0000932101 2022-12-30 2022-12-30 0000932101 PIF:S000003850Member 2022-12-30 2022-12-30 0000932101 PIF:S000058313Member 2022-12-30 2022-12-30 0000932101 PIF:S000003850Member PIF:C000010763Member 2022-12-30 2022-12-30 0000932101 PIF:S000003850Member PIF:C000010764Member 2022-12-30 2022-12-30 0000932101 PIF:S000003850Member PIF:C000010765Member 2022-12-30 2022-12-30 0000932101 PIF:S000003850Member PIF:C000010767Member 2022-12-30 2022-12-30 0000932101 PIF:S000003850Member PIF:C000202882Member 2022-12-30 2022-12-30 0000932101 PIF:S000003850Member PIF:C000010768Member 2022-12-30 2022-12-30 0000932101 PIF:S000058313Member PIF:C000191142Member 2022-12-30 2022-12-30 0000932101 PIF:S000058313Member PIF:C000191143Member 2022-12-30 2022-12-30 0000932101 PIF:S000058313Member PIF:C000191144Member 2022-12-30 2022-12-30 0000932101 PIF:S000058313Member PIF:C000191146Member 2022-12-30 2022-12-30 0000932101 PIF:S000058313Member PIF:C000191147Member 2022-12-30 2022-12-30 0000932101 PIF:S000058313Member PIF:C000191149Member 2022-12-30 2022-12-30 0000932101 PIF:S000003850Member rr:AfterTaxesOnDistributionsMember PIF:C000010763Member 2022-12-30 2022-12-30 0000932101 PIF:S000003850Member rr:AfterTaxesOnDistributionsAndSalesMember PIF:C000010763Member 2022-12-30 2022-12-30 0000932101 PIF:S000003850Member PIF:SPDEXUSSCIndexMember 2022-12-30 2022-12-30 0000932101 PIF:S000058313Member rr:AfterTaxesOnDistributionsMember PIF:C000191142Member 2022-12-30 2022-12-30 0000932101 PIF:S000058313Member rr:AfterTaxesOnDistributionsAndSalesMember PIF:C000191142Member 2022-12-30 2022-12-30 0000932101 PIF:S000058313Member PIF:PPRPBBMember 2022-12-30 2022-12-30 iso4217:USD pure 0000932101 false 485BPOS Putnam Investment Funds N-1A 2021-12-31 ~ http://putnam.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PIF_S000003850Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PIF_S000003850Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PIF_S000003850Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact PIF_S000003850Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PIF_S000003850Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PIF_S000058313Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PIF_S000058313Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PIF_S000058313Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact PIF_S000058313Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PIF_S000058313Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Fund summary Goal Putnam International Capital Opportunities Fund seeks long-term capital appreciation. Fees and expenses The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 16 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0093 0.0025 0.0032 0.0150 0.0093 0.0100 0.0032 0.0225 0.0093 0.0100 0.0032 0.0225 0.0093 0.0050 0.0032 0.0175 0.0093 0 0.0016 0.0109 0.0093 0 0.0032 0.0125 Example The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower. 719 1022 1346 2263 728 1003 1405 2396 228 703 1205 2396 328 703 1205 2396 228 703 1205 2396 178 551 949 2062 111 347 601 1329 127 397 686 1511 Portfolio turnover The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 37%. 0.37 Investments, risks, and performance Investments We invest mainly in common stocks (growth or value stocks or both) of small and midsize companies outside the United States that we believe have favorable investment potential. For example, we may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. We may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. We may also consider other factors that we believe will cause the stock price to rise. We invest mainly in developed countries, but may invest in emerging markets. We may also use derivatives such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non-hedging purposes. For example, we typically use foreign currency forward contracts in connection with <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> the fund’s investments in foreign securities in order to hedge the fund’s currency exposure relative to the fund’s benchmark index. Risks It is important to understand that you can lose money by investing in the fund. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The novel coronavirus (COVID-19) pandemic and efforts to contain its spread are likely to negatively affect the value, volatility, and liquidity of the securities and other assets in which the fund invests and exacerbate other risks that apply to the fund. These effects could negatively impact the fund’s performance and lead to losses on your investment in the fund. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. Investments focused in a single region may be affected by common economic forces and other factors. In addition, events in any one country within the region may impact the other countries or the region as a whole. Because the fund currently invests, and may in the future invest, significantly in European and Asian companies, the fund is particularly susceptible to economic, political, regulatory and other events or conditions affecting issuers in Europe and Asia. European financial markets have in recent years experienced increased volatility due to concerns with some countries’ high levels of sovereign debt, budget deficits, and unemployment. Asia includes countries in various stages of economic development, from emerging market economies to the highly developed economy of Japan. Some parts of Asia may be subject to a greater degree of economic, political and social instability than is the case in the United States. Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivatives instrument and the reference asset or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures), and legal risk (e.g., insufficient legal documentation or contract enforceability issues). There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.2219 0.2377 -0.1343 0.0228 -0.0288 0.3453 -0.1652 0.2585 0.1093 0.1341 Year-to-date performance through 2022-09-30 -0.3302 Best calendar quarter 2020-12-31 0.2038 Worst calendar quarter 2020-03-31 -0.2722 Average annual total returns after sales charges (for periods ended 12/31/21) 0.0689 0.1088 0.0810 0.0358 0.0928 0.0719 0.0595 0.0839 0.0651 0.0761 0.1111 0.0809 0.1159 0.1137 0.0809 0.1316 0.1192 0.0848 0.1387 0.1261 0.0908 0.1373 0.1248 0.0902 0.0956 0.1101 0.1034 <div id="xdx_A85_err--PerformanceTableClosingTextBlock_zpBSDQq914lg"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"/> <td>Class B and C share performance reflects conversion to class A shares after eight years.</td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Fund summary Goal Putnam PanAgora Risk Parity Fund seeks total return. Total return is composed of capital appreciation and income. Fees and expenses The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 26 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0075 0.0025 0.0078 0.0003 0.0181 -0.0048 0.0133 0.0075 0.0100 0.0078 0.0003 0.0256 -0.0048 0.0208 0.0075 0.0100 0.0078 0.0003 0.0256 -0.0048 0.0208 0.0075 0.0050 0.0078 0.0003 0.0206 -0.0048 0.0158 0.0075 0 0.0079 0.0003 0.0157 -0.0048 0.0109 0.0075 0 0.0078 0.0003 0.0156 -0.0048 0.0108 12/30/2023 Example The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 703 1068 1456 2542 711 1051 1517 2675 211 751 1317 2675 311 751 1317 2675 211 751 1317 2675 161 599 1064 2352 111 449 810 1827 110 446 805 1816 Portfolio turnover The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 0%. However, the fund’s turnover rate is calculated without regard to transactions involving certain short-term instruments or derivatives. If such transactions were included in the calculation, the fund would have a higher turnover rate. 0 Investments, risks, and performance Investments The fund pursues an investment strategy designed to generate returns from investing in a combination of asset classes with diversified risk characteristics. The fund strategically allocates its investments among equities, fixed-income instruments <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> and commodities in an effort to participate in periods of economic growth, preserve capital during periods of economic contraction, and preserve real rates of return during periods of heightened inflation. In allocating the fund’s assets among the different asset classes, PanAgora Asset Management, Inc. (“PanAgora”), the subadviser to the fund, employs a proprietary “risk parity” approach, which relies on quantitative models and information and data inputs to those models to seek to diversify the fund’s portfolio risks across and within asset classes. When allocating investments across asset classes, the fund generally allocates a greater portion of its assets to asset classes PanAgora views as having lower risk, such as developed market bonds, than to asset classes PanAgora views as having higher risk, such as global equities. In its “neutral” position, the fund’s assets are generally strategically allocated among the different asset classes so that the anticipated contribution of each asset class to the overall risk of the fund will be approximately as follows: 40% from equity risk; 40% from fixed income risk; and 20% from inflation risk. However, PanAgora may seek different risk contributions from time to time, including in response to market conditions. When allocating investments within each asset class, PanAgora’s risk parity approach seeks to diversify the fund’s risk exposures across a variety of factors, including industry sectors, geographies, companies and commodity types. The fund will gain exposure to different areas of risk either through direct investment or through derivative instruments, primarily including forwards, futures, and swaps, but which may also include, but are not limited to, options. The fund may invest without limit in equity securities, including, but not limited to, global developed markets large-cap equities, emerging markets equities, and U.S. small and mid-cap equities. The fund may additionally invest in fixed-income securities of any credit quality, duration or maturity (including, but not limited to, U.S and non-U.S. sovereign bonds, global inflation-linked government bonds (including Treasury Inflation Protected Securities), and investment-grade corporate bonds), commodities (including through, but not limited to, commodity-linked notes and commodity-related derivative instruments (primarily commodity futures and swaps on commodity futures)), exchange-traded funds (“ETFs”), exchange-traded notes, and emerging markets and other currencies (including through cash bonds and currency forwards). These asset classes offer different return potential and exposure to different investment risks. While the fund normally does not engage in borrowing, the fund typically uses derivatives to a significant extent and may take “short” derivatives positions. A significant portion of the assets of the fund will be invested in short-term instruments, including cash and cash equivalents generally with one year or less term to maturity. These investments serve as collateral for the derivative positions the fund takes and also may earn income for the fund. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> The fund may invest directly in the asset classes referenced above, or it may do so indirectly through its wholly-owned and controlled subsidiary, which, like the fund, is sub-advised by PanAgora. The fund may invest no more than 25% of its assets in the subsidiary. Generally, the subsidiary will invest primarily in commodity futures and swaps on commodity futures but it may also invest in other commodity-related instruments (such as financial futures, option and swap contracts) or other asset classes (including through derivatives). Unlike the fund, the subsidiary may invest without limitation in commodity-related instruments. Unless indicated otherwise, references to the fund’s investments, investment exposures or risks include its indirect investments, investment exposures and risks through the subsidiary. Risks It is important to understand that you can lose money by investing in the fund. There can be no assurance that employing a “risk parity” approach will achieve any particular level of return or will, in fact, reduce volatility or potential loss. The fund’s efforts to strategically allocate its investments among and within asset classes may be unsuccessful and may hurt performance, and efforts to diversify risk through the use of leverage may not be successful. If the quantitative models or data that are used in managing the fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses. Additionally, market movements are likely to change the risk levels and risk allocations of the fund. Investments made based on quantitative models may perform differently from the market as a whole. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The novel coronavirus (COVID-19) pandemic and efforts to contain its spread are likely to negatively affect the value, volatility, and liquidity of the securities and other assets in which the fund invests and exacerbate other risks that apply to the fund. These effects could negatively impact the fund’s performance and lead to losses on your investment in the fund. These risks are generally greater for small and midsize companies. The fixed income securities in which the fund invests (whether directly or indirectly through derivatives) are subject to interest rate risk, which is the risk that the value of those investments is likely to fall if interest rates rise. The fund’s investments in fixed income securities also are subject to credit risk, which is the risk that the issuer of the fixed income security may default on payment of interest or principal. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for the fund’s investments in longer-term fixed income securities, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative and can be more sensitive to changes in markets, credit conditions and interest rates. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> The value of the inflation-protected securities to which the fund is exposed generally declines during periods of rising real interest rates (i.e., nominal interest rate minus inflation) and increases during periods of declining real interest rates. When real interest rates are rising faster than nominal interest rates, inflation-indexed bonds, including Treasury Inflation Protected Securities, may experience greater losses than other fixed income securities with similar durations. Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities. The value of commodity-linked instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. Future regulatory developments may impact the fund’s ability to invest in commodity-linked instruments. The fund’s investments in forwards, futures, swaps, and other derivatives are subject to losses caused by unanticipated market movements, the use of leverage, imperfect correlation between price movements of a derivative and price movements of the reference security or other asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the fund’s returns, obligations and exposures. Derivatives may be difficult to value and may increase the fund’s transaction costs. Derivatives also involve the risk of the potential inability to terminate or sell the derivatives positions. Derivatives can significantly increase the fund’s exposure to credit and counterparty risks. Derivatives, particularly over-the-counter instruments, involve the risk of the potential failure of the other party to the derivative to meet its obligations. The risk of a party failing to meet its obligations may increase if the fund has significant exposure to that counterparty. Derivatives are subject to the risk that the fund may be delayed or prevented from recovering margin or other amounts deposited with a clearinghouse, futures commission merchant or other counterparty. If the fund has insufficient cash, it may have to sell its investments to meet daily variation margin requirements at a time when it may be disadvantageous to do so. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues). The fund’s use of derivatives also increases its risks by increasing investment exposure (which may be considered leverage). Leveraging may cause the fund’s performance to be more volatile, may expose the fund to losses in excess of the amounts invested, and may require the fund to liquidate portfolio securities when it may not be advantageous to do so, to satisfy its obligations. The fund’s use of “short” derivatives positions may have the effect of economic leverage, which magnifies investment exposure, and may result in losses if the underlying assets appreciate in value. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be or become illiquid. A fund that invests in (or provides exposure to) fewer issuers or that makes large investments in (or provides large amounts of exposure to) a small number of issuers is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities to which it has exposure. An investment in an investment company or ETF involves substantially the same risks as investing directly in the underlying securities. An investment company or ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the fund’s performance. The fund must pay its pro rata portion of an investment company’s or ETF’s fees and expenses. Shares of a closed-end investment company or ETF may trade at a premium or discount to the net asset value of its portfolio securities. By investing in the subsidiary, the fund is indirectly exposed to the risks associated with the subsidiary’s investments. The subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the fund and/or the subsidiary to operate as described in this prospectus and could adversely affect the fund. There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges -0.0665 0.1932 0.1395 0.0044 Year-to-date performance through 2022-09-30 -0.2455 Best calendar quarter 2019-03-31 0.1037 Worst calendar quarter 2021-03-31 -0.0672 Average annual total returns after sales charges (for periods ended 12/31/21) 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 2017-09-20 -0.0533 0.0504 -0.0903 0.0243 -0.0264 0.0302 -0.0476 0.0535 -0.0122 0.0571 0.0021 0.0625 0.0069 0.0674 0.0070 0.0677 0.0967 0.0917 <div id="xdx_A83_err--PerformanceTableClosingTextBlock_zExluPpn4wU6"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td>Putnam PanAgora Risk Parity Blended Benchmark is an unmanaged index administered by Putnam Management, 35% of which is the MSCI ACWI (ND), 50% of which is the Bloomberg U.S. Long Treasury Index*, and 15% of which is the S&P GSCI®.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right">*</td> <td>Source: Bloomberg Index Services Limited.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is phased out over six years. This charge is eliminated after one year. Management fees reflect a performance adjustment. The fund’s base management fee is subject to adjustment, up or down, based on the fund’s performance relative to the performance of the S&P Developed Ex-U.S. SmallCap Index. For the most recent fiscal year, the fund’s base management fee prior to any performance adjustment was 0.914%. Restated to reflect current fees. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it, returns would have been higher. Applies only to certain redemptions of shares bought with no initial sales charge. A deferred sales charge on class B shares may apply to certain redemptions of shares purchased by exchange from another fund. This charge is eliminated after one year. Includes management fee payable to Putnam Management by the fund’s wholly-owned subsidiary. The management fee paid by the fund to Putnam Management is reduced by an amount equal to the management fee Putnam Management receives from the subsidiary under the management contract between Putnam Management and the subsidiary. Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through 12/30/2023. This obligation may be modified or discontinued only with approval of the Board of Trustees.