# EDGAR Filing Document

**Accession Number:** 0000932101
**File Stem:** 0001133228-26-007358
**Filing Date:** 2026-4
**Character Count:** 142250
**Document Hash:** a18444cc577121dce5660274b032f54e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007358.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007358

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM INVESTMENT FUNDS
- **CENTRAL INDEX KEY:** 0000932101

**ORGANIZATION NAME:**
- **EIN:** 043251560
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07237
- **FILM NUMBER:** 26919959

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM EQUITY FUNDS
- **DATE OF NAME CHANGE:** 19941028

## Series and Classes Contracts Data

### Putnam International Small Cap Fund (Series ID: S000003850)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010763 | Class A Shares  | PNVAX           |
| C000010765 | Class C Shares  | PUVCX           |
| C000010767 | Class R Shares  | PICRX           |
| C000010768 | Class Y Shares  | PIVYX           |
| C000202882 | Class R6 Shares | PICOX           |

?xml version='1.0' encoding='ASCII'? 2026-03-1874200178300_PutnamInternationalSmallCapFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-07237**

 **Putnam Investment Funds**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant's telephone number, including area code: **(617) 292-1000**

Date of fiscal year end: **August 31**

Date of reporting period: **February 28, 2026** 

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam International Small Cap Fund**  | **Putnam International Small Cap Fund**  |
| Class A [PNVAX] | Semi-Annual Shareholder Report \| February 28, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam International Small Cap Fund (previously known as Putnam International Capital Opportunities Fund) for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $74 | 1.42% |

---

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $364971662 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 65 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6641img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam International Small Cap Fund PAGE 1 38966-STSA-0426

27.416.011.66.55.55.04.54.42.01.91.81.81.61.61.51.35.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam International Small Cap Fund**  | **Putnam International Small Cap Fund**  |
| Class C [PUVCX] | Semi-Annual Shareholder Report \| February 28, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam International Small Cap Fund (previously known as Putnam International Capital Opportunities Fund) for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $113 | 2.17% |

---

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $364971662 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 65 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6637img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam International Small Cap Fund PAGE 1 38966-STSC-0426

27.416.011.66.55.55.04.54.42.01.91.81.81.61.61.51.35.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam International Small Cap Fund**  | **Putnam International Small Cap Fund**  |
| Class R [PICRX] | Semi-Annual Shareholder Report \| February 28, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam International Small Cap Fund (previously known as Putnam International Capital Opportunities Fund) for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R | $87 | 1.67% |

---

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $364971662 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 65 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6638img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam International Small Cap Fund PAGE 1 38966-STSR-0426

27.416.011.66.55.55.04.54.42.01.91.81.81.61.61.51.35.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam International Small Cap Fund**  | **Putnam International Small Cap Fund**  |
| Class R6 [PICOX] | Semi-Annual Shareholder Report \| February 28, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam International Small Cap Fund (previously known as Putnam International Capital Opportunities Fund) for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $53 | 1.01% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $364971662 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 65 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6639img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam International Small Cap Fund PAGE 1 38966-STSR6-0426

27.416.011.66.55.55.04.54.42.01.91.81.81.61.61.51.35.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam International Small Cap Fund**  | **Putnam International Small Cap Fund**  |
| Class Y [PIVYX] | Semi-Annual Shareholder Report \| February 28, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam International Small Cap Fund (previously known as Putnam International Capital Opportunities Fund) for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Y | $53 | 1.01% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $364971662 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 65 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6640img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam International Small Cap Fund PAGE 1 38966-STSY-0426

27.416.011.66.55.55.04.54.42.01.91.81.81.61.61.51.35.6 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### International

#### Small

#### Cap

#### Fund

#### (formerly,

#### Putnam

#### International

#### Capital

#### Opportunities

#### Fund)

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

February

28,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 13
Notes

to

Financial

Statements

#### 17
Changes

In

and

Disagreements

with

Accountants

#### 32
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Investment

Funds

Financial

Highlights

#### Putnam

#### International

#### Small

#### Cap

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$48.14

$43.43

$37.01

$31.83

$49.35

$37.10

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.01)

0.69 0.54 0.43 0.47 0.37 Net

realized

and

unrealized

gains

(losses)

5.09 5.53 6.35 4.91 (12.34)

13.74 Total

from

investment

operations

........

5.08 6.22 6.89 5.34 (11.87)

14.11 Less

distributions

from:

Net

investment

income

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

(2.79)

(1.51)

(0.16)

(0.16)

(0.51)

(0.35)

Net

realized

gains

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

(3.04)

—

(0.31)

—

(5.14)

(1.51)

Total

distributions

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

(5.83)

(1.51)

(0.47)

(0.16)

(5.65)

(1.86)

Net

asset

value,

end

of

period

..........

$47.39

$48.14

$43.43

$37.01

$31.83

$49.35

Total

return

c

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

11.30%

15.18%

18.78%

16.84%

(26.66)%

38.96%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.42%

1.53%

1.59%

1.58%

1.51%

e

1.48%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.42%

1.52%

1.59%

1.58%

1.51%

e

1.48%

Net

investment

income

(loss)

..........

(0.03)%

1.59%

1.39%

1.23%

1.19%

0.86%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$290,484

$279,401

$266,233

$251,260

$235,116

$347,964

Portfolio

turnover

rate

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

19%

30%

24%

25%

37%

36%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Includes

one-time

proxy

cost

of

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$46.74

$42.14

$36.04

$31.08

$48.24

$36.28

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.18)

0.35 0.21 0.15 0.16 0.02 Net

realized

and

unrealized

gains

(losses)

4.94 5.41 6.20 4.81 (12.07)

13.47 Total

from

investment

operations

........

4.76 5.76 6.41 4.96 (11.91)

13.49 Less

distributions

from:

Net

investment

income

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

(2.38)

(1.16)

—

—

(0.11)

(0.02)

Net

realized

gains

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

(3.04)

—

(0.31)

—

(5.14)

(1.51)

Total

distributions

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

(5.42)

(1.16)

(0.31)

—

(5.25)

(1.53)

Net

asset

value,

end

of

period

..........

$46.08

$46.74

$42.14

$36.04

$31.08

$48.24

Total

return

c

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

10.89%

14.31%

17.89%

15.96%

(27.22)%

37.93%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

2.17%

2.28%

2.34%

2.33%

2.26%

e

2.23%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

2.17%

2.27%

2.34%

2.33%

0.26%

e

2.23%

Net

investment

income

(loss)

..........

(0.78)%

0.84%

0.55%

0.43%

0.40%

0.05%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$984

$981

$1,244

$1,647

$1,987

$3,626

Portfolio

turnover

rate

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

19%

30%

24%

25%

37%

36%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Includes

one-time

proxy

cost

of

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$47.04

$42.46

$36.17

$31.09

$48.33

$36.36

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.06)

0.56 0.42 0.33 0.36 0.26 Net

realized

and

unrealized

gains

(losses)

4.95 5.43 6.22 4.81 (12.07)

13.46 Total

from

investment

operations

........

4.89 5.99 6.64 5.14 (11.71)

13.72 Less

distributions

from:

Net

investment

income

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

(2.70)

(1.41)

(0.04)

(0.06)

(0.39)

(0.24)

Net

realized

gains

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

(3.04)

—

(0.31)

—

(5.14)

(1.51)

Total

distributions

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

(5.74)

(1.41)

(0.35)

(0.06)

(5.53)

(1.75)

Net

asset

value,

end

of

period

..........

$46.19

$47.04

$42.46

$36.17

$31.09

$48.33

Total

return

c

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

11.15%

14.90%

18.49%

16.56%

(26.85)%

38.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.67%

1.78%

1.84%

1.83%

1.76%

e

1.73%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.67%

1.77%

1.84%

1.83%

1.76%

e

1.73%

Net

investment

income

(loss)

..........

(0.28)%

1.34%

1.12%

0.96%

0.93%

0.62%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$7,095

$6,135

$5,810

$5,681

$6,303

$11,426

Portfolio

turnover

rate

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

19%

30%

24%

25%

37%

36%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Includes

one-time

proxy

cost

of

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$48.67

$43.91

$37.41

$32.18

$49.85

$37.45

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.09 0.86 0.62 0.59 0.64 0.56 Net

realized

and

unrealized

gains

(losses)

5.15 5.58 6.51 4.96 (12.47)

13.86 Total

from

investment

operations

........

5.24 6.44 7.13 5.55 (11.83)

14.42 Less

distributions

from:

Net

investment

income

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

(2.98)

(1.68)

(0.32)

(0.32)

(0.70)

(0.51)

Net

realized

gains

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

(3.04)

—

(0.31)

—

(5.14)

(1.51)

Total

distributions

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

(6.02)

(1.68)

(0.63)

(0.32)

(5.84)

(2.02)

Net

asset

value,

end

of

period

..........

$47.89

$48.67

$43.91

$37.41

$32.18

$49.85

Total

return

c

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

11.55%

15.61%

19.27%

17.32%

(26.37)%

39.53%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.07%

1.15%

1.18%

1.16%

1.10%

e

1.08%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.01%

1.13%

1.18%

1.16%

1.10%

e

1.08%

Net

investment

income

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

0.39%

1.99%

1.61%

1.66%

1.59%

1.28%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$9,155

$7,739

$11,492

$14,310

$11,781

$16,396

Portfolio

turnover

rate

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

19%

30%

24%

25%

37%

36%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Includes

one-time

proxy

cost

of

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$48.44

$43.68

$37.23

$32.02

$49.64

$37.29

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.09 0.80 0.65 0.54 0.58 0.49 Net

realized

and

unrealized

gains

(losses)

5.11 5.58 6.38 4.93 (12.42)

13.81 Total

from

investment

operations

........

5.20 6.38 7.03 5.47 (11.84)

14.30 Less

distributions

from:

Net

investment

income

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

(2.95)

(1.62)

(0.27)

(0.26)

(0.64)

(0.44)

Net

realized

gains

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

(3.04)

—

(0.31)

—

(5.14)

(1.51)

Total

distributions

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

(5.99)

(1.62)

(0.58)

(0.26)

(5.78)

(1.95)

Net

asset

value,

end

of

period

..........

$47.65

$48.44

$43.68

$37.23

$32.02

$49.64

Total

return

c

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

11.53%

15.52%

19.08%

17.15%

(26.49)%

39.32%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.18%

1.28%

1.34%

1.33%

1.26%

e

1.23%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.01%

1.27%

1.34%

1.33%

1.26%

e

1.23%

Net

investment

income

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

0.38%

1.84%

1.68%

1.55%

1.45%

1.12%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$57,254

$49,322

$50,004

$40,732

$26,385

$34,969

Portfolio

turnover

rate

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

19%

30%

24%

25%

37%

36%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Includes

one-time

proxy

cost

of

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Investment

Funds

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### International

#### Small

#### Cap

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 92.7%

#### Belgium

#### 1.6%
a

Liberty

Global

Ltd.,

A

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

Diversified

Telecommunication

Services

470,300

$

5,991,622

#### Canada

#### 5.1%
Cogeco

Communications,

Inc.

.......

Diversified

Telecommunication

Services

168,800

8,954,487

a

International

Petroleum

Corp.

.......

Oil,

Gas

&

Consumable

Fuels

427,209

9,793,338

18,747,825

#### Denmark

#### 4.5%
Broedrene

A&O

Johansen

A/S,

B

....

Trading

Companies

&

Distributors

321,412

4,883,437

a

Demant

A/S

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

Health

Care

Equipment

&

Supplies

115,559

3,604,055

Royal

Unibrew

A/S

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

Beverages

81,913

8,070,055

16,557,547

#### France

#### 11.9%
Edenred

SE

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

Financial

Services

317,266

7,332,966

Eurazeo

SE

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

Financial

Services

58,355

3,429,076

FDJ

United

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

Hotels,

Restaurants

&

Leisure

260,955

7,915,971

Kaufman

&

Broad

SA

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

Household

Durables

140,782

5,395,008

Rubis

SCA

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

Gas

Utilities

112,574

4,842,007

SPIE

SA

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

Commercial

Services

&

Supplies

139,194

8,617,126

Thermador

Groupe

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

Trading

Companies

&

Distributors

65,094

5,999,376

43,531,530

#### Germany

#### 4.6%
CTS

Eventim

AG

&

Co.

KGaA

.......

Entertainment

92,769

7,512,444

Jenoptik

AG

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

Electronic

Equipment,

Instruments

&

Components

282,671

9,337,208

16,849,652

#### Greece

#### 1.9%
National

Bank

of

Greece

SA

........

Banks

429,749

6,990,588

#### Ireland

#### 2.0%
AIB

Group

plc

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

Banks

706,809

7,336,536

#### Italy

#### 1.6%
Interpump

Group

SpA

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

Machinery

129,445

5,951,965

#### Japan

#### 28.3%
Avant

Group

Corp.

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

IT

Services

477,300

4,352,281

Azbil

Corp.

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

Electronic

Equipment,

Instruments

&

Components

797,700

7,408,499

BML,

Inc.

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

Health

Care

Providers

&

Services

238,200

6,640,609

Ebara

Corp.

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

Machinery

158,000

5,549,498

Fukui

Computer

Holdings,

Inc.

......

Software

378,200

8,324,814

Hikari

Tsushin,

Inc.

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

Industrial

Conglomerates

27,500

7,774,659

Japan

Material

Co.

Ltd.

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

Semiconductors

&

Semiconductor

Equipment

671,600

9,325,284

Katitas

Co.

Ltd.

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

Real

Estate

Management

&

Development

307,900

7,041,105

Miroku

Jyoho

Service

Co.

Ltd.

.......

Software

131,100

1,512,804

Mitani

Corp.

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

Trading

Companies

&

Distributors

58,200

1,064,437

MonotaRO

Co.

Ltd.

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

Trading

Companies

&

Distributors

296,200

3,938,002

Nihon

Dengi

Co.

Ltd.

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

Building

Products

74,200

5,787,073

NOF

Corp.

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

Chemicals

420,700

8,442,851

Optex

Group

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

195,100

3,991,203

PILLAR

Corp.

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

Chemicals

43,800

2,374,123

Riken

Keiki

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

136,100

3,150,992

Shofu,

Inc.

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

Health

Care

Equipment

&

Supplies

121,500

1,461,005

Putnam

Investment

Funds

Schedule

of

Investments

(unaudited)

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Industry

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Japan
(continued)

Software

Service,

Inc.

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

Health

Care

Technology

20,900

$

1,741,637

Takeuchi

Manufacturing

Co.

Ltd.

.....

Machinery

88,800

4,264,709

Tokyo

Steel

Manufacturing

Co.

Ltd.

...

Metals

&

Mining

544,900

5,648,390

WingArc1st,

Inc.

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

Software

186,700

3,290,180

103,084,155

#### Mexico

#### 1.9%
Bolsa

Mexicana

de

Valores

SAB

de

CV

Capital

Markets

3,079,600

6,802,229

#### Netherlands

#### 4.6%
Aalberts

NV

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

Machinery

203,206

8,444,883

b

Euronext

NV,

144A,

Reg

S

.........

Capital

Markets

16,188

2,674,531

a

Topicus.com,

Inc.

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

Software

83,000

5,703,911

16,823,325

#### Spain

#### 1.9%
Fomento

de

Construcciones

y

Contratas

SA

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

Commercial

Services

&

Supplies

219,818

3,054,873

Logista

Integral

SA

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

Air

Freight

&

Logistics

101,309

3,860,605

6,915,478

#### Switzerland

#### 1.4%
Swissquote

Group

Holding

SA

.......

Capital

Markets

9,293

4,958,310

#### Taiwan

#### 1.6%
Elite

Material

Co.

Ltd.

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

Electronic

Equipment,

Instruments

&

Components

76,000

5,820,285

#### United

#### Kingdom

#### 16.5%
Admiral

Group

plc

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

Insurance

150,208

6,000,732

Baltic

Classifieds

Group

plc

.........

Interactive

Media

&

Services

1,647,720

4,116,899

Bellway

plc

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

Household

Durables

223,871

8,369,583

Berkeley

Group

Holdings

plc

........

Household

Durables

164,464

9,563,471

Cranswick

plc

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

Food

Products

79,575

5,823,091

DCC

plc

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

Industrial

Conglomerates

98,524

6,870,276

JET2

plc

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

Passenger

Airlines

114,330

1,931,896

OSB

Group

plc

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

Financial

Services

677,917

5,569,877

Rightmove

plc

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

Interactive

Media

&

Services

1,000,895

6,030,982

Savills

plc

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

Real

Estate

Management

&

Development

423,294

5,784,385

60,061,192

#### United

#### States

#### 3.3%
a,c

ICON

plc

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

Life

Sciences

Tools

&

Services

43,600

4,714,904

QIAGEN

NV

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

Life

Sciences

Tools

&

Services

145,436

7,230,968

11,945,872

#### Total

#### Common

#### Stocks

#### (Cost

#### $258,393,237)

#### .....................................

#### 338,368,111
a

#### Management

#### Investment

#### Companies

#### 2.2%

#### United

#### States

#### 2.2%
c

VanEck

Junior

Gold

Miners

ETF

.....

Capital

Markets

50,200

7,840,738

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $7,012,296)

#### .....................

#### 7,840,738
Putnam

Investment

Funds

Schedule

of

Investments

(unaudited)

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Industry

#### Shares
a

#### Value
a

#### Preferred

#### Stocks

#### 2.1%

#### Germany

#### 2.1%
d

Jungheinrich

AG,

2.51%

...........

Machinery

206,495

$

7,784,848

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $5,123,592)

#### .......................................

#### 7,784,848
a

a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.3%

#### United

#### States

#### 0.3%
e

U.S.

Treasury

Notes,

0.625%,

8/15/30

.

1,127,400

995,238

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $995,238)

#### ....................

#### 995,238

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $271,524,363)

#### ...............................

#### 354,988,935

#### Short

#### Term

#### Investments

#### 5.7%
a

#### a

#### Industry

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.1%

#### United

#### States

#### 0.1%
f

U.S.

Treasury

Bills,

3.53%,

7/16/26

...

400,000

394,655

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $394,644)

#### ....................

#### 394,655

#### Shares

#### Management

#### Investment

#### Companies

#### 1.7%

#### United

#### States

#### 1.7%
g,h

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

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

6,151,145

6,151,145

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $6,151,145)

#### .....................

#### 6,151,145
i

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 3.9%

#### Money

#### Market

#### Funds

#### 3.9%
g,h

Putnam

Cash

Collateral

Pool,

LLC,

3.897%

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

14,402,710

14,402,710

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $14,402,710)
................................................................

#### 14,402,710
a

#### a
a

a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $20,948,499

####)
................................

#### 20,948,510
a

#### a

#### Total

#### Investments

#### (Cost

#### $292,472,862)

#### 103.0%

#### ..................................

#### $375,937,445

#### Other

#### Assets,

#### less

#### Liabilities

#### (3.0)%

#### ...........................................

#### (10,965,783)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $364,971,662

#### a
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

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

February

28,

2026,

the

value

of

this

security

was

$2,674,531,

representing

0.7%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

February

28,

2026. See

Note

(d).

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

Putnam

Investment

Funds

Schedule

of

Investments

(unaudited)

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

February

28,

2026,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c).

e

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

See

Note

(c).

f

The

rate

shown

represents

the

yield

at

period

end.

g

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

i

See

Note

(d)

regarding

securities

on

loan.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
British

Pound

......

BOFA

Buy

2,491,600

3,352,154

3/17/26

$

5,743

$

—

British

Pound

......

BOFA

Sell

526,600

709,257

3/17/26

—

(435) British

Pound

......

BZWS

Sell

2,535,200

3,405,167

3/17/26

—

(11,490)

British

Pound

......

CITI

Sell

2,164,900

2,907,789

3/17/26

—

(9,819)

British

Pound

......

GSCO

Buy

3,202,300

4,325,812

3/17/26

—

(10,114)

British

Pound

......

GSCO

Sell

2,073,900

2,796,930

3/17/26

5,863

(3,902)

British

Pound

......

HSBK

Sell

146,400

196,632

3/17/26

—

(669) British

Pound

......

JPHQ

Buy

1,206,800

1,620,826

3/17/26

5,563

—

British

Pound

......

MSCO

Sell

5,909,800

7,903,573

3/17/26

2,854

(63,843)

British

Pound

......

SSBT

Buy

52,900

72,308

3/17/26

—

(1,015)

British

Pound

......

SSBT

Sell

6,472,900

8,663,813

3/17/26

762

(60,392)

British

Pound

......

TDOM

Sell

4,502,500

6,011,288

3/17/26

—

(56,674)

British

Pound

......

UBSW

Buy

1,162,200

1,551,630

3/17/26

14,652

—

British

Pound

......

WPAC

Sell

1,642,300

2,192,654

3/17/26

—

(20,652)

Danish

Krone

......

BOFA

Sell

6,858,400

1,085,475

3/17/26

—

(63) Danish

Krone

......

BZWS

Sell

831,500

131,614

3/17/26

—

Danish

Krone

......

CITI

Buy

910,300

144,131

3/17/26

(71) Danish

Krone

......

CITI

Sell

11,741,800

1,858,639

3/17/26

—

Danish

Krone

......

HSBK

Buy

13,232,800

2,105,044

3/17/26

1,147

(11,723)

Danish

Krone

......

HSBK

Sell

24,927,700

3,945,380

3/17/26

—

(141) Danish

Krone

......

JPHQ

Sell

9,367,900

1,482,802

3/17/26

—

Danish

Krone

......

MSCO

Buy

976,200

155,852

3/17/26

—

(1,341)

Danish

Krone

......

MSCO

Sell

9,566,600

1,493,240

3/17/26

—

(20,948)

Danish

Krone

......

SSBT

Buy

2,063,700

327,848

3/17/26

—

(1,209)

Danish

Krone

......

SSBT

Sell

3,931,100

621,155

3/17/26

—

(1,054)

Danish

Krone

......

UBSW

Sell

5,689,900

899,142

3/17/26

—

(1,447)

Danish

Krone

......

WPAC

Sell

6,654,200

1,051,466

3/17/26

—

(1,752)

Euro

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

BOFA

Buy

1,488,500

1,759,540

3/17/26

1,974

(1,385)

Euro

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

BOFA

Sell

7,548,100

8,911,717

3/17/26

—

(13,799)

Euro

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

BZWS

Sell

2,217,900

2,619,404

3/17/26

—

(3,230)

Euro

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

CITI

Buy

1,272,900

1,506,697

3/17/26

—

(1,513)

Euro

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

CITI

Sell

2,170,000

2,584,260

3/17/26

19,142

(875) Euro

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

GSCO

Buy

5,283,600

6,237,359

3/17/26

10,422

—

Euro

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

GSCO

Sell

5,749,100

6,802,563

3/17/26

10,776

(6,439)

Euro

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

HSBK

Buy

1,669,800

1,975,857

3/17/26

—

(1,344)

Euro

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

HSBK

Sell

11,737,000

13,882,106

3/17/26

18,960

(15,682)

Euro

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

JPHQ

Buy

1,994,700

2,360,892

3/17/26

—

(2,189)

Euro

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

JPHQ

Sell

2,183,100

2,567,770

3/17/26

—

(13,714)

Euro

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

MSCO

Buy

7,047,200

8,322,409

3/17/26

28,469

(17,668)

Euro

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

SSBT

Sell

2,650,900

3,130,421

3/17/26

—

(4,227)

Euro

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

TDOM

Sell

2,352,700

2,773,904

3/17/26

—

(8,129)

Euro

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

UBSW

Buy

4,951,400

5,867,172

3/17/26

—

(12,215)

Euro

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

UBSW

Sell

11,954,600

14,095,430

3/17/26

—

(40,707)

Euro

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

WPAC

Buy

685,500

810,819

3/17/26

—

(225)

Euro

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

WPAC

Sell

3,222,100

3,799,214

3/17/26

—

(10,872)

Norwegian

Krone

...

BOFA

Buy

9,333,200

925,883

3/17/26

55,626

—

Putnam

Investment

Funds

Schedule

of

Investments

(unaudited)

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Norwegian

Krone

...

HSBK

Buy

703,700

69,808

3/17/26

$

4,195

$

—

Norwegian

Krone

...

JPHQ

Buy

7,612,200

755,056

3/17/26

45,468

—

Norwegian

Krone

...

MSCO

Buy

5,596,400

551,624

3/17/26

36,911

—

Norwegian

Krone

...

UBSW

Buy

9,849,000

970,927

3/17/26

64,825

—

Swedish

Krona

.....

BOFA

Buy

9,644,700

1,048,524

3/17/26

20,707

—

Swedish

Krona

.....

BZWS

Buy

11,716,300

1,273,690

3/17/26

25,203

—

Swedish

Krona

.....

HSBK

Buy

18,144,700

1,972,636

3/17/26

38,923

—

Swedish

Krona

.....

JPHQ

Buy

26,413,500

2,871,614

3/17/26

56,641

—

Swedish

Krona

.....

MSCO

Buy

14,381,000

1,556,303

3/17/26

38,004

—

Swedish

Krona

.....

SSBT

Buy

18,020,200

1,950,213

3/17/26

47,544

—

Swedish

Krona

.....

TDOM

Buy

11,586,600

1,253,859

3/17/26

30,655

—

Swedish

Krona

.....

TDOM

Sell

12,576,400

1,387,092

3/17/26

—

(7,153)

Swedish

Krona

.....

WPAC

Buy

6,376,200

690,039

3/17/26

16,840

—

Swiss

Franc

.......

BOFA

Buy

2,595,400

3,303,933

3/17/26

77,454

—

Swiss

Franc

.......

BZWS

Buy

814,500

1,036,946

3/17/26

24,216

—

Swiss

Franc

.......

CITI

Buy

806,000

1,026,042

3/17/26

24,046

—

Swiss

Franc

.......

GSCO

Buy

888,000

1,161,577

3/17/26

—

(4,656)

Swiss

Franc

.......

GSCO

Sell

942,700

1,200,265

3/17/26

—

(27,921)

Swiss

Franc

.......

HSBK

Buy

3,066,800

3,904,414

3/17/26

91,132

—

Swiss

Franc

.......

JPHQ

Buy

4,240,200

5,398,695

3/17/26

125,602

—

Swiss

Franc

.......

MSCO

Sell

1,707,300

2,166,723

3/17/26

—

(57,613)

Swiss

Franc

.......

UBSW

Buy

3,502,300

4,444,769

3/17/26

118,163

—

Swiss

Franc

.......

WPAC

Buy

864,600

1,097,173

3/17/26

29,261

—

Australian

Dollar

....

BOFA

Buy

16,229,200

10,854,393

4/15/26

692,810

—

Australian

Dollar

....

CITI

Buy

3,935,000

2,629,166

4/15/26

170,618

—

Australian

Dollar

....

CITI

Sell

2,916,500

2,063,704

4/15/26

—

(11,409)

Australian

Dollar

....

GSCO

Sell

2,890,600

1,990,647

4/15/26

—

(66,038)

Australian

Dollar

....

HSBK

Sell

1,378,100

926,098

4/15/26

—

(54,431)

Australian

Dollar

....

JPHQ

Buy

3,531,000

2,359,261

4/15/26

153,073

—

Australian

Dollar

....

MSCO

Buy

7,526,700

5,057,950

4/15/26

297,356

—

Australian

Dollar

....

SSBT

Buy

4,148,800

2,788,147

4/15/26

163,757

—

Australian

Dollar

....

UBSW

Buy

1,784,800

1,199,371

4/15/26

70,528

—

Australian

Dollar

....

WPAC

Buy

306,200

204,578

4/15/26

13,285

—

Australian

Dollar

....

WPAC

Sell

1,871,900

1,303,061

4/15/26

—

(28,810)

Canadian

Dollar

....

BOFA

Buy

5,173,000

3,739,176

4/15/26

60,392

—

Canadian

Dollar

....

BZWS

Sell

1,744,900

1,261,276

4/15/26

—

(20,353)

Canadian

Dollar

....

GSCO

Buy

717,800

518,835

4/15/26

8,389

—

Canadian

Dollar

....

GSCO

Sell

2,349,200

1,722,641

4/15/26

—

(2,846)

Canadian

Dollar

....

HSBK

Buy

7,554,900

5,466,904

4/15/26

82,169

—

Canadian

Dollar

....

JPHQ

Buy

2,020,200

1,460,212

4/15/26

23,624

—

Canadian

Dollar

....

MSCO

Buy

7,230,600

5,232,176

4/15/26

78,698

—

Canadian

Dollar

....

MSCO

Sell

7,270,000

5,320,408

4/15/26

—

(19,405)

Canadian

Dollar

....

SSBT

Buy

3,879,600

2,839,656

4/15/26

15,945

(6,035)

Canadian

Dollar

....

TDOM

Buy

7,508,400

5,432,838

4/15/26

82,080

—

Canadian

Dollar

....

TDOM

Sell

3,304,100

2,451,630

4/15/26

24,769

—

Canadian

Dollar

....

UBSW

Buy

4,246,300

3,072,585

4/15/26

46,321

—

Canadian

Dollar

....

WPAC

Buy

1,539,600

1,127,545

4/15/26

3,291

—

Canadian

Dollar

....

WPAC

Sell

2,753,700

2,025,572

4/15/26

2,980

—

Israeli

New

Shekel

..

BOFA

Buy

1,674,100

531,818

4/15/26

2,876

—

Israeli

New

Shekel

..

GSCO

Buy

2,587,500

822,021

4/15/26

4,406

—

Israeli

New

Shekel

..

SSBT

Buy

9,697,900

3,091,733

4/15/26

5,698

—

Israeli

New

Shekel

..

UBSW

Buy

1,816,000

578,879

4/15/26

1,137

—

Mexican

Peso

......

BOFA

Sell

400,400

22,082

4/15/26

—

(1,075)

Mexican

Peso

......

BZWS

Sell

7,291,500

402,099

4/15/26

—

(19,596)

Mexican

Peso

......

CITI

Sell

15,827,300

872,807

4/15/26

—

(42,547)

Mexican

Peso

......

GSCO

Sell

23,259,100

1,282,776

4/15/26

—

(62,387)

Mexican

Peso

......

HSBK

Sell

26,219,000

1,453,301

4/15/26

—

(63,045)

Putnam

Investment

Funds

Schedule

of

Investments

(unaudited)

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Mexican

Peso

......

SSBT

Sell

21,543,900

1,194,134

4/15/26

$

—

$

(51,832)

Mexican

Peso

......

UBSW

Sell

18,963,600

1,051,255

4/15/26

—

(45,483)

New

Zealand

Dollar

.

JPHQ

Buy

1,623,400

933,940

4/15/26

41,544

—

South

African

Rand

..

BOFA

Sell

14,507,300

901,699

4/15/26

—

(6,340)

South

African

Rand

..

SSBT

Buy

6,566,400

398,329

4/15/26

12,674

—

Chinese

Yuan

......

HSBK

Buy

3,832,500

555,983

5/13/26

5,207

—

Hong

Kong

Dollar

...

BZWS

Buy

17,446,700

2,238,958

5/13/26

—

(2,264)

Hong

Kong

Dollar

...

CITI

Buy

6,736,300

864,415

5/13/26

—

(811) Hong

Kong

Dollar

...

GSCO

Buy

7,335,400

941,436

5/13/26

—

(1,026)

Hong

Kong

Dollar

...

HSBK

Buy

4,284,200

549,764

5/13/26

—

(523) Hong

Kong

Dollar

...

SSBT

Sell

1,978,900

253,984

5/13/26

—

Hong

Kong

Dollar

...

TDOM

Buy

5,038,100

646,590

5/13/26

—

(698) Japanese

Yen

......

BOFA

Sell

852,110,700

5,491,496

5/13/26

11,365

(11,058)

Japanese

Yen

......

BZWS

Sell

806,460,300

5,181,029

5/13/26

—

(15,978)

Japanese

Yen

......

CITI

Buy

278,997,100

1,803,370

5/13/26

(5,692)

Japanese

Yen

......

CITI

Sell

267,238,500

1,716,548

5/13/26

—

(5,595)

Japanese

Yen

......

GSCO

Buy

40,780,500

262,851

5/13/26

—

(52) Japanese

Yen

......

GSCO

Sell

325,121,500

2,088,846

5/13/26

—

(6,309)

Japanese

Yen

......

HSBK

Buy

106,416,700

689,611

5/13/26

—

(3,838)

Japanese

Yen

......

HSBK

Sell

681,920,500

4,386,301

5/13/26

2,663

(10,807)

Japanese

Yen

......

JPHQ

Sell

279,062,800

1,792,932

5/13/26

—

(5,411)

Japanese

Yen

......

MSCO

Buy

180,499,900

1,159,666

5/13/26

3,515

—

Japanese

Yen

......

SSBT

Buy

73,164,900

473,472

5/13/26

742

(2,722)

Japanese

Yen

......

SSBT

Sell

232,465,700

1,516,985

5/13/26

18,925

—

Japanese

Yen

......

TDOM

Buy

104,029,700

668,254

5/13/26

2,137

—

Japanese

Yen

......

TDOM

Sell

434,619,400

2,796,421

5/13/26

—

(4,361)

Japanese

Yen

......

UBSW

Buy

87,461,000

565,937

5/13/26

1,156

(3,476)

Japanese

Yen

......

UBSW

Sell

29,812,800

196,505

5/13/26

4,385

—

New

Taiwan

Dollar

..

BZWS

Sell

26,306,800

831,809

5/13/26

—

(8,307)

New

Taiwan

Dollar

..

HSBK

Buy

64,414,500

2,035,342

5/13/26

21,755

—

New

Taiwan

Dollar

..

SSBT

Sell

223,230,700

7,064,409

5/13/26

—

(64,535)

Singapore

Dollar

....

GSCO

Buy

997,000

789,243

5/13/26

3,012

—

Singapore

Dollar

....

JPHQ

Buy

4,786,600

3,789,430

5/13/26

14,188

—

South

Korean

Won

..

BOFA

Buy

5,599,469,500

3,840,145

5/13/26

56,251

—

South

Korean

Won

..

BZWS

Buy

3,674,503,500

2,520,374

5/13/26

36,533

—

South

Korean

Won

..

GSCO

Buy

13,672,116,400

9,376,666

5/13/26

137,090

—

South

Korean

Won

..

HSBK

Buy

10,220,946,900

7,028,569

5/13/26

83,688

—

South

Korean

Won

..

JPHQ

Sell

2,039,176,900

1,398,411

5/13/26

—

(20,552)

South

Korean

Won

..

MSCO

Buy

2,380,172,000

1,672,174

5/13/26

—

(15,929)

South

Korean

Won

..

MSCO

Sell

1,282,536,000

879,676

5/13/26

—

(12,778)

Total

Forward

Exchange

Contracts

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

$3,559,556

$(1,234,664)

Net

unrealized

appreciation

(depreciation)

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

$2,324,892

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Investment

Funds

Financial

Statements

Statement

of

Assets

and

Liabilities

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$271,919,007

Cost

-

Non-controlled

affiliates

(Note

g)

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

20,553,855

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$

11,283,257)

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

$355,383,590

Value

-

Non-controlled

affiliates

(Note

g)

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

20,553,855

Cash

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

1,100,000

Receivables:

Investment

securities

sold

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

1,388,239

Capital

shares

sold

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

55,914

Dividends

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

844,746

European

Union

tax

reclaims

(Note

e)

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

475,924

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

3,559,556

Prepaid

expenses

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

116,052

Total

assets

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

383,477,876

Liabilities:

Payables:

Capital

shares

redeemed

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

168,433

Management

fees

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

191,924

Administrative

fees

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

Distribution

fees

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

58,213

Transfer

agent

fees

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

144,610

Trustees'

fees

and

expenses

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

120,864

Deposits

from

brokers

for:

OTC

derivative

contracts

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

1,100,000

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

1,234,664

Payable

upon

return

of

securities

loaned

(Note

d)

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

14,402,710

Collateral

on

certain

derivative

contracts,

at

value

(Note

c)

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

995,238

Accrued

expenses

and

other

liabilities

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

89,539

Total

liabilities

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

18,506,214

Net

assets,

at

value

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

$364,971,662

Net

assets

consist

of:

Paid-in

capital

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

$281,442,758

Total

distributable

earnings

(losses)

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

83,528,904

Net

assets,

at

value

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

$364,971,662

Putnam

Investment

Funds

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### International

#### Small

#### Cap

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$290,483,681

Shares

outstanding

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

6,129,864

Net

asset

value

per

share

a

,b

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

$47.39

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$50.28

#### Class

#### C:
Net

assets,

at

value

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

$984,023

Shares

outstanding

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

21,354

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$46.08

#### Class

#### R:
Net

assets,

at

value

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

$7,095,120

Shares

outstanding

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

153,599

Net

asset

value

and

maximum

offering

price

per

share

b

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

$46.19

#### Class

#### R6:
Net

assets,

at

value

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

$9,155,167

Shares

outstanding

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

191,185

Net

asset

value

and

maximum

offering

price

per

share

b

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

$47.89

#### Class

#### Y:
Net

assets,

at

value

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

$57,253,671

Shares

outstanding

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

1,201,622

Net

asset

value

and

maximum

offering

price

per

share

b

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

$47.65

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Investment

Funds

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$156,448)

Unaffiliated

issuers

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

$2,196,187

Non-controlled

affiliates

(Note

g)

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

175,167

Interest:

Unaffiliated

issuers

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

14,645

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(50,106)

Non-controlled

affiliates

(Note

g)

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

55,901

Other

income

(Note

e)

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

13,203

Total

investment

income

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

2,404,997

Expenses:

Management

fees

(Note

a)

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

1,564,744

Administrative

fees

(Note

b)

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

2,204

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

348,629

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

4,813

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

16,272

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

222,754

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

771

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

5,186

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

2,064

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

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

40,808

Custodian

fees

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

9,912

Reports

to

shareholders

fees

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

40,018

Registration

and

filing

fees

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

33,658

Professional

fees

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

52,327

Trustees'

fees

and

expenses

(Note

f)

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

6,318

Other

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

48,569

Total

expenses

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

2,399,047

Expense

reductions

(Not

e

4)

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

(14,353)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

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

(42,872)

Net

expenses

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

2,341,822

Net

investment

income

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

63,175

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

14,209,565

Foreign

currency

transactions

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

(4,107)

Forward

exchange

contracts

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

747,313

Net

realized

gain

(loss)

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

14,952,771

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

20,011,867

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(1,178)

Forward

exchange

contracts

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

2,773,403

Net

change

in

unrealized

appreciation

(depreciation)

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

22,784,092

Net

realized

and

unrealized

gain

(loss)

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

37,736,863

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$37,800,038

Putnam

Investment

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### International

#### Small

#### Cap

#### Fund

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$63,175

$5,190,891

Net

realized

gain

(loss)

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

14,952,771

34,328,881

Net

change

in

unrealized

appreciation

(depreciation)

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

22,784,092

4,459,457

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

37,800,038

43,979,229

Distributions

to

shareholders:

Class

A

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

(32,794,682)

(8,936,063)

Class

C

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

(107,160)

(32,305)

Class

R

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

(764,633)

(188,470)

Class

R6

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

(1,011,781)

(442,905)

Class

Y

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

(6,196,032)

(1,762,132)

Total

distributions

to

shareholders

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

(40,874,288)

(11,361,875)

Capital

share

transactions:

(Note

2)

Class

A

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

13,571,972

(14,363,206)

Class

B

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

—

(196,328)

Class

C

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

10,337

(375,712)

Class

R

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

1,016,200

(282,792)

Class

R6

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

1,498,518

(3,623,034)

Class

Y

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

8,371,975

(5,181,066)

Total

capital

share

transactions

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

24,469,002

(24,022,138)

Net

increase

(decrease)

in

net

assets

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

21,394,752

8,595,216

Net

assets:

Beginning

of

period

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

343,576,910

334,981,694

End

of

period

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

$364,971,662

$343,576,910

Putnam

Investment

Funds

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

#### Putnam

#### International

#### Small

#### Cap

#### Fund
1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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.

The

Trust

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. Putnam

International

Capital

Opportunities

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

5,

2024,

all

Class B

shares

were

converted

to

Class

A. Effective

September

30,

2025,

Putnam

International

Capital

Opportunities

Fund

was

renamed

Putnam

International

Small

Cap

Fund.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### 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

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

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

and

exchange

traded

funds 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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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.

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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

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

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

p.m.

Eastern

time.

At

February

28,

2026,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

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.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

terms

are

contract

specific

for

OTC

derivatives.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

regarding

other

derivative

information.

d. #### Securities

#### Lending
The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

the

Putnam

Cash

Collateral

Pool,

LLC,

a

limited

liability

company,

an

affiliate

of

Putnam

Management. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

e. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

In

some

cases,

the

Fund

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Statement

of

Assets

and

Liabilities

and

dividend

income

in

the

Statement

of

Operations.

In

many

cases,

however,

the

Fund

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

February

28,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

g. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

February

28,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

65,379

$3,085,851

192,233

$8,502,543

Shares

issued

in

reinvestment

of

distributions

..........

705,179

31,429,849

220,909

8,555,813

Shares

redeemed

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

(444,026)

(20,943,728)

(739,495)

(31,421,562)

Net

increase

(decrease)

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

326,532

$13,571,972

(326,353)

$(14,363,206)

#### Class

#### B

#### Shares:

#### \*
Shares

redeemed

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

—

$—

(4,657)

$(196,328)

Net

increase

(decrease)

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

—

$—

(4,657)

$(196,328)

#### Class

#### C

#### Shares:
Shares

sold

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

1,331

$62,221

2,112

$88,642

Shares

issued

in

reinvestment

of

distributions

..........

2,346

101,803

817

30,878

Shares

redeemed

a

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

(3,311)

(153,687)

(11,467)

(495,232)

Net

increase

(decrease)

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

$10,337

(8,538)

$(375,712)

#### Class

#### R

#### Shares:
Shares

sold

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

37,182

$1,682,875

28,756

$1,270,139

Shares

issued

in

reinvestment

of

distributions

..........

17,590

764,633

4,973

188,470

Shares

redeemed

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

(31,609)

(1,431,308)

(40,119)

(1,741,401)

Net

increase

(decrease)

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

23,163

$1,016,200

(6,390)

$(282,792)

#### Class

#### R6

#### Shares:
Shares

sold

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

34,120

$1,639,544

71,972

$3,296,229

Shares

issued

in

reinvestment

of

distributions

..........

22,079

993,771

11,238

438,851

Shares

redeemed

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

(24,004)

(1,134,797)

(185,910)

(7,358,114)

Net

increase

(decrease)

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

32,195

$1,498,518

(102,700)

$(3,623,034)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

Putnam

Management

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

period

ended

February

28,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.905%

of

the

Fund's

average daily

net

assets.

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### Y

#### Shares:
Shares

sold

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

150,259

$7,095,209

172,779

$7,510,638

Shares

issued

in

reinvestment

of

distributions

..........

132,360

5,927,076

43,591

1,694,835

Shares

redeemed

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

(99,300)

(4,650,310)

(342,772)

(14,386,539)

Net

increase

(decrease)

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

183,319

$8,371,975

(126,402)

$(5,181,066)

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Putnam

Investment

Management,

LLC

(Putnam

Management)

Investment

manager

Franklin

Advisers,

Inc.

(Advisers)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
1.080%

of

the

first

$5

billion,

1.030%

of

the

next

$5

billion,

0.980%

of

the

next

$10

billion,

0.930%

of

the

next

$10

billion,

0.880%

of

the

next

$50

billion,

0.860%

of

the

next

$50

billion,

0.850%

of

the

next

$100

billion

and

0.845%

of

any

excess

thereafter.

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

In

addition,

the

monthly

management

fee

consists

of

the

monthly

base

fee

plus

or

minus

a

performance

adjustment

for

the

month.

The

performance

adjustment

is

determined

based

on

performance

over

the

thirty-six

month

period

then

ended.

Each

month,

the

performance

adjustment

is

calculated

by

multiplying

the

performance

adjustment

rate

and

the

Fund's

average

net

assets

over

the

performance

period

and

dividing

the

result

by

twelve.

The

resulting

dollar

amount

is

added

to,

or

subtracted

from

the

base

fee

for

that

month.

The

performance

adjustment

rate

is

equal

to

0.03 multiplied

by

the

difference

between

the

Fund's

annualized

performance

(measured

by

the

Fund's

class

A

shares)

and

the

annualized

performance

of

the

S&P

Developed/Ex-U.S.

SmallCap

Index

each

measured

over

the

performance

period.

The

maximum

annualized

performance

adjustment

rate

is

+/-

0.21%.

The

monthly

base

fee

is

determined

based

on

the

Fund's

average

net

assets

for

the

month,

while

the

performance

adjustment

is

determined

based

on

the

Fund's

average

net

assets

over

the

thirty-six

month

performance

period.

This

means

it

is

possible

that,

if

the

Fund

underperforms

significantly

over

the

performance

period,

and

the

Fund's

assets

have

declined

significantly

over

that

period,

the

negative

performance

adjustment

may

exceed

the

base

fee.

In

this

event,

Putnam

Management

would

make

a

payment

to

the

Fund.

Because

the

performance

adjustment

is

based

on

the

Fund's

performance

relative

to

its

applicable

benchmark

index,

and

not

its

absolute

performance,

the

performance

adjustment

could

increase

Putnam

Management's

fee

even

if

the

Fund's

shares

lose

value

during

the

performance

period

provided

that

the

Fund

outperformed

its

benchmark

index,

and

could

decrease

Putnam

Management's

fee

even

if

the

Fund's

shares

increase

in

value

during

the

performance

period

provided

that

the

Fund

underperformed

its

benchmark

index.

For

the

reporting

period,

the

management

fee

represented

an

effective

rate

(excluding

the

impact

of

any

expense

waiver

in

effect)

of

0.905%

of

the

Fund's

average

net

assets,

which

included

an

effective

base

fee

of

0.898%

and

a

increase

of

0.007%

($12,103)

based

on

performance.

Putnam

Management

retained

Advisers

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Advisers

provides

certain

advisory

and

related

services

to

the

Fund.

Putnam

Management

pays

a

monthly

fee

to

Advisers

based

on

the

costs

of

Advisers

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Putnam

Management

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

Under

a

subadvisory

agreement,

PAC

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by

Putnam

Management based

on

the

average

net

assets

managed

by

PAC,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Putnam

Management,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Putnam

Management

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Putnam

Management

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Putnam

Management,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R

and

Class

Y shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. #### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.25%

Class

C

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

1.00%

1.00%

Class

R

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

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$3,580

CDSC

retained

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

$13

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

g. #### 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.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

February

28,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Putnam

Management has

contractually

agreed,

through

December

30,

2026,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

Putnam

Management

has

also

contractually

agreed

to

waive

fees

(and,

to

the

extent

necessary,

bear

other

expenses)

of

the

Fund

through

December

30,

2026, to

the

extent

that

total

expenses

of

the

Fund

(excluding

brokerage,

interest,

taxes,

investment-related

expenses,

payments

under

distribution

plans,

extraordinary

expenses,

payments

under

the

Fund's

investor

servicing

contract

and

acquired

fund

fees

and

expenses,

but

including

payments

under

the

Fund's

investment

management,

inclusive

of

any

performance-based

adjustment)

would

exceed

an

annual

rate

of

1.05%

of

the

Fund's

average

net

assets.

PSERV

has

agreed

to

waive

all

investor

servicing

fees

with

respect

to

Class

R6

and

Class

Y

shares,

through

December

30,

2026. 4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

February

28,

2026,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### International

#### Small

#### Cap

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

......

$11,951,061

$46,730,677

$(52,530,593)

$—

$—

$6,151,145

6,151,145

$175,167

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.897%

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

$5,330,000

$35,334,159

$(26,261,449)

$—

$—

$14,402,710

14,402,710

$55,901

#### Total

#### Affiliated

#### Securities

#### ...
$17,281,061

$82,064,836

$(78,792,042)

$—

$—

$20,553,855

$231,068

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

5. #### Income

#### Taxes
At

February

28,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions,

EU

reclaims

and

passive

foreign

investment

company

shares.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

February

28,

2026,

aggregated

$64,456,580 and

$74,065,208,

respectively.

At

February

28,

2026,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$14,402,710

of

cash

collateral.

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statement

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

7. #### Concentration

#### of

#### Risk
Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

8. #### Other

#### Derivative

#### Information
At

February

28,

2026,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

Cost

of

investments

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

$297,885,031

Unrealized

appreciation

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

$96,336,055

Unrealized

depreciation

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

(15,958,749)

Net

unrealized

appreciation

(depreciation)

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

$80,377,306

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### International

#### Small

#### Cap

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

3,559,556

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

1,234,664

Total

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

$3,559,556

$1,234,664

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

For

the

period

ended

February

28,

2026,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

February

28,

2026,

the

average

month

end contract

value

of

forward

exchange

contracts

was

$292,285,793.

At

February

28,

2026,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### International

#### Small

#### Cap

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$747,313

Forward

exchange

contracts

$2,773,403

Total

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

$747,313

$2,773,403

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### International

#### Small

#### Cap

#### Fund
Forward

Exchange

Contracts

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

$

3,559,556

$

1,234,664

Total

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

$3,559,556

$1,234,664

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

At

February

28,

2026,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### a,b

#### Cash

#### Collateral

#### Received

#### b

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### International

#### Small

#### Cap

#### Fund

#### Counterparty
BOFA

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

$

985,198

$

(34,155)

$

(951,043)

$

—

$

—

BZWS

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

85,958

(81,218)

—

—

4,740

CITI

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

214,231

(78,332)

—

(120,000)

15,899

GSCO

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

179,958

(179,958)

—

—

—

HSBK

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

349,839

(162,203)

—

(187,636)

—

JPHQ

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

465,767

(41,866)

—

(360,000)

63,901

MSCO

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

485,807

(209,525)

—

(270,000)

6,282

SSBT

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

266,333

(193,021)

—

—

73,312

TDOM

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

139,641

(77,015)

—

—

62,626

UBSW

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

321,167

(103,328)

(202,278)

—

15,561

WPAC

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

65,657

(62,311)

—

—

3,346

Total

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

$3,559,556

$(1,222,932)

$(1,153,321)

$(937,636)

$245,667

$

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

At

February

28,

2026,

OTC

derivative

liabilities,

which

may

be

offset

against

the

Fund's

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

See

Note

1(c) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

9. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

February

28,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### International

#### Small

#### Cap

#### Fund

#### Counterparty
BOFA

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

$

34,155

$

(34,155)

$

—

$

—

$

—

BZWS

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

81,218

(81,218)

—

—

—

CITI

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

78,332

(78,332)

—

—

—

GSCO

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

191,690

(179,958)

—

—

11,732

HSBK

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

162,203

(162,203)

—

—

—

JPHQ

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

41,866

(41,866)

—

—

—

MSCO

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

209,525

(209,525)

—

—

—

SSBT

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

193,021

(193,021)

—

—

—

TDOM

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

77,015

(77,015)

—

—

—

UBSW

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

103,328

(103,328)

—

—

—

WPAC

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

62,311

(62,311)

—

—

—

Total

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

$1,234,664

$(1,222,932)

$—

$—

$11,732

a

At

February

28,

2026,

the

Fund

received

U.S

Treasury

Bills,

Bonds

and

Notes

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

overcollateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

10. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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

February

28,

2026,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### International

#### Small

#### Cap

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Belgium

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

$

5,991,622

$

—

$

—

$

5,991,622

Canada

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

8,954,487

9,793,338

—

18,747,825

Denmark

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

8,070,055

8,487,492

—

16,557,547

France

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

5,999,376

37,532,154

—

43,531,530

Germany

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

—

16,849,652

—

16,849,652

Greece

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

—

6,990,588

—

6,990,588

Ireland

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

—

7,336,536

—

7,336,536

Italy

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

—

5,951,965

—

5,951,965

Japan

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

—

103,084,155

—

103,084,155

Mexico

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

6,802,229

—

—

6,802,229

Netherlands

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

5,703,911

11,119,414

—

16,823,325

Spain

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

—

6,915,478

—

6,915,478

Switzerland

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

—

4,958,310

—

4,958,310

Taiwan

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

—

5,820,285

—

5,820,285

United

Kingdom

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

15,724,375

44,336,817

—

60,061,192

United

States

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

4,714,904

7,230,968

—

11,945,872

Management

Investment

Companies

.........

7,840,738

—

—

7,840,738

Preferred

Stocks

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

—

7,784,848

—

7,784,848

U.S.

Government

and

Agency

Securities

.......

—

995,238

—

995,238

Short

Term

Investments

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

6,151,145

14,797,365

—

20,948,510

Total

Investments

in

Securities

...........

$75,952,842

$299,984,603

b

$—

$375,937,445

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$3,559,556

$—

$3,559,556

Total

Other

Financial

Instruments

.........

$—

$3,559,556

$—

$3,559,556

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$1,234,664

$—

$1,234,664

Total

Other

Financial

Instruments

.........

$—

$1,234,664

$—

$1,234,664

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$284,192,000,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Putnam

Investment

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### International

#### Small

#### Cap

#### Fund
(continued)

11. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

A

management

group

of

the

Fund's

investment

manager serves

as

the

Chief

Operating

Decision

Maker

("CODM")

and

is

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### 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

#### ETF
Exchange-Traded

Fund

Putnam

Investment

Funds

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

38966-SFSOI

04/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party
 service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's
 oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](piscf-efp23842_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](piscf-efp23842_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Putnam Investment Funds** | **Putnam Investment Funds** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | April 29, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | April 29, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | April 29, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Investment Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: April 29, 2026

---

| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Investment Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: April 29, 2026

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Investment Funds** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **February 28, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Investment Funds | Putnam Investment Funds |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: April 29, 2026 | Date: April 29, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.