NPORT-EX 3 b_fl7nport022822.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam Dynamic Asset Allocation Equity Fund
The fund's portfolio
2/28/22 (Unaudited)


COMMON STOCKS (87.0%)(a)
        Shares Value
Advertising and marketing services (0.2%)
Publicis Groupe SA (France) 2,283 $150,750
150,750
Aerospace and defense (1.3%)
Axon Enterprise, Inc.(NON) 250 35,063
CAE, Inc. (Canada)(NON) 1,474 39,435
General Dynamics Corp. 1,062 248,986
HEICO Corp. 249 36,730
Lockheed Martin Corp. 368 159,638
Northrop Grumman Corp. 684 302,424
Raytheon Technologies Corp. 2,243 230,356
1,052,632
Agency (—%)
Poste Italiane SpA (Italy) 1,520 17,469
17,469
Agriculture (0.2%)
Corteva, Inc. 3,807 198,078
198,078
Airlines (0.3%)
Copa Holdings SA Class A (Panama)(NON) 774 65,666
Southwest Airlines Co.(NON) 3,588 157,154
222,820
Automotive (2.1%)
Ford Motor Co. 19,060 334,694
General Motors Co.(NON) 4,006 187,160
Genuine Parts Co. 579 70,731
Iveco Group NV (Italy)(NON) 1,148 9,583
Porsche Automobil Holding SE (Preference) (Germany) 925 93,998
Rivian Automotive, Inc. Class A(NON) 649 43,846
Stellantis NV (Italy) 6,414 114,854
Tesla, Inc.(NON) 704 612,783
Toyota Motor Corp. (Japan) 1,000 18,190
United Rentals, Inc.(NON) 333 107,099
Volkswagen AG (Preference) (Germany) 108 21,556
Volvo AB Class B (Sweden) 4,209 80,685
Yamaha Motor Co., Ltd. (Japan) 2,600 58,500
1,753,679
Banking (5.5%)
Alinma Bank (Saudi Arabia) 13,521 127,941
Banco Bilbao Vizcaya Argentaria SA (Spain) 17,836 105,266
Bank Central Asia Tbk PT (Indonesia) 215,300 121,755
Bank Leumi Le-Israel BM (Israel) 9,786 105,928
Bank of America Corp. 9,575 423,215
Bank of Ireland Group PLC (Ireland)(NON) 11,036 72,765
BNP Paribas SA (France) 1,234 71,496
BOC Hong Kong Holdings, Ltd. (Hong Kong) 13,500 48,477
China Merchants Bank Co., Ltd. Class H (China) 17,500 147,679
Citigroup, Inc. 11,138 659,704
DBS Group Holdings, Ltd. (Singapore) 8,400 210,828
East West Bancorp, Inc. 872 76,352
HDFC Bank, Ltd. (India) 3,294 62,611
ICICI Bank, Ltd. (India) 18,451 181,944
Israel Discount Bank, Ltd. Class A (Israel) 7,685 50,633
JPMorgan Chase & Co. 7,053 1,000,115
KeyCorp 3,088 77,416
Mitsubishi UFJ Financial Group, Inc. (Japan) 13,900 86,389
Mizrahi Tefahot Bank, Ltd. (Israel) 245 9,576
PNC Financial Services Group, Inc. (The) 1,051 209,412
Popular, Inc. (Puerto Rico) 378 34,719
Skandinaviska Enskilda Banken AB (Sweden) 4,903 56,578
State Street Corp. 961 82,002
Sumitomo Mitsui Financial Group, Inc. (Japan) 3,407 121,432
SVB Financial Group(NON) 53 32,118
UBS Group AG (Switzerland) 7,853 144,077
UniCredit SpA (Italy) 4,759 60,594
United Overseas Bank, Ltd. (Singapore) 5,200 114,836
Wells Fargo & Co. 599 31,969
4,527,827
Beverage (1.4%)
Asahi Group Holdings, Ltd. (Japan) 1,700 68,917
Carlsberg A/S Class B (Denmark) 222 32,289
Coca-Cola Co. (The) 5,635 350,722
Coca-Cola Europacific Partners PLC (United Kingdom) 1,517 77,686
Coca-Cola HBC AG (Switzerland) 2,024 51,079
Diageo PLC (United Kingdom) 4,608 228,669
Keurig Dr Pepper, Inc. 3,698 143,002
PepsiCo, Inc. 1,284 210,243
1,162,607
Biotechnology (1.2%)
Abcam PLC (United Kingdom)(NON) 1,355 22,543
Amgen, Inc. 154 34,878
Illumina, Inc.(NON) 105 34,293
Incyte Corp.(NON) 427 29,164
Moderna, Inc.(NON) 694 106,598
Regeneron Pharmaceuticals, Inc.(NON) 696 430,379
Vertex Pharmaceuticals, Inc.(NON) 1,397 321,338
979,193
Broadcasting (—%)
Liberty Media Corp.-SiriusXM Series A(NON) 684 34,446
34,446
Building materials (—%)
AGC, Inc. (Japan) 700 31,095
31,095
Cable television (0.6%)
Charter Communications, Inc. Class A(NON) 264 158,870
Cogeco Communications, Inc. (Canada) 545 43,514
Comcast Corp. Class A 6,189 289,398
Liberty Global PLC Class C (United Kingdom)(NON) 1,336 34,562
526,344
Chemicals (1.6%)
Arkema SA (France) 315 41,387
Asian Paints, Ltd. (India) 1,334 56,409
Axalta Coating Systems, Ltd.(NON) 989 26,743
Brenntag SE (Germany) 1,985 166,649
Celanese Corp. 225 31,338
Covestro AG (Germany) 1,397 73,916
Dow, Inc. 534 31,485
DuPont de Nemours, Inc. 4,023 311,260
Eastman Chemical Co. 1,109 131,383
LANXESS AG (Germany) 337 16,469
Linde PLC 262 76,575
Nitto Denko Corp. (Japan) 300 21,888
Olin Corp. 689 35,490
PPG Industries, Inc. 790 105,426
Sherwin-Williams Co. (The) 487 128,144
Shin-Etsu Chemical Co., Ltd. (Japan) 500 77,291
1,331,853
Coal (—%)
Raspadskaya OJSC (Russia)(F)(WIS) 1,712 3,770
3,770
Commercial and consumer services (1.6%)
Amadeus IT Holding SA Class A (Spain)(NON) 574 38,050
Aramark 2,828 104,523
Benefit One, Inc. (Japan) 300 6,918
Booking Holdings, Inc.(NON) 39 84,718
Brambles, Ltd. (Australia) 4,782 34,474
Cintas Corp. 93 34,905
CK Hutchison Holdings, Ltd. (Hong Kong) 14,500 101,590
Equifax, Inc. 277 60,480
Expedia Group, Inc.(NON) 175 34,319
FleetCor Technologies, Inc.(NON) 141 33,022
Gartner, Inc.(NON) 661 185,358
Mastercard, Inc. Class A 917 330,872
PayPal Holdings, Inc.(NON) 1,623 181,662
SGS SA (Switzerland) 23 65,414
Sofina SA (Belgium) 33 12,716
1,309,021
Communications equipment (—%)
Ciena Corp.(NON) 543 37,152
37,152
Computers (5.8%)
Apple, Inc. 19,570 3,231,398
Cisco Systems, Inc./Delaware 6,671 372,042
Dropbox, Inc. Class A(NON) 1,288 29,225
Fortinet, Inc.(NON) 694 239,097
Fujitsu, Ltd. (Japan) 400 58,553
Nuance Communications, Inc.(NON) 628 34,867
Roper Technologies, Inc. 78 34,961
ServiceNow, Inc.(NON) 210 121,783
Snowflake, Inc. Class A(NON) 1,139 302,587
SS&C Technologies Holdings, Inc. 461 34,561
Synopsys, Inc.(NON) 945 295,209
4,754,283
Conglomerates (0.3%)
3M Co. 178 26,460
AMETEK, Inc. 1,402 181,966
General Electric Co. 271 25,883
234,309
Construction (0.6%)
Compagnie de Saint-Gobain (France) 2,743 168,651
CRH PLC (Ireland) 5,394 242,939
Eiffage SA (France) 681 68,999
480,589
Consumer (0.2%)
LVMH Moet Hennessy Louis Vuitton SA (France) 164 118,955
Pandora A/S (Denmark) 675 68,762
187,717
Consumer finance (0.7%)
Capital One Financial Corp. 947 145,147
Discover Financial Services 200 24,688
Network International Holdings PLC (United Arab Emirates)(NON) 12,590 37,271
OneMain Holdings, Inc. 590 30,078
SLM Corp. 3,470 68,359
Synchrony Financial 492 21,048
Visa, Inc. Class A 1,314 283,982
610,573
Consumer goods (1.3%)
Colgate-Palmolive Co. 3,594 276,558
Estee Lauder Cos., Inc. (The) Class A 364 107,864
L'Oreal SA (France) 364 144,722
Procter & Gamble Co. (The) 3,208 500,095
Unilever PLC (United Kingdom) 422 21,246
1,050,485
Consumer services (0.6%)
Airbnb, Inc. Class A(NON) 367 55,597
JD.com, Inc. Class A (China)(NON) 2,919 105,087
MercadoLibre, Inc. (Argentina)(NON) 48 54,079
Netflix, Inc.(NON) 83 32,745
Sea, Ltd. ADR (Singapore)(NON) 121 17,618
Uber Technologies, Inc.(NON) 5,251 189,193
454,319
Containers (—%)
Crown Holdings, Inc. 217 26,619
26,619
Distribution (0.4%)
Copart, Inc.(NON) 1,082 132,956
Ferguson PLC (United Kingdom) 793 120,438
ITOCHU Corp. (Japan) 1,600 52,213
305,607
Electric utilities (1.6%)
AES Corp. (The) 5,546 117,742
Ameren Corp. 1,287 110,618
American Electric Power Co., Inc. 3,648 330,691
CLP Holdings, Ltd. (Hong Kong) 7,000 71,250
Constellation Energy Corp.(NON) 1,159 53,306
DTE Energy Co. 299 36,355
Duke Energy Corp. 347 34,842
E.ON SE (Germany) 1,941 26,373
Edison International 577 36,593
Electricite De France SA (France) 4,143 37,761
Exelon Corp. 3,815 162,367
FirstEnergy Corp. 862 36,075
Fortum OYJ (Finland) 3,847 80,398
Southern Co. (The) 1,718 111,275
Xcel Energy, Inc. 522 35,146
1,280,792
Electrical equipment (0.9%)
Allegion PLC (Ireland) 690 79,019
Daikin Industries, Ltd. (Japan) 500 92,751
Emerson Electric Co. 636 59,097
Fortive Corp. 3,040 196,840
Honeywell International, Inc. 1,288 244,398
Legrand SA (France) 449 42,119
Schneider Electric SE (France) 405 63,323
777,547
Electronics (4.9%)
Advanced Micro Devices, Inc.(NON) 1,910 235,580
Agilent Technologies, Inc. 962 125,406
Brother Industries, Ltd. (Japan) 1,400 25,514
Cirrus Logic, Inc.(NON) 380 33,011
Contemporary Amperex Technology Co., Ltd. Class A (China) 500 42,810
Garmin, Ltd. 962 106,243
Hoya Corp. (Japan) 1,400 184,422
Intel Corp. 687 32,770
Marvell Technology, Inc. 2,060 140,760
MediaTek, Inc. (Taiwan) 3,000 118,924
Monolithic Power Systems, Inc. 80 36,696
National Instruments Corp. 855 34,328
NVIDIA Corp. 5,096 1,242,660
NXP Semiconductors NV 401 76,238
Omron Corp. (Japan) 600 40,724
Qualcomm, Inc. 4,644 798,722
Samsung Electronics Co., Ltd. (South Korea) 4,406 265,832
Samsung Electronics Co., Ltd. (Preference) (South Korea) 1,149 63,284
Shenzhen Inovance Technology Co., Ltd. Class A (China) 3,800 38,583
Shimadzu Corp. (Japan) 1,700 60,981
Sinbon Electronics Co., Ltd. (Taiwan) 5,000 48,027
Techtronic Industries Co., Ltd. (TTI) (Hong Kong) 4,000 66,632
Texas Instruments, Inc. 456 77,515
Thales SA (France) 973 111,358
Vontier Corp. 2,663 64,711
4,071,731
Energy (oil field) (0.1%)
Halliburton Co. 3,121 104,647
104,647
Entertainment (0.5%)
Dolby Laboratories, Inc. Class A 456 34,246
Leejam Sports Co. JSC (Saudi Arabia) 979 33,036
Live Nation Entertainment, Inc.(NON) 929 112,242
Sony Group Corp. (Japan) 2,300 235,483
Vail Resorts, Inc. 127 33,090
448,097
Financial (1.0%)
3i Group PLC (United Kingdom) 3,433 60,726
Ally Financial, Inc. 3,323 165,818
Apollo Global Management, Inc. 2,083 135,937
Carlyle Group, Inc. (The) 741 34,731
Deutsche Boerse AG (Germany) 548 93,833
Hana Financial Group, Inc. (South Korea) 1,669 67,658
Hong Kong Exchanges and Clearing, Ltd. (Hong Kong) 700 33,727
KB Financial Group, Inc. (South Korea) 1,801 90,383
LPL Financial Holdings, Inc. 180 32,571
MGIC Investment Corp. 2,240 34,003
Partners Group Holding AG (Switzerland) 73 97,767
847,154
Food (0.7%)
China Mengniu Dairy Co., Ltd. (China) 16,000 103,769
Coles Group, Ltd. (Australia) 7,191 91,104
Dino Polska SA (Poland)(NON) 783 54,868
Hershey Co. (The) 170 34,384
Jeronimo Martins SGPS SA (Portugal) 3,184 69,249
Nestle SA (Switzerland) 1,061 138,521
Nissin Food Products Co., Ltd. (Japan) 200 15,966
Shoprite Holdings, Ltd. (South Africa) 1,694 25,210
Tyson Foods, Inc. Class A 427 39,566
Yakult Honsha Co., Ltd. (Japan) 800 43,411
616,048
Forest products and packaging (0.3%)
Avery Dennison Corp. 397 69,951
SIG Combibloc Group AG (Switzerland) 937 20,929
WestRock Co. 743 33,636
Weyerhaeuser Co.(R) 3,196 124,260
248,776
Gaming and lottery (0.4%)
Aristocrat Leisure, Ltd. (Australia) 2,348 64,840
Entain PLC (United Kingdom)(NON) 5,011 111,895
Flutter Entertainment PLC (Ireland)(NON) 425 60,711
La Francaise des Jeux SAEM (France) 679 27,997
OPAP SA (Greece) 2,893 41,850
307,293
Health care services (2.4%)
AmerisourceBergen Corp. 247 35,205
Anthem, Inc. 582 262,977
Apollo Hospitals Enterprise, Ltd. (India) 1,610 102,983
Bio-Rad Laboratories, Inc. Class A(NON) 55 34,428
Cardinal Health, Inc. 663 35,809
Cigna Corp. 154 36,618
CVS Health Corp. 336 34,826
HCA Healthcare, Inc. 720 180,223
ICON PLC (Ireland)(NON) 230 54,742
IQVIA Holdings, Inc.(NON) 1,346 309,741
Laboratory Corp. of America Holdings(NON) 225 61,034
Max Healthcare Institute, Ltd. (India)(NON) 9,892 49,161
McKesson Corp. 1,337 367,622
Molina Healthcare, Inc.(NON) 296 90,834
Mouwasat Medical Services Co. (Saudi Arabia) 609 33,667
UnitedHealth Group, Inc. 624 296,943
1,986,813
Homebuilding (0.3%)
Berkeley Group Holdings PLC (The) (United Kingdom) 432 22,391
Daiwa House Industry Co., Ltd. (Japan) 2,100 59,877
PulteGroup, Inc. 3,416 169,639
Toll Brothers, Inc. 641 34,781
286,688
Household furniture and appliances (—%)
Dixon Technologies India, Ltd. (India) 520 30,026
30,026
Industrial (0.6%)
Carrier Global Corp. 774 34,737
Johnson Controls International PLC 6,698 435,102
469,839
Insurance (2.4%)
AIA Group, Ltd. (Hong Kong) 15,200 158,045
Allianz SE (Germany) 700 159,159
American Financial Group, Inc. 255 34,524
American International Group, Inc. 2,905 177,902
Assured Guaranty, Ltd. 2,831 175,437
Aviva PLC (United Kingdom) 14,523 80,937
AXA SA (France) 5,544 148,939
Berkshire Hathaway, Inc. Class B(NON) 165 53,039
Chubb, Ltd. 171 34,822
Dai-ichi Life Holdings, Inc. (Japan) 2,900 60,855
Equitable Holdings, Inc. 4,984 162,777
Fidelity National Financial, Inc. 1,647 78,463
Gjensidige Forsikring ASA (Norway) 674 16,671
Marsh & McLennan Cos., Inc. 202 31,393
MetLife, Inc. 5,201 351,328
NN Group NV (Netherlands) 206 9,838
Old Republic International Corp. 1,319 34,756
Prudential PLC (United Kingdom) 3,015 45,344
Reinsurance Group of America, Inc. 305 33,812
Unum Group 1,454 40,596
W.R. Berkley Corp. 380 34,314
Zurich Insurance Group AG (Switzerland) 79 36,098
1,959,049
Investment banking/Brokerage (1.4%)
Ameriprise Financial, Inc. 671 201,159
BlackRock, Inc. 45 33,475
Blackstone, Inc. 286 36,456
Charles Schwab Corp. (The) 691 58,362
Evercore, Inc. Class A 281 35,690
Goldman Sachs Group, Inc. (The) 1,948 664,833
Investor AB Class B (Sweden) 4,487 90,561
SEI Investments Co. 545 31,926
1,152,462
Lodging/Tourism (0.6%)
Hilton Worldwide Holdings, Inc.(NON) 919 136,802
InterContinental Hotels Group PLC (United Kingdom)(NON) 726 50,430
Marriott International, Inc./MD Class A(NON) 1,249 212,505
Travel + Leisure Co. 592 33,182
Wyndham Hotels & Resorts, Inc. 474 40,958
473,877
Machinery (1.1%)
AGCO Corp. 736 88,438
Caterpillar, Inc. 159 29,825
CNH Industrial NV (United Kingdom) 9,340 131,791
Cummins, Inc. 133 27,148
Deere & Co. 1,009 363,260
Donaldson Co., Inc. 565 30,663
Ingersoll Rand, Inc. 1,148 57,997
Mitsubishi Electric Corp. (Japan) 3,600 43,389
Otis Worldwide Corp. 580 45,431
Sandvik AB (Sweden) 4,112 88,573
Toro Co. (The) 358 33,584
940,099
Manufacturing (0.6%)
Acuity Brands, Inc. 329 60,000
Dover Corp. 193 30,274
Eaton Corp. PLC 1,043 160,924
GEA Group AG (Germany) 850 37,242
Graco, Inc. 471 33,954
Nordson Corp. 241 54,584
Parker Hannifin Corp. 66 19,562
Textron, Inc. 1,227 89,731
Toshiba Corp. (Japan) 200 7,982
494,253
Media (0.4%)
FactSet Research Systems, Inc. 83 33,705
Interpublic Group of Cos., Inc. (The) 1,921 70,693
Universal Music Group NV (Netherlands) 6,808 153,384
Walt Disney Co. (The)(NON) 230 34,146
291,928
Medical services (—%)
Service Corp. International 506 30,790
30,790
Medical technology (2.4%)
Abbott Laboratories 3,704 446,776
ABIOMED, Inc.(NON) 119 36,978
Align Technology, Inc.(NON) 24 12,275
Baxter International, Inc. 406 34,498
Boston Scientific Corp.(NON) 812 35,866
Danaher Corp. 1,011 277,429
Edwards Lifesciences Corp.(NON) 1,699 190,917
Fisher & Paykel Healthcare Corp., Ltd. (New Zealand) 805 15,117
Getinge AB Class B (Sweden) 1,230 47,445
Hologic, Inc.(NON) 1,050 74,729
IDEXX Laboratories, Inc.(NON) 231 122,973
Intuitive Surgical, Inc.(NON) 406 117,874
Medtronic PLC 1,741 182,788
Sartorius Stedim Biotech (France) 102 38,803
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A (China) 700 36,454
Sonic Healthcare, Ltd. (Australia) 3,194 82,125
Teleflex, Inc. 109 36,658
Thermo Fisher Scientific, Inc. 342 186,048
1,975,753
Metals (1.0%)
Anglo American PLC (United Kingdom) 1,478 75,234
BHP Group, Ltd. (Australia) 3,698 124,561
BlueScope Steel, Ltd. (Australia) 7,280 107,564
EVRAZ PLC (United Kingdom)(WIS) 4,024 7,783
Freeport-McMoRan, Inc. (Indonesia) 6,139 288,226
Rio Tinto PLC (United Kingdom) 2,342 181,776
Sibanye Stillwater, Ltd. (South Africa) 5,005 23,577
808,721
Miscellaneous (—%)
Centre Testing International Group Co., Ltd. Class A (China) 11,002 36,390
36,390
Natural gas utilities (0.3%)
Kinder Morgan, Inc. 5,487 95,474
Osaka Gas Co., Ltd. (Japan) 1,600 29,422
Tokyo Gas Co., Ltd. (Japan) 5,200 106,761
231,657
Oil and gas (3.2%)
APA Corp. 1,079 38,445
BP PLC (United Kingdom) 22,178 108,137
Chevron Corp. 1,374 197,856
ConocoPhillips 3,277 310,856
DCC PLC (Ireland) 241 18,818
Enterprise Products Partners LP 3,229 78,852
EOG Resources, Inc. 540 62,057
Equinor ASA (Norway) 4,595 144,904
Exxon Mobil Corp. 4,967 389,512
Marathon Oil Corp. 1,636 36,908
Marathon Petroleum Corp. 943 73,431
Petroleo Brasileiro SA (Preference) (Brazil) 14,500 95,697
Phillips 66 587 49,449
Reliance Industries, Ltd. (India) 4,635 145,184
Reliance Industries, Ltd. GDR 144A (India) 1,044 65,430
Shell PLC (United Kingdom) 13,289 352,529
Shell PLC (United Kingdom) 6,701 177,566
Targa Resources Corp. 1,663 108,710
Valero Energy Corp. 2,003 167,271
2,621,612
Pharmaceuticals (4.5%)
AbbVie, Inc. 3,780 558,571
AstraZeneca PLC (United Kingdom) 841 102,004
AstraZeneca PLC ADR (United Kingdom) 3,037 184,893
Bristol-Myers Squibb Co. 1,383 94,971
DexCom, Inc.(NON) 279 115,481
Eli Lilly and Co. 934 233,453
GlaxoSmithKline PLC (United Kingdom) 4,757 98,483
Ipsen SA (France) 226 26,229
Johnson & Johnson 1,476 242,905
Lonza Group AG (Switzerland) 229 159,175
Merck & Co., Inc. 9,937 760,976
Merck KGaA (Germany) 856 170,413
Novartis AG (Switzerland) 2,385 208,258
Novo Nordisk A/S Class B (Denmark) 1,968 202,649
Pfizer, Inc. 3,901 183,113
Roche Holding AG (Switzerland) 702 267,815
Sanofi (France) 1,043 109,434
3,718,823
Power producers (0.3%)
NRG Energy, Inc. 5,642 213,493
213,493
Publishing (0.2%)
New York Times Co. (The) Class A 767 33,740
News Corp. Class A 1,557 34,752
S&P Global, Inc. 91 34,227
Thomson Reuters Corp. (Canada) 512 51,770
154,489
Railroads (0.9%)
CSX Corp. 8,143 276,129
Union Pacific Corp. 2,047 503,460
779,589
Real estate (1.8%)
American Campus Communities, Inc.(R) 694 37,344
Apartment Income REIT Corp.(R) 333 17,186
AvalonBay Communities, Inc.(R) 136 32,448
Boston Properties, Inc.(R) 1,035 126,591
Brixmor Property Group, Inc.(R) 1,307 32,832
CBRE Group, Inc. Class A(NON) 1,492 144,500
CK Asset Holdings, Ltd. (Hong Kong) 14,142 89,311
Country Garden Services Holdings Co, Ltd. (China) 7,000 41,835
CubeSmart(R) 2,154 103,844
Dexus (Australia)(R) 4,074 32,486
Equity Lifestyle Properties, Inc.(R) 395 29,475
First Industrial Realty Trust, Inc.(R) 557 32,072
Gaming and Leisure Properties, Inc.(R) 4,201 190,768
Goodman Group (Australia)(R) 6,822 110,792
Iida Group Holdings Co., Ltd. (Japan) 1,200 22,145
Invitation Homes, Inc.(R) 756 28,577
Jones Lang LaSalle, Inc.(NON) 308 75,836
Lamar Advertising Co. Class A(R) 486 53,003
Life Storage, Inc.(R) 742 93,930
Link REIT (The) (Hong Kong)(R) 1,000 8,070
New Residential Investment Corp.(R) 3,301 34,264
Orion Office REIT, Inc.(NON)(R) 1,025 17,456
Prologis, Inc.(R) 238 34,712
Public Storage(R) 107 37,987
Simon Property Group, Inc.(R) 270 37,141
Starwood Property Trust, Inc.(R) 1,435 34,210
Sumitomo Realty & Development Co., Ltd. (Japan) 500 14,765
1,513,580
Regional Bells (0.4%)
AT&T, Inc. 13,120 310,813
310,813
Restaurants (0.7%)
Chipotle Mexican Grill, Inc.(NON) 68 103,588
Jubilant FoodWorks, Ltd. (India) 460 17,871
McDonald's Corp. 1,208 295,682
Starbucks Corp. 1,145 105,100
Wendy's Co. (The) 1,517 34,497
Yum China Holdings, Inc. (China) 350 17,798
574,536
Retail (7.1%)
Amazon.com, Inc.(NON) 597 1,833,542
AutoZone, Inc.(NON) 162 301,869
BJ's Wholesale Club Holdings, Inc.(NON) 2,081 130,832
Costco Wholesale Corp. 394 204,585
Home Depot, Inc. (The) 481 151,914
Industria de Diseno Textil SA (Spain) 1,125 29,588
JD Sports Fashion PLC (United Kingdom) 15,099 30,245
Koninklijke Ahold Delhaize NV (Netherlands) 3,641 111,915
Li Ning Co., Ltd. (China) 8,500 84,244
Lowe's Cos., Inc. 153 33,822
Lululemon Athletica, Inc. (Canada)(NON) 371 118,698
Nike, Inc. Class B 1,116 152,390
Nitori Holdings Co., Ltd. (Japan) 500 75,463
O'Reilly Automotive, Inc.(NON) 863 560,294
Ross Stores, Inc. 336 30,707
Ryohin Keikaku Co., Ltd. (Japan) 1,000 14,745
Tapestry, Inc. 4,102 167,772
Target Corp. 2,274 454,277
TJX Cos., Inc. (The) 2,233 147,601
Walmart de Mexico (Walmex) SAB de CV (Mexico) 51,086 194,556
Walmart, Inc. 6,098 824,205
Wesfarmers, Ltd. (Australia) 2,921 102,578
5,755,842
Semiconductor (1.3%)
Applied Materials, Inc. 1,073 143,997
ASML Holding NV (Netherlands) 328 216,218
KLA Corp. 95 33,108
Parade Technologies, Ltd. (Taiwan) 1,000 68,343
Renesas Electronics Corp. (Japan)(NON) 5,600 66,757
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 24,000 511,009
Tokyo Electron, Ltd. (Japan) 100 49,382
1,088,814
Shipping (0.3%)
A.P. Moeller-Maersck A/S Class B (Denmark) 11 34,878
International Container Terminal Services, Inc. (Philippines) 5,750 23,688
Nippon Yusen KK (Japan) 1,400 130,478
United Parcel Service, Inc. Class B 295 62,074
251,118
Software (7.1%)
Adobe, Inc.(NON) 1,383 646,801
Atlassian Corp PLC Class A (Australia)(NON) 599 183,126
Cadence Design Systems, Inc.(NON) 2,641 399,927
Electronic Arts, Inc. 237 30,831
Intuit, Inc. 1,459 692,106
Manhattan Associates, Inc.(NON) 356 47,590
Microsoft Corp. 10,451 3,122,353
Oracle Corp. 1,557 118,285
Oracle Corp. Japan (Japan) 600 42,692
Pearl Abyss Corp. (South Korea)(NON) 172 13,632
Sage Group PLC (The) (United Kingdom) 7,456 70,227
Square Enix Holdings Co., Ltd. (Japan) 1,300 62,822
Tata Consultancy Services, Ltd. (India) 5,016 236,666
Totvs SA (Brazil) 14,281 91,618
Workday, Inc. Class A(NON) 140 32,067
5,790,743
Staffing (0.1%)
ManpowerGroup, Inc. 414 44,000
44,000
Technology (0.1%)
SoftBank Group Corp. (Japan) 1,500 67,316
67,316
Technology services (6.2%)
Accenture PLC Class A 2,434 769,193
Alibaba Group Holding, Ltd. (China)(NON) 8,277 109,304
Alphabet, Inc. Class A(NON) 544 1,469,420
Alphabet, Inc. Class C(NON) 249 671,757
Capgemini SE (France) 705 148,383
DocuSign, Inc.(NON) 815 96,520
eBay, Inc. 596 32,536
Fidelity National Information Services, Inc. 1,529 145,607
Globant SA (Argentina)(NON) 225 61,650
Kyndryl Holdings, Inc.(NON) 49 777
Meta Platforms, Inc. Class A(NON) 1,954 412,353
NAVER Corp. (South Korea) 327 87,458
Nomura Research Institute, Ltd. (Japan) 2,400 83,814
Palo Alto Networks, Inc.(NON) 378 224,627
Pinterest, Inc. Class A(NON) 6,190 165,583
Roku, Inc.(NON) 161 22,464
salesforce.com, Inc.(NON) 647 136,213
SCSK Corp. (Japan) 900 15,403
Tencent Holdings, Ltd. (China) 5,700 309,790
Vimeo, Inc.(NON) 2,493 32,384
Zebra Technologies Corp. Class A(NON) 174 71,921
5,067,157
Telecommunications (0.9%)
American Tower Corp.(R) 1,131 256,590
Crown Castle International Corp.(R) 1,041 173,420
Koninklijke KPN NV (Netherlands) 17,054 58,281
MTN Group, Ltd. (South Africa)(NON) 3,670 46,481
SK Telecom Co., Ltd. (South Korea) 686 31,187
T-Mobile US, Inc.(NON) 703 86,617
Telstra Corp., Ltd. (Australia) 38,142 110,010
762,586
Telephone (0.5%)
KDDI Corp. (Japan) 4,400 143,942
Verizon Communications, Inc. 4,523 242,749
386,691
Textiles (0.1%)
Hermes International (France) 75 102,569
102,569
Tire and rubber (0.1%)
CIE Generale Des Etablissements Michelin SCA (France) 546 75,107
75,107
Tobacco (0.6%)
Imperial Brands PLC (United Kingdom) 4,026 88,481
Philip Morris International, Inc. 3,833 387,401
Swedish Match AB (Sweden) 5,898 43,081
518,963
Toys (0.2%)
Nintendo Co., Ltd. (Japan) 300 151,667
151,667
Transportation services (0.3%)
Deutsche Post AG (Germany) 3,662 185,408
Ryder System, Inc. 463 36,503
Yamato Holdings Co., Ltd. (Japan) 1,600 31,269
253,180
Trucks and parts (—%)
Koito Manufacturing Co., Ltd. (Japan) 700 36,187
36,187
Waste Management (0.3%)
Clean Harbors, Inc.(NON) 342 32,637
Republic Services, Inc. 1,095 131,707
Waste Connections, Inc. 506 62,486
226,830
Total common stocks (cost $53,219,079) $71,779,372








INVESTMENT COMPANIES (2.5%)(a)
        Shares Value
iShares Core MSCI Emerging Markets ETF 1,987 $113,716
iShares MSCI AEFE ETF 760 55,647
iShares MSCI Taiwan ETF (Taiwan) 564 36,051
SPDR S&P 500 ETF Trust 3,803 1,660,504
SPDR S&P MidCap 400 ETF Trust 469 227,671
Total investment companies (cost $2,033,765) $2,093,589








CONVERTIBLE PREFERRED STOCKS (0.2%)(a)
        Shares Value
Danaher Corp. 5.00% cv. pfd. 50 $74,462
T-Mobile US, Inc. 144A 5.25% cv. pfd.(NON) 81 87,602
Total convertible preferred stocks (cost $134,129) $162,064








PURCHASED OPTIONS OUTSTANDING (0.0%)(a)
  Counterparty Expiration date/
strike price		 Notional amount   Contract amount Value
Citibank, N.A.
S&P 500 Index (Call) Sep-22/$5164.43 $2,348,806 $537 $9,507
Total purchased options outstanding (cost $15,499) $9,507








WARRANTS (0.0%)(a)(NON)
    Expiration date Strike Price Warrants Value
Occidental Petroleum Corp. 8/3/27 $22.00 49 $1,115
Total warrants (cost $243) $1,115








SHORT-TERM INVESTMENTS (10.3%)(a)
        Principal amount/shares Value
Interest in $262,174,000 joint tri-party repurchase agreement dated 2/28/2022 with BofA Securities, Inc. due 3/1/2022 - maturity value of $4,300,006 for an effective yield of 0.050% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 2.000% to 3.000% and due dates ranging from 6/20/2050 to 8/20/2050, valued at $267,417,480) $4,300,000 $4,300,000
Putnam Short Term Investment Fund Class P 0.12%(AFF) Shares 3,500,000 3,500,000
U.S. Treasury Bills 0.035%, 4/21/22(SEG) $400,000 399,898
U.S. Treasury Bills 0.082%, 5/19/22(SEG) 300,000 299,800
Total short-term investments (cost $8,499,926) $8,499,698
TOTAL INVESTMENTS
Total investments (cost $63,902,641) $82,545,345








FORWARD CURRENCY CONTRACTS at 2/28/22 (aggregate face value $14,808,327) (Unaudited)
  Counterparty Currency Contract type* Delivery date Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
Australian Dollar Buy 4/20/22 $202,203 $199,351 $2,852
British Pound Buy 3/16/22 100,490 100,328 162
Euro Buy 3/16/22 867,215 879,154 (11,939)
Swiss Franc Buy 3/16/22 27,713 27,592 121
Swiss Franc Sell 3/16/22 27,713 27,719 6
Barclays Bank PLC
British Pound Buy 3/16/22 140,338 139,252 1,086
British Pound Sell 3/16/22 140,338 138,223 (2,115)
Euro Buy 3/16/22 108,037 108,850 (813)
Euro Sell 3/16/22 108,037 109,434 1,397
Swiss Franc Buy 3/16/22 93,176 92,776 400
Swiss Franc Sell 3/16/22 93,176 93,228 52
Citibank, N.A.
British Pound Buy 3/16/22 315,693 313,325 2,368
British Pound Sell 3/16/22 315,693 311,413 (4,280)
Danish Krone Sell 3/16/22 93,510 94,756 1,246
Euro Buy 3/16/22 277,216 281,710 (4,494)
Japanese Yen Buy 5/18/22 681,529 684,958 (3,429)
Swedish Krona Buy 3/16/22 40,988 42,704 (1,716)
Swedish Krona Sell 3/16/22 40,988 42,980 1,992
Swiss Franc Buy 3/16/22 164,204 163,500 704
Swiss Franc Sell 3/16/22 164,204 164,233 29
Credit Suisse International
British Pound Buy 3/16/22 90,294 89,082 1,212
British Pound Sell 3/16/22 90,294 89,603 (691)
Euro Buy 3/16/22 10,882 10,964 (82)
Euro Sell 3/16/22 10,882 11,023 141
Goldman Sachs International
British Pound Sell 3/16/22 190,918 187,283 (3,635)
Euro Buy 3/16/22 390,077 393,025 (2,948)
Euro Sell 3/16/22 390,077 395,176 5,099
Norwegian Krone Buy 3/16/22 74,100 72,495 1,605
Norwegian Krone Sell 3/16/22 74,100 72,121 (1,979)
South African Rand Buy 4/20/22 28,116 27,234 882
Swiss Franc Buy 3/16/22 122,744 122,525 219
HSBC Bank USA, National Association
British Pound Sell 3/16/22 433,625 431,446 (2,179)
Chinese Yuan (Offshore) Buy 5/18/22 591,656 586,829 4,827
Euro Buy 3/16/22 266,221 271,179 (4,958)
Swedish Krona Buy 3/16/22 30,331 31,841 (1,510)
Swiss Franc Buy 3/16/22 120,780 120,257 523
Swiss Franc Sell 3/16/22 120,780 120,844 64
JPMorgan Chase Bank N.A.
British Pound Buy 3/16/22 620,518 615,935 4,583
Euro Sell 3/16/22 322,876 328,706 5,830
Norwegian Krone Sell 3/16/22 51,472 49,768 (1,704)
Singapore Dollar Buy 5/18/22 12,096 12,197 (101)
South Korean Won Sell 5/18/22 50,705 50,815 110
Swiss Franc Buy 3/16/22 163,877 163,198 679
Morgan Stanley & Co. International PLC
British Pound Buy 3/16/22 119,810 118,207 1,603
British Pound Sell 3/16/22 119,810 117,978 (1,832)
Euro Sell 3/16/22 259,490 262,260 2,770
Swedish Krona Buy 3/16/22 94,870 99,344 (4,474)
Swedish Krona Sell 3/16/22 94,870 98,905 4,035
Swiss Franc Buy 3/16/22 441,879 440,597 1,282
NatWest Markets PLC
Australian Dollar Buy 4/20/22 169,932 167,562 2,370
British Pound Buy 3/16/22 52,996 52,259 737
British Pound Sell 3/16/22 52,996 52,589 (407)
Euro Sell 3/16/22 306,385 309,662 3,277
Japanese Yen Buy 5/18/22 250,385 251,606 (1,221)
Swiss Franc Sell 3/16/22 418,530 417,638 (892)
State Street Bank and Trust Co.
British Pound Sell 3/16/22 338,367 336,518 (1,849)
Euro Buy 3/16/22 390,637 391,375 (738)
Swedish Krona Buy 3/16/22 123,850 130,164 (6,314)
Swiss Franc Buy 3/16/22 328,627 328,827 (200)
Swiss Franc Sell 3/16/22 328,627 327,184 (1,443)
Toronto-Dominion Bank
British Pound Buy 3/16/22 219,496 217,822 1,674
British Pound Sell 3/16/22 219,496 216,308 (3,188)
Euro Buy 3/16/22 151,229 152,484 (1,255)
Euro Sell 3/16/22 151,229 153,123 1,894
Hong Kong Dollar Sell 5/18/22 199,699 200,271 572
Norwegian Krone Buy 3/16/22 42,024 40,709 1,315
Norwegian Krone Sell 3/16/22 42,024 40,973 (1,051)
UBS AG
British Pound Buy 3/16/22 275,577 271,870 3,707
British Pound Sell 3/16/22 275,577 273,455 (2,122)
Canadian Dollar Sell 4/20/22 129,171 128,512 (659)
Euro Sell 3/16/22 601,101 605,631 4,530
Swiss Franc Buy 3/16/22 546 543 3
Swiss Franc Sell 3/16/22 546 546 —
WestPac Banking Corp.
Australian Dollar Sell 4/20/22 251,192 247,685 (3,507)
British Pound Buy 3/16/22 63,058 62,434 624
Euro Buy 3/16/22 12,004 12,093 (89)
Euro Sell 3/16/22 12,004 12,161 157
Unrealized appreciation 68,739
Unrealized (depreciation) (79,814)
Total $(11,075)
* The exchange currency for all contracts listed is the United States Dollar.








FUTURES CONTRACTS OUTSTANDING at 2/28/22 (Unaudited)
    Number of contracts Notional
amount		 Value Expiration date Unrealized
appreciation/
(depreciation)
MSCI EAFE Index (Long) 1 $108,955 $107,990 Mar-22 $(6,371)
Russell 2000 Index E-Mini (Long) 44 4,505,796 4,497,900 Mar-22 (358,017)
S&P 500 Index E-Mini (Long) 17 3,717,849 3,712,800 Mar-22 (244,273)
Unrealized appreciation —
Unrealized (depreciation) (608,661)
Total $(608,661)








WRITTEN OPTIONS OUTSTANDING at 2/28/22 (premiums $5,370) (Unaudited)
  Counterparty Expiration date/strike price Notional amount   Contract amount Value
Citibank, N.A.
S&P 500 Index (Call) Sep-22/$5388.97 $2,348,806 $537 $4,000
Total $4,000









Key to holding's abbreviations
ADR American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank.
ETF Exchange Traded Fund
GDR Global Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank.
JSC Joint Stock Company
OJSC Open Joint Stock Company
SPDR S&P Depository Receipts
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 June 1, 2021 through February 28, 2022 (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 $82,503,011.
(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
5/31/21		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
2/28/22
Short-term investments
Putnam Cash Collateral Pool, LLC*# $1,043,590 $17,833,750 $18,877,340 $480 $—
Putnam Short Term Investment Fund** 3,522,079 20,115,205 20,137,284 3,238 3,500,000
Total Short-term investments $4,565,669 $37,948,955 $39,014,624 $3,718 $3,500,000
* 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 did not have any securities on loan.
** 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.
(SEG) This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $453,808.
(WIS) When-issued security.
(F) This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.
(R) Real Estate Investment Trust.
At the close of the reporting period, the fund maintained liquid assets totaling $44,553 to cover certain derivative contracts and the settlement of certain securities.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
Debt obligations are considered secured unless otherwise indicated.
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
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 77.2%
Japan 3.2
United Kingdom 3.0
France 2.1
Switzerland 1.4
China 1.3
Germany 1.3
Australia 1.3
India 1.1
Taiwan 0.9
South Korea 0.8
Hong Kong 0.7
Netherlands 0.7
Ireland 0.6
Indonesia 0.5
Sweden 0.5
Other 3.4
Total 100.0%
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.
Options contracts: The fund used options contracts to enhance the return on securities owned, to gain exposure to securities and to manage downside risks.
The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.
Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.
Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap options contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.
For the fund's average contract amount on options contracts, see the appropriate table at the end of these footnotes.
Futures contracts: The fund used futures contracts to manage exposure to market risk and to equitize cash.
The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, 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.
Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”.
For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes.
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 that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties 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, are 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.
With respect to ISDA Master Agreements, 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 or 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 $28,259 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these 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*:
Basic materials $1,515,420 $1,552,597 $—
Capital goods 3,480,649 543,357 —
Communication services 1,596,533 389,901 —
Conglomerates 234,309 — —
Consumer cyclicals 8,686,194 2,541,597 —
Consumer staples 3,397,161 1,645,904 —
Energy 1,713,691 1,012,568 3,770
Financials 7,230,565 3,380,080 —
Government — 17,469 —
Health care 6,952,281 1,739,091 —
Miscellaneous 36,390
Technology 17,592,336 3,284,860
Transportation 1,100,986 405,721 —
Utilities and power 1,373,977 351,965 —
Total common stocks 54,874,102 16,901,500 3,770
Convertible preferred stocks — 162,064 —
Investment companies 2,093,589 — —
Purchased options outstanding — 9,507 —
Warrants 1,115 — —
Short-term investments — 8,499,698 —
Totals by level $56,968,806 $25,572,769 $3,770
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(11,075) $—
Futures contracts (608,661) — —
Written options outstanding — (4,000) —
Totals by level $(608,661) $(15,075) $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
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:
Purchased equity option contracts (contract amount) $200
Purchased currency option contracts (contract amount) $1,300,000
Written equity option contracts (contract amount) $200
Written currency option contracts (contract amount) $980,000
Futures contracts (number of contracts) 60
Forward currency contracts (contract amount) $52,800,000
OTC total return swap contracts (notional) $1,200,000
Warrants (number of warrants) 50
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