Putnam Short Duration Income Fund - Putnam Investments

Financial highlights (Continued)
* Not annualized.
† For the period October 17, 2011 (commencement of operations) to July 31, 2012.
†† For the period July 3, 2012 (commencement of operations) to July 31, 2012.
a Per share net investment income (loss) has been determined on the basis of the weighted average number of shares
outstanding during the period.
b Total return assumes dividend reinvestment and does not reflect the effect of sales charges.
c Includes amounts paid through expense offset arrangements, if any (Note 2).
d Reflects an involuntary contractual expense limitation in effect during the period. As a result of such limitation, the
expenses of each class reflect a reduction of the following amounts as a percentage of net assets (Note 2):
7/31/14 7/31/13 7/31/12
Class A 0.12% 0.14% 0.47%
Class B 0.12 0.14 0.47
Class C 0.12 0.14 0.47
Class M 0.12 0.14 0.47
Class R 0.12 0.14 0.47
Class R5 0.21 0.24 0.04
Class R6 0.14 0.17 0.04
Class Y 0.12 0.14 0.47
e Amount represents less than $0.01 per share.
f Reflects a voluntary waiver of certain fund expenses in effect during the period relating to the enhancement of
certain annualized net yields for the fund. As a result of such waivers, the expenses of the following classes reflect a
reduction of the following amounts as a percentage of average net assets (Note 2):
7/31/14
Class B 0.01%
Class C 0.01
Class R 0.01
The accompanying notes are an integral part of these financial statements.
48 Short Duration Income Fund