<PAGE> PAGE 1
000 A000000 08/31/99
000 C000000 0000932101
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PUTNAM INVESTMENT FUNDS
001 B000000 811-7237
001 C000000 6172921562
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 Y
004 000000 N
005 000000 N
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007 C010700 7
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007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
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007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 PUTNAM INVESTMENT MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-7974
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02109
011 A00AA01 PUTNAM MUTUAL FUNDS CORP.
<PAGE> PAGE 2
011 B00AA01 8-5088
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02109
012 A00AA01 PUTNAM INVESTOR SERVICES
012 B00AA01 84-401299
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02109
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
015 A00AA01 PUTNAM FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02109
015 E01AA01 X
020 A000001 INVESTMENT TECHNOLOGY
020 C000001 47
020 A000002 STANDARD & POOR'S SECURITIES, INC.
020 B000002 22-229452
020 C000002 11
020 A000003 PAINWEBBER INC.
020 B000003 13-2638166
020 C000003 6
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020 C000005 5
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020 C000006 4
020 A000007 WM FINANCIAL
020 C000007 4
020 A000008 LYNCH JONES & RYAN
020 B000008 13-2563801
020 C000008 4
020 A000009 PIPER JAFFRAY & HOPWOOD INC.
020 B000009 41-0953246
020 C000009 3
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020 C000010 3
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<PAGE> PAGE 3
022 C000002 48071
022 D000002 0
022 A000003 HERZOG, HEINE, GEDULD INC.
022 B000003 13-1955436
022 C000003 27514
022 D000003 1165
022 A000004 LEHMAN BROTHERS
022 B000004 13-2518466
022 C000004 18437
022 D000004 211
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022 B000005 13-3224016
022 C000005 17719
022 D000005 0
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022 C000006 10169
022 D000006 258
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022 C000008 1057
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022 C000009 1598
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022 B000010 95-2622900
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<PAGE> PAGE 4
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018 001300 Y
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
070 R021300 N
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<PAGE> PAGE 9
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080 A001300 FEDERAL INSURANCE COMPANY
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SIGNATURE PAUL BUCUVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Small Cap Value Fund Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 89,252,857
<INVESTMENTS-AT-VALUE> 86,374,509
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Small Cap Value Fund Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 89,252,857
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Small Cap Value Fund Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> SEMI
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<REALIZED-GAINS-CURRENT> 1,318,989
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<NET-CHANGE-FROM-OPS> (1,700,748)
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 147,347
<NUMBER-OF-SHARES-REDEEMED> (98)
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<NET-CHANGE-IN-ASSETS> 79,912,264
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 128,999
<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 10.23
<PER-SHARE-NII> (.01)
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<PER-SHARE-NAV-END> 9.69
<EXPENSE-RATIO> .27
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
