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Investment Objective
The fund seeks capital appreciation.
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Fund Description
The fund invests in small companies believed to have the potential for exceptionally strong growth. The management team targets stocks across a range of industry sectors and seeks companies with innovative products and services, sound business models, and strong management teams.
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| Fund Returns |
| As of Quarter End June 30, 2007 | All returns in percentages |
| Class |
Last
Quarter |
Year
to Date |
1
Year |
3
Year |
5
Year |
10 Years |
Life of
Fund |
| A |
NAV |
6.44% |
10.78% |
14.93% |
11.54% |
13.19% |
--- |
16.49% |
| |
POP |
0.87% |
4.98% |
8.90% |
9.56% |
11.98% |
--- |
15.83% |
| |
Inception date: December 31, 1997 |
| B |
NAV |
6.26% |
10.37% |
14.08% |
10.73% |
12.35% |
--- |
15.63% |
| |
CDSC |
1.26% |
5.37% |
9.08% |
9.90% |
12.10% |
--- |
15.63% |
| |
Inception date: March 18, 2002 |
| C |
NAV |
6.22% |
10.37% |
14.09% |
10.71% |
12.34% |
--- |
15.62% |
| |
POP |
5.22% |
9.37% |
13.09% |
10.71% |
12.34% |
--- |
15.62% |
| |
Inception date: March 18, 2002 |
| M |
NAV |
6.30% |
10.50% |
14.38% |
10.99% |
12.65% |
--- |
15.92% |
| |
POP |
2.86% |
6.92% |
10.67% |
9.77% |
11.91% |
--- |
15.52% |
| |
Inception date: March 18, 2002 |
| Russell 2000 Growth Index |
| |
NAV |
6.69% |
9.33% |
16.83% |
11.76% |
13.08% |
5.28% |
|
| Russell 2500 Growth Index |
| |
NAV |
6.99% |
11.30% |
19.03% |
13.60% |
14.71% |
7.54% |
|
Fund Returns |
| As of Month End July 31, 2007 | All returns in percentages |
| Class |
Last
Quarter |
Year
to Date |
1
Year |
3
Year |
5
Year |
10 Years |
Life of
Fund |
| A |
NAV |
--- |
5.30% |
14.73% |
13.03% |
15.80% |
--- |
15.72% |
| |
POP |
--- |
-0.22% |
8.71% |
11.02% |
14.56% |
--- |
15.07% |
| |
Inception date: December 31, 1997 |
| B |
NAV |
--- |
4.81% |
13.86% |
12.18% |
14.94% |
--- |
14.85% |
| |
CDSC |
--- |
-0.19% |
8.86% |
11.38% |
14.71% |
--- |
14.85% |
| |
Inception date: March 18, 2002 |
| C |
NAV |
--- |
4.86% |
13.86% |
12.20% |
14.94% |
--- |
14.85% |
| |
POP |
--- |
3.86% |
12.86% |
12.20% |
14.94% |
--- |
14.85% |
| |
Inception date: March 18, 2002 |
| M |
NAV |
--- |
4.97% |
14.13% |
12.48% |
15.23% |
--- |
15.15% |
| |
POP |
--- |
1.57% |
10.40% |
11.24% |
14.46% |
--- |
14.76% |
| |
Inception date: March 18, 2002 |
 |
Data is historical. Past performance is no guarantee of future results. More recent returns may be worth more or less than those shown. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. For the most recent month-end performance, visit www.putnaminvestments.com.
Performance assumes reinvestment of distributions and does not account for taxes. Returns at public offering price (POP) for class A and class M shares reflect the current maximum initial sales charges of 5.25% and 3.25% for equity funds, and 3.75% and 3.25% for income funds (3.25% and 2.00% for Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund), respectively. POP performance of income funds' class A shares (other than Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund) and equity funds' class M shares reflects a reduction in maximum sales charge that took effect April 1, 2005. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund, which is 3% in the first year, declines to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Insured Municipal Fund, which are based on the historical performance of class B shares). Class A, M, and T shares of Putnam money market funds have no initial sales charge. For a portion of the period some funds may have limited expenses or been sold on a limited basis with limited assets and expenses, without which returns would be lower. A short-term trading fee of up to 1% may apply.
The Russell 2000 Growth Index is an unmanaged index of those companies in the small-cap Russell 2000 Index chosen for their growth orientation. The Russell 2500 Growth Index is an unmanaged index of those companies in the small/mid-cap Russell 2500 Index chosen for their growth orientation. It is not possible to invest directly in an index.
The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations.
Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.
You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.
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Expense Ratio
| Class |
Fund's total expense ratio |
What you pay* |
*Small Cap Growth Fund reflects Putnam Management’s decision to contractually limit expenses through 06/30/2007.
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| Class |
1 Year |
3 Years |
5 Years |
10 Years |
| Lipper Category: Small-Cap Growth |
| A |
75% (426/569) |
59% (270/458) |
28% (106/383) |
--- |
| B |
80% (456/569) |
68% (312/458) |
43% (163/383) |
--- |
| C |
80% (456/569) |
68% (309/458) |
43% (163/383) |
--- |
| M |
79% (450/569) |
64% (292/458) |
39% (147/383) |
--- |
Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective. Past performance is no guarantee of future results.
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| Top 10 Holdings | Holdings will vary over time |
| As of July 31, 2007 | Holdings represent 8.54% of portfolio |
| Rank |
Fund |
Percentage of Portfolio |
| 1. |
Hornbeck Offshore Services |
1.05% |
| 2. |
Acuity Brands Inc |
0.91% |
| 3. |
Apria Healthcare |
0.87% |
| 5. |
Salix Pharmaceuticals Ltd |
0.85% |
| 6. |
Comtech Telecomm |
0.83% |
| 9. |
Medcath Corporation |
0.78% |
| 10. |
West Pharmaceut |
0.77% |
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| Rank |
Sector |
Percentage of Portfolio |
| 3. |
Consumer Cyclical |
14.55% |
| 5. |
Consumer Staples |
9.91% |
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Country Allocation
Not available
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| Class |
Record/Ex
Dividend Date |
Payable
Date |
Income |
ST Cap Gain |
LT Cap Gain |
| A |
12/04/2006 |
12/11/2006 |
|
$0.000000 |
$1.358000 |
| B |
12/04/2006 |
12/11/2006 |
|
$0.000000 |
$1.358000 |
| C |
12/04/2006 |
12/11/2006 |
|
$0.000000 |
$1.358000 |
| M |
12/04/2006 |
12/11/2006 |
|
$0.000000 |
$1.358000 |
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| Fiscal Year End | June |
| Fund Status | Open to new investors |
| Dividend Frequency | Annually |
| Number of Issues | 271 |
| Turnover (as of fiscal year end) | 106.13% |
| Class |
Inception |
Symbol |
CUSIP |
Number of
Accounts |
Outstanding
Shares |
Net Assets |
| A |
December 31, 1997 |
PNSAX |
746763549 |
37,939 |
16,460,512 |
382,649,553 |
| B |
March 18, 2002 |
PNSBX |
746763531 |
8,224 |
1,837,544 |
40,866,681 |
| C |
March 18, 2002 |
--- |
746763523 |
1,867 |
913,113 |
20,305,660 |
| M |
March 18, 2002 |
PSGMX |
746763515 |
598 |
242,529 |
5,478,397 |
| Totals |
|
|
|
48,628 |
19,453,698 |
449,300,291 |
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Investment Management
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Prospectus
You agree to receive this prospectus electronically and to read and agree to its terms before investing or sending money. It contains detailed information about the fund's investment policies, risks, charges and expenses. You can read and print the prospectus while you are online, using a supported browser and Adobe Acrobat Reader™ software. If you would like a preprinted copy of the prospectus, please contact your Edward Jones financial advisor.
This prospectus is not an offer to sell, or a solicitation of an offer to buy shares in the fund nor shall any such shares be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.
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Copyright 2007, Putnam Retail Management
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