Silent Hill f contains 6 Inventory Upgrades. These will all increase your inventory size by 1. Finding all Inventory Upgrades will unlock the following trophy:
Fervent Collector
Inventory Upgrades are items that increase your inventory size by 1. These can be found on New Game and New Game+.
New Game (First Playthrough)
Ebisugaoka Second Visit
Inventory Upgrade 1: Shoulder Bag
From the main street where you start, head east and take the north path. Now head left all the way to where you will find two enemies. After dealing with them, go down the alley to find this on a wooden crate.
Ebisugaoka Middle School
Inventory Upgrade 2: School Bag
Inside Suga Yosie’s Locker, which can be unlocked with the code 505.
Main Hall
Inventory Upgrade 3: Dirty Drawstring Bag
After completing the second ritual and fighting some enemies, you will arrive at two sets of stairs. Go upstairs and go around the broken floors to find this on a chest of drawers.
Shimizu Residence
Inventory Upgrade 4: Furoshiki
In the third area. In the kitchen in the southwest, to the right as you enter.
New Game+ (Second Playthrough)
On New Game+, you will now be able to access new rooms.
Ebisugaoka First Visit
Inventory Upgrade 5: Packing Tips
East of the first Hokora Shrine will be a building that will now be open on New Game+. Go upstairs in this building and open the back room. A Balcony Key can be can be found inside an open box.
Go onto the balcony and open the next room with the Balcony Key. On the desk will be a box with this inside.
Corridors
Inventory Upgrade 6: Embroidered Drawstring Bag
Follow the corridors northwest to find a door that can now be opened. On the shelf in the back left will be this upgrade, which will unlock Fervent Collector if it is the last Inventory Upgrade.
That’s all of the Inventory Upgrades. For everything else refer to Silent Hill f Collectible Guide.