Annual report - Putnam Investments

Estimate the expenses you paid
To estimate the ongoing expenses you paid for the six months ended August 31, 2014, use the
following calculation method. To find the value of your investment on March 1, 2014, call Putnam
at 1-800-225-1581.
How to calculate the expenses you paid
Value of your investment on 3/1/14
÷ $1,000 x Expenses paid per $1,000 =
Total expenses paid
Example Based on a $10,000 investment in class A shares of your fund.
$10,000
÷ $1,000 x $6.68 (see preceding table) =
$66.80
Compare expenses using the SEC’s method
The Securities and Exchange Commission (SEC) has established guidelines to help investors
assess fund expenses. Per these guidelines, the following table shows your fund’s expenses
based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this
information to compare the ongoing expenses (but not transaction expenses or total costs)
of investing in the fund with those of other funds. All mutual fund shareholder reports will
provide this information to help you make this comparison. Please note that you cannot use this
information to estimate your actual ending account balance and expenses paid during the period.
Class A Class B Class C Class M Class R Class Y
Expenses paid per $1,000*† $6.87 $10.66 $10.66 $9.40 $8.13 $5.60
Ending value (after expenses) $1,018.40 $1,014.62 $1,014.62 $1,015.88 $1,017.14 $1,019.66
* Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which
represents the ongoing expenses as a percentage of average net assets for the six months ended 8/31/14. The
expense ratio may differ for each share class.
† Expenses are calculated by multiplying the expense ratio by the average account value for the six-month period;
then multiplying the result by the number of days in the six-month period; and then dividing that result by the
number of days in the year.
International Capital Opportunities Fund 15