Active Equities
Research Fund (Class Y) (PURYX)
Seeking to capitalize on the expertise of Putnam's research organization
Highlights
Objective
The fund seeks capital appreciation.
Strategy and process
- A best-ideas fund: The fund invests in stocks that represent the highest conviction ideas from Putnam's Equity Research team.
- Sector neutral: The fund is managed with a sector-neutral approach, with the flexibility to own both growth and value stocks.
- Differentiated research: The portfolio managers select stocks in a collaborative effort that emphasizes non-consensus critical thinking.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$34.26
0.65% | $0.22 |
$35.32
11/07/18 |
$26.16
12/24/18 |
Fund facts as of 09/30/19
$332.53M
86%
Annually
143
July
746802487 / 1849
04/04/00
Blend
PURYX
Management team
Manager commentary | Q2 2019
Multiple analysts offer their best ideas
Portfolio Manager Jackie Cavanaugh explains Putnam Research Fund's investment process.
Literature
Fund documents |
| Prospectuses/SAI |
| Fund Profile (PDF) |
| Fact Sheet (R6 share) (PDF) |
| Fact Sheet (Y share) (PDF) |
| Annual Report (PDF) |
| Semiannual Report (PDF) |
| Equity Outlook (PDF) |
| Comparing Putnam's U.S. equity funds (PDF) |
| Proxy voting results (Form N-PX) (PDF) |
Performance
Total return (%) as of 09/30/19
Annual performance as of 09/30/19
Annualized Total return (%) as of 09/30/19
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 5.26% | 14.02% | 10.30% | 13.13% |
| After sales charge | N/A | N/A | N/A | N/A |
| S&P 500 Index | 4.25% | 13.39% | 10.84% | 13.24% |
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, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return 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, which is 3% in the first year, declining 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, N, 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). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. 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. Class A and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense 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 09/30/19 | 1.56% | - | |
| YTD as of 10/21/19 | 23.02% | - | |
Risk-adjusted performance as of 09/30/19
| Alpha (3 yrs.) | 0.96 |
|---|---|
| Sharpe ratio (3 yrs.) | 1.06 |
| Treynor ratio (3 yrs.) | 12.90 |
| Information ratio (3 yrs.) | 0.31 |
Volatility as of 09/30/19
| Standard deviation (3 yrs.) | 11.85% |
|---|---|
| Beta | 0.97 |
| R-squared | 0.97 |
Capture ratio as of 09/30/19
| Up-market (3 yrs.) | 101.22 |
|---|---|
| Down-market (3 yrs.) | 96.95 |
Lipper rankings as of 09/30/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 214/681 | 32% |
| 3 yrs. | 86/601 | 15% |
| 5 yrs. | 150/530 | 29% |
| 10 yrs. | 60/423 | 15% |
Morningstar Ratings™ as of 09/30/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 1222 | |
| 3 yrs. | 1222 | |
| 5 yrs. | 1086 | |
| 10 yrs. | 825 |
Distributions
| Record/Ex dividend date | 12/06/18 |
|---|---|
| Payable date | 12/10/18 |
| Income | $0.221 |
| Extra income | -- |
| Short-term cap. gain | $1.28 |
| Long-term cap. gain | $2.77 |
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.
Compare
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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.
Holdings
Top 10 holdings as of 09/30/19
| Microsoft Corp | 4.51% |
|---|---|
| Alphabet | 3.41% |
| Amazon.Com | 3.05% |
| Apple | 2.67% |
| Procter Gamble The | 2.08% |
| Bank Of America Corp | 1.97% |
| 1.94% | |
| Home Depot | 1.84% |
| Coca-Cola The | 1.76% |
| Citigroup | 1.57% |
| Top 10 holdings, percent of portfolio | 24.80% |
Full portfolio holdings as of 09/30/19
| MICROSOFT CORP SEDOL 2588173 | 4.50% |
|---|---|
| ALPHABET INC-CL A SEDOL BYVY8G0 | 3.41% |
| AMAZON.COM INC SEDOL 2000019 | 3.05% |
| APPLE INC SEDOL 2046251 | 2.67% |
| PROCTER & GAMBLE CO/THE SEDOL 2704407 | 2.08% |
| BANK OF AMERICA CORP SEDOL 2295677 | 1.97% |
| FACEBOOK INC-CLASS A SEDOL B7TL820 | 1.94% |
| HOME DEPOT INC SEDOL 2434209 | 1.84% |
| COCA-COLA CO/THE SEDOL 2206657 | 1.76% |
| CITIGROUP INC SEDOL 2297907 | 1.57% |
| ACTIVISION BLIZZARD INC SEDOL 2575818 | 1.42% |
| NXP SEMICONDUCTORS NV SEDOL B505PN7 | 1.39% |
| FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 1.38% |
| VISA INC-CLASS A SHARES SEDOL B2PZN04 | 1.37% |
| WALMART INC SEDOL 2936921 | 1.35% |
| BP PLC SEDOL 0798059 | 1.27% |
| MASTERCARD INC - A SEDOL B121557 | 1.26% |
| CENOVUS ENERGY INC SEDOL B57FG04 | 1.24% |
| ASSURED GUARANTY LTD SEDOL B00V7H8 | 1.22% |
| GENERAL MOTORS CO SEDOL B665KZ5 | 1.17% |
| MERCK & CO. INC. SEDOL 2778844 | 1.15% |
| CIGNA CORP SEDOL BHJ0775 | 1.13% |
| S&P500 EMINI FUT DEC19 ESZ9 | 1.12% |
| JOHNSON & JOHNSON SEDOL 2475833 | 1.10% |
| TEXAS INSTRUMENTS INC SEDOL 2885409 | 1.10% |
| AMERICAN INTERNATIONAL GROUP SEDOL 2027342 | 1.10% |
| HONEYWELL INTERNATIONAL INC SEDOL 2020459 | 1.07% |
| GOLDMAN SACHS GROUP INC SEDOL 2407966 | 1.05% |
| AMERICAN ELECTRIC POWER SEDOL 2026242 | 1.01% |
| CHARTER COMMUNICATIONS INC-A SEDOL BZ6VT82 | 1.00% |
| ADOBE INC SEDOL 2008154 | 0.99% |
| JPMORGAN CHASE & CO SEDOL 2190385 | 0.95% |
| PNC FINANCIAL SERVICES GROUP SEDOL 2692665 | 0.90% |
| GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 | 0.89% |
| NETFLIX INC SEDOL 2857817 | 0.87% |
| FISERV INC SEDOL 2342034 | 0.86% |
| SALESFORCE.COM INC SEDOL 2310525 | 0.85% |
| PRUDENTIAL PLC SEDOL 0709954 | 0.84% |
| NRG ENERGY INC SEDOL 2212922 | 0.84% |
| SBA COMMUNICATIONS CORP SEDOL BZ6TS23 | 0.83% |
| WALT DISNEY CO/THE SEDOL 2270726 | 0.83% |
| ON SEMICONDUCTOR CORP SEDOL 2583576 | 0.83% |
| ENTERPRISE PRODUCTS PARTNERS SEDOL 2285388 | 0.82% |
| AT&T INC SEDOL 2831811 | 0.81% |
| BOOKING HOLDINGS INC SEDOL BDRXDB4 | 0.81% |
| EATON CORP PLC SEDOL B8KQN82 | 0.81% |
| EXELON CORP SEDOL 2670519 | 0.79% |
| UNITEDHEALTH GROUP INC SEDOL 2917766 | 0.75% |
| UNION PACIFIC CORP SEDOL 2914734 | 0.74% |
| SHERWIN-WILLIAMS CO/THE SEDOL 2804211 | 0.70% |
| DANAHER CORP SEDOL 2250870 | 0.68% |
| NEXTERA ENERGY INC SEDOL 2328915 | 0.67% |
| ABBVIE INC SEDOL B92SR70 | 0.66% |
| PFIZER INC SEDOL 2684703 | 0.66% |
| NIKE INC -CL B SEDOL 2640147 | 0.64% |
| FORTUNE BRANDS HOME & SECURI SEDOL B3MC7D6 | 0.63% |
| AMGEN INC SEDOL 2023607 | 0.63% |
| ABBOTT LABORATORIES SEDOL 2002305 | 0.62% |
| HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 0.58% |
| NETEASE INC-ADR SEDOL 2606440 | 0.57% |
| E*TRADE FINANCIAL CORPORATION | 0.56% |
| WELLS FARGO & CO SEDOL 2649100 | 0.54% |
| RAYMOND JAMES FINANCIAL INC SEDOL 2718992 | 0.52% |
| FREEPORT-MCMORAN INC SEDOL 2352118 | 0.52% |
| BLACKROCK INC SEDOL 2494504 | 0.51% |
| THERMO FISHER SCIENTIFIC INC SEDOL 2886907 | 0.51% |
| CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 | 0.51% |
| HERSHEY CO/THE SEDOL 2422806 | 0.50% |
| LINDE PLC SEDOL BZ12WP8 | 0.50% |
| BOEING CO/THE SEDOL 2108601 | 0.48% |
| DASSAULT SYSTEMES SA SEDOL 5330047 | 0.48% |
| YUM CHINA HOLDINGS INC SEDOL BYW4289 | 0.47% |
| GENERAL DYNAMICS CORP SEDOL 2365161 | 0.46% |
| COSTCO WHOLESALE CORP SEDOL 2701271 | 0.46% |
| BOSTON SCIENTIFIC CORP SEDOL 2113434 | 0.46% |
| INTERCONTINENTAL EXCHANGE IN SEDOL BFSSDS9 | 0.46% |
| UNITED TECHNOLOGIES CORP SEDOL 2915500 | 0.45% |
| KKR & CO INC -A SEDOL BG1FRR1 | 0.44% |
| WYNN RESORTS LTD SEDOL 2963811 | 0.43% |
| DUKE ENERGY CORP SEDOL B7VD3F2 | 0.43% |
| MEDTRONIC PLC SEDOL BTN1Y11 | 0.42% |
| AMEREN CORPORATION SEDOL 2050832 | 0.42% |
| CARMAX INC SEDOL 2983563 | 0.42% |
| NORTHROP GRUMMAN CORP SEDOL 2648806 | 0.42% |
| BECTON DICKINSON AND CO SEDOL 2087807 | 0.41% |
| NORFOLK SOUTHERN CORP SEDOL 2641894 | 0.41% |
| ELI LILLY & CO SEDOL 2516152 | 0.41% |
| RAYTHEON COMPANY SEDOL 2758051 | 0.41% |
| MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 | 0.40% |
| JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 0.39% |
| PEPSICO INC SEDOL 2681511 | 0.39% |
| TJX COMPANIES INC SEDOL 2989301 | 0.38% |
| BAXTER INTERNATIONAL INC SEDOL 2085102 | 0.36% |
| ILLUMINA INC SEDOL 2613990 | 0.35% |
| TYSON FOODS INC-CL A SEDOL 2909730 | 0.35% |
| APOLLO GLOBAL MANAGEMENT INC SEDOL BKRLVD5 | 0.35% |
| ZOETIS INC SEDOL B95WG16 | 0.35% |
| STANLEY BLACK & DECKER INC SEDOL B3Q2FJ4 | 0.35% |
| ANGLO AMER PLC SEDOL B1XZS82 | 0.33% |
| EDWARDS LIFESCIENCES CORP SEDOL 2567116 | 0.32% |
| MEDICINES COMPANY SEDOL 2616773 | 0.31% |
| UNITED RENTALS INC SEDOL 2134781 | 0.31% |
| ROPER TECHNOLOGIES INC SEDOL 2749602 | 0.31% |
| DEERE & CO SEDOL 2261203 | 0.30% |
| VERTEX PHARMACEUTICALS INC SEDOL 2931034 | 0.29% |
| ENCANA CORP SEDOL 2793193 | 0.29% |
| GENERAL ELECTRIC CO SEDOL 2380498 | 0.28% |
| DOUYU INTERNATIONAL HOLD-ADR SEDOL BJVJP36 | 0.27% |
| KOSMOS ENERGY LTD SEDOL BHK15K6 | 0.27% |
| EDISON INTERNATIONAL SEDOL 2829515 | 0.27% |
| BALL CORP SEDOL 2073022 | 0.26% |
| CAIRN ENERGY PLC SEDOL B74CDH8 | 0.26% |
| YELLOW CAKE PLC 144A SEDOL BF50RG4 | 0.26% |
| ALLERGAN PLC SEDOL BY9D546 | 0.26% |
| AIR CANADA SEDOL BSDHYK1 | 0.26% |
| BRISTOL-MYERS SQUIBB CO SEDOL 2126335 | 0.26% |
| DOW INC SEDOL BHXCF84 | 0.26% |
| TRANSDIGM GROUP INC SEDOL B11FJK3 | 0.24% |
| 3M CO | 0.24% |
| LEVI STRAUSS & CO- CLASS A SEDOL BHRWS81 | 0.24% |
| COOPER COS INC/THE SEDOL 2222631 | 0.23% |
| CVS HEALTH CORP SEDOL 2577609 | 0.22% |
| GILEAD SCIENCES INC SEDOL 2369174 | 0.22% |
| MCKESSON CORP SEDOL 2378534 | 0.22% |
| BJ'S WHOLESALE CLUB HOLDINGS SEDOL BFZNZF8 | 0.20% |
| ARAMARK SEDOL BH3XG17 | 0.20% |
| COSTAR GROUP INC SEDOL 2262864 | 0.20% |
| ECOLAB INC SEDOL 2304227 | 0.19% |
| ADVANCE AUTO PARTS | 0.18% |
| AXA SA SEDOL 7088429 | 0.18% |
| DUPONT DE NEMOURS INC SEDOL BK0VN47 | 0.18% |
| WASTE CONNECTIONS INC SEDOL BYVG1F6 | 0.18% |
| CISCO SYSTEMS INC SEDOL 2198163 | 0.15% |
| SUMMIT MATERIALS INC -CL A SEDOL BW9JPS4 | 0.15% |
| BIOGEN INC SEDOL 2455965 | 0.14% |
| KELLOGG CO SEDOL 2486813 | 0.14% |
| AVERY DENNISON CORP SEDOL 2066408 | 0.14% |
| BURLINGTON STORES INC SEDOL BF311Y5 | 0.14% |
| PACKAGING CORP OF AMERICA SEDOL 2504566 | 0.14% |
| FEDEX CORP SEDOL 2142784 | 0.13% |
| OPORTUN FIN CORP P/P | 0.11% |
| ULTA BEAUTY INC SEDOL B28TS42 | 0.10% |
| ARCHER-DANIELS-MIDLAND CO SEDOL 2047317 | 0.09% |
| TREASURY BILL 00.0000 03/12/2020 | 0.07% |
| EQT AB SEDOL BJ7W9K4 | 0.04% |
| TREASURY BILL 00.0000 10/10/2019 | 0.03% |
| CNH/USD 11/20/2019 HSBCB | 0.02% |
| CAD/USD 10/16/2019 JPMCB | 0.01% |
| CNH/USD 11/20/2019 JPMCB | 0.01% |
| TREASURY BILL 00.0000 12/12/2019 | 0.01% |
| CAD/USD 10/16/2019 BANKAM | 0.00% |
| EUR/USD 12/18/2019 CITI | 0.00% |
| CAD/USD 10/16/2019 CITI | 0.00% |
| CAD/USD 10/16/2019 SSBT | 0.00% |
| CAD/USD 10/16/2019 BCAP-FX | 0.00% |
| CAD/USD 10/16/2019 GSFX | 0.00% |
| ILS/USD 10/16/2019 SSBT | 0.00% |
| GBP/USD 12/18/2019 GSFX | -0.00% |
| GBP/USD 12/18/2019 BCAP-FX | -0.01% |
| GBP/USD 12/18/2019 BANKAM | -0.01% |
| RU20INTR P USL1M R 12/15/20 GS | -0.92% |
Prior top 10 holdings
| Top 10 holdings as of 09/30/19 | |
|---|---|
| Microsoft Corp | |
| Alphabet | |
| Amazon.Com | |
| Apple | |
| Procter Gamble The | |
| Bank Of America Corp | |
| Home Depot | |
| Coca-Cola The | |
| Citigroup | |
| Holdings represent 24.80% of portfolio | |
| Top 10 holdings as of 08/31/19 | |
|---|---|
| Microsoft Corp | |
| Alphabet | |
| Amazon.Com | |
| Apple | |
| Procter Gamble The | |
| Bank Of America Corp | |
| Home Depot The | |
| Coca-Cola The | |
| Citigroup | |
| Holdings represent 25.00% of portfolio | |
| Top 10 holdings as of 07/31/19 | |
|---|---|
| Microsoft Corp | |
| Alphabet | |
| Amazon | |
| Apple | |
| Procter Gamble | |
| Bank Of America Corp | |
| Home Depot | |
| Coca-Cola | |
| Citigroup | |
| Holdings represent 25.67% of portfolio | |
| Top 10 holdings as of 06/30/19 | |
|---|---|
| Microsoft Corp | |
| Amazon | |
| Alphabet | |
| Apple | |
| Bank Of America Corp | |
| Procter Gamble The | |
| Home Depot The | |
| Coca-Cola | |
| Citigroup | |
| Holdings represent 25.00% of portfolio | |
Portfolio composition as of 09/30/19
| Common stock | 97.32% |
|---|---|
| Cash and net other assets | 2.68% |
Equity statistics as of 09/30/19
| Median market cap | $51.71B |
|---|---|
| Weighted average market cap | $237.40B |
| Price to book | 3.01 |
| Price to earnings | 16.70 |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. 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, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.
Top industry sectors as of 09/30/19
| Information technology | 17.80% |
|---|---|
| Financials | 13.32% |
| Health care | 13.16% |
| Consumer discretionary | 11.16% |
| Communication services | 11.13% |
| Industrials | 9.33% |
| Consumer staples | 7.73% |
| Utilities | 4.43% |
| Energy | 4.16% |
| Other | 7.78% |
0
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 R6 | Class Y |
|---|---|---|---|---|---|---|---|
| Total expense ratio | 1.11% | 1.86% | 1.86% | 1.61% | 1.36% | 0.70% | 0.86% |
| What you pay | 1.11% | 1.86% | 1.86% | 1.61% | 1.36% | 0.70% | 0.86% |
Sales charge
| Breakpoint | Class A | Class B | Class C | Class M | Class R | 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 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 R6 | Class Y | |
|---|---|---|---|---|---|---|---|
| 0.25% | 0.25% | 1.00% | 0.65% | 0.50% | 0.00% | 0.00% | |
| 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 S&P 500 Index is an unmanaged index of common stock performance. You cannot invest directly in an index.
Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. 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, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. You can lose money by investing in the fund.