# EDGAR Filing Document

**Accession Number:** 0000932101
**File Stem:** 0001193125-25-302661
**Filing Date:** 2025-12
**Character Count:** 18712
**Document Hash:** 40933bc0c3364e78f9d1924a661d95a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-302661.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001193125-25-302661

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251128

**EFFECTIVENESS DATE**: 20251201

**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:** 251536713

**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 U.S. 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 |  |

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| | |
|:---|:---|
| ![LOGO](g813561g1118160159979.jpg) | ![LOGO](g813561g1118160200139.jpg) |

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## Putnam

## U.S. Research Fund

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| | |
|:---|:---|
| **Summary Prospectus** | December 1, 2025 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class R** | **Class R6** | **Class Y** |
| PNRAX | PRACX | PRSRX | PLJMX | PURYX |

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Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, statement of additional information, reports to shareholders and other information about the fund online at www.franklintempleton.com/prospectus. You can also get this information at no cost by calling 1-800-225-1581 or by sending an e-mail request to funddocuments@putnam.com.

The fund's [prospectus and statement of additional information](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/932101/000119312525292883/d812192d485bpos.htm), both dated December 1, 2025, as may be supplemented, are all incorporated by reference into this Summary Prospectus.

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**Fund summary** 

**Prior to September 30, 2025, Putnam U.S. Research Fund was named Putnam Research Fund.** 

**Goal** 

The fund seeks capital appreciation.

**Fees and expenses** 

The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in *How do I buy fund shares?* beginning on page 18 of the fund's prospectus, in the Appendix to the fund's prospectus, and in *How to buy shares* beginning on page 25 of the fund's Statement of Additional Information ("SAI").

**Shareholder Fees (fees paid directly from your investment)** 

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| | | |
|:---|:---|:---|
| **Share class** | **Maximum sales charge (load)**<br> **imposed on purchases (as a**<br> **percentage of offering price)** | **Maximum deferred sales charge**<br> **(load) (as a percentage of original**<br> **purchase price or redemption**<br> **proceeds, whichever is lower)** |
|  Class A | 5.75% | 1.00%<sup>1</sup> |
|  Class C |  | 1.00%<sup>2</sup> |
|  Class R |  |  |
|  Class R6 |  |  |
|  Class Y |  |  |

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<sup>1</sup> Applies only to certain redemptions of shares bought with no initial sales charge.

<sup>2</sup> This charge is eliminated after one year.

**Annual Fund Operating Expenses** 

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Share**<br> **class** | **Management**<br> **fees** | **Distribution**<br> **and service**<br> **(12b-1) fees** | **Other**<br> **expenses** | **Total annual**<br> **fund**<br> **operating**<br> **expenses** | **Expense**<br> **reimburse-**<br> **ment<sup>1</sup>** | **Total annual**<br> **fund operating**<br> **expenses after**<br> **expense reim-**<br> **bursement<sup>2</sup>** |
|  Class A | 0.53% | 0.25% | 0.20% | 0.98% | (0.10)% | 0.88% |
|  Class C | 0.53% | 1.00% | 0.20% | 1.73% | (0.10)% | 1.63% |
|  Class R | 0.53% | 0.50% | 0.20% | 1.23% | (0.10)% | 1.13% |
|  Class R6 | 0.53% |  | 0.11% | 0.64% | (0.15)% | 0.49% |
|  Class Y | 0.53% |  | 0.20% | 0.73% | (0.24)% | 0.49% |

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<sup>1</sup> The Investment Manager, as defined below, has contractually agreed to waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund's distribution plans, payments under the

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fund's investor servicing contract, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), extraordinary expenses, and acquired fund fees and expenses) so that the total annual fund operating expenses will not exceed 0.49% of the fund's average net assets. Additionally, the Investment Manager has agreed to reduce its fees by an amount equal to the management fees paid by Franklin Templeton affiliated funds with respect to assets the fund invests in such affiliated funds. 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 obligations may not be modified or discontinued prior to November 30, 2026 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 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 expense reimbursement described above. Your actual costs may be higher or lower.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **1 year** | **3 years** | **5 years** | **10 years** |
|  Class A | $660 | $860 | $1076 | $1697 |
|  Class C | $266 | $536 | $930 | $1834 |
|  Class C (no redemption) | $166 | $536 | $930 | $1834 |
|  Class R | $115 | $380 | $665 | $1480 |
|  Class R6 | $50 | $189 | $341 | $783 |
|  Class Y | $50 | $209 | $382 | $883 |

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**Portfolio turnover** 

The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund's shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund's turnover rate in the most recent fiscal year was 65%.

**Investments, risks, and performance** 

**Investments** 

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. The fund considers a company to be located in the United States if the company's securities trade in the United States, the company is headquartered or

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organized in the United States or the company derives a majority of its revenues or profits in the United States.

The fund invests mainly in common stocks (growth or value stocks or both) of large U.S. companies that the Investment Manager believes have favorable investment potential. The fund's portfolio managers work with sector analysts from the Putnam Equity Research team to identify high-conviction stocks within an analyst's respective sector, using a bottom-up, fundamental research investment process. The Investment Manager may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows, and dividends when deciding whether to buy or sell investments. The Investment Manager attempts to mitigate risk in the portfolio by applying an integrated process to identify, assess, monitor, and address unintended risks.

**Risks** 

It is important to understand that you can lose money by investing in the fund.

**Market risk:** 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, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings, may negatively impact the fund's performance, and may exacerbate other risks to which the fund is subject.

**Common stock risk:** Common stock represents an ownership interest in a company. The value of a company's stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company's products or services. A stock's value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors.

**Large shareholder transaction risk:** The fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager, as defined below, and its affiliates as "funds of funds." Additionally, other investors from time to time may make substantial

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investments in the fund. Such shareholders may at times be considered to control the fund. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund's liquidity and net assets. These redemptions may also adversely affect the fund's performance if the fund is forced to sell securities, which may also increase the fund's brokerage costs.

**Management and operational risk:** There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund's other service providers, may experience disruptions or operating errors that could negatively impact the fund.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**Performance** 

The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund's performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund's performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.

*The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.* 

Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown.

Annual total returns for class A shares before sales charges

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![LOGO](g813561g1118160200245.jpg)

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| | | |
|:---|:---|:---|
|  Best Quarter: | Q2 2020 | 21.41% |
|  Worst Quarter: | Q1 2020 | -19.04% |
|  As of September 30, 2025, the fund's year-to-date return was 14.36%. | As of September 30, 2025, the fund's year-to-date return was 14.36%. | As of September 30, 2025, the fund's year-to-date return was 14.36%. |

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**Average annual total returns after sales charges** 

(for periods ended 12/31/24)

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| | | | |
|:---|:---|:---|:---|
| **Share class** | **1 year** | **5 years** | **10 years** |
|  Class A before taxes | 18.97% | 13.56% | 12.30% |
|  Class A after taxes on distributions | 16.97% | 12.12% | 10.89% |
|  Class A after taxes on distributions and sale of fund shares | 12.63% | 10.54% | 9.74% |
|  Class C before taxes | 24.30% | 14.06% | 12.29% |
|  Class R before taxes | 25.92% | 14.63% | 12.69% |
|  Class R6 before taxes<sup>\*</sup> | 26.67% | 15.33% | 13.39% |
|  Class Y before taxes | 26.54% | 15.20% | 13.25% |
|  Russell 3000 Index (no deduction for fees, expenses or taxes) | 23.81% | 13.86% | 12.55% |
|  S&P 500 Index (no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% |

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<sup>\*</sup> Performance for class R6 shares prior to their inception (6/29/15) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. 

After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.

Class C share performance reflects conversion to class A shares after eight years.

Important data provider notices and terms are available at <u>www.franklintempletondatasources.com.</u> Such information is subject to change.

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**Your fund's management** 

**Investment Manager** 

Putnam Investment Management, LLC ("Putnam Management" or the "Investment Manager")

**Sub-advisors** 

Franklin Advisers, Inc. ("Franklin Advisers")

Franklin Templeton Investment Management Limited ("FTIML")

The Putnam Advisory Company, LLC ("PAC")

**Portfolio managers** 

**Jacquelyne J. Cavanaugh** 

Portfolio Manager of Putnam Management and portfolio manager of the fund since 2014.

**Kathryn Lakin** 

Portfolio Manager of Putnam Management and portfolio manager of the fund since 2014.

**Matthew LaPlant, CFA** 

Portfolio Manager of Putnam Management and portfolio manager of the fund since 2023.

**Andrew O'Brien, CFA** 

Portfolio Manager of Putnam Management and portfolio manager of the fund since 2018.

**William Rives, CFA** 

Portfolio Manager of Putnam Management and portfolio manager of the fund since 2019.

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**Tax information** 

The fund's distributions will be taxed as ordinary income or capital gains unless you hold the shares through a tax-advantaged arrangement, in which case you will generally be taxed only upon withdrawal of monies from the arrangement.

**Financial intermediary compensation** 

If you purchase the fund through a broker/dealer or other financial intermediary (such as a bank or financial professional), the fund and its related companies may pay that intermediary for the sale of fund shares and related services. Please bear in mind that these payments may create a conflict of interest by influencing the broker/dealer or other intermediary to recommend the fund over another investment. Ask your advisor or visit your advisor's website for more information.

**Information about the Summary Prospectus, Prospectus, and SAI** 

The summary prospectus, prospectus, and SAI for a fund provide information concerning the fund. The summary prospectus, prospectus, and SAI are updated at least annually and any information provided in a summary prospectus, prospectus, or SAI can be changed without a shareholder vote unless specifically stated otherwise. The summary prospectus, prospectus, and the SAI are not contracts between the fund and its shareholders and do not give rise to any contractual rights or obligations or any shareholder rights other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Additional information, including current performance, is available at <u>www.franklintempleton.com</u>, by calling 1-800-225-1581, or by e-mailing Putnam at <u>funddocuments@putnam.com</u>.** 

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**38965- PSUM 12/25**