Always Inspired. Always Active.

Small Cap Value Fund (Class A)  (PSLAX)

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 $9.64
-1.33% | $-0.13
$14.35
08/29/18
$9.64
12/13/18
Historical fund price

Fund facts as of 11/30/18

Total net assets
$286.66M
Turnover (fiscal year end)
469%
Dividend frequency
Annually
Number of holdings
202
Fiscal year-end
February
CUSIP / Fund code
746802610 / 0053
Inception date
04/13/99
Category
Value
Open to new investors
Ticker
PSLAX

Management team

Portfolio Manager



Performance

  • Total return (%) as of 09/30/18

  • Annual performance as of 09/30/18

Annualized Total return (%) as of 09/30/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 7.56% 13.27% 8.98% 9.73%
After sales charge 1.38% 11.06% 7.69% 9.08%
Russell 2000 Value Index 9.33%16.12%9.91%9.52%

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 11/30/18 -1.81% -7.46%
YTD as of 12/12/18 -13.79% -18.74%

Risk-adjusted performance as of 10/31/18

Alpha (3 yrs.) -2.23
Sharpe ratio (3 yrs.) 0.49
Treynor ratio (3 yrs.) 7.31
Information ratio (3 yrs.) -0.84

Volatility as of 10/31/18

Standard deviation (3 yrs.) 13.80%
Beta 0.93
R-squared 0.94

Capture ratio as of 10/31/18

Up-market (3 yrs.) 81.60
Down-market (3 yrs.) 88.49

Lipper rankings as of 10/31/18

Time period Rank/Funds in category Percentile ranking
1 yr. 126/286 44%
3 yrs. 145/252 58%
5 yrs. 88/223 40%
10 yrs. 73/153 48%
Lipper category: Small-Cap Value Funds

Morningstar Ratings as of 10/31/18

Time period Funds in category Morningstar Rating
Overall 367
3 yrs. 367
5 yrs. 325
10 yrs. 228
Morningstar category: Small Value

Distributions

Record/Ex dividend date 12/06/18
Payable date 12/10/18
Income $0.217
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.


Holdings

Top 10 holdings as of 10/31/18

Vermilion Energy 2.48%
Cedar Fair Lp 1.96%
Clean Harbors 1.32%
Valvoline 1.22%
Patterson-Uti Energy 1.18%
Triplepoint Venture Growth Bdc Corp 1.06%
American Equity Investment Life Holding 1.01%
Ares Capital Corp 1.00%
Sierra Wireless 0.99%
Celestica 0.98%
Top 10 holdings, percent of portfolio 13.20%

Full portfolio holdings as of 09/30/18

VERMILION ENERGY INC 2.56%
BIG LOTS INC 1.61%
CEDAR FAIR LP 1.32%
HERC HOLDINGS INC 1.31%
COLFAX CORP 1.30%
VALVOLINE INC 1.28%
AXALTA COATING SYSTEMS LTD 1.22%
TECH DATA CORP 1.18%
CYPRESS SEMICONDUCTOR CORP 1.17%
CLEAN HARBORS INC 1.12%
EVOQUA WATER TECHNOLOGIES CO 1.04%
RED ROBIN GOURMET BURGERS 1.04%
RLJ LODGING TRUST 1.02%
MICRO FOCUS INTL-SPN ADR 1.01%
TRIPLEPOINT VENTURE GROWTH B 0.98%
SIERRA WIRELESS INC 0.94%
CSG SYSTEMS INTL INC 0.93%
ARES CAPITAL CORP 0.88%
KNOWLES CORP 0.87%
STERLING BANCORP/DE 0.82%
BLOOMIN' BRANDS INC 0.81%
BROOKDALE SENIOR LIVING INC 0.81%
CHICO S FAS INC 0.79%
GRAFTECH INTERNATIONAL LTD 0.79%
HAIN CELESTIAL GROUP INC 0.79%
RIVIERA RESOURCES INC/LINN 0.79%
SPROUTS FARMERS MARKET INC 0.78%
FOOT LOCKER INC 0.77%
SUMMIT HOTEL PROPERTIES INC 0.77%
AMERICAN EQUITY INVT LIFE HL 0.76%
LIONS GATE ENTERTAINMENT-A 0.75%
SUNOCO LP 0.74%
CHINA TRADITIONAL CHINESE ME 0.73%
MANITOWOC COMPANY INC 0.73%
INDEPENDENT BANK GROUP INC 0.71%
SEVEN GENERATIONS ENERGY - A 0.71%
TRIBUNE MEDIA CO - A 0.71%
CHAPARRAL ENERGY INC-CLASS A 0.70%
GRUMA S.A.B.-B 0.70%
MYR GROUP INC/DELAWARE 0.69%
SHELL MIDSTREAM PARTNERS LP 0.69%
GAMING AND LEISURE PROPERTIE 0.68%
US CONCRETE INC 0.68%
SOUTH STATE CORP 0.66%
CECO ENVIRONMENTAL CORP 0.65%
ESTERLINE TECHNOLOGIES CORP 0.65%
SELECT ENERGY SERVICES INC-A 0.65%
ATLAS AIR WORLDWIDE HOLDINGS 0.64%
CAPITOL INVESTMENT CORP IV 0.64%
COMMSCOPE HOLDING CO INC 0.64%
MANITEX INTERNATIONAL INC 0.64%
EXTREME NETWORKS INC 0.63%
CLARUS CORP 0.60%
PACIFIC CITY FINANCIAL CORP 0.60%
TEMPUR SEALY INTERNATIONAL I 0.56%
COREPOINT LODGING INC 0.55%
INFRAREIT INC 0.55%
JETBLUE AIRWAYS CORP 0.55%
SHELF DRILLING LTD 0.55%
JABIL INC 0.54%
NEOPHOTONICS CORP 0.54%
GOLUB CAPITAL BDC INC 0.52%
AMERICAN RAILCAR INDUSTRIES 0.51%
FOREST CITY REALTY TRUST- A 0.51%
INVESTORS BANCORP INC 0.51%
PILGRIM'S PRIDE CORP 0.51%
GUESS INC 0.50%
NN INC 0.50%
ABM INDUSTRIES INC 0.49%
ACADIA HEALTHCARE CO INC 0.48%
EAGLE MATERIALS INC 0.48%
HILTON GRAND VACATIONS 0.48%
SANDRIDGE ENERGY INC 0.48%
DIAMONDROCK HOSPITALITY CO 0.47%
VECTRUS INC 0.47%
ATHENAHEALTH INC 0.46%
NAUTILUS INC 0.46%
ASPEN INSURANCE HOLDINGS LTD 0.45%
COASTAL FINANCIAL CORP/WA 0.45%
ENDURANCE INTERNATIONAL GROU 0.45%
POTBELLY CORP 0.45%
FCB FINANCIAL HOLDINGS-CL A 0.44%
MICHAELS COS INC/THE 0.44%
ROAN RESOURCES INC 0.44%
CERAGON NETWORKS LTD 0.42%
GREAT LAKES DREDGE & DOCK CO 0.42%
SELECT MEDICAL HOLDINGS CORP 0.42%
APOGEE ENTERPRISES INC 0.41%
DEUTZ AG 0.41%
SOLAR CAPITAL LTD 0.41%
CARS.COM INC 0.40%
FIRST HORIZON NATIONAL CORP 0.40%
TESSCO TECHNOLOGIES INC 0.40%
HANCOCK WHITNEY CORP 0.39%
HERSHA HOSPITALITY TRUST 0.39%
KNIGHT-SWIFT TRANSPORTATION 0.39%
MERIDIAN BANCORP INC 0.39%
SUNOPTA INC 0.39%
TOWER SEMICONDUCTOR LTD 0.39%
LEGG MASON INC 0.38%
PATTERSON-UTI ENERGY INC 0.38%
AECON GROUP INC 0.37%
FERROGLOBE PLC 0.37%
US XPRESS ENTERPRISES INC -A 0.37%
COOPER TIRE & RUBBER 0.36%
PAGSEGURO DIGITAL LTD-CL A 0.36%
APPLIED OPTOELECTRONICS INC 0.35%
LUMENTUM HOLDINGS INC 0.35%
MEDEQUITIES REALTY TRUST INC 0.35%
MVC CAPITAL 0.35%
NUANCE COMMUNICATIONS INC 0.35%
OUTFRONT MEDIA INC 0.35%
SPORTSMAN'S WAREHOUSE HOLDIN 0.35%
TRONC INC 0.35%
LILIS ENERGY INC 0.34%
SPIRIT REALTY CAPITAL INC 0.34%
TRIVAGO NV - ADR 0.34%
DELTA APPAREL INC 0.33%
STEELCASE INC-CL A 0.33%
SUMMIT MATERIALS INC -CL A 0.33%
INTERNATIONAL GAME TECHNOLOG 0.32%
SOUTHWESTERN ENERGY CO 0.32%
BANCORP INC/THE 0.31%
EQT MIDSTREAM PARTNERS LP 0.30%
TEGNA INC 0.30%
TERRITORIAL BANCORP INC 0.30%
TRINITY INDUSTRIES INC 0.30%
TTM TECHNOLOGIES 0.30%
KIRKLANDS INC 0.29%
NATURAL GAS SERVICES GROUP 0.29%
SMART & FINAL STORES INC 0.29%
VAREX IMAGING CORP 0.29%
EVERTZ TECHNOLOGIES LTD 0.28%
GROUPON INC 0.28%
RED ROCK RESORTS INC-CLASS A 0.28%
ACCURAY INC 0.27%
ENCORE WIRE CORP 0.27%
HAYNES INTERNATIONAL INC 0.27%
KEY ENERGY SERVICES INC 0.27%
PROGRESS SOFTWARE CORP 0.27%
STERICYCLE INC 0.27%
WESTERN FOREST PRODUCTS INC 0.27%
BEASLEY BROADCAST GRP INC -A 0.26%
DATAWATCH CORP 0.26%
HYSTER-YALE MATERIALS 0.26%
POWELL INDUSTRIES INC 0.26%
CRAFT BREW ALLIANCE INC 0.25%
MEDLEY MANAGEMENT INC - A 0.25%
SYNNEX CORP 0.25%
BRINK'S CO/THE 0.24%
CONS TOMOKA LAND CO-FLORIDA 0.24%
KEARNY FINANCIAL CORP/MD 0.24%
MACK-CALI REALTY CORP 0.24%
TIVITY HEALTH INC 0.24%
VICTORY CAPITAL HOLDING - A 0.24%
WILLDAN GROUP INC 0.24%
AXT INC 0.23%
FLEX LTD 0.23%
MULLEN GROUP LTD 0.23%
ORION GROUP HOLDINGS INC 0.23%
DEAN FOODS CO 0.22%
FORTERRA INC 0.22%
JEFFERIES FINANCIAL GROUP IN 0.22%
MIDSTATES PETROLEUM CO INC 0.22%
MINERALS TECHNOLOGIES INC 0.22%
VOXX INTERNATIONAL CORP 0.22%
AIR CANADA 0.21%
GEOSPACE TECHNOLOGIES CORP 0.21%
PINNACLE FINANCIAL PARTNERS 0.21%
AMERICAN EAGLE OUTFITTERS 0.20%
CONSTRUCTION PARTNERS INC-A 0.20%
CRAY INC 0.20%
FVCBANKCORP INC 0.20%
GRANITE CONSTRUCTION INC 0.20%
GULF ISLAND FABRICATION INC 0.20%
HOPE BANCORP INC 0.20%
LSI INDUSTRIES INC 0.20%
SPARTAN MOTORS INC 0.20%
VALLEY NATIONAL BANCORP 0.20%
WERNER ENTERPRISES INC 0.20%
BANKUNITED INC 0.19%
BOJANGLES' INC 0.19%
CATO CORP-CLASS A 0.19%
FREIGHTCAR AMERICA INC 0.19%
GLATFELTER 0.19%
GRAN TIERRA ENERGY INC 0.19%
OSHKOSH CORP 0.19%
CENTRAL EUROPEAN MEDIA ENT-A 0.18%
DEL TACO RESTAURANTS INC 0.18%
MEET GROUP INC/THE 0.18%
RYDER SYSTEM INC 0.18%
SYNAPTICS INC 0.18%
VIASAT INC 0.18%
WILLSCOT CORP 0.18%
HOLLY ENERGY PARTNERS LP 0.17%
OAKTREE CAPITAL GROUP LLC 0.17%
PANHANDLE OIL AND GAS INC-A 0.17%
SPARTON CORP 0.17%
TIVO CORP 0.17%
DILLARDS INC-CL A 0.16%
JELD-WEN HOLDING INC 0.16%
TRINIDAD DRILLING LTD 0.16%
BEMIS COMPANY 0.15%
TRISTATE CAPITAL HLDGS INC 0.15%
NOBLE MIDSTREAM PARTNERS LP 0.14%
TRINITY PLACE HOLDINGS INC 0.14%
AK STEEL HOLDING CORP 0.13%
BENCHMARK ELECTRONICS INC 0.13%
OCEANEERING INTL INC 0.13%
AMPLIFY ENERGY CORP 0.12%
MDC PARTNERS INC-A 0.12%
BERRY PETROLEUM CORP 0.11%
CALLON PETROLEUM CO 0.11%
ELF BEAUTY INC 0.11%
BLUE HILLS BANCORP INC 0.10%
CARROLS RESTAURANT GROUP INC 0.10%
FULTON FINANCIAL CORP 0.10%
SIGNATURE BANK 0.10%
STERLING BANCORP INC/MI 0.10%
TITAN MACHINERY INC 0.10%
BED BATH & BEYOND INC 0.09%
NORTHWEST PIPE CO 0.09%
TRICO BANCSHARES 0.08%
MONEYGRAM INTERNATIONAL INC 0.07%
BONANZA CREEK ENERGY INC 0.06%
EMCORE CORP 0.06%
OMNOVA SOLUTIONS INC 0.06%
W.R. GRACE & CO 0.06%
YRC WORLDWIDE INC 0.06%
COMM 20181116 C 25.00JPMCB 0.05%
CPE 20181019 C 8.00BCBP 0.05%
INDEPENDENCE CONTRACT DRILLI 0.05%
ABM 20190118 C 25.00CITI 0.04%
BLMN 20181019 C 15.00JPMCB 0.04%
FRANCESCAS HOLDINGS CORP 0.04%
IWM 20181019 P 160.00UBS 0.02%
RRGB 20181221 C 40.00JPMCB 0.02%
AAOI 20181005 C 25.00BCBP 0.00%
ATHN 20181019 P 130.00BCBP 0.00%
BANCTEC INC-144A CONTINGENT VALUE RIGHTS 0.00%
BOJA 20181019 P 15.00BCBP 0.00%
CANADIAN DOLLAR ACCOUNT 0.00%
DDS 20181005 P 75.50BCBP 0.00%
DDS 20181005 P 76.50CITI 0.00%
ESL 20181019 C 90.00BCBP 0.00%
FERROGLOBE REPRESENTATION & 0.00%
HT 20181019 P 22.50CITI 0.00%
LITE 20181005 P 59.00BCBP 0.00%
LMNR 20181019 P 25.00CITI 0.00%
MAT 20181005 P 15.50UBS 0.00%
MTG 20181019 P 13.00UBS 0.00%
PAGS 20181019 C 30.00BCBP 0.00%
PAGS 20181019 P 25.00BANKAM 0.00%
PAGS 20181019 P 25.00BCBP 0.00%
SBNY 20181019 P 115.00CITI 0.00%
SFM 20181019 C 27.50BANKAM 0.00%
SFM 20181019 C 27.50BCBP 0.00%
SFM 20181019 C 27.50JPMCB 0.00%
SFM 20181019 P 27.50JPMCB 0.00%
TSEM 20181019 P 21.00BCBP 0.00%
TSEM 20181019 P 22.00BCBP 0.00%
FL 20181019 C 47.50CITI -0.01%
IWM 20181019 P 150.00UBS -0.01%
PAGS 20181019 P 27.50BCBP -0.01%
PTEN 20181019 P 17.00BCBP -0.01%

Prior top 10 holdings

Top 10 holdings as of 10/31/18
Vermilion Energy
Cedar Fair Lp
Clean Harbors
Valvoline
Patterson-Uti Energy
Triplepoint Venture Growth Bdc Corp
American Equity Investment Life Holding
Ares Capital Corp
Sierra Wireless
Celestica
Holdings represent 13.20% of portfolio
Top 10 holdings as of 09/30/18
Vermilion Energy
Big Lots
Herc Holdings
Colfax Corp
Valvoline
Cedar Fair Lp
Axalta Coating Systems
Tech Data Corp
Cypress Semiconductor Corp
Clean Harbors
Holdings represent 14.00% of portfolio
Top 10 holdings as of 08/31/18
Vermilion Energy
Pagseguro Digital
Clean Harbors
Axalta Coating Systems
Valvoline
Rlj Lodging Trust
Tech Data Corp
Air Canada
Esterline Technologies Corp
Knowles Corp
Holdings represent 12.44% of portfolio
Top 10 holdings as of 07/31/18
Synaptics
Vermilion Energy
Valvoline
Clean Harbors
Dave Buster'S Entertainment
Outfront Media
Booz Allen Hamilton Holding Corp
Belden
Hersha Hospitality Trust
Acadia Healthcare
Holdings represent 14.40% of portfolio

Portfolio composition as of 10/31/18

Common stock 91.75%
Cash and net other assets 8.25%

Equity statistics as of 10/31/18

Median market cap $1.52B
Weighted average market cap $2.40B
Price to book 1.58
Price to earnings 15.16

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 extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer, 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 10/31/18

Industrials 17.45%
Consumer discretionary 13.87%
Information technology 12.67%
Energy 12.44%
Financials 12.12%
Cash and net other assets 8.25%
Materials 7.38%
Real estate 4.16%
Communication services 4.08%
 
Other
7.58%
Health care 3.93%
Consumer staples 3.65%

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 1.48% 2.23% 2.23% 1.98% 1.73% 1.16% 1.06% 1.23%
What you pay 1.48% 2.23% 2.23% 1.98% 1.73% 1.16% 1.06% 1.23%

Sales charge

Investment Breakpoint Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
$0-$49,999 5.75% 0.00% 0.00% 3.50% -- -- -- --
$50,000-$99,999 4.50% 0.00% 0.00% 2.50% -- -- -- --
$100,000-$249,999 3.50% -- 0.00% 1.50% -- -- -- --
$250,000-$499,999 2.50% -- 0.00% 1.00% -- -- -- --
$500,000-$999,999 2.00% -- 0.00% 1.00% -- -- -- --
$1M-$4M 0.00% -- -- -- -- -- -- --
$4M-$50M 0.00% -- -- -- -- -- -- --
$50M+ 0.00% -- -- -- -- -- -- --

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% -- -- -- -- --

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 extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions, changes in government intervention in the financial markets, and factors related to a specific issuer, 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.