % 11.8 % -5.5 15.8 26.7 4.9 -0.9 7.5 22.4 -8.7
Expense ratio(Y shares)
Total expense ratio1.98%
What you pay1.02%
“What you pay” reflects Putnam Management’s decision to contractually limit expenses through 2/28/19.
Beta1.06
Draft - content not finalized. Thursday, January 17, 2019 at 5:13:11 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
80 ’82 ’84 ’86 ’88 ’90 ’92 ’94 ’96 ’98 ’00 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 ’1812/31/187/24/80
Ryan W. Kauppila Portfolio Manager (industry since 2000)
Growth of a $10,000 investmentThe fund has returned an average of 5.4% annually since inception.
Putnam Global Natural Resources FundInvesting in natural resources stocks worldwide since 1980
Plotted on a logarithmic scale so that comparable percentage changes appear similar.
$74,215
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 7/24/80), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Daniel Schiff Portfolio Manager (industry since 1998)
A dynamic sector A global approach Active management From oil and gas to chemicals and metals, the fund invests in industries that can profit from the global demand for natural resources.
To seek the best opportunities, the fund managers have the flexibility to invest in stocks from around the world.
The managers, supported by experienced research analysts, combine rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Objective The fund seeks capital appreciation.
Morningstar category Natural Resources
Fund symbols Class A EBERXClass B PNRBXClass C PGLCXClass M PGLMXClass R PGNRXClass Y PGRYX
Number of holdings 29
Net assets $112.43M
Dividend frequency Annually
Top ten holdingsChevron 6.98%
BP 6.50
Total 6.39
Linde 6.02
DowDuPont 5.80
Rio Tinto 5.66
Royal Dutch Shell 5.17
Cheniere Energy 4.80
ConocoPhilips 4.62
NextEra Energy 4.24
Holdings represent 56.18% of the portfolio and will vary over time.
Diversification across markets United States 64.7%
United Kingdom 25.0
France 6.4
Canada 1.9
Japan 1.3
Cash and net other assets 0.6
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS007_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 7/24/80), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Putnam Global Natural Resources Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Energy & Materials Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the energy and materials sectors. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. The energy and other natural resources industries may be affected by changes in crude oil prices and changes in governmental regulatory policies. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is more vulnerable to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 10/4/05 Class Y sharesMSCI World Energy & Materials Index (ND)
1 year -16.42% -16.37%
3 years -0.55 6.20
5 years -8.33 -2.69
10 years 1.39 4.22
Life of fund 5.35 —
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 44.9 % 17.8 % -11.3 % 5.5 % 11.0 % -12.8 % -24.5 % 13.7 % 3.5 % -16.4 %
MSCI World Energy & Materials Index (ND) 38.3 15.8 -8.5 5.5 12.2 -9.1 -19.8 24.9 14.7 -16.4
Total expense ratio(Y shares) 1.05%
Market-cap breakdownOver $69B 53.45%$16B–$69B 22.07%$3.4B–$16B 19.04%$1B–$3.4B 0.62%Less than $1B 4.20%Cash and other assets 0.62%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta1.09
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
82 ’84 ’86 ’88 ’90 ’92 ’94 ’96 ’98 ’00 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 ’1812/31/185/28/82
Michael J. Maguire, CFA Portfolio Manager (industry since 2002)
Growth of a $10,000 investmentThe fund has returned an average of 11.5% annually since inception.
Putnam Global Health Care FundInvesting in the health-care sector since 1982
Plotted on a logarithmic scale so that comparable percentage changes appear similar.$535,403
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 5/28/82), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Samuel Cox Portfolio Manager (industry since 2002)
A dynamic sector A global approach Active management From biotech and drugs to devices and hospitals, the fund invests in industries that can profit from the global demand for health care products and services.
To seek the best opportunities, the fund’s managers have the flexibility to invest in stocks from around the world.
The managers, supported by experienced research analysts, combine rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Objective The fund seeks capital appreciation.
Morningstar category Health
Fund symbols Class A PHSTXClass B PHSBXClass C PCHSXClass M PHLMXClass R PHSRXClass Y PHSYX
Number of holdings 50
Net assets $1,219.67M
Dividend frequency Annually
Top ten holdingsUnitedHealth Group 7.92%
Merck 7.34
Danaher 7.29
BD Medical 6.77
AstraZeneca 5.29
Novartis 5.09
Vertex Pharmaceuticals 4.04
Jazz Pharmaceuticals 3.70
Eli Lilly 3.51
Roche 3.25
Holdings represent 54.20% of the portfolio and will vary over time.
Diversification across markets United States 73.9%
Switzerland 8.5
United Kingdom 7.3
Japan 3.9
Germany 3.9
Spain 0.7
Other countries 0.7
Cash and net other assets 1.1
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Effective 12/12/18, Isabel Buccellati left Putnam.
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS008_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 5/28/82), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Putnam Global Health Care Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Health Care Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the health-care sector. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. The health care industries may be affected by technological obsolescence; changes in regulatory approval policies for drugs, medical devices, or procedures; and changes in governmental and private payment systems. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in financial markets, and factors related to a specific issuer or industry. You can lose money by investing in the fund.
Annualized total return performance
Inception 4/4/00 Class Y sharesMSCI World Health Care Index (ND)
1 year -0.38% 2.51%
3 years 0.63 4.60
5 years 7.02 7.58
10 years 11.96 11.89
Life of fund 11.49 —
Highlights of five-year performance periods (5/28/82‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
26.48% 3/31/99 -2.09% 9/30/05 12.03% 95% 121 6*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 25.5 % 2.3 % -1.2 % 22.3 % 42.1 % 27.8 % 7.8 % -11.5 % 15.6 % -0.4 %
MSCI World Health Care Index (ND) 18.9 2.4 9.5 17.5 36.3 18.1 6.6 -6.8 19.8 2.5
Total expense ratio(Y shares) 0.83%
Market-cap breakdownOver $69B 49.31%$16B–$69B 29.16%$3.4B–$16B 13.74%$1B–$3.4B 5.09%Less than $1B 1.61%Cash and other assets 1.09%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta1.09
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’1812/31/1811/19/90
Growth of a $10,000 investmentThe fund has returned an average of 6.3% annually since inception.
Putnam Global Utilities FundInvesting in the utilities sector since 1990
$56,125
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 11/19/90), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Objective The fund seeks capital growth and current income.
Morningstar category Utilities
Fund symbols Class A PUGIXClass B PUTBXClass C PUTCXClass M PUTMXClass R PULRXClass Y PUTYX
Number of holdings 38
Net assets $149.00M
Dividend frequency Quarterly
William C. Rives Portfolio Manager (industry since 2012)
A dynamic sector A global approach Active management From electricity, water, and gas to power storage, the fund invests in industries that can profit from the global demand for utilities.
To seek the best opportunities, the fund’s manager has the flexibility to invest in stocks from around the world.
The manager, supported by experienced research analysts, combines rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Top ten holdingsNextEra Energy 9.31%
American Electric Power 7.33
Exelon 5.29
Dominion Energy 4.81
Enel 4.42
Duke Energy 4.13
NRG Energy 4.04
Eversource Energy 3.40
National Grid 3.22
SSE 3.14
Holdings represent 49.09% of the portfolio and will vary over time.
Diversification across markets United States 64.1%
United Kingdom 6.4
Spain 5.3
Japan 4.5
Italy 4.4
France 3.7
Other countries 8.5
Cash and net other assets 3.2
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS026_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. Performance for class Y shares before their inception are derived from the historical performance of class A shares (inception 11/19/90), which have not been adjusted for the lower expenses; had they, returns would have been higher. For the most recent month-end performance, please visit putnam.com.
Putnam Global Utilities Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Utilities Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the utilities sector. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. The utilities industries may be affected by increases in fuel costs, technological obsolescence, changes in regulatory policies, and deregulation. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 10/4/05 Class Y sharesMSCI World Utilities Index (ND)
1 year -0.40% 1.97%
3 years 7.55 7.09
5 years 5.18 5.74
10 years 4.77 4.43
Life of fund 6.33 —
Highlights of five-year performance periods (11/19/90‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
21.11% 9/30/07 -6.52% 3/31/03 6.32% 81% 75 18*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 7.6 % 1.7 % -5.4 % 5.1 % 13.7 % 14.6 % -9.7 % 2.0 % 22.4 % -0.4 %
MSCI World Utilities Index (ND) 6.2 -1.0 -3.3 1.8 12.6 15.3 -6.6 6.0 13.7 2.0
Total expense ratio(Y shares) 0.98%
Market-cap breakdownOver $69B 9.31%$16B–$69B 63.25%$3.4B–$16B 23.74%$1B–$3.4B 0.53%Less than $1B 0.00%Cash and other assets 3.18%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta0.96
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
08 ’10 ’12 ’14 ’16 ’1812/31/1812/18/08
Growth of a $10,000 investmentThe fund has returned an average of 12.8% annually since inception.
Putnam Global Consumer FundPursuing investment opportunities in consumer staples and consumer discretionary companies worldwide
$33,412
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Objective The fund seeks capital appreciation.
Morningstar category Consumer Cyclical
Fund symbols Class A PGCOXClass B PGCKXClass C PGCNXClass M PGCMXClass R PGCIXClass Y PGCYX
Number of holdings 27
Net assets $48.97M
Dividend frequency Annually
Walter D. Scully, CPA Portfolio Manager (industry since 1996)
A dynamic sector A global approach Active management The fund invests in industries that can profit from the global demand for consumer products and services. Examples include retail, hotels, autos, food, and beverages.
To seek the best opportunities, the fund’s manager has the flexibility to invest in stocks from around the world.
The manager, supported by experienced research analysts, combines rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Top ten holdingsAmazon 10.99%
Unilever 6.13
CarMax 5.97
Charter Communications 5.92
Sherwin-Williams 5.41
Liberty Media 4.83
MGM China Holdings 4.77
Compass Group 4.49
Home Depot 4.38
Gaming and Leisure Properties 4.14
Holdings represent 57.03% of the portfolio and will vary over time.
Diversification across markets United States 66.7%
United Kingdom 9.9
Netherlands 6.1
Japan 5.2
Hong Kong 4.8
Germany 2.8
Other countries 3.8
Cash and net other assets 0.7
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS718_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Putnam Global Consumer Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Consumer Discretionary & Consumer Staples Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the consumer discretionary and consumer staples sectors. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Consumer staples and consumer discretionary products and services industries may be affected by demographic and product trends, competition, economic trends, and consumer confidence. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 12/18/08 Class Y shares
MSCI World Consumer Discretionary & Consumer Staples Index (ND)
1 year -9.04% -7.44%
3 years 6.34 4.62
5 years 5.28 5.03
10 years 12.66 11.95
Life of fund 12.77 11.86
Highlights of five-year performance periods (12/18/08‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
22.87% 3/31/14 5.28% 12/31/18 13.72% 100% 21 0*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 34.0 % 24.7 % -5.2 % 17.9 % 36.4 % 2.4 % 5.0 % 5.5 % 25.3 % -9.0 %
MSCI World Consumer Discretionary & Consumer Staples Index (ND)
29.6 18.5 1.7 18.7 30.6 5.5 5.9 2.4 20.8 -7.4
Expense ratio(Y shares)
Total expense ratio1.15%
What you pay1.05%
“What you pay” reflects Putnam Management’s decision to contractually limit expenses through 12/30/19.
Market-cap breakdownOver $69B 32.16%$16B–$69B 34.35%$3.4B–$16B 29.24%$1B–$3.4B 3.59%Less than $1B 0.00%Cash and other assets 0.66%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta1.11
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
08 ’10 ’12 ’14 ’16 ’1812/31/1812/18/08
Growth of a $10,000 investmentThe fund has returned an average of 6.6% annually since inception.
Putnam Global Financials FundPursuing investment opportunities in financial-related companies worldwide
$18,982
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Objective The fund seeks capital appreciation.
Morningstar category Financial
Fund symbols Class A PGFFXClass B PGFOXClass C PGFDXClass M PGFMXClass R PGFRXClass Y PGFYX
Number of holdings 60
Net assets $21.07M
Dividend frequency Annually
Jacquelyne J. Cavanaugh Portfolio Manager (industry since 1995)
A dynamic sector A global approach Active management From banking and insurance to real estate, the fund invests in industries that can profit from the global demand for financial services.
To seek the best opportunities, the fund’s manager has the flexibility to invest in stocks from around the world.
The manager, supported by experienced research analysts, combines rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Top ten holdingsBank of America 5.30%
Citigroup 4.58
AIA Group 4.39
Prudential 3.65
Assured Guaranty 3.28
Goldman Sachs 2.95
E*Trade Financial 2.92
KKR 2.91
Cigna 2.82
BlackRock 2.79
Holdings represent 35.59% of the portfolio and will vary over time.
Diversification across markets United States 50.1%
United Kingdom 9.2
Japan 7.4
France 6.0
Canada 5.8
Australia 4.6
Other countries 16.9
Cash and net other assets 0.1
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS720_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Putnam Global Financials Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Financials & Real Estate Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the financials sector. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Financial services companies may be affected by the availability and cost of capital; changes in interest rates, insurance claims activity, industry consolidation, and general economic conditions; and reduced profitability from limitations on loans, proprietary trading, and interest rates and fees charged as a result of extensive government regulations. The fund’s policy of concentrating on a limited group of industries can increase the fund’s vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 12/18/08 Class Y shares
MSCI World Financials & Real Estate Index (ND)
1 year -18.88% -15.40%
3 years 0.86 3.87
5 years -0.11 2.24
10 years 6.38 7.48
Life of fund 6.60 7.48
Highlights of five-year performance periods (12/18/08‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
18.67% 3/31/14 -0.11% 12/31/18 8.39% 95% 20 1*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 33.9 % 2.2 % -20.1 % 31.3 % 30.0 % -1.5 % -1.6 % 4.7 % 20.8 % -18.9 %
MSCI World Financials & Real Estate Index (ND) 31.1 4.6 -18.5 29.4 27.3 3.2 -3.4 9.0 21.5 -15.4
Expense ratio(Y shares)
Total expense ratio1.41%
What you pay1.03%
“What you pay” reflects Putnam Management’s decision to contractually limit expenses through 12/30/19.
Market-cap breakdownOver $69B 23.63%$16B–$69B 36.64%$3.4B–$16B 29.57%$1B–$3.4B 8.61%Less than $1B 1.43%Cash and other assets 0.12%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta1.04
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’1812/31/1812/18/08
Growth of a $10,000 investmentThe fund has returned an average of 13.1% annually since inception.
Putnam Global Industrials FundPursuing investment opportunities in industrial products, services, and equipment companies worldwide
$34,414
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Objective The fund seeks capital appreciation.
Morningstar category Industrials
Fund symbols Class A PGIAXClass B PGIVXClass C PGIEXClass M PGIHXClass R PGIOXClass R6 PGWTXClass Y PGILX
Number of holdings 28
Net assets $74.01M
Dividend frequency Annually
Daniel Schiff Portfolio Manager (industry since 1998)
A dynamic sector A global approach Active management From aerospace and trucking to infrastructure, the fund invests in industries that can profit from the global demand for industrial products and services.
To seek the best opportunities, the fund’s manager has the flexibility to invest in stocks from around the world.
The manager, supported by experienced research analysts, combines rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Top ten holdingsHoneywell International 7.39%
Boeing 7.34
Union Pacific 6.70
United Technologies 6.38
Roper Technologies 5.60
Emerson Electric 5.50
Mitsubishi 5.11
Waste Connections 4.91
Fortive 4.91
Transdigm Group 4.79
Holdings represent 58.63% of the portfolio and will vary over time.
Diversification across markets United States 78.3%
Japan 12.9
France 2.5
Canada 2.2
United Kingdom 1.5
Germany 0.7
Cash and net other assets 1.9
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS721_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Putnam Global Industrials Fund
Annual performance at net asset value (all distributions reinvested)
―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The MSCI World Industrials Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the industrials sector. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Industrial products, services, and equipment industries may be affected by economic trends, commodity prices, technological obsolescence, labor relations, legislation, worldwide competition, and liability for environmental damage. The fund's policy of concentrating on a limited group of industries and the fund’s non-diversified status, which means the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund, can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 12/18/08 Class Y shares
MSCI World Industrials Index (ND)
1 year -13.72% -14.54%
3 years 8.38 6.50
5 years 5.52 3.51
10 years 12.79 10.08
Life of fund 13.11 10.15
Highlights of five-year performance periods (12/18/08‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
26.08% 3/31/14 5.52% 12/31/18 15.08% 100% 21 0*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 25.0 % 32.9 % -14.4 % 27.3 % 40.8 % 0.9 % 1.9 % 15.2 % 28.1 % -13.7 %
MSCI World Industrials Index (ND) 26.7 23.4 -8.2 16.0 32.1 0.4 -2.1 12.9 25.2 -14.5
Total expense ratio(Y shares) 1.02%
Market-cap breakdownOver $69B 32.01%$16B–$69B 47.53%$3.4B–$16B 16.51%$1B–$3.4B 2.10%Less than $1B 0.00%Cash and other assets 1.85%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta0.98
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’1812/31/1812/18/08
Neil P. Desai Portfolio Manager (industry since 1997)
Growth of a $10,000 investmentThe fund has returned an average of 16.1% annually since inception.
Putnam Global Technology FundPursuing investment opportunities in technology-related companies worldwide
$44,690
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
A dynamic sector A global approach Active management From software and computers to Internet services and storage, the fund invests in industries that can profit from the global demand for technology products and services.
To seek the best opportunities, the fund’s managers have the flexibility to invest in stocks from around the world.
The managers, supported by experienced research analysts, combine rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Di Yao Portfolio Manager (industry since 2005)
Objective The fund seeks capital appreciation.
Morningstar category Technology
Fund symbols Class A PGTAXClass B PGTPXClass C PGTDXClass M PGTMXClass R PGTRXClass R6 PTTEXClass Y PGTYX
Number of holdings 43
Net assets $336.18M
Dividend frequency Annually
Top ten holdingsMicrosoft 17.81%
Alphabet 5.50
Visa 4.72
NXP Semiconductors 4.07
Talend 3.53
ASML Holding 3.42
Okta 3.40
Charter Communications 3.01
GoDaddy 2.94
Tencent 2.89
Holdings represent 51.29% of the portfolio and will vary over time.
Diversification across markets United States 70.7%
Japan 8.1
China 5.9
Netherlands 4.5
Taiwan 3.5
South Korea 2.9
Other countries 3.5
Cash and net other assets 0.9
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
The fund received a 4-star Overall Morningstar Rating as of 12/31/18 among 182 funds in the Technology category (Y shares, based on risk-adjusted returns)
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS722_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Putnam Global Technology Fund
Annual performance at net asset value (all distributions reinvested)
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The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Putnam Global Technology Fund received 4, 4, and 3 stars for the 3-, 5-, and 10-year periods among 182, 174, and 146 Technology funds, respectively.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. The technology industries may be affected by technological obsolescence, short product cycles, falling prices and profits, competitive pressures, and general market conditions. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 12/18/08 Class Y shares
MSCI World Information Technology Index (ND)
1 year -6.46% -2.60%
3 years 15.70 14.49
5 years 14.35 12.78
10 years 16.07 15.89
Life of fund 16.09 15.88
Highlights of five-year performance periods (12/18/08‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
25.06% 6/30/18 9.91% 9/30/15 15.58% 100% 21 0*Based on annualized returns for quarterly rolling periods.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
The MSCI World Information Technology Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the information technology sector. You cannot invest directly in an index.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 53.9 % 10.8 % -5.7 % 13.4 % 24.6 % 13.8 % 10.9 % 12.6 % 47.0 % -6.5 %
MSCI World Information Technology Index (ND) 52.4 10.5 -2.5 13.3 28.7 16.1 4.8 11.5 38.2 -2.6
Total expense ratio(Y shares) 0.90%
Market-cap breakdownOver $69B 39.44%$16B–$69B 17.01%$3.4B–$16B 27.58%$1B–$3.4B 13.28%Less than $1B 1.84%Cash and other assets 0.85%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta0.99
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Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
08 ’10 ’12 ’14 ’16 ’1812/31/1812/18/08
Growth of a $10,000 investmentThe fund has returned an average of 9.8% annually since inception.
Putnam Global Communications Fund*
Pursuing investment opportunities in communications-related companies worldwide
$25,533
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Objective The fund seeks capital appreciation.
Morningstar category Communications
Fund symbols Class A PGBZXClass B PGBBXClass C PGBNXClass M PGBMXClass R PGBTXClass Y PGBYX
Number of holdings 22
Net assets $19.09M
Dividend frequency Annually
Vivek Gandhi, CFA Portfolio Manager (industry since 1994)
Dynamic industries A global approach Active management From mobile devices and fiber-optic cable to media and entertainment, the fund invests in industries that can profit from the global demand for communications products and services.
To seek the best opportunities, the fund manager has the flexibility to invest in stocks from around the world.
The manager, supported by experienced research analysts, combines rigorous fundamental research with macroeconomic views to pinpoint opportunities across the sector.
Top ten holdingsAlphabet 21.22%
Verizon 8.34
AT&T 6.19
Netflix 5.27
Facebook 4.81
Comcast 4.37
Twenty-First Century Fox 4.34
Walt Disney 4.19
T-Mobile 4.10
Microsoft 4.07
Holdings represent 66.90% of the portfolio and will vary over time.
Diversification across markets United States 83.7%
United Kingdom 4.0
Japan 3.2
Spain 3.1
Netherlands 2.4
Germany 1.5
China 1.5
Cash and net other assets 0.6
Allocations will vary over time. Due to rounding, percentages may not equal 100%.
* Effective 11/30/18, Putnam Global Telecommunications Fund was renamed Putnam Global Communications Fund.
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Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS723_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Putnam Global Communications Fund
Annual performance at net asset value (all distributions reinvested)
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The MSCI World Communication Services Index (ND) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the communication services sector. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. The telecommunications industry may be affected by government regulation, intense competition, equipment incompatibility, changing consumer preferences, technological obsolescence, and large capital expenditures and debt burdens. The fund concentrates on a limited group of industries and is non-diversified. Because the fund may invest in fewer issuers than a diversified fund, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 12/18/08 Class Y shares
MSCI Communication Services Index (ND)
1 year -11.38% -9.90%
3 years 1.52 0.24
5 years 1.51 0.26
10 years 9.64 5.97
Life of fund 9.79 5.84
Highlights of five-year performance periods (12/18/08‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
21.72% 3/31/14 1.51% 12/31/18 12.30% 100% 21 0*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares 13.5 % 21.9 % 4.2 % 18.9 % 35.9 % -2.5 % 5.7 % 3.2 % 14.4 % -11.4 %
MSCI Communication Services Index (ND) 13.7 10.2 0.8 6.4 31.2 -1.9 2.5 5.7 5.8 -9.9
Expense ratio(Y shares)
Total expense ratio1.56%
What you pay1.05%
“What you pay” reflects Putnam Management’s decision to contractually limit expenses through 12/30/19.
Market-cap breakdownOver $69B 71.29%$16B–$69B 19.09%$3.4B–$16B 7.56%$1B–$3.4B 0.00%Less than $1B 1.46%Cash and other assets 0.61%
“Cash and other assets” includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.
Beta0.84
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Not FDIC insuredMay lose valueNo bank guarantee
Q4 | 2018
10 ’12 ’14 ’16 ’18 12/31/183/31/10
Growth of a $10,000 investmentThe fund has returned an average of 7.2% annually since inception.
Putnam Global Sector FundA world of sectors in one portfolio
$18,306
$10,000
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Broad sector exposure Research expertise Global approach The fund invests in eight of Putnam’s actively managed global sector funds, providing exposure to all sectors of the MSCI World Index.
The underlying funds are managed by equity analysts with specialized knowledge and industry insight. They actively select stocks using fundamental bottom-up research.
The managers of the underlying funds can invest in markets around the world and are supported by analysts in Boston, London, and Singapore.
Portfolio Managers
Aaron M. Cooper, CFA (industry since 1999)
Samuel Cox (industry since 2002)
Kathryn B. Lakin (industry since 2008)
Objective The fund seeks capital appreciation.
Morningstar category World Large Stock
Fund symbols Class A PPGAXClass B PPGBXClass C PPGCXClass M PPGMXClass R PPGSXClass Y PPGYX
Number of holdings 9
Net assets $23.44M
Dividend frequency Annually
Geographic compositionUnited States 67.1%
United Kingdom 8.2
Japan 6.1
Netherlands 2.4
France 2.3
Germany 2.1
Other countries 10.6
Cash and net other assets 1.3
The fund’s global approach enables it to invest in emerging markets, which represented 2.6% of the portfolio.Allocations will vary over time. Due to rounding, percentages may not equal 100%.
Putnam fund allocation Global Financials Fund 19.45%
Global Consumer Fund 18.66
Global Technology Fund 14.82
Global Health Care Fund 13.42
Global Industrials Fund 10.82
Global Natural Resources Fund 10.60
Global Communications Fund 8.29
Global Utilities Fund 3.53
Government Money Market Fund 0.53
Assets are allocated in approximately the same proportions as sector weightings in the MSCI World Index (ND). The fund is rebalanced quarterly to remain in alignment with this benchmark.Allocations will vary over time.
Draft - content not finalized. Thursday, January 17, 2019 at 2:15:13 PM
Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnamat 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 | putnam.com
For informational purposes only. Not an investment recommendation.
Putnam Retail Management
12 | 31 | 2018
FS730_Y 314892 1/19
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 a loss when you sell your shares. Performance of class Y shares assumes reinvestment of distributions and does not account for taxes. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit putnam.com.
Putnam Global Sector Fund
Annual performance at net asset value (all distributions reinvested)
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The MSCI World Index (ND) is an unmanaged index of equity securities from developed countries. You cannot invest directly in an index.
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Risk statistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used.
Not all share classes are available on all platforms.
Consider these risks before investing: Our allocation of investments among the underlying funds may hurt performance. In addition, the fund’s performance is subject to the risks that may affect the performance of the underlying funds, which are as follows. International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. An underlying fund may have a policy of concentrating on a limited group of industries and may be non-diversified. Because an underlying fund may invest in fewer issuers, it is vulnerable to common economic forces and may result in greater losses and volatility. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. The use of short selling may result in losses if the securities appreciate in value. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific company or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.
Annualized total return performance
Inception 3/31/10 Class Y sharesMSCI World Index (ND)
1 year -10.80% -8.71%
3 years 5.23 6.30
5 years 3.81 4.56
Life of fund 7.15 7.45
Highlights of five-year performance periods (3/31/10‒12/31/18)*Best 5-year return
Best periodend date
Worst 5-year return
Worst periodend date
Average 5-year return
% of 5-year periods with positive returns
Number of positive 5-year periods
Number of negative 5-year periods
13.90% 6/30/15 3.81% 12/31/18 9.71% 100% 16 0*Based on annualized returns for quarterly rolling periods.
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Y shares — — -9.6 % 18.3 % 29.2 % 3.5 % -0.0 % 5.7 % 23.5 % -10.8 %
MSCI World Index (ND) 30.0 % 11.8 % -5.5 15.8 26.7 4.9 -0.9 7.5 22.4 -8.7
Expense ratio(Y shares)
Total expense ratio1.98%
What you pay1.02%
“What you pay” reflects Putnam Management’s decision to contractually limit expenses through 2/28/19.
Beta1.06
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