Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38966-Q3PH

1

Schedule

of

Investments

(unaudited)

Putnam

International

Capital

Opportunities

Fund

2

Notes

to

Schedule

of

Investments

7

Putnam

Investment

Funds

Schedule

of

Investments

(unaudited),

May

31,

2025

Putnam

International

Capital

Opportunities

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

94.5%

Australia

2.5%

Brickworks

Ltd.

..................

Construction

Materials

459,994

$

8,153,710

Belgium

1.8%

a

Liberty

Global

Ltd.,

A

..............

Diversified

Telecommunication

Services

609,800

5,872,374

Canada

6.2%

Cogeco

Communications,

Inc.

.......

Diversified

Telecommunication

Services

159,500

8,031,078

a

International

Petroleum

Corp.

.......

Oil,

Gas

&

Consumable

Fuels

427,209

6,011,313

MEG

Energy

Corp.

...............

Oil,

Gas

&

Consumable

Fuels

368,600

6,451,541

20,493,932

Denmark

4.5%

Broedrene

A&O

Johansen

A/S,

B

....

Trading

Companies

&

Distributors

435,832

5,804,460

a

Demant

A/S

....................

Health

Care

Equipment

&

Supplies

101,503

3,986,406

Royal

Unibrew

A/S

...............

Beverages

59,420

4,936,883

14,727,749

France

12.2%

Eurazeo

SE

....................

Financial

Services

99,959

6,990,302

Kaufman

&

Broad

SA

.............

Household

Durables

160,127

6,095,928

Rubis

SCA

.....................

Gas

Utilities

341,762

11,127,268

SPIE

SA

.......................

Commercial

Services

&

Supplies

214,549

10,906,148

Thermador

Groupe

...............

Trading

Companies

&

Distributors

62,861

4,853,536

39,973,182

Germany

5.5%

Carl

Zeiss

Meditec

AG

............

Health

Care

Equipment

&

Supplies

87,267

5,644,625

CTS

Eventim

AG

&

Co.

KGaA

.......

Entertainment

75,249

9,127,443

Jenoptik

AG

....................

Electronic

Equipment,

Instruments

&

Components

154,127

3,386,450

18,158,518

Greece

2.0%

National

Bank

of

Greece

SA

........

Banks

562,765

6,701,165

Hong

Kong

0.8%

Cafe

de

Coral

Holdings

Ltd.

........

Hotels,

Restaurants

&

Leisure

3,050,000

2,704,130

Ireland

3.4%

AIB

Group

plc

...................

Banks

706,809

5,576,530

Dalata

Hotel

Group

plc

............

Hotels,

Restaurants

&

Leisure

857,440

5,598,086

11,174,616

Italy

1.4%

Interpump

Group

SpA

.............

Machinery

118,019

4,603,234

Japan

22.6%

Avant

Group

Corp.

...............

IT

Services

477,300

5,083,218

Azbil

Corp.

.....................

Electronic

Equipment,

Instruments

&

Components

698,200

6,133,557

BML,

Inc.

......................

Health

Care

Providers

&

Services

178,000

3,702,362

Ebara

Corp.

....................

Machinery

145,600

2,328,400

Fukui

Computer

Holdings,

Inc.

......

Software

361,900

7,672,210

G-7

Holdings,

Inc.

................

Consumer

Staples

Distribution

&

Retail

492,400

4,573,026

Hikari

Tsushin,

Inc.

...............

Industrial

Conglomerates

27,500

7,485,851

Japan

Material

Co.

Ltd.

............

Semiconductors

&

Semiconductor

Equipment

737,500

7,527,831

Katitas

Co.

Ltd.

..................

Real

Estate

Management

&

Development

384,500

5,866,149

Miroku

Jyoho

Service

Co.

Ltd.

.......

Software

125,700

1,546,134

Nihon

Dengi

Co.

Ltd.

..............

Building

Products

70,200

1,948,582

Putnam

Investment

Funds

Schedule

of

Investments

(unaudited)

Putnam

International

Capital

Opportunities

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Japan

(continued)

NOF

Corp.

.....................

Chemicals

420,700

$

7,440,779

NSD

Co.

Ltd.

...................

IT

Services

89,500

2,210,507

Riken

Keiki

Co.

Ltd.

..............

Electronic

Equipment,

Instruments

&

Components

76,000

1,520,359

Software

Service,

Inc.

.............

Health

Care

Technology

10,300

926,233

Takeuchi

Manufacturing

Co.

Ltd.

.....

Machinery

166,600

5,368,832

WingArc1st,

Inc.

.................

Software

121,500

3,183,959

74,517,989

Mexico

1.7%

Bolsa

Mexicana

de

Valores

SAB

de

CV

Capital

Markets

2,572,100

5,617,352

Netherlands

3.5%

Aalberts

NV

....................

Machinery

176,725

6,166,818

b

Euronext

NV,

144A,

Reg

S

.........

Capital

Markets

33,315

5,429,651

11,596,469

South

Korea

2.7%

MegaStudyEdu

Co.

Ltd.

...........

Diversified

Consumer

Services

90,262

3,418,032

a

SK

Square

Co.

Ltd.

...............

Industrial

Conglomerates

64,617

5,344,548

8,762,580

Spain

2.9%

Fomento

de

Construcciones

y

Contratas

SA

..........................

Commercial

Services

&

Supplies

211,364

2,974,645

Logista

Integral

SA

...............

Air

Freight

&

Logistics

203,321

6,565,682

9,540,327

Switzerland

1.7%

Swissquote

Group

Holding

SA

.......

Capital

Markets

9,293

5,571,120

Taiwan

3.0%

Elite

Material

Co.

Ltd.

.............

Electronic

Equipment,

Instruments

&

Components

216,000

5,305,623

Yageo

Corp.

....................

Electronic

Equipment,

Instruments

&

Components

289,305

4,638,491

9,944,114

United

Kingdom

14.0%

Admiral

Group

plc

................

Insurance

227,212

10,263,408

Bellway

plc

.....................

Household

Durables

246,884

9,021,912

Berkeley

Group

Holdings

plc

........

Household

Durables

130,230

7,386,708

Cranswick

plc

...................

Food

Products

48,305

3,464,194

JET2

plc

.......................

Passenger

Airlines

218,052

5,462,376

OSB

Group

plc

..................

Financial

Services

902,780

5,956,001

Savills

plc

......................

Real

Estate

Management

&

Development

345,585

4,539,380

46,093,979

United

States

2.1%

a

QIAGEN

NV

....................

Life

Sciences

Tools

&

Services

153,091

6,910,392

Total

Common

Stocks

(Cost

$252,341,749)

.....................................

311,116,932

Putnam

Investment

Funds

Schedule

of

Investments

(unaudited)

Putnam

International

Capital

Opportunities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Industry

Shares

a

Value

a

Preferred

Stocks

2.7%

Germany

2.7%

c

Jungheinrich

AG,

2.26%

...........

Machinery

223,761

$

8,983,783

Total

Preferred

Stocks

(Cost

$5,685,469)

.......................................

8,983,783

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.0%

†

United

States

0.0%

†

d

U.S.

Treasury

Notes,

0.625%,

8/15/30

.

174,000

146,673

Total

U.S.

Government

and

Agency

Securities

(Cost

$146,673)

....................

146,673

Total

Long

Term

Investments

(Cost

$258,173,891)

...............................

320,247,388

Short

Term

Investments

2.6%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.4%

United

States

0.4%

e,f

U.S.

Treasury

Bills,

4.18%,

10/02/25

..

1,400,000

1,380,118

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,380,493)

..................

1,380,118

Shares

Money

Market

Funds

2.2%

United

States

2.2%

g,h

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

................

7,112,977

7,112,977

Total

Money

Market

Funds

(Cost

$7,112,977)

...................................

7,112,977

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$8,493,470

)

.................................

8,493,095

a

a

a

Total

Investments

(Cost

$266,667,361)

99.8%

...................................

$328,740,483

Other

Assets,

less

Liabilities

0.2%

.............................................

619,255

Net

Assets

100.0%

...........................................................

$329,359,738

a

a

a

*

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

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2025,

the

value

of

this

security

was

$5,429,651,

representing

1.6%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

e

The

rate

shown

represents

the

yield

at

period

end.

f

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

May

31,

2025,

the

value

of

this

security

pledged

amounted

to

$540,218,

representing

0.2%

of

net

assets.

g

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Investment

Funds

Schedule

of

Investments

(unaudited)

Putnam

International

Capital

Opportunities

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

At

May

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

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

British

Pound

......

BOFA

Buy

750,300

996,597

6/18/25

$

14,390

$

—

British

Pound

......

BZWS

Buy

459,700

609,637

6/18/25

9,783

—

British

Pound

......

BZWS

Sell

1,402,900

1,870,982

6/18/25

—

(19,347)

British

Pound

......

CITI

Sell

1,072,200

1,376,077

6/18/25

—

(68,651)

British

Pound

......

GSCO

Sell

861,900

1,105,744

6/18/25

—

(55,618)

British

Pound

......

HSBK

Sell

1,838,400

2,356,838

6/18/25

—

(120,302)

British

Pound

......

JPHQ

Sell

3,375,900

4,370,743

6/18/25

—

(178,092)

British

Pound

......

MSCO

Sell

2,834,600

3,646,018

6/18/25

—

(173,445)

British

Pound

......

SSBT

Sell

64,300

82,430

6/18/25

—

(4,211)

British

Pound

......

TDOM

Sell

261,300

335,000

6/18/25

—

(17,087)

British

Pound

......

WPAC

Sell

1,642,300

2,164,057

6/18/25

—

(

48,849)

Danish

Krone

......

BOFA

Sell

6,858,400

992,728

6/18/25

—

(52,273)

Danish

Krone

......

BZWS

Sell

831,500

120,344

6/18/25

—

(6,350)

Danish

Krone

......

CITI

Sell

5,773,500

838,153

6/18/25

—

(41,543)

Danish

Krone

......

HSBK

Sell

4,736,900

686,094

6/18/25

—

(35,658)

Danish

Krone

......

JPHQ

Sell

9,367,900

1,355,788

6/18/25

—

(71,580)

Danish

Krone

......

MSCO

Buy

5,930,700

915,404

6/18/25

—

(11,755)

Danish

Krone

......

MSCO

Sell

4,875,600

705,677

6/18/25

—

(37,208)

Danish

Krone

......

SSBT

Sell

3,931,100

569,006

6/18/25

—

(29,968)

Danish

Krone

......

UBSW

Sell

10,214,500

1,478,757

6/18/25

—

(77,605)

Euro

.............

BOFA

Sell

3,965,900

4,281,159

6/18/25

—

(226,160)

Euro

.............

BZWS

Buy

489,400

541,015

6/18/25

17,542

(2,345)

Euro

.............

BZWS

Sell

1,870,200

2,033,329

6/18/25

—

(92,189)

Euro

.............

CITI

Buy

1,117,300

1,212,918

6/18/25

56,914

—

Euro

.............

CITI

Sell

1,722,400

1,858,720

6/18/25

—

(98,820)

Euro

.............

GSCO

Sell

1,047,300

1,171,384

6/18/25

—

(18,892)

Euro

.............

HSBK

Sell

7,545,800

8,193,021

6/18/25

—

(382,920)

Euro

.............

JPHQ

Buy

1,224,600

1,342,429

6/18/25

49,352

—

Euro

.............

MSCO

Buy

4,742,400

5,201,233

6/18/25

188,668

(75)

Euro

.............

MSCO

Sell

3,691,100

4,193,143

6/18/25

10,759

(12,621)

Euro

.............

SSBT

Buy

1,296,500

1,453,800

6/18/25

20,427

(731)

Euro

.............

SSBT

Sell

1,000,500

1,096,207

6/18/25

—

(40,880)

Euro

.............

TDOM

Buy

698,400

758,530

6/18/25

35,215

—

Euro

.............

TDOM

Sell

3,072,500

3,308,514

6/18/25

—

(183,439)

Euro

.............

UBSW

Sell

6,479,100

7,126,874

6/18/25

10,505

(247,249)

Euro

.............

WPAC

Buy

686,400

790,809

6/18/25

—

(10,703)

Euro

.............

WPAC

Sell

4,983,900

5,416,273

6/18/25

—

(248,022)

Norwegian

Krone

...

BOFA

Buy

4,296,900

396,263

6/18/25

24,689

—

Norwegian

Krone

...

GSCO

Sell

10,151,800

924,753

6/18/25

—

(69,784)

Norwegian

Krone

...

HSBK

Buy

10,855,500

1,000,857

6/18/25

62,619

—

Norwegian

Krone

...

JPHQ

Buy

7,612,200

701,558

6/18/25

44,184

—

Norwegian

Krone

...

MSCO

Buy

5,596,400

516,006

6/18/25

32,254

—

Norwegian

Krone

...

UBSW

Buy

9,849,000

908,149

6/18/25

56,724

—

Swedish

Krona

.....

BOFA

Buy

19,580,600

1,948,664

6/18/25

95,589

—

Swedish

Krona

.....

BZWS

Buy

11,716,300

1,206,756

6/18/25

16,448

—

Swedish

Krona

.....

GSCO

Buy

8,019,500

798,335

6/18/25

38,916

—

Swedish

Krona

.....

GSCO

Sell

18,559,900

1,861,351

6/18/25

—

(76,339)

Swedish

Krona

.....

HSBK

Buy

18,144,700

1,806,111

6/18/25

88,231

—

Swedish

Krona

.....

JPHQ

Buy

36,953,900

3,677,595

6/18/25

180,465

—

Swedish

Krona

.....

MSCO

Buy

33,234,100

3,308,605

6/18/25

161,101

—

Swedish

Krona

.....

MSCO

Sell

18,853,100

1,875,125

6/18/25

—

(93,175)

Swedish

Krona

.....

SSBT

Buy

18,020,200

1,793,691

6/18/25

87,653

—

Swedish

Krona

.....

TDOM

Buy

11,586,600

1,153,435

6/18/25

56,229

—

Swedish

Krona

.....

WPAC

Buy

6,376,200

660,353

6/18/25

5,334

—

Putnam

Investment

Funds

Schedule

of

Investments

(unaudited)

Putnam

International

Capital

Opportunities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

See

Abbreviations

on

page

10

.

Forward

Exchange

Contracts

(continued)

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

(continued)

Swiss

Franc

.......

BOFA

Buy

2,151,400

2,450,398

6/18/25

$

168,500

$

—

Swiss

Franc

.......

BZWS

Buy

814,500

927,457

6/18/25

64,033

—

Swiss

Franc

.......

HSBK

Buy

4,649,300

5,291,159

6/18/25

368,430

—

Swiss

Franc

.......

JPHQ

Buy

4,240,200

4,960,022

6/18/25

203,087

(1,515)

Swiss

Franc

.......

MSCO

Sell

925,900

1,090,136

6/18/25

—

(36,962)

Swiss

Franc

.......

SSBT

Buy

310,100

353,151

6/18/25

24,333

—

Swiss

Franc

.......

SSBT

Sell

966,700

1,136,374

6/18/25

—

(

40,389)

Swiss

Franc

.......

UBSW

Buy

3,502,300

3,988,498

6/18/25

274,850

—

Swiss

Franc

.......

WPAC

Buy

864,600

984,643

6/18/25

67,834

—

Australian

Dollar

....

BOFA

Buy

2,770,800

1,755,816

7/16/25

31,430

—

Australian

Dollar

....

CITI

Buy

1,961,300

1,237,031

7/16/25

28,064

—

Australian

Dollar

....

HSBK

Buy

939,700

592,767

7/16/25

13,366

—

Australian

Dollar

....

JPHQ

Buy

3,531,000

2,228,110

7/16/25

49,486

—

Australian

Dollar

....

MSCO

Buy

6,302,600

3,975,207

7/16/25

90,151

—

Australian

Dollar

....

SSBT

Buy

2,445,900

1,542,646

7/16/25

35,030

—

Australian

Dollar

....

SSBT

Sell

1,439,700

861,749

7/16/25

—

(66,899)

Australian

Dollar

....

WPAC

Buy

306,200

193,242

7/16/25

4,266

—

Canadian

Dollar

....

BOFA

Buy

1,639,600

1,151,801

7/16/25

45,623

—

Canadian

Dollar

....

HSBK

Buy

4,548,300

3,243,180

7/16/25

78,510

—

Canadian

Dollar

....

JPHQ

Buy

2,020,200

1,418,919

7/16/25

56,463

—

Canadian

Dollar

....

SSBT

Buy

1,301,500

914,174

7/16/25

36,330

—

Canadian

Dollar

....

TDOM

Buy

2,218,100

1,574,421

7/16/25

45,490

—

Canadian

Dollar

....

UBSW

Buy

2,980,200

2,106,916

7/16/25

69,566

—

Israeli

New

Shekel

..

SSBT

Buy

9,697,900

2,631,081

7/16/25

130,649

—

Israeli

New

Shekel

..

UBSW

Buy

1,816,000

503,787

7/16/25

13,366

—

Mexican

Peso

......

BOFA

Sell

400,400

19,272

7/16/25

—

(1,260)

Mexican

Peso

......

BZWS

Sell

6,115,000

294,321

7/16/25

—

(19,247)

Mexican

Peso

......

CITI

Sell

15,827,300

761,642

7/16/25

—

(49,957)

Mexican

Peso

......

GSCO

Sell

23,259,100

1,111,134

7/16/25

—

(81,557)

Mexican

Peso

......

HSBK

Sell

17,612,400

847,524

7/16/25

—

(55,612)

Mexican

Peso

......

SSBT

Sell

21,543,900

1,038,666

7/16/25

—

(66,071)

Mexican

Peso

......

UBSW

Sell

9,458,800

455,411

7/16/25

—

(29,621)

New

Zealand

Dollar

.

JPHQ

Buy

1,623,400

934,954

7/16/25

36,586

—

Chinese

Yuan

......

HSBK

Buy

3,832,500

536,334

8/20/25

—

(1,198)

Hong

Kong

Dollar

...

CITI

Buy

6,736,300

870,269

8/20/25

—

(5,746)

Hong

Kong

Dollar

...

TDOM

Buy

5,038,100

650,729

8/20/25

—

(4,149)

Japanese

Yen

......

BOFA

Sell

6,661,800

45,480

8/20/25

—

(1,235)

Japanese

Yen

......

BZWS

Sell

339,328,100

2,335,306

8/20/25

—

(44,209)

Japanese

Yen

......

CITI

Sell

187,175,600

1,278,000

8/20/25

—

(34,556)

Japanese

Yen

......

HSBK

Sell

232,870,100

1,637,004

8/20/25

4,018

—

Japanese

Yen

......

MSCO

Buy

561,036,600

3,910,479

8/20/25

23,751

—

Japanese

Yen

......

SSBT

Sell

210,784,200

1,459,628

8/20/25

—

(18,481)

Japanese

Yen

......

UBSW

Buy

37,465,900

258,841

8/20/25

3,886

—

Japanese

Yen

......

UBSW

Sell

14,337,500

97,880

8/20/25

—

(2,661)

New

Taiwan

Dollar

..

BZWS

Sell

82,975,200

2,804,637

8/20/25

—

(26,619)

New

Taiwan

Dollar

..

SSBT

Sell

182,731,100

6,178,566

8/20/25

—

(56,533)

Singapore

Dollar

....

JPHQ

Buy

4,786,600

3,687,255

8/20/25

42,760

—

South

Korean

Won

..

GSCO

Buy

12,367,768,300

8,782,055

8/20/25

218,267

—

South

Korean

Won

..

JPHQ

Sell

2,039,176,900

1,447,765

8/20/25

—

(36,193)

Total

Forward

Exchange

Contracts

...................................................

$3,592,116

$(3,534,556)

Net

unrealized

appreciation

(depreciation)

............................................

$57,560

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

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.

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,

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. 

Putnam

Investment

Funds

Notes

to

Schedule

of

Investments

(unaudited)

8

Quarterly

Schedule

of

Investments

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 May

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.

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.)

    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

International

Capital

Opportunities

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

......

$5,618,910

$52,626,661

$(51,132,594)

$—

$—

$7,112,977

7,112,977

$178,443

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.599%

.............

$5,719

$13,361,454

$(13,367,173)

$—

$—

$—

—

$11,668

Total

Affiliated

Securities

...

$5,624,629

$65,988,115

$(64,499,767)

$—

$—

$7,112,977

$190,111

2. Financial

Instrument

Valuation

(continued)

Putnam

Investment

Funds

Notes

to

Schedule

of

Investments

(unaudited)

9

Quarterly

Schedule

of

Investments

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

and

liabilities carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Putnam

International

Capital

Opportunities

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Australia

.............................

$

—

$

8,153,710

$

—

$

8,153,710

Belgium

..............................

5,872,374

—

—

5,872,374

Canada

..............................

14,482,619

6,011,313

—

20,493,932

Denmark

.............................

5,804,460

8,923,289

—

14,727,749

France

...............................

4,853,536

35,119,646

—

39,973,182

Germany

.............................

—

18,158,518

—

18,158,518

Greece

..............................

—

6,701,165

—

6,701,165

Hong

Kong

...........................

—

2,704,130

—

2,704,130

Ireland

...............................

5,598,086

5,576,530

—

11,174,616

Italy

.................................

—

4,603,234

—

4,603,234

Japan

...............................

—

74,517,989

—

74,517,989

Mexico

..............................

5,617,352

—

—

5,617,352

Netherlands

...........................

—

11,596,469

—

11,596,469

South

Korea

..........................

—

8,762,580

—

8,762,580

Spain

................................

6,565,682

2,974,645

—

9,540,327

Switzerland

...........................

—

5,571,120

—

5,571,120

Taiwan

...............................

—

9,944,114

—

9,944,114

United

Kingdom

........................

—

46,093,979

—

46,093,979

United

States

..........................

—

6,910,392

—

6,910,392

Preferred

Stocks

........................

—

8,983,783

—

8,983,783

U.S.

Government

and

Agency

Securities

.......

—

146,673

—

146,673

Short

Term

Investments

...................

7,112,977

1,380,118

—

8,493,095

Total

Investments

in

Securities

...........

$55,907,086

$272,833,397

a

$—

$328,740,483

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$3,592,116

$—

$3,592,116

Total

Other

Financial

Instruments

.........

$—

$3,592,116

$—

$3,592,116

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$

—

$

3,534,556

$

—

$

3,534,556

Total

Other

Financial

Instruments

.........

$—

$3,534,556

$—

$3,534,556

a

Includes

foreign

securities

valued

at

$271,306,606,

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.

4. Fair

Value

Measurements

(continued)

Putnam

Investment

Funds

Notes

to

Schedule

of

Investments

(unaudited)

10

Quarterly

Schedule

of

Investments

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.

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.