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Schedules
of
Investments
(unaudited)
Putnam
Large
Cap
Growth
Fund
2
Putnam
U.S.
Research
Fund
5
Notes
to
Schedules
of
Investments
13
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
Large
Cap
Growth
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Shares
a
Value
a
Common
Stocks
98.5%
Aerospace
&
Defense
1.9%
General
Electric
Co.
.................................................
677,639
$
196,467,875
TransDigm
Group,
Inc.
...............................................
54,983
63,779,180
260,247,055
Automobiles
3.0%
a
Tesla,
Inc.
.........................................................
1,093,846
417,444,449
a
Biotechnology
1.4%
AbbVie,
Inc.
.......................................................
911,205
192,555,841
Broadline
Retail
4.9%
a
Amazon.com,
Inc.
...................................................
2,506,638
664,409,468
a
Building
Products
1.3%
Trane
Technologies
plc
...............................................
364,237
179,401,292
Capital
Markets
0.6%
Nasdaq,
Inc.
.......................................................
874,187
80,346,527
Chemicals
0.6%
Sherwin-Williams
Co.
(The)
............................................
267,955
86,177,008
Commercial
Services
&
Supplies
0.6%
Cintas
Corp.
.......................................................
438,936
76,686,509
Communications
Equipment
1.1%
a
Arista
Networks,
Inc.
.................................................
863,813
149,189,143
a
Construction
Materials
1.0%
Vulcan
Materials
Co.
.................................................
444,297
134,062,177
Consumer
Finance
0.4%
Capital
One
Financial
Corp.
...........................................
260,135
49,763,826
Consumer
Staples
Distribution
&
Retail
2.1%
Costco
Wholesale
Corp.
..............................................
279,982
284,050,138
Electric
Utilities
0.7%
Constellation
Energy
Corp.
............................................
320,045
100,174,085
Electrical
Equipment
2.1%
GE
Vernova,
Inc.
....................................................
265,724
287,901,325
Entertainment
2.5%
a
Live
Nation
Entertainment,
Inc.
.........................................
772,522
122,012,125
a
Netflix,
Inc.
........................................................
1,106,983
103,624,679
a
Spotify
Technology
SA
................................................
270,349
120,724,346
346,361,150
Financial
Services
4.9%
Mastercard,
Inc.
,
A
..................................................
724,562
364,396,721
Visa,
Inc.
,
A
........................................................
917,869
302,749,911
667,146,632
Ground
Transportation
0.6%
Canadian
Pacific
Kansas
City
Ltd.
.......................................
859,104
74,707,684
Health
Care
Equipment
&
Supplies
1.8%
a
IDEXX
Laboratories,
Inc.
..............................................
139,648
78,314,598
a
Intuitive
Surgical,
Inc.
................................................
351,993
161,075,517
239,390,115
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Large
Cap
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
1.5%
Hilton
Worldwide
Holdings,
Inc.
.........................................
353,298
$
114,493,283
Starbucks
Corp.
....................................................
878,753
92,559,053
207,052,336
Interactive
Media
&
Services
11.6%
Alphabet,
Inc.
,
C
....................................................
2,521,882
963,207,611
Meta
Platforms,
Inc.
,
A
...............................................
1,002,760
613,598,872
1,576,806,483
IT
Services
0.6%
a
Snowflake,
Inc.
,
A
...................................................
630,724
86,074,904
a
Life
Sciences
Tools
&
Services
1.1%
Lonza
Group
AG
....................................................
133,260
81,931,102
Thermo
Fisher
Scientific,
Inc.
..........................................
139,790
66,953,818
148,884,920
Machinery
1.4%
Caterpillar,
Inc.
.....................................................
209,239
186,245,726
Pharmaceuticals
3.7%
Eli
Lilly
&
Co.
......................................................
446,752
417,534,419
Galderma
Group
AG
.................................................
412,558
86,551,958
504,086,377
Real
Estate
Management
&
Development
0.7%
a
CBRE
Group,
Inc.
,
A
.................................................
670,620
95,717,593
a
Semiconductors
&
Semiconductor
Equipment
25.1%
a
Advanced
Micro
Devices,
Inc.
..........................................
745,203
264,167,011
Broadcom,
Inc.
.....................................................
2,372,792
990,474,565
Lam
Research
Corp.
.................................................
1,279,820
330,014,385
NVIDIA
Corp.
......................................................
9,293,527
1,854,709,183
3,439,365,144
Software
11.3%
a
Cadence
Design
Systems,
Inc.
.........................................
609,169
200,776,011
Microsoft
Corp.
.....................................................
2,477,012
1,010,075,953
Oracle
Corp.
.......................................................
976,889
157,660,116
a
Palantir
Technologies,
Inc.
,
A
...........................................
796,438
110,792,490
a
ServiceNow,
Inc.
....................................................
714,344
63,083,719
1,542,388,289
Specialized
REITs
0.3%
American
Tower
Corp.
................................................
202,172
36,938,846
Technology
Hardware,
Storage
&
Peripherals
9.7%
Apple,
Inc.
........................................................
4,859,619
1,318,657,616
Total
Common
Stocks
(Cost
$
5,286,867,298
)
....................................
13,432,232,658
a
a
a
a
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
Large
Cap
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
Short
Term
Investments
1.3%
a
a
Shares
a
Value
a
Management
Investment
Companies
1.3%
b,c
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.843
%
.......................
172,032,316
$
172,032,316
Total
Management
Investment
Companies
(Cost
$
172,032,316
)
...................
172,032,316
Total
Short
Term
Investments
(Cost
$
172,032,316
)
...............................
172,032,316
a
Total
Investments
(Cost
$
5,458,899,614
)
99.8
%
..................................
$13,604,264,974
Other
Assets,
less
Liabilities
0.2
%
.............................................
37,424,636
Net
Assets
100.0%
...........................................................
$13,641,689,610
See
Abbreviations
on
page
18
.
a
Non-income
producing.
b
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited),
April
30,
2026
Putnam
U.S.
Research
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.0%
Aerospace
&
Defense
2.0%
Airbus
SE
.........................................
France
15,005
$
3,093,423
a
Boeing
Co.
(The)
...................................
United
States
20,782
4,759,701
Northrop
Grumman
Corp.
.............................
United
States
4,495
2,604,763
RTX
Corp.
........................................
United
States
20,981
3,694,125
14,152,012
Air
Freight
&
Logistics
0.7%
FedEx
Corp.
.......................................
United
States
12,586
5,076,060
Automobiles
0.9%
General
Motors
Co.
..................................
United
States
22,725
1,747,325
a
Tesla,
Inc.
.........................................
United
States
12,234
4,668,862
6,416,187
Banks
2.4%
Bank
of
America
Corp.
...............................
United
States
68,122
3,641,802
Citigroup,
Inc.
......................................
United
States
63,524
8,129,802
JPMorgan
Chase
&
Co.
...............................
United
States
13,640
4,272,457
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
4,602
1,026,246
17,070,307
Beverages
1.8%
Coca-Cola
Co.
(The)
.................................
United
States
87,386
6,882,521
Keurig
Dr.
Pepper,
Inc.
...............................
United
States
139,562
4,103,123
PepsiCo,
Inc.
......................................
United
States
13,518
2,142,468
13,128,112
Biotechnology
1.7%
AbbVie,
Inc.
.......................................
United
States
22,042
4,657,915
Amgen,
Inc.
.......................................
United
States
2,695
933,144
Gilead
Sciences,
Inc.
................................
United
States
14,183
1,855,704
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
4,367
3,087,731
a
Vertex
Pharmaceuticals,
Inc.
...........................
United
States
3,149
1,345,820
11,880,314
Broadline
Retail
4.6%
a
Amazon.com,
Inc.
...................................
United
States
122,342
32,427,971
Building
Products
0.6%
a
Madison
Air
Solutions
Corp.,
A
.........................
United
States
13,355
509,894
Trane
Technologies
plc
...............................
United
States
7,851
3,866,931
4,376,825
Capital
Markets
2.3%
BlackRock,
Inc.
.....................................
United
States
2,841
3,027,370
Charles
Schwab
Corp.
(The)
...........................
United
States
43,986
4,030,877
CME
Group,
Inc.
....................................
United
States
6,372
1,833,989
KKR
&
Co.,
Inc.
.....................................
United
States
12,937
1,349,847
Nasdaq,
Inc.
.......................................
United
States
24,688
2,269,074
a
Robinhood
Markets,
Inc.,
A
............................
United
States
11,270
821,470
TPG,
Inc.,
A
.......................................
United
States
61,171
2,668,279
16,000,906
Chemicals
0.7%
Corteva,
Inc.
.......................................
United
States
22,438
1,817,702
Linde
plc
..........................................
United
States
1,871
937,633
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
U.S.
Research
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Chemicals
(continued)
PPG
Industries,
Inc.
.................................
United
States
18,356
$
1,991,626
4,746,961
Commercial
Services
&
Supplies
0.2%
Cintas
Corp.
.......................................
United
States
7,264
1,269,093
Communications
Equipment
2.1%
Cisco
Systems,
Inc.
.................................
United
States
162,642
14,881,743
Construction
Materials
0.7%
CRH
plc
..........................................
United
States
39,712
4,702,695
Consumer
Finance
1.0%
Capital
One
Financial
Corp.
...........................
United
States
36,723
7,025,110
Consumer
Staples
Distribution
&
Retail
1.9%
Costco
Wholesale
Corp.
..............................
United
States
6,143
6,232,258
a
US
Foods
Holding
Corp.
..............................
United
States
12,344
1,154,040
Walmart,
Inc.
......................................
United
States
47,970
6,328,682
13,714,980
Electric
Utilities
1.7%
Constellation
Energy
Corp.
............................
United
States
3,392
1,061,696
NextEra
Energy,
Inc.
.................................
United
States
37,234
3,644,464
NRG
Energy,
Inc.
...................................
United
States
23,660
3,681,023
PPL
Corp.
.........................................
United
States
48,375
1,811,160
Xcel
Energy,
Inc.
....................................
United
States
23,706
1,966,412
12,164,755
Electrical
Equipment
1.1%
GE
Vernova
,
Inc.
....................................
United
States
7,216
7,818,247
Energy
Equipment
&
Services
0.1%
SLB
Ltd.
..........................................
United
States
11,883
675,905
Entertainment
2.3%
a
Liberty
Media
Corp.-Liberty
Formula
One
Corp.,
C
...........
United
States
20,579
1,768,765
a
Live
Nation
Entertainment,
Inc.
.........................
United
States
19,794
3,126,264
a
Netflix,
Inc.
........................................
United
States
44,573
4,172,479
a
Spotify
Technology
SA
................................
United
States
4,751
2,121,559
Walt
Disney
Co.
(The)
................................
United
States
51,029
5,294,259
16,483,326
Financial
Services
3.5%
Apollo
Global
Management,
Inc.
........................
United
States
25,608
3,296,262
a
Berkshire
Hathaway,
Inc.,
B
............................
United
States
15,174
7,186,406
Mastercard,
Inc.,
A
..................................
United
States
17,442
8,771,931
Visa,
Inc.,
A
........................................
United
States
17,905
5,905,785
25,160,384
Ground
Transportation
0.4%
Union
Pacific
Corp.
..................................
United
States
9,535
2,569,492
Health
Care
Equipment
&
Supplies
1.8%
Abbott
Laboratories
..................................
United
States
8,538
775,165
Becton
Dickinson
&
Co.
...............................
United
States
6,968
1,038,511
a
Boston
Scientific
Corp.
...............................
United
States
82,970
4,779,902
a
Dexcom,
Inc.
.......................................
United
States
19,241
1,145,801
a
Edwards
Lifesciences
Corp.
...........................
United
States
13,082
1,092,347
a
Intuitive
Surgical,
Inc.
................................
United
States
5,562
2,545,227
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
U.S.
Research
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Medtronic
plc
......................................
United
States
5,726
$
463,634
Stryker
Corp.
......................................
United
States
2,008
632,781
12,473,368
Health
Care
Providers
&
Services
1.8%
Cardinal
Health,
Inc.
.................................
United
States
4,965
957,649
CVS
Health
Corp.
...................................
United
States
15,744
1,311,318
HCA
Healthcare,
Inc.
.................................
United
States
2,214
961,872
McKesson
Corp.
....................................
United
States
4,765
3,884,428
UnitedHealth
Group,
Inc.
..............................
United
States
14,649
5,427,162
12,542,429
Health
Care
REITs
0.5%
Welltower,
Inc.
.....................................
United
States
17,092
3,714,775
Hotels,
Restaurants
&
Leisure
2.0%
a
Airbnb,
Inc.,
A
......................................
United
States
11,568
1,623,684
Booking
Holdings,
Inc.
...............................
United
States
5,325
896,517
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
5,079
1,645,952
McDonald's
Corp.
...................................
United
States
9,731
2,856,924
Royal
Caribbean
Cruises
Ltd.
..........................
United
States
5,804
1,530,863
Starbucks
Corp.
....................................
United
States
11,239
1,183,804
a
Viking
Holdings
Ltd.
.................................
United
States
42,081
3,446,855
Yum!
Brands,
Inc.
...................................
United
States
5,326
850,296
14,034,895
Household
Durables
0.1%
PulteGroup,
Inc.
....................................
United
States
7,907
967,501
Household
Products
0.5%
Procter
&
Gamble
Co.
(The)
...........................
United
States
23,098
3,397,485
Industrial
Conglomerates
0.9%
Honeywell
International,
Inc.
...........................
United
States
29,781
6,382,962
Industrial
REITs
0.5%
Prologis,
Inc.
.......................................
United
States
25,080
3,561,862
Insurance
2.5%
Allstate
Corp.
(The)
..................................
United
States
25,134
5,460,613
American
International
Group,
Inc.
......................
United
States
38,541
2,882,867
Aon
plc,
A
.........................................
United
States
8,152
2,540,571
a
Arch
Capital
Group
Ltd.
...............................
United
States
20,004
1,889,578
Assured
Guaranty
Ltd.
...............................
United
States
6,751
552,907
AXA
SA
...........................................
France
13,042
628,693
Prudential
plc
......................................
Hong
Kong
144,591
2,178,921
Unum
Group
.......................................
United
States
20,308
1,632,357
17,766,507
Interactive
Media
&
Services
7.9%
Alphabet,
Inc.,
A
....................................
United
States
106,902
41,135,889
Meta
Platforms,
Inc.,
A
...............................
United
States
23,979
14,672,990
55,808,879
IT
Services
0.7%
a
Snowflake,
Inc.,
A
...................................
United
States
34,986
4,774,539
Life
Sciences
Tools
&
Services
1.2%
a
Bio-Rad
Laboratories,
Inc.,
A
...........................
United
States
8,066
2,259,448
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
U.S.
Research
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
Danaher
Corp.
.....................................
United
States
3,465
$
620,062
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
11,221
5,374,410
8,253,920
Machinery
1.1%
Fortive
Corp.
.......................................
United
States
35,928
2,148,135
Ingersoll
Rand,
Inc.
..................................
United
States
26,518
2,117,728
Otis
Worldwide
Corp.
................................
United
States
46,830
3,647,120
7,912,983
Metals
&
Mining
0.6%
Barrick
Mining
Corp.
.................................
Canada
46,553
1,831,395
Glencore
plc
.......................................
Australia
281,133
2,184,920
4,016,315
Multi-Utilities
0.6%
Ameren
Corp.
......................................
United
States
24,490
2,783,289
CenterPoint
Energy,
Inc.
..............................
United
States
38,656
1,687,334
4,470,623
Oil,
Gas
&
Consumable
Fuels
3.7%
a
Antero
Resources
Corp.
..............................
United
States
27,285
1,071,209
BP
plc
............................................
United
States
187,943
1,487,726
Cenovus
Energy,
Inc.
................................
Canada
117,392
3,434,430
ConocoPhillips
.....................................
United
States
47,586
5,985,367
Exxon
Mobil
Corp.
...................................
United
States
79,378
12,250,407
Shell
plc
..........................................
United
States
45,165
2,053,508
26,282,647
Passenger
Airlines
0.2%
Southwest
Airlines
Co.
...............................
United
States
42,640
1,616,909
Pharmaceuticals
2.6%
Bristol-Myers
Squibb
Co.
..............................
United
States
25,633
1,553,103
Eli
Lilly
&
Co.
......................................
United
States
8,010
7,486,146
Johnson
&
Johnson
.................................
United
States
24,224
5,567,886
Merck
&
Co.,
Inc.
...................................
United
States
29,321
3,201,267
Pfizer,
Inc.
.........................................
United
States
14,885
397,430
18,205,832
Real
Estate
Management
&
Development
0.1%
a
CBRE
Group,
Inc.,
A
.................................
United
States
6,019
859,092
Semiconductors
&
Semiconductor
Equipment
17.6%
a
Advanced
Micro
Devices,
Inc.
..........................
United
States
34,815
12,341,569
Analog
Devices,
Inc.
.................................
United
States
32,768
13,181,256
Broadcom,
Inc.
.....................................
United
States
59,647
24,898,447
Lam
Research
Corp.
.................................
United
States
73,253
18,889,019
Marvell
Technology,
Inc.
..............................
United
States
52,111
8,606,132
NVIDIA
Corp.
......................................
United
States
233,295
46,558,683
124,475,106
Software
7.6%
Microsoft
Corp.
.....................................
United
States
93,988
38,326,427
Oracle
Corp.
.......................................
United
States
65,617
10,589,927
a
Palantir
Technologies,
Inc.,
A
...........................
United
States
36,409
5,064,856
53,981,210
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
U.S.
Research
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialized
REITs
0.8%
American
Tower
Corp.
................................
United
States
32,257
$
5,893,676
Specialty
Retail
1.5%
Home
Depot,
Inc.
(The)
...............................
United
States
8,176
2,688,269
Lowe's
Cos.,
Inc.
....................................
United
States
7,923
1,891,933
a
O'Reilly
Automotive,
Inc.
..............................
United
States
16,093
1,599,644
TJX
Cos.,
Inc.
(The)
.................................
United
States
22,043
3,455,240
a
Ulta
Beauty,
Inc.
....................................
United
States
1,948
1,047,011
10,682,097
Technology
Hardware,
Storage
&
Peripherals
5.3%
Apple,
Inc.
........................................
United
States
130,651
35,452,149
a
Everpure
,
Inc.,
A
....................................
United
States
31,077
2,220,451
37,672,600
Textiles,
Apparel
&
Luxury
Goods
0.3%
a
Amer
Sports,
Inc.
...................................
Finland
20,723
726,756
a
On
Holding
AG,
A
...................................
Switzerland
16,792
597,963
Ralph
Lauren
Corp.,
A
................................
United
States
2,605
934,257
2,258,976
Tobacco
0.5%
Philip
Morris
International,
Inc.
.........................
United
States
22,212
3,666,535
Trading
Companies
&
Distributors
0.4%
United
Rentals,
Inc.
..................................
United
States
3,229
3,099,323
Total
Common
Stocks
(Cost
$359,545,466)
...................................
680,514,431
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.0%
†
Calls
-
Over-the-Counter
Equity
Options
0.0%
†
Keurig
Dr.
Pepper,
Inc.,
Counterparty
CITI,
January
Strike
Price
$33.00,
Expires
1/15/27
.............................
717,915
21,106,701
25,341
Total
Options
Purchased
(Cost
$18,492)
......................................
25,341
Short
Term
Investments
3.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.2%
b,c
U.S.
Treasury
Bills,
3.56%,
7/16/26
......................
United
States
1,600,000
1,587,903
Total
U.S.
Government
and
Agency
Securities
(Cost
$1,587,999)
................
1,587,903
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
U.S.
Research
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
3.7%
d,e
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
United
States
25,884,423
$
25,884,423
Total
Management
Investment
Companies
(Cost
$25,884,423)
..................
25,884,423
Total
Short
Term
Investments
(Cost
$27,472,422
)
..............................
27,472,326
a
Total
Investments
(Cost
$387,036,380)
99.9%
.................................
$708,012,098
Other
Assets,
less
Liabilities
0.1%
...........................................
867,374
Net
Assets
100.0%
.........................................................
$708,879,472
a
a
a
#
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
The
rate
shown
represents
the
yield
at
period
end.
c
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
April
30,
2026,
the
value
of
this
security
pledged
amounted
to
$1,234,595,
representing
0.2%
of
net
assets.
d
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
U.S.
Research
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
At
April
30,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
At
April
30,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Long
49
$
17,747,188
6/18/26
$
766,748
Total
Futures
Contracts
......................................................................
$766,748
*
As
of
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
...
BZWS
Buy
8,736,200
1,121,128
5/13/26
$
—
$
(5,358)
Hong
Kong
Dollar
...
GSCO
Sell
978,400
125,569
5/13/26
610
—
Hong
Kong
Dollar
...
HSBK
Sell
7,064,000
906,478
5/13/26
4,278
—
British
Pound
......
BOFA
Sell
410,300
543,145
6/17/26
—
(15,123)
British
Pound
......
BZWS
Sell
105,700
139,919
6/17/26
—
(3,900)
British
Pound
......
GSCO
Sell
1,315,600
1,741,499
6/17/26
—
(48,549)
British
Pound
......
HSBK
Buy
316,200
420,544
6/17/26
9,688
—
British
Pound
......
MSCO
Sell
910,300
1,212,958
6/17/26
—
(25,626)
British
Pound
......
SSBT
Buy
171,700
228,366
6/17/26
5,255
—
British
Pound
......
TDOM
Sell
1,217,500
1,605,094
6/17/26
—
(51,476)
British
Pound
......
UBSW
Sell
1,177,100
1,565,570
6/17/26
—
(36,031)
British
Pound
......
WPAC
Sell
1,002,600
1,327,209
6/17/26
—
(36,962)
Danish
Krone
......
BOFA
Sell
8,019,300
1,234,783
6/17/26
—
(27,910)
Danish
Krone
......
CITI
Sell
6,365,700
980,259
6/17/26
—
(22,065)
Danish
Krone
......
JPHQ
Buy
14,476,000
2,242,577
6/17/26
36,769
—
Euro
.............
BOFA
Sell
112,000
128,740
6/17/26
—
(2,984)
Euro
.............
BZWS
Buy
72,800
83,681
6/17/26
1,940
—
Euro
.............
GSCO
Sell
524,900
603,346
6/17/26
—
(13,990)
Euro
.............
MSCO
Sell
474,900
548,939
6/17/26
—
(9,592)
Euro
.............
SSBT
Sell
249,500
287,785
6/17/26
—
(5,653)
Euro
.............
UBSW
Sell
873,100
1,007,055
6/17/26
—
(19,800)
Swedish
Krona
.....
MSCO
Sell
21,496,500
2,311,775
6/17/26
—
(22,064)
Canadian
Dollar
....
BOFA
Sell
850,700
617,967
7/15/26
—
(10,264)
Canadian
Dollar
....
BZWS
Sell
2,252,800
1,636,396
7/15/26
—
(27,269)
Canadian
Dollar
....
CITI
Buy
133,000
96,522
7/15/26
1,697
—
Canadian
Dollar
....
CITI
Sell
957,100
695,117
7/15/26
—
(11,690)
Canadian
Dollar
....
GSCO
Buy
431,400
313,364
7/15/26
5,220
—
Canadian
Dollar
....
HSBK
Buy
655,800
476,398
7/15/26
7,902
—
Canadian
Dollar
....
JPHQ
Sell
1,856,400
1,348,495
7/15/26
—
(22,434)
Canadian
Dollar
....
MSCO
Buy
1,720,900
1,250,011
7/15/26
20,852
—
Canadian
Dollar
....
SSBT
Buy
622,900
452,473
7/15/26
7,531
—
Canadian
Dollar
....
TDOM
Sell
532,700
386,877
7/15/26
—
(6,515)
Canadian
Dollar
....
UBSW
Sell
1,649,200
1,197,954
7/15/26
—
(19,960)
Putnam
Investment
Funds
Schedule
of
Investments
(unaudited)
Putnam
U.S.
Research
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
See
Abbreviations
on
page
18
.
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)
Canadian
Dollar
....
WPAC
Sell
1,103,400
801,513
7/15/26
$
—
$
(13,334)
Total
Forward
Exchange
Contracts
...................................................
$101,742
$(458,549)
Net
unrealized
appreciation
(depreciation)
............................................
$(356,807)
*
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
13
Quarterly
Schedules
of
Investments
Notes
to
Schedules
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, two
of
which
are
included
in
this
report
(Funds).
The Funds
follow the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Effective
September
30,
2025,
Putnam
Research
Fund
was
renamed
Putnam
U.S.
Research
Fund.
2. Financial
Instrument
Valuation
The
Funds’
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
Funds
calculate
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
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
derivative
financial instruments 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
Funds’
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
Funds’
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
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
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
Putnam
Investment
Funds
Notes
to
Schedules
of
Investments
(unaudited)
14
Quarterly
Schedules
of
Investments
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
Funds’ 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
Funds’
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
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
April
30,
2026,
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
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
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
Funds for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
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
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
April
30,
2026,
investments
in
affiliated
management
investment
companies
were
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
Large
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Government
Money
Market
Fund,
Class
G,
3.484%
.
$—
$509,451,531
$(509,451,531)
$—
$—
$—
—
$485,864
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
......
89,162,578
1,045,025,166
(962,155,428)
—
—
172,032,316
172,032,316
4,442,550
Total
Affiliated
Securities
...
$89,162,578
$1,554,476,697
$(1,471,606,959)
$—
$—
$172,032,316
$4,928,414
Putnam
U.S.
Research
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
......
$3,212,791
$150,705,539
$(128,033,907)
$—
$—
$25,884,423
25,884,423
$373,758
2. Financial
Instrument
Valuation
(continued)
Putnam
Investment
Funds
Notes
to
Schedules
of
Investments
(unaudited)
15
Quarterly
Schedules
of
Investments
4. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' 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 Funds'
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
April
30,
2026,
in
valuing
the
Funds'
assets
and
liabilities 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
Putnam
U.S.
Research
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
3.919%
.............
$—
$1,805,400
$(1,805,400)
$—
$—
$—
—
$416
Total
Affiliated
Securities
...
$3,212,791
$152,510,939
$(129,839,307)
$—
$—
$25,884,423
$374,174
Level
1
Level
2
Level
3
Total
Putnam
Large
Cap
Growth
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
260,247,055
$
—
$
—
$
260,247,055
Automobiles
..........................
417,444,449
—
—
417,444,449
Biotechnology
.........................
192,555,841
—
—
192,555,841
Broadline
Retail
.......................
664,409,468
—
—
664,409,468
Building
Products
......................
179,401,292
—
—
179,401,292
Capital
Markets
........................
80,346,527
—
—
80,346,527
Chemicals
...........................
86,177,008
—
—
86,177,008
Commercial
Services
&
Supplies
...........
76,686,509
—
—
76,686,509
Communications
Equipment
..............
149,189,143
—
—
149,189,143
Construction
Materials
..................
134,062,177
—
—
134,062,177
Consumer
Finance
.....................
49,763,826
—
—
49,763,826
Consumer
Staples
Distribution
&
Retail
......
284,050,138
—
—
284,050,138
Electric
Utilities
........................
100,174,085
—
—
100,174,085
Electrical
Equipment
....................
287,901,325
—
—
287,901,325
Entertainment
.........................
346,361,150
—
—
346,361,150
Financial
Services
......................
667,146,632
—
—
667,146,632
Ground
Transportation
..................
74,707,684
—
—
74,707,684
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Investment
Funds
Notes
to
Schedules
of
Investments
(unaudited)
16
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Large
Cap
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Health
Care
Equipment
&
Supplies
.........
$
239,390,115
$
—
$
—
$
239,390,115
Hotels,
Restaurants
&
Leisure
.............
207,052,336
—
—
207,052,336
Interactive
Media
&
Services
..............
1,576,806,483
—
—
1,576,806,483
IT
Services
...........................
86,074,904
—
—
86,074,904
Life
Sciences
Tools
&
Services
............
66,953,818
81,931,102
—
148,884,920
Machinery
............................
186,245,726
—
—
186,245,726
Pharmaceuticals
.......................
417,534,419
86,551,958
—
504,086,377
Real
Estate
Management
&
Development
....
95,717,593
—
—
95,717,593
Semiconductors
&
Semiconductor
Equipment
.
3,439,365,144
—
—
3,439,365,144
Software
.............................
1,542,388,289
—
—
1,542,388,289
Specialized
REITs
......................
36,938,846
—
—
36,938,846
Technology
Hardware,
Storage
&
Peripherals
.
1,318,657,616
—
—
1,318,657,616
Short
Term
Investments
...................
172,032,316
—
—
172,032,316
Total
Investments
in
Securities
...........
$13,435,781,914
$168,483,060
b
$—
$13,604,264,974
Putnam
U.S.
Research
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
11,058,589
3,093,423
—
14,152,012
Air
Freight
&
Logistics
...................
5,076,060
—
—
5,076,060
Automobiles
..........................
6,416,187
—
—
6,416,187
Banks
...............................
17,070,307
—
—
17,070,307
Beverages
...........................
13,128,112
—
—
13,128,112
Biotechnology
.........................
11,880,314
—
—
11,880,314
Broadline
Retail
.......................
32,427,971
—
—
32,427,971
Building
Products
......................
4,376,825
—
—
4,376,825
Capital
Markets
........................
16,000,906
—
—
16,000,906
Chemicals
...........................
4,746,961
—
—
4,746,961
Commercial
Services
&
Supplies
...........
1,269,093
—
—
1,269,093
Communications
Equipment
..............
14,881,743
—
—
14,881,743
Construction
Materials
..................
4,702,695
—
—
4,702,695
Consumer
Finance
.....................
7,025,110
—
—
7,025,110
Consumer
Staples
Distribution
&
Retail
......
13,714,980
—
—
13,714,980
Electric
Utilities
........................
12,164,755
—
—
12,164,755
Electrical
Equipment
....................
7,818,247
—
—
7,818,247
Energy
Equipment
&
Services
.............
675,905
—
—
675,905
Entertainment
.........................
16,483,326
—
—
16,483,326
Financial
Services
......................
25,160,384
—
—
25,160,384
Ground
Transportation
..................
2,569,492
—
—
2,569,492
Health
Care
Equipment
&
Supplies
.........
12,473,368
—
—
12,473,368
Health
Care
Providers
&
Services
..........
12,542,429
—
—
12,542,429
Health
Care
REITs
.....................
3,714,775
—
—
3,714,775
Hotels,
Restaurants
&
Leisure
.............
14,034,895
—
—
14,034,895
Household
Durables
....................
967,501
—
—
967,501
Household
Products
....................
3,397,485
—
—
3,397,485
Industrial
Conglomerates
................
6,382,962
—
—
6,382,962
Industrial
REITs
.......................
3,561,862
—
—
3,561,862
Insurance
............................
14,958,893
2,807,614
—
17,766,507
Interactive
Media
&
Services
..............
55,808,879
—
—
55,808,879
IT
Services
...........................
4,774,539
—
—
4,774,539
Life
Sciences
Tools
&
Services
............
8,253,920
—
—
8,253,920
Machinery
............................
7,912,983
—
—
7,912,983
Metals
&
Mining
.......................
1,831,395
2,184,920
—
4,016,315
4. Fair
Value
Measurements
(continued)
Putnam
Investment
Funds
Notes
to
Schedules
of
Investments
(unaudited)
17
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
U.S.
Research
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Multi-Utilities
..........................
$
4,470,623
$
—
$
—
$
4,470,623
Oil,
Gas
&
Consumable
Fuels
.............
22,741,413
3,541,234
—
26,282,647
Passenger
Airlines
.....................
1,616,909
—
—
1,616,909
Pharmaceuticals
.......................
18,205,832
—
—
18,205,832
Real
Estate
Management
&
Development
....
859,092
—
—
859,092
Semiconductors
&
Semiconductor
Equipment
.
124,475,106
—
—
124,475,106
Software
.............................
53,981,210
—
—
53,981,210
Specialized
REITs
......................
5,893,676
—
—
5,893,676
Specialty
Retail
........................
10,682,097
—
—
10,682,097
Technology
Hardware,
Storage
&
Peripherals
.
37,672,600
—
—
37,672,600
Textiles,
Apparel
&
Luxury
Goods
..........
2,258,976
—
—
2,258,976
Tobacco
.............................
3,666,535
—
—
3,666,535
Trading
Companies
&
Distributors
..........
3,099,323
—
—
3,099,323
Options
Purchased
.......................
—
25,341
—
25,341
Short
Term
Investments
...................
25,884,423
1,587,903
—
27,472,326
Total
Investments
in
Securities
...........
$694,771,663
$13,240,435
c
$—
$708,012,098
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$101,742
$—
$101,742
Futures
Contracts
.......................
766,748
—
—
766,748
Total
Other
Financial
Instruments
.........
$766,748
$101,742
$—
$868,490
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
458,549
$
—
$
458,549
Total
Other
Financial
Instruments
.........
$—
$458,549
$—
$458,549
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$168,483,060,
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.
c
Includes
foreign
securities
valued
at
$11,627,191,
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
Schedules
of
Investments
(unaudited)
18
Quarterly
Schedules
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.
Selected
Portfolio
REIT
Real
Estate
Investment
Trust
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.