a_sustainablefuture.htm


FORWARD CURRENCY CONTRACTS at 10/31/22 (aggregate face value $46,374,375) (Unaudited) cont.
Counterparty	Currency	Contract type*	Delivery date	Value	Aggregate face value	Unrealized appreciation/ (depreciation)
State Street Bank and Trust Co.
	British Pound	Sell	12/21/22	$1,092,930	$1,076,078	$(16,852)
	Canadian Dollar	Sell	1/18/23	728,631	726,528	(2,103)
	Euro	Sell	12/21/22	1,741,666	1,738,992	(2,674)
Toronto-Dominion Bank
	Euro	Buy	12/21/22	1,032,775	1,047,752	(14,977)
UBS AG
	British Pound	Buy	12/21/22	1,130,035	1,050,218	79,817
Unrealized appreciation						735,197
Unrealized (depreciation)						(148,785)
Total						$586,412
* The exchange currency for all contracts listed is the United States Dollar.

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:

Level 1: Valuations based on quoted prices for identical securities in active markets.

Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.

The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:


		Valuation inputs
Investments in securities:	Level 1	Level 2	Level 3
Common stocks*:
Communication services	$8,305,626	$—	$—
Consumer discretionary	27,943,493	—	—
Consumer staples	15,740,734	—	—
Financials	22,473,859	—	—
Health care	88,352,518	—	—
Industrials	54,032,042	—	—
Information technology	110,313,606	—	—
Materials	20,388,968	—	—
Utilities	8,323,500	—	—
Total common stocks	355,874,346	—	—
Short-term investments	30,000	13,218,070	—
Totals by level	$355,904,346	$13,218,070	$—


		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$586,412	$—
Totals by level	$—	$586,412	$—
* Common stock classifications are presented at the sector level, which may differ from the fund’s portfolio presentation.

The accompanying notes are an integral part of these financial statements.


Sustainable Future Fund 25

Statement of assets and liabilities 10/31/22 (Unaudited)


ASSETS
Investment in securities, at value (Note 1):
Unaffiliated issuers (identified cost $322,925,389)	$356,135,823
Affiliated issuers (identified cost $12,986,593) (Note 5)	12,986,593
Cash	252
Foreign currency (cost $236) (Note 1)	234
Dividends, interest and other receivables	90,299
Foreign tax reclaim	121,028
Receivable for shares of the fund sold	159,596
Receivable for investments sold	963,097
Unrealized appreciation on forward currency contracts (Note 1)	735,197
Prepaid assets	35,921
Total assets	371,228,040

LIABILITIES
Payable for investments purchased	3,600,240
Payable for shares of the fund repurchased	311,906
Payable for compensation of Manager (Note 2)	167,417
Payable for custodian fees (Note 2)	8,301
Payable for investor servicing fees (Note 2)	105,621
Payable for Trustee compensation and expenses (Note 2)	105,570
Payable for administrative services (Note 2)	713
Payable for distribution fees (Note 2)	65,978
Unrealized depreciation on forward currency contracts (Note 1)	148,785
Collateral on certain derivative contracts, at value (Notes 1 and 8)	61,581
Other accrued expenses	75,766
Total liabilities	4,651,878

Net assets	$366,576,162

REPRESENTED BY
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$363,402,733
Total distributable earnings (Note 1)	3,173,429
Total — Representing net assets applicable to capital shares outstanding	$366,576,162

(Continued on next page)

26 Sustainable Future Fund

Statement of assets and liabilities cont.


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
Net asset value and redemption price per class A share
($277,443,331 divided by 17,864,630 shares)	$15.53
Offering price per class A share (100/94.25 of $15.53)^*	$16.48
Net asset value and offering price per class B share ($142,253 divided by 11,062 shares)^**	$12.86
Net asset value and offering price per class C share ($6,842,911 divided by 534,142 shares)^**	$12.81
Net asset value, offering price and redemption price per class R share
($7,079,428 divided by 481,397 shares)	$14.71
Net asset value, offering price and redemption price per class R6 share
($20,873,257 divided by 1,317,522 shares)	$15.84
Net asset value, offering price and redemption price per class Y share
($54,194,982 divided by 3,441,977 shares)	$15.75

^*On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.

^**Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

The accompanying notes are an integral part of these financial statements.

Sustainable Future Fund 27

Statement of operations Six months ended 10/31/22 (Unaudited)


INVESTMENT INCOME
Dividends (net of foreign tax of $83,113)	$1,264,144
Interest (including interest income of $90,238 from investments in affiliated issuers) (Note 5)	92,367
Securities lending (net of expenses) (Notes 1 and 5)	10,661
Total investment income	1,367,172

EXPENSES
Compensation of Manager (Note 2)	1,042,405
Investor servicing fees (Note 2)	321,960
Custodian fees (Note 2)	8,205
Trustee compensation and expenses (Note 2)	8,183
Distribution fees (Note 2)	426,068
Administrative services (Note 2)	4,231
Other	132,003
Total expenses	1,943,055
Expense reduction (Note 2)	(1,026)
Net expenses	1,942,029

Net investment loss	(574,857)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Securities from unaffiliated issuers (Notes 1 and 3)	(27,476,843)
Foreign currency transactions (Note 1)	699
Forward currency contracts (Note 1)	3,066,551
Total net realized loss	(24,409,593)
Change in net unrealized appreciation (depreciation) on:
Securities from unaffiliated issuers	(12,881,542)
Assets and liabilities in foreign currencies	(7,067)
Forward currency contracts	54,791
Total change in net unrealized depreciation	(12,833,818)

Net loss on investments	(37,243,411)

Net decrease in net assets resulting from operations	$(37,818,268)

The accompanying notes are an integral part of these financial statements.

28 Sustainable Future Fund

Statement of changes in net assets


DECREASE IN NET ASSETS	Six months ended 10/31/22*	Year ended 4/30/22
Operations
Net investment loss	$(574,857)	$(3,499,539)
Net realized gain (loss) on investments
and foreign currency transactions	(24,409,593)	41,019,558
Change in net unrealized depreciation of investments
and assets and liabilities in foreign currencies	(12,833,818)	(186,096,851)
Net decrease in net assets resulting from operations	(37,818,268)	(148,576,832)
Distributions to shareholders (Note 1):
Net realized short-term gain on investments
Class A	—	(12,391,715)
Class B	—	(9,985)
Class C	—	(398,834)
Class R	—	(314,958)
Class R6	—	(939,169)
Class Y	—	(2,235,518)
From net realized long-term gain on investments
Class A	—	(51,594,910)
Class B	—	(41,572)
Class C	—	(1,660,609)
Class R	—	(1,311,376)
Class R6	—	(3,910,382)
Class Y	—	(9,307,939)
Increase (decrease) from capital share transactions (Note 4)	(8,800,003)	24,267,017
Total decrease in net assets	(46,618,271)	(208,426,782)

NET ASSETS
Beginning of period	413,194,433	621,621,215
End of period	$366,576,162	$413,194,433

^*Unaudited.

The accompanying notes are an integral part of these financial statements.

Sustainable Future Fund 29

Financial highlights
(For a common share outstanding throughout the period)


	INVESTMENT OPERATIONS				LESS DISTRIBUTIONS					RATIOS AND SUPPLEMENTAL DATA
												Ratio of net
	Net asset		Net realized								Ratio	investment
	value,		and unrealized	Total from	From net	From net		Net asset	Total return	Net assets,	of expenses	income (loss)	Portfolio
	beginning	Net investment	gain (loss)	investment	investment	realized gain	Total	value, end	at net asset	end of period	to average	to average	turnover
Period ended	of period	income (loss)^a	on investments	operations	income	on investments	distributions	of period	value (%)^b	(in thousands)	net assets (%)^c	net assets (%)	(%)
Class A
October 31, 2022^**	$17.08	(.03)	(1.52)	(1.55)	—	—	—	$15.53	(9.07)^*	$277,443	.53^*	(.17)^*	25^*
April 30, 2022	26.82	(.15)	(5.87)	(6.02)	—	(3.72)	(3.72)	17.08	(25.87)	323,726	1.00	(.63)	50
April 30, 2021	17.52	(.10)	11.92	11.82	—	(2.52)	(2.52)	26.82	69.07	481,902	1.02	(.43)	43
April 30, 2020	17.45	(.03)	.59	.56	(.01)	(.48)	(.49)	17.52	3.15	311,058	1.07	(.18)	72
April 30, 2019	19.58	.10	2.23	2.33	(.23)	(4.23)	(4.46)	17.45	14.92	324,312	1.09	.51	31
April 30, 2018	19.59	.11	.77	.88	—	(.89)	(.89)	19.58	4.53	324,298	1.07	.56	116
Class B
October 31, 2022^**	$14.20	(.07)	(1.27)	(1.34)	—	—	—	$12.86	(9.44)^*	$142	.91^*	(.53)^*	25^*
April 30, 2022	23.09	(.29)	(4.88)	(5.17)	—	(3.72)	(3.72)	14.20	(26.41)	199	1.75	(1.38)	50
April 30, 2021	15.43	(.25)	10.43	10.18	—	(2.52)	(2.52)	23.09	67.75	358	1.77	(1.19)	43
April 30, 2020	15.53	(.14)	.52	.38	—	(.48)	(.48)	15.43	2.39	146	1.82	(.91)	72
April 30, 2019	17.92	(.04)	2.00	1.96	(.12)	(4.23)	(4.35)	15.53	14.08	216	1.84	(.26)	31
April 30, 2018	18.14	.07	.60	.67	—	(.89)	(.89)	17.92	3.72	91	1.82	.36	116
Class C
October 31, 2022^**	$14.15	(.07)	(1.27)	(1.34)	—	—	—	$12.81	(9.47)^*	$6,843	.91^*	(.54)^*	25^*
April 30, 2022	23.02	(.29)	(4.86)	(5.15)	—	(3.72)	(3.72)	14.15	(26.40)	8,581	1.75	(1.38)	50
April 30, 2021	15.38	(.24)	10.40	10.16	—	(2.52)	(2.52)	23.02	67.84	14,396	1.77	(1.17)	43
April 30, 2020	15.48	(.14)	.52	.38	—	(.48)	(.48)	15.38	2.40	11,503	1.82	(.92)	72
April 30, 2019	17.80	(.03)	1.98	1.95	(.04)	(4.23)	(4.27)	15.48	14.04	14,027	1.84	(.20)	31
April 30, 2018	18.02	(.03)	.70	.67	—	(.89)	(.89)	17.80	3.74	17,538	1.82	(.16)	116
Class R
October 31, 2022^**	$16.20	(.04)	(1.45)	(1.49)	—	—	—	$14.71	(9.20)^*	$7,079	.66^*	(.30)^*	25^*
April 30, 2022	25.69	(.21)	(5.56)	(5.77)	—	(3.72)	(3.72)	16.20	(26.05)	7,931	1.25	(.88)	50
April 30, 2021	16.89	(.16)	11.48	11.32	—	(2.52)	(2.52)	25.69	68.68	11,470	1.27	(.68)	43
April 30, 2020	16.87	(.07)	.57	.50	—	(.48)	(.48)	16.89	2.92	8,318	1.32	(.43)	72
April 30, 2019	19.06	.05	2.16	2.21	(.17)	(4.23)	(4.40)	16.87	14.64	9,841	1.34	.29	31
April 30, 2018	19.14	.06	.75	.81	—	(.89)	(.89)	19.06	4.26	10,835	1.32	.32	116
Class R6
October 31, 2022^**	$17.39	—^d	(1.55)	(1.55)	—	—	—	$15.84	(8.91)^*	$20,873	.34^*	.02^*	25^*
April 30, 2022	27.15	(.07)	(5.97)	(6.04)	—	(3.72)	(3.72)	17.39	(25.62)	23,724	.65	(.28)	50
April 30, 2021	17.65	(.02)	12.04	12.02	—	(2.52)	(2.52)	27.15	69.72	30,380	.66	(.09)	43
April 30, 2020	17.58	.03	.60	.63	(.08)	(.48)	(.56)	17.65	3.51	15,191	.68	.19	72
April 30, 2019 ^#	20.59	.14	1.35	1.49	(.27)	(4.23)	(4.50)	17.58	10.17^*	13,953	.66^*	.78^*	31

See notes to financial highlights at the end of this section.

The accompanying notes are an integral part of these financial statements.


30 Sustainable Future Fund	Sustainable Future Fund 31

Financial highlights cont.

INVESTMENT OPERATIONS

LESS DISTRIBUTIONS

RATIOS AND SUPPLEMENTAL DATA

Ratio of net

Net asset

Net realized

Ratio

investment

value,

and unrealized

Total from

From net

Net asset

Total return

Net assets,

of expenses

income (loss)

Portfolio

beginning

Net investment

gain (loss)

investment

investment

realized gain

Total

value, end

at net asset

end of period

to average

turnover

Period ended

of period

income (loss)^a

on investments

operations

income

on investments

distributions

of period

value (%)^b

(in thousands)

net assets (%)^c

net assets (%)

(%)

Class Y

October 31, 2022^**

$17.30

(.01)

(1.54)

(1.55)

—

$15.75

(8.96)^*

$54,195

.41^*

(.05)^*

25^*

April 30, 2022

27.05

(.10)

(5.93)

(6.03)

—

(3.72)

(3.72)

17.30

(25.68)

49,034

.75

(.38)

April 30, 2021

17.61

(.04)

12.00

11.96

—

(2.52)

(2.52)

27.05

69.53

83,115

.77

(.17)

April 30, 2020

17.54

.01

.59

.60

(.05)

(.48)

(.53)

17.61

3.38

41,056

.82

.06

April 30, 2019

19.66

.15

2.24

2.39

(.28)

(4.23)

(4.51)

17.54

15.23

32,539

.84

.79

April 30, 2018

19.62

.17

.76

.93

—

(.89)

(.89)

19.66

4.78

45,701

.82

.83

116

Before March 21, 2018, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before that date.

^*Not annualized.

^**Unaudited.

^#For the period May 22, 2018 (commencement of operations) to April 30, 2019.

^aPer share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

^bTotal return assumes dividend reinvestment and does not reflect the effect of sales charges.

^cIncludes amounts paid through expense offset and/or brokerage/service arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

^dAmount represents less than $0.01 per share.

The accompanying notes are an integral part of these financial statements.


32 Sustainable Future Fund	Sustainable Future Fund 33

Notes to financial statements 10/31/22 (Unaudited)

Within the following Notes to financial statements, references to “State Street” represent State Street Bank and Trust Company, references to “the SEC” represent the Securities and Exchange Commission, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter. Unless otherwise noted, the “reporting period” represents the period from May 1, 2022 through October 31, 2022.

Putnam Sustainable Future Fund (the fund) is a diversified series of Putnam Investment Funds (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The goal of the fund is to seek long-term capital appreciation. The fund invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Management believes provide solutions that directly contribute to sustainable social, environmental and economic development (Solutions Companies). Stocks of this type of company are typically, but not always, considered to be growth stocks. Growth stocks are stocks of companies whose revenues, earnings, or cash flows are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. Putnam Management may consider, among other factors, a company’s impact on sustainable environmental, social and economic development (as described below), valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. The fund may also invest in non-U.S. companies.

Putnam Management’s approach to sustainable investing incorporates fundamental research together with consideration of sustainable environmental, social and economic development impact. Putnam Management believes that companies whose products and services produce positive environmental, social and economic development impact also often demonstrate potential for strong financial growth. Under normal circumstances, the fund invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. These criteria are based on a proprietary sustainability solutions map that links to the United Nations Sustainable Development Goals (SDGs). In applying these criteria, Putnam Management will assign each company a proprietary environmental, social and/or corporate governance (ESG) rating ranging from 1 to 4 (1 indicating the highest (best) ESG rating and 4 indicating the lowest (worst) ESG rating). In order to meet Putnam Management’s sustainability criteria for purposes of this investment policy, a company must be rated 2 or 1 by us. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. In selecting each investment, Putnam Management considers the extent to which a company’s products or services may provide solutions to forward-looking sustainability needs, creating positive impact in environmental, social and economic development areas. Environmental impacts may include, for example, reduction of carbon emissions and improved water quality. Social impacts may include, for example, improvements in employee well-being, supplier standards, or access to products, information, or security. Economic development impacts may include, for example, stakeholder analysis and shared value approaches to business practices, access to economic opportunity, or improvements in operational effectiveness or efficiency.

The fund offers the following share classes. The expenses for each class of shares may differ based on the distribution and investor servicing fees of each class, which are identified in Note 2.


Share class	Sales charge	Contingent deferred sales charge	Conversion feature
		1.00% on certain redemptions of shares
Class A	Up to 5.75%	bought with no initial sales charge	None
			Converts to class A shares
Class B^*	None	5.00% phased out over five years	after 5 years
			Converts to class A shares
Class C	None	1.00% eliminated after one year	after 8 years
Class R^†	None	None	None
Class R6^†	None	None	None
Class Y^†	None	None	None

^*Purchases of class B shares are closed to new and existing investors except by exchange from class B shares of another Putnam fund or through dividend and/or capital gains reinvestment.

^†Not available to all investors.

34 Sustainable Future Fund

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.

The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the fund’s Amended and Restated Agreement and Declaration of Trust, any claims asserted against or on behalf of the Putnam Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

Note 1: Significant accounting policies

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

Security valuation Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.

Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.

Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.

Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.

Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including

Sustainable Future Fund 35

movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.

To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, if any, and including amortization and accretion of premiums and discounts on debt securities, is recorded on the accrual basis. Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.

Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

Forward currency contracts The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to hedge foreign exchange risk.

The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts

36 Sustainable Future Fund

are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. Risks may exceed amounts recognized on the Statement of assets and liabilities.

Forward currency contracts outstanding at period end, if any, are listed after the fund’s portfolio.

Master agreements The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral pledged to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio.

Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.

Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.

At the close of the reporting period, the fund had a net liability position of $42,578 on open derivative contracts subject to the Master Agreements. There was no collateral pledged by the fund at period end for these agreements.

Securities lending The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. Income from securities lending, net of expenses, is included in investment income on the Statement of operations. Cash collateral is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. At the close of the reporting period, the fund had no securities out on loan.

Interfund lending The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

Lines of credit The fund participates, along with other Putnam funds, in a $100 million ($317.5 million prior to October 14, 2022) unsecured committed line of credit and a $235.5 million unsecured uncommitted line of credit, both provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund’s borrowing at a rate equal to 1.25% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the committed line of credit and 1.30% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

Sustainable Future Fund 37

Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the fund’s books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The aggregate identified cost on a tax basis is $338,893,680, resulting in gross unrealized appreciation and depreciation of $67,300,976 and $36,485,828, respectively, or net unrealized appreciation of $30,815,148.

Distributions to shareholders Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal year. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.

Expenses of the Trust Expenses directly charged or attributable to any fund will be paid from the assets of that fund. Generally, expenses of the Trust will be allocated among and charged to the assets of each fund on a basis that the Trustees deem fair and equitable, which may be based on the relative assets of each fund or the nature of the services performed and relative applicability to each fund.

Note 2: Management fee, administrative services and other transactions

The fund pays Putnam Management a management fee (based on the fund’s average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of all open-end mutual funds sponsored by Putnam Management (excluding net assets of funds that are invested in, or that are invested in by, other Putnam funds to the extent necessary to avoid “double counting” of those assets). Such annual rates may vary as follows:


0.710%	of the first $5 billion,	0.510%	of the next $50 billion,
0.660%	of the next $5 billion,	0.490%	of the next $50 billion,
0.610%	of the next $10 billion,	0.480%	of the next $100 billion and
0.560%	of the next $10 billion,	0.475%	of any excess thereafter.

For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.277% of the fund’s average net assets.

Putnam Management has contractually agreed, through August 30, 2023 to waive fees and/or reimburse the fund’s expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund’s investor servicing contract, investment management contract and distribution

38 Sustainable Future Fund

plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period. During the reporting period, the fund’s expenses were not reduced as a result of this limit.

Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. PIL did not manage any portion of the assets of the fund during the reporting period. If Putnam Management were to engage the services of PIL, Putnam Management would pay a quarterly sub-management fee to PIL for its services at an annual rate of 0.25% (prior to July 1, 2022, the annual rate was 0.35%) of the average net assets of the portion of the fund managed by PIL.

The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

Custodial functions for the fund’s assets are provided by State Street. Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.

Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. received fees for investor servicing for class A, class B, class C, class R and class Y shares that included (1) a per account fee for each direct and underlying non-defined contribution account (retail account) of the fund; (2) a specified rate of the fund’s assets attributable to defined contribution plan accounts; and (3) a specified rate based on the average net assets in retail accounts. Putnam Investor Services, Inc. has agreed that the aggregate investor servicing fees for each fund’s retail and defined contribution accounts for these share classes will not exceed an annual rate of 0.25% of the fund’s average assets attributable to such accounts.

Class R6 shares paid a monthly fee based on the average net assets of class R6 shares at an annual rate of 0.05%.

During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:


Class A	$262,004	Class R6	5,471
Class B	147	Class Y	41,120
Class C	6,634	Total	$321,960
Class R	6,584

The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.’s and State Street’s fees are reduced by credits allowed on cash balances. For the reporting period, the fund’s expenses were reduced by $1,026 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $312, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.

The fund has adopted distribution plans (the Plans) with respect to the following share classes pursuant to Rule 12b–1 under the Investment Company Act of 1940. The purpose of the Plans is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Putnam Investments, LLC, for services

Sustainable Future Fund 39

provided and expenses incurred in distributing shares of the fund. The Plans provide payments by the fund to Putnam Retail Management Limited Partnership at an annual rate of up to the following amounts (Maximum %) of the average net assets attributable to each class. The Trustees have approved payment by the fund at the following annual rate (Approved %) of the average net assets attributable to each class. During the reporting period, the class-specific expenses related to distribution fees were as follows:


	Maximum %	Approved %	Amount
Class A	0.35%	0.25%	$369,272
Class B	1.00%	1.00%	831
Class C	1.00%	1.00%	37,402
Class R	1.00%	0.50%	18,563
Total			$426,068

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions of $7,885 from the sale of class A shares and received $14 and $90 in contingent deferred sales charges from redemptions of class B and class C shares, respectively.

A deferred sales charge of up to 1.00% is assessed on certain redemptions of class A shares. For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received $19 on class A redemptions.

Note 3: Purchases and sales of securities

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:


	Cost of purchases	Proceeds from sales
Investments in securities (Long-term)	$92,334,348	$98,492,805
U.S. government securities (Long-term)	—	—
Total	$92,334,348	$98,492,805

The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund’s transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund’s total cost of purchases and/or total proceeds from sales.

Note 4: Capital shares

At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Transactions, including, if applicable, direct exchanges pursuant to share conversions, in capital shares were as follows:


	SIX MONTHS ENDED 10/31/22		YEAR ENDED 4/30/22
Class A	Shares	Amount	Shares	Amount
Shares sold	244,205	$3,914,768	820,252	$20,336,860
Shares issued in connection with
reinvestment of distributions	—	—	2,749,462	62,412,782
	244,205	3,914,768	3,569,714	82,749,642
Shares repurchased	(1,330,567)	(21,192,661)	(2,584,239)	(62,077,878)
Net increase (decrease)	(1,086,362)	$(17,277,893)	985,475	$20,671,764

40 Sustainable Future Fund


	SIX MONTHS ENDED 10/31/22		YEAR ENDED 4/30/22
Class B	Shares	Amount	Shares	Amount
Shares sold	289	$3,620	602	$14,003
Shares issued in connection with
reinvestment of distributions	—	—	2,724	51,557
	289	3,620	3,326	65,560
Shares repurchased	(3,220)	(43,856)	(4,831)	(94,918)
Net decrease	(2,931)	$(40,236)	(1,505)	$(29,358)

	SIX MONTHS ENDED 10/31/22		YEAR ENDED 4/30/22
Class C	Shares	Amount	Shares	Amount
Shares sold	18,781	$250,265	75,932	$1,572,338
Shares issued in connection with
reinvestment of distributions	—	—	108,638	2,048,916
	18,781	250,265	184,570	3,621,254
Shares repurchased	(91,285)	(1,233,675)	(203,273)	(4,200,138)
Net decrease	(72,504)	$(983,410)	(18,703)	$(578,884)

	SIX MONTHS ENDED 10/31/22		YEAR ENDED 4/30/22
Class R	Shares	Amount	Shares	Amount
Shares sold	30,957	$458,508	63,389	$1,475,602
Shares issued in connection with
reinvestment of distributions	—	—	75,217	1,620,931
	30,957	458,508	138,606	3,096,533
Shares repurchased	(39,252)	(588,026)	(95,424)	(2,231,854)
Net increase (decrease)	(8,295)	$(129,518)	43,182	$864,679

	SIX MONTHS ENDED 10/31/22		YEAR ENDED 4/30/22
Class R6	Shares	Amount	Shares	Amount
Shares sold	163,206	$2,650,972	487,425	$12,490,851
Shares issued in connection with
reinvestment of distributions	—	—	210,119	4,849,551
	163,206	2,650,972	697,544	17,340,402
Shares repurchased	(209,681)	(3,433,427)	(452,429)	(10,335,781)
Net increase (decrease)	(46,475)	$(782,455)	245,115	$7,004,621

	SIX MONTHS ENDED 10/31/22		YEAR ENDED 4/30/22
Class Y	Shares	Amount	Shares	Amount
Shares sold	1,129,854	$18,831,197	944,636	$23,732,272
Shares issued in connection with
reinvestment of distributions	—	—	492,281	11,307,693
	1,129,854	18,831,197	1,436,917	35,039,965
Shares repurchased	(522,679)	(8,417,688)	(1,674,807)	(38,705,770)
Net increase (decrease)	607,175	$10,413,509	(237,890)	$(3,665,805)

Sustainable Future Fund 41

Note 5: Affiliated transactions

Transactions during the reporting period with any company which is under common ownership or control were as follows:


					Shares
					outstanding
					and fair
	Fair value as	Purchase	Sale	Investment	value as
Name of affiliate	of 4/30/22	cost	proceeds	income	of 10/31/22
Short-term investments
Putnam Cash Collateral
Pool, LLC^*	$22,663,155	$27,642,730	$50,305,885	$35,622	$—
Putnam Short Term
Investment Fund^**	7,615,020	53,108,354	47,736,781	90,238	12,986,593
Total Short-term
investments	$30,278,175	$80,751,084	$98,042,666	$125,860	$12,986,593

^*No management fees are charged to Putnam Cash Collateral Pool, LLC (Note 1). Investment income shown is included in securities lending income on the Statement of operations. There were no realized or unrealized gains or losses during the period.

^**Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.

Note 6: Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.

Beginning in January 2020, global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as Covid–19. The outbreak of Covid–19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of Covid–19 have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the fund’s performance.

42 Sustainable Future Fund

Note 7: Summary of derivative activity

The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of each fiscal quarter:


Forward currency contracts (contract amount)	$50,600,000

The following is a summary of the fair value of derivative instruments as of the close of the reporting period:


Fair value of derivative instruments as of the close of the reporting period
	ASSET DERIVATIVES		LIABILITY DERIVATIVES
Derivatives not
accounted for as	Statement of		Statement of
hedging instruments	assets and		assets and
under ASC 815	liabilities location	Fair value	liabilities location	Fair value
Foreign exchange
contracts	Receivables	$735,197	Payables	$148,785
Total		$735,197		$148,785

The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (Note 1):


Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments
Derivatives not accounted for as	Forward currency
hedging instruments under ASC 815	contracts	Total
Foreign exchange contracts	$3,066,551	$3,066,551
Total	$3,066,551	$3,066,551


Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss)
on investments
Derivatives not accounted for as	Forward currency
hedging instruments under ASC 815	contracts	Total
Foreign exchange contracts	$54,791	$54,791
Total	$54,791	$54,791

Sustainable Future Fund 43

Note 8: Offsetting of financial and derivative assets and liabilities

The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.


	Bank of America N.A.	Barclays Bank PLC	Citibank, N.A.	Goldman Sachs International	HSBC Bank USA, National Association	JPMorgan Chase Bank N.A.	Morgan Stanley & Co. International PLC	State Street Bank and Trust Co.	Toronto- Dominion Bank	UBS AG	Total
Assets:
Forward currency contracts^#	$164,537	$16,186	$—	$6,064	$310,055	$19,438	$139,100	$—	$—	$79,817	$735,197
Total Assets	$164,537	$16,186	$—	$6,064	$310,055	$19,438	$139,100	$—	$—	$79,817	$735,197
Liabilities:
Forward currency contracts^#	1,100	—	5,972	—	93,274	—	11,833	21,629	14,977	—	148,785
Total Liabilities	$1,100	$—	$5,972	$—	$93,274	$—	$11,833	$21,629	$14,977	$—	$148,785
Total Financial and Derivative Net Assets	$163,437	$16,186	$(5,972)	$6,064	$216,781	$19,438	$127,267	$(21,629)	$(14,977)	$79,817	$586,412
Total collateral received (pledged)^†##	$31,581	$—	$—	$—	$—	$—	$30,000	$—	$—	$—
Net amount	$131,856	$16,186	$(5,972)	$6,064	$216,781	$19,438	$97,267	$(21,629)	$(14,977)	$79,817
Controlled collateral received (including
TBA commitments)^**	$31,581	$—	$—	$—	$—	$—	$30,000	$—	$—	$—	$61,581
Uncontrolled collateral received	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—
Collateral (pledged) (including TBA commitments)^**	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—

^**Included with Investments in securities on the Statement of assets and liabilities.

^†Additional collateral may be required from certain brokers based on individual agreements.

^#Covered by master netting agreement (Note 1).

^##Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.


44 Sustainable Future Fund	Sustainable Future Fund 45

Shareholder meeting results (Unaudited)

June 29, 2022 special meeting

At the meeting, each of the nominees for Trustees was elected, with all funds of the Trust voting together as a single class, as follows:


	Votes for	Votes withheld
Liaquat Ahamed	275,864,949	11,885,697
Barbara M. Baumann	276,817,419	10,933,227
Katinka Domotorffy	276,491,274	11,259,372
Catharine Bond Hill	277,377,580	10,373,066
Kenneth R. Leibler	277,519,588	10,231,058
Jennifer Williams Murphy	276,865,779	10,884,867
Marie Pillai	276,342,951	11,407,695
George Putnam, III	282,562,747	5,187,899
Robert L. Reynolds	283,034,080	4,716,566
Manoj P. Singh	276,110,551	11,640,095
Mona K. Sutphen	276,477,167	11,273,479

All tabulations are rounded to the nearest whole number.

46 Sustainable Future Fund

Putnam family of funds

The following is a list of Putnam’s open-end mutual funds offered to the public. Investors should carefully consider the investment objective, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, contact your financial advisor or call Putnam Investor Services at 1-800-225-1581. Please read the prospectus carefully before investing.


Blend	Income
Core Equity Fund	Convertible Securities Fund
Emerging Markets Equity Fund	Diversified Income Trust
Focused Equity Fund	Floating Rate Income Fund
Focused International Equity Fund	Global Income Trust
International Capital Opportunities Fund	Government Money Market Fund^*
International Equity Fund	High Yield Fund
Research Fund	Income Fund
	Money Market Fund^†
Global Sector	Mortgage Opportunities Fund
Global Health Care Fund	Mortgage Securities Fund
Global Technology Fund	Short Duration Bond Fund
	Ultra Short Duration Income Fund
Growth
Growth Opportunities Fund	Tax-free Income
Small Cap Growth Fund	Intermediate-Term Municipal Income Fund
Sustainable Future Fund	Short-Term Municipal Income Fund
Sustainable Leaders Fund	Strategic Intermediate Municipal Fund
	Tax Exempt Income Fund
Value	Tax-Free High Yield Fund
International Value Fund
Large Cap Value Fund	State tax-free income funds:^‡
Small Cap Value Fund	California, Massachusetts, Minnesota,
	New Jersey, New York, Ohio, and Pennsylvania

Sustainable Future Fund 47


Absolute Return	Asset Allocation (cont.)
Fixed Income Absolute Return Fund	Putnam Retirement Advantage Maturity Fund
Multi-Asset Absolute Return Fund	Putnam Retirement Advantage 2065 Fund
	Putnam Retirement Advantage 2060 Fund
Putnam PanAgora^§	Putnam Retirement Advantage 2055 Fund
Putnam PanAgora Risk Parity Fund	Putnam Retirement Advantage 2050 Fund
	Putnam Retirement Advantage 2045 Fund
Asset Allocation	Putnam Retirement Advantage 2040 Fund
Dynamic Risk Allocation Fund	Putnam Retirement Advantage 2035 Fund
George Putnam Balanced Fund	Putnam Retirement Advantage 2030 Fund
	Putnam Retirement Advantage 2025 Fund
Dynamic Asset Allocation Balanced Fund
Dynamic Asset Allocation Conservative Fund	RetirementReady^® Maturity Fund
Dynamic Asset Allocation Growth Fund	RetirementReady^® 2065 Fund
	RetirementReady^® 2060 Fund
	RetirementReady^® 2055 Fund
	RetirementReady^® 2050 Fund
	RetirementReady^® 2045 Fund
	RetirementReady^® 2040 Fund
	RetirementReady^® 2035 Fund
	RetirementReady^® 2030 Fund
	RetirementReady^® 2025 Fund

^*You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

^†You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

^‡Not available in all states.

^§Sub-advised by PanAgora Asset Management.

Check your account balances and the most recent month-end performance in the Individual Investors section at putnam.com.

48 Sustainable Future Fund

Fund information

Founded over 80 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage funds across income, value, blend, growth, sustainable, asset allocation, absolute return, and global sector categories.


Investment Manager	Trustees	Richard T. Kircher
Putnam Investment	Kenneth R. Leibler, Chair	Vice President and
Management, LLC	Barbara M. Baumann, Vice Chair	BSA Compliance Officer
100 Federal Street	Liaquat Ahamed
Boston, MA 02110	Katinka Domotorffy	Martin Lemaire
	Catharine Bond Hill	Vice President and
Investment Sub-Advisor	Jennifer Williams Murphy	Derivatives Risk Manager
Putnam Investments Limited	Marie Pillai
16 St James’s Street	George Putnam, III	Susan G. Malloy
London, England SW1A 1ER	Robert L. Reynolds	Vice President and
	Manoj P. Singh	Assistant Treasurer
Marketing Services	Mona K. Sutphen
Putnam Retail Management		Alan G. McCormack
Limited Partnership	Officers	Vice President and
100 Federal Street	Robert L. Reynolds	Derivatives Risk Manager
Boston, MA 02110	President
		Denere P. Poulack
Custodian	James F. Clark	Assistant Vice President,
State Street Bank	Vice President, Chief Compliance	Assistant Clerk, and
and Trust Company	Officer, and Chief Risk Officer	Assistant Treasurer

Legal Counsel	Nancy E. Florek	Janet C. Smith
Ropes & Gray LLP	Vice President, Director of	Vice President,
	Proxy Voting and Corporate	Principal Financial Officer,
	Governance, Assistant Clerk,	Principal Accounting Officer,
	and Assistant Treasurer	and Assistant Treasurer

	Michael J. Higgins	Stephen J. Tate
	Vice President, Treasurer,	Vice President and
	and Clerk	Chief Legal Officer

	Jonathan S. Horwitz	Mark C. Trenchard
	Executive Vice President,	Vice President
	Principal Executive Officer,
	and Compliance Liaison

This report is for the information of shareholders of Putnam Sustainable Future Fund. It may also be used as sales literature when preceded or accompanied by the current prospectus, the most recent copy of Putnam’s Quarterly Performance Summary, and Putnam’s Quarterly Ranking Summary. For more recent performance, please visit putnam.com. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund, which are described in its prospectus. For this and other information or to request a prospectus or summary prospectus, call 1-800-225-1581 toll free. Please read the prospectus carefully before investing. The fund’s Statement of Additional Information contains additional information about the fund’s Trustees and is available without charge upon request by calling 1-800-225-1581.


	Item 2. Code of Ethics:


	Not applicable


	Item 3. Audit Committee Financial Expert:


	Not applicable


	Item 4. Principal Accountant Fees and Services:


	Not applicable


	Item 5. Audit Committee of Listed Registrants


	Not applicable


	Item 6. Schedule of Investments:


	The registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.


	Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:


	Not applicable


	Item 8. Portfolio Managers of Closed-End Investment Companies


	Not Applicable


	Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:


	Not applicable


	Item 10. Submission of Matters to a Vote of Security Holders:


	Not applicable


	Item 11. Controls and Procedures:

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.


	(b) Changes in internal control over financial reporting: Not applicable


	Item 12. Disclosures of Securities Lending Activities for Closed-End Investment Companies:


	Not Applicable


	Item 13. Exhibits:


	(a)(1) Not applicable


	(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.


	(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.


	SIGNATURES


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


	Putnam Investment Funds


	By (Signature and Title):


	/s/ Janet C. Smith Janet C. Smith Principal Accounting Officer


	Date: December 29, 2022


	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 (Signature and Title):


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


	Date: December 29, 2022


	By (Signature and Title):


	/s/ Janet C. Smith Janet C. Smith Principal Financial Officer


	Date: December 29, 2022

EX-99.CERT 2 b_2ovcertifications.htm CERTIFICATIONS b_2ovcertifications.htm


	Certifications
	I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:
	1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:
	2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;
	3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;
	4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;
	b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and
	d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the registrant’s report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
	5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):
	a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and
	b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.
	Date: December 29, 2022
	/s/ Jonathan S. Horwitz
	_______________________
	Jonathan S. Horwitz
	Principal Executive Officer
	Certifications
	I, Janet C. Smith, the Principal Financial Officer of the funds listed on Attachment A, certify that:
	1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:
	2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;
	3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;
	4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;
	b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and
	d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the registrant’s report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
	5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):
	a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and
	b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.
	Date: December 29, 2022
	/s/ Janet C. Smith
	_______________________
	Janet C. Smith
	Principal Financial Officer
	Attachment A
	Period (s) ended October 31, 2022
	Putnam Convertible Securities Fund
	Putnam Core Equity Fund
	Putnam Fixed Income Absolute Return Fund
	Putnam Focused International Equity Fund
	Putnam Global Income Trust
	Putnam Income Fund
	Putnam Large Cap Value Fund
	Putnam Managed Municipal Income Trust
	Putnam Multi-Asset Absolute Return Fund
	Putnam Municipal Opportunities Trust
	Putnam Short Duration Bond Fund
	Putnam Sustainable Future Fund

EX-99.906 CERT 3 c_2ovnoscertification.htm 906 CERTIFICATIONS c_2ovnoscertification.htm


	Section 906 Certifications
	I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:
	1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2022 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.
	Date: December 29, 2022
	/s/ Jonathan S. Horwitz
	______________________
	Jonathan S. Horwitz
	Principal Executive Officer
	Section 906 Certifications
	I, Janet C. Smith, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:
	1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2022 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.
	Date: December 29, 2022
	/s/ Janet C. Smith
	______________________
	Janet C. Smith
	Principal Financial Officer
	Attachment A
	Period (s) ended October 31, 2022
	Putnam Convertible Securities Fund
	Putnam Core Equity Fund
	Putnam Fixed Income Absolute Return Fund
	Putnam Focused International Equity Fund
	Putnam Global Income Trust
	Putnam Income Fund
	Putnam Large Cap Value Fund
	Putnam Managed Municipal Income Trust
	Putnam Multi-Asset Absolute Return Fund
	Putnam Municipal Opportunities Trust
	Putnam Short Duration Bond Fund
	Putnam Sustainable Future Fund

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Message from the Trustees	1
Interview with your fund’s portfolio managers	3
Your fund’s performance	7
Your fund’s expenses	9
Consider these risks before investing	11
Terms and definitions	12
Other information for shareholders	14
Trustee approval of management contract	15
Financial statements	20
Shareholder meeting results	46


	Life of fund	10 years	5 years	3 years	1 year	6 months
Class A (11/1/99)
Before sales charge	9.04%	9.95%	6.38%	5.64%	–38.74%	–9.07%
After sales charge	8.76	9.30	5.13	3.57	–42.26	–14.30
Class B (1/16/01)
Before CDSC	8.86	9.54	5.58	4.86	–39.20	–9.44
After CDSC	8.86	9.54	5.36	4.09	–41.74	–13.96
Class C (1/16/01)
Before CDSC	8.75	9.29	5.58	4.85	–39.20	–9.47
After CDSC	8.75	9.29	5.58	4.85	–39.71	–10.38
Class R (4/1/03)
Net asset value	8.77	9.68	6.13	5.39	–38.89	–9.20
Class R6 (5/22/18)
Net asset value	9.31	10.28	6.76	6.02	–38.52	–8.91
Class Y (4/2/02)
Net asset value	9.28	10.23	6.65	5.91	–38.58	–8.96


	Life of fund	10 years	5 years	3 years	1 year	6 months
Russell Midcap Growth Index	7.48%	11.95%	8.66%	6.27%	–28.94%	–4.69%
Putnam Sustainable Future
Linked Benchmark^*	7.03	10.42	7.44	6.27	–28.94	–4.69
Lipper Multi-Cap Growth
Funds category median^†	6.51	11.91	8.91	7.18	–30.89	–9.02


	Life of fund	10 years	5 years	3 years	1 year	6 months
Class A (11/1/99)
Before sales charge	8.84%	9.35%	5.38%	4.49%	–38.09%	–23.85%
After sales charge	8.55	8.70	4.14	2.45	–41.65	–28.23
Class B (1/16/01)
Before CDSC	8.66	8.94	4.59	3.71	–38.54	–24.10
After CDSC	8.66	8.94	4.37	2.96	–41.10	–27.90
Class C (1/16/01)
Before CDSC	8.55	8.70	4.59	3.72	–38.54	–24.13
After CDSC	8.55	8.70	4.59	3.72	–39.06	–24.89
Class R (4/1/03)
Net asset value	8.57	9.08	5.11	4.25	–38.23	–23.95
Class R6 (5/22/18)
Net asset value	9.11	9.69	5.76	4.90	–37.83	–23.68
Class Y (4/2/02)
Net asset value	9.09	9.63	5.65	4.78	–37.90	–23.72


	Class A	Class B	Class C	Class R	Class R6	Class Y
Total annual operating expenses for the
fiscal year ended 4/30/22	1.00%	1.75%	1.75%	1.25%	0.65%	0.75%
Annualized expense ratio for the
six-month period ended 10/31/22	1.06%	1.81%	1.81%	1.31%	0.68%	0.81%


	CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


	Exact name of registrant as specified in charter:	Putnam Investment Funds


	Address of principal executive offices:	100 Federal Street, Boston, Massachusetts 02110


	Name and address of agent for service:	Stephen Tate, Vice President 100 Federal Street Boston, Massachusetts 02110


	Copy to:	Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036


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


	The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:


COMMON STOCKS (97.1%)*	Shares	Value
Banks (0.8%)
First Republic Bank/CA	25,619	$3,076,842
		3,076,842
Biotechnology (5.3%)
Ascendis Pharma A/S ADR (Denmark) ^†	23,900	2,748,500
Compass Pathways PLC ADR (United Kingdom) ^†	157,000	1,654,780
Exact Sciences Corp. ^†	86,600	3,011,948
Immunocore Holdings PLC ADR (United Kingdom) ^†	30,000	1,714,200
Regeneron Pharmaceuticals, Inc. ^†	10,900	8,161,375
Twist Bioscience Corp. ^†	69,325	2,275,940
		19,566,743
Building products (1.7%)
Advanced Drainage Systems, Inc.	52,200	6,048,936
		6,048,936
Capital markets (2.8%)
MSCI, Inc.	22,200	10,408,692
		10,408,692
Chemicals (5.6%)
Ecolab, Inc.	22,200	3,486,954
Ginkgo Bioworks Holdings, Inc. ^†	560,939	1,531,363
Ginkgo Bioworks Holdings, Inc. ^†	164,500	449,085
Ingevity Corp. ^†	68,000	4,574,360
Koninklijke DSM NV (Netherlands)	44,938	5,298,109
Novozymes A/S Class B (Denmark)	96,137	5,049,097
		20,388,968
Commercial services and supplies (4.8%)
Casella Waste Systems, Inc. Class A ^†	94,300	7,714,683
Cintas Corp.	23,500	10,047,425
		17,762,108
Construction and engineering (1.5%)
Quanta Services, Inc.	38,400	5,454,336
		5,454,336
Diversified consumer services (0.9%)
Chegg, Inc. ^†	144,900	3,125,493
		3,125,493
Diversified financial services (1.3%)
Eurazeo SE (France)	83,507	4,769,989
		4,769,989
Diversified telecommunication services (1.5%)
Liberty Global PLC Class C (United Kingdom) ^†	305,100	5,388,066
		5,388,066
Electric utilities (2.3%)
NextEra Energy, Inc.	107,400	8,323,500
		8,323,500
Electrical equipment (1.2%)
Sunrun, Inc. ^†	191,788	4,317,148
		4,317,148


COMMON STOCKS (97.1%)* cont.	Shares	Value
Electronic equipment, instruments, and components (3.2%)
Trimble Inc. ^†	109,300	$6,575,488
Zebra Technologies Corp. Class A ^†	18,700	5,296,214
		11,871,702
Food and staples retailing (1.5%)
Sprouts Farmers Market, Inc. ^†	192,100	5,666,950
		5,666,950
Food products (2.7%)
McCormick & Co., Inc. (non-voting shares)	128,100	10,073,784
		10,073,784
Health-care equipment and supplies (5.9%)
Cooper Cos., Inc. (The)	19,800	5,413,122
Dexcom, Inc. ^†	95,600	11,546,567
Edwards Lifesciences Corp. ^†	63,500	4,599,305
		21,558,994
Health-care providers and services (2.5%)
HealthEquity, Inc. ^†	119,050	9,275,186
		9,275,186
Health-care technology (1.8%)
Veeva Systems, Inc. Class A ^†	40,300	6,767,982
		6,767,982
Hotels, restaurants, and leisure (3.0%)
Chipotle Mexican Grill, Inc. ^†	7,300	10,937,809
		10,937,809
Interactive media and services (0.8%)
Pinterest, Inc. Class A ^†	118,600	2,917,560
		2,917,560
IT Services (3.3%)
Gartner, Inc. ^†	23,800	7,185,696
Mastercard, Inc. Class A	15,200	4,988,336
		12,174,032
Life sciences tools and services (7.3%)
Bio-Rad Laboratories, Inc. Class A ^†	18,200	6,401,122
Danaher Corp.	44,400	11,174,148
Thermo Fisher Scientific, Inc.	17,500	8,994,475
		26,569,745
Machinery (1.5%)
Federal Signal Corp.	118,600	5,532,690
		5,532,690
Mortgage real estate investment trusts (REITs) (1.2%)
Hannon Armstrong Sustainable Infrastructure Capital, Inc. ^R	155,200	4,218,336
		4,218,336
Pharmaceuticals (1.3%)
Zoetis, Inc.	30,600	4,613,868
		4,613,868
Professional services (2.3%)
Bureau Veritas SA (France)	174,577	4,325,219
Planet Labs PBC ^†	811,500	4,260,375
		8,585,594


SHORT-TERM INVESTMENTS (3.6%)*		Principal amount/ shares	Value
Putnam Short Term Investment Fund Class P 3.21% ^L	Shares	12,986,593	$12,986,593
State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01% ^P	Shares	30,000	30,000
U.S. Treasury Bills 2.805%, 11/8/22		$200,000	199,896
U.S. Treasury Bills zero%, 2/23/23 ⁱ		32,000	31,581
Total short-term investments (cost $13,248,067)			$13,248,070


	UNITED STATES SECURITIES AND EXCHANGE COMMISSION


	Washington, D.C. 20549


	FORM N-CSR


	Investment Company Act file number:	(811-07237)


TOTAL INVESTMENTS
Total investments (cost $335,911,982)	$369,122,416


Key to holding’s abbreviations
ADR	American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank.


Notes to the fund’s portfolio
	Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from May 1, 2022 through October 31, 2022 (the reporting period). Within the following notes to the portfolio, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures.
^*	Percentages indicated are based on net assets of $366,576,162.
^†	This security is non-income-producing.
ⁱ	This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts (Note 1).
^L	Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
^P	This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
^R	Real Estate Investment Trust.
	Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
	The dates shown on debt obligations are the original maturity dates.


FORWARD CURRENCY CONTRACTS at 10/31/22 (aggregate face value $46,374,375) (Unaudited)
Counterparty	Currency	Contract type*	Delivery date	Value	Aggregate face value	Unrealized appreciation/ (depreciation)
Bank of America N.A.
	Canadian Dollar	Sell	1/18/23	$491,143	$490,043	$(1,100)
	Danish Krone	Sell	12/21/22	2,158,801	2,221,056	62,255
	Euro	Sell	12/21/22	5,172,704	5,274,986	102,282
Barclays Bank PLC
	British Pound	Sell	12/21/22	1,814,810	1,830,996	16,186
Citibank, N.A.
	Israeli Shekel	Sell	1/18/23	1,573,062	1,567,090	(5,972)
Goldman Sachs International
	Israeli Shekel	Buy	1/18/23	605,580	599,516	6,064
HSBC Bank USA, National Association
	British Pound	Sell	12/21/22	4,433,637	4,473,002	39,365
	Canadian Dollar	Sell	1/18/23	709,673	707,624	(2,049)
	Danish Krone	Sell	12/21/22	3,010,065	3,097,092	87,027
	Euro	Sell	12/21/22	9,052,356	9,232,920	180,564
	Israeli Shekel	Sell	1/18/23	1,663,644	1,666,743	3,099
	Swedish Krona	Buy	12/21/22	1,740,425	1,831,650	(91,225)
JPMorgan Chase Bank N.A.
	Euro	Sell	12/21/22	983,160	1,002,598	19,438
Morgan Stanley & Co. International PLC
	British Pound	Sell	12/21/22	1,368,058	1,380,291	12,233
	Danish Krone	Sell	12/21/22	2,027,661	2,015,828	(11,833)
	Euro	Sell	12/21/22	3,216,505	3,343,372	126,867