|
Mar. 31, 2025
USD ($)
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fund Summary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fund seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fees and expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 21 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page [ ] of the fund’s statement of additional information (“SAI”). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholder Fees (fees paid directly from your investment) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Example | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following hypothetical example is 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 the 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 the fund’s operating expenses remain the same. Your actual costs may be higher or lower. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 47%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 47.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, risks, and performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments We invest mainly in bonds that are obligations of U.S. companies, are below investment-grade in quality (sometimes referred to as “junk bonds”), and have intermediate- to long-term maturities (three years or longer). Under normal circumstances, we invest at least 80% of the fund’s net assets in securities rated below investment-grade. This policy may be changed only after 60 days’ notice to shareholders. We may also invest in other debt instruments, including loans. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. We may also use derivatives, such as futures, options, certain foreign currency transactions, and credit default swap contracts, for both hedging and non-hedging purposes. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
It is important to understand that you can lose money by investing in the fund. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. The risks associated with bond investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (a significant part of the fund’s investments), which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues). The fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The accompanying bar chart and table provide some indication of the risks of investing in the fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| www.franklintempleton.com | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual total returns for class A shares before sales charges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Best calendar quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9.54% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worst calendar quarte | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (12.77%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average annual total returns after sales charges For periods ended 12/31/24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Class C share performance reflects conversion to class A shares after eight years. Important data provider notices and terms are available at www.franklintempletondatasources.com. All data is subject to change. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| After-tax returns are shown for class A shares only and will vary for other classes. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| It is important to understand that you can lose money by investing in the fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||