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. The "before sales charge" performance does not reflect the current maximum sales charges, which we explain below. If performance did reflect the charges, it would be lower. The "after sales charge" performance (or returns at public offering price) varies by share class and fund. For class A and class M shares, the current maximum initial sales charges are 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds, respectively (with these exceptions: 2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund). Class B share performance reflects the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, and Putnam Fixed Income Absolute Return Fund; for these funds, the CDSC is 1% in the first year, declines to 0.5% in the second year, and is eliminated thereafter). Class C share performance reflects 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 by adjusting for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (note, for two funds — Putnam Tax-Free High Yield Fund and Putnam Strategic Intermediate Municipal Fund performance prior to inception is based on the historical performance of class B shares). Performance for class A, C, R6, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which has been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. The "after sales charge" performance (at public offering price) for class N shares reflects the current maximum initial sales charge of 1.50%. Class R, R3, R4, R5, and R6 shares, which are 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 R3 and R4 shares prior to their inception is derived from the historical performance of class Y shares by adjusting for the higher operating expenses for such shares. Performance for class R5 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower expenses; had it been adjusted, performance would be higher (with the exception of the RetirementReady Maturity, 2025, 2030, 2035, and 2040 Funds, for which performance is derived from the historical performance of class R6 shares and has been adjusted for the higher operating expenses for such shares; and the RetirementReady 2045, 2050, 2055, and 2060 Funds, for which performance is derived from the historical performance of class R6 shares and has not been adjusted for the lower expenses; had it been adjusted, performance would be higher). Performance for class R6 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses. Had these limits not been in place, performance would be lower.
Active Sustainability
Sustainable Leaders Fund (Class Y) (PNOYX)
Investing in sustainability leadership
Manager commentary: A challenging quarter for financial markets and growth stocks
Highlights
Objective
The fund seeks long-term capital appreciation.
Strategy and process
- Committed companies The fund invests in companies we believe have strong fundamentals linked to leadership in financially material sustainability issues.
- Active research process A framework grounded in fundamental research, enhanced by a focus on material sustainability issues, drives investment decisions.
- Experienced team An experienced, dedicated sustainable investing team is integrated with Putnam's equity research group.
Fund price and assets |
Yesterday’s close | 52-week high | 52-week low | Net assets and outstanding shares |
---|---|---|---|---|
Net asset value |
$105.86
3.02% | $3.10 |
$154.79
11/19/21 |
$98.74
06/16/22 |
Download CSV |
Fund facts as of 02/28/22
$5,952.73M
24%
Annually
68
June
746916402 / 1831
07/19/94
Growth
PNOYX
Literature
Fund information |
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Fact Sheet (R6 share) (PDF) | |
Fact Sheet (YA share) (PDF) |
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Fund Brochure (PDF) |
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Legal documents |
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Summary Prospectus (PDF) |
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Statutory Prospectus (PDF) |
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Annual Report (PDF) |
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Semiannual Report (PDF) |
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Statement of Additional Information (SAI) (PDF) | |
Proxy voting results (Form N-PX) (PDF) |
Commentary |
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ESG Policy (PDF) |
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Quarterly Commentary (PDF) | |
Q&A document (PDF) |
Now what? What's next for tech
Although there are near-term challenges, we believe there remains a long runway for growth as technology companies penetrate massive addressable markets.New medicines and digital tools target mental health
In recent years, there have been several developments for treating mental health. These innovations — which come after decades of slower-paced advances — include novel drugs and digital offerings.Mental health is a business issue: How companies are supporting their employees
Companies are beginning to focus more on mental health at work, and some are offering a wider range of supportive and preventive care.Performance
Total return (%) as of 03/31/22
Annual performance as of 03/31/22
Annualized Total return (%) as of 03/31/22
Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
---|---|---|---|---|
Before sales charge | 6.01% | 18.73% | 18.13% | 15.39% |
After sales charge | N/A | N/A | N/A | N/A |
S&P 500 Index | 15.65% | 18.92% | 15.99% | 14.64% |
Putnam Sustainable Leaders Linked Benchmark | 15.65% | 19.29% | 18.15% | 15.66% |
Performance snapshot
Before sales charge | After sales charge | ||
---|---|---|---|
1 mt. as of 05/31/22 | -1.27% | - | |
YTD as of 06/23/22 | -24.99% | - | |
Lipper rankings as of 02/28/22
Time period | Rank/Funds in category | Percentile ranking |
---|---|---|
1 yr. | 589/611 | 97% |
3 yrs. | 118/533 | 23% |
5 yrs. | 9/485 | 2% |
10 yrs. | 8/388 | 3% |
Morningstar Ratings™ as of 05/31/22
Time period | Funds in category | Morningstar Rating™ |
---|---|---|
Overall | 1142 | |
3 yrs. | 1142 | |
5 yrs. | 1054 | |
10 yrs. | 777 |
Distributions
Record/Ex dividend date | 12/06/21 |
---|---|
Payable date | 12/08/21 |
Income | $0.921 |
Extra income | -- |
Short-term cap. gain | $1.806 |
Long-term cap. gain | $12.071 |
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
Microsoft Corp | 8.15% |
---|---|
Apple | 7.81% |
Amazon.Com | 4.47% |
Bank Of America Corp | 2.65% |
Walmart | 2.45% |
Adobe | 2.38% |
Visa | 2.24% |
Danaher Corp | 2.19% |
Walt Disney The | 2.00% |
Hilton Worldwide Holdings | 1.99% |
Top 10 holdings, percent of portfolio | 36.32% |
Top 10 holdings as of 02/28/22 | |
---|---|
Microsoft Corp | |
Apple | |
Amazon.Com | |
Bank Of America Corp | |
Walmart | |
Adobe | |
Visa | |
Danaher Corp | |
Walt Disney The | |
Hilton Worldwide Holdings | |
Holdings represent 36.32% of portfolio |
Top 10 holdings as of 01/31/22 | |
---|---|
Microsoft Corp | |
Apple | |
Amazon.Com | |
Bank Of America Corp | |
Adobe | |
Walmart | |
Visa | |
Danaher Corp | |
Cvs Health Corp | |
Thermo Fisher Scientific | |
Holdings represent 36.23% of portfolio |
Top 10 holdings as of 12/31/21 | |
---|---|
Apple | |
Microsoft Corp | |
Amazon.Com | |
Adobe | |
Danaher Corp | |
Bank Of America Corp | |
Eli Lilly | |
Thermo Fisher Scientific | |
Nvidia Corp | |
Visa | |
Holdings represent 35.88% of portfolio |
Top 10 holdings as of 11/30/21 | |
---|---|
Microsoft Corp | |
Apple | |
Amazon.Com | |
Adobe | |
Nvidia Corp | |
Danaher Corp | |
Bank Of America Corp | |
Thermo Fisher Scientific | |
Salesforce.Com | |
Eli Lilly | |
Holdings represent 36.39% of portfolio |
MICROSOFT CORP SEDOL 2588173 | 8.26% |
---|---|
APPLE INC SEDOL 2046251 | 8.12% |
AMAZON.COM INC SEDOL 2000019 | 4.66% |
WALMART INC SEDOL 2936921 | 2.66% |
BANK OF AMERICA CORP SEDOL 2295677 | 2.43% |
DANAHER CORP SEDOL 2250870 | 2.30% |
ADOBE INC SEDOL 2008154 | 2.27% |
NVIDIA CORP SEDOL 2379504 | 2.14% |
VISA INC-CLASS A SHARES SEDOL B2PZN04 | 2.10% |
THERMO FISHER SCIENTIFIC INC SEDOL 2886907 | 2.08% |
HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 2.00% |
ELI LILLY & CO SEDOL 2516152 | 1.96% |
TARGET CORP SEDOL 2259101 | 1.92% |
CVS HEALTH CORP SEDOL 2577609 | 1.79% |
JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 1.72% |
LINDE PLC SEDOL BZ12WP8 | 1.71% |
BLACKROCK INC SEDOL 2494504 | 1.68% |
UNION PACIFIC CORP SEDOL 2914734 | 1.63% |
WALT DISNEY CO/THE SEDOL 2270726 | 1.62% |
SALESFORCE INC SEDOL 2310525 | 1.60% |
AMGEN INC SEDOL 2023607 | 1.55% |
CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 | 1.50% |
COOPER COS INC/THE SEDOL 2222631 | 1.50% |
BOSTON PROPERTIES INC SEDOL 2019479 | 1.45% |
DEERE & CO SEDOL 2261203 | 1.44% |
ROPER TECHNOLOGIES INC SEDOL 2749602 | 1.44% |
MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 | 1.43% |
AXA SA SEDOL 7088429 | 1.40% |
FORTIVE CORP SEDOL BYT3MK1 | 1.34% |
TEXAS INSTRUMENTS INC SEDOL 2885409 | 1.32% |
MERCK & CO. INC. SEDOL 2778844 | 1.31% |
HEINEKEN NV SEDOL 7792559 | 1.29% |
NEXTERA ENERGY INC SEDOL 2328915 | 1.28% |
AES CORP SEDOL 2002479 | 1.20% |
FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 1.14% |
WEBSTER FINANCIAL CORP SEDOL 2945143 | 1.13% |
INGERSOLL-RAND INC SEDOL BL5GZ82 | 1.12% |
CONSTELLATION ENERGY SEDOL BMH4FS1 | 1.12% |
APPLIED MATERIALS INC SEDOL 2046552 | 1.08% |
INTUIT INC SEDOL 2459020 | 1.08% |
KKR & CO INC SEDOL BG1FRR1 | 1.08% |
KONINKLIJKE DSM NV SEDOL B0HZL93 | 1.06% |
BALL CORP SEDOL 2073022 | 1.04% |
FIRST REPUBLIC BANK/CA SEDOL B4WHY15 | 1.01% |
REGENERON PHARMACEUTICALS SEDOL 2730190 | 1.01% |
NOVOZYMES A/S-B SHARES SEDOL B798FW0 | 1.01% |
ASML HOLDING NV-NY REG SHS SEDOL B908F01 | 1.00% |
UNILEVER PLC SEDOL BLRB262 | 1.00% |
BAXTER INTERNATIONAL INC SEDOL 2085102 | 0.89% |
TPG INC SEDOL BNKBB55 | 0.80% |
BOSTON SCIENTIFIC CORP SEDOL 2113434 | 0.78% |
VAIL RESORTS INC SEDOL 2954194 | 0.74% |
ECOLAB INC SEDOL 2304227 | 0.72% |
EASTMAN CHEMICAL CO SEDOL 2298386 | 0.72% |
LEVI STRAUSS & CO- CLASS A SEDOL BHRWS81 | 0.69% |
HOME DEPOT INC SEDOL 2434209 | 0.50% |
SHOPIFY INC - CLASS A SEDOL BXDZ9Z0 | 0.44% |
ETSY INC SEDOL BWTN5N1 | 0.42% |
SOARING EAGLE PIPE P/P | 0.39% |
PAYPAL HOLDINGS INC SEDOL BYW36M8 | 0.36% |
PRUDENTIAL PLC SEDOL 0709954 | 0.34% |
AVERY DENNISON CORP SEDOL 2066408 | 0.22% |
TREASURY BILL 00.0000 05/03/2022 | 0.02% |
TREASURY BILL 00.0000 05/19/2022 | 0.01% |
GBP/USD 06/15/2022 BANKAM | 0.00% |
EUR/USD 06/15/2022 JPMCB | 0.00% |
EUR/USD 06/15/2022 SSBT | 0.00% |
EUR/USD 06/15/2022 UBS | 0.00% |
GBP/USD 06/15/2022 BCAP-FX | 0.00% |
GBP/USD 06/15/2022 HSBCB | 0.00% |
UNEXT.COM LLC CORP (PRIVATE) P/P | 0.00% |
APPLE INC SEDOL 2046251 | 8.18% |
---|---|
MICROSOFT CORP SEDOL 2588173 | 8.00% |
AMAZON.COM INC SEDOL 2000019 | 4.51% |
ADOBE INC SEDOL 2008154 | 2.51% |
DANAHER CORP SEDOL 2250870 | 2.29% |
BANK OF AMERICA CORP SEDOL 2295677 | 2.18% |
ELI LILLY & CO SEDOL 2516152 | 2.10% |
THERMO FISHER SCIENTIFIC INC SEDOL 2886907 | 2.09% |
NVIDIA CORP SEDOL 2379504 | 2.05% |
VISA INC-CLASS A SHARES SEDOL B2PZN04 | 1.96% |
JOHNSON CONTROLS INTERNATION SEDOL BY7QL61 | 1.90% |
CVS HEALTH CORP SEDOL 2577609 | 1.85% |
HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06 | 1.82% |
WALT DISNEY CO/THE SEDOL 2270726 | 1.82% |
BLACKROCK INC SEDOL 2494504 | 1.79% |
FIRST REPUBLIC BANK/CA SEDOL B4WHY15 | 1.70% |
SALESFORCE.COM INC SEDOL 2310525 | 1.70% |
HOME DEPOT INC SEDOL 2434209 | 1.70% |
WALMART INC SEDOL 2936921 | 1.68% |
LINDE PLC SEDOL BZ12WP8 | 1.64% |
TARGET CORP SEDOL 2259101 | 1.64% |
AXA SA SEDOL 7088429 | 1.54% |
AVERY DENNISON CORP SEDOL 2066408 | 1.53% |
NEXTERA ENERGY INC SEDOL 2328915 | 1.51% |
CHIPOTLE MEXICAN GRILL INC SEDOL B0X7DZ3 | 1.48% |
HONEYWELL INTERNATIONAL INC SEDOL 2020459 | 1.46% |
COOPER COS INC/THE SEDOL 2222631 | 1.43% |
KONINKLIJKE DSM NV SEDOL B0HZL93 | 1.42% |
KKR & CO INC SEDOL BG1FRR1 | 1.40% |
HEINEKEN NV SEDOL 7792559 | 1.35% |
UNION PACIFIC CORP SEDOL 2914734 | 1.33% |
ROPER TECHNOLOGIES INC SEDOL 2749602 | 1.33% |
NOVOZYMES A/S-B SHARES SEDOL B798FW0 | 1.30% |
ASML HOLDING NV-NY REG SHS SEDOL B908F01 | 1.30% |
INTUIT INC SEDOL 2459020 | 1.28% |
AES CORP SEDOL 2002479 | 1.27% |
UNILEVER PLC SEDOL BLRB262 | 1.25% |
TEXAS INSTRUMENTS INC SEDOL 2885409 | 1.21% |
MEDTRONIC PLC SEDOL BTN1Y11 | 1.20% |
AMGEN INC SEDOL 2023607 | 1.19% |
APPLIED MATERIALS INC SEDOL 2046552 | 1.15% |
PRUDENTIAL PLC SEDOL 0709954 | 1.11% |
AMERICAN TOWER CORP SEDOL B7FBFL2 | 1.10% |
FIDELITY NATIONAL INFO SERV SEDOL 2769796 | 1.10% |
MCCORMICK & CO-NON VTG SHRS SEDOL 2550161 | 1.10% |
ECOLAB INC SEDOL 2304227 | 1.03% |
INGERSOLL-RAND INC SEDOL BL5GZ82 | 1.00% |
BOSTON PROPERTIES INC SEDOL 2019479 | 1.00% |
MERCK & CO. INC. SEDOL 2778844 | 0.99% |
DEERE & CO SEDOL 2261203 | 0.94% |
VAIL RESORTS INC SEDOL 2954194 | 0.83% |
REGENERON PHARMACEUTICALS SEDOL 2730190 | 0.81% |
SHOPIFY INC - CLASS A SEDOL BXDZ9Z0 | 0.81% |
DOCUSIGN INC SEDOL BFYT7B7 | 0.78% |
BALL CORP SEDOL 2073022 | 0.71% |
SOARING EAGLE PIPE P/P | 0.71% |
LEVI STRAUSS & CO- CLASS A SEDOL BHRWS81 | 0.68% |
ETSY INC SEDOL BWTN5N1 | 0.65% |
PAYPAL HOLDINGS INC SEDOL BYW36M8 | 0.63% |
BUMBLE INC-A SEDOL BMZ2WT7 | 0.36% |
ZEVIA PBC-A SEDOL BNLYJG0 | 0.07% |
TREASURY BILL 00.0000 05/19/2022 | 0.00% |
HC BRILLANT SERVICES GMBH P/P | 0.00% |
UNEXT.COM LLC CORP (PRIVATE) P/P | 0.00% |
EUR/USD 03/16/2022 SSBT | -0.00% |
GBP/USD 03/16/2022 BCAP-FX | -0.00% |
GBP/USD 03/16/2022 HSBCB | -0.00% |
EUR/USD 03/16/2022 UBS | -0.00% |
EUR/USD 03/16/2022 JPMCB | -0.00% |
GBP/USD 03/16/2022 BANKAM | -0.00% |
Portfolio composition as of 02/28/22
Common stock | 98.20% |
---|---|
Cash and net other assets | 1.80% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before 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.
Growth stocks may be more susceptible to earnings disappointments, technological obsolescence, falling prices, and profits, and the market may not favor growth-style investing. Investments in small and midsize companies increase the risk of greater price fluctuations. International investing involves currency, economic, and political risks. Emerging market securities have illiquidity and volatility risks.
Investing with a focus on companies that exhibit a commitment to sustainable business practices may result in the fund investing in certain types of companies, industries, or sectors that underperform the market as a whole. In evaluating an investment opportunity, we may make investment decisions based on information and data that is incomplete or inaccurate. In addition, a company’s business practices, products, or services may change over time. As a result of these possibilities, among others, the fund may temporarily hold securities that are inconsistent with the fund’s sustainable investment criteria.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.
Expenses
Expense ratio |
Class A | Class B | Class C | Class R | Class R6 | Class Y |
---|---|---|---|---|---|---|
Total expense ratio | 1.05% | 1.80% | 1.80% | 1.30% | 0.70% | 0.80% |
What you pay | 1.05% | 1.80% | 1.80% | 1.30% | 0.70% | 0.80% |
Sales charge
Breakpoint | Class A | Class B | Class C | Class R | Class R6 | Class Y |
---|---|---|---|---|---|---|
$0-$49,999 | 5.75% / 5.00% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- | -- |
$50,000-$99,999 | 4.50% / 3.75% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- | -- |
$100,000-$249,999 | 3.50% / 2.75% | -- | 0.00% / 1.00% | -- | -- | -- |
$250,000-$499,999 | 2.50% / 2.00% | -- | 0.00% / 1.00% | -- | -- | -- |
$500,000-$999,999 | 2.00% / 1.75% | -- | 0.00% / 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 R | 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 R | Class R6 | Class Y | |
---|---|---|---|---|---|---|
0.25% | 0.25% | 1.00% | 0.50% | 0.00% | 0.00% | |
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 S&P 500® Index is an unmanaged index of common stock performance. The Russell 3000® Growth Index is an unmanaged index of those companies in the broad-market Russell 3000® Index chosen for their growth orientation. The Russell 3000® Growth - S&P 500® Linked Benchmark represents performance of the Russell 3000® Growth Index through July 31, 2019 and performance of the S&P 500® Index thereafter. You cannot invest directly in an index.
Consider these risks before 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.
Growth stocks may be more susceptible to earnings disappointments, technological obsolescence, falling prices, and profits, and the market may not favor growth-style investing. Investments in small and midsize companies increase the risk of greater price fluctuations. International investing involves currency, economic, and political risks. Emerging market securities have illiquidity and volatility risks.
Investing with a focus on companies that exhibit a commitment to sustainable business practices may result in the fund investing in certain types of companies, industries, or sectors that underperform the market as a whole. In evaluating an investment opportunity, we may make investment decisions based on information and data that is incomplete or inaccurate. In addition, a company’s business practices, products, or services may change over time. As a result of these possibilities, among others, the fund may temporarily hold securities that are inconsistent with the fund’s sustainable investment criteria.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.