Putnam Short Duration Income Fund - Putnam Investments

Your fund’s performance
This section shows your fund’s performance, price, and distribution information for periods ended
July 31, 2014, the end of its most recent fiscal year. In accordance with regulatory requirements
for mutual funds, we also include performance information as of the most recent calendar
quarter-end and expense information taken from the fund’s current prospectus. Performance
should always be considered in light of a fund’s investment strategy. Data represent past
performance. Past performance does not guarantee future results. More recent returns may be
less or more than those shown. Investment return and principal value will fluctuate, and you may
have a gain or a loss when you sell your shares. Performance information does not reflect any
deduction for taxes a shareholder may owe on fund distributions or on the redemption of fund
shares. For the most recent month-end performance, please visit the Individual Investors section
at putnam.com or call Putnam at 1-800-225-1581. Class R, R5, R6, and Y shares are not available
to all investors. See the Terms and Definitions section in this report for definitions of the share
classes offered by your fund.
Fund performance Total return for periods ended 7/31/14
Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
(inception dates) (10/17/11) (10/17/11) (10/17/11) (10/17/11) (10/17/11) (7/2/12) (7/2/12) (10/17/11)
Life of fund 2.02% 0.89% 0.89% 1.79% 0.89% 2.40% 2.40% 2.40%
Annual average 0.72 0.32 0.32 0.64 0.32 0.85 0.85 0.85
1 year 0.81 0.42 0.42 0.76 0.42 0.91 0.91 0.91
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future
results. None of the share classes generally carry an initial sales charge or a contingent deferred sales charge.
Performance for class R5 and R6 shares prior to their inception is derived from the historical performance of
class Y shares.
For a portion of the periods, the fund had expense limitations, without which returns would have been lower.
Comparative index returns For periods ended 7/31/14
BofA Merrill Lynch
U.S. Treasury Bill Index
Life of fund 0.26 %
Annual average 0.09
1 year 0.07
Index results should be compared with fund performance at net asset value.
Short Duration Income Fund 11