Putnam Small Cap Growth Class A

The Putnam Small Cap Growth Class A fund primarily allocates capital to common shares of smaller, dynamic U.S. enterprises. Its investment approach centers on identifying "growth stocks," which are characterized as companies poised to achieve earnings growth rates significantly exceeding those of similar businesses. This anticipated rapid development, along with other key factors, is expected to drive substantial appreciation in their stock prices. A significant portion, specifically at least 80%, of the fund's net assets is dedicated to firms with market capitalizations akin to those represented in the Russell 2000 Growth Index.