Form NSAR-B PUTNAM INVESTMENT FUNDS For: Apr 30

      PAGE  1
000 B000000 04/30/2017
000 C000000 0000932101
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 PUTNAM INVESTMENT FUNDS
001 B000000 811-07237
001 C000000 6172921000
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
007 C011100 11
007 C011200 12
007 C021200 PUTNAM CAPITAL OPPORTUNITIES FUND
007 C031200 N
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C022000 PUTNAM MULTI-CAP VALUE FUND
007 C032000 N
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
      PAGE  2
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
      PAGE  3
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
008 A00AA01 PUTNAM INVESTMENT MANAGEMENT, LLC.
008 B00AA01 A
008 C00AA01 801-7974
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02109
008 A00AA02 PUTNAM INVESTMENTS LIMITED
008 B00AA02 S
008 C00AA02 801-61441
008 D01AA02 LONDON
008 D05AA02 ENGLAND
008 D06AA02 SW1A 1LD
011 A00AA01 PUTNAM RETAIL MANAGEMENT LIMITED PARTNERSHIP
011 B00AA01 8-5088
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02109
012 A00AA01 PUTNAM INVESTOR SERVICES, INC.
012 B00AA01 84-06331
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02109
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
020 A000001 MORGAN STANLEY & CO., LLC
020 B000001 13-2655998
020 C000001    284
020 A000002 CREDIT SUISSE SECURITIES (USA), LLC
020 B000002 05-0546650
020 C000002    278
020 A000003 UBS SECURITIES, LLC
020 B000003 13-3873456
020 C000003    209
      PAGE  4
020 A000004 CITIBANK, N.A.
020 B000004 13-5266470
020 C000004    137
020 A000005 BARCLAYS CAPITAL, INC.
020 B000005 06-1031656
020 C000005    130
020 A000006 BANC OF AMERICA SECURITIES, LLC
020 B000006 56-2058405
020 C000006     99
020 A000007 GOLDMAN SACHS & CO.
020 B000007 13-5108880
020 C000007     95
020 A000008 JPMORGAN SECURITIES, LLC
020 B000008 13-3299429
020 C000008     63
020 A000009 RBC CAPITAL MARKETS CORP.
020 B000009 13-5033225
020 C000009     61
020 A000010 RAYMOND JAMES & ASSOCIATES, INC.
020 B000010 59-1237041
020 C000010     57
021  000000     1934
022 A000001 CREDIT SUISSE SECURITIES (USA), LLC
022 B000001 05-0546650
022 C000001      4031
022 D000001         0
022 A000002 RAYMOND JAMES & ASSOCIATES, INC.
022 B000002 59-1237041
022 C000002       295
022 D000002         0
022 A000003 LEERINK PARTNERS, LLC
022 B000003 42-1738148
022 C000003       199
022 D000003         0
022 A000004 JPMORGAN SECURITIES, LLC
022 B000004 13-3299429
022 C000004       181
022 D000004         0
022 A000005 MORGAN STANLEY & CO., LLC
022 B000005 13-2655998
022 C000005        15
022 D000005         0
022 A000006 BAIRD (ROBERT W.) & CO., INC.
022 B000006 39-6037917
022 C000006         0
022 D000006         0
022 A000007 BANC OF AMERICA SECURITIES, LLC
022 B000007 56-2058405
022 C000007         0
022 D000007         0
022 A000008 BARCLAYS CAPITAL, INC.
      PAGE  5
022 B000008 06-1031656
022 C000008         0
022 D000008         0
022 A000009 SANFORD C. BERNSTEIN & CO., LLC
022 B000009 13-4132953
022 C000009         0
022 D000009         0
022 A000010 WILLIAM BLAIR & CO., LLC
022 B000010 36-2214610
022 C000010         0
022 D000010         0
023 C000000       4721
023 D000000          0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 Y
026 G020000 Y
026 H000000 N
027  000000 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00      500
077 A000000 Y
077 B000000 Y
077 Q010000 Y
077 Q030000 Y
      PAGE  6
078  000000 N
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
086 A01AA00      0
086 A02AA00      0
086 B01AA00      0
086 B02AA00      0
086 C01AA00      0
086 C02AA00      0
086 D01AA00      0
086 D02AA00      0
086 E01AA00      0
086 E02AA00      0
086 F01AA00      0
086 F02AA00      0
075 A000100        0
075 B000100        0
076  000100     0.00
080 C000100        0
081 B000100   0
082 B000100        0
019 B000200    0
013 A001201 PRICEWATERHOUSECOOPERS LLP
013 B011201 BOSTON
013 B021201 MA
013 B031201 02110
018  001200 Y
019 A001200 Y
019 B001200  110
019 C001200 PUTNAMFUND
024  001200 N
025 D001201       0
025 D001202       0
025 D001203       0
025 D001204       0
      PAGE  7
025 D001205       0
025 D001206       0
025 D001207       0
025 D001208       0
028 A011200      4377
028 A021200         0
028 A031200         0
028 A041200      9848
028 B011200      4882
028 B021200     22186
028 B031200         0
028 B041200      7070
028 C011200     14569
028 C021200         0
028 C031200         0
028 C041200     18154
028 D011200      3697
028 D021200         0
028 D031200         0
028 D041200     12703
028 E011200      4698
028 E021200         0
028 E031200         0
028 E041200      9978
028 F011200      2163
028 F021200         0
028 F031200         0
028 F041200      8673
028 G011200     34386
028 G021200     22186
028 G031200         0
028 G041200     66426
028 H001200     13037
029  001200 Y
030 A001200     97
030 B001200  5.75
030 C001200  0.00
031 A001200     20
031 B001200      0
032  001200     77
033  001200      0
034  001200 Y
035  001200      5
036 A001200 N
036 B001200      0
037  001200 N
038  001200      0
039  001200 N
040  001200 Y
041  001200 Y
042 A001200   0
      PAGE  8
042 B001200   0
042 C001200 100
042 D001200   0
042 E001200   0
042 F001200   0
042 G001200   0
042 H001200   0
043  001200    949
044  001200      0
045  001200 Y
046  001200 N
047  001200 N
048  001200  0.000
048 A011200        0
048 A021200 0.000
048 B011200        0
048 B021200 0.000
048 C011200        0
048 C021200 0.000
048 D011200        0
048 D021200 0.000
048 E011200        0
048 E021200 0.000
048 F011200        0
048 F021200 0.000
048 G011200        0
048 G021200 0.000
048 H011200        0
048 H021200 0.000
048 I011200        0
048 I021200 0.000
048 J011200        0
048 J021200 0.000
048 K011200        0
048 K021200 0.000
049  001200 N
050  001200 N
051  001200 N
052  001200 Y
053 A001200 N
062 A001200 N
062 B001200   0.0
062 C001200   0.0
062 D001200   0.0
062 E001200   0.0
062 F001200   0.0
062 G001200   0.0
062 H001200   0.0
062 I001200   0.0
062 J001200   0.0
062 K001200   0.0
      PAGE  9
062 L001200   0.0
062 M001200   0.0
062 N001200   0.0
062 O001200   0.0
062 P001200   0.0
062 Q001200   0.0
062 R001200   0.0
063 A001200   0
063 B001200  0.0
066 A001200 Y
066 B001200 N
066 C001200 N
066 D001200 Y
066 E001200 N
066 F001200 N
066 G001200 N
067  001200 N
068 A001200 N
068 B001200 N
069  001200 N
070 A011200 Y
070 A021200 N
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 Y
070 M021200 Y
070 N011200 Y
070 N021200 Y
070 O011200 Y
070 O021200 N
070 P011200 Y
      PAGE  10
070 P021200 Y
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
071 A001200    542376
071 B001200    596704
071 C001200    325735
071 D001200  167
072 A001200 12
072 B001200       15
072 C001200     5068
072 D001200        0
072 E001200      393
072 F001200     2069
072 G001200       10
072 H001200        0
072 I001200      695
072 J001200       27
072 K001200       22
072 L001200       32
072 M001200       22
072 N001200        0
072 O001200        0
072 P001200        2
072 Q001200        0
072 R001200       66
072 S001200       27
072 T001200      949
072 U001200        0
072 V001200        0
072 W001200      120
072 X001200     4041
072 Y001200        0
072 Z001200     1435
072AA001200    66803
072BB001200        0
072CC011200        0
072CC021200     8318
072DD011200     1548
072DD021200      544
072EE001200    21167
073 A011200   0.0000
073 A021200   0.0000
073 B001200   0.9900
073 C001200   0.0000
074 A001200        0
074 B001200        0
074 C001200        0
074 D001200        0
074 E001200        0
      PAGE  11
074 F001200   322459
074 G001200        0
074 H001200        0
074 I001200    53327
074 J001200     5015
074 K001200        0
074 L001200      288
074 M001200       45
074 N001200   381134
074 O001200     7462
074 P001200      517
074 Q001200        0
074 R011200        0
074 R021200        0
074 R031200        0
074 R041200    47887
074 S001200        0
074 T001200   325268
074 U011200    17293
074 U021200     3894
074 V011200     0.00
074 V021200     0.00
074 W001200   0.0000
074 X001200    24546
074 Y001200        0
075 A001200        0
075 B001200   330410
076  001200     0.00
080 A001200 NATL UNION FIRE/ACE AMER/GREAT AMER/FID & DEP
080 B001200 FEDERAL INSURANCE COMPANY
080 C001200    80000
081 A001200 Y
081 B001200 109
082 A001200 N
082 B001200        0
013 A002001 KPMG LLP
013 B012001 BOSTON
013 B022001 MA
013 B032001 02111
018  002000 Y
019 A002000 Y
019 B002000  110
019 C002000 PUTNAMFUND
024  002000 N
025 A002001 DELETE
025 D002001       0
025 A002002 DELETE
025 D002002       0
025 A002003 DELETE
025 D002003       0
025 D002004       0
      PAGE  12
025 D002005       0
025 D002006       0
025 D002007       0
025 D002008       0
028 A012000      4976
028 A022000         0
028 A032000         0
028 A042000      8621
028 B012000     10770
028 B022000      9222
028 B032000         0
028 B042000      9343
028 C012000     11986
028 C022000         0
028 C032000         0
028 C042000     10432
028 D012000      8186
028 D022000         0
028 D032000         0
028 D042000      8568
028 E012000     17096
028 E022000         0
028 E032000         0
028 E042000     14674
028 F012000      5311
028 F022000         0
028 F032000         0
028 F042000      8808
028 G012000     58325
028 G022000      9222
028 G032000         0
028 G042000     60446
028 H002000     23643
029  002000 Y
030 A002000    249
030 B002000  5.75
030 C002000  0.00
031 A002000     48
031 B002000      0
032  002000    201
033  002000      0
034  002000 Y
035  002000      4
036 A002000 N
036 B002000      0
037  002000 N
038  002000      0
039  002000 N
040  002000 Y
041  002000 Y
042 A002000   0
      PAGE  13
042 B002000   0
042 C002000 100
042 D002000   0
042 E002000   0
042 F002000   0
042 G002000   0
042 H002000   0
043  002000   1283
044  002000      0
045  002000 Y
046  002000 N
047  002000 N
048  002000  0.000
048 A012000        0
048 A022000 0.000
048 B012000        0
048 B022000 0.000
048 C012000        0
048 C022000 0.000
048 D012000        0
048 D022000 0.000
048 E012000        0
048 E022000 0.000
048 F012000        0
048 F022000 0.000
048 G012000        0
048 G022000 0.000
048 H012000        0
048 H022000 0.000
048 I012000        0
048 I022000 0.000
048 J012000        0
048 J022000 0.000
048 K012000        0
048 K022000 0.000
049  002000 N
050  002000 N
051  002000 N
052  002000 Y
053 A002000 Y
053 B002000 Y
053 C002000 N
062 A002000 N
062 B002000   0.0
062 C002000   0.0
062 D002000   0.0
062 E002000   0.0
062 F002000   0.0
062 G002000   0.0
062 H002000   0.0
062 I002000   0.0
      PAGE  14
062 J002000   0.0
062 K002000   0.0
062 L002000   0.0
062 M002000   0.0
062 N002000   0.0
062 O002000   0.0
062 P002000   0.0
062 Q002000   0.0
062 R002000   0.0
063 A002000   0
063 B002000  0.0
066 A002000 Y
066 B002000 N
066 C002000 Y
066 D002000 N
066 E002000 N
066 F002000 N
066 G002000 N
067  002000 N
068 A002000 N
068 B002000 N
069  002000 N
070 A012000 Y
070 A022000 N
070 B012000 Y
070 B022000 N
070 C012000 Y
070 C022000 N
070 D012000 Y
070 D022000 N
070 E012000 Y
070 E022000 N
070 F012000 Y
070 F022000 N
070 G012000 Y
070 G022000 N
070 H012000 Y
070 H022000 N
070 I012000 N
070 I022000 N
070 J012000 Y
070 J022000 N
070 K012000 Y
070 K022000 Y
070 L012000 Y
070 L022000 N
070 M012000 Y
070 M022000 Y
070 N012000 Y
070 N022000 Y
070 O012000 Y
      PAGE  15
070 O022000 N
070 P012000 Y
070 P022000 Y
070 Q012000 N
070 Q022000 N
070 R012000 Y
070 R022000 N
071 A002000    327861
071 B002000    332301
071 C002000    422308
071 D002000   78
072 A002000 12
072 B002000      125
072 C002000     7638
072 D002000        0
072 E002000      130
072 F002000     2474
072 G002000       13
072 H002000        0
072 I002000      901
072 J002000       15
072 K002000       23
072 L002000       32
072 M002000       28
072 N002000        0
072 O002000        0
072 P002000        0
072 Q002000        0
072 R002000       54
072 S002000       37
072 T002000     1283
072 U002000        0
072 V002000        0
072 W002000      116
072 X002000     4976
072 Y002000        0
072 Z002000     2917
072AA002000    28736
072BB002000        0
072CC012000    22258
072CC022000        0
072DD012000     2343
072DD022000      574
072EE002000     6896
073 A012000   0.0000
073 A022000   0.0000
073 B002000   0.0000
073 C002000   0.0000
074 A002000        0
074 B002000        0
074 C002000        0
      PAGE  16
074 D002000        0
074 E002000     6451
074 F002000   444238
074 G002000        0
074 H002000        0
074 I002000    34151
074 J002000        0
074 K002000        0
074 L002000      593
074 M002000       48
074 N002000   485481
074 O002000      324
074 P002000      628
074 Q002000        0
074 R012000        0
074 R022000        0
074 R032000        0
074 R042000    16141
074 S002000        0
074 T002000   468388
074 U012000    19522
074 U022000     4566
074 V012000     0.00
074 V022000     0.00
074 W002000   0.0000
074 X002000    34944
074 Y002000        0
075 A002000        0
075 B002000   444803
076  002000     0.00
080 A002000 NATL UNION FIRE/ACE AMER/GREAT AMER/FID&DEP
080 B002000 FEDERAL INSURANCE COMPANY
080 C002000    80000
081 A002000 Y
081 B002000 109
082 A002000 N
082 B002000        0
071 A003200         0
071 B003200         0
071 C003200         0
071 D003200    0
072 A003200  0
072 B003200        0
072 C003200        0
072 D003200        0
072 E003200        0
072 F003200        0
072 G003200        0
072 H003200        0
SIGNATURE   JANET SMITH                                  
TITLE       PRINC. ACCT. OFFICER
 

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders
Putnam Investment Funds:

In planning and performing our audit of the financial statements 
of Putnam MultiCap Value Fund (the Fund), a series of Putnam 
Investment Funds, as of and for the year ended April 30, 2017, in 
accordance with the standards of the Public Company Accounting 
Oversight Board (United States), we considered the Funds internal 
control over financial reporting, including controls over 
safeguarding securities, as a basis for designing our auditing 
procedures for the purpose of expressing our opinion on the 
financial statements and to comply with the requirements of Form 
NSAR, but not for the purpose of expressing an opinion on the 
effectiveness of the Funds internal control over financial 
reporting.  Accordingly, we express no such opinion.
Management of the Fund is responsible for establishing and 
maintaining effective internal control over financial reporting.  
In fulfilling this responsibility, estimates and judgments by 
management are required to assess the expected benefits and 
related costs of controls.  A companys internal control over 
financial reporting is a process designed 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 (GAAP).  
A companys internal control over financial reporting includes 
those policies and procedures that (1) pertain to the maintenance 
of records that, in reasonable detail, accurately and fairly 
reflect the transactions and dispositions of the assets of the 
company; (2) provide reasonable assurance that transactions are 
recorded as necessary to permit preparation of financial 
statements in accordance with GAAP, and that receipts and 
expenditures of the company are being made only in accordance 
with authorizations of management and trustees of the company; 
and (3) provide reasonable assurance regarding prevention or 
timely detection of unauthorized acquisition, use or disposition 
of the companys assets that could have a material effect on the 
financial statements.
Because of its inherent limitations, internal control over 
financial reporting may not prevent or detect misstatements.  
Also, projections of any evaluation of effectiveness to future 
periods are subject to the risk that controls may become 
inadequate because of changes in conditions, or that the degree 
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists 
when the design or operation of a control does not allow 
management or employees, in the normal course of performing their 
assigned functions, to prevent or detect misstatements on a 
timely basis.  A material weakness is a deficiency, or a 
combination of deficiencies, in internal control over financial 
reporting, such that there is a reasonable possibility that a 
material misstatement of a funds annual or interim financial 
statements will not be prevented or detected on a timely basis.  

Our consideration of the Funds internal control over financial 
reporting was for the limited purpose described in the first 
paragraph and would not necessarily disclose all deficiencies in 
internal control that might be material weaknesses under 
standards established by the Public Company Accounting Oversight 
Board (United States).  However, we noted no deficiencies in the 
Funds internal control over financial reporting and its 
operation, including controls over safeguarding securities, that 
we consider to be a material weakness as defined above as of 
April 30, 2017.

This report is intended solely for the information and use of 
management and the Board of Trustees of Putnam Investment Funds 
and the Securities and Exchange Commission and is not intended to 
be and should not be used by anyone other than these specified 
parties.


      /s/ KPMG LLP


Boston, Massachusetts					
June 13, 2017

Putnam Multi-Cap Value Fund  

4/30/17 annual report

Because the electronic format for filing Form NSAR does not 
provide adequate space for responding to certain items correctly, 
the correct answers are as follows:

72DD1	
Class A   2,306
Class B	  1
Class C	  22
Class M   14
	
72DD2	
Class R   58
Class Y   516

73A1
Class A	  0.130
Class B	  0.002
Class C	  0.013
Class M	  0.053

73A2
Class R	  0.085
Class Y	  0.176


74U1
Class A   17,301
Class B   365
Class C   1,616
Class M   240
	
74U2
Class R   667
Class Y   3,899
		
74V1
Class A   19.59
Class B   18.14
Class C   18.02
Class M   18.70

74V2
Class R   19.14
Class Y   19.62






Item 61

Additional Information About Minimum Required Investment

Shareholders can open a fund account with as little as $500 and 
make subsequent investments in any amount. The minimum investment 
is waived if you make regular investments weekly, semi monthly, 
or monthly through automatic deductions through your bank 
checking or savings account. Currently, Putnam is waiving the 
minimum, but reserves the right to reject initial investments 
under the minimum.


Item 85B

Additional Information About Errors and Omissions Policy

While no claims with respect to the Registrant/Series were filed 
under such policy during the period, requests under such policy 
for reimbursement of legal expenses and costs arising out of 
claims of market timing activity in the Putnam Funds have been 
submitted by the investment manager of the Registrant/Series.

Report of Independent Registered Public Accounting Firm


To the Trustees of Putnam Investment Funds and Shareholders of 
Putnam Capital Opportunities Fund:

In planning and performing our audit of the financial statements 
of Putnam Capital Opportunities Fund (the Fund) as of and for the 
year ended April 30, 2017, in accordance with the standards of the 
Public Company Accounting Oversight Board (United States), we 
considered the Funds internal control over financial reporting, 
including controls over safeguarding securities, as a basis for 
designing our auditing procedures for the purpose of expressing 
our opinion on the financial statements and to comply with the 
requirements of Form N SAR, but not for the purpose of expressing 
an opinion on the effectiveness of the Funds internal control over 
financial reporting.  Accordingly, we do not express an opinion on 
the effectiveness of the Funds internal control over financial 
reporting.

The management of the Fund is responsible for establishing and 
maintaining effective internal control over financial reporting.  
In fulfilling this responsibility, estimates and judgments by 
management are required to assess the expected benefits and 
related costs of controls.  A funds internal control over 
financial reporting is a process designed 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.  A funds 
internal control over financial reporting includes those policies 
and procedures that (1) pertain to the maintenance of records 
that, in reasonable detail, accurately and fairly reflect the 
transactions and dispositions of the assets of the company; (2) 
provide reasonable assurance that transactions are recorded as 
necessary to permit preparation of financial statements in 
accordance with generally accepted accounting principles, and that 
receipts and expenditures of the fund are being made only in 
accordance with authorizations of management and trustees of the 
company; and (3) provide reasonable assurance regarding prevention 
or timely detection of unauthorized acquisition, use or 
disposition of a funds assets that could have a material effect on 
the financial statements.

Because of its inherent limitations, internal control over 
financial reporting may not prevent or detect misstatements.  
Also, projections of any evaluation of effectiveness to future 
periods are subject to the risk that controls may become 
inadequate because of changes in conditions, or that the degree of 
compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists 
when the design or operation of a control does not allow 
management or employees, in the normal course of performing their 
assigned functions, to prevent or detect misstatements on a timely 
basis.  A material weakness is a deficiency, or a combination of 
deficiencies, in internal control over financial reporting, such 
that there is a reasonable possibility that a material 
misstatement of the Funds annual or interim financial statements 
will not be prevented or detected on a timely basis.  

Our consideration of the Funds internal control over financial 
reporting was for the limited purpose described in the first 
paragraph and would not necessarily disclose all deficiencies in 
internal control over financial reporting that might be material 
weaknesses under standards 
established by the Public Company Accounting Oversight Board 
(United States).  However, we noted no deficiencies in the Funds 
internal control over financial reporting and its operation, 
including controls over safeguarding securities, that we consider 
to be material weaknesses as defined above as of April 30, 2017.

This report is intended solely for the information and use of 
management and the Board of Trustees of Putnam Capital 
Opportunities Fund and the Securities and Exchange Commission and 
is not intended to be and should not be used by anyone other than 
these specified parties.





/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts 
June 8, 2017




2 of 2
1 of 2
PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, MA 02110
T: (617) 530 5000, F:(617) 530 5001, www.pwc.com/us

Putnam Capital Opportunities Fund 
4/30/17 Annual report

Because the electronic format for filing Form NSAR does not 
provide adequate space for responding to certain items 
correctly, the correct answers are as follows:

72DD1	  

Class A   1,516
Class B   4
Class C   17
Class M   11
	
72DD2	  

Class R   42
Class R5  99
Class R6  104 
Class Y   299

73A1

Class A   0.102
Class B	  0.007
Class C	  0.011
Class M   0.042
	
73A2

Class R   0.058
Class R5  0.153
Class R6  0.168
Class Y	  0.139

74U1	  

Class A   14,907
Class B   595
Class C   1,510
Class M   281
	
74U2	  

Class R   669
Class R5  1
Class R6  657 
Class Y   2,567
		

74V1	  

Class A   15.52
Class B   13.29
Class C   13.49
Class M   14.13	

74V2	  

Class R   15.10	
Class R5  15.85
Class R6  16.03
Class Y   15.99


Item 61

Additional Information About Minimum Required Investment

Shareholders can open a fund account with as little as $500 
and make subsequent investments in any amount. The minimum 
investment is waived if you make regular investments weekly, 
semi monthly, or monthly through automatic deductions through 
your bank checking or savings account. Currently, Putnam is 
waiving the minimum, but reserves the right to reject initial 
investments under the minimum.


Item 85B

Additional Information About Errors and Omissions Policy

While no claims with respect to the Registrant/Series were filed 
under such policy during the period, requests under such policy for 
reimbursement of legal expenses and costs arising out of claims of 
market timing activity in the Putnam Funds have been submitted by 
the investment manager of the Registrant/Series.

		

You May Also Be Interested In