Putnam Investment Funds
09/26/2025 | Press release | Distributed by Public on 09/26/2025 09:49
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07237
Putnam Investment Funds
(Exact name of registrant as specified in charter)
100 Federal Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)
Stephen Tate, Vice President
100 Federal Street,
Boston, Massachusetts 02110
Copy to:
Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
James E. Thomas, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 292-1000
Date of fiscal year end: July 31
Date of reporting period: July 31, 2025
| ITEM 1. | REPORT TO STOCKHOLDERS. |
(a) The Report to Shareholders is filed herewith
|
Putnam U.S. Research Fund
|
|
|
Class A[PNRAX]
|
Annual Shareholder Report | July 31, 2025
|
This annual shareholder reportcontains important information about Putnam U.S. Research Fund (previously known as Putnam Research Fund) for the period August 1, 2024, to July 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class A
|
$103
|
0.96%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2025, Class A shares of Putnam U.S. Research Fund returned 14.71%. The Fund compares its performance to the S&P 500 Index, which returned 16.33% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Overweight position in data storage company Seagate Technology
|
|
↑
|
Overweight position in Oracle, a cloud application and platform services company
|
|
↑
|
Overweight position in NRG Energy, a utility company
|
|
Top detractors from performance:
|
|
|
↓
|
Overweight position in technology company Advanced Micro Devices
|
|
↓
|
Overweight position in Salesforce, a cloud-based software company
|
|
↓
|
Underweight exposure to software company Palantir Technologies
|
Use of derivatives and the impact on performance:
The Fund's use of derivatives, in aggregate, contributed positively to results. Currency forwards had a small negative impact while futures and options added to performance.
| Putnam U.S. Research Fund | PAGE 1 | 38965-ATSA-0925 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) -
Class A 7/31/2015 - 7/31/2025
Class A 7/31/2015 - 7/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class A
|
14.71
|
15.80
|
13.41
|
|
Class A (with sales charge)
|
8.12
|
14.44
|
12.74
|
|
Russell 3000 Index
|
15.68
|
15.19
|
13.02
|
|
S&P 500 Index
|
16.33
|
15.88
|
13.66
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective September 30, 2025, the Fund adopted its current investment strategy.
Performance benefited from gains related to settlement of security litigations recognized in May 2017.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2025)
|
Total Net Assets
|
$605,536,591
|
|
Total Number of Portfolio Holdings*
|
137
|
|
Total Management Fee Paid
|
$2,958,632
|
|
Portfolio Turnover Rate
|
65%
|
| * | Does not include derivatives, except purchased options, if any. |
| Putnam U.S. Research Fund | PAGE 2 | 38965-ATSA-0925 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
HOW HAS THE FUND CHANGED?
Effective September 30, 2025, the Fund's name will be changed to "Putnam U.S. Research Fund".
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 U.S. 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 U.S. if the company's securities trade in the U.S., the company is headquartered or organized in the U.S. or the company derives a majority of its revenues or profits in the U.S."
Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Putnam Investment Management, LLC ("Putnam Management") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Putnam Management and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.
Effective September 5, 2024 (the "Conversion Date"), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) 225-1581or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Putnam U.S. Research Fund | PAGE 3 | 38965-ATSA-0925 |
|
Putnam U.S. Research Fund
|
|
|
Class C[PRACX]
|
Annual Shareholder Report | July 31, 2025
|
This annual shareholder reportcontains important information about Putnam U.S. Research Fund (previously known as Putnam Research Fund) for the period August 1, 2024, to July 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class C
|
$183
|
1.71%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2025, Class C shares of Putnam U.S. Research Fund returned 13.87%. The Fund compares its performance to the S&P 500 Index, which returned 16.33% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Overweight position in data storage company Seagate Technology
|
|
↑
|
Overweight position in Oracle, a cloud application and platform services company
|
|
↑
|
Overweight position in NRG Energy, a utility company
|
|
Top detractors from performance:
|
|
|
↓
|
Overweight position in technology company Advanced Micro Devices
|
|
↓
|
Overweight position in Salesforce, a cloud-based software company
|
|
↓
|
Underweight exposure to software company Palantir Technologies
|
Use of derivatives and the impact on performance:
The Fund's use of derivatives, in aggregate, contributed positively to results. Currency forwards had a small negative impact while futures and options added to performance.
| Putnam U.S. Research Fund | PAGE 1 | 38965-ATSC-0925 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class C 7/31/2015 - 7/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class C
|
13.87
|
14.93
|
12.74
|
|
Class C (with sales charge)
|
12.87
|
14.93
|
12.74
|
|
Russell 3000 Index
|
15.68
|
15.19
|
13.02
|
|
S&P 500 Index
|
16.33
|
15.88
|
13.66
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Class C share performance reflects conversion to class A shares after eight years.
Effective September 30, 2025, the Fund adopted its current investment strategy.
Performance benefited from gains related to settlement of security litigations recognized in May 2017.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2025)
|
Total Net Assets
|
$605,536,591
|
|
Total Number of Portfolio Holdings*
|
137
|
|
Total Management Fee Paid
|
$2,958,632
|
|
Portfolio Turnover Rate
|
65%
|
| * | Does not include derivatives, except purchased options, if any. |
| Putnam U.S. Research Fund | PAGE 2 | 38965-ATSC-0925 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
HOW HAS THE FUND CHANGED?
Effective September 30, 2025, the Fund's name will be changed to "Putnam U.S. Research Fund".
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 U.S. 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 U.S. if the company's securities trade in the U.S., the company is headquartered or organized in the U.S. or the company derives a majority of its revenues or profits in the U.S."
Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Putnam Investment Management, LLC ("Putnam Management") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Putnam Management and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) 225-1581or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Putnam U.S. Research Fund | PAGE 3 | 38965-ATSC-0925 |
|
Putnam U.S. Research Fund
|
|
|
Class R[PRSRX]
|
Annual Shareholder Report | July 31, 2025
|
This annual shareholder reportcontains important information about Putnam U.S. Research Fund (previously known as Putnam Research Fund) for the period August 1, 2024, to July 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class R
|
$130
|
1.21%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2025, Class R shares of Putnam U.S. Research Fund returned 14.42%. The Fund compares its performance to the S&P 500 Index, which returned 16.33% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Overweight position in data storage company Seagate Technology
|
|
↑
|
Overweight position in Oracle, a cloud application and platform services company
|
|
↑
|
Overweight position in NRG Energy, a utility company
|
|
Top detractors from performance:
|
|
|
↓
|
Overweight position in technology company Advanced Micro Devices
|
|
↓
|
Overweight position in Salesforce, a cloud-based software company
|
|
↓
|
Underweight exposure to software company Palantir Technologies
|
Use of derivatives and the impact on performance:
The Fund's use of derivatives, in aggregate, contributed positively to results. Currency forwards had a small negative impact while futures and options added to performance.
| Putnam U.S. Research Fund | PAGE 1 | 38965-ATSR-0925 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class R 7/31/2015 - 7/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class R
|
14.42
|
15.51
|
13.13
|
|
Russell 3000 Index
|
15.68
|
15.19
|
13.02
|
|
S&P 500 Index
|
16.33
|
15.88
|
13.66
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective September 30, 2025, the Fund adopted its current investment strategy.
Performance benefited from gains related to settlement of security litigations recognized in May 2017.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2025)
|
Total Net Assets
|
$605,536,591
|
|
Total Number of Portfolio Holdings*
|
137
|
|
Total Management Fee Paid
|
$2,958,632
|
|
Portfolio Turnover Rate
|
65%
|
| * | Does not include derivatives, except purchased options, if any. |
| Putnam U.S. Research Fund | PAGE 2 | 38965-ATSR-0925 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
HOW HAS THE FUND CHANGED?
Effective September 30, 2025, the Fund's name will be changed to "Putnam U.S. Research Fund".
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 U.S. 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 U.S. if the company's securities trade in the U.S., the company is headquartered or organized in the U.S. or the company derives a majority of its revenues or profits in the U.S."
Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Putnam Investment Management, LLC ("Putnam Management") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Putnam Management and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) 225-1581or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Putnam U.S. Research Fund | PAGE 3 | 38965-ATSR-0925 |
|
Putnam U.S. Research Fund
|
|
|
Class R6[PLJMX]
|
Annual Shareholder Report | July 31, 2025
|
This annual shareholder reportcontains important information about Putnam U.S. Research Fund (previously known as Putnam Research Fund) for the period August 1, 2024, to July 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class R6
|
$66
|
0.61%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2025, Class R6 shares of Putnam U.S. Research Fund returned 15.12%. The Fund compares its performance to the S&P 500 Index, which returned 16.33% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Overweight position in data storage company Seagate Technology
|
|
↑
|
Overweight position in Oracle, a cloud application and platform services company
|
|
↑
|
Overweight position in NRG Energy, a utility company
|
|
Top detractors from performance:
|
|
|
↓
|
Overweight position in technology company Advanced Micro Devices
|
|
↓
|
Overweight position in Salesforce, a cloud-based software company
|
|
↓
|
Underweight exposure to software company Palantir Technologies
|
Use of derivatives and the impact on performance:
The Fund's use of derivatives, in aggregate, contributed positively to results. Currency forwards had a small negative impact while futures and options added to performance.
| Putnam U.S. Research Fund | PAGE 1 | 38965-ATSR6-0925 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class R6 7/31/2015 - 7/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class R6
|
15.12
|
16.21
|
13.84
|
|
Russell 3000 Index
|
15.68
|
15.19
|
13.02
|
|
S&P 500 Index
|
16.33
|
15.88
|
13.66
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 6/29/2015. Returns for periods before 6/29/2015 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Effective September 30, 2025, the Fund adopted its current investment strategy.
Performance benefited from gains related to settlement of security litigations recognized in May 2017.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2025)
|
Total Net Assets
|
$605,536,591
|
|
Total Number of Portfolio Holdings*
|
137
|
|
Total Management Fee Paid
|
$2,958,632
|
|
Portfolio Turnover Rate
|
65%
|
| * | Does not include derivatives, except purchased options, if any. |
| Putnam U.S. Research Fund | PAGE 2 | 38965-ATSR6-0925 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
HOW HAS THE FUND CHANGED?
Effective September 30, 2025, the Fund's name will be changed to "Putnam U.S. Research Fund".
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 U.S. 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 U.S. if the company's securities trade in the U.S., the company is headquartered or organized in the U.S. or the company derives a majority of its revenues or profits in the U.S."
Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Putnam Investment Management, LLC ("Putnam Management") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Putnam Management and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) 225-1581or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Putnam U.S. Research Fund | PAGE 3 | 38965-ATSR6-0925 |
|
Putnam U.S. Research Fund
|
|
|
Class Y[PURYX]
|
Annual Shareholder Report | July 31, 2025
|
This annual shareholder reportcontains important information about Putnam U.S. Research Fund (previously known as Putnam Research Fund) for the period August 1, 2024, to July 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class Y
|
$76
|
0.71%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2025, Class Y shares of Putnam U.S. Research Fund returned 15.03%. The Fund compares its performance to the S&P 500 Index, which returned 16.33% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Overweight position in data storage company Seagate Technology
|
|
↑
|
Overweight position in Oracle, a cloud application and platform services company
|
|
↑
|
Overweight position in NRG Energy, a utility company
|
|
Top detractors from performance:
|
|
|
↓
|
Overweight position in technology company Advanced Micro Devices
|
|
↓
|
Overweight position in Salesforce, a cloud-based software company
|
|
↓
|
Underweight exposure to software company Palantir Technologies
|
Use of derivatives and the impact on performance:
The Fund's use of derivatives, in aggregate, contributed positively to results. Currency forwards had a small negative impact while futures and options added to performance.
| Putnam U.S. Research Fund | PAGE 1 | 38965-ATSY-0925 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class Y 7/31/2015 - 7/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class Y
|
15.03
|
16.09
|
13.70
|
|
Russell 3000 Index
|
15.68
|
15.19
|
13.02
|
|
S&P 500 Index
|
16.33
|
15.88
|
13.66
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective September 30, 2025, the Fund adopted its current investment strategy.
Performance benefited from gains related to settlement of security litigations recognized in May 2017.
For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2025)
|
Total Net Assets
|
$605,536,591
|
|
Total Number of Portfolio Holdings*
|
137
|
|
Total Management Fee Paid
|
$2,958,632
|
|
Portfolio Turnover Rate
|
65%
|
| * | Does not include derivatives, except purchased options, if any. |
| Putnam U.S. Research Fund | PAGE 2 | 38965-ATSY-0925 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
HOW HAS THE FUND CHANGED?
Effective September 30, 2025, the Fund's name will be changed to "Putnam U.S. Research Fund".
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 U.S. 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 U.S. if the company's securities trade in the U.S., the company is headquartered or organized in the U.S. or the company derives a majority of its revenues or profits in the U.S."
Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Putnam Investment Management, LLC ("Putnam Management") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Putnam Management and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) 225-1581or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Putnam U.S. Research Fund | PAGE 3 | 38965-ATSY-0925 |
(b) Not applicable
| ITEM 2. | CODE OF ETHICS. |
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending July 31, 2024 and July 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $160,953 in July 31, 2024 and $87,936 in July 31, 2025.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in July 31, 2024 and $0 in July 31, 2025.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $11,828 in July 31, 2024 and $19,714 in July 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in July 31, 2024 and $0 in July 31, 2025.
There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.
(e) Audit Committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.
Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.
The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.
(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $1,030,797 in July 31, 2024 and $583,796 in July 31, 2025.
(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.
(i) Not applicable.
(j) Not applicable
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Putnam
U.S.
Research
Fund
(formerly,
Putnam
Research
Fund)
Financial
Statements
and
Other
Important
Information
Annual
|
July
31,
2025
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Annual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
14
Notes
to
Financial
Statements
18
Report
of
Independent
Registered
Public
Accounting
Firm
33
Tax
Information
34
Changes
In
and
Disagreements
with
Accountants
35
Results
of
Meeting(s)
of
Shareholders
35
Remuneration
Paid
to
Directors,
Officers
and
Others
35
Board
Approval
of
Management
and
Subadvisory
Agreements
35
Putnam
Investment
Funds
Financial
Highlights
Putnam
Research
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$53.18
$42.40
$40.54
$46.80
$35.33
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.20
0.20
0.19
0.15
0.12
Net
realized
and
unrealized
gains
(losses)
...........
7.46
10.71
4.97
(2.87)
12.16
Total
from
investment
operations
....................
7.66
10.91
5.16
(2.72)
12.28
Less
distributions
from:
Net
investment
income
..........................
(0.25)
(0.13)
(0.41)
(-)
c
(0.25)
Net
realized
gains
.............................
(3.74)
-
(2.89)
(3.54)
(0.56)
Total
distributions
...............................
(3.99)
(0.13)
(3.30)
(3.54)
(0.81)
Net
asset
value,
end
of
year
.......................
$56.85
$53.18
$42.40
$40.54
$46.80
Total
return
d
...................................
14.71%
25.79%
14.24%
(6.55)%
35.18%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.98%
1.01%
1.04%
1.02%
e
1.03%
Expenses
net
of
waiver
and
payments
by
affiliates
f
......
0.96%
1.01%
1.04%
1.02%
e
1.03%
Net
investment
income
...........................
0.38%
0.43%
0.49%
0.33%
0.29%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$477,797
$448,513
$379,121
$341,880
$388,700
Portfolio
turnover
rate
............................
65%
35%
35%
46%
54%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Includes
one-time
proxy
costs
of
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Investment
Funds
Financial
Highlights
Putnam
Research
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
3
a
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$46.60
$37.33
$36.06
$42.30
$32.04
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..........................
(0.17)
(0.13)
(0.09)
(0.16)
(0.17)
Net
realized
and
unrealized
gains
(losses)
...........
6.50
9.40
4.38
(2.54)
11.00
Total
from
investment
operations
....................
6.33
9.27
4.29
(2.70)
10.83
Less
distributions
from:
Net
investment
income
..........................
-
-
(0.13)
-
(0.01)
Net
realized
gains
.............................
(3.74)
-
(2.89)
(3.54)
(0.56)
Total
distributions
...............................
(3.74)
-
(3.02)
(3.54)
(0.57)
Net
asset
value,
end
of
year
.......................
$49.19
$46.60
$37.33
$36.06
$42.30
Total
return
c
...................................
13.87%
24.83%
13.39%
(7.24)%
34.13%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.73%
1.76%
1.79%
1.77%
d
1.78%
Expenses
net
of
waiver
and
payments
by
affiliates
e
......
1.71%
1.76%
1.79%
1.77%
d
1.78%
Net
investment
(loss)
............................
(0.37)%
(0.31)%
(0.25)%
(0.42)%
(0.46)%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$9,289
$11,297
$10,630
$11,460
$13,750
Portfolio
turnover
rate
............................
65%
35%
35%
46%
54%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
d
Includes
one-time
proxy
costs
of
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Investment
Funds
Financial
Highlights
Putnam
Research
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$52.09
$41.52
$39.77
$46.07
$34.81
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.07
0.08
0.09
0.04
0.02
Net
realized
and
unrealized
gains
(losses)
...........
7.29
10.50
4.87
(2.80)
11.96
Total
from
investment
operations
....................
7.36
10.58
4.96
(2.76)
11.98
Less
distributions
from:
Net
investment
income
..........................
(0.13)
(0.01)
(0.32)
-
(0.16)
Net
realized
gains
.............................
(3.74)
-
(2.89)
(3.54)
(0.56)
Total
distributions
...............................
(3.87)
(0.01)
(3.21)
(3.54)
(0.72)
Net
asset
value,
end
of
year
.......................
$55.58
$52.09
$41.52
$39.77
$46.07
Total
return
....................................
14.42%
25.49%
13.94%
(6.76)%
34.80%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.23%
1.26%
1.29%
1.27%
c
1.28%
Expenses
net
of
waiver
and
payments
by
affiliates
d
......
1.21%
1.26%
1.29%
1.27%
c
1.28%
Net
investment
income
...........................
0.13%
0.18%
0.23%
0.09%
0.05%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$1,952
$1,634
$1,111
$1,122
$906
Portfolio
turnover
rate
............................
65%
35%
35%
46%
54%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Includes
one-time
proxy
costs
of
0.01%.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Investment
Funds
Financial
Highlights
Putnam
Research
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
5
a
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$54.29
$43.27
$41.32
$47.63
$35.94
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.39
0.37
0.33
0.31
0.27
Net
realized
and
unrealized
gains
(losses)
...........
7.64
10.92
5.08
(2.91)
12.36
Total
from
investment
operations
....................
8.03
11.29
5.41
(2.60)
12.63
Less
distributions
from:
Net
investment
income
..........................
(0.43)
(0.27)
(0.57)
(0.17)
(0.38)
Net
realized
gains
.............................
(3.74)
-
(2.89)
(3.54)
(0.56)
Total
distributions
...............................
(4.17)
(0.27)
(3.46)
(3.71)
(0.94)
Net
asset
value,
end
of
year
.......................
$58.15
$54.29
$43.27
$41.32
$47.63
Total
return
....................................
15.12%
26.23%
14.65%
(6.22)%
35.65%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.64%
0.66%
0.68%
0.67%
c
0.66%
Expenses
net
of
waiver
and
payments
by
affiliates
d
......
0.61%
0.66%
0.68%
0.67%
c
0.66%
Net
investment
income
...........................
0.73%
0.80%
0.85%
0.69%
0.65%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$27,693
$23,253
$25,843
$22,074
$24,078
Portfolio
turnover
rate
............................
65%
35%
35%
46%
54%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Includes
one-time
proxy
costs
of
0.01%.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Investment
Funds
Financial
Highlights
Putnam
Research
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
Y
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$53.94
$43.00
$41.07
$47.37
$35.74
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.34
0.33
0.29
0.26
0.23
Net
realized
and
unrealized
gains
(losses)
...........
7.59
10.84
5.05
(2.90)
12.28
Total
from
investment
operations
....................
7.93
11.17
5.34
(2.64)
12.51
Less
distributions
from:
Net
investment
income
..........................
(0.39)
(0.23)
(0.52)
(0.12)
(0.32)
Net
realized
gains
.............................
(3.74)
-
(2.89)
(3.54)
(0.56)
Total
distributions
...............................
(4.13)
(0.23)
(3.41)
(3.66)
(0.88)
Net
asset
value,
end
of
year
.......................
$57.74
$53.94
$43.00
$41.07
$47.37
Total
return
....................................
15.03%
26.10%
14.54%
(6.32)%
35.49%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.73%
0.76%
0.79%
0.77%
c
0.78%
Expenses
net
of
waiver
and
payments
by
affiliates
d
......
0.71%
0.76%
0.79%
0.77%
c
0.78%
Net
investment
income
...........................
0.63%
0.71%
0.75%
0.60%
0.54%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$88,805
$68,383
$60,771
$63,244
$58,216
Portfolio
turnover
rate
............................
65%
35%
35%
46%
54%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Includes
one-time
proxy
costs
of
0.01%.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Investment
Funds
Schedule
of
Investments,
July
31,
2025
Putnam
Research
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.1%
Aerospace
&
Defense
1.6%
Airbus
SE
.........................................
France
13,032
$
2,620,151
Northrop
Grumman
Corp.
.............................
United
States
5,423
3,126,956
RTX
Corp.
........................................
United
States
23,422
3,690,604
9,437,711
Air
Freight
&
Logistics
0.8%
FedEx
Corp.
.......................................
United
States
23,122
5,167,536
Automobiles
2.1%
General
Motors
Co.
..................................
United
States
24,053
1,282,987
a
Tesla,
Inc.
.........................................
United
States
36,799
11,344,028
12,627,015
Banks
2.4%
Citigroup,
Inc.
......................................
United
States
78,847
7,387,964
JPMorgan
Chase
&
Co.
...............................
United
States
21,139
6,262,217
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
5,899
1,122,403
14,772,584
Beverages
1.5%
Coca-Cola
Co.
(The)
.................................
United
States
95,516
6,484,581
Keurig
Dr
Pepper,
Inc.
................................
United
States
44,185
1,442,640
PepsiCo,
Inc.
......................................
United
States
6,403
883,102
8,810,323
Biotechnology
1.8%
AbbVie,
Inc.
.......................................
United
States
21,147
3,997,206
Gilead
Sciences,
Inc.
................................
United
States
15,404
1,729,715
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
6,465
3,526,399
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
3,249
1,484,371
10,737,691
Broadline
Retail
5.1%
a
Amazon.com,
Inc.
...................................
United
States
131,939
30,888,239
Building
Products
0.5%
Trane
Technologies
plc
...............................
United
States
6,363
2,787,503
Capital
Markets
2.1%
BlackRock,
Inc.
.....................................
United
States
3,232
3,574,624
Charles
Schwab
Corp.
(The)
...........................
United
States
34,353
3,357,319
CME
Group,
Inc.
....................................
United
States
6,544
1,821,064
Nasdaq,
Inc.
.......................................
United
States
10,664
1,026,090
TPG,
Inc.
,
A
.......................................
United
States
52,857
3,016,549
12,795,646
Chemicals
1.2%
Corteva,
Inc.
.......................................
United
States
32,321
2,331,314
DuPont
de
Nemours,
Inc.
.............................
United
States
34,264
2,463,581
Linde
plc
..........................................
United
States
1,365
628,255
PPG
Industries,
Inc.
.................................
United
States
15,170
1,600,435
7,023,585
Commercial
Services
&
Supplies
0.7%
Cintas
Corp.
.......................................
United
States
5,636
1,254,292
a
Copart,
Inc.
........................................
United
States
27,374
1,240,863
Putnam
Investment
Funds
Schedule
of
Investments
Putnam
Research
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Commercial
Services
&
Supplies
(continued)
Waste
Connections,
Inc.
..............................
United
States
8,689
$
1,621,976
4,117,131
Communications
Equipment
2.0%
Cisco
Systems,
Inc.
.................................
United
States
173,788
11,831,487
Construction
Materials
0.6%
CRH
plc
..........................................
United
States
40,966
3,910,205
Consumer
Finance
1.1%
Capital
One
Financial
Corp.
...........................
United
States
30,075
6,466,125
Consumer
Staples
Distribution
&
Retail
2.2%
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................
United
States
9,918
1,050,316
Costco
Wholesale
Corp.
..............................
United
States
3,070
2,884,695
Target
Corp.
.......................................
United
States
13,462
1,352,931
a
US
Foods
Holding
Corp.
..............................
United
States
6,919
576,560
Walmart,
Inc.
......................................
United
States
75,003
7,348,794
13,213,296
Diversified
Telecommunication
Services
0.6%
AT&T,
Inc.
.........................................
United
States
139,327
3,818,953
Electric
Utilities
1.7%
Constellation
Energy
Corp.
............................
United
States
2,431
845,599
NextEra
Energy,
Inc.
.................................
United
States
40,417
2,872,032
NRG
Energy,
Inc.
...................................
United
States
17,682
2,956,430
PPL
Corp.
.........................................
United
States
51,101
1,823,795
Southern
Co.
(The)
..................................
United
States
19,366
1,829,700
10,327,556
Electrical
Equipment
0.5%
GE
Vernova,
Inc.
....................................
United
States
4,555
3,007,621
Entertainment
2.6%
a
Live
Nation
Entertainment,
Inc.
.........................
United
States
26,507
3,915,084
a
Netflix,
Inc.
........................................
United
States
3,304
3,830,657
a
Spotify
Technology
SA
................................
United
States
2,792
1,749,300
Walt
Disney
Co.
(The)
................................
United
States
52,217
6,219,567
15,714,608
Financial
Services
4.5%
Apollo
Global
Management,
Inc.
........................
United
States
23,260
3,380,143
a
Berkshire
Hathaway,
Inc.
,
B
............................
United
States
14,901
7,031,484
Corebridge
Financial,
Inc.
.............................
United
States
29,881
1,062,568
Mastercard,
Inc.
,
A
..................................
United
States
17,959
10,173,235
a
Toast,
Inc.
,
A
.......................................
United
States
28,469
1,390,426
Visa,
Inc.
,
A
........................................
United
States
13,030
4,501,474
27,539,330
Food
Products
0.2%
Mondelez
International,
Inc.
,
A
..........................
United
States
20,862
1,349,563
Ground
Transportation
0.5%
Union
Pacific
Corp.
..................................
United
States
13,800
3,063,186
Health
Care
Equipment
&
Supplies
1.9%
Abbott
Laboratories
..................................
United
States
19,899
2,511,055
Becton
Dickinson
&
Co.
...............................
United
States
10,353
1,845,422
a
Boston
Scientific
Corp.
...............................
United
States
28,161
2,954,652
Putnam
Investment
Funds
Schedule
of
Investments
Putnam
Research
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
a
Dexcom,
Inc.
.......................................
United
States
5,736
$
463,297
a
Intuitive
Surgical,
Inc.
................................
United
States
5,033
2,421,326
Medtronic
plc
......................................
United
States
16,452
1,484,628
11,680,380
Health
Care
Providers
&
Services
1.9%
Cencora,
Inc.
......................................
United
States
2,798
800,452
Cigna
Group
(The)
..................................
United
States
3,683
984,760
CVS
Health
Corp.
...................................
United
States
24,406
1,515,613
HCA
Healthcare,
Inc.
.................................
United
States
1,792
634,350
McKesson
Corp.
....................................
United
States
5,873
4,073,160
UnitedHealth
Group,
Inc.
..............................
United
States
13,305
3,320,396
11,328,731
Health
Care
REITs
0.5%
Welltower,
Inc.
.....................................
United
States
20,021
3,304,867
Hotels,
Restaurants
&
Leisure
0.7%
a
Chipotle
Mexican
Grill,
Inc.
,
A
..........................
United
States
33,966
1,456,462
McDonald's
Corp.
...................................
United
States
7,384
2,215,717
Starbucks
Corp.
....................................
United
States
8,374
746,626
4,418,805
Household
Products
0.7%
Procter
&
Gamble
Co.
(The)
...........................
United
States
29,227
4,397,787
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Vistra
Corp.
........................................
United
States
2,127
443,565
Industrial
Conglomerates
0.9%
Honeywell
International,
Inc.
...........................
United
States
23,961
5,327,728
Industrial
REITs
0.4%
Prologis,
Inc.
.......................................
United
States
22,689
2,422,732
Insurance
3.0%
Allstate
Corp.
(The)
..................................
United
States
29,460
5,987,745
American
International
Group,
Inc.
......................
United
States
35,949
2,790,721
Arch
Capital
Group
Ltd.
...............................
United
States
21,087
1,814,747
Assured
Guaranty
Ltd.
...............................
United
States
6,751
570,999
Progressive
Corp.
(The)
..............................
United
States
10,902
2,638,720
Prudential
plc
......................................
Hong
Kong
147,536
1,871,669
Unum
Group
.......................................
United
States
16,549
1,188,384
Willis
Towers
Watson
plc
..............................
United
States
3,891
1,228,817
18,091,802
Interactive
Media
&
Services
7.0%
Alphabet,
Inc.
,
A
....................................
United
States
108,424
20,806,566
Meta
Platforms,
Inc.
,
A
...............................
United
States
27,928
21,600,632
42,407,198
Life
Sciences
Tools
&
Services
1.7%
a
Bio-Rad
Laboratories,
Inc.
,
A
...........................
United
States
9,477
2,292,960
Danaher
Corp.
.....................................
United
States
5,644
1,112,771
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
14,300
6,687,824
10,093,555
Machinery
1.3%
Fortive
Corp.
.......................................
United
States
55,218
2,646,599
Putnam
Investment
Funds
Schedule
of
Investments
Putnam
Research
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
(continued)
Ingersoll
Rand,
Inc.
..................................
United
States
20,501
$
1,734,999
Otis
Worldwide
Corp.
................................
United
States
40,733
3,490,411
7,872,009
Media
0.2%
a
Charter
Communications,
Inc.
,
A
........................
United
States
3,905
1,051,851
Metals
&
Mining
0.5%
Agnico
Eagle
Mines
Ltd.
..............................
Canada
9,034
1,121,491
Glencore
plc
.......................................
Australia
523,087
2,099,319
3,220,810
Multi-Utilities
0.7%
Ameren
Corp.
......................................
United
States
30,065
3,040,473
CenterPoint
Energy,
Inc.
..............................
United
States
34,374
1,334,399
4,374,872
Oil,
Gas
&
Consumable
Fuels
3.6%
a
Antero
Resources
Corp.
..............................
United
States
24,352
850,616
BP
plc
............................................
United
States
234,502
1,256,997
Cenovus
Energy,
Inc.
................................
Canada
201,787
3,071,368
ConocoPhillips
.....................................
United
States
36,800
3,508,512
Exxon
Mobil
Corp.
...................................
United
States
87,317
9,748,070
Shell
plc
..........................................
United
States
89,244
3,206,816
21,642,379
Passenger
Airlines
0.2%
Southwest
Airlines
Co.
...............................
United
States
45,133
1,395,964
Pharmaceuticals
2.6%
Eli
Lilly
&
Co.
......................................
United
States
12,822
9,489,177
a
Innoviva,
Inc.
......................................
United
States
57,028
1,036,199
Johnson
&
Johnson
.................................
United
States
18,478
3,044,066
Merck
&
Co.,
Inc.
...................................
United
States
29,210
2,281,885
15,851,327
Semiconductors
&
Semiconductor
Equipment
14.5%
Analog
Devices,
Inc.
.................................
United
States
40,096
9,006,764
Broadcom,
Inc.
.....................................
United
States
71,131
20,891,175
Marvell
Technology,
Inc.
..............................
United
States
111,991
9,000,717
NVIDIA
Corp.
......................................
United
States
265,140
47,160,452
QUALCOMM,
Inc.
...................................
United
States
12,604
1,849,763
87,908,871
Software
10.8%
a
AppLovin
Corp.
,
A
...................................
United
States
2,848
1,112,714
Microsoft
Corp.
.....................................
United
States
95,547
50,974,324
Oracle
Corp.
.......................................
United
States
24,899
6,318,619
a
Palantir
Technologies,
Inc.
,
A
...........................
United
States
45,262
7,167,238
65,572,895
Specialized
REITs
1.1%
American
Tower
Corp.
................................
United
States
31,103
6,481,554
Specialty
Retail
0.9%
Home
Depot,
Inc.
(The)
...............................
United
States
8,124
2,985,651
Putnam
Investment
Funds
Schedule
of
Investments
Putnam
Research
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
(continued)
TJX
Cos.,
Inc.
(The)
.................................
United
States
20,871
$
2,599,066
5,584,717
Technology
Hardware,
Storage
&
Peripherals
5.7%
Apple,
Inc.
........................................
United
States
136,996
28,436,260
b
Seagate
Technology
Holdings
plc
.......................
United
States
40,160
6,305,521
34,741,781
Textiles,
Apparel
&
Luxury
Goods
0.6%
Levi
Strauss
&
Co.
,
A
................................
United
States
65,645
1,292,550
a
Lululemon
Athletica,
Inc.
..............................
United
States
4,570
916,422
NIKE,
Inc.
,
B
.......................................
United
States
3,321
248,045
a
On
Holding
AG
,
A
...................................
Switzerland
22,608
1,098,071
3,555,088
Tobacco
0.7%
Philip
Morris
International,
Inc.
.........................
United
States
25,323
4,154,238
Trading
Companies
&
Distributors
0.6%
United
Rentals,
Inc.
..................................
United
States
4,095
3,615,639
Total
Common
Stocks
(Cost
$
338,316,308
)
...................................
600,348,039
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.7%
Calls
-
Over-the-Counter
Equity
Options
0.7%
Seagate
Technology
Holdings
plc
,
Counterparty
MSCO
,
January
Strike
Price
$
125.00
,
Expires
1/16/26
...................
13,230,500
2,077,320,805
3,993,953
Southwest
Airlines
Co.
,
Counterparty
CITI
,
January
Strike
Price
$
40.00
,
Expires
1/16/26
.............................
861,160
25,765,907
11,333
4,005,286
Total
Options
Purchased
(Cost
$
317,552
)
....................................
4,005,286
Short
Term
Investments
0.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.2%
c
U.S.
Treasury
Bills
,
4.21
%,
10/02/25
...................................
United
States
500,000
496,345
4.21
%,
11/06/25
...................................
United
States
700,000
692,067
4.21
%,
12/04/25
...................................
United
States
100,000
98,546
1,286,958
Total
U.S.
Government
and
Agency
Securities
(Cost
$
1,287,269
)
................
1,286,958
Putnam
Investment
Funds
Schedule
of
Investments
Putnam
Research
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
0.5%
d,e
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.558
%
.......
United
States
3,212,791
$
3,212,791
Total
Management
Investment
Companies
(Cost
$
3,212,791
)
...................
3,212,791
Total
Short
Term
Investments
(Cost
$
4,500,060
)
...............................
4,499,749
a
Total
Investments
(Cost
$
343,133,920
)
100.5
%
................................
$608,853,074
Options
Written
(
0.5
)
%
.....................................................
(3,198,764)
Other
Assets,
less
Liabilities
(0.0)
%
†
.........................................
(117,719)
Net
Assets
100.0%
.........................................................
$605,536,591
a
a
a
Number
of
Contracts
Notional
Amount
#
f
Options
Written
(0.5)%
Calls
-
Over-the-Counter
Equity
Options
(0.5)%
Seagate
Technology
Holdings
plc
,
Counterparty
MSCO
,
January
Strike
Price
$
135.00
,
Expires
1/16/26
...................
14,288,940
2,243,506,469
(
3,198,764
)
(
3,198,764
)
Total
Options
Written
(Premiums
received
$
174,643
)
..........................
$
(
3,198,764
)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
year
end.
c
The
rate
shown
represents
the
yield
at
period
end.
d
See
Note
3
(
g
)
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
f
See
Note
1
(
c
)
regarding
written
options.
Putnam
Investment
Funds
Schedule
of
Investments
Putnam
Research
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
At
July
31,
2025
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(c)
.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Hong
Kong
Dollar
...
BZWS
Buy
8,736,200
1,118,073
8/20/25
$
-
$
(
3,392
)
Hong
Kong
Dollar
...
GSCO
Sell
978,400
126,343
8/20/25
1,506
-
Hong
Kong
Dollar
...
HSBK
Sell
7,064,000
911,983
8/20/25
10,663
-
British
Pound
......
BOFA
Sell
2,167,900
2,927,218
9/17/25
62,899
-
British
Pound
......
BZWS
Sell
105,700
142,713
9/17/25
3,058
-
British
Pound
......
GSCO
Sell
45,100
60,896
9/17/25
1,308
-
British
Pound
......
MSCO
Sell
1,407,600
1,912,709
9/17/25
52,930
-
British
Pound
......
UBSW
Sell
1,177,100
1,589,297
9/17/25
34,064
-
British
Pound
......
WPAC
Sell
1,002,600
1,353,799
9/17/25
29,122
-
Danish
Krone
......
BOFA
Sell
8,019,300
1,233,249
9/17/25
2,885
-
Danish
Krone
......
CITI
Sell
6,365,700
978,923
9/17/25
2,263
-
Danish
Krone
......
JPHQ
Buy
14,476,000
2,290,709
9/17/25
-
(
69,724
)
Euro
.............
BZWS
Buy
72,800
84,032
9/17/25
-
(
700
)
Euro
.............
MSCO
Buy
105,300
122,705
9/17/25
-
(
2,171
)
Euro
.............
MSCO
Sell
580,200
673,668
9/17/25
9,528
-
Euro
.............
UBSW
Sell
873,100
1,001,512
9/17/25
2,096
-
Swedish
Krona
.....
MSCO
Sell
21,496,500
2,253,732
9/17/25
51,296
-
Canadian
Dollar
....
BOFA
Sell
850,700
623,959
10/15/25
7,782
-
Canadian
Dollar
....
CITI
Sell
1,801,600
1,321,396
10/15/25
16,464
-
Canadian
Dollar
....
HSBK
Sell
149,500
109,752
10/15/25
1,466
-
Canadian
Dollar
....
JPHQ
Sell
1,856,400
1,362,744
10/15/25
18,119
-
Canadian
Dollar
....
MSCO
Sell
117,800
86,401
10/15/25
1,076
-
Canadian
Dollar
....
SSBT
Sell
5,200
3,817
10/15/25
51
-
Canadian
Dollar
....
TDOM
Buy
503,400
369,540
10/15/25
-
(
4,918
)
Canadian
Dollar
....
UBSW
Sell
1,942,500
1,425,975
10/15/25
18,986
-
Total
Forward
Exchange
Contracts
...................................................
$327,562
$(80,905)
Net
unrealized
appreciation
(depreciation)
............................................
$246,657
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Note
7
regarding
other
derivative
information.
See
A
bbreviations
on
page
32
.
Putnam
Investment
Funds
Financial
Statements
Statement
of
Assets
and
Liabilities
July
31,
2025
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Putnam
Research
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$339,921,129
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
3,212,791
Value
-
Unaffiliated
issuers
..................................................................
$605,640,283
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
3,212,791
Cash
....................................................................................
845,887
Receivables:
Capital
shares
sold
........................................................................
266,626
Dividends
...............................................................................
210,330
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
327,562
Prepaid
expenses
..........................................................................
91,655
Total
assets
..........................................................................
610,595,134
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
320,966
Management
fees
.........................................................................
199,325
Administrative
fees
........................................................................
1,015
Distribution
fees
..........................................................................
109,603
Transfer
agent
fees
........................................................................
128,065
Trustees'
fees
and
expenses
.................................................................
81,342
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
810,000
Options
written,
at
value
(premiums
received
$
174,643
)
..............................................
3,198,764
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
80,905
Accrued
expenses
and
other
liabilities
...........................................................
128,558
Total
liabilities
.........................................................................
5,058,543
Net
assets,
at
value
.................................................................
$605,536,591
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$286,951,506
Total
distributable
earnings
(losses)
.............................................................
318,585,085
Net
assets,
at
value
.................................................................
$605,536,591
Putnam
Investment
Funds
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
July
31,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
Putnam
Research
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$477,797,242
Shares
outstanding
........................................................................
8,404,046
Net
asset
value
per
share
a
,b
..................................................................
$56.85
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94
.25
%
)
b
................................
$60.32
Class
C:
Net
assets,
at
value
.......................................................................
$9,289,019
Shares
outstanding
........................................................................
188,849
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$49.19
Class
R:
Net
assets,
at
value
.......................................................................
$1,951,705
Shares
outstanding
........................................................................
35,117
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$55.58
Class
R6:
Net
assets,
at
value
.......................................................................
$27,693,301
Shares
outstanding
........................................................................
476,261
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$58.15
Class
Y:
Net
assets,
at
value
.......................................................................
$88,805,324
Shares
outstanding
........................................................................
1,538,068
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$57.74
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Investment
Funds
Financial
Statements
Statement
of
Operations
for
the
year
ended
July
31,
2025
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Putnam
Research
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$25,465)
Unaffiliated
issuers
........................................................................
$7,170,411
Non-controlled
affiliates
(Note
3
g
)
.............................................................
515,649
Interest:
Unaffiliated
issuers
........................................................................
36,408
Total
investment
income
...................................................................
7,722,468
Expenses:
Management
fees
(Note
3
a
)
...................................................................
3,083,268
Administrative
fees
(Note
3
b
)
..................................................................
9,687
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
1,139,622
Class
B
................................................................................
411
Class
C
................................................................................
98,517
Class
R
................................................................................
8,068
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
641,516
Class
B
................................................................................
57
Class
C
................................................................................
13,866
Class
R
................................................................................
2,272
Class
R6
...............................................................................
12,672
Class
Y
................................................................................
118,946
Custodian
fees
(Note
4
)
......................................................................
28,031
Reports
to
shareholders
fees
..................................................................
48,755
Registration
and
filing
fees
....................................................................
120,247
Professional
fees
...........................................................................
98,450
Trustees'
fees
and
expenses
(Note
3f)
...........................................................
22,691
Interest
expense
...........................................................................
502
Other
....................................................................................
9,262
Total
expenses
.........................................................................
5,456,840
Expense
reductions
(Note
4
)
...............................................................
(9,437)
Expenses
waived/paid
by
affiliates
(Note
3
g
and
3
h
)
..............................................
(126,816)
Net
expenses
.........................................................................
5,320,587
Net
investment
income
................................................................
2,401,881
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
61,099,388
Written
options
...........................................................................
(3,179,272)
Foreign
currency
transactions
................................................................
10,633
Forward
exchange
contracts
.................................................................
(495,637)
Futures
contracts
.........................................................................
985,357
Net
realized
gain
(loss)
..................................................................
58,420,469
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
20,603,827
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
201
Written
options
...........................................................................
(2,269,489)
Forward
exchange
contracts
.................................................................
189,124
Futures
contracts
.........................................................................
47,394
Net
change
in
unrealized
appreciation
(depreciation)
............................................
18,571,057
Net
realized
and
unrealized
gain
(loss)
............................................................
76,991,526
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$79,393,407
Putnam
Investment
Funds
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
Putnam
Research
Fund
Year
Ended
July
31,
2025
Year
Ended
July
31,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$2,401,881
$2,331,212
Net
realized
gain
(loss)
.................................................
58,420,469
39,752,213
Net
change
in
unrealized
appreciation
(depreciation)
...........................
18,571,057
74,841,417
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
79,393,407
116,924,842
Distributions
to
shareholders:
Class
A
.............................................................
(33,005,869)
(1,100,924)
Class
C
.............................................................
(778,499)
-
Class
R
.............................................................
(100,515)
(297)
Class
R6
............................................................
(2,055,095)
(151,279)
Class
Y
.............................................................
(6,121,164)
(343,042)
Total
distributions
to
shareholders
..........................................
(42,061,142)
(1,595,542)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(640,909)
(23,584,616)
Class
B
.............................................................
(442,995)
(847,257)
Class
C
.............................................................
(2,461,568)
(1,705,463)
Class
R
.............................................................
169,960
272,270
Class
R6
............................................................
2,604,917
(8,123,618)
Class
Y
.............................................................
15,446,249
(6,428,583)
Total
capital
share
transactions
............................................
14,675,654
(40,417,267)
Net
increase
(decrease)
in
net
assets
...................................
52,007,919
74,912,033
Net
assets:
Beginning
of
year
.......................................................
553,528,672
478,616,639
End
of
year
...........................................................
$605,536,591
$553,528,672
Putnam
Investment
Funds
Notes
to
Financial
Statements
Putnam
Research
Fund
18
franklintempleton.com
Annual
Report
1.
Organization
and
Significant
Accounting
Policies
Putnam
Investment
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of six
separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Putnam
Research
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Class
Y. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
Effective
September
5,
2024,
all
Class
B
shares
were
converted
to
Class
A.
Effective
September
30,
2025,
Putnam
Research
Fund
will
be
renamed
Putnam
U.S.
Research
Fund.
The
following
summarizes
the
Fund
's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
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
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
Putnam
Investment
Funds
Notes
to
Financial
Statements
19
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
July
31,
2025,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Putnam
Investment
Funds
Notes
to
Financial
Statements
20
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
terms
are
contract
specific
for
OTC
derivatives.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund,
if
any,
is
held
in
segregated
accounts
with
the
Fund's
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
Forward
exchange
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to equity
price
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Futures
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund
purchased
or
wrote
OTC
option
contracts
primarily
to
manage
and/or
gain exposure
to
equity
price
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
Option
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
7 regarding
other
derivative
information.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Putnam
Investment
Funds
Notes
to
Financial
Statements
21
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
d.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
July
31,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the Fund.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Investment
Funds
Notes
to
Financial
Statements
22
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
2.
Shares
of
Beneficial
Interest
At
July
31,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Year
Ended
July
31,
2025
Year
Ended
July
31,
2024
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
527,698
$28,306,597
623,189
$29,081,287
Shares
issued
in
reinvestment
of
distributions
..........
585,935
32,038,909
25,031
1,068,069
Shares
redeemed
...............................
(1,144,181)
(60,986,415)
(1,156,165)
(53,733,972)
Net
increase
(decrease)
..........................
(30,548)
$(640,909)
(507,945)
$(23,584,616)
Class
B
Shares:
*
Shares
sold
...................................
-
$-
1
$55
Shares
redeemed
...............................
(9,574)
(442,995)
(20,817)
(847,312)
Net
increase
(decrease)
..........................
(9,574)
$(442,995)
(20,816)
$(847,257)
Class
C
Shares:
Shares
sold
...................................
34,136
$1,594,299
43,200
$1,783,843
Shares
issued
in
reinvestment
of
distributions
..........
16,372
778,492
-
-
Shares
redeemed
a
..............................
(104,065)
(4,834,359)
(85,577)
(3,489,306)
Net
increase
(decrease)
..........................
(53,557)
$(2,461,568)
(42,377)
$(1,705,463)
Class
R
Shares:
Shares
sold
...................................
14,933
$764,697
10,983
$546,631
Shares
issued
in
reinvestment
of
distributions
..........
1,877
100,515
7
297
Shares
redeemed
...............................
(13,074)
(695,252)
(6,367)
(274,658)
Net
increase
(decrease)
..........................
3,736
$169,960
4,623
$272,270
Class
R6
Shares:
Shares
sold
...................................
276,849
$15,091,343
144,302
$6,839,002
Shares
issued
in
reinvestment
of
distributions
..........
36,818
2,054,838
3,480
151,263
Shares
redeemed
...............................
(265,689)
(14,541,264)
(316,687)
(15,113,883)
Net
increase
(decrease)
..........................
47,978
$2,604,917
(168,905)
$(8,123,618)
Class
Y
Shares:
Shares
sold
...................................
855,172
$46,289,755
1,164,567
$54,020,531
Shares
issued
in
reinvestment
of
distributions
..........
106,548
5,907,042
7,892
341,079
Shares
redeemed
...............................
(691,392)
(36,750,548)
(1,318,087)
(60,790,193)
Net
increase
(decrease)
..........................
270,328
$15,446,249
(145,628)
$(6,428,583)
*
Effective
September
5,
2024,
the
Fund
has
terminated
its
Class
B
shares.
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Putnam
Investment
Funds
Notes
to
Financial
Statements
23
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
Putnam
Management
a
management
fee
(based
on
the
Fund's
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
"double
counting"
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
year
ended
July
31,
2025,
the
gross
effective
investment
management
fee
rate
was 0.534%
of
the
Fund's
average daily
net
assets.
Putnam
Management
retained
Advisers
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Advisers
provides
certain
advisory
and
related
services
to
the
Fund.
Putnam
Management
pays
a
monthly
fee
to
Advisers
based
on
the
costs
of
Advisers
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Effective
November
1,
2024,
under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Putnam
Management
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
Prior
to
November
1,
2024,
PIL
provided
subadvisory
services
to
the
Fund.
Effective
November
1,
2024,
PIL
merged
into
FTIML,
and
PIL
investment
professionals
became
employees
of
FTIML.
Subsidiary
Affiliation
Putnam
Investment
Management,
LLC
(Putnam
Management)
Investment
manager
Franklin
Advisers,
Inc.
(Advisers)
Subadvisor
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Putnam
Advisory
Company,
LLC
(PAC)
Subadvisor
Putnam
Investments
Limited
(PIL)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Retail
Management
Limited
Partnership
(Putnam
Retail
Management)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.710%
of
the
first
$5
billion,
0.660%
of
the
next
$5
billion,
0.610%
of
the
next
$10
billion,
0.560%
of
the
next
$10
billion,
0.510%
of
the
next
$50
billion,
0.490%
of
the
next
$50
billion,
0.480%
of
the
next
$100
billion
and
0.475%
of
any
excess
thereafter.
Putnam
Investment
Funds
Notes
to
Financial
Statements
24
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
Under
a
subadvisory
agreement,
PAC
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by
Putnam
Management based
on
the
average
net
assets
managed
by
PAC,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Putnam
Management,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Putnam
Management
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Putnam
Management
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b-1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors,
or
for
periods
prior
to
August
2,
2024,
Putnam
Retail
Management,
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the
Fund
to
Distributors
and
to
Putnam
Retail
Management
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
Fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
year:
e.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Putnam
Management,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
received
fees
for
investor
servicing
for
Class
A,
Class
B,
Class
C,
Class R
and
Class
Y
shares
that
included
(1)
a
per
account
fee
for
each
direct
and
underlying
non-defined
contribution
account
(retail
account)
of
the
Fund;
(2)
a
specified
rate
of
the
Fund's
assets
attributable
to
defined
contribution
plan
accounts;
and
(3)
a
specified
rate
based
on
the
average
net
assets
in
retail
accounts.
PSERV
has
agreed
that
the
aggregate
investor
servicing
fees
for
each
Fund's
retail
and
defined
contribution
accounts
for
these
share
classes
will
not
exceed
an
annual
rate
of
0.25%
of
the
Fund's
average
assets
attributable
to
such
accounts.
Class R6
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class R6
shares
at
an
annual
rate
of
0.05%.
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
0.25%
Class
B
...................................................................
1.00%
1.00%
Class
C
...................................................................
1.00%
1.00%
Class
R
...................................................................
1.00%
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$35,469
CDSC
retained
..............................................................................
$2,407
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Putnam
Investment
Funds
Notes
to
Financial
Statements
25
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
f.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
g.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
July
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
h.
Waiver
and
Expense
Reimbursements
Putnam
Management has
contractually
agreed,
through
November
30,
2026,
to
waive
fees
and/or
reimburse
the
Fund's
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the
Fund's
investor
servicing
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.20%
of
the
Fund's
average
net
assets
over
such
fiscal
year-to-date
period.
Effective
June
2,
2025,
Putnam
Management
has
also
contractually
agreed
to
waive
fees
(and,
to
the
extent
necessary,
bear
other
expenses)
of
the
Fund
through
November
30,
2026,
to
the
extent
that
total
expenses
of
the
Fund
(excluding
brokerage,
interest,
taxes,
investment-related
expenses,
payments
under
distribution
plans,
extraordinary
expenses,
payments
under
the
Fund's
investor
servicing
contract
and
acquired
fund
fees
and
expenses,
but
including
payments
under
the
Fund's
investment
management
contract)
would
exceed
an
annual
rate
of
0.49%
of
the
Fund's
average
net
assets.
aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a
a
a
a
a
a
a
a
Putnam
Research
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.558%
......
$10,976,362
$121,560,149
$(129,323,720)
$-
$-
$3,212,791
3,212,791
$515,649
Total
Affiliated
Securities
...
$10,976,362
$121,560,149
$(129,323,720)
$-
$-
$3,212,791
$515,649
3.
Transactions
with
Affiliates
(continued)
Putnam
Investment
Funds
Notes
to
Financial
Statements
26
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
Effective
June
2,
2025,
and
through
November
30,
2026,
PSERV
has
agreed
to
waive
all
investor
servicing
fees
with
respect
to
Class
R6
and
Class
Y
shares.
4.
Expense
Offset
Arrangement
The Fund has entered
into arrangements
with
PSERV
and
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
and
custodian
fees,
respectively.
During
the
year
ended
July
31,
2025,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Effective
April
14,
2025,
earned
credits
on
custodian
fees,
if
any,
are
recognized
as
income.
5.
Income
Taxes
The
tax
character
of
distributions
paid
during
the
years
ended
July
31,
2025
and
2024,
was
as
follows:
At
July
31,
2025,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
undistributed
ordinary
income
and
undistributed
long
term
capital
gains for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
foreign
currency
transactions,
wash
sales
and
tax
straddles.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
year
ended
July
31,
2025,
aggregated
$371,745,206 and
$389,061,523,
respectively.
2025
2024
Distributions
paid
from:
Ordinary
income
..........................................................
$8,345,327
$1,595,542
Long
term
capital
gain
......................................................
33,715,815
-
$42,061,142
$1,595,542
Cost
of
investments
..........................................................................
$350,584,886
Unrealized
appreciation
........................................................................
$271,031,763
Unrealized
depreciation
........................................................................
(15,715,682)
Net
unrealized
appreciation
(depreciation)
..........................................................
$255,316,081
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$6,724,120
Undistributed
long
term
capital
gains
..............................................................
56,522,455
Total
distributable
earnings
.....................................................................
$63,246,575
3.
Transactions
with
Affiliates
(continued)
h.
Waiver
and
Expense
Reimbursements
(continued)
Putnam
Investment
Funds
Notes
to
Financial
Statements
27
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
7.
Other
Derivative
Information
At
July
31,
2025,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
For
the
year
ended
July
31,
2025,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
year
ended
July
31,
2025,
the
average
month
end
notional
amount
of
futures
contracts
and
options
represented
$6,576,542
and
$1,337,861,122,
respectively. The
average
month
end
contract
value
of
forward
exchange
contracts
was
$27,420,428.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Putnam
Research
Fund
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
$
327,562
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
80,905
Equity
contracts
...........
Investments
in
securities,
at
value
4,005,286
a
Options
written,
at
value
3,198,764
Total
....................
$4,332,848
$3,279,669
a
Purchased
option
contracts
are
included
in
investments
in
securities,
at
value
in
the
Statement
of
Assets
and
Liabilities.
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Year
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Year
Putnam
Research
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Foreign
exchange
contracts
.....
Forward
exchange
contracts
$(495,637)
Forward
exchange
contracts
$189,124
Equity
contracts
..............
Investments
4,190,827
a
Investments
2,550,105
a
Written
options
(3,179,272)
Written
options
(2,269,489)
Futures
contracts
985,357
Futures
contracts
47,394
Total
.......................
$1,501,275
$517,134
a
Purchased
option
contracts
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation) on
investments
in
the
Statement
of
Operations.
Putnam
Investment
Funds
Notes
to
Financial
Statements
28
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
At
July
31,
2025,
the
Fund's
OTC
derivative
assets
and
liabilities
are
as
follows:
At
July
31,
2025,
OTC
derivative
assets,
which
may
be
offset
against
the
Fund's
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Putnam
Research
Fund
Forward
Exchange
Contracts
.............................
$
327,562
$
80,905
Options
Purchased
....................................
4,005,286
-
Options
Written
.......................................
-
3,198,764
Total
.............................................
$4,332,848
$3,279,669
a
Absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
Cash
Collateral
Received
Net
Amount
(Not
less
than
zero)
Putnam
Research
Fund
Counterparty
BOFA
....................
$
73,566
$
-
$
-
$
-
$
73,566
BZWS
...................
3,058
(3,058)
-
-
-
CITI
.....................
30,060
-
-
-
30,060
GSCO
...................
2,814
-
-
-
2,814
HSBK
...................
12,129
-
-
-
12,129
JPHQ
...................
18,119
(18,119)
-
-
-
MSCO
...................
4,108,783
(3,200,935)
-
(810,000)
97,848
SSBT
....................
51
-
-
-
51
TDOM
...................
-
-
-
-
-
UBSW
...................
55,146
-
-
-
55,146
WPAC
...................
29,122
-
-
-
29,122
Total
...................
$4,332,848
$(3,222,112)
$-
$(810,000)
$300,736
$
1
7.
Other
Derivative
Information
(continued)
Putnam
Investment
Funds
Notes
to
Financial
Statements
29
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
At
July
31,
2025,
OTC
derivative
liabilities,
which
may
be
offset
against
the
Fund's
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(c) regarding
derivative
financial
instruments.
See
Abbreviations
on
page
32
.
8.
Credit
Facility
Effective
January
31,
2025,
the
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers)
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
30,
2026.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
reporting
period,
the
Fund
did
not
use
the
Global
Credit
Facility.
Prior
to
January
31,
2025,
the
Fund
participated,
along
with
other
Putnam
funds,
in
a
$320
million
syndicated
unsecured
committed
line
of
credit,
provided
by
State
Street
($160
million)
and
JPMorgan
($160
million),
and
a
$235.5
million
unsecured
uncommitted
line
of
credit,
provided
by
State
Street.
Borrowings
may
have
been
made
for
temporary
or
emergency
purposes,
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
(Not
less
than
zero)
Putnam
Research
Fund
Counterparty
BOFA
....................
$
-
$
-
$
-
$
-
$
-
BZWS
...................
4,092
(3,058)
-
-
1,034
CITI
.....................
-
-
-
-
-
GSCO
...................
-
-
-
-
-
HSBK
...................
-
-
-
-
-
JPHQ
...................
69,724
(18,119)
-
-
51,605
MSCO
...................
3,200,935
(3,200,935)
-
-
-
SSBT
....................
-
-
-
-
-
TDOM
...................
4,918
-
-
-
4,918
UBSW
...................
-
-
-
-
-
WPAC
...................
-
-
-
-
-
Total
...................
$3,279,669
$(3,222,112)
$-
$-
$57,557
7.
Other
Derivative
Information
(continued)
Putnam
Investment
Funds
Notes
to
Financial
Statements
30
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
including
the
funding
of
shareholder
redemption
requests
and
trade
settlements.
Interest
was
charged
to
the
Fund
based
on
the
Fund's
borrowings.
A
closing
fee
equal
to
0.04%
of
the
committed
line
of
credit
and
0.04%
of
the
uncommitted
line
of
credit
was
paid
by
the
participating
funds
and
a
$75,000
fee
was
paid
by
the
participating
funds
to
State
Street
as
agent
of
the
syndicated
committed
line
of
credit.
In
addition,
a
commitment
fee
of
0.21%
per
annum
on
any
unutilized
portion
of
the
committed
line
of
credit
was
allocated
to
the
participating
funds
based
on
their
relative
net
assets
and
paid
quarterly.
During
the
reporting
period,
the
Fund
had
no
borrowings
against
these
arrangements.
9.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
-
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
-
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
31,
2025,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
Research
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
6,817,560
$
2,620,151
$
-
$
9,437,711
Air
Freight
&
Logistics
...................
5,167,536
-
-
5,167,536
Automobiles
..........................
12,627,015
-
-
12,627,015
Banks
...............................
14,772,584
-
-
14,772,584
Beverages
...........................
8,810,323
-
-
8,810,323
Biotechnology
.........................
10,737,691
-
-
10,737,691
Broadline
Retail
.......................
30,888,239
-
-
30,888,239
Building
Products
......................
2,787,503
-
-
2,787,503
Capital
Markets
........................
12,795,646
-
-
12,795,646
Chemicals
...........................
7,023,585
-
-
7,023,585
Commercial
Services
&
Supplies
...........
4,117,131
-
-
4,117,131
Communications
Equipment
..............
11,831,487
-
-
11,831,487
Construction
Materials
..................
3,910,205
-
-
3,910,205
Consumer
Finance
.....................
6,466,125
-
-
6,466,125
Consumer
Staples
Distribution
&
Retail
......
13,213,296
-
-
13,213,296
Diversified
Telecommunication
Services
.....
3,818,953
-
-
3,818,953
Electric
Utilities
........................
10,327,556
-
-
10,327,556
Electrical
Equipment
....................
3,007,621
-
-
3,007,621
Entertainment
.........................
15,714,608
-
-
15,714,608
Financial
Services
......................
27,539,330
-
-
27,539,330
Food
Products
........................
1,349,563
-
-
1,349,563
Ground
Transportation
..................
3,063,186
-
-
3,063,186
Health
Care
Equipment
&
Supplies
.........
11,680,380
-
-
11,680,380
Health
Care
Providers
&
Services
..........
11,328,731
-
-
11,328,731
8.
Credit
Facility
(continued)
Putnam
Investment
Funds
Notes
to
Financial
Statements
31
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
10.
Operating
Segments
The
Fund has adopted
the
FASB
Accounting
Standards
Update
(ASU)
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures.
The
update
is
limited
to
disclosure
requirements
and
does
not
impact
the Fund's
financial
position
or
results
of
operations.
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
Fund's Investment
manager
serves
as
the
Chief
Operating
Decision
Maker
(CODM),
evaluating
fund-wide
results
and
performance
under
a
unified
investment
strategy.
The
CODM
uses
these
measures
to
assess
fund
performance
and
allocate
resources
effectively.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
Level
1
Level
2
Level
3
Total
Putnam
Research
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Health
Care
REITs
.....................
$
3,304,867
$
-
$
-
$
3,304,867
Hotels,
Restaurants
&
Leisure
.............
4,418,805
-
-
4,418,805
Household
Products
....................
4,397,787
-
-
4,397,787
Independent
Power
and
Renewable
Electricity
Producers
..........................
443,565
-
-
443,565
Industrial
Conglomerates
................
5,327,728
-
-
5,327,728
Industrial
REITs
.......................
2,422,732
-
-
2,422,732
Insurance
............................
16,220,133
1,871,669
-
18,091,802
Interactive
Media
&
Services
..............
42,407,198
-
-
42,407,198
Life
Sciences
Tools
&
Services
............
10,093,555
-
-
10,093,555
Machinery
............................
7,872,009
-
-
7,872,009
Media
...............................
1,051,851
-
-
1,051,851
Metals
&
Mining
.......................
1,121,491
2,099,319
-
3,220,810
Multi-Utilities
..........................
4,374,872
-
-
4,374,872
Oil,
Gas
&
Consumable
Fuels
.............
17,178,566
4,463,813
-
21,642,379
Passenger
Airlines
.....................
1,395,964
-
-
1,395,964
Pharmaceuticals
.......................
15,851,327
-
-
15,851,327
Semiconductors
&
Semiconductor
Equipment
.
87,908,871
-
-
87,908,871
Software
.............................
65,572,895
-
-
65,572,895
Specialized
REITs
......................
6,481,554
-
-
6,481,554
Specialty
Retail
........................
5,584,717
-
-
5,584,717
Technology
Hardware,
Storage
&
Peripherals
.
34,741,781
-
-
34,741,781
Textiles,
Apparel
&
Luxury
Goods
..........
3,555,088
-
-
3,555,088
Tobacco
.............................
4,154,238
-
-
4,154,238
Trading
Companies
&
Distributors
..........
3,615,639
-
-
3,615,639
Options
Purchased
.......................
-
4,005,286
-
4,005,286
Short
Term
Investments
...................
3,212,791
1,286,958
-
4,499,749
Total
Investments
in
Securities
...........
$592,505,878
$16,347,196
a
$-
$608,853,074
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$-
$327,562
$-
$327,562
Total
Other
Financial
Instruments
.........
$-
$327,562
$-
$327,562
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$-
$3,198,764
$-
$3,198,764
Forward
Exchange
Contracts
...............
-
80,905
-
80,905
Total
Other
Financial
Instruments
.........
$-
$3,279,669
$-
$3,279,669
a
Includes
foreign
securities
valued
at
$11,054,952,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
9.
Fair
Value
Measurements
(continued)
Putnam
Investment
Funds
Notes
to
Financial
Statements
32
franklintempleton.com
Annual
Report
Putnam
Research
Fund
(continued)
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
11.
New
Accounting
Pronouncements
In
December
2023,
the
FASB
issued
ASU
No.
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Tax
Disclosures.
The
amendments
enhance
income
tax
disclosures
by
requiring
greater
disaggregation
in
the
rate
reconciliation
and
income
taxes
paid
by
jurisdiction,
while
removing
certain
disclosure
requirements.
The
ASU
is
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
is
currently
evaluating
the
impact
and
believes
that
the
adoption
of
the
ASU
will
not
have
a
material
impact
on
the
financial
statements.
12.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Counterparty
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Selected
Portfolio
REIT
Real
Estate
Investment
Trust
10.
Operating
Segments
(continued)
Putnam
Investment
Funds
Report
of
Independent
Registered
Public
Accounting
Firm
33
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
of
Putnam
Investment
Funds
and
Shareholders
of
Putnam
Research
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Putnam
Research
Fund
(one
of
the
funds
constituting
Putnam
Investment
Funds,
referred
to
hereafter
as
the
"Fund")
as
of
July
31,
2025,
the
related
statement
of
operations
for
the
year
ended
July
31,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2025
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
July
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
("PCAOB")
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2025
by
correspondence
with
the
custodian,
transfer
agent
and
brokers.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Boston,
Massachusetts
September
18,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Putnam
Funds
family
of
funds
since
at
least
1957.
We
have
not
been
able
to
determine
the
specific
year
we
began
serving
as
auditor.
Putnam
Investment
Funds
Tax
Information
(unaudited)
34
franklintempleton.com
Annual
Report
Putnam
Research
Fund
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
July
31,
2025:
Pursuant
to:
Amount
Reported
Long-Term
Capital
Gain
Dividends
Distributed
§852(b)(3)(C)
$33,715,815
Income
Eligible
for
Dividends
Received
Deduction
(DRD)
§854(b)(1)(A)
$5,957,500
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$6,760,882
Short-Term
Capital
Gain
Dividends
Distributed
§871(k)(2)(C)
$5,464,035
Section
163(j)
Interest
Earned
§163(j)
$318,048
Putnam
Investment
Funds
35
franklintempleton.com
Annual
Report
Putnam
Research
Fund
Trustee
approval
of
management
contracts
(unaudited)
Consideration
of
your
fund's
management
and
sub-advisory
contracts
At
their
meeting
on
June
27,
2025,
the
Board
of
Trustees
("Board")
of
your
fund,
including
all
of
the
Trustees
who
are
not
"interested
persons"
(as
this
term
is
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"))
of
the
Putnam
mutual
funds
and
exchange-traded
funds
(collectively,
the
"funds")
(the
"Independent
Trustees")
approved
the
continuance
of
a
management
contract
with
Putnam
Investment
Management,
LLC
(the
"Advisor"),
a
subadvisory
agreement
between
the
Advisor
and
Franklin
Templeton
Investment
Management
Limited
("FTIML"),
a
subadvisory
agreement
between
the
Advisor
and
The
Putnam
Advisory
Company
("PAC"),
and
a
subadvisory
agreement
between
the
Advisor
and
Franklin
Advisers,
Inc.
("Franklin
Advisers"
and
together
with
FTIML
and
PAC,
the
"Subadvisors")
(collectively,
the
"Management
Contracts").
The
Advisor,
FTIML,
PAC,
and
Franklin
Advisers
are
each
direct
or
indirect,
wholly-owned
subsidiaries
of
Franklin
Resources,
Inc.
(together
with
its
subsidiaries
"Franklin
Templeton").
General
conclusions
The
Board
oversees
the
management
of
each
fund
and,
as
required
by
law,
determines
annually
whether
to
approve
the
continuance
of
your
fund's
management
contract
with
the
Advisor
and
the
sub-advisory
contract
with
respect
to
your
fund
between
the
Advisor
and
each
Subadvisor.
Because
the
Subadvisors
are
affiliates
of
the
Advisor
and
the
Advisor
remains
fully
responsible
for
all
services
provided
by
the
Subadvisors,
the
Trustees
did
not
attempt
to
evaluate
the
Subadvisors
as
separate
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund's
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Putnam
Investment
Funds
36
franklintempleton.com
Annual
Report
entities.
All
references
to
the
Advisor
describing
the
Board's
considerations
should
be
deemed
to
include
references
to
the
applicable
Subadvisor
as
necessary
or
appropriate
in
the
context.
The
Board,
with
the
assistance
of
its
Contract
Committee,
requests
and
evaluates
all
information
it
deems
reasonably
necessary
under
the
circumstances
in
connection
with
its
annual
contract
review.
The
Contract
Committee
consists
solely
of
Independent
Trustees.
At
the
outset
of
the
review
process,
the
Board's
independent
staff
and
independent
legal
counsel,
as
defined
in
Rule
0-1(a)
(6)
under
the
1940
Act
(their
"independent
legal
counsel"),
considered
any
possible
changes
to
the
annual
contract
review
materials
furnished
to
the
Contract
Committee
in
prior
years
and,
as
applicable,
identified
those
changes
to
the
Advisor.
Following
these
discussions
and
in
consultation
with
the
Contract
Committee,
the
Independent
Trustees'
independent
legal
counsel
submitted
an
initial
request
that
the
Advisor
and
its
affiliates
furnish
specified
information,
together
with
any
additional
information
the
Advisor
considered
relevant,
to
the
Contract
Committee.
Over
the
course
of
several
months
ending
in
June
2025,
the
Contract
Committee
met
on
a
number
of
occasions
with
representatives
of
the
Advisor,
and
separately
in
executive
session,
to
consider
the
information
that
the
Advisor
provided,
including
information
provided
in
response
to
supplemental
requests
submitted
by
independent
legal
counsel.
Throughout
this
process,
the
Contract
Committee
was
assisted
by
the
Board's
independent
staff
and
by
independent
legal
counsel.
At
the
Board's
June
2025
meeting,
the
Contract
Committee
met
in
executive
session
to
discuss
and
consider
its
recommendations
with
respect
to
the
continuance
of
the
Management
Contracts.
At
that
meeting,
the
Contract
Committee
also
met
in
executive
session
with
the
other
Independent
Trustees
to
review
a
summary
of
the
process
undertaken
by
the
Contract
Committee
and
key
information
that
the
Contract
Committee
considered
in
the
course
of
its
review.
The
Contract
Committee
then
presented
its
written
report,
which
summarized
the
key
factors
that
the
Committee
had
considered
and
set
forth
its
recommendations.
The
Contract
Committee
recommended,
and
the
Independent
Trustees
approved,
the
continuance
of
your
fund's
Management
Contracts,
effective
July
1,
2025.
In
considering
the
continuance
of
the
Management
Contracts,
the
Board
took
into
account
a
number
of
factors,
including:
1.
That
the
fee
schedule
in
effect
for
your
fund
represented
reasonable
compensation
in
light
of
the
nature
and
quality
of
the
services
being
provided
to
the
fund,
the
fees
paid
by
competitive
funds,
the
costs
incurred
by
the
Advisor
in
providing
services
to
the
fund
and
the
application
of
certain
reductions
and
waivers
noted
below;
2.
That
the
fee
schedule
in
effect
for
your
fund
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
that
may
exist
in
the
management
of
the
fund
at
current
asset
levels;
3.
That
the
funds
benefited,
and
were
expected
to
continue
to
benefit,
from
Franklin
Templeton's
large
retail
and
institutional
global
distribution
capabilities
and
significant
network
of
intermediary
relationships,
which
may
provide
additional
opportunities
for
the
funds
to
increase
assets
and
reduce
the
impact
of
expenses
by
spreading
them
over
a
larger
asset
base;
4.
Potential
benefits
to
shareholders
of
the
funds
that
could
result
from
the
alignment
of
certain
fund
features
and
shareholder
benefits
with
those
of
other
funds
sponsored
by
the
Advisor
and
its
affiliates
and
access
to
a
broader
array
of
investment
opportunities;
and
5.
The
financial
strength,
reputation,
experience
and
resources
of
Franklin
Templeton
and
its
investment
advisory
subsidiaries.
These
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
provided
to
the
Trustees
and
were
not
the
result
of
any
single
factor.
Some
of
the
factors
that
figured
particularly
in
the
Trustees'
deliberations
and
how
the
Trustees
considered
these
factors
are
described
below,
although
individual
Trustees
may
have
evaluated
the
information
presented
differently,
giving
different
weights
to
various
factors.
It
is
also
important
to
recognize
that
the
management
arrangements
for
your
fund
and
the
other
funds
are
the
result
of
many
years
of
review
and
discussion
between
the
Independent
Trustees
and
management,
occurring
both
in
connection
with
formal
contract
reviews
as
well
as
throughout
the
year
and
that
the
Trustees'
conclusions
may
be
based,
in
part,
on
their
consideration
of
fee
arrangements
in
previous
years.
For
example,
with
certain
exceptions
primarily
involving
newer
funds
(including
the
exchange-traded
funds)
or
repositioned
funds,
the
current
fee
arrangements
under
the
vast
majority
of
the
funds'
management
contracts
were
first
implemented
at
the
beginning
of
2010
following
extensive
review
by
the
Contract
Committee
and
discussions
with
management,
as
well
as
approval
by
shareholders.
Putnam
Investment
Funds
37
franklintempleton.com
Annual
Report
Management
fee
schedules
and
total
expenses
The
Trustees
reviewed
the
management
fee
schedules
in
effect
for
all
funds,
including
fee
levels
and
any
breakpoints.
Under
its
management
contract,
your
fund
has
the
benefit
of
breakpoints
in
its
management
fee
schedule
that
provide
shareholders
with
reduced
fee
levels
as
assets
under
management
of
other
mutual
funds
sponsored
by
the
applicable
Advisor
(or
that
have
been
deemed
to
be
sponsored
by
the
Advisor
for
the
purpose
of
the
management
fee
calculation)
increase.
The
Trustees
also
reviewed
the
total
expenses
of
each
fund,
recognizing
that
in
most
cases
management
fees
represented
the
major,
but
not
the
sole,
determinant
of
total
costs
to
fund
shareholders.
(Two
mutual
funds
and
each
of
the
exchange-traded
funds,
have
implemented
(or,
in
the
case
of
ten
municipal
income
funds
that
are
converting
into
exchange-traded
funds,
will
implement)
so-
called
"all-in"
or
unitary
management
fees
covering
substantially
all
routine
fund
operating
costs.)
In
reviewing
fees
and
expenses,
the
Trustees
generally
focus
their
attention
on
material
changes
in
circumstances
-
for
example,
changes
in
assets
under
management,
changes
in
a
fund's
investment
strategy,
changes
in
the
Advisor's
operating
costs
or
profitability,
or
changes
in
competitive
practices
in
the
fund
industry
-
that
suggest
that
consideration
of
fee
changes
might
be
warranted.
The
Trustees
concluded
that
the
circumstances
did
not
indicate
that
changes
to
the
management
fee
schedule
for
your
fund
would
be
appropriate
at
this
time.
As
in
the
past,
the
Trustees
also
focused
on
the
competitiveness
of
each
fund's
total
expense
ratio.
The
Trustees,
the
Advisor
and
the
funds'
investor
servicing
agent,
Putnam
Investor
Services,
Inc.
("PSERV"),
have
implemented
expense
limitations
that
were
in
effect
during
your
fund's
fiscal
year
ending
in
2024.
These
expense
limitations
were:
(i)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
(including
your
fund)
of
25
basis
points
on
investor
servicing
fees
and
expenses
and
(ii)
a
contractual
expense
limitation
applicable
to
specified
mutual
funds
(including
your
fund)
of
20
basis
points
on
so-called
"other
expenses"
(i.e.,
all
expenses
exclusive
of
management
fees,
distribution
fees,
investor
servicing
fees,
investment-related
expenses,
interest,
taxes,
brokerage
commissions,
acquired
fund
fees
and
expenses
and
extraordinary
expenses).
These
expense
limitations
attempt
to
maintain
competitive
expense
levels
for
the
funds.
Most
funds
(including
your
fund)
had
sufficiently
low
expenses
that
these
expense
limitations
were
not
operative
during
their
fiscal
years
ending
in
2024.
The
Advisor
and
PSERV
have
agreed
to
maintain
these
expense
limitations
until
at
least
November
30,
2026.
Additionally,
the
Advisor
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
for
your
fund
to
the
extent
that
the
total
annual
fund
operating
expenses
for
the
fund
-
exclusive
of
distribution
fees,
investor
servicing
fees,
investment-related
expenses,
interest,
taxes,
brokerage
commissions,
acquired
fund
fees
and
expenses
and
extraordinary
expenses
-
would
exceed
0.49%
through
November
30,
2026.
Further,
PSERV
has
contractually
agreed
to
waive
all
investor
servicing
fees
with
respect
to
Class
Y
and
Class
R6
shares
of
your
fund
through
at
least
November
30,
2026.
This
waiver
applies
prior
to
any
contractual
waiver
agreed
to
by
the
Advisor
with
respect
to
your
fund's
expenses.
The
Advisor
and
PSERV's
commitment
to
these
expense
limitation
arrangements,
which
were
intended
to
support
an
effort
to
have
the
mutual
fund
expenses
meet
competitive
standards,
was
an
important
factor
in
the
Trustees'
decision
to
approve
the
continuance
of
your
fund's
Management
Contracts.
The
Trustees
reviewed
comparative
fee
and
expense
information
for
a
custom
group
of
competitive
funds
selected
by
Broadridge
Financial
Solutions,
Inc.
("Broadridge").
This
comparative
information
included
your
fund's
percentile
ranking
for
effective
management
fees
and
total
expenses
(excluding
any
applicable
12b-1
fees),
which
provides
a
general
indication
of
your
fund's
relative
standing.
In
the
custom
peer
group,
your
fund
ranked
in
the
second
quintile
in
effective
management
fees
(determined
for
your
fund
and
the
other
funds
in
the
custom
peer
group
assuming
the
same
fund
asset
size
for
your
fund
and
the
other
funds
in
the
custom
peer
group
and
the
applicable
contractual
management
fee
schedule)
and
in
the
third
quintile
in
total
expenses
(excluding
any
applicable
12b-1
fees)
as
of
December
31,
2024.
The
first
quintile
represents
the
least
expensive
funds
and
the
fifth
quintile
the
most
expensive
funds.
The
fee
and
expense
data
reported
by
Broadridge
as
of
December
31,
2024
reflected
the
most
recent
fiscal
year-end
data
available
in
Broadridge's
database
at
that
time.
Putnam
Investment
Funds
38
franklintempleton.com
Annual
Report
In
connection
with
their
review
of
fund
management
fees
and
total
expenses,
the
Trustees
also
reviewed
the
costs
of
the
services
provided
and
the
profits
realized
by
the
Advisor
and
its
affiliates
from
their
contractual
relationships
with
the
funds.
This
information
included
trends
in
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates
relating
to
the
investment
management,
investor
servicing
and
distribution
services
provided
to
the
funds,
as
applicable.
In
this
regard,
the
Trustees
also
reviewed
an
analysis
of
the
revenues,
expenses
and
profitability
of
the
Advisor
and
its
affiliates,
allocated
on
a
fund-by-fund
basis,
with
respect
to
(as
applicable)
the
funds'
management,
distribution
and
investor
servicing
contracts.
For
each
fund,
the
analysis
presented
information
about
revenues,
expenses
and
profitability
in
2024
for
each
of
the
applicable
agreements
separately
and
for
the
agreements
taken
together
on
a
combined
basis.
The
Trustees
concluded
that,
at
current
asset
levels,
the
fee
schedules
in
place
for
each
of
the
funds,
including
the
fee
schedule
for
your
fund,
represented
reasonable
compensation
for
the
services
being
provided
and
represented
an
appropriate
sharing
between
fund
shareholders
and
the
Advisor
of
any
economies
of
scale
as
may
exist
in
the
management
of
the
funds
at
that
time.
The
information
examined
by
the
Trustees
in
connection
with
their
annual
contract
review
for
the
funds
included
information
regarding
services
provided
and
fees
charged
by
the
Advisor
and
certain
affiliates
to
other
clients
in
similar
asset
categories,
including
other
1940
Act
funds
advised
by
the
Advisor
but
overseen
by
a
board
of
trustees
other
than
the
Board,
sub-advised
U.S.
mutual
funds,
exchange-traded
funds,
other
U.S.
products
(such
as
collective
investment
trusts,
private
funds,
and
separately
managed
and
institutional
accounts),
non-U.S.
funds,
and
other
non-U.S.
products.
This
information
included,
for
products
that
are
managed
by
the
same
portfolio
team
in
a
similar
asset
category
to
those
of
the
funds,
comparisons
of
the
fees
charged
to
other
clients,
by
category,
with
fees
charged
to
the
funds,
as
well
as
a
detailed
assessment
of
the
differences
in
the
services
provided
to
these
clients
as
compared
to
the
services
provided
to
the
funds.
The
Trustees
observed
that
the
differences
in
fee
rates
between
these
clients
and
the
funds
are
by
no
means
uniform
when
examined
by
individual
asset
classes,
suggesting
that
differences
in
the
pricing
of
investment
management
services
to
these
types
of
clients
may
reflect,
among
other
things,
historical
competitive
forces
operating
in
separate
marketplaces,
the
characteristics
of
different
clients,
the
particulars
of
different
fee
structures,
factors
unique
to
specific
market
segments,
and
the
distinct
risks
and
costs
associated
with
providing
services
to
different
clients.
The
Trustees
considered
the
fact
that
in
many
cases
fee
rates
across
different
asset
classes
are
higher
on
average
for
1940
Act-registered
funds
than
for
other
clients,
and
the
Trustees
also
considered
the
differences
between
the
services
that
the
Advisor
provides
to
the
funds
and
those
that
it
provides
to
its
other
clients.
The
Trustees
did
not
rely
on
these
fee
comparisons
to
any
significant
extent
in
concluding
that
the
management
fees
paid
by
your
fund
are
reasonable.
Investment
performance
The
quality
of
the
investment
process
provided
by
the
Advisor
represented
a
major
factor
in
the
Trustees'
evaluation
of
the
quality
of
services
provided
by
the
Advisor
under
your
fund's
Management
Contracts.
The
Trustees
were
assisted
in
their
review
of
the
Advisor's
investment
process
and
performance
by
the
work
of
the
investment
oversight
committees
of
the
Trustees
and
the
full
Board,
which
meet
on
a
regular
basis
with
individual
portfolio
managers
and
with
senior
investment
management
of
the
Advisor
throughout
the
year.
The
Trustees
concluded
that
the
Advisor
generally
provides
a
high-quality
investment
process
-
based
on
the
experience
and
skills
of
the
individuals
assigned
to
the
management
of
fund
portfolios,
the
resources
made
available
to
them
and
in
general
the
Advisor's
ability
to
attract
and
retain
high-quality
personnel
-
but
also
recognized
that
this
does
not
guarantee
favorable
investment
results
for
every
fund
in
every
time
period.
The
Trustees
considered
that,
in
the
aggregate,
peer-relative
and
benchmark-relative
fund
performance
was
strong
in
2024
against
a
constructive
yet
complex
investing
environment.
The
S&P
500
was
up
25%
in
2024,
but
significant
concentration
of
returns
among
large
cap
and
technology
stocks
and
periods
of
volatility
posed
challenges
in
the
market.
The
Bloomberg
Aggregate
fixed
income
index
was
up
slightly
over
1%
amidst
many
moving
pieces,
with
the
Federal
Reserve
cutting
the
Effective
Federal
Funds
rate
from
5.25%
at
year-end
2023
to
4.25%
at
year-end
2024,
with
three
cuts
in
the
latter
part
of
the
year,
while
also
trying
to
manage
inflation
concerns.
Ten-year
Treasury
yields
ended
2024
at
4.6%
up
from
3.9%
at
year-end
2023.
Corporate
earnings
and
employment
figures
continued
to
generally
show
strength
during
the
year,
while
geopolitical
tensions
were
closely
watched.
Putnam
Investment
Funds
39
franklintempleton.com
Annual
Report
For
the
one-year
period
ended
December
31,
2024,
the
Trustees
noted
that
the
funds,
on
an
asset-weighted
basis,
ranked
in
the
27th
percentile
of
their
peers
as
determined
by
Lipper
Inc.
("Lipper")
and,
on
an
asset-weighted
basis,
outperformed
their
benchmarks
by
3.0%
gross
of
fees
over
the
one-year
period.
The
Committee
also
noted
that
the
funds'
aggregate
performance
over
longer-term
periods
continued
to
be
strong,
with
the
funds,
on
an
asset-weighted
basis,
ranking
in
the
20th,
22nd
and
20th
percentiles
of
their
Lipper
peers
over
the
three-year,
five-year
and
ten-year
periods
ended
December
31,
2024,
respectively.
The
Trustees
further
noted
that
the
funds,
in
the
aggregate,
outperformed
their
benchmarks
on
a
gross
basis
for
each
of
the
three-year,
five-year
and
ten-year
periods.
The
Trustees
also
considered
the
Morningstar
Inc.
ratings
assigned
to
the
funds
and
that
52
funds
were
rated
four
or
five
stars
at
the
end
of
2024,
which
represented
an
increase
of
seven
funds
year-over-year.
The
Trustees
also
considered
that
25
funds
were
five-star
rated
at
the
end
of
2024,
which
was
also
a
year-
over-year
increase
of
seven
funds.
The
Board
noted,
however,
the
disappointing
investment
performance
of
some
funds
for
periods
ended
December
31,
2024
and
considered
information
provided
by
the
Advisor
regarding
the
factors
contributing
to
the
underperformance
and,
where
relevant,
actions
being
taken
to
improve
the
performance
of
these
particular
funds.
The
Trustees
indicated
their
intention
to
continue
to
monitor
the
performance
of
those
funds.
For
purposes
of
the
Trustees'
evaluation
of
the
funds'
investment
performance,
the
Trustees
generally
focus
on
a
competitive
industry
ranking
of
each
fund's
total
net
return
over
a
one-year,
three-year
and
five-year
period.
For
a
number
of
funds
with
relatively
unique
investment
mandates
for
which
the
Advisor
informed
the
Trustees
that
meaningful
competitive
performance
rankings
are
not
considered
to
be
available,
the
Trustees
evaluated
performance
based
on
their
total
gross
and
net
returns
and
comparisons
of
those
returns
to
the
returns
of
selected
investment
benchmarks.
In
the
case
of
your
fund,
the
Trustees
considered
that
its
class
A
share
cumulative
total
return
performance
at
net
asset
value
was
in
the
following
quartiles
of
its
Lipper
peer
group
(Lipper
Large-Cap
Core
Funds)
for
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2024
(the
first
quartile
representing
the
best-performing
funds
and
the
fourth
quartile
the
worst-performing
funds):
For
the
three-year
period
ended
December
31,
2024,
your
fund's
performance
was
in
the
top
decile
of
its
Lipper
peer
group.
Over
the
one-year,
three-year
and
five-year
periods
ended
December
31,
2024,
there
were
675,
614
and
563
funds,
respectively,
in
your
fund's
Lipper
peer
group.
(When
considering
performance
information,
shareholders
should
be
mindful
that
past
performance
is
not
a
guarantee
of
future
results.)
The
Trustees
noted
that
the
Advisor
had
made
internal
promotions
and
other
portfolio
management
assignment
changes
in
2024
to
strengthen
its
investment
teams
providing
services
to
the
funds.
Brokerage
and
soft-dollar
allocations;
distribution
and
investor
servicing
The
Trustees
considered
various
potential
benefits
that
the
Advisor
may
receive
in
connection
with
the
services
it
provides
under
the
management
contract
with
your
fund.
These
include
benefits
related
to
brokerage
allocation
and
the
use
of
soft
dollars,
whereby
a
portion
of
the
commissions
paid
by
a
fund
for
brokerage
may
be
used
to
acquire
research
services
that
are
expected
to
be
useful
to
the
Advisor
in
managing
the
assets
of
the
fund
and
of
other
clients.
Subject
to
policies
approved
by
the
Trustees,
soft
dollars
generated
by
these
means
may
be
used
to
acquire
brokerage
and
research
services
(including
proprietary
executing
broker
research,
third-party
research
and
market
data)
that
enhance
the
Advisor's
investment
capabilities
and
supplement
the
Advisor's
internal
research
efforts.
The
Trustees
indicated
their
continued
intent
to
monitor
regulatory
and
industry
developments
in
this
area
with
the
assistance
of
their
Contract
Committee.
In
addition,
with
the
assistance
of
their
Contract
Committee,
the
Trustees
indicated
their
continued
intent
to
monitor
the
allocation
of
the
funds'
brokerage
in
order
to
ensure
that
the
principle
of
seeking
best
price
and
execution
remains
paramount
in
the
portfolio
trading
process.
One-year
period
Three-year
period
Five-year
period
1st
1st
1st
Putnam
Investment
Funds
40
franklintempleton.com
Annual
Report
The
Advisor
may
also
receive
benefits
from
payments
that
funds
make
to
the
Advisor
for
distribution
services
and
investor
services.
In
conjunction
with
the
annual
review
of
your
fund's
management
and
sub-advisory
contracts,
the
Trustees
reviewed
your
fund's
investor
servicing
agreement
with
PSERV
and
its
distributor's
contract
and
distribution
plans
with
Franklin
Distributors,
LLC
("Franklin
Distributors"),
both
of
which
are
affiliates
of
the
Advisor.
The
Trustees
concluded
that
the
fees
payable
by
the
mutual
funds
to
PSERV
and
Franklin
Distributors
for
such
services
were
fair
and
reasonable
in
relation
to
the
nature
and
quality
of
such
services,
the
fees
paid
by
competitive
funds
and
the
costs
incurred
by
PSERV
and
Franklin
Distributors
in
providing
such
services.
Furthermore,
the
Trustees
were
of
the
view
that
the
investor
services
provided
by
PSERV
were
required
for
the
operation
of
the
mutual
funds,
and
that
they
were
of
a
quality
at
least
equal
to
those
provided
by
other
providers.
38965-AFSOI
09/25
©
2025
Franklin
Templeton.
All
rights
reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. |
| (b) | During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's oversight. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Code of Ethics attached hereto.
Exhibit 99.CODE ETH
(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.
Putnam Investment Funds
| By: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | September 26, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | September 26, 2025 |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Principal Financial Officer | ||
| Date: | September 26, 2025 |
Putnam Investment Funds published this content on September 26, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 26, 2025 at 15:50 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]