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.
Active Equities
Small Cap Value Fund (Class Y) (PYSVX)
Pursuing capital appreciation through undervalued small companies
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 |
$11.45
0.44% | $0.05 |
$13.33
11/15/18 |
$9.13
12/24/18 |
Fund facts as of 10/31/19
$217.38M
534%
Annually
114
February
746802289 / 1853
01/03/01
Value
PYSVX
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 | -12.82% | 4.40% | 5.19% | 9.71% |
| After sales charge | N/A | N/A | N/A | N/A |
| Russell 2000 Value Index | -8.24% | 6.54% | 7.17% | 10.06% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 10/31/19 | 1.28% | - | |
| YTD as of 11/15/19 | 18.65% | - | |
Risk-adjusted performance as of 10/31/19
| Alpha (3 yrs.) | -3.31 |
|---|---|
| Sharpe ratio (3 yrs.) | 0.22 |
| Treynor ratio (3 yrs.) | 3.84 |
| Information ratio (3 yrs.) | -0.76 |
Volatility as of 10/31/19
| Standard deviation (3 yrs.) | 18.19% |
|---|---|
| Beta | 1.02 |
| R-squared | 0.95 |
Capture ratio as of 10/31/19
| Up-market (3 yrs.) | 88.79 |
|---|---|
| Down-market (3 yrs.) | 99.78 |
Lipper rankings as of 10/31/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 188/246 | 77% |
| 3 yrs. | 165/225 | 74% |
| 5 yrs. | 106/207 | 51% |
| 10 yrs. | 62/136 | 46% |
Morningstar Ratings™ as of 10/31/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 387 | |
| 3 yrs. | 387 | |
| 5 yrs. | 342 | |
| 10 yrs. | 238 |
Distributions
| Record/Ex dividend date | 12/06/18 |
|---|---|
| Payable date | 12/10/18 |
| Income | $0.245 |
| Extra income | -- |
| Short-term cap. gain | $1.465 |
| Long-term cap. gain | $0.268 |
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
| Qts Realty Trust | 1.50% |
|---|---|
| William Lyon Homes | 1.46% |
| Allete | 1.43% |
| Scorpio Tankers | 1.34% |
| Senior Housing Properties Trust | 1.33% |
| Investors Bancorp | 1.32% |
| Sp Plus Corp | 1.32% |
| Brookdale Senior Living | 1.30% |
| Palomar Holdings | 1.30% |
| Vectrus | 1.26% |
| Top 10 holdings, percent of portfolio | 13.56% |
| Top 10 holdings as of 10/31/19 | |
|---|---|
| Qts Realty Trust | |
| William Lyon Homes | |
| Allete | |
| Scorpio Tankers | |
| Senior Housing Properties Trust | |
| Investors Bancorp | |
| Sp Plus Corp | |
| Brookdale Senior Living | |
| Palomar Holdings | |
| Vectrus | |
| Holdings represent 13.56% of portfolio | |
| Top 10 holdings as of 09/30/19 | |
|---|---|
| Scorpio Tankers | |
| William Lyon Homes | |
| Allete | |
| Federal Signal Corp | |
| Qts Realty Trust | |
| Brookdale Senior Living | |
| Netgear | |
| Unitil Corp | |
| Ladder Capital Corp | |
| Synnex Corp | |
| Holdings represent 13.86% of portfolio | |
| Top 10 holdings as of 08/31/19 | |
|---|---|
| Scorpio Tankers | |
| Allete | |
| Brookdale Senior Living | |
| Caci International | |
| Federal Signal Corp | |
| William Lyon Homes | |
| Qts Realty Trust | |
| Netgear | |
| Portland General Electric | |
| First Horizon National Corp | |
| Holdings represent 13.82% of portfolio | |
| Top 10 holdings as of 07/31/19 | |
|---|---|
| Premier | |
| Cedar Fair Lp | |
| Mesa Air Group | |
| Allete | |
| William Lyon Homes | |
| Synnex Corp | |
| Federal Signal Corp | |
| Scorpio Tankers | |
| Brookdale Senior Living | |
| Tronox Holdings | |
| Holdings represent 13.30% of portfolio | |
| SCORPIO TANKERS INC SEDOL BHXD297 | 1.76% |
|---|---|
| WILLIAM LYON HOMES-CL A SEDOL B9C60K8 | 1.49% |
| ALLETE INC SEDOL B02R1L6 | 1.46% |
| FEDERAL SIGNAL CORP SEDOL 2333986 | 1.38% |
| QTS REALTY TRUST INC-CL A SEDOL BDSV8H8 | 1.33% |
| BROOKDALE SENIOR LIVING INC SEDOL B0PZN33 | 1.32% |
| NETGEAR INC SEDOL 2688363 | 1.31% |
| UNITIL CORP SEDOL 2925037 | 1.28% |
| LADDER CAPITAL CORP-REIT SEDOL BJ367P1 | 1.26% |
| SYNNEX CORP SEDOL 2002554 | 1.26% |
| FIRST HORIZON NATIONAL CORP | 1.26% |
| SENIOR HOUSING PROP TRUST SEDOL 2501631 | 1.25% |
| PORTLAND GENERAL ELECTRIC CO SEDOL B125XQ6 | 1.24% |
| CACI INTERNATIONAL INC -CL A SEDOL 2159267 | 1.21% |
| PALOMAR HOLDINGS INC SEDOL BJYLZK6 | 1.20% |
| VECTRUS INC SEDOL BQS2V17 | 1.19% |
| STERLING BANCORP/DE SEDOL BFNXVB8 | 1.16% |
| MAGNOLIA OIL & GAS CORP - A SEDOL BF2GC59 | 1.16% |
| SP PLUS CORP SEDOL BH2QZH6 | 1.16% |
| JABIL INC SEDOL 2471789 | 1.15% |
| CEDAR FAIR LP SEDOL 2181453 | 1.15% |
| HERITAGE INSURANCE HOLDINGS SEDOL BMN9870 | 1.13% |
| COLUMBIA PROPERTY TRUST INC SEDOL BFLY9C0 | 1.13% |
| SYNOVUS FINANCIAL CORP SEDOL BMH4NJ8 | 1.12% |
| J2 GLOBAL INC SEDOL B75DGJ3 | 1.11% |
| WALKER & DUNLOP INC SEDOL B4TZV44 | 1.11% |
| OFG BANCORP SEDOL B87LKR8 | 1.10% |
| PHOTRONICS INC SEDOL 2687315 | 1.09% |
| SPIRIT REALTY CAPITAL INC SEDOL BHHZBZ8 | 1.09% |
| TCF FINANCIAL CORP SEDOL BK5FNZ5 | 1.09% |
| MESA AIR GROUP INC SEDOL BFZZJ96 | 1.07% |
| INVESTORS BANCORP INC SEDOL BMHT4M3 | 1.07% |
| FIRST MERCHANTS CORP SEDOL 2342410 | 1.06% |
| GAMING AND LEISURE PROPERTIE SEDOL BFPK4S5 | 1.04% |
| BOISE CASCADE CO SEDOL B9BP4R1 | 1.04% |
| QUANEX BUILDING PRODUCTS SEDOL B2QXCJ9 | 1.04% |
| GMS INC SEDOL BYY9FS3 | 1.03% |
| UNIVEST FINANCIAL CORP SEDOL 2690636 | 1.02% |
| PERFICIENT INC SEDOL 2442547 | 1.01% |
| PREMIER INC-CLASS A SEDOL BDZDRC5 | 1.01% |
| VERMILION ENERGY INC SEDOL B607XS1 | 1.00% |
| STORE CAPITAL CORP SEDOL BSKRKJ5 | 1.00% |
| ZAGG INC SEDOL B1BYGH6 | 0.98% |
| SHOE CARNIVAL INC SEDOL 2805474 | 0.96% |
| TRONOX HOLDINGS PLC- A SEDOL BJT16S6 | 0.96% |
| ARGO GROUP INTERNATIONAL SEDOL 2499543 | 0.95% |
| BIG LOTS INC SEDOL 2218447 | 0.94% |
| PAR PACIFIC HOLDINGS INC SEDOL BJH08C3 | 0.93% |
| PREFERRED BANK/LOS ANGELES SEDOL 2763602 | 0.92% |
| IBERIABANK CORP SEDOL 2452450 | 0.91% |
| COOPER TIRE & RUBBER SEDOL 2222608 | 0.91% |
| AMERIS BANCORP SEDOL 2038849 | 0.90% |
| MAGELLAN HEALTH INC SEDOL 2307787 | 0.89% |
| GRANITE POINT MORTGAGE TRUST SEDOL BF11FD4 | 0.89% |
| WINTRUST FINANCIAL CORP SEDOL 2425258 | 0.88% |
| REXNORD CORP SEDOL B4NPMX6 | 0.87% |
| STERLING CONSTRUCTION CO | 0.86% |
| CHEESECAKE FACTORY INC/THE SEDOL 2192392 | 0.86% |
| HANCOCK WHITNEY CORP SEDOL 2415497 | 0.85% |
| CONNECTONE BANCORP INC SEDOL BNQ4YF9 | 0.84% |
| NESCO HOLDINGS INC SEDOL BHTGB71 | 0.84% |
| CLARUS CORP SEDOL BF5QHG2 | 0.83% |
| WESTERN ALLIANCE BANCORP SEDOL B0CCGJ4 | 0.82% |
| CONSOLIDATED WATER CO-ORD SH SEDOL 2099095 | 0.82% |
| PARSONS CORP SEDOL BJN4N02 | 0.82% |
| ENCANA CORP SEDOL 2793182 | 0.82% |
| CHATHAM LODGING TRUST SEDOL B5LYMC1 | 0.81% |
| DINE BRANDS GLOBAL INC SEDOL 2456957 | 0.80% |
| HERMAN MILLER INC SEDOL 2594222 | 0.80% |
| MYR GROUP INC/DELAWARE SEDOL B3CLS18 | 0.80% |
| NEW MOUNTAIN FINANCE CORP SEDOL B61WWF5 | 0.80% |
| FRANKLIN FINANCIAL NETWORK SEDOL B84SJL9 | 0.80% |
| MEET GROUP INC/THE SEDOL BYWW6W5 | 0.80% |
| WILLSCOT CORP SEDOL BF6QP89 | 0.78% |
| MADISON SQUARE GARDEN CO- A SEDOL BYQCZ35 | 0.76% |
| LAKELAND BANCORP INC SEDOL 2620031 | 0.76% |
| AMERESCO INC-CL A SEDOL B3SWPT2 | 0.75% |
| EAGLE MATERIALS INC | 0.75% |
| CECO ENVIRONMENTAL CORP SEDOL 2011970 | 0.73% |
| OLIN CORP SEDOL 2658526 | 0.73% |
| COLUMBUS MCKINNON CORP/NY SEDOL 2211071 | 0.71% |
| ARCH COAL INC - A SEDOL BYYHNV6 | 0.71% |
| SHENANDOAH TELECOMMUNICATION SEDOL 2676692 | 0.71% |
| MAYVILLE ENGINEERING CO INC SEDOL BJLD0Y4 | 0.71% |
| QUAD GRAPHICS INC SEDOL B3YM983 | 0.71% |
| SCIPLAY CORP-CLASS A SEDOL BJMXTM4 | 0.70% |
| ARES CAPITAL CORP SEDOL B032FN0 | 0.68% |
| OCEANFIRST FINANCIAL CORP SEDOL 2125901 | 0.66% |
| FIRST DEFIANCE FINL CORP SEDOL 2356701 | 0.66% |
| BLOOMIN' BRANDS INC SEDOL B847RJ0 | 0.66% |
| LUMENTUM HOLDINGS INC SEDOL BYM9ZP2 | 0.63% |
| SELECT ENERGY SERVICES INC-A SEDOL BDHSLL5 | 0.63% |
| JOHN B. SANFILIPPO & SON INC SEDOL 2772998 | 0.61% |
| ACADIA HEALTHCARE CO INC SEDOL B65VZ37 | 0.61% |
| HOMESTREET INC SEDOL B4WHS46 | 0.61% |
| ALCENTRA CAPITAL CORP SEDOL BM7SDT0 | 0.59% |
| VERSO CORP - A SEDOL BYN9TR1 | 0.58% |
| TPG SPECIALTY LENDING INC SEDOL BKRVMQ5 | 0.57% |
| CLEVELAND-CLIFFS INC SEDOL BYVZ186 | 0.56% |
| NEWMARK GROUP INC-CLASS A SEDOL BF1Q6P8 | 0.56% |
| CAMDEN NATIONAL CORP SEDOL 2116659 | 0.48% |
| PEOPLES BANCORP INC SEDOL 2679419 | 0.48% |
| PROPETRO HOLDING CORP SEDOL BYXR9C0 | 0.47% |
| HNI CORP | 0.45% |
| CROSSFIRST BANKSHARES INC SEDOL BK0XBX8 | 0.40% |
| PNM RESOURCES INC SEDOL 2707826 | 0.40% |
| SOUTHERN FIRST BANCSHARES SEDOL 2508030 | 0.36% |
| LIONS GATE ENTERTAINMENT-A SEDOL BD8NBC0 | 0.34% |
| ATLANTIC UNION BANKSHARES CO SEDOL BFZ9DB8 | 0.33% |
| RANGE RESOURCES CORP SEDOL 2523334 | 0.30% |
| HAYNES INTERNATIONAL INC SEDOL B02WVH7 | 0.27% |
| CARS.COM INC SEDOL BYXHTC0 | 0.25% |
| COASTAL FINANCIAL CORP/WA SEDOL BF7J9X0 | 0.18% |
| TRIPLEPOINT VENTURE GROWTH B SEDOL BK8G322 | 0.16% |
| BEL FUSE INC-CL B | 0.15% |
| MANITEX INTERNATIONAL INC SEDOL B03DVM4 | 0.12% |
| NESCO HOLDINGS-CW25 SEDOL BJ01GS5 | 0.02% |
| BANCTEC INC-144A CONTINGENT VALUE RIGHTS | 0.00% |
| FERROGLOBE REPRESENTATION & | 0.00% |
Portfolio composition as of 10/31/19
| Common stock | 99.39% |
|---|---|
| Cash and net other assets | 0.61% |
Equity statistics as of 10/31/19
| Median market cap | $1.22B |
|---|---|
| Weighted average market cap | $2.18B |
| Price to book | 1.44 |
| Price to earnings | 13.22 |
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. 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. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. You can lose money by investing in the fund.
Top industry sectors as of 10/31/19
| Financials | 29.77% |
|---|---|
| Industrials | 15.05% |
| Consumer discretionary | 9.29% |
| Real estate | 8.75% |
| Information technology | 8.72% |
| Energy | 6.80% |
| Materials | 5.88% |
| Utilities | 5.61% |
| Health care | 4.11% |
| Other | 6.02% |
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 R5 | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|---|
| Total expense ratio | 1.44% | 2.19% | 2.19% | 1.94% | 1.69% | 1.11% | 1.01% | 1.19% |
| What you pay | 1.44% | 2.19% | 2.19% | 1.94% | 1.69% | 1.11% | 1.01% | 1.19% |
Sales charge
| 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. 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. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. You can lose money by investing in the fund.