# EDGAR Filing Document

**Accession Number:** 0000932101
**File Stem:** 0000928816-25-000688
**Filing Date:** 2025-6
**Character Count:** 7655
**Document Hash:** c7c418deafa28bd1e0296c32ac3c42ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-25-000688.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0000928816-25-000688

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM INVESTMENT FUNDS
- **CENTRAL INDEX KEY:** 0000932101

**ORGANIZATION NAME:**
- **EIN:** 043251560
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-56339
- **FILM NUMBER:** 251030915

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM EQUITY FUNDS
- **DATE OF NAME CHANGE:** 19941028

## Series and Classes Contracts Data

### Putnam International Capital Opportunities Fund (Series ID: S000003850)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010763 | Class A Shares  | PNVAX           |
| C000010765 | Class C Shares  | PUVCX           |
| C000010767 | Class R Shares  | PICRX           |
| C000010768 | Class Y Shares  | PIVYX           |
| C000202882 | Class R6 Shares |  |

38966-P1 06/25

**SUPPLEMENT DATED JUNE 6, 2025** 

**TO THE SUMMARY PROSPECTUS, PROSPECTUS**

**AND STATEMENT OF ADDITIONAL INFORMATION ("SAI")** 

**OF PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND (THE "FUND")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **The Fund's Board of Trustees has approved a change to the Fund's name and the addition of a new 80% investment policy. Therefore, the Fund's Summary Prospectus, Prospectus and SAI are amended as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Effective September 30, 2025, all references to "Putnam International Capital Opportunities Fund"
in the Fund's Summary Prospectus, Prospectus and SAI are replaced with "Putnam International Small Cap Fund".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Effective September 30, 2025, the following replaces the first sentence of the section titled "Investments,
risks and performance - Investments" in the Fund's Summary Prospectus and Prospectus.

Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes, if any) in companies of a size similar to those in the S&P Developed Ex-U.S. SmallCap Index. This policy may be changed only after 60 days' notice to shareholders. As of April 30, 2025, the capitalization range for companies in this S&P Developed Ex-U.S. SmallCap Index was $6.15 million to $18,867.26 million. We invest mainly in common stocks (growth or value stocks, or both) of companies outside of the United States that we believe have favorable investment potential.

**II.** **Additionally, effective June 2, 2025, the following replaces the "Annual fund operating expenses" table and "Example" table in the section of the Fund's Summary Prospectus and Prospectus titled "Fees and expenses":** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual fund operating expenses <br> (expenses you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses you pay each year as a percentage of the value of your investment)** | **Annual fund operating expenses <br> (expenses you pay each year as a percentage of the value of your investment)** |
| **Share<br> class** | **Management<br> fees<sup>1</sup>** | **Distribution <br> and service (12b-1) fees** | **Other <br> expenses** | **Total annual fund<br> operating expenses** | **Expense <br> reimburse-<br> ment<sup>2</sup>** | **Total annual <br> fund operating <br> expenses after <br> expense reim-<br> bursement<sup>3</sup>** |
| Class A | 1.02% | 0.25% | 0.32% | 1.59% | (0.08)% | 1.51% |
| Class C | 1.02% | 1.00% | 0.32% | 2.34% | (0.08)% | 2.26% |
| Class R | 1.02% | 0.50% | 0.32% | 1.84% | (0.08)% | 1.76% |
| Class R6 | 1.02% | N/A | 0.16% | 1.18% | (0.13)% | 1.05% |
| Class Y | 1.02% | N/A | 0.32% | 1.34% | (0.29)% | 1.05% |

---

<sup>1.</sup> Management fees reflect a performance adjustment. The fund's base management fee is subject to adjustment, up or down, based on the fund's performance relative to the performance of the S&P Developed Ex-U.S. SmallCap Index. For the most recent fiscal year, the fund's base management fee prior to any performance adjustment was 0.91%.<br> <sub> </sub><br> <sup>2.</sup> Effective June 2, 2025, the fund's investment manager has agreed to waive fees and/or reimburse operating expenses (excluding 12b-1 fees, interest expense, payments under the fund's investor servicing contract, brokerage commissions, taxes, acquired fund fees and expenses, investment-related expenses (such as short selling and lines of credit costs) and extraordinary expenses, such as those relating to litigation, indemnification, reorganizations and liquidations) for the fund so that the ratio of total annual fund operating expenses will not exceed 1.05% for each share class. In addition, fund's investor servicing agent has agreed to waive all investor servicing fees with respect to Class R6 and Y shares of the fund. These contractual fee waiver and expense reimbursement arrangements run until December 30, 2026. During their terms, the fee waiver and expense reimbursement arrangements may not be terminated or amended without approval of the board of trustees.<br><sup>3.</sup> Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating expense caps.<br>

**Example**

The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same. Only the first year of each period in the example takes into account the fee waiver/expense reimbursement arrangements described above. Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | $720 | $1041 | $1384 | $2349 |
| Class C | $329 | $723 | $1244 | $2484 |
| Class C (no redemption) | $229 | $723 | $1244 | $2484 |
| Class R | $179 | $571 | $988 | $2152 |
| Class R6 | $107 | $362 | $637 | $1422 |
| Class Y | $107 | $396 | $706 | $1587 |

---

*Shareholders should retain this Supplement for future reference.*

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