# EDGAR Filing Document

**Accession Number:** 0001005942
**File Stem:** 0000928816-23-000189
**Filing Date:** 2023-2
**Character Count:** 6880
**Document Hash:** 17dd7503eea5115061fef12a21ea5df8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-23-000189.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0000928816-23-000189

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**EFFECTIVENESS DATE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001005942
- **IRS NUMBER:** 043299786
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-00515
- **FILM NUMBER:** 23606602

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Putnam Fixed Income Absolute Return Fund (Series ID: S000024275)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000071712 | Class R        |  |
| C000071713 | Class Y        |  |
| C000071714 | Class A        |  |
| C000071715 | Class B        |  |
| C000071716 | Class C        |  |
| C000118006 | Class R6       |  |
| C000174702 | Class P Shares |  |

<u>Prospectus Supplement </u> <u> *February 9, 2023*</u>

**Putnam Fixed Income Absolute Return Fund**

Prospectuses dated February 28, 2022

The Putnam RetirementReady Funds (the "RR Funds") currently invest in the fund, among other Putnam funds. As part of a repositioning of the RR Funds (the "RR Funds Repositioning") expected to occur on or about February 10, 2023, each RR Fund will redeem its entire investment in the fund (and all of the other underlying Putnam funds in which the RR Fund invests at the time of the RR Funds Repositioning).

The RR Funds Repositioning (and, specifically, the RR Funds' redemption of their investments in the fund), paired with the operation of the fund's negative performance adjustment, is expected to result in a meaningful reduction in the management fee paid by the fund. This is because the RR Funds' redemption of their investments in the fund is expected to significantly reduce the fund's net assets, meaning that the dollar amount of the fund's base management fee (0.60% of monthly net assets) following the RR Repositioning is expected to be reduced proportionately. However, the fund's performance adjustment is determined by applying the performance adjustment rate to the fund's average net assets over the 36-month performance period. The RR Funds Repositioning is expected to result in the fund's monthly net assets declining significantly, but this will have only a very small impact on the fund's average net assets over the 36-month performance period. This means that anticipated negative performance adjustment amounts will be larger relative to the base management fee than was the case before the RR Funds Repositioning. Accordingly, the redemption will result in a decrease in effective management fee rate for the fund shareholders relative to the current management fee rate. The tables below reflect the anticipated annual fund operating expenses of the fund as of February 10, 2023 (following the redemption of the RR Funds' investments in the fund) and will replace, in its entirety, corresponding tables in the fund's prospectus effective February 10, 2023.

**Annual fund operating expenses**

(expenses you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Management fees**<sup>†</sup> | &nbsp;&nbsp;**Distribution and service (12b-1) fees** | &nbsp;&nbsp;**Other expenses<sup>=</sup>** | &nbsp;&nbsp;**Total annual fund operating expenses** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;**Class B** | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;**Class P** | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.47% |

---

 

<sup>†</sup> Management fees are subject to a performance adjustment. The fund's base management fee is subject to adjustment, up or down, based on the fund's performance relative to the performance of the ICE BofA U.S. Treasury Bill Index plus 300 basis points. Estimated as of February 28, 2022 but reflecting the redemption of the Putnam RetirementReady Funds' investments in the fund (anticipated to occur on or around February 10, 2023). For the most recent fiscal year, the fund's base management fee prior to any performance adjustment was 0.60%.

<sup>=</sup> Other expenses are less than 0.01%.

**Example**

The following hypothetical examples are intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in a fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that each fund's operating expenses remain the same. Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**3 years** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;$297 | &nbsp;&nbsp;$450 | &nbsp;&nbsp;$617 | &nbsp;&nbsp;$1099 |
| &nbsp;&nbsp;**Class B** | &nbsp;&nbsp;$194 | &nbsp;&nbsp;$293 | &nbsp;&nbsp;$509 | &nbsp;&nbsp;$1074 |
| &nbsp;&nbsp;**Class B** (no redemption) | &nbsp;&nbsp;$94 | &nbsp;&nbsp;$293 | &nbsp;&nbsp;$509 | &nbsp;&nbsp;$1074 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;$250 | &nbsp;&nbsp;$465 | &nbsp;&nbsp;$803 | &nbsp;&nbsp;$1554 |
| &nbsp;&nbsp;**Class C** (no redemption) | &nbsp;&nbsp;$150 | &nbsp;&nbsp;$465 | &nbsp;&nbsp;$803 | &nbsp;&nbsp;$1554 |
| &nbsp;&nbsp;**Class P** | &nbsp;&nbsp;$48 | &nbsp;&nbsp;$151 | &nbsp;&nbsp;$263 | &nbsp;&nbsp;$591 |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;$99 | &nbsp;&nbsp;$309 | &nbsp;&nbsp;$536 | &nbsp;&nbsp;$1190 |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;$48 | &nbsp;&nbsp;$151 | &nbsp;&nbsp;$263 | &nbsp;&nbsp;$591 |
| &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;$48 | &nbsp;&nbsp;$151 | &nbsp;&nbsp;$263 | &nbsp;&nbsp;$591 |

---

*Shareholders should retain this Supplement for future reference.*

332880– 2/23