# EDGAR Filing Document

**Accession Number:** 0000932101
**File Stem:** 0000869392-23-000221
**Filing Date:** 2023-1
**Character Count:** 100610
**Document Hash:** 28931044151cab8bb91624a7d826eb9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000221.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000869392-23-000221

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM INVESTMENT FUNDS
- **CENTRAL INDEX KEY:** 0000932101
- **IRS NUMBER:** 043251560
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07237
- **FILM NUMBER:** 23557802

**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 Small Cap Value Fund (Series ID: S000003854)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010787 | Class A Shares | PSLAX           |
| C000010788 | Class B Shares | PSLBX           |
| C000010789 | Class C Shares | PSLCX           |
| C000010791 | Class Y Shares | PYSVX           |
| C000049250 | CLASS R        |  |
| C000135941 | Class R6       |  |

## Nport-Ex

------

---

| |
|:---|
| **Putnam Small Cap Value Fund** |
| **The fund's portfolio** |
| **11/30/22 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (99.5%)***<sup>(a)</sup>*** | **COMMON STOCKS (99.5%)***<sup>(a)</sup>*** | **COMMON STOCKS (99.5%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| **Aerospace and defense (1.9%)** | **Aerospace and defense (1.9%)** | **Aerospace and defense (1.9%)** |
| Maxar Technologies, Inc. | 78200 | $1892440 |
| V2X, Inc.***<sup>(NON)</sup>*** | 93420 | 3775102 |
|  |  | **5667542** |
| **Air freight and logistics (0.3%)** | **Air freight and logistics (0.3%)** | **Air freight and logistics (0.3%)** |
| Radiant Logistics, Inc.***<sup>(NON)</sup>*** | 147800 | 789252 |
|  |  | **789252** |
| **Airlines (1.0%)** | **Airlines (1.0%)** | **Airlines (1.0%)** |
| Sun Country Airlines Holdings, Inc.***<sup>(NON)(S)</sup>*** | 150795 | 3046059 |
|  |  | **3046059** |
| **Auto components (0.7%)** | **Auto components (0.7%)** | **Auto components (0.7%)** |
| Motorcar Parts of America, Inc.***<sup>(NON)</sup>*** | 185958 | 2095747 |
|  |  | **2095747** |
| **Banks (21.7%)** | **Banks (21.7%)** | **Banks (21.7%)** |
| Ameris Bancorp | 71900 | 3802072 |
| Bancorp, Inc. (The)***<sup>(NON)</sup>*** | 132800 | 3980016 |
| Bank of NT Butterfield & Son, Ltd. (The) (Bermuda) | 97000 | 3375600 |
| Coastal Financial Corp./WA***<sup>(NON)</sup>*** | 61009 | 3045569 |
| ConnectOne Bancorp, Inc. | 103824 | 2724342 |
| CrossFirst Bankshares, Inc.***<sup>(NON)(S)</sup>*** | 195900 | 2717133 |
| Eastern Bankshares, Inc. | 149300 | 2927773 |
| Equity Bancshares, Inc. Class A | 86600 | 3166096 |
| First Foundation, Inc. | 124197 | 1740000 |
| Five Star Bancorp | 104342 | 2817234 |
| Lakeland Bancorp, Inc. | 147900 | 2762772 |
| Metropolitan Bank Holding Corp.***<sup>(NON)</sup>*** | 29856 | 1897050 |
| OFG Bancorp (Puerto Rico) | 149200 | 4322324 |
| Origin Bancorp, Inc. | 64900 | 2655708 |
| Peapack-Gladstone Financial Corp. | 60800 | 2506176 |
| Preferred Bank/Los Angeles CA | 30800 | 2328172 |
| Premier Financial Corp. | 94337 | 2752754 |
| QCR Holdings, Inc.***<sup>(S)</sup>*** | 45191 | 2377499 |
| Silvergate Capital Corp. Class A***<sup>(NON)(S)</sup>*** | 72000 | 1974960 |
| Southern First Bancshares, Inc.***<sup>(NON)</sup>*** | 32146 | 1591227 |
| UMB Financial Corp. | 27200 | 2326144 |
| Univest Financial Corp. | 113800 | 3210298 |
| Veritex Holdings, Inc. | 76400 | 2495224 |
|  |  | **63496143** |
| **Biotechnology (5.3%)** | **Biotechnology (5.3%)** | **Biotechnology (5.3%)** |
| Arcus Biosciences, Inc.***<sup>(NON)(S)</sup>*** | 97500 | 3429075 |
| Chinook Therapeutics, Inc.***<sup>(NON)</sup>*** | 133600 | 3026040 |
| ImmunoGen, Inc.***<sup>(NON)</sup>*** | 611400 | 3173166 |
| Veracyte, Inc.***<sup>(NON)(S)</sup>*** | 133000 | 3689420 |
| Xencor, Inc.***<sup>(NON)</sup>*** | 74200 | 2205224 |
|  |  | **15522925** |
| **Chemicals (0.8%)** | **Chemicals (0.8%)** | **Chemicals (0.8%)** |
| Olin Corp.***<sup>(S)</sup>*** | 39300 | 2239314 |
|  |  | **2239314** |
| **Commercial services and supplies (2.9%)** | **Commercial services and supplies (2.9%)** | **Commercial services and supplies (2.9%)** |
| Aris Water Solution, Inc. Class A***<sup>(S)</sup>*** | 151953 | 2403896 |
| Deluxe Corp. | 149400 | 2889396 |
| SP Plus Corp.***<sup>(NON)</sup>*** | 94000 | 3279660 |
|  |  | **8572952** |
| **Communications equipment (2.5%)** | **Communications equipment (2.5%)** | **Communications equipment (2.5%)** |
| Aviat Networks, Inc.***<sup>(NON)</sup>*** | 153228 | 4820553 |
| Ribbon Communications, Inc.***<sup>(NON)</sup>*** | 928500 | 2349105 |
|  |  | **7169658** |
| **Construction and engineering (3.0%)** | **Construction and engineering (3.0%)** | **Construction and engineering (3.0%)** |
| APi Group Corp.***<sup>(NON)</sup>*** | 206600 | 3970852 |
| Granite Construction, Inc. | 58726 | 2115311 |
| WillScot Mobile Mini Holdings Corp.***<sup>(NON)</sup>*** | 56848 | 2740642 |
|  |  | **8826805** |
| **Containers and packaging (1.0%)** | **Containers and packaging (1.0%)** | **Containers and packaging (1.0%)** |
| Graphic Packaging Holding Co. | 123800 | 2844924 |
|  |  | **2844924** |
| **Diversified consumer services (1.3%)** | **Diversified consumer services (1.3%)** | **Diversified consumer services (1.3%)** |
| Universal Technical Institute, Inc.***<sup>(NON)</sup>*** | 525712 | 3806155 |
|  |  | **3806155** |
| **Electrical equipment (1.1%)** | **Electrical equipment (1.1%)** | **Electrical equipment (1.1%)** |
| LSI Industries, Inc. | 267400 | 3174038 |
|  |  | **3174038** |
| **Electronic equipment, instruments, and components (3.1%)** | **Electronic equipment, instruments, and components (3.1%)** | **Electronic equipment, instruments, and components (3.1%)** |
| Celestica, Inc. (Canada)***<sup>(NON)</sup>*** | 291600 | 3254256 |
| Jabil, Inc. | 37111 | 2679043 |
| Vontier Corp. | 153100 | 3005353 |
|  |  | **8938652** |
| **Energy equipment and services (3.4%)** | **Energy equipment and services (3.4%)** | **Energy equipment and services (3.4%)** |
| Diamond Offshore Drilling, Inc.***<sup>(NON)</sup>*** | 301000 | 2880570 |
| Liberty Energy, Inc.***<sup>(NON)</sup>*** | 159400 | 2634882 |
| Newpark Resources, Inc.***<sup>(NON)</sup>*** | 594900 | 2385549 |
| ProFrac Holding Corp. Class A***<sup>(NON)</sup>*** | 85650 | 2019627 |
|  |  | **9920628** |
| **Entertainment (0.7%)** | **Entertainment (0.7%)** | **Entertainment (0.7%)** |
| Lions Gate Entertainment Corp. Class A***<sup>(NON)(S)</sup>*** | 264828 | 2023286 |
|  |  | **2023286** |
| **Equity real estate investment trusts (REITs) (6.4%)** | **Equity real estate investment trusts (REITs) (6.4%)** | **Equity real estate investment trusts (REITs) (6.4%)** |
| Alpine Income Property Trust, Inc.***<sup>(R)</sup>*** | 145294 | 2763492 |
| Apple Hospitality REIT, Inc.***<sup>(R)</sup>*** | 211600 | 3609896 |
| Diversified Healthcare Trust***<sup>(R)</sup>*** | 1274929 | 1262180 |
| EPR Properties***<sup>(R)</sup>*** | 59800 | 2488278 |
| RLJ Lodging Trust***<sup>(R)</sup>*** | 280500 | 3399660 |
| Spirit Realty Capital, Inc.***<sup>(R)</sup>*** | 72101 | 2986423 |
| Xenia Hotels & Resorts, Inc.***<sup>(R)</sup>*** | 151000 | 2328420 |
|  |  | **18838349** |
| **Food and staples retailing (1.1%)** | **Food and staples retailing (1.1%)** | **Food and staples retailing (1.1%)** |
| United Natural Foods, Inc.***<sup>(NON)</sup>*** | 66800 | 3185024 |
|  |  | **3185024** |
| **Food products (1.0%)** | **Food products (1.0%)** | **Food products (1.0%)** |
| Hostess Brands, Inc.***<sup>(NON)</sup>*** | 113500 | 2996400 |
|  |  | **2996400** |
| **Gas utilities (1.1%)** | **Gas utilities (1.1%)** | **Gas utilities (1.1%)** |
| ONE Gas, Inc. | 36500 | 3173675 |
|  |  | **3173675** |
| **Health-care equipment and supplies (0.7%)** | **Health-care equipment and supplies (0.7%)** | **Health-care equipment and supplies (0.7%)** |
| Lantheus Holdings, Inc.***<sup>(NON)</sup>*** | 33800 | 2098304 |
|  |  | **2098304** |
| **Health-care providers and services (4.1%)** | **Health-care providers and services (4.1%)** | **Health-care providers and services (4.1%)** |
| Acadia Healthcare Co., Inc.***<sup>(NON)</sup>*** | 36787 | 3276250 |
| Aveanna Healthcare Holdings, Inc.***<sup>(NON)(S)</sup>*** | 841800 | 571161 |
| Brookdale Senior Living, Inc.***<sup>(NON)</sup>*** | 938354 | 2955815 |
| Option Care Health, Inc.***<sup>(NON)</sup>*** | 91800 | 2764098 |
| RadNet, Inc.***<sup>(NON)</sup>*** | 127300 | 2516721 |
|  |  | **12084045** |
| **Hotels, restaurants, and leisure (4.2%)** | **Hotels, restaurants, and leisure (4.2%)** | **Hotels, restaurants, and leisure (4.2%)** |
| Chuy's Holdings, Inc.***<sup>(NON)</sup>*** | 105200 | 3333788 |
| Dave & Buster's Entertainment, Inc.***<sup>(NON)(S)</sup>*** | 77400 | 3069684 |
| Everi Holdings, Inc.***<sup>(NON)</sup>*** | 175100 | 2927672 |
| Penn Entertainment, Inc.***<sup>(NON)(S)</sup>*** | 85700 | 3015783 |
|  |  | **12346927** |
| **Household durables (0.6%)** | **Household durables (0.6%)** | **Household durables (0.6%)** |
| Hooker Furniture Corp. | 105100 | 1787751 |
|  |  | **1787751** |
| **Insurance (2.0%)** | **Insurance (2.0%)** | **Insurance (2.0%)** |
| Heritage Insurance Holdings, Inc. | 200439 | 330724 |
| Horace Mann Educators Corp. | 68400 | 2639556 |
| Kemper Corp. | 52300 | 2976916 |
|  |  | **5947196** |
| **Internet and direct marketing retail (0.6%)** | **Internet and direct marketing retail (0.6%)** | **Internet and direct marketing retail (0.6%)** |
| a.k.a. Brands Holding Corp.***<sup>(NON)(S)</sup>*** | 871326 | 1568387 |
| RumbleON, Inc. Class B***<sup>(NON)(S)</sup>*** | 18851 | 143833 |
|  |  | **1712220** |
| **IT Services (2.8%)** | **IT Services (2.8%)** | **IT Services (2.8%)** |
| Edigo, Inc.***<sup>(NON)(S)</sup>*** | 983700 | 1416528 |
| Hackett Group, Inc. (The) | 104300 | 2409330 |
| IBEX, Ltd.***<sup>(NON)</sup>*** | 163919 | 4230749 |
|  |  | **8056607** |
| **Machinery (3.1%)** | **Machinery (3.1%)** | **Machinery (3.1%)** |
| Chart Industries, Inc.***<sup>(NON)(S)</sup>*** | 20400 | 2916996 |
| Crane Holdings Co. | 25572 | 2709098 |
| Federal Signal Corp. | 70900 | 3445031 |
|  |  | **9071125** |
| **Metals and mining (3.2%)** | **Metals and mining (3.2%)** | **Metals and mining (3.2%)** |
| Alamos Gold, Inc. Class A (Canada) | 299800 | 2908060 |
| Commercial Metals Co. | 67000 | 3297740 |
| Haynes International, Inc. | 62840 | 3139486 |
|  |  | **9345286** |
| **Mortgage real estate investment trusts (REITs) (3.6%)** | **Mortgage real estate investment trusts (REITs) (3.6%)** | **Mortgage real estate investment trusts (REITs) (3.6%)** |
| Ladder Capital Corp.***<sup>(R)</sup>*** | 390178 | 4330976 |
| MFA Financial, Inc.***<sup>(R)</sup>*** | 286700 | 3205306 |
| Rithm Capital Corp.***<sup>(R)</sup>*** | 339700 | 3074285 |
|  |  | **10610567** |
| **Multi-utilities (1.2%)** | **Multi-utilities (1.2%)** | **Multi-utilities (1.2%)** |
| Unitil Corp. | 62700 | 3437214 |
|  |  | **3437214** |
| **Oil, gas, and consumable fuels (3.4%)** | **Oil, gas, and consumable fuels (3.4%)** | **Oil, gas, and consumable fuels (3.4%)** |
| Brigham Minerals, Inc. Class A | 54500 | 1930935 |
| CNX Resources Corp.***<sup>(NON)(S)</sup>*** | 142000 | 2466540 |
| Magnolia Oil & Gas Corp. Class A | 84875 | 2213540 |
| Scorpio Tankers, Inc.***<sup>(S)</sup>*** | 67100 | 3423442 |
|  |  | **10034457** |
| **Professional services (1.3%)** | **Professional services (1.3%)** | **Professional services (1.3%)** |
| ICF International, Inc. | 35300 | 3825461 |
|  |  | **3825461** |
| **Software (0.8%)** | **Software (0.8%)** | **Software (0.8%)** |
| Verra Mobility Corp.***<sup>(NON)</sup>*** | 152462 | 2416523 |
|  |  | **2416523** |
| **Specialty retail (0.5%)** | **Specialty retail (0.5%)** | **Specialty retail (0.5%)** |
| Brilliant Earth Group, Inc. Class A***<sup>(NON)</sup>*** | 280700 | 1482096 |
|  |  | **1482096** |
| **Textiles, apparel, and luxury goods (0.6%)** | **Textiles, apparel, and luxury goods (0.6%)** | **Textiles, apparel, and luxury goods (0.6%)** |
| Unifi, Inc.***<sup>(NON)</sup>*** | 207984 | 1821940 |
|  |  | **1821940** |
| **Thrifts and mortgage finance (2.1%)** | **Thrifts and mortgage finance (2.1%)** | **Thrifts and mortgage finance (2.1%)** |
| Bridgewater Bancshares, Inc.***<sup>(NON)</sup>*** | 150100 | 2892427 |
| Walker & Dunlop, Inc. | 35561 | 3175953 |
|  |  | **6068380** |
| **Tobacco (0.8%)** | **Tobacco (0.8%)** | **Tobacco (0.8%)** |
| Turning Point Brands, Inc.***<sup>(S)</sup>*** | 107800 | 2373756 |
|  |  | **2373756** |
| **Trading companies and distributors (3.6%)** | **Trading companies and distributors (3.6%)** | **Trading companies and distributors (3.6%)** |
| Custom Truck One Source, Inc.***<sup>(NON)(S)</sup>*** | 504100 | 3448044 |
| Karat Packaging, Inc. | 71687 | 990714 |
| MRC Global, Inc.***<sup>(NON)</sup>*** | 344000 | 4045440 |
| Titan Machinery, Inc.***<sup>(NON)</sup>*** | 47600 | 2095828 |
|  |  | **10580026** |
| **Total common stocks (cost $295,583,133)** |  | **$291427409** |

---

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| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (9.6%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (9.6%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (9.6%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| Putnam Cash Collateral Pool, LLC 4.10%***<sup>(AFF)</sup>*** | 26440668 | $26440668 |
| Putnam Short Term Investment Fund Class P 3.95%***<sup>(AFF)</sup>*** | 1616470 | 1616470 |
| **Total short-term investments (cost $28,057,138)** |  | **$28057138** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $323,640,271)** |  | **$319484547** |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from March 1, 2022 through November 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from March 1, 2022 through November 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from March 1, 2022 through November 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from March 1, 2022 through November 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from March 1, 2022 through November 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from March 1, 2022 through November 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. |
| ***<sup>(a)</sup>*** | Percentages indicated are based on net assets of $292,821,659. | Percentages indicated are based on net assets of $292,821,659. | Percentages indicated are based on net assets of $292,821,659. | Percentages indicated are based on net assets of $292,821,659. | Percentages indicated are based on net assets of $292,821,659. | Percentages indicated are based on net assets of $292,821,659. |
| ***<sup>(NON)</sup>*** | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. |
| ***<sup>(AFF)</sup>*** | Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Name of affiliate** | **Fair value<br>as of<br>2/28/22** | **Purchase<br>cost** | **Sale<br>proceeds** | **Investment<br>income** | **Shares outstanding<br>and fair<br>value as of<br>11/30/22** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-term investments** |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Putnam Cash Collateral Pool, LLC\*# | $13226275 | $165712366 | $152497973 | $346678 | $26440668 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Term Investment Fund\*\* | 1398518 | 54019316 | 53801364 | 17228 | 1616470 |
|  | **Total Short-term investments** | **$14624793** | **$219731682** | **$206299337** | **$363906** | **$28057138** |
|  | \* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. | \* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. | \* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. | \* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. | \* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. | \* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. |
|  | # At the close of the reporting period, the fund received cash collateral of $26,440,668 for securities loaned. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $26,714,237. | # At the close of the reporting period, the fund received cash collateral of $26,440,668 for securities loaned. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $26,714,237. | # At the close of the reporting period, the fund received cash collateral of $26,440,668 for securities loaned. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $26,714,237. | # At the close of the reporting period, the fund received cash collateral of $26,440,668 for securities loaned. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $26,714,237. | # At the close of the reporting period, the fund received cash collateral of $26,440,668 for securities loaned. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $26,714,237. | # At the close of the reporting period, the fund received cash collateral of $26,440,668 for securities loaned. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $26,714,237. |
|  | \*\* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | \*\* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | \*\* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | \*\* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | \*\* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | \*\* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. |
| ***<sup>(R)</sup>*** | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. |
| ***<sup>(S)</sup>*** | This security is on loan, in part or in entirety, at the close of the reporting period. | This security is on loan, in part or in entirety, at the close of the reporting period. | This security is on loan, in part or in entirety, at the close of the reporting period. | This security is on loan, in part or in entirety, at the close of the reporting period. | This security is on loan, in part or in entirety, at the close of the reporting period. | This security is on loan, in part or in entirety, at the close of the reporting period. |
|  | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. |
|  | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. |
|  | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. |
|  | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities. | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities. | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities. | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities. | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities. | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities. |
|  | To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. |
|  | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. |

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| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. |
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| **Common stocks\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication services | &nbsp;&nbsp;&nbsp;&nbsp;$2023286 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | &nbsp;&nbsp;&nbsp;&nbsp;25052836 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | &nbsp;&nbsp;&nbsp;&nbsp;8555180 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;19955085 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;86122286 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Health care | &nbsp;&nbsp;&nbsp;&nbsp;29705274 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;53553260 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology | &nbsp;&nbsp;&nbsp;&nbsp;26581440 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;14429524 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate | &nbsp;&nbsp;&nbsp;&nbsp;18838349 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;6610889 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total common stocks** | **291427409** | **—** | **—** |
| Short-term investments |  | 28057138 |  |
| **Totals by level** | **$291427409** | **$28057138** | **$—** |
| \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. |
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam Investment Funds

- **b. Investment Company Act file number:** 811-07237

- **c. CIK number of Registrant:** 0000932101

- **d. LEI of Registrant:** 549300SRAF55EHI5J317

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 FEDERAL STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 1-800-225-1581

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000003854

- **c. LEI of Series:** EYW12E59V2I5PAIL1O80

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $321914491.95

**Total Liabilities:** $28183825.49

**Net Assets:** $293730666.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135941 | 0.70%                | 14.99%               | -10.52%              |
| Class ID C000010788 | 0.56%                | 14.94%               | -10.64%              |
| Class ID C000010787 | 0.62%                | 14.94%               | -10.49%              |
| Class ID C000010789 | 0.67%                | 14.74%               | -10.55%              |
| Class ID C000049250 | 0.64%                | 14.83%               | -10.51%              |
| Class ID C000010791 | 0.71%                | 14.90%               | -10.50%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $161570.87               | $1501107.74                                |
| Month 2  | $-1629736.85             | $40150586.07                               |
| Month 3  | $1667625.94              | $-32401505.99                              |

### Schedule of Portfolio Investments

| Name                                     | Title               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AVIAT NETWORKS INC                       | COMMON STOCK        | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |    153228 | NS      | $4820552.88   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EDGIO INC                                | COMMON STOCK        | CUSIP: 53261M104<br>LEI: 529900BNCMDQGEKW5M59 | Long             | EC               | CORP              | US        |    983700 | NS      | $1416528.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| TITAN MACHINERY INC                      | COMMON STOCK        | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     58800 | NS      | $2588964.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| WALKER  AND  DUNLOP INC                  | COMMON STOCK        | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35561 | NS      | $3175952.91   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ LODGING TRUST                        | COMMON STOCK        | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    280500 | NS      | $3399660.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                 | COMMON STOCK        | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |     36787 | NS      | $3276250.22   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MRC GLOBAL INC                           | COMMON STOCK        | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |    344000 | NS      | $4045440.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUY'S HOLDINGS INC                      | COMMON STOCK        | CUSIP: 171604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105200 | NS      | $3333788.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DAVE  AND  BUSTER'S ENTERTAINMENT INC    | COMMON STOCK        | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |     77400 | NS      | $3069684.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: —       |
| SPIRIT REALTY CAPITAL INC                | COMMON STOCK        | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |     72101 | NS      | $2986423.42   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                       | COMMON STOCK        | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    339700 | NS      | $3074285.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VERACYTE INC                             | COMMON STOCK        | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |    133000 | NS      | $3689420.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: —       |
| ONE GAS INC                              | COMMON STOCK        | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |     36500 | NS      | $3173675.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LADDER CAPITAL CORP                      | COMMON STOCK        | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |    390178 | NS      | $4330975.80   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| XENCOR INC                               | COMMON STOCK        | CUSIP: 98401F105<br>LEI: 549300V5IF65437JKG30 | Long             | EC               | CORP              | US        |     74200 | NS      | $2205224.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| HERITAGE INSURANCE HOLDINGS INC          | COMMON STOCK        | CUSIP: 42727J102<br>LEI: 9845008CCYDD87F66B45 | Long             | EC               | CORP              | US        |    200439 | NS      | $330724.35    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RADIANT LOGISTICS INC                    | COMMON STOCK        | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |    147800 | NS      | $789252.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X INC                                  | COMMON STOCK        | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93420 | NS      | $3775102.20   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| VERITEX HOLDINGS INC                     | COMMON STOCK        | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |     76400 | NS      | $2495224.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST FOUNDATION INC                     | COMMON STOCK        | CUSIP: 32026V104<br>LEI: 254900TQZQ6LBCK77E82 | Long             | EC               | CORP              | US        |    124197 | NS      | $1739999.97   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| XENIA HOTELS  AND  RESORTS INC           | COMMON STOCK        | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |    151000 | NS      | $2328420.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINOOK THERAPEUTICS INC                 | COMMON STOCK        | CUSIP: 16961L106<br>LEI: 549300X0O3003W5QYQ48 | Long             | EC               | CORP              | US        |    133600 | NS      | $3026040.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE HOSPITALITY REIT INC               | COMMON STOCK        | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    211600 | NS      | $3609896.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS INC                    | COMMON STOCK        | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     33800 | NS      | $2098304.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY BANCSHARES INC                    | COMMON STOCK        | CUSIP: 29460X109<br>LEI: 549300BPQ2EJNU4WF694 | Long             | EC               | CORP              | US        |     86600 | NS      | $3166096.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HOSTESS BRANDS INC                       | COMMON STOCK        | CUSIP: 44109J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113500 | NS      | $2996400.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TURNING POINT BRANDS INC                 | COMMON STOCK        | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |    107800 | NS      | $2373756.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| WILLSCOT MOBILE MINI HOLDINGS CORP       | COMMON STOCK        | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     56848 | NS      | $2740642.08   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| RIBBON COMMUNICATIONS INC                | COMMON STOCK        | CUSIP: 762544104<br>LEI: 549300L1E8Z8RL7CUL52 | Long             | EC               | CORP              | US        |    928500 | NS      | $2349105.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| RUMBLEON INC                             | COMMON STOCK        | CUSIP: 781386305<br>LEI: 549300HTVW82DG77Y276 | Long             | EC               | CORP              | US        |     18851 | NS      | $143833.13    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| METROPOLITAN BANK HOLDING CORP           | COMMON STOCK        | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29856 | NS      | $1897050.24   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY ENERGY INC                       | COMMON STOCK        | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    159400 | NS      | $2634882.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEWATER BANCSHARES INC               | COMMON STOCK        | CUSIP: 108621103<br>LEI: 5493001FLSBTVILKXZ71 | Long             | EC               | CORP              | US        |    150100 | NS      | $2892427.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCUS BIOSCIENCES INC                    | COMMON STOCK        | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102500 | NS      | $3604925.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: —       |
| ORIGIN BANCORP INC                       | COMMON STOCK        | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |     64900 | NS      | $2655708.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| COASTAL FINANCIAL CORP/WA                | COMMON STOCK        | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     63509 | NS      | $3170369.28   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL  AND  GAS CORP              | COMMON STOCK        | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84875 | NS      | $2213540.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| VERRA MOBILITY CORP                      | COMMON STOCK        | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |    152462 | NS      | $2416522.70   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXAR TECHNOLOGIES INC                   | COMMON STOCK        | CUSIP: 57778K105<br>LEI: 549300OEN2G821MIJ922 | Long             | EC               | CORP              | US        |     78200 | NS      | $1892440.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHAM MINERALS INC                     | COMMON STOCK        | CUSIP: 10918L103<br>LEI: 549300IQ6JCXW59RO175 | Long             | EC               | CORP              | US        |     54500 | NS      | $1930935.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSTOM TRUCK ONE SOURCE INC              | COMMON STOCK        | CUSIP: 23204X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    504100 | NS      | $3448044.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: —       |
| CROSSFIRST BANKSHARES INC                | COMMON STOCK        | CUSIP: 22766M109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    195900 | NS      | $2717133.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: —       |
| API GROUP CORP                           | COMMON STOCK        | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    206600 | NS      | $3970852.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPINE INCOME PROPERTY TRUST INC         | COMMON STOCK        | CUSIP: 02083X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145294 | NS      | $2763491.88   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVERGATE CAPITAL CORP                  | COMMON STOCK        | CUSIP: 82837P408<br>LEI: BPE6FTXDZEBNAGIT2T19 | Long             | EC               | CORP              | US        |     72000 | NS      | $1974960.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| IBEX HOLDINGS LTD                        | COMMON STOCK        | CUSIP: G4690M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    163919 | NS      | $4230749.39   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORP                             | COMMON STOCK        | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |    153100 | NS      | $3005353.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTERN BANKSHARES INC                   | COMMON STOCK        | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |    149300 | NS      | $2927773.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COUNTRY AIRLINES HOLDINGS INC        | COMMON STOCK        | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |    150795 | NS      | $3046059.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| KARAT PACKAGING INC                      | COMMON STOCK        | CUSIP: 48563L101<br>LEI: 549300JYUKCQP3P8D632 | Long             | EC               | CORP              | US        |     71687 | NS      | $990714.34    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| FIVE STAR BANCORP                        | COMMON STOCK        | CUSIP: 33830T103<br>LEI: 5493008ZRBIHKWC0JA73 | Long             | EC               | CORP              | US        |    104342 | NS      | $2817234.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AVEANNA HEALTHCARE HOLDINGS INC          | COMMON STOCK        | CUSIP: 05356F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    841800 | NS      | $571161.30    | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| ARIS WATER SOLUTION INC                  | COMMON STOCK        | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    151953 | NS      | $2403896.46   | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| AKA BRANDS HOLDING CORP                  | COMMON STOCK        | CUSIP: 00152K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    871326 | NS      | $1568386.80   | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| BRILLIANT EARTH GROUP INC                | COMMON STOCK        | CUSIP: 109504100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    280700 | NS      | $1482096.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PROFRAC HOLDING CORP                     | COMMON STOCK        | CUSIP: 74319N100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85650 | NS      | $2019627.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CRANE HOLDINGS CO                        | COMMON STOCK        | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     25572 | NS      | $2709097.68   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMOND OFFSHORE DRILLING INC            | COMMON STOCK        | CUSIP: 25271C201<br>LEI: F14FQJ2EEHW5VPYUHL14 | Long             | EC               | CORP              | US        |    301000 | NS      | $2880570.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITIL CORP                              | COMMON STOCK        | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62700 | NS      | $3437214.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC                                | COMMON STOCK        | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     37111 | NS      | $2679043.09   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWPARK RESOURCES INC                    | COMMON STOCK        | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |    594900 | NS      | $2385549.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIFI INC                                | COMMON STOCK        | CUSIP: 904677200<br>LEI: 549300MW5LPO0M2LNO04 | Long             | EC               | CORP              | US        |    207984 | NS      | $1821939.84   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| DIVERSIFIED HEALTHCARE TRUST             | COMMON STOCK        | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1412329 | NS      | $1398205.71   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNOGEN INC                            | COMMON STOCK        | CUSIP: 45253H101<br>LEI: 54930084U0R1OP766Y02 | Long             | EC               | CORP              | US        |    611400 | NS      | $3173166.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX RESOURCES CORP                       | COMMON STOCK        | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |    142000 | NS      | $2466540.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| UMB FINANCIAL CORP                       | COMMON STOCK        | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     27200 | NS      | $2326144.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIENTAL FINL GROUP INC COM              | COMMON STOCK        | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |    149200 | NS      | $4322324.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL SIGNAL CORP                      | COMMON STOCK        | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     70900 | NS      | $3445031.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DELUXE CORP                              | COMMON STOCK        | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |    149400 | NS      | $2889396.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| KEMPER CORP                              | COMMON STOCK        | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     52300 | NS      | $2976916.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GRANITE CONSTRUCTION INC                 | COMMON STOCK        | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     58726 | NS      | $2115310.52   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| HORACE MANN EDUCATORS CORP               | COMMON STOCK        | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     68400 | NS      | $2639556.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| OLIN CORP                                | COMMON STOCK        | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     39300 | NS      | $2239314.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: —       |
| HACKETT GROUP INC/THE                    | COMMON STOCK        | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |    104300 | NS      | $2409330.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIS BANCORP                           | COMMON STOCK        | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     71900 | NS      | $3802072.00   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA MORTGAGE INVESTMENTS INC             | COMMON STOCK        | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               | CORP              | US        |    286700 | NS      | $3205306.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CONNECTONE BANCORP INC                   | COMMON STOCK        | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |    103824 | NS      | $2724341.76   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METALS CO                     | COMMON STOCK        | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     67000 | NS      | $3297740.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR PROPERTIES                           | COMMON STOCK        | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     59800 | NS      | $2488278.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PREMIER FINANCIAL CORP                   | COMMON STOCK        | CUSIP: 74052F108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94337 | NS      | $2752753.66   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN FIRST BANCSHARES INC            | COMMON STOCK        | CUSIP: 842873101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32146 | NS      | $1591227.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI INDUSTRIES INC                       | COMMON STOCK        | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |    267400 | NS      | $3174038.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKELAND BANCORP INC                     | COMMON STOCK        | CUSIP: 511637100<br>LEI: 549300NF90LR9ETZDR73 | Long             | EC               | CORP              | US        |    147900 | NS      | $2762772.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| LIONS GATE ENTERTAINMENT CORP            | COMMON STOCK        | CUSIP: 535919401<br>LEI: 5493000JSMHPHZURLM72 | Long             | EC               | CORP              | US        |    264828 | NS      | $2023285.92   | 0.69%             |  |  |  | No            |                  1 | On Loan: —       |
| OPTION CARE HEALTH INC                   | COMMON STOCK        | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     91800 | NS      | $2764098.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTORCAR PARTS OF AMERICA INC            | COMMON STOCK        | CUSIP: 620071100<br>LEI: 549300AG4610OSV3H429 | Long             | EC               | CORP              | US        |    185958 | NS      | $2095746.66   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PEAPACK-GLADSTONE FINANCIAL CORP         | COMMON STOCK        | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |     57200 | NS      | $2357784.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PENN ENTERTAINMENT INC                   | COMMON STOCK        | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81400 | NS      | $2864466.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| RADNET INC                               | COMMON STOCK        | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |    127300 | NS      | $2516721.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR HOLDINGS INC                         | COMMON STOCK        | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |     45191 | NS      | $2377498.51   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| UNITED NATURAL FOODS INC                 | COMMON STOCK        | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |     66800 | NS      | $3185024.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVEST FINANCIAL CORP                   | COMMON STOCK        | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |    113800 | NS      | $3210298.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HOOKER FURNISHINGS CORP                  | COMMON STOCK        | CUSIP: 439038100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105100 | NS      | $1787751.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAPHIC PACKAGING HOLDING CO             | COMMON STOCK        | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    123800 | NS      | $2844924.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL TECHNICAL INSTITUTE INC        | COMMON STOCK        | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    525712 | NS      | $3806154.88   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCORP INC/THE                          | COMMON STOCK        | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    132800 | NS      | $3980016.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SP PLUS CORP                             | COMMON STOCK        | CUSIP: 78469C103<br>LEI: 0IDE18EMH1CUKQCUYE69 | Long             | EC               | CORP              | US        |     94000 | NS      | $3279660.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PREFERRED BANK/LOS ANGELES CA            | COMMON STOCK        | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |     34500 | NS      | $2607855.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERI HOLDINGS INC                       | COMMON STOCK        | CUSIP: 30034T103<br>LEI: 5299006DK5S7BG10K532 | Long             | EC               | CORP              | US        |    175100 | NS      | $2927672.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKDALE SENIOR LIVING INC              | COMMON STOCK        | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |    938354 | NS      | $2955815.10   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HAYNES INTERNATIONAL INC                 | COMMON STOCK        | CUSIP: 420877201<br>LEI: 549300I9MS5UZLRFDO40 | Long             | EC               | CORP              | US        |     62840 | NS      | $3139486.40   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES INC                     | COMMON STOCK        | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     20400 | NS      | $2916996.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: —       |
| ICF INTERNATIONAL INC                    | COMMON STOCK        | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |     35300 | NS      | $3825461.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NT BUTTERFIELD  AND  SON LTD/THE | ORDINARY SHARES     | CUSIP: G0772R208<br>LEI: 549300V8RVM0EMTDPF28 | Long             | EC               | CORP              | BM        |     97000 | NS      | $3375600.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SCORPIO TANKERS INC                      | ORDINARY SHARES     | CUSIP: Y7542C130<br>LEI: 549300NVJUH16NXG8K87 | Long             | EC               | CORP              | MC        |     67100 | NS      | $3423442.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: —       |
| CELESTICA INC                            | ORDINARY SHARES     | CUSIP: 15101Q108<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |    291600 | NS      | $3254256.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMOS GOLD INC                          | ORDINARY SHARES     | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    299800 | NS      | $2908060.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| PUTNAM CASH COLLATERAL POOL LLC          | SHORT TERM INV FUND | CUSIP: N/A<br>LEI: 5493005HRIV7IFMKD774       | Long             | STIV             | PF                | US        |  26440669 | NS      | $26440669.00  | 9.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND        | SHORT TERM INV FUND | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |   1616470 | NS      | $1616470.00   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-26

**Name of Applicant:** Putnam Investments Inc

**Signature:** Janet C. Smith

**Name of Signer:** NPORT

**Title:** Principal Financial Officer