Putnam Small Cap Value A PSLAX

The fund invests mainly in common stocks of small U.S. companies, with a focus on value stocks. Value stocks are issued by companies that are currently undervalued by the market. The fund invests at least 80% of its net assets in companies of a size similar to those in the Russell 2000 Value Index. The adviser may consider, among other factors, a company's valuation, financial strength, and growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.