| Putnam Small Cap Value Fund | ||||||
| The fund's portfolio | ||||||
| 11/30/24 (Unaudited) | ||||||
| COMMON STOCKS (99.7%)(a) | ||||||
| Shares | Value | |||||
| Aerospace and defense (0.6%) | ||||||
| V2X, Inc.(NON) | 32,084 | $1,933,061 | ||||
| 1,933,061 | ||||||
| Air freight and logistics (0.9%) | ||||||
| GXO Logistics, Inc.(NON) | 42,800 | 2,603,524 | ||||
| 2,603,524 | ||||||
| Automobile components (2.0%) | ||||||
| Dorman Products, Inc.(NON) | 22,600 | 3,163,548 | ||||
| Standard Motor Products, Inc. | 86,200 | 2,834,256 | ||||
| 5,997,804 | ||||||
| Banks (20.5%) | ||||||
| Amalgamated Financial Corp. | 46,800 | 1,667,484 | ||||
| Atlantic Union Bankshares Corp. | 74,532 | 3,162,393 | ||||
| Axos Financial, Inc.(NON) | 41,950 | 3,475,558 | ||||
| Bancorp, Inc. (The)(NON) | 63,500 | 3,710,305 | ||||
| Business First Bancshares, Inc. | 126,700 | 3,610,950 | ||||
| Coastal Financial Corp./WA(NON) | 30,009 | 2,297,189 | ||||
| Columbia Banking System, Inc. | 144,000 | 4,465,440 | ||||
| ConnectOne Bancorp, Inc. | 143,424 | 3,944,160 | ||||
| Five Star Bancorp | 109,797 | 3,617,811 | ||||
| Metropolitan Bank Holding Corp.(NON) | 60,914 | 3,955,755 | ||||
| MidWestOne Financial Group, Inc. | 50,528 | 1,664,898 | ||||
| NBT Bancorp, Inc. | 46,200 | 2,315,544 | ||||
| Northrim BanCorp, Inc. | 25,100 | 2,135,257 | ||||
| OFG Bancorp (Puerto Rico) | 87,800 | 3,987,876 | ||||
| Origin Bancorp, Inc. | 54,600 | 1,876,056 | ||||
| Popular, Inc. (Puerto Rico) | 31,400 | 3,119,904 | ||||
| QCR Holdings, Inc. | 40,691 | 3,748,048 | ||||
| Southern Missouri Bancorp, Inc. | 39,200 | 2,573,480 | ||||
| SouthState Corp.(S) | 30,700 | 3,398,183 | ||||
| UMB Financial Corp. | 29,300 | 3,676,857 | ||||
| 62,403,148 | ||||||
| Biotechnology (3.2%) | ||||||
| MiMedx Group, Inc.(NON) | 350,988 | 3,246,639 | ||||
| Veracyte, Inc.(NON) | 104,340 | 4,481,403 | ||||
| Xencor, Inc.(NON) | 78,500 | 2,009,600 | ||||
| 9,737,642 | ||||||
| Building products (1.7%) | ||||||
| AZZ, Inc. | 38,500 | 3,585,890 | ||||
| JELD-WEN Holding, Inc.(NON) | 154,400 | 1,681,416 | ||||
| 5,267,306 | ||||||
| Chemicals (0.7%) | ||||||
| HB Fuller Co. | 26,400 | 2,029,896 | ||||
| 2,029,896 | ||||||
| Communications equipment (3.1%) | ||||||
| Aviat Networks, Inc.(NON) | 125,104 | 1,980,396 | ||||
| Extreme Networks, Inc.(NON) | 233,100 | 3,869,460 | ||||
| Ribbon Communications, Inc.(NON) | 924,500 | 3,614,795 | ||||
| 9,464,651 | ||||||
| Consumer staples distribution and retail (1.0%) | ||||||
| Chefs' Warehouse, Inc. (The)(NON) | 68,500 | 3,062,635 | ||||
| 3,062,635 | ||||||
| Containers and packaging (0.9%) | ||||||
| Silgan Holdings, Inc. | 48,000 | 2,761,440 | ||||
| 2,761,440 | ||||||
| Diversified consumer services (1.3%) | ||||||
| Perdoceo Education Corp. | 143,200 | 3,930,840 | ||||
| 3,930,840 | ||||||
| Diversified REITs (2.0%) | ||||||
| Alpine Income Property Trust, Inc.(R) | 167,578 | 2,997,970 | ||||
| Broadstone Net Lease, Inc.(R) | 170,100 | 2,978,451 | ||||
| 5,976,421 | ||||||
| Electric utilities (2.0%) | ||||||
| NRG Energy, Inc. | 34,589 | 3,514,588 | ||||
| Portland General Electric Co. | 50,900 | 2,439,128 | ||||
| 5,953,716 | ||||||
| Electrical equipment (0.8%) | ||||||
| Nextracker, Inc. Class A(NON)(S) | 66,400 | 2,533,824 | ||||
| 2,533,824 | ||||||
| Electronic equipment, instruments, and components (1.9%) | ||||||
| TTM Technologies, Inc.(NON) | 164,400 | 4,008,072 | ||||
| Vishay Intertechnology, Inc. | 97,700 | 1,866,070 | ||||
| 5,874,142 | ||||||
| Energy equipment and services (2.9%) | ||||||
| Helix Energy Solutions Group, Inc.(NON) | 252,650 | 2,700,829 | ||||
| Newpark Resources, Inc.(NON) | 484,200 | 4,047,912 | ||||
| Oceaneering International, Inc.(NON) | 71,415 | 2,141,022 | ||||
| 8,889,763 | ||||||
| Entertainment (0.7%) | ||||||
| Lions Gate Entertainment Corp. Class A(NON)(S) | 256,978 | 2,117,499 | ||||
| 2,117,499 | ||||||
| Financial services (1.3%) | ||||||
| Walker & Dunlop, Inc. | 34,761 | 3,829,967 | ||||
| 3,829,967 | ||||||
| Ground transportation (1.7%) | ||||||
| Covenant Logistics Group, Inc. | 42,700 | 2,480,016 | ||||
| Proficient Auto Logistics, Inc.(NON) | 262,944 | 2,739,876 | ||||
| 5,219,892 | ||||||
| Health care equipment and supplies (0.9%) | ||||||
| Integer Holdings Corp.(NON) | 19,200 | 2,697,600 | ||||
| 2,697,600 | ||||||
| Health care providers and services (5.4%) | ||||||
| Brookdale Senior Living, Inc.(NON)(S) | 464,407 | 2,637,832 | ||||
| Concentra Group Holdings Parent, Inc.(S) | 118,700 | 2,590,034 | ||||
| DocGo, Inc.(NON)(S) | 853,800 | 3,696,954 | ||||
| ModivCare, Inc.(NON) | 92,756 | 1,742,885 | ||||
| Option Care Health, Inc.(NON) | 99,150 | 2,359,770 | ||||
| Quipt Home Medical Corp.(NON) | 519,400 | 1,391,992 | ||||
| RadNet, Inc.(NON) | 24,785 | 2,026,422 | ||||
| 16,445,889 | ||||||
| Health care REITs (0.7%) | ||||||
| Healthcare Realty Trust, Inc.(R) | 119,800 | 2,194,736 | ||||
| 2,194,736 | ||||||
| Hotels, restaurants, and leisure (0.8%) | ||||||
| Aramark | 57,950 | 2,357,986 | ||||
| 2,357,986 | ||||||
| Household durables (4.2%) | ||||||
| Beazer Homes USA, Inc.(NON) | 79,700 | 2,785,515 | ||||
| Cavco Industries, Inc.(NON) | 5,400 | 2,778,300 | ||||
| Helen of Troy, Ltd.(NON)(S) | 44,300 | 3,248,519 | ||||
| Taylor Morrison Home Corp.(NON) | 54,450 | 4,022,222 | ||||
| 12,834,556 | ||||||
| Insurance (3.5%) | ||||||
| Abacus Life, Inc.(NON) | 411,500 | 3,366,070 | ||||
| Horace Mann Educators Corp. | 66,031 | 2,764,718 | ||||
| Kemper Corp. | 34,350 | 2,455,682 | ||||
| Skyward Specialty Insurance Group, Inc.(NON) | 39,181 | 2,120,084 | ||||
| 10,706,554 | ||||||
| Interactive media and services (1.2%) | ||||||
| Cargurus, Inc.(NON) | 95,800 | 3,623,156 | ||||
| 3,623,156 | ||||||
| Leisure products (1.2%) | ||||||
| MasterCraft Boat Holdings, Inc.(NON) | 174,600 | 3,701,520 | ||||
| 3,701,520 | ||||||
| Machinery (3.4%) | ||||||
| Columbus McKinnon Corp./NY | 94,266 | 3,703,711 | ||||
| Douglas Dynamics, Inc. | 82,600 | 2,138,514 | ||||
| Gates Industrial Corp. PLC(NON) | 161,782 | 3,585,089 | ||||
| Hillman Solutions Corp.(NON) | 67,450 | 768,930 | ||||
| 10,196,244 | ||||||
| Media (0.1%) | ||||||
| Gray Television, Inc. | 39,321 | 167,901 | ||||
| 167,901 | ||||||
| Metals and mining (4.2%) | ||||||
| Alamos Gold, Inc. Class A (Canada) | 142,950 | 2,690,319 | ||||
| Cleveland-Cliffs, Inc.(NON) | 225,300 | 2,804,985 | ||||
| Hecla Mining Co. | 405,500 | 2,238,360 | ||||
| HudBay Minerals, Inc. (Canada) | 286,561 | 2,561,855 | ||||
| Major Drilling Group International, Inc. (Canada)(NON) | 388,800 | 2,385,481 | ||||
| 12,681,000 | ||||||
| Mortgage real estate investment trusts (REITs) (4.0%) | ||||||
| AGNC Investment Corp.(R) | 147,550 | 1,425,333 | ||||
| Dynex Capital, Inc.(R)(S) | 113,100 | 1,419,405 | ||||
| Ladder Capital Corp.(R) | 272,653 | 3,233,665 | ||||
| MFA Financial, Inc.(R) | 250,100 | 2,778,611 | ||||
| Rithm Capital Corp.(R) | 298,850 | 3,362,063 | ||||
| 12,219,077 | ||||||
| Multi-utilities (1.8%) | ||||||
| Algonquin Power & Utilities Corp. (Canada)(S) | 399,300 | 1,976,535 | ||||
| Unitil Corp. | 56,500 | 3,391,130 | ||||
| 5,367,665 | ||||||
| Oil, gas, and consumable fuels (4.8%) | ||||||
| Antero Resources Corp.(NON) | 114,700 | 3,749,543 | ||||
| CNX Resources Corp.(NON)(S) | 85,300 | 3,456,356 | ||||
| Magnolia Oil & Gas Corp. Class A(S) | 98,825 | 2,741,406 | ||||
| Permian Resources Corp. | 101,437 | 1,588,503 | ||||
| Teekay Tankers,. Ltd. Class A (Canada) | 37,800 | 1,521,450 | ||||
| World Fuel Services Corp.(S) | 57,400 | 1,661,730 | ||||
| 14,718,988 | ||||||
| Passenger airlines (0.8%) | ||||||
| SkyWest, Inc.(NON) | 20,900 | 2,398,066 | ||||
| 2,398,066 | ||||||
| Personal care products (0.9%) | ||||||
| Edgewell Personal Care Co. | 77,000 | 2,816,660 | ||||
| 2,816,660 | ||||||
| Pharmaceuticals (1.0%) | ||||||
| Perrigo Co. PLC | 101,800 | 2,905,372 | ||||
| 2,905,372 | ||||||
| Professional services (1.3%) | ||||||
| IBEX, Ltd.(NON) | 198,419 | 4,067,590 | ||||
| 4,067,590 | ||||||
| Residential REITs (0.8%) | ||||||
| UMH Properties, Inc.(R) | 133,100 | 2,555,520 | ||||
| 2,555,520 | ||||||
| Retail REITs (0.9%) | ||||||
| Brixmor Property Group, Inc.(R) | 95,900 | 2,883,713 | ||||
| 2,883,713 | ||||||
| Semiconductors and semiconductor equipment (1.0%) | ||||||
| Ichor Holdings, Ltd.(NON) | 95,189 | 3,118,392 | ||||
| 3,118,392 | ||||||
| Software (0.9%) | ||||||
| TeraWulf, Inc.(NON)(S) | 358,666 | 2,829,875 | ||||
| 2,829,875 | ||||||
| Specialty retail (2.8%) | ||||||
| Camping World Holdings, Inc. Class A | 144,925 | 3,541,967 | ||||
| Haverty Furniture Cos., Inc. | 104,300 | 2,462,523 | ||||
| J. Jill, Inc. | 91,465 | 2,524,434 | ||||
| 8,528,924 | ||||||
| Textiles, apparel, and luxury goods (1.4%) | ||||||
| Steven Madden, Ltd. | 55,800 | 2,543,364 | ||||
| Unifi, Inc.(NON) | 281,440 | 1,564,806 | ||||
| 4,108,170 | ||||||
| Tobacco (1.1%) | ||||||
| Turning Point Brands, Inc. | 54,455 | 3,370,765 | ||||
| 3,370,765 | ||||||
| Trading companies and distributors (1.0%) | ||||||
| Beacon Roofing Supply, Inc.(NON) | 27,300 | 3,085,446 | ||||
| 3,085,446 | ||||||
| Water utilities (0.4%) | ||||||
| SJW Group | 19,400 | 1,080,963 | ||||
| 1,080,963 | ||||||
| Total common stocks (cost $251,418,943) | $303,249,499 | |||||
| SHORT-TERM INVESTMENTS (7.6%)(a) | ||||||
| Shares | Value | |||||
| Putnam Cash Collateral Pool, LLC 4.76%(AFF) | 22,521,360 | $22,521,360 | ||||
| Putnam Short Term Investment Fund Class P 4.78%(AFF) | 594,051 | 594,051 | ||||
| Total short-term investments (cost $23,115,411) | $23,115,411 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $274,534,354) | $326,364,910 | |||||
| Notes to the fund's portfolio | ||||||
| Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from March 1, 2024 through November 30, 2024 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||
| (a) | Percentages indicated are based on net assets of $304,272,044. | |||||
| (NON) | This security is non-income-producing. | |||||
| (AFF) | Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | |||||
| Name of affiliate | Fair value as of 2/29/24 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 11/30/24 | |
| Short-term investments | ||||||
| Putnam Cash Collateral Pool, LLC*# | $19,472,930 | $197,277,917 | $194,229,487 | $892,706 | $22,521,360 | |
| Putnam Short Term Investment Fund Class P† | 239,879 | 52,293,365 | 51,939,193 | 67,591 | 594,051 | |
| Total Short-term investments | $19,712,809 | $249,571,282 | $246,168,680 | $960,297 | $23,115,411 | |
| * | The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company that is managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. | |||||
| # | At the close of the reporting period, the fund received cash collateral of $22,521,360 for securities loaned. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $22,091,860. | |||||
| † | Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | |||||
| (R) | Real Estate Investment Trust. | |||||
| (S) | This security is on loan, in part or in entirety, at the close of the reporting period. | |||||
| Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund’s investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund’s administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | ||||||
| Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the“mid price” (prior to July 22, 2024, the most recent bid price was used), and is generally categorized as a Level 2 security. | ||||||
| Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | ||||||
| Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Reliable prices are not readily available for equity securities in these circumstances, where the value of a security has been affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value. To address this, the fund will fair value these securities as determined in accordance with procedures approved by the Trustees. This includes using an independent third-party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time). These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities. | ||||||
| To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund’s investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund’s investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||
| To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ||||
| Level 1: Valuations based on quoted prices for identical securities in active markets. | ||||
| Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||||
| Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement. | ||||
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | ||||
| Valuation inputs | ||||
| Investments in securities: | Level 1 | Level 2 | Level 3 | |
| Common stocks*: | ||||
| Communication services | $5,908,556 | $— | $— | |
| Consumer discretionary | 41,459,800 | — | — | |
| Consumer staples | 9,250,060 | — | — | |
| Energy | 23,608,751 | — | — | |
| Financials | 89,158,746 | — | — | |
| Health care | 31,786,503 | — | — | |
| Industrials | 37,304,953 | — | — | |
| Information technology | 21,287,060 | — | — | |
| Materials | 17,472,336 | — | — | |
| Real estate | 13,610,390 | — | — | |
| Utilities | 12,402,344 | — | — | |
| Total common stocks | 303,249,499 | — | — | |
| Short-term investments | — | 23,115,411 | — | |
| Totals by level | $303,249,499 | $23,115,411 | $— | |
| * Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | ||||
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | ||||
