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Putnam Sustainable Future Fund
Class A [PMVAX]
Annual Shareholder Report \| April 30, 2025

This annual shareholder report contains important information about Putnam Sustainable Future Fund for the period May 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$102	1.02%

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

For the twelve months ended April 30, 2025, Class A shares of Putnam Sustainable Future Fund returned -0.66%. The Fund compares its performance to the Russell Midcap Growth Index and the Putnam Sustainable Future Linked Benchmark†, which both returned 13.65% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Out-of-benchmark position in Sprouts Farmers Market, a supermarket chain.
↑	Decision to not own Super Micro Computer.
↑	Out-of-benchmark position in NVIDIA, a designer of graphic processing units.


Top detractors from performance:
↓	Underweight exposure to Palantir Technologies.
↓	Underweight exposure to Applovin, a mobile technology company.
↓	Overweight position in Icon, a health care company.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

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

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 4/30/2015 — 4/30/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2025


	1 Year	5 Year	10 Year
Class A	-0.66	8.24	7.25
Class A (with sales charge)	-6.37	6.96	6.62
Russell 3000 Index	11.40	15.12	11.68
Russell Midcap Growth Index	13.65	12.31	10.58
Putnam Sustainable Future Linked Benchmark^†	13.65	12.31	9.91

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

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

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$348,850,583
Total Number of Portfolio Holdings^*	88
Total Management Fee Paid	$2,198,414
Portfolio Turnover Rate	80%

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

HOW HAS THE FUND CHANGED?

On May 31, 2023, Franklin Resources, Inc. (“Franklin Templeton”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the “Transaction”). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund’s investment advisor, Putnam Investment Management, LLC (“Putnam Management”), a wholly-owned subsidiary of Putnam Holdings, and your Fund’s then-current sub-advisor, Putnam Investments Limited (“PIL”), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts were identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.

Effective July 15, 2024, Franklin Advisers, Inc. (“Franklin Advisers”) was retained as a sub-advisor by Putnam Management for the Fund pursuant to a new sub-advisory agreement between Franklin Advisers and Putnam Management. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton.

Effective November 1, 2024 (the “Effective Date”), PIL, a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited (“FTIML”), a wholly-owned subsidiary of Franklin Templeton (the “Merger”). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Putnam Management and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund’s Trustees approved a new sub-advisory agreement between Putnam Management and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective January 31, 2025, the portfolio managers for the Fund are Katherine Collins, Stephanie Dobson and Rob Forker. Ms. Collins is anticipated to retire and step down as a member of the Fund’s portfolio management team on or about December 31, 2025.

Effective September 5, 2024 (the “Conversion Date”), class B shares of the Fund acquired prior to the Conversion Date converted automatically to class A shares.

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by September 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or
funddocuments@putnam.com.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Putnam Sustainable Future Fund
Class C [PMPCX]
Annual Shareholder Report \| April 30, 2025

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$176	1.77%

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

For the twelve months ended April 30, 2025, Class C shares of Putnam Sustainable Future Fund returned -1.39%. The Fund compares its performance to the Russell Midcap Growth Index and the Putnam Sustainable Future Linked Benchmark†, which both returned 13.65% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Out-of-benchmark position in Sprouts Farmers Market, a supermarket chain.
↑	Decision to not own Super Micro Computer.
↑	Out-of-benchmark position in NVIDIA, a designer of graphic processing units.


Top detractors from performance:
↓	Underweight exposure to Palantir Technologies.
↓	Underweight exposure to Applovin, a mobile technology company.
↓	Overweight position in Icon, a health care company.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 4/30/2015 — 4/30/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2025


	1 Year	5 Year	10 Year
Class C	-1.39	7.43	6.61
Class C (with sales charge)	-2.25	7.43	6.61
Russell 3000 Index	11.40	15.12	11.68
Russell Midcap Growth Index	13.65	12.31	10.58
Putnam Sustainable Future Linked Benchmark^†	13.65	12.31	9.91

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

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

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

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$348,850,583
Total Number of Portfolio Holdings^*	88
Total Management Fee Paid	$2,198,414
Portfolio Turnover Rate	80%

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

HOW HAS THE FUND CHANGED?


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Putnam Sustainable Future Fund
Class R [PMVRX]
Annual Shareholder Report \| April 30, 2025

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$126	1.27%

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

For the twelve months ended April 30, 2025, Class R shares of Putnam Sustainable Future Fund returned -0.92%. The Fund compares its performance to the Russell Midcap Growth Index and the Putnam Sustainable Future Linked Benchmark†, which both returned 13.65% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Out-of-benchmark position in Sprouts Farmers Market, a supermarket chain.
↑	Decision to not own Super Micro Computer.
↑	Out-of-benchmark position in NVIDIA, a designer of graphic processing units.


Top detractors from performance:
↓	Underweight exposure to Palantir Technologies.
↓	Underweight exposure to Applovin, a mobile technology company.
↓	Overweight position in Icon, a health care company.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 4/30/2015 — 4/30/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2025


	1 Year	5 Year	10 Year
Class R	-0.92	7.97	6.98
Russell 3000 Index	11.40	15.12	11.68
Russell Midcap Growth Index	13.65	12.31	10.58
Putnam Sustainable Future Linked Benchmark^†	13.65	12.31	9.91

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

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

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$348,850,583
Total Number of Portfolio Holdings^*	88
Total Management Fee Paid	$2,198,414
Portfolio Turnover Rate	80%

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

HOW HAS THE FUND CHANGED?


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Putnam Sustainable Future Fund
Class R6 [PNOTX]
Annual Shareholder Report \| April 30, 2025

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$66	0.66%

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

For the twelve months ended April 30, 2025, Class R6 shares of Putnam Sustainable Future Fund returned -0.30%. The Fund compares its performance to the Russell Midcap Growth Index and the Putnam Sustainable Future Linked Benchmark†, which both returned 13.65% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Out-of-benchmark position in Sprouts Farmers Market, a supermarket chain.
↑	Decision to not own Super Micro Computer.
↑	Out-of-benchmark position in NVIDIA, a designer of graphic processing units.


Top detractors from performance:
↓	Underweight exposure to Palantir Technologies.
↓	Underweight exposure to Applovin, a mobile technology company.
↓	Overweight position in Icon, a health care company.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 4/30/2015 — 4/30/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2025


	1 Year	5 Year	10 Year
Class R6	-0.30	8.64	7.61
Russell 3000 Index	11.40	15.12	11.68
Russell Midcap Growth Index	13.65	12.31	10.58
Putnam Sustainable Future Linked Benchmark^†	13.65	12.31	9.91

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

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

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

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$348,850,583
Total Number of Portfolio Holdings^*	88
Total Management Fee Paid	$2,198,414
Portfolio Turnover Rate	80%

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

HOW HAS THE FUND CHANGED?


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Putnam Sustainable Future Fund
Class Y [PMVYX]
Annual Shareholder Report \| April 30, 2025

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

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$77	0.77%

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

For the twelve months ended April 30, 2025, Class Y shares of Putnam Sustainable Future Fund returned -0.40%. The Fund compares its performance to the Russell Midcap Growth Index and the Putnam Sustainable Future Linked Benchmark†, which both returned 13.65% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Out-of-benchmark position in Sprouts Farmers Market, a supermarket chain.
↑	Decision to not own Super Micro Computer.
↑	Out-of-benchmark position in NVIDIA, a designer of graphic processing units.


Top detractors from performance:
↓	Underweight exposure to Palantir Technologies.
↓	Underweight exposure to Applovin, a mobile technology company.
↓	Overweight position in Icon, a health care company.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 4/30/2015 — 4/30/2025

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2025


	1 Year	5 Year	10 Year
Class Y	-0.40	8.51	7.52
Russell 3000 Index	11.40	15.12	11.68
Russell Midcap Growth Index	13.65	12.31	10.58
Putnam Sustainable Future Linked Benchmark^†	13.65	12.31	9.91

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

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

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

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$348,850,583
Total Number of Portfolio Holdings^*	88
Total Management Fee Paid	$2,198,414
Portfolio Turnover Rate	80%

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

HOW HAS THE FUND CHANGED?


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

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

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

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

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

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending April 30, 2024 and April 30, 2025 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $51,030 in April 30, 2024 and $38,112 in April 30, 2025.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in April 30, 2024 and $0 in April 30, 2025.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $5,815 in April 30, 2024 and $9,691 in April 30, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in April 30, 2024 and $0 in April 30, 2025.

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

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

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

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

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

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $664,363 in April 30, 2024 and $486,647 in April 30, 2025.

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

Putnam

Investment

Funds

Financial

Highlights

Putnam

Sustainable

Future

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$20.38

$15.96

$17.08

$26.82

$17.52

Income

from

investment

operations

Net

investment

(loss)

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

(0.10)

(0.08)

(0.06)

(0.15)

(0.10)

Net

realized

and

unrealized

gains

(losses)

...........

0.35

4.50

(1.06)

(5.87)

11.92

Total

from

investment

operations

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

0.25

4.42

(1.12)

(6.02)

11.82

Less

distributions

from:

Net

realized

gains

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

(2.50)

—

(3.72)

(2.52)

Net

asset

value,

end

year

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

$18.13

$20.38

$15.96

$17.08

$26.82

Total

return

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

(0.66)%

27.69%

(6.56)%

(25.87)%

69.07%

Ratios

average

net

assets

Expenses

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

1.02%

1.05%

1.06%

1.00%

1.02%

Net

investment

(loss)

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

(0.45)%

(0.36)%

(0.63)%

(0.43)%

Supplemental

data

Net

assets

end

year

(000’s)

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

$271,593

$306,864

$267,881

$323,726

$481,902

Portfolio

turnover

rate

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

80%

43%

50%

43%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

expense

reduction

rounds

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

Putnam

Sustainable

Future

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$16.62

$13.12

$14.15

$23.02

$15.38

Income

from

investment

operations

Net

investment

(loss)

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

(0.20)

(0.18)

(0.14)

(0.29)

(0.24)

Net

realized

and

unrealized

gains

(losses)

...........

0.36

3.68

(0.89)

(4.86)

10.40

Total

from

investment

operations

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

0.16

3.50

(1.03)

(5.15)

10.16

Less

distributions

from:

Net

realized

gains

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

(2.50)

—

(3.72)

(2.52)

Net

asset

value,

end

year

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

$14.28

$16.62

$13.12

$14.15

$23.02

Total

return

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

(1.39)%

26.68%

(7.28)%

(26.40)%

67.84%

Ratios

average

net

assets

Expenses

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

1.77%

1.80%

1.81%

1.75%

1.77%

Net

investment

(loss)

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

(1.20)%

(1.10)%

(1.38)%

(1.17)%

Supplemental

data

Net

assets

end

year

(000’s)

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

$4,359

$5,946

$6,232

$8,581

$14,396

Portfolio

turnover

rate

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

80%

43%

50%

43%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Benefit

expense

reduction

rounds

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

Putnam

Sustainable

Future

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$19.23

$15.10

$16.20

$25.69

$16.89

Income

from

investment

operations

Net

investment

(loss)

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

(0.14)

(0.12)

(0.09)

(0.21)

(0.16)

Net

realized

and

unrealized

gains

(losses)

...........

0.35

4.25

(1.01)

(5.56)

11.48

Total

from

investment

operations

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

0.21

4.13

(1.10)

(5.77)

11.32

Less

distributions

from:

Net

realized

gains

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

(2.50)

—

(3.72)

(2.52)

Net

asset

value,

end

year

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

$16.94

$19.23

$15.10

$16.20

$25.69

Total

return

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

(0.92)%

27.35%

(6.79)%

(26.05)%

68.68%

Ratios

average

net

assets

Expenses

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

1.27%

1.30%

1.31%

1.25%

1.27%

Net

investment

(loss)

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

(0.70)%

(0.61)%

(0.88)%

(0.68)%

Supplemental

data

Net

assets

end

year

(000’s)

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

$6,211

$6,508

$6,511

$7,931

$11,470

Portfolio

turnover

rate

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

80%

43%

50%

43%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

Putnam

Sustainable

Future

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$20.91

$16.32

$17.39

$27.15

$17.65

Income

from

investment

operations

Net

investment

income

(loss)

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

(0.02)

—

(0.07)

(0.02)

Net

realized

and

unrealized

gains

(losses)

...........

0.34

4.61

(1.07)

(5.97)

12.04

Total

from

investment

operations

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

0.32

4.59

(1.07)

(6.04)

12.02

Less

distributions

from:

Net

realized

gains

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

(2.50)

—

(3.72)

(2.52)

Net

asset

value,

end

year

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

$18.73

$20.91

$16.32

$17.39

$27.15

Total

return

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

(0.30)%

28.13%

(6.15)%

(25.62)%

69.72%

Ratios

average

net

assets

Expenses

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

0.66%

0.68%

0.65%

0.66%

Net

investment

income

(loss)

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

(0.10)%

(0.09)%

0.02%

(0.28)%

(0.09)%

Supplemental

data

Net

assets

end

year

(000’s)

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

$20,072

$25,493

$21,136

$23,724

$30,380

Portfolio

turnover

rate

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

80%

43%

50%

43%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Amount

rounds

less

than

$0.01

per

share.

Benefit

expense

reduction

rounds

less

than

0.01%.

Putnam

Investment

Funds

Financial

Highlights

Putnam

Sustainable

Future

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

April

30,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

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

$20.74

$16.21

$17.30

$27.05

$17.61

Income

from

investment

operations

Net

investment

(loss)

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

(0.04)

(0.02)

(0.10)

(0.04)

Net

realized

and

unrealized

gains

(losses)

...........

0.34

4.57

(1.07)

(5.93)

12.00

Total

from

investment

operations

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

0.30

4.53

(1.09)

(6.03)

11.96

Less

distributions

from:

Net

realized

gains

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

(2.50)

—

(3.72)

(2.52)

Net

asset

value,

end

year

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

$18.54

$20.74

$16.21

$17.30

$27.05

Total

return

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

(0.40)%

27.95%

(6.30)%

(25.68)%

69.53%

Ratios

average

net

assets

Expenses

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

0.77%

0.80%

0.81%

0.75%

0.77%

Net

investment

(loss)

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

(0.20)%

(0.11)%

(0.38)%

(0.17)%

Supplemental

data

Net

assets

end

year

(000’s)

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

$46,615

$54,927

$52,393

$49,034

$83,115

Portfolio

turnover

rate

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

80%

43%

50%

43%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Benefit

expense

reduction

rounds

less

than

0.01%.

Putnam

Investment

Funds

Schedule

Investments,

April

30,

2025

Putnam

Sustainable

Future

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Value

Common

Stocks

98.3%

Beverages

1.5%

Keurig

Pepper,

Inc.

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

United

States

64,900

2,244,891

Vita

Coco

Co.,

Inc.

(The)

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

United

States

100,300

3,314,915

5,559,806

Biotechnology

5.4%

Alnylam

Pharmaceuticals,

Inc.

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

United

States

21,600

5,685,984

Argenx

SE,

ADR

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

Netherlands

3,200

2,064,448

Ascendis

Pharma

A/S,

ADR

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

Denmark

14,300

2,437,292

BioMarin

Pharmaceutical,

Inc.

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

United

States

53,200

3,388,308

Regeneron

Pharmaceuticals,

Inc.

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

United

States

5,000

2,993,800

Ultragenyx

Pharmaceutical,

Inc.

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

United

States

57,900

2,256,942

18,826,774

Capital

Markets

7.3%

Coinbase

Global,

Inc.,

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

United

States

35,800

7,263,462

KKR

Co.,

Inc.

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

United

States

29,400

3,359,538

London

Stock

Exchange

Group

plc

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

United

Kingdom

32,014

4,984,949

MSCI,

Inc.,

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

United

States

9,300

5,069,523

TPG,

Inc.,

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

United

States

96,000

4,459,200

25,136,672

Chemicals

2.1%

Novonesis

Novozymes,

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

Denmark

110,317

7,165,902

Commercial

Services

Supplies

3.8%

Casella

Waste

Systems,

Inc.,

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

United

States

45,000

5,285,250

Cintas

Corp.

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

United

States

9,200

1,947,456

Republic

Services,

Inc.,

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

United

States

23,800

5,967,850

13,200,556

Construction

Engineering

1.7%

Quanta

Services,

Inc.

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

United

States

19,800

5,795,262

Consumer

Finance

1.2%

Capital

One

Financial

Corp.

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

United

States

22,700

4,091,902

Consumer

Staples

Distribution

Retail

1.7%

Sprouts

Farmers

Market,

Inc.

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

United

States

35,100

6,002,100

Containers

Packaging

1.3%

Graphic

Packaging

Holding

Co.

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

United

States

179,000

4,530,490

Diversified

Consumer

Services

2.4%

Bright

Horizons

Family

Solutions,

Inc.

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

United

States

28,900

3,624,638

Duolingo,

Inc.,

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

United

States

13,000

5,063,240

8,687,878

Electric

Utilities

4.4%

Constellation

Energy

Corp.

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

United

States

23,000

5,139,120

NextEra

Energy,

Inc.

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

United

States

70,400

4,708,352

NRG

Energy,

Inc.

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

United

States

51,900

5,687,202

15,534,674

Electrical

Equipment

2.8%

Vernova,

Inc.

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

United

States

11,800

4,375,676

Vertiv

Holdings

Co.,

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

United

States

61,400

5,242,332

9,618,008

Putnam

Investment

Funds

Schedule

Investments

Putnam

Sustainable

Future

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Value

Common

Stocks

(continued)

Electronic

Equipment,

Instruments

Components

1.2%

Trimble,

Inc.

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

United

States

65,900

4,095,026

Financial

Services

4.1%

Sustainable

Infrastructure

Capital,

Inc.

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

United

States

184,800

4,616,304

Mastercard,

Inc.,

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

United

States

10,200

5,590,212

Toast,

Inc.,

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

United

States

119,700

4,258,926

14,465,442

Health

Care

Equipment

Supplies

7.0%

Edwards

Lifesciences

Corp.

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

United

States

22,800

1,721,172

IDEXX

Laboratories,

Inc.

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

United

States

12,100

5,235,065

Intuitive

Surgical,

Inc.

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

United

States

5,800

2,991,640

Penumbra,

Inc.

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

United

States

18,800

5,505,392

ResMed,

Inc.

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

United

States

24,300

5,749,137

Zimmer

Biomet

Holdings,

Inc.

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

United

States

31,700

3,266,685

24,469,091

Health

Care

Technology

0.4%

Veeva

Systems,

Inc.,

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

United

States

5,611

1,311,234

Hotels,

Restaurants

Leisure

5.1%

Cava

Group,

Inc.

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

United

States

43,900

4,057,677

Chipotle

Mexican

Grill,

Inc.,

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

United

States

88,400

4,465,968

First

Watch

Restaurant

Group,

Inc.

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

United

States

215,598

3,807,461

Life

Time

Group

Holdings,

Inc.

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

United

States

120,600

3,697,596

Sweetgreen,

Inc.,

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

United

States

72,000

1,402,560

17,431,262

Household

Durables

0.7%

Horton,

Inc.

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

United

States

19,600

2,476,264

Interactive

Media

Services

1.2%

Pinterest,

Inc.,

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

United

States

170,700

4,322,124

Services

2.9%

Accenture

plc,

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

Ireland

12,300

3,679,545

Gartner,

Inc.

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

United

States

15,300

6,442,524

10,122,069

Leisure

Products

1.2%

Hasbro,

Inc.

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

United

States

69,300

4,289,670

Life

Sciences

Tools

Services

3.2%

ICON

plc

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

United

States

21,000

3,180,240

Mettler-Toledo

International,

Inc.

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

United

States

3,400

3,639,938

Thermo

Fisher

Scientific,

Inc.

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

United

States

10,700

4,590,300

11,410,478

Machinery

3.1%

Federal

Signal

Corp.

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

United

States

56,600

4,608,938

Xylem,

Inc.

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

United

States

52,300

6,305,811

10,914,749

Media

1.1%

Trade

Desk,

Inc.

(The),

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

United

States

68,700

3,684,381

Professional

Services

3.4%

Planet

Labs

PBC

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

United

States

501,100

1,648,619

Putnam

Investment

Funds

Schedule

Investments

Putnam

Sustainable

Future

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Country

Value

Common

Stocks

(continued)

Professional

Services

(continued)

Verisk

Analytics,

Inc.,

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

United

States

34,200

10,137,906

11,786,525

Real

Estate

Management

Development

1.1%

FirstService

Corp.

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

Canada

21,400

3,756,342

Semiconductors

Semiconductor

Equipment

4.5%

Applied

Materials,

Inc.

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

United

States

12,500

1,883,875

ASML

Holding

NV,

ADR

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

Netherlands

3,600

2,405,088

Broadcom,

Inc.

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

United

States

14,200

2,733,074

First

Solar,

Inc.

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

United

States

15,500

1,950,210

Marvell

Technology,

Inc.

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

United

States

69,400

4,050,878

QUALCOMM,

Inc.

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

United

States

15,900

2,360,514

15,383,639

Software

17.4%

AppLovin

Corp.,

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

United

States

31,800

8,564,058

Cadence

Design

Systems,

Inc.

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

United

States

10,600

3,156,044

Crowdstrike

Holdings,

Inc.,

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

United

States

6,900

2,959,203

Datadog,

Inc.,

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

United

States

63,800

6,517,808

DocuSign,

Inc.,

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

United

States

38,700

3,163,725

Gitlab,

Inc.,

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

United

States

82,600

3,854,942

Guidewire

Software,

Inc.

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

United

States

22,100

4,525,417

HubSpot,

Inc.

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

United

States

10,300

6,298,450

Roper

Technologies,

Inc.

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

United

States

9,900

5,544,792

Samsara,

Inc.,

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

United

States

66,300

2,629,458

ServiceNow,

Inc.

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

United

States

6,700

6,398,567

ServiceTitan,

Inc.,

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

United

States

21,335

2,466,539

Vertex,

Inc.,

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

United

States

109,463

4,381,804

60,460,807

Specialized

REITs

0.5%

American

Tower

Corp.

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

United

States

8,200

1,848,362

Specialty

Retail

1.2%

Aritzia,

Inc.

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

Canada

124,900

4,393,153

Technology

Hardware,

Storage

Peripherals

1.4%

Seagate

Technology

Holdings

plc

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

United

States

53,200

4,842,796

Textiles,

Apparel

Luxury

Goods

2.0%

Lululemon

Athletica,

Inc.

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

United

States

12,145

3,288,502

Holding

AG,

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

Switzerland

81,600

3,925,776

7,214,278

Total

Common

Stocks

(Cost

$291,965,186)

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

342,827,716

Short

Term

Investments

2.0%

Country

Principal

Amount

Value

U.S.

Government

and

Agency

Securities

0.4%

b,c

U.S.

Treasury

Bills

3.94%,

5/15/25

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

United

States

400,000

399,345

4.03%,

5/20/25

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

United

States

200,000

199,553

Putnam

Investment

Funds

Schedule

Investments

Putnam

Sustainable

Future

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Short

Term

Investments

(continued)

Country

Principal

Amount

Value

U.S.

Government

and

Agency

Securities

(continued)

b,c

U.S.

Treasury

Bills,

(continued)

4.13%,

10/02/25

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

United

States

800,000

786,039

1,384,937

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,385,014)

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

1,384,937

Money

Market

Funds

1.6%

d,e

Putnam

Short

Term

Investment

Fund,

Class

4.468%

.......

United

States

5,573,598

Total

Money

Market

Funds

(Cost

$5,573,598)

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

5,573,598

Total

Short

Term

Investments

(Cost

$6,958,612

)

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

6,958,535

Total

Investments

(Cost

$298,923,798)

100.3%

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

$349,786,251

Other

Assets,

less

Liabilities

(0.3)%

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

(935,668)

Net

Assets

100.0%

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

$348,850,583

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

Non-income

producing.

The

rate

shown

represents

the

yield

period

end.

portion

all

the

security

has

been

segregated

collateral

for

certain

derivative

contracts.

April

30,

2025,

the

value

this

security

pledged

amounted

$1,254,258,

representing

0.4%

net

assets.

See

Note

3(g)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Investment

Funds

Schedule

Investments

Putnam

Sustainable

Future

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

April

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c).

Forward

Exchange

Contracts

Currency

Counter-

party

Type

Quantity

Contract

Amount

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Forward

Exchange

Contracts

British

Pound

......

BOFA

Sell

246,900

316,580

6/18/25

—

(12,524)

British

Pound

......

BZWS

Sell

282,400

366,140

6/18/25

—

(10,283)

British

Pound

......

MSCO

Sell

388,500

498,914

6/18/25

—

(18,934)

British

Pound

......

SSBT

Sell

3,374,200

4,325,589

6/18/25

—

(172,027)

British

Pound

......

WPAC

Buy

818,300

1,056,543

6/18/25

34,204

—

Danish

Krone

......

BOFA

Sell

7,878,000

1,140,311

6/18/25

—

(59,304)

Danish

Krone

......

CITI

Sell

15,596,200

2,264,138

6/18/25

—

(110,759)

Danish

Krone

......

HSBK

Sell

13,127,700

1,901,419

6/18/25

—

(97,590)

Danish

Krone

......

MSCO

Sell

12,465,500

1,817,991

6/18/25

—

(80,182)

Danish

Krone

......

SSBT

Sell

7,824,900

1,132,613

6/18/25

—

(58,917)

Euro

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

BOFA

Sell

1,526,800

1,643,860

6/18/25

—

(91,016)

Euro

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

BZWS

Sell

1,936,000

2,084,772

6/18/25

—

(115,071)

Euro

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

CITI

Sell

1,784,600

1,921,435

6/18/25

—

(106,374)

Euro

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

HSBK

Sell

464,300

500,016

6/18/25

—

(27,560)

Euro

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

JPHQ

Sell

1,020,200

1,164,475

6/18/25

5,240

—

Euro

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

MSCO

Buy

2,037,500

2,260,473

6/18/25

54,702

—

Euro

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

SSBT

Buy

956,600

1,008,932

6/18/25

78,036

—

Euro

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

SSBT

Sell

1,004,500

1,113,203

6/18/25

—

(28,193)

Euro

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

TDOM

Sell

1,194,700

1,286,471

6/18/25

—

(71,046)

Swiss

Franc

.......

MSCO

Sell

3,288,400

3,753,419

6/18/25

—

(254,595)

Swiss

Franc

.......

WPAC

Buy

837,000

962,065

6/18/25

58,098

—

Swiss

Franc

.......

WPAC

Sell

846,500

964,030

6/18/25

—

(67,713)

Canadian

Dollar

....

BOFA

Sell

245,400

172,391

7/16/25

—

(6,305)

Canadian

Dollar

....

CITI

Sell

4,643,000

3,260,879

7/16/25

—

(120,066)

Canadian

Dollar

....

GSCO

Buy

1,316,500

930,203

7/16/25

28,448

—

Canadian

Dollar

....

MSCO

Sell

1,001,700

703,546

7/16/25

—

(25,873)

Canadian

Dollar

....

UBSW

Sell

1,683,300

1,182,317

7/16/25

—

(43,430)

Canadian

Dollar

....

WPAC

Sell

3,853,400

2,706,362

7/16/25

—

(99,611)

Total

Forward

Exchange

Contracts

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

$258,728

$(1,677,373)

Net

unrealized

appreciation

(depreciation)

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

$(1,418,645)

U.S.

dollars

unless

otherwise

indicated.

May

comprised

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note

regarding

other

derivative

information.

See

bbreviations

page

Putnam

Investment

Funds

Financial

Statements

Statement

Assets

and

Liabilities

April

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Sustainable

Future

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

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

$293,350,200

Cost

Non-controlled

affiliates

(Note

)

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

5,573,598

Value

Unaffiliated

issuers

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

$344,212,653

Value

Non-controlled

affiliates

(Note

)

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

5,573,598

Cash

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

478

Receivables:

Investment

securities

sold

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

844,926

Capital

sold

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

57,819

Dividends

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

163,891

Unrealized

appreciation

OTC

forward

exchange

contracts

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

258,728

Prepaid

expenses

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

95,899

Total

assets

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

351,207,992

Liabilities:

Payables:

Capital

redeemed

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

103,612

Management

fees

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

146,843

Administrative

fees

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

1,830

Distribution

fees

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

59,336

Transfer

agent

fees

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

145,703

Trustees'

fees

and

expenses

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

80,459

Unrealized

depreciation

OTC

forward

exchange

contracts

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

1,677,373

Accrued

expenses

and

other

liabilities

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

142,253

Total

liabilities

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

2,357,409

Net

assets,

value

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

$348,850,583

Net

assets

consist

of:

Paid-in

capital

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

$283,761,003

Total

distributable

earnings

(losses)

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

65,089,580

Net

assets,

value

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

$348,850,583

Putnam

Investment

Funds

Financial

Statements

Statement

Assets

and

Liabilities

(continued)

April

30,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Putnam

Sustainable

Future

Fund

Class

Net

assets,

value

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

$271,592,937

outstanding

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

14,979,281

Net

asset

value

per

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

$18.13

Maximum

offering

price

per

(net

asset

value

per

.25

)

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

$19.24

Class

Net

assets,

value

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

$4,359,444

outstanding

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

305,228

Net

asset

value

and

maximum

offering

price

per

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

$14.28

Class

Net

assets,

value

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

$6,211,417

outstanding

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

366,687

Net

asset

value

and

maximum

offering

price

per

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

$16.94

Class

R6:

Net

assets,

value

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

$20,071,992

outstanding

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

1,071,916

Net

asset

value

and

maximum

offering

price

per

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

$18.73

Class

Net

assets,

value

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

$46,614,793

outstanding

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

2,514,537

Net

asset

value

and

maximum

offering

price

per

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

$18.54

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Putnam

Investment

Funds

Financial

Statements

Statement

Operations

for

the

year

ended

April

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Sustainable

Future

Fund

Investment

income:

Dividends:

(net

foreign

taxes

$25,716)

Unaffiliated

issuers

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

$1,832,008

Non-controlled

affiliates

(Note

)

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

447,268

Interest:

Unaffiliated

issuers

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

21,851

Total

investment

income

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

2,301,127

Expenses:

Management

fees

(Note

)

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

2,198,414

Administrative

fees

(Note

)

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

7,236

Distribution

fees:

(Note

)

Class

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

783,543

Class

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

109

Class

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

54,292

Class

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

34,552

Transfer

agent

fees:

(Note

)

Class

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

494,582

Class

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

Class

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

8,564

Class

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

10,906

Class

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

13,498

Class

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

89,884

Custodian

fees

(Note

)

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

20,990

Reports

shareholders

fees

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

64,992

Registration

and

filing

fees

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

91,601

Professional

fees

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

88,214

Trustees'

fees

and

expenses

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

14,356

Other

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

4,276

Total

expenses

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

3,980,026

Expense

reductions

(Note

)

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

(219)

Net

expenses

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

3,979,807

Net

investment

income

(loss)

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

(1,678,680)

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

63,811,782

Foreign

currency

transactions

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

(3,404)

Forward

exchange

contracts

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

1,191,025

Net

realized

gain

(loss)

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

64,999,403

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(59,972,165)

Translation

other

assets

and

liabilities

denominated

foreign

currencies

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

4,888

Forward

exchange

contracts

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

(1,784,137)

Net

change

unrealized

appreciation

(depreciation)

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

(61,751,414)

Net

realized

and

unrealized

gain

(loss)

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

3,247,989

Net

increase

(decrease)

net

assets

resulting

from

operations

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

$1,569,309

Putnam

Investment

Funds

Financial

Statements

Changes

Net

Assets

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Putnam

Sustainable

Future

Fund

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

(loss)

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

$(1,678,680)

$(1,565,893)

Net

realized

gain

(loss)

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

64,999,403

31,172,939

Net

change

unrealized

appreciation

(depreciation)

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

(61,751,414)

63,740,492

Net

increase

(decrease)

net

assets

resulting

from

operations

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

1,569,309

93,347,538

Distributions

shareholders:

Class

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

(35,479,719)

—

Class

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

(746,535)

—

Class

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

(840,714)

—

Class

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

(3,311,357)

—

Class

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

(6,328,912)

—

Total

distributions

shareholders

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

(46,707,237)

—

Capital

transactions:

(Note

)

Class

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

(456,468)

(31,207,527)

Class

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

(34,849)

(59,133)

Class

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

(876,342)

(1,709,719)

Class

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

577,713

(1,526,513)

Class

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

(2,906,765)

(1,809,976)

Class

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

(2,086,590)

(11,494,358)

Total

capital

transactions

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

(5,783,301)

(47,807,226)

Net

increase

(decrease)

net

assets

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

(50,921,229)

45,540,312

Net

assets:

Beginning

year

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

399,771,812

354,231,500

End

year

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

$348,850,583

$399,771,812

Putnam

Investment

Funds

Notes

Financial

Statements

Putnam

Sustainable

Future

Fund

franklintempleton.com

Annual

Report

Organization

and

Significant

Accounting

Policies

Putnam

Investment

Funds

(Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company,

consisting

six

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

Putnam

Sustainable

Future

Fund

(Fund)

included

this

report.

The

Fund

offers

five

classes

Class

and

Class

automatically

convert

Class

monthly

basis,

after

they

have

been

held

for

years.

Each

class

may

differ

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

2024,

all

Class

were

converted

Class

The

following

summarizes

the Fund's

significant

accounting

policies.

Financial

Instrument

Valuation

The

Fund's

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

each business

day as

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier.

Under

compliance

policies

and

procedures

approved

the Trust's

Board

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Fund’s

administrator

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price of

the

day,

respectively. Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded,

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Debt

securities

generally

trade

the OTC

market

rather

than

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

the

closing

NAV.

Certain

derivative

financial

instruments

trade

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

determine

the

fair

value

those

instruments.

The

Fund's

net

benefit

obligation

under

the

derivative

contract,

measured

the

fair

value

the

contract,

included

net

assets.

The

Fund

has

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the Fund

primarily

employs

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

Putnam

Investment

Funds

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

(continued)

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Fund's

business

day. Events

can occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Fund's

portfolio

securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time. In

order

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Fund's

portfolio

securities

the

latest

indications

fair

value

p.m.

Eastern

time.

April

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Fund's

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Fund's

portfolio

securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Fund

for

financial

reporting

purposes.

Foreign

Currency

Translation

Portfolio

securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

based

the

exchange

rate

such

currencies

against

U.S.

dollars

the

date

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

facilitate

transactions

denominated

foreign

currency.

Purchases

and

sales

securities,

income

and

expense

items

denominated

foreign

currencies

are

translated

into

U.S.

dollars

the

exchange

rate

effect

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

foreign

currencies

contain

risks

that

those

currencies

will

decline

value

relative

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

reliability

foreign

exchange

rates

used

convert

the

U.S.

dollar

equivalent

value.

such

event

occurs,

the

foreign

exchange

rate

will

valued

fair

value

using

procedures

established

and

approved

the

Board.

The

Fund

does

not

separately

report

the

effect

changes

foreign

exchange

rates

from

changes

market

prices

securities

held.

Such

changes

are

included

net

realized

and

unrealized

gain

loss

from

investments

the

Statement of

Operations.

Realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions

and

the

difference

between

the

recorded

amounts

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

foreign

exchange

rates

foreign

denominated

assets

and

liabilities

other

than

investments

securities

held

the

end

the

reporting

period.

Derivative

Financial

Instruments

The

Fund invested

derivative

financial

instruments

order

manage

risk

gain

exposure

various

other

investments

markets.

Derivatives

are

financial

contracts

based

underlying

notional

amount,

require

initial

investment

initial

net

investment

that

smaller

than

would

normally

required

have

similar

response

changes

market

factors,

and

require

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

the

counterparty

fulfill

their

obligations

under

the

terms

the

contract,

the

potential

for

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

gains

losses

excess

the

amounts

shown

the

Statement

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

these

contracts

for

the

period

are

included

the

Statement

Operations.

Organization

and

Significant

Accounting

Policies

(continued)

Financial

Instrument

Valuation

(continued)

Putnam

Investment

Funds

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

(continued)

Derivative

counterparty

credit

risk

managed

through

formal

evaluation

the

creditworthiness

all

potential

counterparties.

The

Fund

attempts

reduce

its

exposure

counterparty

credit

risk

OTC

derivatives,

whenever

possible,

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

collateral

requirements,

events

default,

early

termination.

Termination

events

applicable

the

counterparty

include

certain

deteriorations

the

credit

quality

the

counterparty.

Termination

events

applicable

the

Fund

include

failure

the

Fund

maintain

certain

net

asset

levels

and/or

limit

the

decline

net

assets

over

various

periods

time.

the

event

default

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

net

and

close-out

all

transactions

traded,

whether

not

arising

under

the

ISDA

agreement,

one

net

amount

payable

one

counterparty

the

other.

However,

absent

event

default

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

the

Statement

Assets

and

Liabilities.

Early

termination

the

counterparty

may

result

immediate

payment

the

Fund

any

net

liability

owed

that

counterparty

under

the

ISDA

agreement.

April

30,

2025,

the

Fund

had

OTC

derivatives

net

liability

position

$1,452,333

and

the

aggregate

value

collateral

pledged

for

such

contracts

was

$1,254,258.

Collateral

requirements

differ

type

derivative.

Collateral

terms

are

contract

specific

for

OTC

derivatives.

For

OTC

derivatives

traded

under

ISDA

master

agreement,

posting

collateral

required

either

the

Fund

the

applicable

counterparty

the

total

net

exposure

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

$250,000,

and

can

vary

depending

the

counterparty

and

the

type

agreement.

Generally,

collateral

determined

the

Fund

business

each

day

and

any

additional

collateral

required

due

changes

derivative

values

may

delivered

the

Fund

the

counterparty

the

business

day,

within

few

business

days.

Collateral

pledged

and/or

received

the

Fund,

any,

held

segregated

accounts

with

the

Fund’s

custodian/counterparty

broker

and

can

the

form

cash

and/or

securities.

Unrestricted

cash

may

invested

according

the

Fund's

investment

objectives.

the

extent

that

the

amounts

due

the

Fund

from

its

counterparties

are

not

subject

collateralization

are

not

fully

collateralized,

the

Fund

bears

the

risk

loss

from

counterparty

non-performance.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

manage

and/or

gain exposure

certain

foreign

currencies.

forward

exchange

contract

agreement

between

the

Fund

and

counterparty

buy

sell

foreign

currency at

specific

exchange

rate

future

date.

Forward

exchange

contracts

outstanding

period

end,

any,

are

listed

the

Fund's

Schedule

Investments.

See

Note

8 regarding

other

derivative

information.

Income

and

Deferred

Taxes

is the Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

distribute

shareholders

substantially

all

its

taxable

income

and

net

realized

gains

relieve

from

federal

income

and if

applicable,

excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

The

Fund

may

subject

foreign

taxation

income

received,

capital

gains

the

sale

securities

and

certain

foreign

currency

transactions

the

foreign

jurisdictions

which it

invests.

Foreign

taxes,

any,

are

recorded

based

the

tax

regulations

and

rates

that

exist

the

foreign

markets

which

the

Fund

invests.

When

capital

gain

tax

determined

apply,

the

Fund

records

estimated

deferred

tax

liability

amount

that

would

payable

the

securities

were

disposed

the

valuation

date.

The Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

April

30,

2025, the Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

Open

tax

years

are

those

that

remain

subject

examination

and

are

based

the

statute

limitations

each

jurisdiction

which

the Fund

invests.

Organization

and

Significant

Accounting

Policies

(continued)

Derivative

Financial

Instruments

(continued)

Putnam

Investment

Funds

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

(continued)

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

any)

and

estimated

expenses

are

accrued

daily.

Amortization

premium

and

accretion

discount

debt

securities

are

included

interest

income.

Dividend

income

recorded

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

not

available.

such

cases,

the

dividend

recorded

soon

the

information

received

the

Fund.

Distributions

shareholders

are

recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Beneficial

Interest

April

30,

2025,

there

were

unlimited

number

authorized

(without

par

value).

Transactions

the

Fund's

were

follows:

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Amount

Class

sold

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

408,910

$8,592,129

424,334

$7,892,253

issued

reinvestment

distributions

..........

1,618,984

34,711,021

—

redeemed

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

(2,105,843)

(43,759,618)

(2,146,848)

(39,099,780)

Net

increase

(decrease)

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

(77,949)

$(456,468)

(1,722,514)

$(31,207,527)

Organization

and

Significant

Accounting

Policies

(continued)

Putnam

Investment

Funds

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

(continued)

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

Certain

officers

and

trustees

the Fund are

also

officers

and/or

trustees of

the

following

subsidiaries:

Year

Ended

April

30,

2025

Year

Ended

April

30,

2024

Amount

Class

redeemed

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

(2,021)

$(34,849)

(3,975)

$(59,133)

Net

increase

(decrease)

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

(2,021)

$(34,849)

(3,975)

$(59,133)

Class

sold

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

39,845

$680,740

38,774

$584,097

issued

reinvestment

distributions

..........

44,026

745,806

—

redeemed

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

(136,324)

(2,302,888)

(156,064)

(2,293,816)

Net

increase

(decrease)

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

(52,453)

$(876,342)

(117,290)

$(1,709,719)

Class

sold

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

41,232

$815,759

58,479

$997,315

issued

reinvestment

distributions

..........

41,754

837,167

—

redeemed

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

(54,814)

(1,075,213)

(151,185)

(2,523,828)

Net

increase

(decrease)

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

28,172

$577,713

(92,706)

$(1,526,513)

Class

sold

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

446,686

$9,694,154

448,906

$8,691,265

issued

reinvestment

distributions

..........

149,700

3,311,357

—

redeemed

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

(743,850)

(15,912,276)

(524,904)

(10,501,241)

Net

increase

(decrease)

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

(147,464)

$(2,906,765)

(75,998)

$(1,809,976)

Class

sold

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

587,161

$12,636,409

652,739

$12,133,944

issued

reinvestment

distributions

..........

286,159

6,266,872

—

redeemed

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

(1,007,215)

(20,989,871)

(1,237,346)

(23,628,302)

Net

increase

(decrease)

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

(133,895)

$(2,086,590)

(584,607)

$(11,494,358)

Effective

September

2024,

the

Fund

has

terminated

its

Class

shares.

May

include

portion

Class

that

were

automatically

converted

Class

Subsidiary

Affiliation

Putnam

Investment

Management,

LLC

(Putnam

Management)

Investment

manager

Franklin

Advisers,

Inc.

(Advisers)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Retail

Management

Limited

Partnership

(Putnam

Retail

Management)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

Beneficial

Interest

(continued)

Putnam

Investment

Funds

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

(continued)

Management

Fees

The

Fund

pays Putnam

Management a

management

fee

(based

the

Fund’s

average

net

assets

and

computed

and

paid

monthly)

annual

rates

that

may

vary

based

the

average

the

aggregate

net

assets

all

open-end

mutual

funds

sponsored

Putnam

Management

for

this

purpose)

(excluding

net

assets

such

funds

that

are

invested

in,

that

are

invested

by,

other

such

funds

the

extent

necessary

avoid

“double

counting”

those

assets).

Such

annual

rates

may

vary

follows:

For

the

year

ended

April

30,

2025,

the

gross

effective

investment

management

fee

rate

was 0.536%

the

Fund’s

average daily

net

assets.

Effective

July

15,

2024,

Putnam

Management

retained

Advisers

subadvisor

for

the

Fund

pursuant

new

sub-advisory

agreement.

Pursuant

the

agreement,

Advisers

provides

certain

advisory

and

services

the

Fund.

Putnam

Management

pays

monthly

fee

Advisers

based

the

costs

Advisers

providing

these

services

the

Fund,

which

may

include

mark-up

not

exceed

15%

over

such

costs.

Effective

November

2024,

under

subadvisory

agreement,

FTIML

provides

subadvisory

services

the

Fund.

The

subadvisory

fee

paid by Putnam

Management

based

the

average

net

assets

managed

FTIML,

and

not

additional

expense

the

Fund.

Prior

November

2024,

PIL

provided

subadvisory

services

the

Fund.

Effective

November

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

FTIML.

Administrative

Fees

Effective

June

2024,

under

agreement

with

Putnam

Management,

Services

provides

administrative

services

the

Fund.

The

fee

paid

Putnam

Management

based

the

Fund's average

daily

net

assets,

and

not

additional

expense

the

Fund.

The

Fund

reimburses

Putnam

Management

allocated

amount

for

the

compensation

and

expenses

certain

officers

the

Fund

and

their

staff

who

provide

administrative

services

the

Fund.

The

aggregate

amount

all

such

reimbursements

determined

annually

the

Trustees.

Distribution

Fees

The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

the

following

classes

pursuant

Rule

12b–1

under

the

1940

Act.

The

purpose

the

Plans

compensate

Distributors,

for

periods

prior

August

2024,

Putnam

Retail

Management,

for

services

provided

and

expenses

incurred

distributing

the

Fund.

The

Plans

provide

payments

Annualized

Fee

Rate

Net

Assets

0.710%

the

first

billion,

0.660%

the

billion,

0.610%

the

$10

billion,

0.560%

the

$10

billion,

0.510%

the

$50

billion,

0.490%

the

$50

billion,

0.480%

the

$100

billion

and

0.475%

any

excess

thereafter.

Transactions

with

Affiliates

(continued)

Putnam

Investment

Funds

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

(continued)

the

Fund

Distributors

and

Putnam

Retail

Management

annual

rate

the

following

amounts

(Maximum

the

average

net

assets

attributable

each

class.

The

Trustees

have

approved

payment

the

Fund

the

following

annual

rate

(Approved

the

average

net

assets

attributable

each

class.

Sales

Charges/Underwriting

Agreements

For

the

period

from

August

2024

through

April

30,

2025,

Distributors

received

net

commissions

$16,677

from

the

sale

Class

and

received

monies

and

$949

contingent

deferred

sales

charges

from

redemptions

Class

and

Class

shares,

respectively.

For

the

period

May

2024

through

August

2024,

Putnam

Retail

Management

received

net

commissions

$4,256

from

the

sale

Class

and

received

monies

and

$112

contingent

deferred

sales

charges

from

redemptions

Class

and

Class

shares,

respectively.

deferred

sales

charge

1.00%

accessed

certain

redemptions

Class

shares.

For

the

period

from

August

2024

through

April

30,

2025,

Distributors

received

$30

Class

redemptions.

For

the

period

from

May

2024

through

August

2024,

Putnam

Retail

Management

received

$61

Class

redemptions.

Transfer

Agent

Fees

PSERV,

affiliate

Putnam

Management,

provides

investor

servicing

agent

functions

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

and

Class

that

included

(1)

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

the

Fund;

(2)

specified

rate

the

Fund’s

assets

attributable

defined

contribution

plan

accounts;

and

(3)

specified

rate

based

the

average

net

assets

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund’s

retail

and

defined

contribution

accounts

for

these

classes

will

not

exceed

annual

rate

0.25%

the

Fund’s

average

assets

attributable

such

accounts.

Class

paid

monthly

fee

based

the

average

net

assets

Class

annual

rate

0.05%.

Trustee

Fees

The

Fund

has

adopted

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

all

portion

Trustees'

fees

payable

from

July

1995

through

December

31,

2023.

The

deferred

fees

remain

invested

certain

Putnam

funds

until

distribution

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

the

Fund

who

have

served

Trustee

for

least

five

years

and

were

first

elected

prior

2004.

Benefits

under

the

Pension

Plan

are

equal

50%

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005.

The

retirement

benefit

payable

during

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

years

service

through

December

31,

2006.

Pension

expense

for

the

Fund

included

the

Trustees' fees

and

expenses

the

Statement

Operations.

Accrued

pension

liability

included

Payable

for

Trustees' fees

and

expenses

the

Statement

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

any

Trustee

first

elected

after

2003.

Maximum

Approved

Class

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

0.35%

0.25%

Class

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

1.00%

Class

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

1.00%

Class

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

1.00%

0.50%

Transactions

with

Affiliates

(continued)

Distribution

Fees

(continued)

Putnam

Investment

Funds

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

(continued)

Investments

Affiliated

Management

Investment

Companies

The

Fund

invests

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Fund

does

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

affiliated

management

investment

companies,

noted

the

Statement

Operations,

amount

not

exceed

the

management

and

administrative

fees,

applicable, paid

directly

indirectly

each

affiliate.

During

the

year

ended

April

30,

2025,

the

Fund

held

investments

affiliated

management

investment

companies

follows:

Waiver

and

Expense

Reimbursements

Putnam

Management

has

contractually

agreed,

through

August

30,

2025,

waive

fees

and/or

reimburse

the

Fund’s

expenses

the

extent

necessary

limit

the

cumulative

expenses

the

Fund,

exclusive

brokerage,

interest,

taxes,

investment-

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund’s

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

fiscal

year-to-date

basis

annual

rate

0.20%

the

Fund’s

average

net

assets

over

such

fiscal

year-to-date

period.

Expense

Offset

Arrangement

The Fund has

entered

into

arrangement

with

its

custodian

whereby

credits

realized

result

uninvested

cash

balances

are

used

reduce

portion

the

Fund's

custodian

expenses.

During

the

year

ended

April

30,

2025,

the

custodian

fees

were

reduced

noted

the

Statement

Operations.

Income

Taxes

For

tax

purposes,

the

Fund

may

elect

defer

any

portion

post-October

capital

loss

late-year

ordinary

loss

the

first

day

the

following

fiscal

year.

April

30,

2025,

the

Fund

deferred

late-year

ordinary

losses

$841,326.

The

tax

character

distributions

paid

during

the

years

ended

April

30,

2025

and

2024,

was

follows:

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Investment

Income

Putnam

Sustainable

Future

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

4.468%

......

$12,448,057

$102,823,158

$(109,697,617)

$—

$5,573,598

5,573,598

$447,268

Total

Affiliated

Securities

...

$12,448,057

$102,823,158

$(109,697,617)

$—

$5,573,598

$447,268

2025

2024

Distributions

paid

from:

Long

term

capital

gain

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

$46,707,237

$—

Transactions

with

Affiliates

(continued)

Putnam

Investment

Funds

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

(continued)

April

30,

2025,

the

cost

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

foreign

currency

transactions,

wash

sales

and

net

operating

losses.

The

Fund

utilized

tax

accounting

practice

treat

portion

the

proceeds

from

capital

redeemed

distribution

from

realized

capital

gains.

Investment

Transactions

Purchases

and

sales

investments (excluding

short

term

securities) for

the

year

ended

April

30,

2025,

aggregated

$317,901,442 and

$364,909,150,

respectively.

Concentration

Risk

Investing

with

focus

companies

that

exhibit

commitment

sustainable

business

practices

may

result

the

fund

investing

certain

types

companies,

industries

sectors

that

the

market

may

not

favor.

evaluating

investment

opportunity, Putnam

Management

may

make

investment

decisions

based

information

and

data

that

incomplete

inaccurate.

Due

changes

the

products

services

the

companies

and

issuers

which

the

fund

invests,

the

fund

may

temporarily

hold

securities

that

are

inconsistent

with

its

sustainable

investment

criteria.

Other

Derivative

Information

April

30,

2025,

investments

derivative

contracts

are

reflected

the Statement of

Assets

and

Liabilities

follows:

Cost

investments

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

$301,661,763

Unrealized

appreciation

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

$69,067,307

Unrealized

depreciation

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

(22,361,464)

Net

unrealized

appreciation

(depreciation)

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

$46,705,843

Distributable

earnings:

Undistributed

long

term

capital

gains

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

$19,224,354

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

Hedging

Instruments

Statement

Assets

and

Liabilities

Location

Fair

Value

Statement

Assets

and

Liabilities

Location

Fair

Value

Putnam

Sustainable

Future

Fund

Foreign

exchange

contracts

Unrealized

appreciation

OTC

forward

exchange

contracts

258,728

Unrealized

depreciation

OTC

forward

exchange

contracts

1,677,373

Total

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

$258,728

$1,677,373

Income

Taxes

(continued)

Putnam

Investment

Funds

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

(continued)

For

the

year

ended

April

30,

2025,

the

effect

derivative

contracts

the Statement

Operations

was

follows:

For

the

year

ended

April

30,

2025,

the average

month

end

contract

value

forward

exchange

contracts

was

$54,749,601.

See

Note

1(c) regarding

derivative

financial

instruments.

See

Abbreviations

page

Credit

Facility

Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

Funds

(collectively,

Borrowers)

managed

Franklin

Templeton,

are

borrowers

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

January

30,

2026.

This

Global

Credit

Facility

provides

source

funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

Under

the

terms

the

Global

Credit

Facility,

the

Fund

shall,

addition

interest

charged

any

borrowings

made

the

Fund

and

other

costs

incurred

the

Fund,

pay its

fees

and

expenses

incurred

connection

with

the

implementation

and

maintenance

the

Global

Credit

Facility,

based

upon its

relative

the

aggregate

net

assets

all

the

Borrowers,

including

annual

commitment

fee

0.15%

based

upon

the

unused

portion

the

Global

Credit

Facility.

These

fees

are

reflected

other

expenses

the

Statement

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

Funds,

$320

million

syndicated

unsecured

committed

line

credit,

provided

State

Street

($160

million)

and

JPMorgan

($160

million),

and

$235.5

million

unsecured

uncommitted

line

credit,

provided

State

Street.

Borrowings

may

have

been

made

for

temporary

emergency

purposes,

including

the

funding

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

the

Fund

based

the

Fund’s

borrowings.

closing

fee

equal

0.04%

the

committed

line

credit

and

0.04%

the

uncommitted

line

credit

was

paid

the

participating

Funds

and

$75,000

fee

was

paid

the

participating

Funds

State

Street

agent

the

syndicated

committed

line

credit.

addition,

commitment

fee

0.21%

per

annum

any

unutilized

portion

the

committed

line

credit

was

allocated

the

participating

Funds

based

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

borrowings

against

these

arrangements.

Derivative

Contracts

Not

Accounted

for

Hedging

Instruments

Statement

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Year

Statement

Operations

Location

Net

Change

Unrealized

Appreciation

(Depreciation)

for

the

Year

Putnam

Sustainable

Future

Fund

Net

realized

gain

(loss)

from:

Net

change

unrealized

appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$1,191,025

Forward

exchange

contracts

$(1,784,137)

Total

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

$1,191,025

$(1,784,137)

Other

Derivative

Information

(continued)

Putnam

Investment

Funds

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

(continued)

10.

Fair

Value

Measurements

The

Fund

follows

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

determining

the

value

the

Fund's financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

April

30,

2025,

valuing

the

Fund's assets

and

liabilities carried

fair

value,

follows:

Level

Total

Putnam

Sustainable

Future

Fund

Assets:

Investments

Securities:

Common

Stocks

Beverages

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

5,559,806

—

5,559,806

Biotechnology

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

18,826,774

—

18,826,774

Capital

Markets

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

20,151,723

4,984,949

—

25,136,672

Chemicals

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

—

7,165,902

—

7,165,902

Commercial

Services

Supplies

...........

13,200,556

—

13,200,556

Construction

Engineering

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

5,795,262

—

5,795,262

Consumer

Finance

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

4,091,902

—

4,091,902

Consumer

Staples

Distribution

Retail

......

6,002,100

—

6,002,100

Containers

Packaging

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

4,530,490

—

4,530,490

Diversified

Consumer

Services

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

8,687,878

—

8,687,878

Electric

Utilities

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

15,534,674

—

15,534,674

Electrical

Equipment

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

9,618,008

—

9,618,008

Electronic

Equipment,

Instruments

Components

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

4,095,026

—

4,095,026

Financial

Services

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

14,465,442

—

14,465,442

Health

Care

Equipment

Supplies

.........

24,469,091

—

24,469,091

Health

Care

Technology

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

1,311,234

—

1,311,234

Hotels,

Restaurants

Leisure

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

17,431,262

—

17,431,262

Household

Durables

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

2,476,264

—

2,476,264

Interactive

Media

Services

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

4,322,124

—

4,322,124

Services

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

10,122,069

—

10,122,069

Leisure

Products

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

4,289,670

—

4,289,670

Life

Sciences

Tools

Services

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

11,410,478

—

11,410,478

Machinery

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

10,914,749

—

10,914,749

Media

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

3,684,381

—

3,684,381

Professional

Services

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

11,786,525

—

11,786,525

Real

Estate

Management

Development

....

3,756,342

—

3,756,342

Semiconductors

Semiconductor

Equipment

15,383,639

—

15,383,639

Software

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

60,460,807

—

60,460,807

Specialized

REITs

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

1,848,362

—

1,848,362

Specialty

Retail

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

4,393,153

—

4,393,153

Technology

Hardware,

Storage

Peripherals

4,842,796

—

4,842,796

Textiles,

Apparel

Luxury

Goods

..........

7,214,278

—

7,214,278

Short

Term

Investments

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

5,573,598

1,384,937

—

6,958,535

Total

Investments

Securities

...........

$336,250,463

$13,535,788

$—

$349,786,251

Putnam

Investment

Funds

Notes

Financial

Statements

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

(continued)

11.

Operating

Segments

The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

Segment

Reporting

(Topic

280)

Improvements

Reportable

Segment

Disclosures.

The

update

limited

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

results

operations.

The Fund operates

single

operating

segment,

which

investment

portfolio.

The

Fund's Investment

manager

serves

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

unified

investment

strategy.

The

CODM

uses

these

measures

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

loss,

and

significant

expenses,

refer

the Statement

Assets

and

Liabilities

and

the Statement

Operations,

along

with

the

notes

the financial

statements.

The Schedule

Investments

provides

details

the Fund's

investments

that

generate

returns

such

interest,

dividends,

and

realized

and

unrealized

gains

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

the Financial

Highlights.

12.

New

Accounting

Pronouncements

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

requiring

greater

disaggregation

the

rate

reconciliation

and

income

taxes

paid

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

currently

evaluating

the

impact

and

believes

that

the

adoption

the

ASU

will

not

have

material

impact

the

financial

statements.

13.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

the

financial

statements

and

determined

that

events

have

occurred

that

require

disclosure.

Level

Total

Putnam

Sustainable

Future

Fund

(continued)

Assets:

(continued)

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$258,728

$—

$258,728

Total

Other

Financial

Instruments

.........

$—

$258,728

$—

$258,728

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

—

1,677,373

—

1,677,373

Total

Other

Financial

Instruments

.........

$—

$1,677,373

$—

$1,677,373

Includes

foreign

securities

valued

$12,150,851,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

10.

Fair

Value

Measurements

(continued)

Putnam

Investment

Funds

Report

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

the

Board

Trustees

Putnam

Investment

Funds

and

Shareholders

Putnam

Sustainable

Future

Fund

Opinion

the

Financial

Statements

have

audited

the

accompanying

statement

assets

and

liabilities,

including

the

schedule

investments,

Putnam

Sustainable

Future

Fund

(one

the

funds

constituting

Putnam

Investment

Funds,

referred

hereafter

the

“Fund”)

April

30,

2025,

the

statement

operations

for

the

year

ended

April

30,

2025,

the

statement

changes

net

assets

for

each

the

two

years

the

period

ended

April

30,

2025,

including

the

notes,

and

the

financial

highlights

for

each

the

five

years

the

period

ended

April

30,

2025

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

the

Fund

April

30,

2025,

the

results

its

operations

for

the

year

then

ended,

the

changes

its

net

assets

for

each

the

two

years

the

period

ended

April

30,

2025

and

the

financial

highlights

for

each

the

five

years

the

period

ended

April

30,

2025

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

the

Fund’s

management.

Our

responsibility

express

opinion

the

Fund’s

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Fund

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

April

30,

2025

correspondence

with

the

custodian,

transfer

agent

and

brokers.

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Boston,

Massachusetts

June

20,

2025

have

served

the

auditor

one

investment

companies

the

Putnam

Funds

family

funds

since

least

1957.

have

not

been

able

determine

the

specific

year

began

serving

auditor.

Putnam

Investment

Funds

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

Putnam

Sustainable

Future

Fund

mid-February,

tax

information

shareholder's

proportionate

distributions

paid

during

the

preceding

calendar

year

will

received,

applicable.

Please

also

refer

www.franklintempleton.com

for

per

tax

information

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

consult

with

their

tax

advisors

for

further

information

the

treatment

these

amounts

their

tax

returns.

The

following

tax

information

for

the

Fund

required

furnished

shareholders

with

respect

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

subsequently

determined

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

April

30,

2025:

Pursuant

to:

Amount

Reported

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$48,047,385

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$1,746,207

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$2,095,146

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

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

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

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

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

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

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

By:	/s/ Jeffrey White
	Jeffrey White
	Principal Financial Officer