Report 
 
      
Registrant:   Putnam Investment Funds Trust — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  9/30/14

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      932101
SEC File #:   811-07237

Telephone #:  617-292-1000
 
 2.
Address:      One Post Office Square
              Boston, MA  02109
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  Yes

The number of separate Funds/Series (portfolios) at period end:  1
The number of separate Funds/Series (portfolios) reported here:  1...

N-SAR S#      Fund/Series — Filings for F/S#… ⇒ Symbols 
 
↓Information Common to All 
↓
Series 6:     Putnam International Growth Fund — S#3849 ⇒ PINOX & 4 more
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  116

The Identification Code of the family for Form N-SAR Filings:  PUTNAMFUND
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77C:  Matters Submitted to a Vote of Security Holders?  Yes

EX-99.77Q1: Other Disclosure?  Yes

EX-99.77Q3: Other Info?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
 All Series
↑List of Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: 
Investment Adviser 
 
 8.1
Name:         Putnam Investment Management, LLC
Role:         Adviser
SEC File #:   801-07974
Location:     Boston, MA
 
 8.2
Name:         Putnam Investments Ltd.
Role:         Sub-Adviser
SEC File #:   801-61441
Location:     London
              England
 
 8.3
Name:         The Putnam Advisory Co., LLC
Role:         Sub-Adviser
SEC File #:   801-05097
Location:     Boston, MA
 
 All: 
Principal Underwriter 
 
11.1
Name:         Putnam Retail Management Ltd. Partnership
SEC File #:   008-05088
Location:     Boston, MA
 
 All: 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Putnam Investor Services, Inc.
SEC File #:   084-06331
Location:     Boston, MA
 
 All: 
Independent Public Accountant 
 
13.1
Name:         Pricewaterhousecoopers LLP
Location:     Boston, MA
 
 All: 
Custodian 
 
15.1
Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
 All: 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Goldman Sachs & Co.
IRS #:        13-5108880
Commissions paid ($000s):  105
 
20.2
Broker:       Banc of America Securities, LLC
IRS #:        56-2058405
Commissions paid ($000s):  102
 
20.3
Broker:       Citibank, N.A.
IRS #:        13-5266470
Commissions paid ($000s):  94
 
20.4
Broker:       UBS Securities, LLC
IRS #:        13-3873456
Commissions paid ($000s):  85
 
20.5
Broker:       Credit Suisse First Boston
IRS #:        13-5659485
Commissions paid ($000s):  84
 
20.6
Broker:       Morgan Stanley & Co., LLC
IRS #:        13-2655998
Commissions paid ($000s):  62
 
20.7
Broker:       Barclays Capital, Inc.
IRS #:        06-1031656
Commissions paid ($000s):  57
 
20.8
Broker:       JPMorgan Securities, Inc.
IRS #:        13-3379014
Commissions paid ($000s):  54
 
20.9
Broker:       Sanford C. Bernstein & Co., LLC
IRS #:        13-4132953
Commissions paid ($000s):  52
 
20.10
Broker:       Deutsche Bank Securities, Inc.
IRS #:        13-2730828
Commissions paid ($000s):  44
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  1,036
 
 All: 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Goldman Sachs & Co.
IRS #:        13-5108880
Registrant’s purchases ($000s):  4,995
 
22.2
Entity:       Morgan Stanley & Co., LLC
IRS #:        13-2655998
Registrant’s purchases ($000s):  3,652
 
22.3
Entity:       Credit Suisse First Boston
IRS #:        13-5659485
Registrant’s purchases ($000s):  3,250
 
22.4
Entity:       Deutsche Bank Securities, Inc.
IRS #:        13-2730828
Registrant’s purchases ($000s):  1,268
Registrant’s sales ($000s):  1,409
 
22.5
Entity:       Banc of America Securities, LLC
IRS #:        56-2058405
Registrant’s purchases ($000s):  1,299
Registrant’s sales ($000s):  143
 
22.6
Entity:       JPMorgan Securities, Inc.
IRS #:        13-3379014
Registrant’s purchases ($000s):  1,354
 
22.7
Entity:       Bank of America, N.A.
IRS #:        94-1687665
Registrant’s purchases ($000s):  533
Registrant’s sales ($000s):  356
 
22.8
Entity:       Jefferies & Co., Inc.
IRS #:        95-2622900
Registrant’s purchases ($000s):  539
 
22.9
Entity:       RBC Capital Markets Corp.
IRS #:        13-5033225
Registrant’s sales ($000s):  472
 
22.10
Entity:       Nomrua Securities International, Inc.
IRS #:        13-2642206
Registrant’s purchases ($000s):  383
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  17,433
   Aggregate sales ($000s):  2,380
 
 All: 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  Yes
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  Yes
    To the Registrant ..................................................  Yes
Other ..................................................................  No
 
 Series 6
↑Information Common to All Funds/Series  ↑List of Funds/Series 
 
 7.
Name:         Putnam International Growth Fund — S#3849 ⇒ PINOX & 4 more

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 6: 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  Yes

25.

The brokers or dealers, or their parents (issuers):
 
25.1
Name:         Barclays plc
Type of security owned:  Equity
Value of securities owned at period end ($000s):  1,488
 
25.2
Name:         UBS AG
Type of security owned:  Equity
Value of securities owned at period end ($000s):  1,811
 
25.3
Name:         (See a prior Form N-SAR for who was...)  Deleted
 
 S 6: 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,323
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,732
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,767
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,271
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 2,493
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,550
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,652
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 4,574
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,242
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,700
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 3,087
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 3,704

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 12,564
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 22,531

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  9,135
 
 S 6: 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.
Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s):  132

The maximum sales load rate in effect at period end as a percentage of
the offering price:  5.75%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.
Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s):  27

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s):  0
 
32.
Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s):  105
 
33.
Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s):  0
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  Yes
 
35.
Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s):  4
 
36.
Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period?  No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s):  0
 
37.
Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.
Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S 6: 
Payment Plan for the Distribution of Fund Shares 
 
40.
During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.
During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
 –
Printing & mailing of prospectuses to other than current shareholders ..
 –
Payments to underwriters ...............................................
 100
Payments to brokers or dealers .........................................
 –
Direct payments to sales personnel .....................................
 –
Payments to banks and savings & loans ..................................
 –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
 –
Unallocated payments made for a combination of such services ...........
 –
 
43.
Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  1,031
 
44.
If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
 S 6: 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  No
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  Yes
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  Yes
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  Yes
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  No
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  Yes
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
 S 6: 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 6: 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $500
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  Yes
 
69.
Is the Registrant/Series an index Fund?  No
 
 S 6: 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes to both
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes to both
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes to both
Loaning portfolio securities?                            Yes to both
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes to both
Margin purchases?                                        No        –
Short selling?                                           Yes      No
 
 S 6: 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  394,076
Sales ($000s):      414,353

Monthly average Value of portfolio ($000s):  358,840

Percent turnover (lesser of Purchases or Sales, divided by Value):  110%
 
 S 6: 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 5
Net dividend income ..............................................
 6,556
Account maintenance fees .........................................
 –
Net other income .................................................
 83

Expenses  ($000s)
Advisory fees ....................................................
 3,336
Administrator fees ...............................................
 9
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 719
Custodian fees ...................................................
 87
Postage ..........................................................
 50
Printing expenses ................................................
 56
Directors’ fees ..................................................
 24
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 111
Legal fees .......................................................
 27
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 1,031
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 132
Total expenses ...................................................
 5,582

Expense reimbursements ($000s):   0

Net investment income ($000s):    1,062

Realized capital gains ($000s):   39,896
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  19,480

Total income dividends for which the record date passed during the
period ($000s):  723
Dividends for a second class of shares ($000s):  94

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 6: 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 77
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 2,211
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 340,213
Options on equities ..............................................
 533
Options on all futures ...........................................
 –
Other investments ................................................
 18,012
Receivables from portfolio instruments sold ......................
 1,180
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 2,834
All other assets .................................................
 158
Total assets .....................................................
 365,218

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 855
Amounts owed to affiliated persons ...............................
 854
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 356
  All other liabilities ..........................................
 11,377

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 351,776

Number of shares outstanding (000s):   17,253
Number of shares outstanding of a second class of shares (000s):  1,299

Net Asset Value (NAV) per share (to nearest cent):  $0.00

Total number of shareholder accounts:  43,609

Total value of assets in segregated accounts ($000s):  1,360
 
75.
Monthly average net assets during the period ($000s):  368,513
 
 S 6: 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Natl Union Fire/Ace Amer/Great Amer/Fid & Dep
2nd Insurer:  Federal Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  80,000
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  115
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Janet C. Smith      
Name:   Janet C. Smith
Title:  Princ. Acct. Officer