Equity

PSCRX Putnam Small Cap Value Fund

Uncovering the potential to expand earnings. Takes a multipronged approach by applying fundamental, quantitative, and technical analysis to generate ideas and identify unique opportunities
Companies poised for revaluation. Applies bottom-up research process that considers valuation, catalyst, and quality indicators, with the goal of finding companies poised for revaluation
Stock selection drives returns. Seeks to maximize stock-specific risk and minimize unintended factor risk through an active portfolio construction discipline

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks capital appreciation by investing mainly in common stocks of small U.S. companies of a size similar to those in the Russell 2000® Value Index, which the fund's managers believe are currently undervalued in the market.

Benchmark: Russell 2000 Value Index
Fund Inception Date: 04/13/1999
Dividend Frequency, if any: Annually
Portfolio Turnover: 86%

Sales Charges, Expenses & Fees

As of 06/30/2025

Gross Expense Ratio⁴: 1.39%
Net Expense Ratio^4,5: 1.39%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.50%

Identifiers

Ticker: PSCRX
Fund Number: 853
CUSIP Code: 74680L402

Average Annual Total Returns As of 11/30/2025

View performance section for additional info As of 11/30/2025

Class R

With Sales Charge (POP)

Without Sales Charge (NAV)

-4.25%1 Year
8.25%3 Years
12.43%5 Years
7.98%10 Years
8.74%Since Inception
04/12/1999

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 11/30/2025 % of Total (Updated Monthly)

Top Sectors
Financials26.93%
Consumer Discretionary16.70%
Industrials14.81%
Health Care10.32%
Information Technology8.24%

Additional Fund Info

Share Class Inception Date: 03/30/2007
Investment Style: Value
Lipper Classification: Small-Cap Value Funds
Morningstar Category³: Small Value

Manager and Commentary

About the Team

Putnam Investments

Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.

Putnam Investments

Managed Fund Since 2019

Latest Insights

August 14, 2025

US equities: Earnings growth is key for sustained market gains

June 3, 2025

Rethinking global allocation: Why the tide may be turning

May 20, 2025

Quick Thoughts: Can AI technology stocks rebound from 2025 volatility?

March 19, 2025

Why we look beyond dividends in our US value approach

Performance

Calendar Year Returns

As of 11/30/2025

Month End

Quarter End

Class R - Without Sales Charge (NAV) (%)

Russell 2000 Value Index (%)

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

The fund began offering Class R shares on 3/30/2007. Returns for periods prior to 3/30/2007 reflect a restated figure based on the fund's Class A performance. The restated performance for Class R was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Overall Morningstar Rating: Overall Morningstar Rating: 3 out of 5 stars
As of 11/30/2025

3 Years: 3 Years: 3 out of 5 stars
464 Funds in category

5 Years: 5 Years: 3 out of 5 stars
442 Funds in category

10 Years: 10 Years: 2 out of 5 stars
362 Funds in category

Rating Category: Small Value

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 11/30/2025

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets: $263.64 Million

Positions

As of 10/31/2025 (Updated Monthly)

Number of Issuers

Fund: 117

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Price to Book

Fund: 1.48x

Weighted Average Market Capitalization (USD)

Fund: $2.77 Billion

Price to Earnings (12-Month Forward)

Fund: 12.08x

Market Capitalization Allocation

As of 11/30/2025 % of Total (Updated Monthly)

Market Capitalization Allocation
Market Capitalization	Fund
Less than $500M	12.26%
$500M - $1B	16.59%
$1B - $3B	31.78%
$3B - $6.3B	24.97%
Over $6.3B	13.95%
Cash and other assets	0.45%

Holdings
As of 10/31/2025 (Updated Monthly)

WALKER & DUNLOP INC SEDOL B4TZV44

ICHOR HOLDINGS LTD SEDOL BD2B5Y0

HOLLEY INC SEDOL BNT8W10

VERACYTE INC SEDOL BFTWZY0

IBEX LTD SEDOL BLF81K2

AXOS FINANCIAL INC SEDOL BGK38H3

AVIAT NETWORKS INC SEDOL BZ9NWS6

MAJOR DRILLING GROUP INTL SEDOL 2557515

FIVE STAR BANCORP SEDOL BP2C8W6

SOUTHWEST GAS HOLDINGS INC SEDOL 2831888

Distributions & Tax

Federal ID Number 04-3453122

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Dec 05	0.452	0.155714	0.421	—	—	—	—	—	—
	0.452	0.155714	0.421	—	—	—	—	—	—

Dec 05

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 31.32%
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 12/09/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 12/09/2025

Share Prices

As of 12/09/2025

NAV ¹(Net Asset Value): $15.88
NAV Change ¹: $0.12
NAV Change (%) ¹: 0.76%
POP ⁶(Public Offering Price): $15.88

52-Week Range

Highest NAV As of 09/18/2025: $16.20
Lowest NAV As of 04/08/2025: $12.22

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam Small Cap Value Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam Small Cap Value Fund - Class R	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam Small Cap Value Fund	Download Document
Checkbox	Semi-Annual Report - Putnam Small Cap Value Fund - Class R	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam Small Cap Value Fund	Download Document
Checkbox	Prospectus - Putnam Small Cap Value Fund	Download Document
Checkbox	Summary Prospectus - Putnam Small Cap Value Fund	Download Document
Checkbox	Statement Of Additional Information - Putnam Small Cap Value FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Small Cap Value FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Small Cap Value FundMailed hardcopies unavailable.	Download Document

Risks

All investments involve risks, including possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The investment style may become out of favor, which may have a negative impact on performance. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Active management does not ensure gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund's prospectus.

Important Information

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The Russell 2000 Value Index measures the performance of the small-cap value segment of the U.S. equity universe.
Source: FTSE.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. 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 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 return, 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 return. 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. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

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