0000932101 pif7:S000003849Member 2012-01-31 2013-01-30 0000932101 2012-01-31 2013-01-30 0000932101 pif7:S000003849Member pif7:C000010758Member 2012-01-31 2013-01-30 0000932101 pif7:S000003849Member pif7:C000010759Member 2012-01-31 2013-01-30 0000932101 pif7:S000003849Member pif7:C000010760Member 2012-01-31 2013-01-30 0000932101 pif7:S000003849Member pif7:C000010761Member 2012-01-31 2013-01-30 0000932101 pif7:S000003849Member pif7:C000010762Member 2012-01-31 2013-01-30 0000932101 pif7:S000003849Member pif7:C000010757Member 2012-01-31 2013-01-30 0000932101 pif7:S000003849Member rr:AfterTaxesOnDistributionsMember pif7:C000010758Member 2012-01-31 2013-01-30 0000932101 pif7:S000003849Member rr:AfterTaxesOnDistributionsAndSalesMember pif7:C000010758Member 2012-01-31 2013-01-30 0000932101 pif7:S000003849Member pif7:MsciEafeGrowthIndexMember 2012-01-31 2013-01-30 pure iso4217:USD <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamInternationalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamInternationalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamInternationalGrowthFund column period compact * ~</div> 485BPOS 2012-09-30 PUTNAM INVESTMENT FUNDS 0000932101 false 2013-01-25 2013-01-30 2013-01-30 <b>Fund summary</b> <b>Goal</b> Putnam International Growth Fund seeks long-term capital appreciation. <b>Fees and expenses</b> The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. 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 advisor and in How do I buy fund shares? beginning on page 13 of the fund&#8217;s prospectus and in How to buy shares beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). <b>Shareholder fees </b> (fees paid directly from your investment) <b>Annual fund operating expenses</b><br/>(expenses you pay each year as a percentage of the value of your investment) <b>Example</b> 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&#8217;s operating expenses remain the same. Your actual costs may be higher or lower. <b>Portfolio turnover</b> The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;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&#8217;s turnover rate in the most recent fiscal year was 108%. <b>Investments</b> We invest mainly in common stocks of companies of any size in established and emerging markets outside the United States. We invest mainly in growth stocks, which are issued by companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. We may consider, among other factors, a company&#8217;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 use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes. <b>Risks</b> It is important to understand that you can lose money by investing in the fund.<br/><br/>The prices of stocks in the fund&#8217;s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific company or industry. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. These risks are generally greater for small and midsize companies. 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 risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. Our use of derivatives may increase these risks by increasing investment exposure 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 meets its obligations.<br/><br/>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. <b>Performance</b> The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;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. <b>Annual total returns for class A shares before sales charges</b> 0.0575 0 0 0.035 0 0 0.01 0.05 0.01 0.0065 0 0 0.0087 0.0087 0.0087 0.0087 0.0087 0.0087 0.0025 0.01 0.01 0.0075 0.005 0.0044 0.0044 0.0044 0.0044 0.0044 0.0044 0.0156 0.0231 0.0231 0.0206 0.0181 0.0131 0.3325 0.1321 0.1829 0.2567 0.1281 -0.4172 0.3882 0.1229 -0.1698 0.2086 725 734 334 552 133 184 1039 1021 721 973 569 415 1376 1435 1235 1420 980 718 2325 2458 2646 2656 2127 1579 234 234 721 721 1235 1235 2458 2646 <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q2 2009</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">23.79%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar<br/>quarter<br/><b>Q3 2011</b></td> <td width="8%">-24.06%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> <b>Average annual total returns after sales charges</b><br/>(for periods ending 12/31/12) 0.1389 0.1407 0.0939 0.1492 0.1884 0.1595 0.2047 0.2117 0.1686 -0.0299 -0.0313 -0.0246 -0.0258 -0.0302 -0.0209 -0.0158 -0.0309 -0.0294 0.0807 0.0803 0.073 0.079 0.0789 0.0778 0.0846 0.0891 0.0777 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&#8217;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.<br/><br/>Class B share performance does not reflect conversion to class A shares. 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 advisor and in How do I buy fund shares? beginning on page 13 of the fund&#8217;s prospectus and in How to buy shares beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). 50000 1.08 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. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. putnam.com Please remember that past performance is not necessarily an indication of future results. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Best calendar quarter 2009-06-30 0.2379 Worst calendar quarter 2011-09-30 -0.2406 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&#8217;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. <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamInternationalGrowthFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamInternationalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamInternationalGrowthFund column period compact * ~</div> 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 are subject to a performance adjustment.