Putnam Spectrum Funds
Seeking returns from opportunities
in leveraged companies
Portfolio Manager David Glancy is an expert in leveraged-company investing, with nearly 25 years of experience.
Putnam Capital Spectrum FundTargets total return with flexibility to invest in common and preferred stocks, bonds, bank loans, or convertible securities of leveraged companies.  Putnam Equity Spectrum FundTargets capital appreciation with a focus on stocks of leveraged companies. 
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or a loss when you sell your shares. Performance of class A shares assumes reinvestment of distributions and does not account for taxes. After-sales-charge returns reflect a maximum 5.75% load A 1% short-term trading fee may apply. To obtain the most recent month-end performance, visit putnam.com. S&P 500 Index is an unmanaged index of common stock performance. You cannot invest directly in an index. JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed-income securities issued in developed countries. You cannot invest directly in an index. Indexes are unmanaged and used as a broad measure of market performance. It is not possible to invest directly in an index. Past performance is not indicative of future results. |
Read David Glancy’s latest insight into why leveraged companies are choosing to pay more for financing. Product InformationFund Fact Sheets (pdf)Literature (pdf) |
Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Our focus on leveraged companies and the fund's "non-diversified" status can increase the fund's vulnerability to these factors. Our use of short selling may increase these risks.
Additional risks associated with Putnam Capital Spectrum Fund: Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Lower-rated bonds may offer higher yields in return for more risk. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Our focus on leveraged companies and the fund's "non-diversified" status can increase the fund's vulnerability to these factors. Our use of short selling may increase these risks.
Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus or summary prospectus containing this and other information for any Putnam fund or product, click on the prospectus section or call your financial representative or call Putnam at 1-800-225-1581. Please read carefully the prospectus if available before investing.
Putnam Retail Management