NPORT-EX 2 PSCVF.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
38984-Q1PH
1
Schedule
of
Investments
(unaudited)
Putnam
Small
Cap
Value
Fund
2
Notes
to
Schedule
of
Investments
7
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Small
Cap
Value
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.7%
Aerospace
&
Defense
0.8%
a
V2X,
Inc.
..........................................
United
States
44,084
$
1,996,124
Automobile
Components
1.8%
a
Holley,
Inc.
........................................
United
States
821,500
1,593,710
Standard
Motor
Products,
Inc.
..........................
United
States
96,300
2,917,890
4,511,600
Banks
21.6%
Atlantic
Union
Bankshares
Corp.
........................
United
States
49,832
1,495,957
a
Axos
Financial,
Inc.
..................................
United
States
48,450
3,369,213
a
Bancorp,
Inc.
(The)
..................................
United
States
56,500
2,887,150
Bank
OZK
.........................................
United
States
47,800
2,118,974
Business
First
Bancshares,
Inc.
.........................
United
States
117,000
2,783,430
a
Coastal
Financial
Corp.
...............................
United
States
31,202
2,742,344
Columbia
Banking
System,
Inc.
.........................
United
States
68,300
1,596,854
ConnectOne
Bancorp,
Inc.
............................
United
States
133,224
3,060,155
Five
Star
Bancorp
...................................
United
States
93,697
2,619,768
Flushing
Financial
Corp.
..............................
United
States
99,893
1,201,713
a
Metropolitan
Bank
Holding
Corp.
........................
United
States
51,014
3,299,075
MidWestOne
Financial
Group,
Inc.
......................
United
States
81,828
2,352,555
NBT
Bancorp,
Inc.
...................................
United
States
48,700
2,038,095
Northrim
BanCorp,
Inc.
...............................
United
States
31,300
2,867,080
OFG
Bancorp
......................................
United
States
65,600
2,698,784
Origin
Bancorp,
Inc.
.................................
United
States
69,500
2,369,255
Popular,
Inc.
.......................................
United
States
27,900
2,888,487
Southern
Missouri
Bancorp,
Inc.
........................
United
States
38,800
2,043,208
SouthState
Corp.
...................................
United
States
27,100
2,379,380
a
Third
Coast
Bancshares,
Inc.
..........................
United
States
43,500
1,333,710
UMB
Financial
Corp.
.................................
United
States
27,200
2,804,864
Valley
National
Bancorp
..............................
United
States
267,900
2,352,162
53,302,213
Biotechnology
2.9%
a
Janux
Therapeutics,
Inc.
..............................
United
States
31,642
753,080
a
MiMedx
Group,
Inc.
..................................
United
States
331,988
2,134,683
a
Ultragenyx
Pharmaceutical,
Inc.
........................
United
States
45,600
1,551,768
a,b
Veracyte,
Inc.
......................................
United
States
98,340
2,616,827
7,056,358
Building
Products
3.0%
AZZ,
Inc.
..........................................
United
States
30,500
2,766,045
Griffon
Corp.
.......................................
United
States
34,700
2,385,625
Insteel
Industries,
Inc.
................................
United
States
63,300
2,216,766
7,368,436
Chemicals
1.6%
Huntsman
Corp.
....................................
United
States
160,500
1,787,970
Tronox
Holdings
plc
.................................
United
States
391,400
2,223,152
4,011,122
Commercial
Services
&
Supplies
1.3%
Pitney
Bowes,
Inc.
..................................
United
States
320,800
3,304,240
Communications
Equipment
3.6%
a
Aviat
Networks,
Inc.
.................................
United
States
133,649
2,866,771
a
Extreme
Networks,
Inc.
...............................
United
States
210,700
3,301,669
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Small
Cap
Value
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Communications
Equipment
(continued)
a
Ribbon
Communications,
Inc.
..........................
United
States
789,900
$
2,669,862
8,838,302
Construction
&
Engineering
1.2%
a
Tutor
Perini
Corp.
...................................
United
States
78,000
2,876,640
Construction
Materials
1.0%
a,b
Titan
America
SA
...................................
Belgium
173,492
2,480,936
Consumer
Finance
1.2%
a
Encore
Capital
Group,
Inc.
............................
United
States
78,000
2,956,200
Consumer
Staples
Distribution
&
Retail
1.0%
a
Chefs'
Warehouse,
Inc.
(The)
..........................
United
States
39,800
2,538,444
Containers
&
Packaging
1.0%
Silgan
Holdings,
Inc.
.................................
United
States
45,300
2,494,671
Diversified
Consumer
Services
1.5%
Perdoceo
Education
Corp.
............................
United
States
110,800
3,771,632
Diversified
REITs
1.7%
Alpine
Income
Property
Trust,
Inc.
.......................
United
States
142,328
2,180,465
Broadstone
Net
Lease,
Inc.
............................
United
States
134,800
2,144,668
4,325,133
Electric
Utilities
1.8%
NRG
Energy,
Inc.
...................................
United
States
18,089
2,820,075
Portland
General
Electric
Co.
..........................
United
States
38,900
1,649,360
4,469,435
Electronic
Equipment,
Instruments
&
Components
2.3%
a
TTM
Technologies,
Inc.
...............................
United
States
120,376
3,594,427
Vishay
Intertechnology,
Inc.
............................
United
States
154,900
2,179,443
5,773,870
Energy
Equipment
&
Services
1.2%
a
NPK
International,
Inc.
...............................
United
States
365,000
2,952,850
Financial
Services
0.9%
Walker
&
Dunlop,
Inc.
................................
United
States
33,761
2,312,291
Ground
Transportation
1.8%
Covenant
Logistics
Group,
Inc.,
A
.......................
United
States
94,600
2,147,420
a,b
Proficient
Auto
Logistics,
Inc.
...........................
United
States
270,508
2,180,294
4,327,714
Health
Care
Equipment
&
Supplies
1.0%
a
Integer
Holdings
Corp.
...............................
United
States
20,600
2,446,456
Health
Care
Providers
&
Services
3.5%
Concentra
Group
Holdings
Parent,
Inc.
...................
United
States
110,300
2,385,789
a
DocGo,
Inc.
.......................................
United
States
356,800
506,656
a
Option
Care
Health,
Inc.
..............................
United
States
75,650
2,472,242
a
Quipt
Home
Medical
Corp.
............................
United
States
581,500
1,040,885
a
RadNet,
Inc.
.......................................
United
States
38,085
2,189,507
8,595,079
Health
Care
REITs
1.4%
American
Healthcare
REIT,
Inc.
.........................
United
States
51,500
1,799,410
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Small
Cap
Value
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
REITs
(continued)
Healthcare
Realty
Trust,
Inc.,
A
.........................
United
States
111,300
$
1,613,850
3,413,260
Hotels,
Restaurants
&
Leisure
0.8%
Aramark
..........................................
United
States
45,750
1,852,875
Household
Durables
4.2%
a
Beazer
Homes
USA,
Inc.
.............................
United
States
54,200
1,112,184
a
Cavco
Industries,
Inc.
................................
United
States
5,600
2,428,132
a
Helen
of
Troy
Ltd.
...................................
United
States
57,700
1,551,553
La-Z-Boy,
Inc.
......................................
United
States
53,300
2,232,737
a
Taylor
Morrison
Home
Corp.,
A
.........................
United
States
52,550
2,957,514
10,282,120
Insurance
4.6%
a
Abacus
Global
Management,
Inc.
.......................
United
States
341,700
2,641,341
a,b
American
Integrity
Insurance
Group,
Inc.
..................
United
States
108,544
1,798,574
a
Aspen
Insurance
Holdings
Ltd.,
A
.......................
United
States
5,802
199,009
Horace
Mann
Educators
Corp.
.........................
United
States
56,931
2,472,513
Kemper
Corp.
......................................
United
States
31,450
2,004,309
a
Skyward
Specialty
Insurance
Group,
Inc.
..................
United
States
36,381
2,304,736
11,420,482
Leisure
Products
1.1%
a
MasterCraft
Boat
Holdings,
Inc.
.........................
United
States
165,724
2,818,965
Life
Sciences
Tools
&
Services
0.2%
a
Codexis,
Inc.
.......................................
United
States
214,300
492,890
Machinery
3.2%
Douglas
Dynamics,
Inc.
...............................
United
States
98,600
2,710,514
a
Gates
Industrial
Corp.
plc
.............................
United
States
134,882
2,852,754
Terex
Corp.
........................................
United
States
50,800
2,286,508
7,849,776
Metals
&
Mining
2.6%
Alamos
Gold,
Inc.,
A
.................................
Canada
82,350
2,132,042
Hudbay
Minerals,
Inc.
................................
Canada
272,661
2,432,136
a
Major
Drilling
Group
International,
Inc.
....................
Canada
332,700
1,958,841
6,523,019
Mortgage
Real
Estate
Investment
Trusts
(REITs)
4.1%
b
AGNC
Investment
Corp.
..............................
United
States
80,450
719,223
Dynex
Capital,
Inc.
..................................
United
States
105,200
1,266,608
Ladder
Capital
Corp.,
A
...............................
United
States
276,553
2,909,338
MFA
Financial,
Inc.
..................................
United
States
232,400
2,161,320
Rithm
Capital
Corp.
..................................
United
States
265,950
2,965,342
10,021,831
Multi-Utilities
1.5%
b
Algonquin
Power
&
Utilities
Corp.
.......................
Canada
371,100
2,037,339
Unitil
Corp.
........................................
United
States
30,300
1,661,349
3,698,688
Oil,
Gas
&
Consumable
Fuels
3.5%
a
Antero
Resources
Corp.
..............................
United
States
38,000
1,423,100
Core
Natural
Resources,
Inc.
..........................
United
States
33,400
2,314,620
Magnolia
Oil
&
Gas
Corp.,
A
...........................
United
States
47,825
1,028,237
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Small
Cap
Value
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Permian
Resources
Corp.,
A
...........................
United
States
183,937
$
2,319,446
Teekay
Tankers
Ltd.,
A
...............................
Canada
32,900
1,453,851
8,539,254
Passenger
Airlines
1.2%
a
SkyWest,
Inc.
......................................
United
States
29,900
3,033,355
Personal
Care
Products
1.0%
Edgewell
Personal
Care
Co.
...........................
United
States
91,600
2,529,992
Pharmaceuticals
1.1%
Perrigo
Co.
plc
.....................................
United
States
97,700
2,615,429
Professional
Services
1.4%
a
IBEX
Holdings
Ltd.
..................................
United
States
122,919
3,538,838
Residential
REITs
0.8%
UMH
Properties,
Inc.
.................................
United
States
123,700
2,076,923
Retail
REITs
0.9%
Brixmor
Property
Group,
Inc.
...........................
United
States
89,100
2,264,031
Semiconductors
&
Semiconductor
Equipment
0.7%
a
Ichor
Holdings
Ltd.
..................................
United
States
107,289
1,693,020
Software
0.8%
a
RingCentral,
Inc.,
A
..................................
United
States
80,800
2,095,144
Specialty
Retail
2.9%
Camping
World
Holdings,
Inc.,
A
........................
United
States
168,525
2,740,217
J
Jill,
Inc.
.........................................
United
States
125,465
2,007,440
a
Sally
Beauty
Holdings,
Inc.
............................
United
States
272,500
2,373,475
7,121,132
Textiles,
Apparel
&
Luxury
Goods
1.3%
Steven
Madden
Ltd.
.................................
United
States
88,900
2,191,385
a
Unifi,
Inc.
.........................................
United
States
219,409
1,101,433
3,292,818
Tobacco
1.0%
Turning
Point
Brands,
Inc.
.............................
United
States
34,555
2,568,128
Trading
Companies
&
Distributors
0.6%
b
Herc
Holdings,
Inc.
..................................
United
States
11,759
1,458,116
Water
Utilities
1.1%
H2O
America
......................................
United
States
49,600
2,603,008
Total
Common
Stocks
(Cost
$
233,455,575)
...................................
246,512,840
Short
Term
Investments
3.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.1%
c,d
Putnam
Short
Term
Investment
Fund,
Class
P,
4.555%
.......
United
States
177,097
177,097
Total
Money
Market
Funds
(Cost
$177,097)
...................................
177,097
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Small
Cap
Value
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
See
Abbreviations
on
page
9.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
3.3%
Money
Market
Funds
3.3%
c,d
Putnam
Cash
Collateral
Pool,
LLC,
4.599%
................
United
States
8,312,840
$
8,312,840
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$8,312,840)
..........................................................
8,312,840
Total
Short
Term
Investments
(Cost
$8,489,937
)
...............................
8,489,937
a
Total
Investments
(Cost
$241,945,512)
103.1%
................................
$255,002,777
Other
Assets,
less
Liabilities
(3.1)%
.........................................
(7,662,855)
Net
Assets
100.0%
.........................................................
$247,339,922
a
a
a
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2025.
c
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Investment
Funds
7
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
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,
one
of
which is
included
in
this
report
(Fund).
The Fund
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.
2. 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 Fund'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.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
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,
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.
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.
Putnam
Investment
Funds
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
3.
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.
During
the
period
ended
May
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. 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
May
31,
2025,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.555%
......
$351,756
$13,127,342
$(13,302,001)
$—
$—
$177,097
177,097
$10,995
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
4.599%
.............
$8,148,627
$39,580,696
$(39,416,483)
$—
$—
$8,312,840
8,312,840
$134,524
Total
Affiliated
Securities
...
$8,500,383
$52,708,038
$(52,718,484)
$—
$—
$8,489,937
$145,519
Level
1
Level
2
Level
3
Total
Putnam
Small
Cap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
246,512,840
$
—
$
—
$
246,512,840
Short
Term
Investments
...................
8,489,937
—
—
8,489,937
Total
Investments
in
Securities
...........
$255,002,777
$—
$—
$255,002,777
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Putnam
Investment
Funds
Notes
to
Schedule
of
Investments
(unaudited)
9
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
REIT
Real
Estate
Investment
Trust
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.