NPORT-EX 3 b_em7nport053121.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam Global Technology Fund
The fund's portfolio
5/31/21 (Unaudited)


COMMON STOCKS (97.6%)(a)
        Shares Value
Entertainment (5.7%)
Activision Blizzard, Inc. 254,580 $24,757,905
Sea, Ltd. ADR (Thailand)(NON) 155,775 39,448,461
64,206,366
Interactive media and services (3.0%)
Baidu, Inc. ADR (China)(NON) 174,313 34,212,413
34,212,413
Internet and direct marketing retail (8.1%)
Alibaba Group Holding, Ltd. (China)(NON) 1,507,492 40,985,042
Amazon.com, Inc.(NON) 10,415 33,568,274
JD.com, Inc. ADR (China)(NON)(S) 220,580 16,309,685
90,863,001
IT Services (16.2%)
21Vianet Group, Inc. ADR (China)(NON) 552,580 12,333,586
Fidelity National Information Services, Inc. 240,289 35,798,255
Kingsoft Cloud Holdings, Ltd. ADR (China)(NON)(S) 33,184 1,296,167
Mastercard, Inc. Class A 100,207 36,132,640
Network International Holdings PLC (United Arab Emirates)(NON) 2,947,657 16,682,475
Shopify, Inc. Class A (Canada)(NON) 30,392 37,241,741
Visa, Inc. Class A 185,739 42,218,475
181,703,339
Professional services (5.1%)
Clarivate PLC (United Kingdom)(NON) 753,892 22,646,916
Thomson Reuters Corp. (Canada)(S) 356,021 34,879,377
57,526,293
Semiconductors and semiconductor equipment (23.8%)
Himax Technologies, Inc. ADR (Taiwan)(NON)(S) 786,587 10,312,156
Novatek Microelectronics Corp. (Taiwan) 1,438,000 27,681,260
NVIDIA Corp. 86,273 56,058,470
ON Semiconductor Corp.(NON) 720,962 28,867,318
Renesas Electronics Corp. (Japan)(NON) 2,829,100 28,694,108
Sino-American Silicon Products, Inc. (Taiwan) 8,052,000 48,909,068
SK Hynix, Inc. (South Korea) 301,086 34,284,876
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 1,507,000 32,431,968
267,239,224
Software (30.6%)
Adobe, Inc.(NON) 87,168 43,983,229
Ceridian HCM Holding, Inc.(NON) 475,786 42,563,816
Dynatrace, Inc.(NON) 598,498 30,966,287
Lightspeed POS, Inc. (Canada)(NON) 514,610 37,371,578
Microsoft Corp. 510,038 127,346,288
Qualtrics International, Inc. Class A(NON) 909,355 31,318,186
RingCentral, Inc. Class A(NON) 115,549 30,328,146
343,877,530
Technology hardware, storage, and peripherals (5.1%)
Apple, Inc. 310,951 38,747,604
Xerox Holdings Corp. 830,842 19,483,244
58,230,848
Total common stocks (cost $784,319,530) $1,097,859,014








U.S. TREASURY OBLIGATIONS (0.1%)(a)
        Principal amount Value
U.S. Treasury Notes
2.125%, 3/31/24(i) $116,000 $122,494
2.125%, 2/29/24(i) 396,000 418,418
2.00%, 4/30/24(i) 146,000 153,488
1.75%, 1/31/23(i) 49,000 50,610
Total U.S. treasury obligations (cost $745,010) $745,010








SHORT-TERM INVESTMENTS (5.4%)(a)
        Principal amount/
shares		 Value
Putnam Cash Collateral Pool, LLC 0.10%(AFF) Shares 35,513,498 $35,513,498
Putnam Short Term Investment Fund Class P 0.08%(AFF) Shares 20,667,916 20,667,916
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(P) Shares 506,000 506,000
U.S. Treasury Bills 0.047%, 6/1/21(SEGSF) $500,000 500,000
U.S. Treasury Bills 12.275%, 6/3/21(SEGSF) 2,000 2,000
U.S. Treasury Bills 0.031%, 6/29/21(SEGSF) 683,000 683,000
U.S. Treasury Bills 0.014%, 9/2/21(SEGSF) 1,900,000 1,899,939
U.S. Treasury Cash Management Bills 0.012%, 8/17/21(SEGSF) 200,000 199,996
U.S. Treasury Cash Management Bills 0.018%, 9/28/21 500,000 499,971
U.S. Treasury Cash Management Bills 0.016%, 9/7/21(SEGSF) 300,000 299,988
U.S. Treasury Cash Management Bills 0.012%, 9/21/21(SEGSF) 100,000 99,997
U.S. Treasury Cash Management Bills 0.007%, 9/14/21(SEGSF) 300,000 299,987
Total short-term investments (cost $61,172,274) $61,172,292
TOTAL INVESTMENTS
Total investments (cost $846,236,814) $1,159,776,316








FORWARD CURRENCY CONTRACTS at 5/31/21 (aggregate face value $492,346,300) (Unaudited)
  Counterparty Currency Contract type* Delivery
date		 Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
British Pound Buy 6/16/21 $4,114,544 $4,049,790 $64,754
Canadian Dollar Buy 7/21/21 10,381,916 10,150,049 231,867
Chinese Yuan (Offshore) Buy 8/18/21 5,688,559 5,588,208 100,351
Euro Buy 6/16/21 10,397,494 10,155,051 242,443
Japanese Yen Buy 8/18/21 2,421,767 2,428,733 (6,966)
Swedish Krona Buy 6/16/21 3,469,642 3,378,558 91,084
Barclays Bank PLC
British Pound Sell 6/16/21 10,201,899 10,131,857 (70,042)
Canadian Dollar Buy 7/21/21 1,275,144 1,224,286 50,858
Euro Buy 6/16/21 551,408 536,603 14,805
Japanese Yen Buy 8/18/21 2,845,854 2,854,159 (8,305)
Citibank, N.A.
Canadian Dollar Sell 7/21/21 23,605,235 22,654,156 (951,079)
Chinese Yuan (Offshore) Buy 8/18/21 8,417,239 8,268,410 148,829
Euro Buy 6/16/21 5,931,675 5,783,758 147,917
Japanese Yen Buy 8/18/21 2,304,238 2,311,004 (6,766)
Goldman Sachs International
British Pound Sell 6/16/21 1,588,648 1,563,261 (25,387)
Canadian Dollar Buy 7/21/21 709,233 734,249 (25,016)
Chinese Yuan (Offshore) Sell 8/18/21 4,949,651 4,861,783 (87,868)
Euro Buy 6/16/21 10,665,859 10,379,073 286,786
Israeli Shekel Buy 7/21/21 3,404,825 3,358,626 46,199
Japanese Yen Buy 8/18/21 103,364 83,094 20,270
South Korean Won Sell 8/18/21 3,449,457 3,420,049 (29,408)
HSBC Bank USA, National Association
Australian Dollar Buy 7/21/21 1,325,052 1,305,075 19,977
British Pound Buy 6/16/21 5,357,105 5,270,850 86,255
Canadian Dollar Sell 7/21/21 27,985,310 27,426,017 (559,293)
Chinese Yuan (Offshore) Sell 8/18/21 70,666,753 69,418,645 (1,248,108)
Euro Sell 6/16/21 3,913,433 3,802,406 (111,027)
Japanese Yen Sell 8/18/21 10,629,590 10,660,047 30,457
JPMorgan Chase Bank N.A.
British Pound Sell 6/16/21 13,013,786 12,854,594 (159,192)
Japanese Yen Sell 8/18/21 374,315 375,614 1,299
South Korean Won Sell 8/18/21 29,742,390 29,503,527 (238,863)
Swedish Krona Buy 6/16/21 1,958,963 1,907,563 51,400
Swiss Franc Buy 6/16/21 1,599,620 1,570,391 29,229
Morgan Stanley & Co. International PLC
British Pound Buy 6/16/21 6,937,797 6,825,481 112,316
Canadian Dollar Sell 7/21/21 2,453,939 2,355,359 (98,580)
Chinese Yuan (Offshore) Buy 8/18/21 5,221,275 5,165,275 56,000
Euro Buy 6/16/21 7,363,282 7,182,052 181,230
Japanese Yen Buy 8/18/21 11,669,651 11,704,934 (35,283)
NatWest Markets PLC
Chinese Yuan (Offshore) Sell 8/18/21 5,246,585 5,153,794 (92,791)
State Street Bank and Trust Co.
Australian Dollar Buy 7/21/21 1,227,596 1,208,928 18,668
Canadian Dollar Sell 7/21/21 19,383,394 18,564,803 (818,591)
Chinese Yuan (Offshore) Sell 8/18/21 20,136,463 19,778,770 (357,693)
Euro Buy 6/16/21 9,243,059 8,994,961 248,098
Israeli Shekel Buy 7/21/21 1,918,876 1,892,523 26,353
Japanese Yen Buy 8/18/21 12,138,041 12,191,932 (53,891)
Swedish Krona Buy 6/16/21 874,103 851,160 22,943
Toronto-Dominion Bank
Canadian Dollar Buy 7/21/21 2,677,537 2,570,291 107,246
Chinese Yuan (Offshore) Sell 8/18/21 34,499,863 33,770,733 (729,130)
Euro Buy 6/16/21 8,558,692 8,329,068 229,624
UBS AG
British Pound Sell 6/16/21 4,262,725 4,240,545 (22,180)
Canadian Dollar Sell 7/21/21 21,523,020 20,658,068 (864,952)
Chinese Yuan (Offshore) Buy 8/18/21 7,717,835 7,582,093 135,742
Euro Buy 6/16/21 10,767,505 10,349,406 418,099
Japanese Yen Sell 8/18/21 3,280,393 3,275,117 (5,276)
New Zealand Dollar Buy 7/21/21 1,288,924 1,279,924 9,000
WestPac Banking Corp.
British Pound Sell 6/16/21 1,632,974 1,608,532 (24,442)
Canadian Dollar Sell 7/21/21 11,053,288 10,610,395 (442,893)
Euro Buy 6/16/21 8,419,127 8,192,670 226,459
Unrealized appreciation 3,456,558
Unrealized (depreciation) (7,073,022)
Total $(3,616,464)
* The exchange currency for all contracts listed is the United States Dollar.












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 September 1, 2020 through May 31, 2021 (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, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $1,124,964,803.
(NON) This security is non-income-producing.
(AFF) Affiliated company. For investments in Putnam Cash Collateral Pool, LLC, and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows:
Name of affiliate Fair value
as of
8/31/20		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
5/31/21
Short-term investments
Putnam Cash Collateral Pool, LLC*# $10,705,275 $375,192,670 $350,384,448 $32,777 $35,513,498
Putnam Short Term Investment Fund** 8,108,654 233,222,138 220,662,876 6,411 20,667,916
Total Short-term investments $18,813,929 $608,414,808 $571,047,324 $39,188 $56,181,414
* 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. The fund receives cash collateral, which 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 and there were no realized or unrealized gains or losses during the period.
# At the close of the reporting period, the fund received cash collateral of $35,513,498 for securities loaned. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $35,630,782. Certain of these securities were sold prior to the close of the reporting 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.
(SEGSF) This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $3,932,000.
(i) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts.
(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.
(S) This security is on loan, in part or in entirety, at the close of the reporting period.
At the close of the reporting period, the fund maintained liquid assets totaling $5,670,568 to cover certain derivative contracts.
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.
DIVERSIFICATION BY COUNTRY⌂
Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value):
United States 55.9%
Taiwan 10.5
Canada 9.6
China 9.3
Thailand 3.6
South Korea 3.2
Japan 2.7
United Kingdom 2.2
United Arab Emirates 1.6
Other 1.4
Total 100.0%
⌂ Methodology differs from that used for purposes of complying with the fund’s policy regarding investments in securities of foreign issuers, as discussed further in the fund’s prospectus.
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 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.
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 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. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities.
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.
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 were 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 are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
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 posted 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 $4,741,256 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $3,932,000 and may include amounts related to unsettled agreements.








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 $98,418,779 $— $—
Consumer discretionary 90,863,001 — —
Industrials 57,526,293 — —
Information technology 851,050,941 — —
Total common stocks 1,097,859,014 — —
U.S. treasury obligations — 745,010 —
Short-term investments 506,000 60,666,292 —
Totals by level $1,098,365,014 $61,411,302 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(3,616,464) $—
Totals by level $— $(3,616,464) $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Forward currency contracts (contract amount) $1,166,500,000
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com