# EDGAR Filing Document

**Accession Number:** 0000932101
**File Stem:** 0001133228-26-009716
**Filing Date:** 2026-6
**Character Count:** 174710
**Document Hash:** cdda2ab7a37435147dfd56d10997382e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009716.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001133228-26-009716

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**EFFECTIVENESS DATE**: 20260629

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07237
- **FILM NUMBER:** 261133841

**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 Sustainable Future Fund (Series ID: S000003851)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000010770 | Class A Shares  | PMVAX           |
| C000010772 | Class C Shares  | PMPCX           |
| C000010773 | Class R Shares  | PMVRX           |
| C000010774 | Class Y Shares  | PMVYX           |
| C000202883 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-05-2074200166100_PutnamSustainableFutureFund_ClassA_TSRAnnual

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, NY 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: **April 30**

Date of reporting period: **April 30, 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 Sustainable Future Fund**  | **Putnam Sustainable Future Fund**  |
| Class A [PMVAX] | Annual Shareholder Report \| April 30, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Future Fund for the period May 1, 2025, to April 30, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Class A | $105 | 0.99% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2026, Class A shares of Putnam Sustainable Future Fund returned 12.66%. The Fund compares its performance to the Russell Midcap Growth Index and the Putnam Sustainable Future Linked Benchmark†, which both returned 12.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Out-of-benchmark position in Planet Labs, a satellite imagery company. |
| ↑ | Out-of-benchmark position in GE Vernova, a global energy technology company. |
| ↑ | Overweight position in Vertiv, which specializes in digital infrastructure. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Not owning Comfort Systems, an HVAC company. |
| ↓ | Not owning Monolithic Power Systems, a semiconductor company. |
| ↓ | Overweight position in Sprouts Farmers Market, a supermarket chain. |

---

Putnam Sustainable Future Fund PAGE 1 38986-ATSA-0626

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 4/30/2016 — 4/30/2026

![image](ts7361img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 12.66 | -0.20 | 8.89 |
| **Class A (with sales charge)**  | 6.18 | -1.38 | 8.25 |
| **Russell 3000 Index**  | 31.01 | 11.91 | 14.75 |
| **Russell Midcap Growth Index**  | 12.86 | 5.54 | 12.40 |
| **Putnam Sustainable Future Linked Benchmark**<sup>†</sup>  | 12.86 | 5.54 | 11.32 |

---

† The Putnam Sustainable Future Linked Benchmark represents the performance of the Russell 3000 Value Index through March 20, 2018, and the performance of the Russell Midcap Growth Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 21, 2018, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $327366016 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 70 |
| **Total Management Fee Paid** | $1904775 |
| **Portfolio Turnover Rate** | 59% |

---

Putnam Sustainable Future Fund PAGE 2 38986-ATSA-0626

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7361img005.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective September 1, 2025, the Fund's investment goal was revised to read: "The Fund seeks capital appreciation."

Effective January 1, 2026, the portfolio managers for the Fund are Stephanie Dobson and Rob Forker.

Putnam Investment Management, LLC, the investment manager of the Fund, has recommended, and the Fund's Board of Trustees has approved, the merger of the Fund with and into Putnam U.S. Research Fund. The merger is expected to be completed in the third quarter of 2026.

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Future Fund PAGE 3 38986-ATSA-0626

94251065111133127941319722313165401545619736196052208610000118581340615106149482256021857221862713330227396011000011583135371592515961245762046420791250942852032187100001173312294144621449522319185841888122789259002923029.821.414.214.08.75.84.00.90.60.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Sustainable Future Fund**  | **Putnam Sustainable Future Fund**  |
| Class C [PMPCX] | Annual Shareholder Report \| April 30, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Future Fund for the period May 1, 2025, to April 30, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Class C | $184 | 1.74% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2026, Class C shares of Putnam Sustainable Future Fund returned 11.83%. The Fund compares its performance to the Russell Midcap Growth Index and the Putnam Sustainable Future Linked Benchmark†, which both returned 12.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Out-of-benchmark position in Planet Labs, a satellite imagery company. |
| ↑ | Out-of-benchmark position in GE Vernova, a global energy technology company. |
| ↑ | Overweight position in Vertiv, which specializes in digital infrastructure. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Not owning Comfort Systems, an HVAC company. |
| ↓ | Not owning Monolithic Power Systems, a semiconductor company. |
| ↓ | Overweight position in Sprouts Farmers Market, a supermarket chain. |

---

Putnam Sustainable Future Fund PAGE 1 38986-ATSC-0626

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 4/30/2016 — 4/30/2026

![image](ts7362img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 11.83 | -0.95 | 8.23 |
| **Class C (with sales charge)**  | 10.88 | -0.95 | 8.23 |
| **Russell 3000 Index**  | 31.01 | 11.91 | 14.75 |
| **Russell Midcap Growth Index**  | 12.86 | 5.54 | 12.40 |
| **Putnam Sustainable Future Linked Benchmark**<sup>†</sup>  | 12.86 | 5.54 | 11.32 |

---

† The Putnam Sustainable Future Linked Benchmark represents the performance of the Russell 3000 Value Index through March 20, 2018, and the performance of the Russell Midcap Growth Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class C share performance reflects conversion to class A shares after eight years.

Effective March 21, 2018, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $327366016 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 70 |
| **Total Management Fee Paid** | $1904775 |
| **Portfolio Turnover Rate** | 59% |

---

Putnam Sustainable Future Fund PAGE 2 38986-ATSC-0626

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7362img005.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective September 1, 2025, the Fund's investment goal was revised to read: "The Fund seeks capital appreciation."

Effective January 1, 2026, the portfolio managers for the Fund are Stephanie Dobson and Rob Forker.

Putnam Investment Management, LLC, the investment manager of the Fund, has recommended, and the Fund's Board of Trustees has approved, the merger of the Fund with and into Putnam U.S. Research Fund. The merger is expected to be completed in the third quarter of 2026.

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Future Fund PAGE 3 38986-ATSC-0626

100001121311633132661358422799167811555919710194352173310000118581340615106149482256021857221862713330227396011000011583135371592515961245762046420791250942852032187100001173312294144621449522319185841888122789259002923029.821.414.214.08.75.84.00.90.60.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Sustainable Future Fund**  | **Putnam Sustainable Future Fund**  |
| Class R [PMVRX] | Annual Shareholder Report \| April 30, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Future Fund for the period May 1, 2025, to April 30, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Class R | $132 | 1.24% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2026, Class R shares of Putnam Sustainable Future Fund returned 12.35%. The Fund compares its performance to the Russell Midcap Growth Index and the Putnam Sustainable Future Linked Benchmark†, which both returned 12.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Out-of-benchmark position in Planet Labs, a satellite imagery company. |
| ↑ | Out-of-benchmark position in GE Vernova, a global energy technology company. |
| ↑ | Overweight position in Vertiv, which specializes in digital infrastructure. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Not owning Comfort Systems, an HVAC company. |
| ↓ | Not owning Monolithic Power Systems, a semiconductor company. |
| ↓ | Overweight position in Sprouts Farmers Market, a supermarket chain. |

---

Putnam Sustainable Future Fund PAGE 1 38986-ATSR-0626

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 4/30/2016 — 4/30/2026

![image](ts7364img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 12.35 | -0.46 | 8.61 |
| **Russell 3000 Index**  | 31.01 | 11.91 | 14.75 |
| **Russell Midcap Growth Index**  | 12.86 | 5.54 | 12.40 |
| **Putnam Sustainable Future Linked Benchmark**<sup>†</sup>  | 12.86 | 5.54 | 11.32 |

---

† The Putnam Sustainable Future Linked Benchmark represents the performance of the Russell 3000 Value Index through March 20, 2018, and the performance of the Russell Midcap Growth Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 21, 2018, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $327366016 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 70 |
| **Total Management Fee Paid** | $1904775 |
| **Portfolio Turnover Rate** | 59% |

---

Putnam Sustainable Future Fund PAGE 2 38986-ATSR-0626

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7364img005.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective September 1, 2025, the Fund's investment goal was revised to read: "The Fund seeks capital appreciation."

Effective January 1, 2026, the portfolio managers for the Fund are Stephanie Dobson and Rob Forker.

Putnam Investment Management, LLC, the investment manager of the Fund, has recommended, and the Fund's Board of Trustees has approved, the merger of the Fund with and into Putnam U.S. Research Fund. The merger is expected to be completed in the third quarter of 2026.

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Future Fund PAGE 3 38986-ATSR-0626

100001126811749134691386223382172921611820526203372284810000118581340615106149482256021857221862713330227396011000011583135371592515961245762046420791250942852032187100001173312294144621449522319185841888122789259002923029.821.414.214.08.75.84.00.90.60.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Sustainable Future Fund**  | **Putnam Sustainable Future Fund**  |
| Class R6 [PNOTX] | Annual Shareholder Report \| April 30, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Future Fund for the period May 1, 2025, to April 30, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Class R6 | $68 | 0.64% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2026, Class R6 shares of Putnam Sustainable Future Fund returned 13.02%. The Fund compares its performance to the Russell Midcap Growth Index and the Putnam Sustainable Future Linked Benchmark†, which both returned 12.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Out-of-benchmark position in Planet Labs, a satellite imagery company. |
| ↑ | Out-of-benchmark position in GE Vernova, a global energy technology company. |
| ↑ | Overweight position in Vertiv, which specializes in digital infrastructure. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Not owning Comfort Systems, an HVAC company. |
| ↓ | Not owning Monolithic Power Systems, a semiconductor company. |
| ↓ | Overweight position in Sprouts Farmers Market, a supermarket chain. |

---

Putnam Sustainable Future Fund PAGE 1 38986-ATSR6-0626

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 4/30/2016 — 4/30/2026

![image](ts7363img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 13.02 | 0.16 | 9.27 |
| **Russell 3000 Index**  | 31.01 | 11.91 | 14.75 |
| **Russell Midcap Growth Index**  | 12.86 | 5.54 | 12.40 |
| **Putnam Sustainable Future Linked Benchmark**<sup>†</sup>  | 12.86 | 5.54 | 11.32 |

---

† The Putnam Sustainable Future Linked Benchmark represents the performance of the Russell 3000 Value Index through March 20, 2018, and the performance of the Russell Midcap Growth Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 5/22/2018. Returns for periods before 5/22/2018 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective March 21, 2018, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $327366016 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 70 |
| **Total Management Fee Paid** | $1904775 |
| **Portfolio Turnover Rate** | 59% |

---

Putnam Sustainable Future Fund PAGE 2 38986-ATSR6-0626

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7363img005.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective September 1, 2025, the Fund's investment goal was revised to read: "The Fund seeks capital appreciation."

Effective January 1, 2026, the portfolio managers for the Fund are Stephanie Dobson and Rob Forker.

Putnam Investment Management, LLC, the investment manager of the Fund, has recommended, and the Fund's Board of Trustees has approved, the merger of the Fund with and into Putnam U.S. Research Fund. The merger is expected to be completed in the third quarter of 2026.

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Future Fund PAGE 3 38986-ATSR6-0626

100001133211873137001418124068179031680121526214622425610000118581340615106149482256021857221862713330227396011000011583135371592515961245762046420791250942852032187100001173312294144621449522319185841888122789259002923029.821.414.214.08.75.84.00.90.60.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Sustainable Future Fund**  | **Putnam Sustainable Future Fund**  |
| Class Y [PMVYX] | Annual Shareholder Report \| April 30, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Sustainable Future Fund for the period May 1, 2025, to April 30, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Class Y | $79 | 0.74% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2026, Class Y shares of Putnam Sustainable Future Fund returned 12.87%. The Fund compares its performance to the Russell Midcap Growth Index and the Putnam Sustainable Future Linked Benchmark†, which both returned 12.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Out-of-benchmark position in Planet Labs, a satellite imagery company. |
| ↑ | Out-of-benchmark position in GE Vernova, a global energy technology company. |
| ↑ | Overweight position in Vertiv, which specializes in digital infrastructure. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Not owning Comfort Systems, an HVAC company. |
| ↓ | Not owning Monolithic Power Systems, a semiconductor company. |
| ↓ | Overweight position in Sprouts Farmers Market, a supermarket chain. |

---

Putnam Sustainable Future Fund PAGE 1 38986-ATSY-0626

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 4/30/2016 — 4/30/2026

![image](ts7365img004.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 12.87 | 0.03 | 9.16 |
| **Russell 3000 Index**  | 31.01 | 11.91 | 14.75 |
| **Russell Midcap Growth Index**  | 12.86 | 5.54 | 12.40 |
| **Putnam Sustainable Future Linked Benchmark**<sup>†</sup>  | 12.86 | 5.54 | 11.32 |

---

† The Putnam Sustainable Future Linked Benchmark represents the performance of the Russell 3000 Value Index through March 20, 2018, and the performance of the Russell Midcap Growth Index thereafter.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 21, 2018, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $327366016 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 70 |
| **Total Management Fee Paid** | $1904775 |
| **Portfolio Turnover Rate** | 59% |

---

Putnam Sustainable Future Fund PAGE 2 38986-ATSY-0626

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7365img005.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective September 1, 2025, the Fund's investment goal was revised to read: "The Fund seeks capital appreciation."

Effective January 1, 2026, the portfolio managers for the Fund are Stephanie Dobson and Rob Forker.

Putnam Investment Management, LLC, the investment manager of the Fund, has recommended, and the Fund's Board of Trustees has approved, the merger of the Fund with and into Putnam U.S. Research Fund. The merger is expected to be completed in the third quarter of 2026.

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Sustainable Future Fund PAGE 3 38986-ATSY-0626

100001133211873136821414523980178221670021366212812402010000118581340615106149482256021857221862713330227396011000011583135371592515961245762046420791250942852032187100001173312294144621449522319185841888122789259002923029.821.414.214.08.75.84.00.90.60.6 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Warren Lowell and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Warren Lowell and Manoj P. Singh as the Audit Committee's financial experts. Warren Lowell and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending April 30, 2025 and April 30, 2026 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $38,112 in April 30, 2025 and $44,469 in April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in April 30, 2025 and $0 in April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $9,691 in April 30, 2025 and $9,691 in April 30, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in April 30, 2025 and $0 in April 30, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $486,647 in April 30, 2025 and $1,557,011 in April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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

#### Sustainable

#### Future

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

April

30,

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—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 12
Notes

to

Financial

Statements

#### 16
Report

of

Independent

Registered

Public

Accounting

Firm

#### 28
Tax

Information

#### 29
Changes

In

and

Disagreements

with

Accountants

#### 30
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

#### Sustainable

#### Future

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$18.13

$20.38

$15.96

$17.08

$26.82

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.08)

(0.10)

(0.08)

(0.06)

(0.15)

Net

realized

and

unrealized

gains

(losses)

...........

2.43 0.35 4.50 (1.06)

(5.87)

Total

from

investment

operations

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

2.35 0.25 4.42 (1.12)

(6.02)

Less

distributions

from:

Net

realized

gains

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

(2.56)

(2.50)

—

—

(3.72)

Net

asset

value,

end

of

year

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

$17.92

$18.13

$20.38

$15.96

$17.08

Total

return

c

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

12.66%

(0.66)%

27.69%

(6.56)%

(25.87)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.01%

1.02%

1.05%

1.06%

1.00%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.99%

1.02%

d

1.05%

d

1.06%

d

1.00%

d

Net

investment

(loss)

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

(0.42)%

(0.45)%

(0.45)%

(0.36)%

(0.63)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$256,905

$271,593

$306,864

$267,881

$323,726

Portfolio

turnover

rate

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

59%

80%

43%

43%

50%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.28

$16.62

$13.12

$14.15

$23.02

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.18)

(0.20)

(0.18)

(0.14)

(0.29)

Net

realized

and

unrealized

gains

(losses)

...........

1.93 0.36 3.68 (0.89)

(4.86)

Total

from

investment

operations

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

1.75 0.16 3.50 (1.03)

(5.15)

Less

distributions

from:

Net

realized

gains

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

(2.56)

(2.50)

—

—

(3.72)

Net

asset

value,

end

of

year

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

$13.47

$14.28

$16.62

$13.12

$14.15

Total

return

c

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

11.83%

(1.39)%

26.68%

(7.28)%

(26.40)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.76%

1.77%

1.80%

1.81%

1.75%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.74%

1.77%

d

1.80%

d

1.81%

d

1.75%

d

Net

investment

(loss)

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

(1.17)%

(1.20)%

(1.20)%

(1.10)%

(1.38)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$3,327

$4,359

$5,946

$6,232

$8,581

Portfolio

turnover

rate

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

59%

80%

43%

43%

50%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.94

$19.23

$15.10

$16.20

$25.69

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.12)

(0.14)

(0.12)

(0.09)

(0.21)

Net

realized

and

unrealized

gains

(losses)

...........

2.27 0.35 4.25 (1.01)

(5.56)

Total

from

investment

operations

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

2.15 0.21 4.13 (1.10)

(5.77)

Less

distributions

from:

Net

realized

gains

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

(2.56)

(2.50)

—

—

(3.72)

Net

asset

value,

end

of

year

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

$16.53

$16.94

$19.23

$15.10

$16.20

Total

return

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

12.35%

(0.92)%

27.35%

(6.79)%

(26.05)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.26%

1.27%

1.30%

1.31%

1.25%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.24%

1.27%

c

1.30%

c

1.31%

c

1.25%

c

Net

investment

(loss)

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

(0.67)%

(0.70)%

(0.70)%

(0.61)%

(0.88)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$5,255

$6,211

$6,508

$6,511

$7,931

Portfolio

turnover

rate

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

59%

80%

43%

43%

50%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$18.73

$20.91

$16.32

$17.39

$27.15

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.01)

(0.02)

(0.02)

—

c

(0.07)

Net

realized

and

unrealized

gains

(losses)

...........

2.50 0.34 4.61 (1.07)

(5.97)

Total

from

investment

operations

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

2.49 0.32 4.59 (1.07)

(6.04)

Less

distributions

from:

Net

realized

gains

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

(2.56)

(2.50)

—

—

(3.72)

Net

asset

value,

end

of

year

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

$18.66

$18.73

$20.91

$16.32

$17.39

Total

return

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

13.02%

(0.30)%

28.13%

(6.15)%

(25.62)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.65%

0.66%

0.68%

0.68%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.64%

0.66%

d

0.68%

d

0.68%

d

0.65%

d

Net

investment

income

(loss)

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

(0.07)%

(0.10)%

(0.09)%

0.02%

(0.28)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$20,040

$20,072

$25,493

$21,136

$23,724

Portfolio

turnover

rate

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

59%

80%

43%

43%

50%

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

Amount

rounds

to

less

than

$0.01

per

share.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$18.54

$20.74

$16.21

$17.30

$27.05

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.03)

(0.04)

(0.04)

(0.02)

(0.10)

Net

realized

and

unrealized

gains

(losses)

...........

2.47 0.34 4.57 (1.07)

(5.93)

Total

from

investment

operations

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

2.44 0.30 4.53 (1.09)

(6.03)

Less

distributions

from:

Net

realized

gains

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

(2.56)

(2.50)

—

—

(3.72)

Net

asset

value,

end

of

year

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

$18.42

$18.54

$20.74

$16.21

$17.30

Total

return

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

12.87%

(0.40)%

27.95%

(6.30)%

(25.68)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.76%

0.77%

0.80%

0.81%

0.75%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.74%

0.77%

c

0.80%

c

0.81%

c

0.75%

c

Net

investment

(loss)

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

(0.17)%

(0.20)%

(0.20)%

(0.11)%

(0.38)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$41,839

$46,615

$54,927

$52,393

$49,034

Portfolio

turnover

rate

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

59%

80%

43%

43%

50%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Investment

Funds

Schedule

of

Investments,

April

30,

2026

#### Putnam

#### Sustainable

#### Future

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 99.6%

#### Aerospace

#### &

#### Defense

#### 2.2%
Carpenter

Technology

Corp.

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

United

States

11,200

$

4,795,840

a

Loar

Holdings,

Inc.

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

United

States

38,900

2,183,068

6,978,908

#### Beverages

#### 2.0%
Keurig

Dr.

Pepper,

Inc.

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

United

States

226,994

6,673,624

#### Biotechnology

#### 3.6%
a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

18,080

5,595,579

a

Argenx

SE

,

ADR

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

Netherlands

3,500

2,736,020

a

Ascendis

Pharma

A/S

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

Denmark

16,200

3,715,956

12,047,555

#### Building

#### Products

#### 4.3%
Allegion

plc

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

United

States

36,900

5,073,012

Simpson

Manufacturing

Co.,

Inc.

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

United

States

18,700

3,566,651

Trane

Technologies

plc

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

United

States

10,740

5,289,880

13,929,543

#### Capital

#### Markets

#### 2.7%
a

Coinbase

Global,

Inc.

,

A

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

United

States

9,460

1,776,304

KKR

&

Co.,

Inc.

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

United

States

39,100

4,079,694

TPG,

Inc.

,

A

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

United

States

77,700

3,389,274

9,245,272

#### Commercial

#### Services

#### &

#### Supplies

#### 1.5%
a

Casella

Waste

Systems,

Inc.

,

A

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

United

States

61,100

4,842,175

#### Construction

#### &

#### Engineering

#### 4.9%
a

API

Group

Corp.

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

United

States

79,500

3,634,740

Quanta

Services,

Inc.

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

United

States

17,200

12,517,644

16,152,384

#### Consumer

#### Finance

#### 1.0%
Capital

One

Financial

Corp.

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

United

States

17,000

3,252,100

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.4%
a

Sprouts

Farmers

Market,

Inc.

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

United

States

56,100

4,591,785

#### Diversified

#### Consumer

#### Services

#### 1.8%
a

Bright

Horizons

Family

Solutions,

Inc.

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

United

States

71,500

5,799,365

#### Electric

#### Utilities

#### 3.5%
Constellation

Energy

Corp.

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

United

States

12,820

4,012,660

NextEra

Energy,

Inc.

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

United

States

22,100

2,163,148

NRG

Energy,

Inc.

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

United

States

34,000

5,289,720

11,465,528

#### Electrical

#### Equipment

#### 8.7%
GE

Vernova,

Inc.

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

United

States

6,920

7,497,543

Vertiv

Holdings

Co.

,

A

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

United

States

63,600

20,891,964

28,389,507

#### Energy

#### Equipment

#### &

#### Services

#### 0.9%
Baker

Hughes

Co.

,

A

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

United

States

43,800

3,051,546

#### Entertainment

#### 0.5%
a

ROBLOX

Corp.

,

A

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

United

States

30,000

1,657,800

Putnam

Investment

Funds

Schedule

of

Investments

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financial

#### Services

#### 4.2%
HA

Sustainable

Infrastructure

Capital,

Inc.

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

United

States

121,800

$

5,109,510

Mastercard,

Inc.

,

A

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

United

States

10,340

5,200,193

a

Toast,

Inc.

,

A

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

United

States

118,800

3,388,176

13,697,879

#### Food

#### Products

#### 0.6%
Hershey

Co.

(The)

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

United

States

10,600

1,968,844

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 5.9%
a

Dexcom,

Inc.

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

United

States

105,800

6,300,390

a

Edwards

Lifesciences

Corp.

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

United

States

57,700

4,817,950

a

IDEXX

Laboratories,

Inc.

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

United

States

8,940

5,013,552

a

Penumbra,

Inc.

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

United

States

9,840

3,212,563

19,344,455

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.4%
Cencora,

Inc.

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

United

States

15,400

4,743,354

#### Health

#### Care

#### Technology

#### 0.6%
a

Veeva

Systems,

Inc.

,

A

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

United

States

13,171

2,054,281

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 12.5%
a

Black

Rock

Coffee

Bar,

Inc.

,

A

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

United

States

215,800

2,650,024

a

Cava

Group,

Inc.

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

United

States

52,200

4,876,002

a

First

Watch

Restaurant

Group,

Inc.

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

United

States

314,318

4,123,852

Hilton

Worldwide

Holdings,

Inc.

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

United

States

25,300

8,198,971

a

Life

Time

Group

Holdings,

Inc.

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

United

States

146,500

3,927,665

Royal

Caribbean

Cruises

Ltd.

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

United

States

33,880

8,936,189

a

Viking

Holdings

Ltd.

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

United

States

99,100

8,117,281

40,829,984

#### Household

#### Durables

#### 2.4%
DR

Horton,

Inc.

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

United

States

22,800

3,508,008

a

SharkNinja,

Inc.

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

United

States

35,600

4,112,868

7,620,876

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 2.3%
Vistra

Corp.

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

United

States

48,100

7,592,104

#### Insurance

#### 0.7%
Aon

plc

,

A

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

United

States

7,400

2,306,210

#### IT

#### Services

#### 1.1%
a

Snowflake,

Inc.

,

A

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

United

States

25,400

3,466,338

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 2.3%
a

Mettler-Toledo

International,

Inc.

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

United

States

2,650

3,383,016

Thermo

Fisher

Scientific,

Inc.

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

United

States

8,820

4,224,427

7,607,443

#### Machinery

#### 3.8%
Federal

Signal

Corp.

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

United

States

53,100

6,538,203

Xylem,

Inc.

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

United

States

50,600

5,978,896

12,517,099

#### Professional

#### Services

#### 1.0%
a

Planet

Labs

PBC

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

United

States

90,100

3,330,997

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 4.9%
ASML

Holding

NV

,

ADR

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

Netherlands

4,040

5,813,519

Putnam

Investment

Funds

Schedule

of

Investments

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Broadcom,

Inc.

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

United

States

12,360

$

5,159,435

Marvell

Technology,

Inc.

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

United

States

29,100

4,805,865

15,778,819

#### Software

#### 7.7%
a

Cadence

Design

Systems,

Inc.

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

United

States

13,320

4,390,139

a

Crowdstrike

Holdings,

Inc.

,

A

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

United

States

3,400

1,515,550

a

Datadog,

Inc.

,

A

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

United

States

63,200

8,354,408

a

ServiceTitan,

Inc.

,

A

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

United

States

35,035

2,083,181

a

Trimble,

Inc.

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

United

States

65,600

4,416,192

a

Tyler

Technologies,

Inc.

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

United

States

13,040

4,448,466

25,207,936

#### Specialty

#### Retail

#### 1.3%
a

Ulta

Beauty,

Inc.

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

United

States

8,200

4,407,336

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.7%
a

Everpure,

Inc.

,

A

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

United

States

29,900

2,136,355

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 3.6%
a

Amer

Sports,

Inc.

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

Finland

62,800

2,202,396

a

Birkenstock

Holding

plc

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

Germany

137,400

5,322,876

a

On

Holding

AG

,

A

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

Switzerland

116,400

4,145,004

11,670,276

#### Trading

#### Companies

#### &

#### Distributors

#### 3.6%
United

Rentals,

Inc.

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

United

States

5,400

5,183,136

WW

Grainger,

Inc.

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

United

States

5,680

6,596,468

11,779,604

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 263,745,599

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

#### 326,137,282

#### Short

#### Term

#### Investments

#### 0.6%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.2%
b,c

U.S.

Treasury

Bills

,

.56

%

,

7/16/26

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

United

States

800,000

793,952

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 794,046

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

#### 793,952

#### Shares

#### Management

#### Investment

#### Companies

#### 0.4%
d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.843 %

.......

United

States

1,181,656

1,181,656

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 1,181,656

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

#### 1,181,656

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,975,702

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

#### 1,975,608

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 265,721,301

####)
100.2 #### %
................................

#### $328,112,890

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.2 ####)

#### %
.........................................

#### (746,874)

#### Net

#### Assets

#### 100.0%

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

#### $327,366,016

#### a
Putnam

Investment

Funds

Schedule

of

Investments

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

The

rate

shown

represents

the

yield

at

period

end.

c

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

April

30,

2026,

the

value

of

this

security

pledged

amounted

to

$131,002,

representing

less

than

0.1%

of

net

assets.

d

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

Investment

Funds

Schedule

of

Investments

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

April

30,

2026

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c)

.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

#### 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

774,000

1,037,479

6/17/26

$

15,650

$

—

British

Pound

......

BOFA

Sell

246,900

326,840

6/17/26

—

(9,100)

British

Pound

......

BZWS

Sell

282,400

373,823

6/17/26

—

(10,420)

British

Pound

......

CITI

Sell

1,414,500

1,872,451

6/17/26

—

(52,164)

British

Pound

......

GSCO

Sell

916,100

1,212,669

6/17/26

—

(33,807)

British

Pound

......

MSCO

Sell

98,200

130,850

6/17/26

—

(2,764)

British

Pound

......

SSBT

Sell

2,555,900

3,399,421

6/17/26

—

(78,220)

British

Pound

......

TDOM

Buy

1,295,400

1,722,921

6/17/26

39,643

—

Danish

Krone

......

BOFA

Sell

7,878,000

1,213,026

6/17/26

—

(27,419)

Danish

Krone

......

CITI

Buy

4,516,400

695,483

6/17/26

15,655

—

Danish

Krone

......

HSBK

Sell

9,512,800

1,469,783

6/17/26

—

(28,073)

Danish

Krone

......

MSCO

Sell

6,552,600

1,014,634

6/17/26

—

(17,117)

Danish

Krone

......

SSBT

Sell

7,824,900

1,209,019

6/17/26

—

(23,066)

Euro

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

BOFA

Sell

2,645,800

3,079,972

6/17/26

8,917

(40,678)

Euro

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

BZWS

Sell

1,936,000

2,225,355

6/17/26

—

(51,581)

Euro

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

CITI

Sell

754,300

867,041

6/17/26

—

(20,093)

Euro

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

GSCO

Buy

1,876,200

2,156,598

6/17/26

50,006

—

Euro

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

GSCO

Sell

2,484,700

2,872,370

6/17/26

—

(49,893)

Euro

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

HSBK

Sell

464,300

535,529

6/17/26

—

(10,535)

Euro

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

JPHQ

Sell

3,080,200

3,563,934

6/17/26

—

(58,698)

Euro

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

MSCO

Sell

913,100

1,055,457

6/17/26

—

(18,443)

Euro

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

SSBT

Sell

2,488,500

2,870,353

6/17/26

—

(56,379)

Euro

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

TDOM

Sell

1,194,700

1,378,092

6/17/26

—

(26,998)

Swiss

Franc

.......

BZWS

Buy

816,900

1,044,743

6/17/26

5,896

—

Swiss

Franc

.......

MSCO

Sell

3,288,400

4,217,487

6/17/26

—

(11,819)

Swiss

Franc

.......

SSBT

Sell

701,600

898,280

6/17/26

—

(4,068)

Swiss

Franc

.......

WPAC

Buy

553,600

709,541

6/17/26

2,460

—

Swiss

Franc

.......

WPAC

Sell

800,500

1,023,683

6/17/26

—

(5,863)

Canadian

Dollar

....

BOFA

Sell

728,600

529,271

7/15/26

—

(8,791)

Canadian

Dollar

....

BZWS

Buy

274,600

199,465

7/15/26

3,324

—

Canadian

Dollar

....

CITI

Buy

3,257,100

2,364,243

7/15/26

41,084

—

Canadian

Dollar

....

CITI

Sell

198,300

144,020

7/15/26

—

(2,422)

Canadian

Dollar

....

GSCO

Buy

882,000

640,674

7/15/26

10,672

—

Canadian

Dollar

....

HSBK

Sell

2,896,100

2,103,839

7/15/26

—

(34,895)

Canadian

Dollar

....

MSCO

Buy

3,779,600

2,745,390

7/15/26

45,798

—

Canadian

Dollar

....

SSBT

Sell

1,206,700

876,543

7/15/26

—

(14,590)

Canadian

Dollar

....

TDOM

Sell

936,600

680,212

7/15/26

—

(11,455)

Canadian

Dollar

....

UBSW

Buy

1,640,000

1,191,271

7/15/26

19,849

—

Canadian

Dollar

....

WPAC

Sell

3,853,400

2,799,122

7/15/26

—

(46,566)

Total

Forward

Exchange

Contracts

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

$258,954

$(755,917)

Net

unrealized

appreciation

(depreciation)

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

$(496,963)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Investment

Funds

Financial

Statements

Statement

of

Assets

and

Liabilities

April

30,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Future

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$264,539,645

Cost

-

Non-controlled

affiliates

(Note

g)

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

1,181,656

Value

-

Unaffiliated

issuers

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

$326,931,234

Value

-

Non-controlled

affiliates

(Note

g)

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

1,181,656

Cash

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

2,208

Receivables:

Capital

shares

sold

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

233,664

Dividends

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

104,147

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

258,954

Prepaid

expenses

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

86,005

Total

assets

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

328,797,868

Liabilities:

Payables:

Capital

shares

redeemed

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

237,998

Management

fees

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

138,341

Administrative

fees

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

Distribution

fees

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

56,375

Transfer

agent

fees

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

78,205

Trustees'

fees

and

expenses

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

70,443

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

755,917

Accrued

expenses

and

other

liabilities

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

94,171

Total

liabilities

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

1,431,852

Net

assets,

at

value

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

$327,366,016

Net

assets

consist

of:

Paid-in

capital

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

$264,708,280

Total

distributable

earnings

(losses)

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

62,657,736

Net

assets,

at

value

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

$327,366,016

Putnam

Investment

Funds

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$256,904,749

Shares

outstanding

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

14,339,240

Net

asset

value

per

share

a

,b

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

$17.92

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$19.01

#### Class

#### C:
Net

assets,

at

value

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

$3,326,521

Shares

outstanding

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

247,008

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$13.47

#### Class

#### R:
Net

assets,

at

value

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

$5,255,480

Shares

outstanding

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

317,960

Net

asset

value

and

maximum

offering

price

per

share

b

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

$16.53

#### Class

#### R6:
Net

assets,

at

value

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

$20,040,429

Shares

outstanding

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

1,074,209

Net

asset

value

and

maximum

offering

price

per

share

b

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

$18.66

#### Class

#### Y:
Net

assets,

at

value

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

$41,838,837

Shares

outstanding

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

2,270,861

Net

asset

value

and

maximum

offering

price

per

share

b

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

$18.42

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

year

ended

April

30,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Future

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$17,752)

Unaffiliated

issuers

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

$1,834,333

Non-controlled

affiliates

(Note

g)

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

173,995

Interest:

Unaffiliated

issuers

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

40,153

Total

investment

income

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

2,048,481

Expenses:

Management

fees

(Note

a)

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

1,904,775

Administrative

fees

(Note

b)

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

6,039

Distribution

fees:

(Note

3c)

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

A

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

700,113

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

C

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

40,548

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

R

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

31,429

Transfer

agent

fees:

(Note

3e)

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

A

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

427,445

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

C

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

6,250

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

R

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

9,627

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

R6

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

10,699

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

Y

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

72,898

Custodian

fees

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

7,612

Reports

to

shareholders

fees

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

47,906

Registration

and

filing

fees

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

84,093

Professional

fees

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

93,196

Trustees'

fees

and

expenses

(Note

f)

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

15,955

Other

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

15,193

Total

expenses

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

3,473,778

Expense

reductions

(Note

4)

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

(52,047)

Net

expenses

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

3,421,731

Net

investment

income

(loss)

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

(1,373,250)

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

33,791,648

Foreign

currency

transactions

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

2,340

Forward

exchange

contracts

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

(1,237,127)

Net

realized

gain

(loss)

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

32,556,861

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

11,529,136

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

2,523

Forward

exchange

contracts

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

921,682

Net

change

in

unrealized

appreciation

(depreciation)

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

12,453,341

Net

realized

and

unrealized

gain

(loss)

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

45,010,202

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$43,636,952

Putnam

Investment

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### April

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

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

$(1,373,250)

$(1,678,680)

Net

realized

gain

(loss)

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

32,556,861

64,999,403

Net

change

in

unrealized

appreciation

(depreciation)

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

12,453,341

(61,751,414)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

43,636,952

1,569,309

Distributions

to

shareholders:

Class

A

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

(34,555,197)

(35,479,719)

Class

C

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

(621,549)

(746,535)

Class

R

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

(850,152)

(840,714)

Class

R6

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

(2,575,195)

(3,311,357)

Class

Y

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

(5,988,004)

(6,328,912)

Total

distributions

to

shareholders

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

(44,590,097)

(46,707,237)

Capital

share

transactions:

(Note

2)

Class

A

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

(14,121,667)

(456,468)

Class

B

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

—

(34,849)

Class

C

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

(918,549)

(876,342)

Class

R

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

(857,536)

577,713

Class

R6

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

(30,156)

(2,906,765)

Class

Y

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

(4,603,514)

(2,086,590)

Total

capital

share

transactions

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

(20,531,422)

(5,783,301)

Net

increase

(decrease)

in

net

assets

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

(21,484,567)

(50,921,229)

Net

assets:

Beginning

of

year

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

348,850,583

399,771,812

End

of

year

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

$327,366,016

$348,850,583

Putnam

Investment

Funds

Notes

to

Financial

Statements

#### Putnam

#### Sustainable

#### Future

#### Fund

franklintempleton.com

Annual

Report

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

Sustainable

Future

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. The

Fund

will

be

closed

to

new

investors

effective

June

26,

2026. 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

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively. Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

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

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### 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.

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

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

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.

At

April

30,

2026,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

by

counterparty

of

$518,002

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

$131,002.

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. #### 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 if

applicable,

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.

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.

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

April

30,

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

e. #### 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.

f. #### 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.

g. #### 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

April

30,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

338,375

$6,526,079

408,910

$8,592,129

Shares

issued

in

reinvestment

of

distributions

..........

1,847,165

33,784,859

1,618,984

34,711,021

Shares

redeemed

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

(2,825,581)

(54,432,605)

(2,105,843)

(43,759,618)

Net

increase

(decrease)

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

(640,041)

$(14,121,667)

(77,949)

$(456,468)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### 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

trustees of

the

following

subsidiaries:

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### B

#### Shares:

#### \*
Shares

redeemed

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

—

$—

(2,021)

$(34,849)

Net

increase

(decrease)

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

—

$—

(2,021)

$(34,849)

#### Class

#### C

#### Shares:
Shares

sold

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

19,919

$300,261

39,845

$680,740

Shares

issued

in

reinvestment

of

distributions

..........

44,269

610,027

44,026

745,806

Shares

redeemed

a

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

(122,408)

(1,828,837)

(136,324)

(2,302,888)

Net

increase

(decrease)

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

(58,220)

$(918,549)

(52,453)

$(876,342)

#### Class

#### R

#### Shares:
Shares

sold

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

38,992

$700,589

41,232

$815,759

Shares

issued

in

reinvestment

of

distributions

..........

50,087

845,964

41,754

837,167

Shares

redeemed

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

(137,806)

(2,404,089)

(54,814)

(1,075,213)

Net

increase

(decrease)

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

(48,727)

$(857,536)

28,172

$577,713

#### Class

#### R6

#### Shares:
Shares

sold

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

262,817

$5,242,570

446,686

$9,694,154

Shares

issued

in

reinvestment

of

distributions

..........

133,971

2,548,126

149,700

3,311,357

Shares

redeemed

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

(394,495)

(7,820,852)

(743,850)

(15,912,276)

Net

increase

(decrease)

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

2,293

$(30,156)

(147,464)

$(2,906,765)

#### Class

#### Y

#### Shares:
Shares

sold

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

374,617

$7,363,714

587,161

$12,636,409

Shares

issued

in

reinvestment

of

distributions

..........

314,695

5,913,110

286,159

6,266,872

Shares

redeemed

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

(932,988)

(17,880,338)

(1,007,215)

(20,989,871)

Net

increase

(decrease)

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

(243,676)

$(4,603,514)

(133,895)

$(2,086,590)

\*

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

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

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

year

ended

April

30,

2026,

the

gross

effective

investment

management

fee

rate

was 0.529%

of

the

Fund's

average daily

net

assets.

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.

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.

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.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.710%

of

the

first

$5

billion,

0.660%

of

the

next

$5

billion,

0.610%

of

the

next

$10

billion,

0.560%

of

the

next

$10

billion,

0.510%

of

the

next

$50

billion,

0.490%

of

the

next

$50

billion,

0.480%

of

the

next

$100

billion

and

0.475%

of

any

excess

thereafter.

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

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

year:

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. 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

#### 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

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

$14,694

CDSC

retained

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

$339

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

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

year

ended

April

30,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Putnam

Management

has

contractually

agreed,

through

August

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.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into

an arrangement

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

year

ended

April

30,

2026,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

5. #### Income

#### Taxes
The

tax

character

of

distributions

paid

during

the

years

ended

April

30,

2026

and

2025,

was

as

follows:

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

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

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

#### a

#### Putnam

#### Sustainable

#### Future

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.843%

......

$5,573,598

$71,476,004

$(75,867,946)

$—

$—

$1,181,656

1,181,656

$173,995

#### Total

#### Affiliated

#### Securities

#### ...
$5,573,598

$71,476,004

$(75,867,946)

$—

$—

$1,181,656

$173,995

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

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

$2,005,741

$—

Long

term

capital

gain

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

42,584,356

46,707,237

$44,590,097

$46,707,237

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

At

April

30,

2026,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

long

term

capital

gains 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,

wash

sales

and

net

operating

losses.

The

Fund

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

realized

capital

gains.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

April

30,

2026,

aggregated

$206,761,824 and

$268,484,450,

respectively.

7. #### Concentration

#### of

#### Risk
Investing

with

a

focus

on

companies

that

exhibit

a

commitment

to

sustainable

business

practices

may

result

in

the

Fund

investing

in

certain

types

of

companies,

industries

or

sectors

that

the

market

may

not

favor.

In

evaluating

an

investment

opportunity, Putnam

Management

may

make

investment

decisions

based

on

information

and

data

that

is

incomplete

or

inaccurate.

Due

to

changes

in

the

products

or

services

of

the

companies

and

issuers

in

which

the

Fund

invests,

the

Fund

may

temporarily

hold

securities

that

are

inconsistent

with

its

sustainable

investment

criteria.

8. #### Other

#### Derivative

#### Information
At

April

30,

2026,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

Cost

of

investments

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

$266,028,534

Unrealized

appreciation

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

$88,875,802

Unrealized

depreciation

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

(27,288,409)

Net

unrealized

appreciation

(depreciation)

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

$61,587,393

Distributable

earnings:

Undistributed

long

term

capital

gains

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

$1,067,112

#### 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

#### Sustainable

#### Future

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

258,954

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

755,917

Total

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

$258,954

$755,917

5. #### Income

#### Taxes
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

For

the

year

ended

April

30,

2026,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

year

ended

April

30,

2026,

the

average

month

end contract

value

of

forward

exchange

contracts

was

$58,990,574.

See

Note

1(c) regarding

derivative

financial

instruments.

9. #### Upcoming

#### Reorganization
On

May

21,

2026,

the

Board

approved

a

proposal

to

reorganize

the

Fund

with

and

into

Putnam

U.S.

Research

Fund.

Upon

completion

of

the

reorganization

on

or

about

August

17,

2026,

assets

in

the

Fund

will

be

transferred

into

Putnam

U.S.

Research

Fund.

10. #### 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

year

ended

April

30,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

11. #### 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.)

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### Sustainable

#### Future

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

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

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$(1,237,127)

Forward

exchange

contracts

$921,682

Total

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

$(1,237,127)

$921,682

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

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

April

30,

2026,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

12. #### 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.

13. #### 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

other

than

those

already

disclosed

in

the

financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Sustainable

#### Future

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

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

$

326,137,282

$

—

$

—

$

326,137,282

Short

Term

Investments

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

1,181,656

793,952

—

1,975,608

Total

Investments

in

Securities

...........

$327,318,938

$793,952

$—

$328,112,890

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$258,954

$—

$258,954

Total

Other

Financial

Instruments

.........

$—

$258,954

$—

$258,954

–

–

–

–

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$

—

$

755,917

$

—

$

755,917

Total

Other

Financial

Instruments

.........

$—

$755,917

$—

$755,917

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

11. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Investment

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund
(continued)

#### 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

#### ADR
American

Depositary

Receipt

Putnam

Investment

Funds

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Investment

Funds

and

Shareholders

of

Putnam

Sustainable

Future

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

Sustainable

Future

Fund

(one

of

the

funds

constituting

Putnam

Investment

Funds,

referred

to

hereafter

as

the

"Fund")

as

of

April

30,

2026,

the

related

statement

of

operations

for

the

year

ended

April

30,

2026,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2026,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2026

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

April

30,

2026,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2026

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2026

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2026

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Boston,

Massachusetts

June

17,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Investment

Funds

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Putnam

#### Sustainable

#### Future

#### Fund
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

April

30,

2026:

Note

(1) -

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

consult

with

their

tax

advisors

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

taxes.

#### Pursuant

#### to:

#### Amount

#### Reported
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$44,063,055

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$1,367,627

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$1,665,148

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$2,005,741

Section

163(j)

Interest

Earned

§163(j)

$13,182

Interest

Earned

from

Federal

Obligations

Note

(1) $40,153

Putnam

Investment

Funds

franklintempleton.com

Annual

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.

38986-AFSOI

06/26©

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 Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3)
 will include the designations "principal executive officer" and "principal financial officer" in the signature blocks,
 reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR.
 The Registrants may also include each signatory's actual title with respect to the Funds alongside the required designation.

&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) Code of Ethics attached hereto.](psff-efp25108_ex99code.htm)

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.](psff-efp25108_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.](psff-efp25108_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**

---

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

---

Date: June 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: | June 29, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | June 29, 2026 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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: June 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: June 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 **April 30, 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: June 29, 2026 | Date: June 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.