# EDGAR Filing Document

**Accession Number:** 0000932101
**File Stem:** 0000928816-25-000682
**Filing Date:** 2025-6
**Character Count:** 6796
**Document Hash:** e6a61d0452ca1e28b1e6b462eba25126
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-25-000682.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0000928816-25-000682

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 17

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-56339
- **FILM NUMBER:** 251030781

**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 Research Fund (Series ID: S000003853)

---

|  |  |  |
|:---|:---|:---|
| Class Name      | Ticker Symbol | Class ID   |
| Class A Shares  | PNRAX         | C000010781 |
| Class C Shares  | PRACX         | C000010783 |
| Class R Shares  | PRSRX         | C000010785 |
| Class Y Shares  | PURYX         | C000010786 |
| Class R6 Shares | nan           | C000158892 |

---

## Series and Classes Contracts Data

### Putnam Research Fund (Series ID: S000003853)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010781 | Class A Shares  | PNRAX           |
| C000010783 | Class C Shares  | PRACX           |
| C000010785 | Class R Shares  | PRSRX           |
| C000010786 | Class Y Shares  | PURYX           |
| C000158892 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? PIFR

 **<br>SUPPLEMENT DATED JUNE 6, 2025 <br>TO THE SUMMARY PROSPECTUS, PROSPECTUS <br>AND STATEMENT OF ADDITIONAL INFORMATION ("SAI") <br>OF PUTNAM RESEARCH 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; **a.** | Effective September 30, 2025, all references to "Putnam Research Fund" in the Fund's Summary Prospectus, Prospectus and SAI are replaced with "Putnam U.S. Research Fund". |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **b.** | Effective September 30, 2025, the following is added to the beginning of the section titled "Investments, risks and performance" 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 equity securities of companies located in the United States. This policy may be changed only after 60 days' notice to shareholders. Equity securities include common stocks, preferred stocks, and convertible securities. We consider a company to be located in the United States if the company's securities trade in the United States, the company is headquartered or organized in the United States or the company derives a majority of its revenues or profits in the United States. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 (expenses you pay each year as a percentage of the value of your investment)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Share class** | **Management fees** | **Distribution and service (12b-1) fees** | **Other expenses** | **Total annual fund operating expenses** | **Expense reimbursement<sup>1</sup>** | **Total annual fund operating expenses after expense reimbursement<sup>2</sup>** |
| Class A | 0.54% | 0.25% | 0.22% | 1.01% | (0.12)% | 0.89% |
| Class C | 0.54% | 1.00% | 0.22% | 1.76% | (0.12)% | 1.64% |
| Class R | 0.54% | 0.50% | 0.22% | 1.26% | (0.12)% | 1.14% |
| Class R6 | 0.54% | - | 0.12% | 0.66% | (0.17)% | 0.49% |
| Class Y | 0.54% | - | 0.22% | 0.76% | (0.27)% | 0.49% |

---

---

| | |
|:---|:---|
| <sup>1.</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) for the fund so that the ratio of total annual fund operating expenses will not exceed 0.49% for each share class. In addition, the 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 November 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. |
| <sup>2.</sup> | Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating expense caps. |

---

 **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 | $661 | $867 | $1090 | $1730 |
| Class C | $267 | $543 | $943 | $1865 |
| Class C (no redemption) | $167 | $543 | $943 | $1865 |
| Class R | $116 | $387 | $679 | $1510 |
| Class R6 | $50 | $194 | $351 | $396 |
| Class Y | $50 | $216 | $396 | $917 |

---

 *Shareholders should retain this Supplement for future reference.* 

---

| | |
|:---|:---|
| <br>![a38965p1sup999proart1.jpg](a38965p1sup999proart1.jpg) | ![a38965p1sup999proart2.jpg](a38965p1sup999proart2.jpg) |

---