Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
38965-Q3PH
1
Schedule
of
Investments
(unaudited)
Putnam
Research
Fund
2
Notes
to
Schedule
of
Investments
9
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited),
April
30,
2025
Putnam
Research
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
99.5%
Aerospace
&
Defense
1.5%
a
Boeing
Co.
(The)
...................................
United
States
5,944
$
1,089,179
Howmet
Aerospace,
Inc.
..............................
United
States
21,640
2,998,871
Northrop
Grumman
Corp.
.............................
United
States
3,753
1,825,834
RTX
Corp.
........................................
United
States
17,439
2,199,581
8,113,465
Air
Freight
&
Logistics
0.6%
FedEx
Corp.
.......................................
United
States
16,529
3,476,545
Automobiles
2.1%
General
Motors
Co.
..................................
United
States
23,309
1,054,499
a
Tesla,
Inc.
.........................................
United
States
35,489
10,013,576
11,068,075
Banks
2.4%
Bank
of
America
Corp.
...............................
United
States
92,598
3,692,808
Citigroup,
Inc.
......................................
United
States
64,267
4,394,577
JPMorgan
Chase
&
Co.
...............................
United
States
15,652
3,828,792
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
6,079
976,835
12,893,012
Beverages
1.4%
Coca-Cola
Co.
(The)
.................................
United
States
86,840
6,300,242
PepsiCo,
Inc.
......................................
United
States
8,745
1,185,647
7,485,889
Biotechnology
1.8%
AbbVie,
Inc.
.......................................
United
States
22,732
4,435,013
Amgen,
Inc.
.......................................
United
States
2,557
743,882
a
Ascendis
Pharma
A/S,
ADR
...........................
Denmark
10,408
1,773,940
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
1,236
740,067
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
3,359
1,711,411
9,404,313
Broadline
Retail
4.7%
a
Amazon.com,
Inc.
...................................
United
States
137,417
25,342,443
Building
Products
0.4%
Trane
Technologies
plc
...............................
United
States
5,984
2,293,727
Capital
Markets
2.2%
BlackRock,
Inc.
.....................................
United
States
3,330
3,044,486
Charles
Schwab
Corp.
(The)
...........................
United
States
35,402
2,881,723
CME
Group,
Inc.
....................................
United
States
7,355
2,037,923
KKR
&
Co.,
Inc.
.....................................
United
States
18,411
2,103,825
Nasdaq,
Inc.
.......................................
United
States
6,436
490,488
TPG,
Inc.,
A
.......................................
United
States
32,310
1,500,799
12,059,244
Chemicals
1.6%
Corteva,
Inc.
.......................................
United
States
69,427
4,303,780
DuPont
de
Nemours,
Inc.
.............................
United
States
24,400
1,610,156
Eastman
Chemical
Co.
...............................
United
States
7,292
561,484
Linde
plc
..........................................
United
States
1,425
645,853
PPG
Industries,
Inc.
.................................
United
States
13,147
1,431,182
8,552,455
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Research
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)
Commercial
Services
&
Supplies
0.7%
Cintas
Corp.
.......................................
United
States
5,506
$
1,165,510
a
Copart,
Inc.
........................................
United
States
13,526
825,492
GFL
Environmental,
Inc.
..............................
United
States
15,619
779,388
Waste
Connections,
Inc.
..............................
United
States
5,803
1,146,847
3,917,237
Communications
Equipment
1.4%
Cisco
Systems,
Inc.
.................................
United
States
130,955
7,560,032
Construction
Materials
0.5%
CRH
plc
..........................................
United
States
28,505
2,719,947
Consumer
Finance
1.1%
Capital
One
Financial
Corp.
...........................
United
States
32,628
5,881,523
Consumer
Staples
Distribution
&
Retail
2.4%
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................
United
States
2,764
324,936
Costco
Wholesale
Corp.
..............................
United
States
3,525
3,505,613
Target
Corp.
.......................................
United
States
11,801
1,141,157
Walmart,
Inc.
......................................
United
States
82,550
8,027,987
12,999,693
Containers
&
Packaging
0.2%
Ball
Corp.
.........................................
United
States
10,872
564,692
International
Paper
Co.
...............................
United
States
12,267
560,356
1,125,048
Diversified
Telecommunication
Services
0.7%
AT&T,
Inc.
.........................................
United
States
143,933
3,986,944
Electric
Utilities
2.6%
Constellation
Energy
Corp.
............................
United
States
3,476
776,677
NextEra
Energy,
Inc.
.................................
United
States
36,362
2,431,891
NRG
Energy,
Inc.
...................................
United
States
42,054
4,608,277
PG&E
Corp.
.......................................
United
States
89,192
1,473,452
PPL
Corp.
.........................................
United
States
99,094
3,616,931
Southern
Co.
(The)
..................................
United
States
12,819
1,177,938
14,085,166
Entertainment
2.4%
a
Live
Nation
Entertainment,
Inc.
.........................
United
States
29,268
3,876,547
a
Netflix,
Inc.
........................................
United
States
3,413
3,862,560
a
Spotify
Technology
SA
................................
United
States
3,644
2,237,343
Walt
Disney
Co.
(The)
................................
United
States
34,926
3,176,520
13,152,970
Financial
Services
5.4%
Apollo
Global
Management,
Inc.
........................
United
States
14,405
1,965,994
a
Berkshire
Hathaway,
Inc.,
B
............................
United
States
14,329
7,640,939
Corebridge
Financial,
Inc.
.............................
United
States
29,881
885,374
Mastercard,
Inc.,
A
..................................
United
States
22,662
12,420,136
a
Toast,
Inc.,
A
.......................................
United
States
29,410
1,046,408
Visa,
Inc.,
A
........................................
United
States
15,068
5,205,994
29,164,845
Food
Products
0.5%
Mondelez
International,
Inc.,
A
..........................
United
States
36,483
2,485,587
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Research
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)
Ground
Transportation
0.7%
Canadian
Pacific
Kansas
City
Ltd.
.......................
Canada
17,592
$
1,274,892
Union
Pacific
Corp.
..................................
United
States
11,096
2,392,964
3,667,856
Health
Care
Equipment
&
Supplies
2.1%
Abbott
Laboratories
..................................
United
States
15,664
2,048,068
Becton
Dickinson
&
Co.
...............................
United
States
7,718
1,598,321
a
Boston
Scientific
Corp.
...............................
United
States
27,842
2,864,106
a
Intuitive
Surgical,
Inc.
................................
United
States
4,905
2,529,999
Medtronic
plc
......................................
United
States
23,201
1,966,517
Stryker
Corp.
......................................
United
States
1,319
493,200
11,500,211
Health
Care
Providers
&
Services
2.8%
Cencora,
Inc.
......................................
United
States
2,397
701,530
Cigna
Group
(The)
..................................
United
States
2,273
772,911
CVS
Health
Corp.
...................................
United
States
26,247
1,750,937
HCA
Healthcare,
Inc.
.................................
United
States
1,852
639,088
McKesson
Corp.
....................................
United
States
6,299
4,489,864
UnitedHealth
Group,
Inc.
..............................
United
States
16,104
6,625,830
14,980,160
Health
Care
REITs
0.5%
Welltower,
Inc.
.....................................
United
States
17,304
2,640,417
Hotels,
Restaurants
&
Leisure
0.9%
a
Chipotle
Mexican
Grill,
Inc.,
A
..........................
United
States
26,157
1,321,452
McDonald's
Corp.
...................................
United
States
7,287
2,329,289
Starbucks
Corp.
....................................
United
States
15,266
1,222,043
4,872,784
Household
Durables
0.3%
DR
Horton,
Inc.
.....................................
United
States
11,224
1,418,040
Household
Products
1.1%
Clorox
Co.
(The)
....................................
United
States
6,633
943,876
Procter
&
Gamble
Co.
(The)
...........................
United
States
30,333
4,931,236
5,875,112
Industrial
Conglomerates
0.8%
Honeywell
International,
Inc.
...........................
United
States
19,779
4,163,480
Industrial
REITs
0.4%
Prologis,
Inc.
.......................................
United
States
20,083
2,052,483
Insurance
3.7%
AIA
Group
Ltd.
.....................................
Hong
Kong
128,400
962,090
Allstate
Corp.
(The)
..................................
United
States
26,645
5,286,102
American
International
Group,
Inc.
......................
United
States
29,443
2,400,193
Arch
Capital
Group
Ltd.
...............................
United
States
21,087
1,912,169
Assured
Guaranty
Ltd.
...............................
United
States
6,957
610,338
a
AXA
SA
...........................................
France
23,895
1,130,136
MetLife,
Inc.
.......................................
United
States
17,393
1,310,910
Progressive
Corp.
(The)
..............................
United
States
10,902
3,071,530
Prudential
plc
......................................
Hong
Kong
60,966
648,238
Unum
Group
.......................................
United
States
16,549
1,285,195
Willis
Towers
Watson
plc
..............................
United
States
3,431
1,056,062
19,672,963
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Research
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)
Interactive
Media
&
Services
6.3%
Alphabet,
Inc.,
A
....................................
United
States
111,810
$
17,755,428
Meta
Platforms,
Inc.,
A
...............................
United
States
29,662
16,284,438
34,039,866
Life
Sciences
Tools
&
Services
1.4%
a
Bio-Rad
Laboratories,
Inc.,
A
...........................
United
States
4,596
1,121,792
Danaher
Corp.
.....................................
United
States
7,375
1,470,059
a
ICON
plc
..........................................
United
States
3,110
470,978
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
10,174
4,364,646
7,427,475
Machinery
1.5%
Fortive
Corp.
.......................................
United
States
40,142
2,797,496
Ingersoll
Rand,
Inc.
..................................
United
States
20,285
1,530,097
Otis
Worldwide
Corp.
................................
United
States
38,255
3,682,809
8,010,402
Media
0.1%
a
Charter
Communications,
Inc.,
A
........................
United
States
967
378,929
Metals
&
Mining
0.5%
Agnico
Eagle
Mines
Ltd.
..............................
Canada
9,434
1,108,800
Glencore
plc
.......................................
Australia
504,435
1,653,909
2,762,709
Multi-Utilities
0.5%
Ameren
Corp.
......................................
United
States
13,558
1,345,496
CenterPoint
Energy,
Inc.
..............................
United
States
29,222
1,133,229
2,478,725
Oil,
Gas
&
Consumable
Fuels
3.5%
a
Antero
Resources
Corp.
..............................
United
States
27,514
958,313
BP
plc
............................................
United
States
274,134
1,265,784
Cenovus
Energy,
Inc.
................................
Canada
192,959
2,271,670
ConocoPhillips
.....................................
United
States
20,314
1,810,384
Exxon
Mobil
Corp.
...................................
United
States
90,263
9,534,481
Shell
plc
..........................................
United
States
93,199
3,007,694
18,848,326
Passenger
Airlines
0.2%
Southwest
Airlines
Co.
...............................
United
States
44,640
1,248,134
Pharmaceuticals
3.1%
Eli
Lilly
&
Co.
......................................
United
States
11,564
10,395,458
a
Innoviva,
Inc.
......................................
United
States
63,237
1,181,900
Johnson
&
Johnson
.................................
United
States
19,104
2,986,146
Merck
&
Co.,
Inc.
...................................
United
States
24,087
2,052,212
16,615,716
Real
Estate
Management
&
Development
0.2%
a
CBRE
Group,
Inc.,
A
.................................
United
States
7,185
877,863
Semiconductors
&
Semiconductor
Equipment
10.7%
Analog
Devices,
Inc.
.................................
United
States
31,861
6,210,346
Broadcom,
Inc.
.....................................
United
States
59,066
11,368,433
Marvell
Technology,
Inc.
..............................
United
States
124,510
7,267,649
NVIDIA
Corp.
......................................
United
States
275,167
29,971,190
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Research
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
QUALCOMM,
Inc.
...................................
United
States
16,364
$
2,429,399
57,247,017
Software
9.8%
a
AppLovin
Corp.,
A
...................................
United
States
2,942
792,310
Microsoft
Corp.
.....................................
United
States
87,982
34,775,765
Oracle
Corp.
.......................................
United
States
49,096
6,908,789
Roper
Technologies,
Inc.
..............................
United
States
3,498
1,959,160
Salesforce,
Inc.
.....................................
United
States
30,787
8,272,776
52,708,800
Specialized
REITs
1.2%
American
Tower
Corp.
................................
United
States
27,793
6,264,820
Specialty
Retail
1.8%
Home
Depot,
Inc.
(The)
...............................
United
States
11,185
4,032,081
Lowe's
Cos.,
Inc.
....................................
United
States
13,060
2,919,693
a
O'Reilly
Automotive,
Inc.
..............................
United
States
224
317,005
TJX
Cos.,
Inc.
(The)
.................................
United
States
19,518
2,511,576
9,780,355
Technology
Hardware,
Storage
&
Peripherals
7.2%
Apple,
Inc.
........................................
United
States
136,826
29,075,525
b
Seagate
Technology
Holdings
plc
.......................
United
States
105,220
9,578,177
38,653,702
Textiles,
Apparel
&
Luxury
Goods
0.6%
Levi
Strauss
&
Co.,
A
................................
United
States
51,527
824,947
a
Lululemon
Athletica,
Inc.
..............................
United
States
3,950
1,069,542
NIKE,
Inc.,
B
.......................................
United
States
5,766
325,202
a
On
Holding
AG,
A
...................................
Switzerland
17,781
855,444
3,075,135
Tobacco
0.7%
Philip
Morris
International,
Inc.
.........................
United
States
21,635
3,707,374
Trading
Companies
&
Distributors
0.3%
United
Rentals,
Inc.
..................................
United
States
2,895
1,828,048
Total
Common
Stocks
(Cost
$338,936,630)
...................................
534,565,062
Principal
Amount
*
U.S.
Government
and
Agency
Securities
0.0%
†
c
U.S.
Treasury
Notes
,
0.25
%,
9/30/25
.....................
United
States
123,000
121,011
Total
U.S.
Government
and
Agency
Securities
(Cost
$121,011)
..................
121,011
Total
Long
Term
Investments
(Cost
$339,057,641)
.............................
534,686,073
a
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Research
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
0.1%
Calls
-
Over-the-Counter
Equity
Options
0.1%
Seagate
Technology
Holdings
plc,
Counterparty
MSCO,
January
Strike
Price
$125.00,
Expires
1/16/26
...................
25,837,625
2,351,999,004
$
412,287
Southwest
Airlines
Co.,
Counterparty
CITI,
January
Strike
Price
$40.00,
Expires
1/16/26
.............................
861,160
24,078,034
14,933
427,220
Total
Options
Purchased
(Cost
$594,908)
....................................
427,220
Short
Term
Investments
0.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.1%
d,e
U.S.
Treasury
Bills
,
3.94%,
5/15/25
...................................
United
States
100,000
99,836
4.03%,
5/20/25
...................................
United
States
200,000
199,553
4.13%,
10/02/25
...................................
United
States
200,000
196,510
495,899
Total
U.S.
Government
and
Agency
Securities
(Cost
$495,934)
..................
495,899
Shares
Money
Market
Funds
0.5%
f,g
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
.......
United
States
2,946,997
2,946,997
Total
Money
Market
Funds
(Cost
$2,946,997)
.................................
2,946,997
Total
Short
Term
Investments
(Cost
$3,442,931
)
...............................
3,442,896
a
Total
Investments
(Cost
$343,095,480)
100.2%
................................
$538,556,189
Options
Written
(0.0)%
†
....................................................
(233,527)
Other
Assets,
less
Liabilities
(0.2)%
.........................................
(691,736)
Net
Assets
100.0%
.........................................................
$537,630,926
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.0)%
†
Calls
-
Over-the-Counter
Equity
Options
(0.0)%
†
Seagate
Technology
Holdings
plc,
Counterparty
MSCO,
January
Strike
Price
$135.00,
Expires
1/16/26
...................
27,904,635
2,540,158,924
$(233,527)
(233,527)
Total
Options
Written
(Premiums
received
$341,056)
..........................
$
(233,527)
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Research
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
At
April
30,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
12
.
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
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
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
c
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
d
The
rate
shown
represents
the
yield
at
period
end.
e
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
April
30,
2025,
the
value
of
this
security
pledged
amounted
to
$429,086,
representing
0.1%
of
net
assets.
f
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
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
Hong
Kong
Dollar
...
GSCO
Sell
978,400
125,881
5/21/25
$
—
$
(306)
Hong
Kong
Dollar
...
HSBK
Sell
17,993,900
2,315,272
5/21/25
—
(5,453)
Hong
Kong
Dollar
...
SSBT
Buy
18,106,000
2,330,167
5/21/25
5,016
—
Hong
Kong
Dollar
...
SSBT
Sell
7,403,400
952,688
5/21/25
—
(2,150)
British
Pound
......
BOFA
Sell
2,604,500
3,339,542
6/18/25
—
(132,108)
British
Pound
......
BZWS
Sell
204,700
262,981
6/18/25
—
(9,873)
British
Pound
......
GSCO
Sell
45,100
57,860
6/18/25
—
(2,256)
British
Pound
......
HSBK
Sell
67,200
86,151
6/18/25
—
(3,423)
British
Pound
......
MSCO
Sell
591,200
760,239
6/18/25
—
(27,797)
British
Pound
......
SSBT
Buy
763,100
986,303
6/18/25
30,866
—
British
Pound
......
SSBT
Sell
366,100
469,626
6/18/25
—
(18,365)
British
Pound
......
UBSW
Sell
1,177,100
1,510,158
6/18/25
—
(58,849)
British
Pound
......
WPAC
Sell
1,002,600
1,286,361
6/18/25
—
(50,048)
Danish
Krone
......
BOFA
Sell
8,019,300
1,160,764
6/18/25
—
(60,368)
Danish
Krone
......
CITI
Sell
6,365,700
924,124
6/18/25
—
(45,207)
Euro
.............
BZWS
Buy
162,200
173,388
6/18/25
10,917
—
Euro
.............
BZWS
Sell
1,093,700
1,177,745
6/18/25
—
(65,007)
Euro
.............
CITI
Sell
1,161,600
1,250,666
6/18/25
—
(69,239)
Euro
.............
MSCO
Buy
539,100
585,487
6/18/25
27,082
—
Euro
.............
SSBT
Buy
2,596,100
2,820,366
6/18/25
129,536
—
Euro
.............
SSBT
Sell
99,700
107,356
6/18/25
—
(5,931)
Euro
.............
UBSW
Sell
1,061,600
1,142,770
6/18/25
—
(63,507)
Swedish
Krona
.....
MSCO
Sell
21,496,500
2,140,074
6/18/25
—
(90,614)
Canadian
Dollar
....
BOFA
Sell
850,700
597,607
7/16/25
—
(21,856)
Canadian
Dollar
....
CITI
Sell
1,801,600
1,265,371
7/16/25
—
(46,520)
Canadian
Dollar
....
HSBK
Sell
149,500
105,002
7/16/25
—
(3,862)
Canadian
Dollar
....
JPHQ
Sell
1,856,400
1,303,871
7/16/25
—
(47,924)
Canadian
Dollar
....
MSCO
Sell
40,400
28,375
7/16/25
—
(1,044)
Canadian
Dollar
....
SSBT
Sell
5,200
3,651
7/16/25
—
(135)
Canadian
Dollar
....
TDOM
Sell
1,631,300
1,145,770
7/16/25
—
(42,112)
Canadian
Dollar
....
UBSW
Sell
1,942,500
1,364,374
7/16/25
—
(50,118)
Total
Forward
Exchange
Contracts
...................................................
$203,417
$(924,072)
Net
unrealized
appreciation
(depreciation)
............................................
$(720,655)
*
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
9
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)
10
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 April
30,
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
April
30,
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)
    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
Research
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
......
$10,976,362
$71,883,652
$(79,913,017)
$—
$—
$2,946,997
2,946,997
$401,653
Total
Affiliated
Securities
...
$10,976,362
$71,883,652
$(79,913,017)
$—
$—
$2,946,997
$401,653
2. Financial
Instrument
Valuation
(continued)
Putnam
Investment
Funds
Notes
to
Schedule
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
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
April
30,
2025,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
Research
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
8,113,465
$
—
$
—
$
8,113,465
Air
Freight
&
Logistics
...................
3,476,545
—
—
3,476,545
Automobiles
..........................
11,068,075
—
—
11,068,075
Banks
...............................
12,893,012
—
—
12,893,012
Beverages
...........................
7,485,889
—
—
7,485,889
Biotechnology
.........................
9,404,313
—
—
9,404,313
Broadline
Retail
.......................
25,342,443
—
—
25,342,443
Building
Products
......................
2,293,727
—
—
2,293,727
Capital
Markets
........................
12,059,244
—
—
12,059,244
Chemicals
...........................
8,552,455
—
—
8,552,455
Commercial
Services
&
Supplies
...........
3,917,237
—
—
3,917,237
Communications
Equipment
..............
7,560,032
—
—
7,560,032
Construction
Materials
..................
2,719,947
—
—
2,719,947
Consumer
Finance
.....................
5,881,523
—
—
5,881,523
Consumer
Staples
Distribution
&
Retail
......
12,999,693
—
—
12,999,693
Containers
&
Packaging
.................
1,125,048
—
—
1,125,048
Diversified
Telecommunication
Services
.....
3,986,944
—
—
3,986,944
Electric
Utilities
........................
14,085,166
—
—
14,085,166
Entertainment
.........................
13,152,970
—
—
13,152,970
Financial
Services
......................
29,164,845
—
—
29,164,845
Food
Products
........................
2,485,587
—
—
2,485,587
Ground
Transportation
..................
3,667,856
—
—
3,667,856
Health
Care
Equipment
&
Supplies
.........
11,500,211
—
—
11,500,211
Health
Care
Providers
&
Services
..........
14,980,160
—
—
14,980,160
Health
Care
REITs
.....................
2,640,417
—
—
2,640,417
Hotels,
Restaurants
&
Leisure
.............
4,872,784
—
—
4,872,784
Household
Durables
....................
1,418,040
—
—
1,418,040
Household
Products
....................
5,875,112
—
—
5,875,112
Industrial
Conglomerates
................
4,163,480
—
—
4,163,480
Industrial
REITs
.......................
2,052,483
—
—
2,052,483
Insurance
............................
16,932,499
2,740,464
—
19,672,963
Interactive
Media
&
Services
..............
34,039,866
—
—
34,039,866
Life
Sciences
Tools
&
Services
............
7,427,475
—
—
7,427,475
Machinery
............................
8,010,402
—
—
8,010,402
Media
...............................
378,929
—
—
378,929
Metals
&
Mining
.......................
1,108,800
1,653,909
—
2,762,709
Multi-Utilities
..........................
2,478,725
—
—
2,478,725
Oil,
Gas
&
Consumable
Fuels
.............
14,574,848
4,273,478
—
18,848,326
Passenger
Airlines
.....................
1,248,134
—
—
1,248,134
Pharmaceuticals
.......................
16,615,716
—
—
16,615,716
Real
Estate
Management
&
Development
....
877,863
—
—
877,863
Semiconductors
&
Semiconductor
Equipment
.
57,247,017
—
—
57,247,017
Software
.............................
52,708,800
—
—
52,708,800
Specialized
REITs
......................
6,264,820
—
—
6,264,820
Specialty
Retail
........................
9,780,355
—
—
9,780,355
Technology
Hardware,
Storage
&
Peripherals
.
38,653,702
—
—
38,653,702
Textiles,
Apparel
&
Luxury
Goods
..........
3,075,135
—
—
3,075,135
Tobacco
.............................
3,707,374
—
—
3,707,374
4. Fair
Value
Measurements
(continued)
Putnam
Investment
Funds
Notes
to
Schedule
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
Abbreviations
Level
1
Level
2
Level
3
Total
Putnam
Research
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Trading
Companies
&
Distributors
..........
$
1,828,048
$
—
$
—
$
1,828,048
U.S.
Government
and
Agency
Securities
.......
—
121,011
—
121,011
Options
Purchased
.......................
—
427,220
—
427,220
Short
Term
Investments
...................
2,946,997
495,899
—
3,442,896
Total
Investments
in
Securities
...........
$528,844,208
$9,711,981
a
$—
$538,556,189
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$203,417
$—
$203,417
Total
Other
Financial
Instruments
.........
$—
$203,417
$—
$203,417
Liabilities:
Other
Financial
Instruments:
Options
Written
..........................
$—
$233,527
$—
$233,527
Forward
Exchange
Contracts
...............
—
924,072
—
924,072
Total
Other
Financial
Instruments
.........
$—
$1,157,599
$—
$1,157,599
a
Includes
foreign
securities
valued
at
$8,667,851,
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.
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.
Selected
Portfolio
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.