Small Cap Value Fund (Class Y)  (PYSVX)

Pursuing capital appreciation through undervalued small companies


Track this fund

Highlights

Objective

The fund seeks capital appreciation.

Strategy and process

  • Small companies: Often overlooked by Wall Street analysts, the stocks of small companies can represent attractive opportunities.
  • Active value strategy: The portfolio manager seeks attractively valued companies with improving fundamentals or catalysts that may unlock value.
  • Rigorous research: The portfolio manager and a team of senior research analysts offer the collaboration of a boutique with the extensive resources of a large, global firm.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $14.40
0.00% | $0.00
$19.33
12/04/17
$13.39
04/02/18
Historical fund price

Fund facts as of 04/30/18

Total net assets
$348.36M
Turnover (fiscal year end)
469%
Dividend frequency
Annually
Number of holdings
238
Fiscal year-end
February
CUSIP / Fund code
746802289 / 1853
Inception date
01/03/01
Category
Value
Open to new investors
Ticker
PYSVX

Management team

Portfolio Manager


Literature

Fund documents

Fact Sheet (Y share) (PDF)
Prospectus (PDF)
Statement of Additional Information (SAI) (PDF)
Annual Report (PDF)
Semiannual Report (PDF)
Proxy voting results (Form N-PX) (PDF)
Equity Outlook (PDF)
Comparing Putnam's U.S. equity funds (PDF)

Performance

  • Total return (%) as of 03/31/18

  • Annual performance as of 03/31/18

Annualized Total return (%) as of 03/31/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 2.31% 7.55% 10.15% 8.49%
After sales charge N/A N/A N/A N/A
Russell 2000 Value Index 5.13% 7.87% 9.96% 8.61%

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 loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Multi-Asset Absolute Return Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second 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, 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 Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 04/30/18 0.51 % -
YTD as of 05/25/18 1.27 % -

Risk-adjusted performance as of 04/30/18

Alpha (3 yrs.) -0.64
Sharpe ratio (3 yrs.) 0.57
Treynor ratio (3 yrs.) 8.07
Information ratio (3 yrs.) -0.45

Volatility as of 04/30/18

Standard deviation (3 yrs.) 12.82%
Beta 0.90
R-squared 0.94

Capture ratio as of 04/30/18

Up-market (3 yrs.) 82.69
Down-market (3 yrs.) 82.48

Lipper rankings as of 04/30/18

Small-Cap Value Funds Percentile ranking Rank/Funds in category
1 yr. 93% 267/289
3 yrs. 44% 110/249
5 yrs. 42% 91/218
10 yrs. 55% 80/147

Morningstar ratings as of 04/30/18

Small Value Rating Funds in category
Overall (355)
3 yrs. (355)
5 yrs. (311)
10 yrs. (216)

Distributions

Record/Ex dividend date 12/06/17
Payable date 12/08/17
Income $0.116
Extra income --
Short-term cap. gain $1.202
Long-term cap. gain $3.882

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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Holdings

Top 10 holdings as of 04/30/18

Graftech International 1.76%
Dave Buster'S Entertainment 1.47%
Axalta Coating Systems 1.29%
Valvoline 1.15%
Avaya Holdings Corp 1.09%
Patterson-Uti Energy 1.08%
Acadia Healthcare 1.05%
Bemis 1.04%
Summit Materials 1.03%
Major Drilling 0.99%
Top 10 holdings, percent of portfolio 11.95%

Full portfolio holdings as of 03/31/18

BEMIS COMPANY 1.58%
AXALTA COATING SYSTEMS LTD 1.51%
DAVE & BUSTER'S ENTERTAINMEN 1.37%
VALVOLINE INC 1.23%
AVNET INC 1.21%
ASSURED GUARANTY LTD 1.15%
AVAYA HOLDINGS CORP 1.15%
ACADIA HEALTHCARE CO INC 1.07%
SUMMIT MATERIALS INC -CL A 1.03%
MAJOR DRILLING GROUP INTL 1.01%
MINERALS TECHNOLOGIES INC 1.01%
HERSHA HOSPITALITY TRUST 1.00%
BLOOMIN' BRANDS INC 0.95%
QUANTA SERVICES INC 0.93%
RADIAN GROUP INC 0.92%
PATTERSON-UTI ENERGY INC 0.90%
CYPRESS SEMICONDUCTOR CORP 0.88%
HAIN CELESTIAL GROUP INC 0.88%
PAN AMERICAN SILVER CORP 0.88%
CIENA CORP 0.86%
HORTONWORKS INC 0.86%
BROOKS AUTOMATION INC 0.82%
CAESARS ENTERTAINMENT CORP 0.82%
KNOLL INC 0.82%
REALOGY HOLDINGS CORP 0.79%
BADGER DAYLIGHTING LTD 0.78%
LIONS GATE ENTERTAINMENT-A 0.78%
BOOZ ALLEN HAMILTON HOLDINGS 0.77%
NINE ENERGY SERVICE INC 0.76%
KNOWLES CORP 0.75%
RLJ LODGING TRUST 0.73%
MCBC HOLDINGS INC 0.71%
SANDRIDGE ENERGY INC 0.71%
ASTEC INDUSTRIES INC 0.70%
ATS AUTOMATION TOOLING SYS 0.70%
LEGG MASON INC 0.70%
OCLARO INC 0.70%
KENNEDY-WILSON HOLDINGS INC 0.68%
QUANTENNA COMMUNICATIONS INC 0.68%
PENN VIRGINIA CORP 0.67%
BELDEN INC 0.66%
ONEMAIN HOLDINGS INC 0.65%
AMERICAN EAGLE OUTFITTERS 0.64%
MADISON SQUARE GARDEN CO- A 0.64%
US CONCRETE INC 0.64%
CHAPARRAL ENERGY INC-CLASS A 0.63%
DEUTZ AG 0.63%
CRAFT BREW ALLIANCE INC 0.62%
LINN ENERGY INC 0.62%
ATLAS AIR WORLDWIDE HOLDINGS 0.61%
CARPENTER TECHNOLOGY 0.61%
GAMING AND LEISURE PROPERTIE 0.60%
LIBERTY MEDIA CORP-LIBERTY-C 0.60%
SPROUTS FARMERS MARKET INC 0.60%
MOTORCAR PARTS OF AMERICA IN 0.58%
CAPITOL INVESTMENT CORP IV 0.57%
LAYNE CHRISTENSEN COMPANY 0.57%
NUANCE COMMUNICATIONS INC 0.57%
TRIPLEPOINT VENTURE GROWTH B 0.57%
BRINK'S CO/THE 0.56%
CLEAN HARBORS INC 0.56%
ENERGEN CORP 0.56%
FEDERAL SIGNAL CORP 0.56%
HUNTSMAN CORP 0.55%
TIVO CORP 0.54%
HARSCO CORP 0.53%
TITAN INTERNATIONAL INC 0.53%
ENPRO INDUSTRIES INC 0.52%
NATIONSTAR MORTGAGE HOLDINGS 0.52%
OSHKOSH CORP 0.52%
VERMILION ENERGY INC 0.52%
ILG INC 0.51%
MIDSTATES PETROLEUM CO INC 0.51%
IAMGOLD CORP 0.50%
BLUE HILLS BANCORP INC 0.49%
SEAWORLD ENTERTAINMENT INC 0.49%
STORE CAPITAL CORP 0.49%
CARROLS RESTAURANT GROUP INC 0.48%
HAYNES INTERNATIONAL INC 0.48%
SCHNEIDER NATIONAL INC-CL B 0.48%
TRIANGLE CAPITAL CORP 0.48%
HUB GROUP INC-CL A 0.47%
BENCHMARK ELECTRONICS INC 0.46%
CANNAE HOLDINGS INC 0.46%
DEAN FOODS CO 0.46%
ENVISION HEALTHCARE CORP 0.46%
NEWFIELD EXPLORATION CO 0.46%
CLARUS CORP 0.45%
COLFAX CORP 0.45%
DICKS SPORTING 0.45%
KEMET CORP 0.45%
PAPA JOHN S INTL 0.45%
ULTRA CLEAN HOLDINGS INC 0.45%
FCB FINANCIAL HOLDINGS-CL A 0.44%
WILLSCOT CORP 0.44%
SOLAR CAPITAL LTD 0.42%
LATTICE SEMICONDUCTOR CORP 0.41%
MYR GROUP INC/DELAWARE 0.41%
RAMBUS INC 0.41%
BROOKDALE SENIOR LIVING INC 0.40%
W.R. GRACE & CO 0.40%
MEDNAX INC 0.39%
PANHANDLE OIL AND GAS INC-A 0.39%
LORAL SPACE AND COMMUNICATIONS 0.38%
REGAL BELOIT CORP 0.38%
DMC GLOBAL INC 0.37%
GOLUB CAPITAL BDC INC 0.37%
FIRST INTERNET BANCORP 0.36%
FIRST BANCSHARES INC/MS 0.34%
GRAHAM CORP 0.34%
NCI BUILDING SYSTEMS INC 0.34%
BOJANGLES' INC 0.33%
CENTRAL EUROPEAN MEDIA ENT-A 0.33%
CONTROLADORA VUELA CIA-ADR 0.33%
FORMFACTOR INC 0.33%
HECLA MINING CO 0.33%
OCEAN RIG UDW INC-A 0.33%
SPIRIT AIRLINES INC 0.33%
UNITED COMMUNITY BANKS/GA 0.33%
CLEVELAND-CLIFFS INC 0.32%
KENNAMETAL INC 0.32%
TEGNA INC 0.32%
VASCO DATA SECURITY INTL 0.32%
TIMKEN COMPANY 0.31%
TIMKENSTEEL CORP 0.31%
DIAMONDROCK HOSPITALITY CO 0.30%
GENERAC HOLDINGS INC 0.30%
GREAT LAKES DREDGE & DOCK CO 0.30%
EMCORE CORP 0.29%
ENERSYS 0.29%
MVC CAPITAL 0.29%
FRANCESCAS HOLDINGS CORP 0.28%
HUDSON'S BAY CO 0.28%
MASTEC INC 0.28%
MONEYGRAM INTERNATIONAL INC 0.28%
SPARTAN MOTORS INC 0.28%
SUMMIT HOTEL PROPERTIES INC 0.28%
TERRITORIAL BANCORP INC 0.28%
DAKTRONICS INC 0.27%
LIMONEIRA CO 0.27%
STERLING CONSTRUCTION CO 0.27%
BERKSHIRE HILLS BANCORP INC 0.26%
BONANZA CREEK ENERGY INC 0.26%
BRIDGEWATER BANCSHARES INC 0.26%
GRUMA S.A.B.-B 0.26%
OUTFRONT MEDIA INC 0.26%
VICTORY CAPITAL HOLDING - A 0.26%
ARMSTRONG FLOORING INC 0.25%
BMC STOCK HOLDINGS INC 0.25%
EAGLE MATERIALS INC 0.25%
EQUITY BANCSHARES INC - CL A 0.25%
FLOWSERVE CORP 0.25%
FRANKLIN FINANCIAL NETWORK 0.25%
MATTEL INC 0.25%
MATTHEWS INTL CORP-CLASS A 0.25%
APPLIED OPTOELECTRONICS INC 0.24%
ELDORADO RESORTS INC 0.24%
GRIFFON CORP 0.24%
PERRY ELLIS INTERNATIONAL 0.24%
SPARTON CORP 0.24%
ABM INDUSTRIES INC 0.23%
ATKORE INTERNATIONAL GROUP I 0.23%
EL POLLO LOCO HOLDINGS INC 0.23%
ACTUANT CORP-A 0.22%
CHICO S FAS INC 0.22%
MITEL NETWORKS CORP 0.22%
THERMON GROUP HOLDINGS INC 0.22%
BLACK DIAMOND GROUP LTD 0.21%
EASTERLY ACQUISITION CORP 0.21%
ETHAN ALLEN INTERIORS INC 0.21%
SPEEDWAY MOTORSPORTS INC 0.21%
STOLT-NIELSEN LTD 0.21%
TRIUMPH GROUP INC 0.21%
BROOKLINE BANCORP INC 0.20%
FREIGHTCAR AMERICA INC 0.20%
HERCULES CAPITAL INC 0.20%
HYSTER-YALE MATERIALS 0.20%
IWM 20180518 P 141.00CSI 0.20%
MULLEN GROUP LTD 0.20%
PETROLEUM GEO-SERVICES 0.20%
TTM TECHNOLOGIES 0.20%
CLIFTON BANCORP INC 0.19%
DATAWATCH CORP 0.19%
DEL TACO RESTAURANTS INC 0.19%
NEOPHOTONICS CORP 0.18%
ADVANCED ENERGY INDUSTRIES 0.17%
AMERICAN OUTDOOR BRANDS CORP 0.17%
CONDUENT INC 0.17%
EDGEWELL PERSONAL CARE CO 0.17%
INSTEEL INDUSTRIES INC 0.17%
BANK OF N.T. BUTTERFIELD&SON 0.16%
DELTA APPAREL INC 0.16%
GDI INTEGRATED FACILITY SERV 0.16%
TRICO BANCSHARES 0.16%
TSAKOS ENERGY NAVIGATION LTD 0.16%
BRIGGS & STRATTON 0.15%
DIME COMMUNITY BANCSHARES 0.15%
FARMER BROS CO 0.15%
GRAY TELEVISION INC 0.15%
JETBLUE AIRWAYS CORP 0.15%
KB HOME 0.15%
NN INC 0.15%
NORWEGIAN KRONE CALL ACCOUNT 0.15%
POWELL INDUSTRIES INC 0.15%
PRESTIGE BRANDS HOLDINGS INC 0.15%
PROGRESS SOFTWARE CORP 0.15%
AMPCO-PITTSBURGH CORP 0.14%
FINISAR CORPORATION 0.14%
STAR BULK CARRIERS CORP 0.14%
TRISTATE CAPITAL HLDGS INC 0.14%
XPERI CORP 0.14%
AMPLIFY ENERGY CORP 0.13%
CRAY INC 0.13%
KEARNY FINANCIAL CORP/MD 0.13%
ARES CAPITAL CORP 0.12%
CECO ENVIRONMENTAL CORP 0.12%
KEY ENERGY SERVICES INC 0.12%
NEW YORK & CO 0.12%
VERA BRADLEY INC 0.12%
GENESCO INC 0.11%
IBERIABANK CORP 0.11%
MCEWEN MINING INC 0.11%
MGIC INVESTMENT CORP 0.11%
RENT-A-CENTER INC 0.11%
ADTRAN INC 0.10%
COOPER TIRE & RUBBER 0.10%
EXCO TECHNOLOGIES LTD 0.10%
FLUSHING FINANCIAL CORP 0.10%
NORTHWEST PIPE CO 0.10%
ROOTS CORP 0.10%
SAIA INC 0.10%
XCERRA CORP 0.10%
IWM 20180420 P 145.00CSI 0.09%
IWM 20180420 P 148.00DEUTB 0.09%
APOGEE ENTERPRISES INC 0.07%
CELESTICA INC 0.07%
FRANK'S INTERNATIONAL NV 0.07%
HELIX ENERGY SOLUTIONS GROUP 0.07%
JAGGED PEAK ENERGY INC 0.07%
SANMINA-SCI CORP 0.07%
STERLING BANCORP INC/MI 0.07%
ACACIA COMMUNICATIONS INC 0.06%
CLOUDERA INC 0.06%
INFORMATION SERVICES CORP 0.06%
PHOTRONICS INC 0.06%
SELECT ENERGY SERVICES INC-A 0.06%
TRINITY PLACE HOLDINGS INC 0.06%
UNIVERSAL STAINLESS & ALLOY 0.06%
NAPCO SECURITY TECHNOLOGIES 0.05%
OLYMPIC STEEL INC 0.05%
PC-TEL INC 0.05%
SEACHANGE INTERNATIONAL INC 0.05%
VANGUARD NATURAL RESOURCES I 0.05%
GOODRICH PETROLEUM CORP 0.04%
POTBELLY CORP 0.04%
OMNOVA SOLUTIONS INC 0.03%
NEXEO SOLUTIONS INC 0.02%
BIRD CONSTRUCTION INC 0.01%
MEXICAN PESO CALL ACCOUNT 0.01%
AGFS 20180420 P 7.50BANKAM 0.00%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
BC 20180420 P 55.00JPMCB 0.00%
BLMN 20180420 P 25.00BCBP 0.00%
CLDR 20180420 P 17.50BCBP 0.00%
CLDR 20180420 P 20.00BCBP 0.00%
CRS 20180420 P 50.00BCBP 0.00%
EGN 20180420 C 57.50BCBP 0.00%
EGN 20180420 C 60.00BCBP 0.00%
EGN 20180420 P 60.00CSI 0.00%
EGN 20180420 P 62.50CITI 0.00%
FERROGLOBE REPRESENTATION & 0.00%
FL 20180420 P 43.00CITI 0.00%
FL 20180420 P 44.00UBS 0.00%
FL 20180420 P 45.00JPMCB 0.00%
HOPE 20180420 P 17.50UBS 0.00%
MATX 20180420 P 25.00BCBP 0.00%
PRTY 20180420 P 15.00CITI 0.00%
PTEN 20180420 C 18.00GSI 0.00%
PTEN 20180420 P 17.00BCBP 0.00%
RBC 20180420 P 75.00JPMCB 0.00%
SAVE 20180420 P 40.00CSI 0.00%
TTMI 20180420 P 15.00BCBP 0.00%
UNT 20180420 P 17.50UBS 0.00%
GCO 20180420 C 40.00JPMCB -0.01%
PTEN 20180420 P 19.00BCBP -0.01%
PTEN 20180420 P 20.00BCBP -0.01%
IWM 20180420 P 143.00DEUTB -0.04%
IWM 20180420 P 142.00CSI -0.06%
IWM 20180518 P 138.00CSI -0.15%
CANADIAN DOLLAR ACCOUNT -0.33%

Prior top 10 holdings

Top 10 holdings as of 04/30/18
Graftech International
Dave Buster'S Entertainment
Axalta Coating Systems
Valvoline
Avaya Holdings Corp
Patterson-Uti Energy
Acadia Healthcare
Bemis
Summit Materials
Major Drilling
Holdings represent 11.95% of portfolio
Top 10 holdings as of 03/31/18
Bemis
Axalta Coating Systems
Dave Buster'S Entertainment
Valvoline
Avnet
Assured Guaranty
Avaya Holdings Corp
Acadia Healthcare
Summit Materials
Major Drilling
Holdings represent 12.31% of portfolio
Top 10 holdings as of 02/28/18
Dave Buster'S Entertainment
Bemis
Minerals Technologies
Bloomin' Brands
Axalta Coating Systems
Assured Guaranty
Nine Energy Service
Walker Dunlop
Energen Corp
Ocean Rig Udw
Holdings represent 11.87% of portfolio
Top 10 holdings as of 01/31/18
Dave Buster'S Entertainment
Bemis
Minerals Technologies
Bloomin' Brands
Hain Celestial Group The
Walker Dunlop
Assured Guaranty
Summit Materials
Hersha Hospitality Trust
Caesars Entertainment Corp
Holdings represent 11.88% of portfolio

Portfolio composition as of 04/30/18

Common stock 89.32%
Cash and net other assets 10.68%

Equity statistics as of 04/30/18

Median market cap $1.27B
Weighted average market cap $2.26B
Price to book 1.67
Price to earnings 16.33

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Value stocks may fail to rebound, and the market may not favor value-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. You can lose money by investing in the fund.

Top Industry Sectors as of 04/30/18

Industrials 20.18%
Consumer discretionary 14.22%
Information technology 12.64%
Materials 10.86%
Cash and net other assets 10.68%
Financials 9.84%
Energy 9.25%
Real estate 6.42%
Consumer staples 3.69%
 
Other
2.22%
Health care 2.22%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
Total expense ratio 1.42% 2.17% 2.17% 1.92% 1.67% 1.11% 1.01% 1.17%
What you pay 1.42% 2.17% 2.17% 1.92% 1.67% 1.11% 1.01% 1.17%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
$0-$49,999 5.75% / 5.00% 0.00% / 4.00% 0.00% / 1.00% 3.50% / 3.00% -- -- -- --
$50,000-$99,999 4.50% / 3.75% 0.00% / 4.00% 0.00% / 1.00% 2.50% / 2.00% -- -- -- --
$100,000-$249,999 3.50% / 2.75% -- 0.00% / 1.00% 1.50% / 1.00% -- -- -- --
$250,000-$499,999 2.50% / 2.00% -- 0.00% / 1.00% 1.00% / 1.00% -- -- -- --
$500,000-$999,999 2.00% / 1.75% -- 0.00% / 1.00% 1.00% / 1.00% -- -- -- --
$1M-$4M 0.00% / 1.00% -- -- -- -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- -- -- -- --

CDSC

  Class A (sales for $1,000,000+) Class B Class C Class M Class R Class R5 Class R6 Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- -- -- --
9 to 12 mts. 1.00% 5.00% 1.00% -- -- -- -- --
2 yrs. 0.00% 4.00% 0.00% -- -- -- -- --
3 yrs. 0.00% 3.00% 0.00% -- -- -- -- --
4 yrs. 0.00% 3.00% 0.00% -- -- -- -- --
5 yrs. 0.00% 2.00% 0.00% -- -- -- -- --
6 yrs. 0.00% 1.00% 0.00% -- -- -- -- --
7+ yrs. 0.00% 0.00% 0.00% -- -- -- -- --

Trail commissions

  Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
  0.25% 0.25% 1.00% 0.65% 0.50% 0.00% 0.00% 0.00%
  NA NA NA NA NA NA NA NA
  NA NA NA NA NA NA NA NA

For sales and trail commission information on purchases over $1 million and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The Russell 2000 Value Index is an unmanaged index of those companies in the small-cap Russell 2000 Index chosen for their value orientation. You cannot invest directly in an index.

Consider these risks before investing: Investments in small and/or midsize companies increase the risk of greater price fluctuations. Value stocks may fail to rebound, and the market may not favor value-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. You can lose money by investing in the fund.