Equity

PLJMX Putnam U.S. Research Fund

A best-ideas fund. The fund invests in stocks that represent the highest conviction ideas from Putnam's Equity Research team.
Sector neutral. The fund is managed with a sector-neutral approach, with the flexibility to own both growth and value stocks.
Differentiated research. The portfolio managers select stocks in a collaborative effort that emphasizes non-consensus critical thinking.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks capital appreciation. The fund invests in stocks that represent the highest conviction ideas from Putnam's Equity Research team.

Benchmark: S&P 500 Index
Fund Inception Date: 10/02/1995
Dividend Frequency, if any: Annually
Portfolio Turnover: 65%

Sales Charges, Expenses & Fees

As of 12/01/2025

Gross Expense Ratio⁴: 0.64%
Net Expense Ratio^4,5: 0.49%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: —

Identifiers

Ticker: PLJMX
Fund Number: 8849
CUSIP Code: 74680L733

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Class R6

With Sales Charge (POP)

Without Sales Charge (NAV)

18.85%1 Year
23.58%3 Years
14.78%5 Years
16.36%10 Years
10.57%Since Inception
10/02/1995

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 02/28/2026 % of Total (Updated Monthly)

Top Sectors
Information Technology31.87%
Financials12.15%
Communication Services10.77%
Health Care10.64%
Industrials7.97%

Additional Fund Info

Share Class Inception Date: 06/29/2015
Investment Style: Large Cap
Lipper Classification: Large-Cap Core Funds
Morningstar Category⁶: Large Blend

A Message from Kate Lakin, Portfolio Manager and Director of Research

Learn about Putnam’s U.S. research strategy and the disciplined team working to deliver performance excellence for investors.

Manager and Commentary

About the Team

Putnam Investments

Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.

Putnam Investments

Managed Fund Since 2014

Managed Fund Since 2023

Managed Fund Since 2018

Managed Fund Since 2019

Latest Insights

February 19, 2026

Strong fundamentals and AI create exciting opportunities for US equities in 2026

January 8, 2026

Quick Thoughts: Venezuela—oil and gas optionality is large, but the rebuild is capital-intensive

December 10, 2025

US Equities in 2026: What could go right?

August 14, 2025

US equities: Earnings growth is key for sustained market gains

Performance

Calendar Year Returns

As of 02/28/2026

Month End

Quarter End

Class R6 - Without Sales Charge (NAV) (%)

S&P 500 Index (%)

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

The fund began offering Class R6 shares on 6/29/2015. Returns for periods prior to 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 be higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Overall Morningstar Rating: Overall Morningstar Rating: 5 out of 5 stars
As of 02/28/2026

3 Years: 3 Years: 5 out of 5 stars
1208 Funds in category

5 Years: 5 Years: 5 out of 5 stars
1120 Funds in category

10 Years: 10 Years: 5 out of 5 stars
880 Funds in category

Rating Category: Large Blend

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 02/28/2026

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of02/28/2026 (Updated Monthly)

Total Net Assets: $649.59 Million

Positions

As of 02/28/2026 (Updated Monthly)

Number of Issuers

Fund: 134

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Price to Book

Fund: 5.07x

Price to Earnings (12-Month Forward)

Fund: 22.06x

Weighted Average Market Capitalization (USD)

Fund: $1,206.28 Billion

Sector Allocation

As of 02/28/2026 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Information Technology	31.87%
Financials	12.15%
Communication Services	10.77%
Health Care	10.64%
Industrials	7.97%
Consumer Discretionary	7.79%
Consumer Staples	5.45%
Energy	3.92%
Utilities	2.60%
Materials	2.44%
Real Estate	2.32%
Cash & Other Net Assets	2.08%

Holdings
As of 01/31/2026 (Updated Monthly)

NVIDIA CORP SEDOL 2379504

MICROSOFT CORP SEDOL 2588173

ALPHABET INC-CL A SEDOL BYVY8G0

APPLE INC SEDOL 2046251

AMAZON.COM INC SEDOL 2000019

BROADCOM INC SEDOL BDZ78H9

META PLATFORMS INC-CLASS A SEDOL B7TL820

LAM RESEARCH CORP SEDOL BSML4N7

CISCO SYSTEMS INC SEDOL 2198163

ANALOG DEVICES INC SEDOL 2032067

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: AnnuallyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Proposed 2026 Distribution dates for Putnam funds (excluding ETFs).

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/22/2025

Pricing

Pricing History

As of 03/13/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/13/2026

Share Prices

As of 03/13/2026

NAV ¹(Net Asset Value): $55.91
NAV Change ¹: $-0.29
NAV Change (%) ¹: -0.52%
POP ⁷(Public Offering Price): $55.91

52-Week Range

Highest NAV As of 12/11/2025: $64.35
Lowest NAV As of 04/08/2025: $45.02

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam U.S. Research Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam U.S. Research Fund - Class R6	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam U.S. Research Fund	Download Document
Checkbox	Semi-Annual Report - Putnam U.S. Research Fund - Class R6	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam U.S. Research Fund	Download Document
Checkbox	Prospectus - Putnam U.S. Research Fund	Download Document
Checkbox	Summary Prospectus - Putnam U.S. Research Fund	Download Document
Checkbox	Statement of Additional Information - Putnam Investment Funds	Download Document
Checkbox	Fiscal Q1 Holdings - PUTNAM INVESTMENT FUNDS	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Research FundMailed hardcopies unavailable.	Download Document

Risks

All investments involve risks, including possible loss of principal. The investment style may become out of favor, which may have a negative impact on performance. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund's prospectus.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Capitalization Rate is calculated without the deduction of fees and expenses.

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