Putnam Growth Opportunities Fund Y Shares

Typically, the fund allocates a minimum of 80% of its total assets (including any funds borrowed for investment) to companies whose market capitalization mirrors those found within the Russell 1000 Growth Index. Its portfolio primarily consists of equity securities issued by substantial U.S. corporations, with a particular emphasis on growth-oriented equities. Growth stocks are identified as shares of companies projected to achieve earnings expansion at a pace exceeding comparable businesses, and whose operational development or other attributes are likely to drive appreciation in their share value. This fund operates as a non-diversified investment vehicle.