| Putnam Dynamic Asset Allocation Equity Fund | ||||||
| The fund's portfolio | ||||||
| 8/31/19 (Unaudited) | ||||||
| COMMON STOCKS (89.2%)(a) | ||||||
| Shares | Value | |||||
| Advertising and marketing services (0.3%) | ||||||
| Omnicom Group, Inc.(S) | 3,390 | $257,843 | ||||
| 257,843 | ||||||
| Aerospace and defense (1.3%) | ||||||
| Boeing Co. (The) | 601 | 218,818 | ||||
| Dassault Aviation SA (France) | 21 | 29,866 | ||||
| HEICO Corp. | 716 | 103,584 | ||||
| Lockheed Martin Corp. | 1,719 | 660,285 | ||||
| Teledyne Technologies, Inc.(NON) | 211 | 65,112 | ||||
| 1,077,665 | ||||||
| Agriculture (0.4%) | ||||||
| Corteva, Inc.(NON) | 9,847 | 288,714 | ||||
| 288,714 | ||||||
| Airlines (0.7%) | ||||||
| Delta Air Lines, Inc. | 7,817 | 452,292 | ||||
| Japan Airlines Co., Ltd. (Japan) | 3,600 | 112,353 | ||||
| 564,645 | ||||||
| Automotive (0.6%) | ||||||
| Companhia De Locacao das Americas (Brazil) | 3,879 | 51,567 | ||||
| Fiat Chrysler Automobiles NV (Italy) | 8,174 | 106,348 | ||||
| Lear Corp. | 863 | 96,880 | ||||
| Peugeot SA (France) | 5,518 | 123,292 | ||||
| Toyota Motor Corp. (Japan) | 100 | 6,541 | ||||
| Volvo AB (Sweden) | 9,344 | 129,002 | ||||
| 513,630 | ||||||
| Banking (5.2%) | ||||||
| ABN AMRO Group NV GDR (Netherlands) | 4,719 | 83,942 | ||||
| Abu Dhabi Commercial Bank PJSC (United Arab Emirates) | 34,518 | 81,663 | ||||
| Banco Bilbao Vizcaya Argenta (Spain) | 28,280 | 133,929 | ||||
| Bank Leumi Le-Israel BM (Israel) | 10,234 | 69,728 | ||||
| BNP Paribas SA (France) | 3,647 | 164,478 | ||||
| BOC Hong Kong Holdings, Ltd. (Hong Kong) | 13,000 | 43,668 | ||||
| Citigroup, Inc. | 16,544 | 1,064,606 | ||||
| Commercial International Bank (CIB) Egypt SAE GDR (Egypt) | 18,543 | 86,225 | ||||
| Credicorp, Ltd. (Peru) | 283 | 58,615 | ||||
| Hang Seng Bank, Ltd. (Hong Kong) | 4,400 | 91,527 | ||||
| HDFC Bank, Ltd. (India) | 2,801 | 87,224 | ||||
| HSBC Holdings PLC (United Kingdom) | 2,468 | 17,760 | ||||
| Israel Discount Bank, Ltd. Class A (Israel) | 18,218 | 75,826 | ||||
| Itau Unibanco Holding SA ADR (Preference) (Brazil) | 4,216 | 34,740 | ||||
| JPMorgan Chase & Co. | 14,240 | 1,564,406 | ||||
| KBC Groep NV (Belgium) | 943 | 54,556 | ||||
| Moneta Money Bank AS (Czech Republic) | 10,504 | 33,973 | ||||
| Popular, Inc. (Puerto Rico) | 947 | 49,784 | ||||
| Sberbank of Russia PJSC ADR (Russia) | 2,622 | 35,935 | ||||
| Sumitomo Mitsui Financial Group, Inc. (Japan) | 4,707 | 154,107 | ||||
| Sumitomo Mitsui Trust Holdings, Inc. (Japan) | 1,100 | 35,889 | ||||
| Wells Fargo & Co. | 2,383 | 110,976 | ||||
| Wintrust Financial Corp. | 614 | 38,578 | ||||
| 4,172,135 | ||||||
| Beverage (2.5%) | ||||||
| Carlsberg A/S Class B (Denmark) | 649 | 95,802 | ||||
| Coca-Cola Co. (The) | 18,022 | 991,931 | ||||
| Coca-Cola European Partners PLC (United Kingdom) | 565 | 31,832 | ||||
| Coca-Cola HBC AG (Switzerland) | 699 | 23,220 | ||||
| Fomento Economico Mexicano SAB de CV ADR (Mexico) | 620 | 56,643 | ||||
| Grape King Bio, Ltd. (Taiwan) | 5,000 | 30,699 | ||||
| PepsiCo, Inc. | 5,139 | 702,655 | ||||
| Wuliangye Yibin Co., Ltd. Class A (China) | 1,900 | 37,606 | ||||
| 1,970,388 | ||||||
| Biotechnology (1.5%) | ||||||
| Amgen, Inc. | 3,363 | 701,589 | ||||
| Biogen, Inc.(NON) | 1,352 | 297,102 | ||||
| Gilead Sciences, Inc. | 3,506 | 222,771 | ||||
| 1,221,462 | ||||||
| Broadcasting (0.3%) | ||||||
| Discovery, Inc. Class A(NON)(S) | 5,280 | 145,728 | ||||
| Liberty Media Corp.-Liberty SiriusXM Class A(NON) | 1,054 | 42,676 | ||||
| Sinclair Broadcast Group, Inc. Class A | 1,628 | 72,560 | ||||
| 260,964 | ||||||
| Cable television (1.2%) | ||||||
| Altice USA, Inc. Class A(NON) | 1,436 | 41,472 | ||||
| Comcast Corp. Class A | 21,115 | 934,550 | ||||
| 976,022 | ||||||
| Chemicals (1.2%) | ||||||
| Arkema SA (France) | 697 | 61,099 | ||||
| Axalta Coating Systems, Ltd.(NON) | 2,925 | 84,474 | ||||
| Celanese Corp. | 533 | 60,426 | ||||
| CF Industries Holdings, Inc. | 4,077 | 196,471 | ||||
| Covestro AG (Germany) | 2,755 | 124,718 | ||||
| Huntsman Corp. | 4,995 | 99,500 | ||||
| LyondellBasell Industries NV Class A | 403 | 31,184 | ||||
| Mitsubishi Gas Chemical Co., Inc. (Japan) | 200 | 2,400 | ||||
| NewMarket Corp. | 74 | 35,132 | ||||
| Shin-Etsu Chemical Co., Ltd. (Japan) | 1,200 | 120,755 | ||||
| Tosoh Corp. (Japan) | 3,600 | 46,105 | ||||
| UPL, Ltd. (India) | 5,452 | 42,985 | ||||
| W.R. Grace & Co. | 464 | 31,417 | ||||
| 936,666 | ||||||
| Commercial and consumer services (3.4%) | ||||||
| Automatic Data Processing, Inc. | 3,062 | 520,050 | ||||
| Booking Holdings, Inc.(NON) | 199 | 391,316 | ||||
| CK Hutchison Holdings, Ltd. (Hong Kong) | 6,000 | 52,047 | ||||
| CoStar Group, Inc.(NON) | 95 | 58,413 | ||||
| Ctrip.com International, Ltd. ADR (China)(NON) | 1,323 | 42,839 | ||||
| Expedia, Inc. | 2,382 | 309,898 | ||||
| Fu Shou Yuan International Group, Ltd. (China) | 55,000 | 53,139 | ||||
| Macquarie Infrastructure Co., LLC | 868 | 32,828 | ||||
| Nielsen Holdings PLC | 3,942 | 81,836 | ||||
| PayPal Holdings, Inc.(NON) | 10,396 | 1,133,684 | ||||
| ServiceMaster Global Holdings, Inc.(NON) | 859 | 48,997 | ||||
| 2,725,047 | ||||||
| Communications equipment (1.4%) | ||||||
| Cisco Systems, Inc. | 24,056 | 1,126,061 | ||||
| 1,126,061 | ||||||
| Computers (2.8%) | ||||||
| Apple, Inc. | 6,039 | 1,260,581 | ||||
| Aspen Technology, Inc.(NON) | 899 | 119,747 | ||||
| CDW Corp. of Delaware | 1,214 | 140,217 | ||||
| Dell Technologies, Inc. Class C(NON) | 2,852 | 146,964 | ||||
| Fortinet, Inc.(NON) | 3,337 | 264,224 | ||||
| Fujitsu, Ltd. (Japan) | 400 | 30,916 | ||||
| Nuance Communications, Inc.(NON) | 2,075 | 34,881 | ||||
| Otsuka Corp. (Japan) | 1,700 | 63,019 | ||||
| ServiceNow, Inc.(NON) | 558 | 146,107 | ||||
| 2,206,656 | ||||||
| Conglomerates (0.7%) | ||||||
| AMETEK, Inc. | 1,760 | 151,237 | ||||
| Danaher Corp. | 2,485 | 353,094 | ||||
| Mitsui & Co., Ltd. (Japan) | 4,100 | 64,077 | ||||
| 568,408 | ||||||
| Construction (0.6%) | ||||||
| Armstrong World Industries, Inc. | 520 | 49,644 | ||||
| China Lesso Group Holdings, Ltd. (China) | 43,000 | 41,140 | ||||
| CRH PLC (Ireland) | 1,816 | 60,435 | ||||
| CTCI Corp. (Taiwan) | 8,000 | 11,151 | ||||
| HeidelbergCement AG (Germany) | 1,203 | 83,349 | ||||
| HOCHTIEF AG (Germany) | 379 | 41,217 | ||||
| Kajima Corp. (Japan) | 3,600 | 43,728 | ||||
| Mota-Engil SGPS SA (Portugal) | 8,915 | 18,557 | ||||
| Taisei Corp. (Japan) | 2,200 | 77,729 | ||||
| Wijaya Karya Persero Tbk PT (Indonesia) | 86,900 | 13,484 | ||||
| 440,434 | ||||||
| Consumer cyclicals (0.1%) | ||||||
| Genting Bhd (Singapore) | 85,000 | 54,358 | ||||
| 54,358 | ||||||
| Consumer finance (1.2%) | ||||||
| Capital One Financial Corp. | 3,379 | 292,689 | ||||
| Chailease Holding Co., Ltd. (Taiwan) | 13,803 | 54,634 | ||||
| Discover Financial Services | 3,112 | 248,867 | ||||
| Housing Development Finance Corp., Ltd. (HDFC) (India) | 3,172 | 96,129 | ||||
| Mitsubishi UFJ Lease & Finance Co., Ltd. (Japan) | 3,500 | 18,875 | ||||
| Synchrony Financial | 8,094 | 259,413 | ||||
| 970,607 | ||||||
| Consumer goods (1.7%) | ||||||
| Essity AB Class B (Sweden) | 3,652 | 113,899 | ||||
| L'Oreal SA (France) | 518 | 141,530 | ||||
| LG Household & Health Care, Ltd. (South Korea) | 55 | 53,530 | ||||
| Procter & Gamble Co. (The) | 5,818 | 699,498 | ||||
| Unilever NV (Netherlands) | 2,260 | 140,189 | ||||
| Unilever PLC (United Kingdom) | 2,991 | 189,106 | ||||
| 1,337,752 | ||||||
| Consumer services (0.3%) | ||||||
| AfreecaTV Co., Ltd. (South Korea) | 945 | 47,429 | ||||
| Ashtead Group PLC (United Kingdom) | 4,802 | 132,696 | ||||
| Rakuten, Inc. (Japan) | 4,700 | 44,102 | ||||
| 224,227 | ||||||
| Containers (0.3%) | ||||||
| Ball Corp. | 1,368 | 110,001 | ||||
| Berry Plastics Group, Inc.(NON) | 2,202 | 86,186 | ||||
| 196,187 | ||||||
| Distribution (0.7%) | ||||||
| ITOCHU Corp. (Japan) | 7,400 | 147,362 | ||||
| Sysco Corp. | 4,827 | 358,791 | ||||
| US Foods Holding Corp.(NON) | 2,295 | 92,833 | ||||
| 598,986 | ||||||
| Electric utilities (2.2%) | ||||||
| AES Corp. | 9,126 | 139,902 | ||||
| CenterPoint Energy, Inc. | 6,249 | 173,035 | ||||
| CIA Paranaense de Energia-Copel (Preference shares) (Brazil) | 4,391 | 55,245 | ||||
| CLP Holdings, Ltd. (Hong Kong) | 4,000 | 41,073 | ||||
| Consolidated Edison, Inc. | 384 | 34,138 | ||||
| E.ON SE (Germany) | 11,564 | 107,458 | ||||
| Enel SpA (Italy) | 24,560 | 177,990 | ||||
| Evergy, Inc. | 2,120 | 137,800 | ||||
| Exelon Corp. | 8,805 | 416,124 | ||||
| Inter RAO UES PJSC (Russia) | 666,997 | 42,957 | ||||
| Pinnacle West Capital Corp. | 1,437 | 136,960 | ||||
| Public Service Enterprise Group, Inc. | 4,578 | 276,832 | ||||
| 1,739,514 | ||||||
| Electrical equipment (1.0%) | ||||||
| Emerson Electric Co. | 3,198 | 190,569 | ||||
| Honeywell International, Inc. | 3,472 | 571,561 | ||||
| KEI Industries, Ltd. (India) | 5,504 | 36,181 | ||||
| 798,311 | ||||||
| Electronics (3.0%) | ||||||
| Agilent Technologies, Inc. | 3,681 | 261,756 | ||||
| Broadcom, Inc. | 1,243 | 351,322 | ||||
| Brother Industries, Ltd. (Japan) | 900 | 15,594 | ||||
| Garmin, Ltd. | 1,179 | 96,171 | ||||
| Hoya Corp. (Japan) | 1,900 | 154,393 | ||||
| Keysight Technologies, Inc.(NON) | 1,909 | 184,906 | ||||
| Koninklijke Philips NV (Netherlands) | 3,443 | 162,278 | ||||
| MediaTek, Inc. (Taiwan) | 8,000 | 93,466 | ||||
| nVent Electric PLC (United Kingdom) | 1,668 | 33,794 | ||||
| Qualcomm, Inc. | 3,723 | 289,538 | ||||
| Samsung Electronics Co., Ltd. (South Korea) | 6,445 | 234,079 | ||||
| Sino-American Silicon Products, Inc. (Taiwan) | 18,000 | 42,468 | ||||
| STMicroelectronics NV (France) | 344 | 6,096 | ||||
| Xilinx, Inc. | 4,367 | 454,430 | ||||
| 2,380,291 | ||||||
| Energy (oil field) (—%) | ||||||
| Hilong Holding, Ltd. (China) | 156,000 | 17,460 | ||||
| 17,460 | ||||||
| Engineering and construction (0.2%) | ||||||
| ACS Actividades de Construccion y Servicios SA (Spain) | 2,293 | 86,617 | ||||
| China Railway Group, Ltd. Class H (China) | 60,000 | 39,163 | ||||
| Obayashi Corp. (Japan) | 3,600 | 33,114 | ||||
| Samsung Engineering Co., Ltd. (South Korea)(NON) | 2,636 | 33,726 | ||||
| 192,620 | ||||||
| Environmental (—%) | ||||||
| Clean TeQ Holdings, Ltd. (Australia)(NON)(S) | 132,945 | 30,845 | ||||
| 30,845 | ||||||
| Financial (0.8%) | ||||||
| 3i Group PLC (United Kingdom) | 6,032 | 80,480 | ||||
| Ally Financial, Inc. | 2,181 | 68,374 | ||||
| Deutsche Boerse AG (Germany) | 286 | 42,041 | ||||
| Hong Kong Exchanges and Clearing, Ltd. (Hong Kong) | 1,300 | 39,582 | ||||
| LPL Financial Holdings, Inc. | 758 | 56,812 | ||||
| MGIC Investment Corp.(NON) | 5,817 | 73,585 | ||||
| ORIX Corp. (Japan) | 9,400 | 138,956 | ||||
| Partners Group Holding AG (Switzerland) | 167 | 135,422 | ||||
| 635,252 | ||||||
| Food (2.0%) | ||||||
| Associated British Foods PLC (United Kingdom) | 3,008 | 83,122 | ||||
| Dino Polska SA (Poland)(NON) | 958 | 37,012 | ||||
| Hershey Co. (The) | 1,723 | 273,061 | ||||
| Jeronimo Martins SGPS SA (Portugal) | 3,359 | 55,413 | ||||
| Mondelez International, Inc. Class A | 8,987 | 496,262 | ||||
| Nestle India, Ltd. (India) | 253 | 45,587 | ||||
| Nestle SA (Switzerland) | 1,889 | 211,850 | ||||
| Post Holdings, Inc.(NON) | 705 | 70,281 | ||||
| Tesco PLC (United Kingdom) | 53,729 | 143,307 | ||||
| WH Group, Ltd. (Hong Kong) | 99,500 | 79,302 | ||||
| Wilmar International, Ltd. (Singapore) | 11,700 | 32,071 | ||||
| X5 Retail Group NV GDR (Russia) | 1,725 | 59,375 | ||||
| 1,586,643 | ||||||
| Forest products and packaging (0.1%) | ||||||
| Packaging Corp. of America | 925 | 93,037 | ||||
| 93,037 | ||||||
| Gaming and lottery (0.3%) | ||||||
| Aristocrat Leisure, Ltd. (Australia) | 6,388 | 127,830 | ||||
| Las Vegas Sands Corp. | 2,462 | 136,567 | ||||
| 264,397 | ||||||
| Health-care services (1.1%) | ||||||
| Alfresa Holdings Corp. (Japan) | 1,600 | 36,149 | ||||
| AmerisourceBergen Corp. | 1,465 | 120,526 | ||||
| Cardinal Health, Inc. | 3,935 | 169,717 | ||||
| Charles River Laboratories International, Inc.(NON) | 397 | 52,086 | ||||
| Chemed Corp. | 187 | 80,303 | ||||
| Encompass Health Corp. | 860 | 52,279 | ||||
| McKesson Corp. | 2,219 | 306,821 | ||||
| Suzuken Co., Ltd. (Japan) | 700 | 37,560 | ||||
| 855,441 | ||||||
| Homebuilding (0.2%) | ||||||
| Berkeley Group Holdings PLC (The) (United Kingdom) | 590 | 28,121 | ||||
| Daiwa House Industry Co., Ltd. (Japan) | 1,700 | 53,236 | ||||
| PulteGroup, Inc. | 1,410 | 47,658 | ||||
| Taylor Wimpey PLC (United Kingdom) | 21,089 | 37,452 | ||||
| 166,467 | ||||||
| Household furniture and appliances (—%) | ||||||
| Haier Smart Home Co., Ltd. Class A (China) | 17,800 | 39,590 | ||||
| 39,590 | ||||||
| Industrial (0.1%) | ||||||
| HD Supply Holdings, Inc.(NON) | 2,857 | 111,166 | ||||
| 111,166 | ||||||
| Insurance (3.3%) | ||||||
| Aflac, Inc. | 4,453 | 223,452 | ||||
| AIA Group, Ltd. (Hong Kong) | 7,800 | 75,518 | ||||
| Allianz SE (Germany) | 893 | 196,781 | ||||
| Allstate Corp. (The) | 1,782 | 182,459 | ||||
| American Financial Group, Inc. | 492 | 49,677 | ||||
| Athene Holding, Ltd. Class A (Bermuda)(NON) | 2,133 | 82,888 | ||||
| Aviva PLC (United Kingdom) | 26,039 | 112,194 | ||||
| Axis Capital Holdings, Ltd. | 563 | 34,563 | ||||
| Baloise Holding AG (Switzerland) | 378 | 64,429 | ||||
| Everest Re Group, Ltd. | 335 | 79,020 | ||||
| Hartford Financial Services Group, Inc. (The) | 3,579 | 208,584 | ||||
| IRB Brasil Resseguros SA (Brazil) | 2,467 | 64,639 | ||||
| Legal & General Group PLC (United Kingdom) | 42,706 | 114,114 | ||||
| Lincoln National Corp. | 2,664 | 140,872 | ||||
| MetLife, Inc. | 9,357 | 414,515 | ||||
| Ping An Insurance (Group) Co. of China, Ltd. Class H (China) | 14,000 | 159,560 | ||||
| Prudential Financial, Inc. | 3,169 | 253,805 | ||||
| Reinsurance Group of America, Inc. | 453 | 69,748 | ||||
| Swiss Life Holding AG (Switzerland) | 60 | 28,450 | ||||
| Unum Group | 3,007 | 76,408 | ||||
| Zurich Insurance Group AG (Switzerland) | 43 | 15,301 | ||||
| 2,646,977 | ||||||
| Investment banking/Brokerage (1.5%) | ||||||
| Ameriprise Financial, Inc. | 1,767 | 227,908 | ||||
| E*Trade Financial Corp. | 4,800 | 200,352 | ||||
| Goldman Sachs Group, Inc. (The) | 1,073 | 218,795 | ||||
| Investor AB Class B (Sweden) | 1,987 | 93,169 | ||||
| Morgan Stanley | 9,412 | 390,504 | ||||
| Raymond James Financial, Inc. | 1,157 | 90,836 | ||||
| 1,221,564 | ||||||
| Lodging/Tourism (0.4%) | ||||||
| Extended Stay America, Inc. (Units) | 3,018 | 42,403 | ||||
| Hilton Worldwide Holdings, Inc. | 2,908 | 268,612 | ||||
| 311,015 | ||||||
| Machinery (0.9%) | ||||||
| Cummins, Inc. | 2,067 | 308,541 | ||||
| Curtiss-Wright Corp. | 235 | 28,820 | ||||
| Hitachi, Ltd. (Japan) | 4,300 | 146,599 | ||||
| Roper Technologies, Inc. | 300 | 110,028 | ||||
| Sandvik AB (Sweden) | 8,302 | 119,057 | ||||
| 713,045 | ||||||
| Manufacturing (0.6%) | ||||||
| Dover Corp. | 1,279 | 119,893 | ||||
| Ingersoll-Rand PLC | 2,789 | 337,720 | ||||
| 457,613 | ||||||
| Media (0.1%) | ||||||
| Interpublic Group of Cos., Inc. (The) | 3,968 | 78,884 | ||||
| 78,884 | ||||||
| Medical technology (3.0%) | ||||||
| Abbott Laboratories | 8,986 | 766,686 | ||||
| Dentsply Sirona, Inc. | 2,022 | 105,447 | ||||
| Hill-Rom Holdings, Inc. | 709 | 76,345 | ||||
| Hologic, Inc.(NON) | 1,901 | 93,852 | ||||
| i-SENS, Inc. (South Korea) | 1,121 | 26,280 | ||||
| Masimo Corp.(NON) | 689 | 105,589 | ||||
| Medtronic PLC | 7,688 | 829,458 | ||||
| Sartorius Stedim Biotech (France) | 233 | 36,056 | ||||
| Thermo Fisher Scientific, Inc. | 439 | 126,019 | ||||
| Zimmer Biomet Holdings, Inc. | 1,736 | 241,651 | ||||
| 2,407,383 | ||||||
| Metals (0.9%) | ||||||
| Anglo American PLC (United Kingdom) | 4,457 | 96,220 | ||||
| Anglo American PLC (United Kingdom) | 2,338 | 50,500 | ||||
| BHP Billiton PLC (United Kingdom) | 3,566 | 76,932 | ||||
| BHP Billiton, Ltd. (Australia) | 2,510 | 61,813 | ||||
| Boliden AB (Sweden) | 783 | 17,312 | ||||
| Cobalt 27 Capital Corp. (Canada)(NON) | 9,580 | 27,774 | ||||
| Fortescue Metals Group, Ltd. (Australia) | 11,195 | 60,153 | ||||
| Glencore PLC (United Kingdom) | 740 | 2,134 | ||||
| Ivanhoe Mines, Ltd. Class A (Canada)(NON) | 17,643 | 49,295 | ||||
| Rio Tinto PLC (United Kingdom) | 3,293 | 166,267 | ||||
| Rio Tinto, Ltd. (Australia) | 206 | 12,191 | ||||
| Steel Dynamics, Inc. | 3,407 | 91,989 | ||||
| 712,580 | ||||||
| Natural gas utilities (0.5%) | ||||||
| Eni SpA (Italy) | 8,726 | 131,195 | ||||
| Kinder Morgan, Inc. | 8,115 | 164,491 | ||||
| Snam SpA (Italy) | 9,716 | 49,110 | ||||
| UGI Corp. | 635 | 30,905 | ||||
| 375,701 | ||||||
| Office equipment and supplies (0.1%) | ||||||
| Avery Dennison Corp. | 691 | 79,859 | ||||
| 79,859 | ||||||
| Oil and gas (4.2%) | ||||||
| Chevron Corp. | 10,654 | 1,254,189 | ||||
| CNOOC, Ltd. (China) | 50,000 | 74,173 | ||||
| ConocoPhillips | 9,925 | 517,887 | ||||
| Equinor ASA (Norway) | 5,805 | 99,254 | ||||
| Exxon Mobil Corp. | 1,074 | 73,548 | ||||
| Geopark, Ltd. (Colombia)(NON) | 1,821 | 31,212 | ||||
| JX Holdings, Inc. (Japan) | 2,600 | 10,752 | ||||
| Lukoil PJSC ADR (Russia) | 1,372 | 110,226 | ||||
| MOL Hungarian Oil & Gas PLC (Hungary) | 5,180 | 50,667 | ||||
| OMV AG (Austria) | 1,251 | 63,810 | ||||
| Petroleo Brasileiro SA - Petrobras ADR (Brazil) | 6,389 | 86,571 | ||||
| Phillips 66 | 3,822 | 376,964 | ||||
| PTT Exploration & Production PCL (Thailand) | 9,800 | 39,908 | ||||
| Royal Dutch Shell PLC Class B (United Kingdom) | 11,190 | 308,402 | ||||
| Santos, Ltd. (Australia) | 10,631 | 51,532 | ||||
| Valero Energy Corp. | 2,320 | 174,650 | ||||
| 3,323,745 | ||||||
| Pharmaceuticals (4.7%) | ||||||
| AbbVie, Inc. | 4,292 | 282,156 | ||||
| Allergan PLC | 1,140 | 182,081 | ||||
| Astellas Pharma, Inc. (Japan) | 8,700 | 120,318 | ||||
| Bristol-Myers Squibb Co. | 1,121 | 53,886 | ||||
| Eli Lilly & Co. | 2,117 | 239,157 | ||||
| GlaxoSmithKline PLC (United Kingdom) | 5,633 | 117,317 | ||||
| Ipsen SA (France) | 239 | 25,112 | ||||
| Jazz Pharmaceuticals PLC(NON) | 257 | 32,935 | ||||
| Johnson & Johnson | 5,409 | 694,299 | ||||
| Merck & Co., Inc. | 8,170 | 706,460 | ||||
| Novartis AG (Switzerland) | 2,246 | 201,987 | ||||
| Novo Nordisk A/S Class B (Denmark) | 4,020 | 208,746 | ||||
| Pfizer, Inc. | 7,699 | 273,699 | ||||
| Roche Holding AG (Switzerland) | 1,071 | 292,814 | ||||
| Shionogi & Co., Ltd. (Japan) | 2,400 | 128,447 | ||||
| UCB SA (Belgium) | 787 | 58,765 | ||||
| Zoetis, Inc. | 967 | 122,248 | ||||
| 3,740,427 | ||||||
| Photography/Imaging (0.1%) | ||||||
| FUJIFILM Holdings Corp. (Japan) | 1,900 | 81,235 | ||||
| 81,235 | ||||||
| Power producers (0.4%) | ||||||
| NRG Energy, Inc. | 4,113 | 149,713 | ||||
| Vistra Energy Corp. | 7,605 | 189,745 | ||||
| 339,458 | ||||||
| Publishing (0.2%) | ||||||
| News Corp. Class A | 2,811 | 38,651 | ||||
| Wolters Kluwer NV (Netherlands) | 1,828 | 131,634 | ||||
| 170,285 | ||||||
| Railroads (1.1%) | ||||||
| Aurizon Holdings, Ltd. (Australia) | 22,214 | 88,312 | ||||
| Norfolk Southern Corp. | 1,578 | 274,651 | ||||
| Union Pacific Corp. | 2,788 | 451,544 | ||||
| West Japan Railway Co. (Japan) | 700 | 58,927 | ||||
| 873,434 | ||||||
| Real estate (3.4%) | ||||||
| A-Living Services Co., Ltd. (China) | 31,750 | 61,794 | ||||
| AGNC Investment Corp.(R) | 8,165 | 121,414 | ||||
| Annaly Capital Management, Inc.(R) | 16,252 | 134,892 | ||||
| Apartment Investment & Management Co. Class A(R) | 1,109 | 56,559 | ||||
| Apple Hospitality REIT, Inc.(R) | 2,275 | 36,241 | ||||
| AvalonBay Communities, Inc.(R) | 737 | 156,657 | ||||
| Ayala Land, Inc. (Philippines) | 41,200 | 37,402 | ||||
| Barratt Developments PLC (United Kingdom) | 1,450 | 11,158 | ||||
| Brixmor Property Group, Inc.(R) | 4,944 | 91,118 | ||||
| Brookfield Property REIT, Inc. Class A(R) | 1,958 | 36,850 | ||||
| Camden Property Trust(R) | 740 | 80,105 | ||||
| CBRE Group, Inc. Class A(NON) | 2,494 | 130,361 | ||||
| Cheung Kong Property Holdings, Ltd. (Hong Kong) | 18,000 | 121,480 | ||||
| Chimera Investment Corp.(R) | 1,693 | 32,286 | ||||
| China Overseas Land & Investment, Ltd. (China) | 14,000 | 44,082 | ||||
| Douglas Emmett, Inc.(R) | 999 | 42,158 | ||||
| Duke Realty Corp.(R) | 3,061 | 101,839 | ||||
| Federal Realty Investment Trust(R) | 475 | 61,375 | ||||
| Gaming and Leisure Properties, Inc.(R) | 1,827 | 71,472 | ||||
| Goodman Group (Australia)(R) | 5,339 | 52,227 | ||||
| Healthcare Trust of America, Inc. Class A(R) | 2,402 | 68,121 | ||||
| Henderson Land Development Co., Ltd. (Hong Kong) | 15,900 | 73,791 | ||||
| Invitation Homes, Inc.(R) | 4,416 | 127,004 | ||||
| Jones Lang LaSalle, Inc. | 472 | 63,272 | ||||
| Kerry Properties, Ltd. (Hong Kong) | 2,500 | 8,406 | ||||
| Liberty Property Trust(R) | 1,163 | 60,616 | ||||
| Logan Property Holdings Co., Ltd. (China) | 30,000 | 42,131 | ||||
| Medical Properties Trust, Inc.(R) | 5,275 | 98,062 | ||||
| New Residential Investment Corp.(R) | 6,357 | 89,443 | ||||
| Outfront Media, Inc.(R) | 1,730 | 47,540 | ||||
| Persimmon PLC (United Kingdom) | 4,288 | 99,266 | ||||
| Sekisui House, Ltd. (Japan) | 800 | 14,178 | ||||
| STORE Capital Corp.(R) | 2,594 | 97,949 | ||||
| Sun Communities, Inc.(R) | 507 | 74,935 | ||||
| Sun Hung Kai Properties, Ltd. (Hong Kong) | 3,500 | 49,397 | ||||
| Swire Properties, Ltd. (Hong Kong) | 3,800 | 12,437 | ||||
| Two Harbors Investment Corp.(R) | 3,374 | 42,614 | ||||
| VICI Properties, Inc.(R)(S) | 4,924 | 109,116 | ||||
| Weingarten Realty Investors(R) | 1,277 | 33,828 | ||||
| 2,693,576 | ||||||
| Regional Bells (0.1%) | ||||||
| AT&T, Inc. | 2,102 | 74,117 | ||||
| 74,117 | ||||||
| Restaurants (1.7%) | ||||||
| Darden Restaurants, Inc. | 1,956 | 236,637 | ||||
| Jubilant Foodworks, Ltd. (India) | 2,318 | 38,540 | ||||
| Starbucks Corp. | 10,960 | 1,058,298 | ||||
| 1,333,475 | ||||||
| Retail (4.5%) | ||||||
| Amazon.com, Inc.(NON) | 1,059 | 1,881,091 | ||||
| Atacadao Distribuicao Comercio e Industria Ltda. (Brazil) | 7,329 | 39,468 | ||||
| Best Buy Co., Inc. | 4,810 | 306,157 | ||||
| Harvey Norman Holdings, Ltd. (Australia) | 9,872 | 29,157 | ||||
| Home Depot, Inc. (The) | 972 | 221,529 | ||||
| KAR Auction Services, Inc. | 1,763 | 46,825 | ||||
| Lowe's Cos., Inc. | 3,541 | 397,300 | ||||
| Poya International Co., Ltd. (Taiwan) | 3,030 | 40,181 | ||||
| Tapestry, Inc. | 941 | 19,432 | ||||
| Walmart, Inc. | 4,599 | 525,482 | ||||
| Wilcon Depot, Inc. (Philippines) | 159,600 | 51,810 | ||||
| Woolworths Group, Ltd. (Australia) | 2,484 | 63,240 | ||||
| 3,621,672 | ||||||
| Semiconductor (0.8%) | ||||||
| KLA Corp. | 1,844 | 272,728 | ||||
| Lam Research Corp. | 502 | 105,676 | ||||
| Maxim Integrated Products, Inc. | 638 | 34,797 | ||||
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 24,000 | 197,669 | ||||
| 610,870 | ||||||
| Shipping (0.1%) | ||||||
| Yangzijiang Shipbuilding Holdings, Ltd. (China) | 70,500 | 46,078 | ||||
| 46,078 | ||||||
| Software (6.0%) | ||||||
| Adobe, Inc.(NON) | 3,312 | 942,297 | ||||
| Black Knight, Inc.(NON) | 1,127 | 70,156 | ||||
| Cadence Design Systems, Inc.(NON) | 2,990 | 204,755 | ||||
| DouYu International Holdings, Ltd. ADR (China)(NON) | 2,658 | 25,145 | ||||
| F5 Networks, Inc.(NON) | 1,147 | 147,653 | ||||
| Intuit, Inc. | 2,215 | 638,717 | ||||
| Microsoft Corp. | 9,317 | 1,284,442 | ||||
| NetEase, Inc. ADR (China) | 229 | 58,395 | ||||
| Nexon Co., Ltd. (Japan)(NON) | 6,900 | 92,782 | ||||
| NTT Data Corp. (Japan) | 2,200 | 28,341 | ||||
| Oracle Corp. | 19,045 | 991,483 | ||||
| Veeva Systems, Inc. Class A(NON) | 2,104 | 337,440 | ||||
| 4,821,606 | ||||||
| Technology (0.1%) | ||||||
| SoftBank Group Corp. (Japan) | 1,500 | 67,855 | ||||
| 67,855 | ||||||
| Technology services (6.0%) | ||||||
| Alibaba Group Holding, Ltd. ADR (China)(NON) | 1,745 | 305,427 | ||||
| Alphabet, Inc. Class A(NON) | 1,838 | 2,188,194 | ||||
| Capgemini SE (France) | 639 | 76,655 | ||||
| eBay, Inc. | 10,871 | 437,993 | ||||
| Facebook, Inc. Class A(NON) | 552 | 102,490 | ||||
| Fair Isaac Corp.(NON) | 270 | 95,234 | ||||
| Genpact, Ltd. | 1,304 | 53,412 | ||||
| IBM Corp. | 3,124 | 423,396 | ||||
| Infosys, Ltd. (India) | 7,287 | 83,107 | ||||
| Leidos Holdings, Inc. | 1,399 | 122,217 | ||||
| Naspers, Ltd. Class N (South Africa) | 523 | 119,083 | ||||
| Naspers, Ltd. ADR Class N (South Africa) | 548 | 24,797 | ||||
| Nomura Research Institute, Ltd. (Japan) | 3,000 | 59,612 | ||||
| Proofpoint, Inc.(NON) | 685 | 77,823 | ||||
| Tencent Holdings, Ltd. (China) | 5,600 | 230,635 | ||||
| Tencent Holdings, Ltd. ADR (China) | 832 | 34,337 | ||||
| Xerox Holdings Corp. | 3,704 | 107,379 | ||||
| Yandex NV Class A (Russia)(NON) | 1,381 | 51,235 | ||||
| Zebra Technologies Corp. Class A(NON) | 1,078 | 221,022 | ||||
| 4,814,048 | ||||||
| Telecommunications (1.0%) | ||||||
| BT Group PLC (United Kingdom) | 34,486 | 69,507 | ||||
| Crown Castle International Corp.(R) | 2,357 | 342,166 | ||||
| Equinix, Inc.(R) | 127 | 70,648 | ||||
| Eutelsat Communications SA (France) | 761 | 13,231 | ||||
| Hikari Tsushin, Inc. (Japan) | 300 | 70,221 | ||||
| Juniper Networks, Inc. | 3,690 | 85,460 | ||||
| Safaricom PLC (Kenya) | 150,852 | 40,883 | ||||
| Telstra Corp., Ltd. (Australia) | 48,670 | 122,040 | ||||
| 814,156 | ||||||
| Telephone (2.1%) | ||||||
| Deutsche Telekom AG (Germany) | 7,410 | 123,593 | ||||
| KDDI Corp. (Japan) | 6,200 | 165,306 | ||||
| Nippon Telegraph & Telephone Corp. (Japan) | 1,900 | 91,071 | ||||
| Telephone & Data Systems, Inc. | 1,614 | 40,673 | ||||
| Verizon Communications, Inc. | 21,301 | 1,238,866 | ||||
| 1,659,509 | ||||||
| Textiles (0.3%) | ||||||
| Hermes International (France) | 181 | 123,534 | ||||
| Kering SA (France) | 259 | 125,362 | ||||
| Shenzhou International Group Holdings, Ltd. (China) | 2,200 | 29,730 | ||||
| 278,626 | ||||||
| Tire and rubber (0.2%) | ||||||
| Bridgestone Corp. (Japan) | 300 | 11,427 | ||||
| Compagnie Generale des Etablissements Michelin SCA (France) | 1,044 | 109,692 | ||||
| 121,119 | ||||||
| Tobacco (0.2%) | ||||||
| British American Tobacco PLC (United Kingdom) | 2,018 | 70,718 | ||||
| Imperial Brands PLC (United Kingdom) | 3,080 | 79,621 | ||||
| 150,339 | ||||||
| Toys (0.1%) | ||||||
| Nintendo Co., Ltd. (Japan) | 300 | 113,552 | ||||
| 113,552 | ||||||
| Transportation services (0.3%) | ||||||
| Aena SME SA (Spain) | 647 | 116,618 | ||||
| Deutsche Post AG (Germany) | 3,069 | 100,852 | ||||
| Kamigumi Co., Ltd. (Japan) | 700 | 16,421 | ||||
| 233,891 | ||||||
| Trucks and parts (0.2%) | ||||||
| Allison Transmission Holdings, Inc. | 1,951 | 86,683 | ||||
| Faurecia SA (France) | 1,980 | 86,501 | ||||
| 173,184 | ||||||
| Waste Management (0.7%) | ||||||
| Republic Services, Inc. | 1,472 | 131,376 | ||||
| Sunny Friend Environmental Technology Co., Ltd. (Taiwan) | 10,000 | 83,183 | ||||
| Waste Management, Inc. | 2,905 | 346,700 | ||||
| 561,259 | ||||||
| Total common stocks (cost $62,087,480) | $71,322,028 | |||||
| INVESTMENT COMPANIES (1.4%)(a) | ||||||
| Shares | Value | |||||
| iShares MSCI EAFE ETF(S) | 2,000 | $126,420 | ||||
| iShares MSCI Emerging Markets ETF(S) | 1,904 | 76,522 | ||||
| SPDR S&P 500 ETF Trust(S) | 2,829 | 827,341 | ||||
| SPDR S&P MidCap 400 ETF Trust | 326 | 111,864 | ||||
| Total investment companies (cost $1,146,418) | $1,142,147 | |||||
| WARRANTS (0.3%)(a)(NON) | ||||||
| Expiration date | Strike Price | Warrants | Value | |||
| Bupa Arabia for Cooperative Insurance Co. 144A (Saudi Arabia) | 12/16/21 | $0.00 | 2,208 | $60,871 | ||
| Guangzhou Baiyun International Airport 144A (China) | 4/10/20 | 0.00 | 14,400 | 37,686 | ||
| Jarir Marketing Co. 144A (Saudi Arabia) | 1/20/22 | 0.00 | 889 | 36,834 | ||
| National Bank of Kuwait SAKP 144A (Kuwait) | 1/16/20 | 0.00 | 17,363 | 56,649 | ||
| United International Transportation Co. 144A (Saudi Arabia) | 12/9/21 | 0.00 | 4,048 | 34,537 | ||
| Total warrants (cost $202,557) | $226,577 | |||||
| PURCHASED OPTIONS OUTSTANDING (0.1%)(a) | ||||||
| Counterparty | Expiration
date/ strike price |
Notional amount |
Contract amount | Value | ||
| Citibank, N.A. | ||||||
| AUD/JPY (Put) | Feb-20/JPY 70.00 | $625,265 | AUD | 928,450 | $14,186 | |
| Goldman Sachs International | ||||||
| AUD/JPY (Put) | Feb-20/JPY 70.00 | 625,265 | AUD | 928,450 | 14,186 | |
| UBS AG | ||||||
| iShares MSCI Emerging Markets (Put) | Oct-19/$40.50 | 1,122,266 | $27,924 | 33,647 | ||
| Total purchased options outstanding (cost $47,540) | $62,019 | |||||
| SHORT-TERM INVESTMENTS (10.5%)(a) | ||||||
| Principal
amount/ shares |
Value | |||||
| Putnam Cash Collateral Pool, LLC 2.64%(AFF) | Shares | 1,386,968 | $1,386,968 | |||
| Putnam Short Term Investment Fund 2.19%(AFF) | Shares | 6,747,957 | 6,747,957 | |||
| U.S. Treasury Bills 1.892%, 11/21/19(SEG) | $128,000 | 127,456 | ||||
| U.S. Treasury Bills 1.977%, 11/14/19(SEG) | 25,000 | 24,903 | ||||
| U.S. Treasury Bills 2.047%, 12/12/19(SEG) | 108,000 | 107,433 | ||||
| Total short-term investments (cost $8,394,682) | $8,394,717 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $71,878,677) | $81,147,488 | |||||
| FORWARD CURRENCY CONTRACTS at 8/31/19 (aggregate face value $11,505,608) (Unaudited) | |||||||
| Counterparty | Currency | Contract type* | Delivery date |
Value | Aggregate face value | Unrealized appreciation/ (depreciation) |
|
| Bank of America N.A. | |||||||
| Australian Dollar | Buy | 10/16/19 | $132,704 | $140,573 | $(7,869) | ||
| Brazilian Real | Buy | 10/2/19 | 73,491 | 82,631 | (9,140) | ||
| British Pound | Buy | 9/18/19 | 94,969 | 101,443 | (6,474) | ||
| Canadian Dollar | Buy | 10/16/19 | 65,162 | 66,278 | (1,116) | ||
| Euro | Buy | 9/18/19 | 659,048 | 677,662 | (18,614) | ||
| Mexican Peso | Buy | 10/16/19 | 80,525 | 83,099 | (2,574) | ||
| New Zealand Dollar | Sell | 10/16/19 | 37,157 | 37,025 | (132) | ||
| Norwegian Krone | Buy | 9/18/19 | 78,057 | 78,303 | (246) | ||
| Norwegian Krone | Sell | 9/18/19 | 78,057 | 79,429 | 1,372 | ||
| Russian Ruble | Buy | 9/18/19 | 79,638 | 83,572 | (3,934) | ||
| Swedish Krona | Sell | 9/18/19 | 22,477 | 23,482 | 1,005 | ||
| Barclays Bank PLC | |||||||
| Canadian Dollar | Sell | 10/16/19 | 143,700 | 146,010 | 2,310 | ||
| Euro | Buy | 9/18/19 | 91,541 | 90,243 | 1,298 | ||
| Hong Kong Dollar | Sell | 11/20/19 | 173,469 | 173,893 | 424 | ||
| Japanese Yen | Buy | 11/20/19 | 77,306 | 77,457 | (151) | ||
| New Zealand Dollar | Sell | 10/16/19 | 80,747 | 85,578 | 4,831 | ||
| Norwegian Krone | Buy | 9/18/19 | 185,153 | 196,370 | (11,217) | ||
| Swedish Krona | Buy | 9/18/19 | 53,920 | 55,300 | (1,380) | ||
| Swedish Krona | Sell | 9/18/19 | 53,920 | 54,222 | 302 | ||
| Swiss Franc | Buy | 9/18/19 | 136,470 | 136,490 | (20) | ||
| Citibank, N.A. | |||||||
| Australian Dollar | Sell | 10/16/19 | 40,728 | 42,376 | 1,648 | ||
| Brazilian Real | Buy | 10/2/19 | 1,350 | 6,622 | (5,272) | ||
| British Pound | Buy | 9/18/19 | 80,480 | 80,723 | (243) | ||
| British Pound | Sell | 9/18/19 | 80,480 | 80,399 | (81) | ||
| Canadian Dollar | Buy | 10/16/19 | 80,268 | 81,999 | (1,731) | ||
| Danish Krone | Sell | 9/18/19 | 38,322 | 39,322 | 1,000 | ||
| Euro | Buy | 9/18/19 | 79,548 | 82,448 | (2,900) | ||
| Euro | Sell | 9/18/19 | 79,548 | 80,098 | 550 | ||
| Japanese Yen | Buy | 11/20/19 | 778,740 | 770,212 | 8,528 | ||
| New Zealand Dollar | Sell | 10/16/19 | 40,500 | 42,934 | 2,434 | ||
| Norwegian Krone | Buy | 9/18/19 | 52,269 | 54,761 | (2,492) | ||
| Norwegian Krone | Sell | 9/18/19 | 52,269 | 52,431 | 162 | ||
| Credit Suisse International | |||||||
| Australian Dollar | Buy | 10/16/19 | 79,973 | 80,012 | (39) | ||
| Canadian Dollar | Sell | 10/16/19 | 78,013 | 78,525 | 512 | ||
| Euro | Buy | 9/18/19 | 81,858 | 84,935 | (3,077) | ||
| Euro | Sell | 9/18/19 | 81,858 | 84,926 | 3,068 | ||
| Goldman Sachs International | |||||||
| Australian Dollar | Sell | 10/16/19 | 118,881 | 124,154 | 5,273 | ||
| Euro | Buy | 9/18/19 | 80,428 | 83,162 | (2,734) | ||
| Euro | Sell | 9/18/19 | 80,428 | 81,595 | 1,167 | ||
| Indian Rupee | Buy | 11/20/19 | 82,277 | 83,983 | (1,706) | ||
| Indonesian Rupiah | Buy | 11/20/19 | 79,336 | 77,357 | 1,979 | ||
| Japanese Yen | Buy | 11/20/19 | 999 | 984 | 15 | ||
| New Taiwan Dollar | Sell | 11/20/19 | 168,328 | 168,043 | (285) | ||
| New Zealand Dollar | Sell | 10/16/19 | 200,983 | 204,965 | 3,982 | ||
| Norwegian Krone | Buy | 9/18/19 | 110,279 | 117,352 | (7,073) | ||
| Russian Ruble | Buy | 9/18/19 | 79,638 | 83,382 | (3,744) | ||
| South Korean Won | Sell | 11/20/19 | 162,020 | 169,768 | 7,748 | ||
| Swedish Krona | Sell | 9/18/19 | 169,683 | 179,005 | 9,322 | ||
| HSBC Bank USA, National Association | |||||||
| Australian Dollar | Buy | 10/16/19 | 10,520 | 10,370 | 150 | ||
| British Pound | Buy | 9/18/19 | 5,601 | 8,314 | (2,713) | ||
| Chinese Yuan (Offshore) | Buy | 11/20/19 | 163,106 | 167,684 | (4,578) | ||
| Euro | Buy | 9/18/19 | 351,086 | 357,074 | (5,988) | ||
| Indonesian Rupiah | Buy | 11/20/19 | 4,320 | 4,942 | (622) | ||
| Japanese Yen | Buy | 11/20/19 | 11,911 | 12,499 | (588) | ||
| New Zealand Dollar | Buy | 10/16/19 | 2,524 | 5,164 | (2,640) | ||
| Norwegian Krone | Buy | 9/18/19 | 156,103 | 156,599 | (496) | ||
| Norwegian Krone | Sell | 9/18/19 | 156,103 | 158,770 | 2,667 | ||
| South Korean Won | Sell | 11/20/19 | 81,010 | 85,178 | 4,168 | ||
| Swedish Krona | Sell | 9/18/19 | 78,457 | 81,533 | 3,076 | ||
| JPMorgan Chase Bank N.A. | |||||||
| Australian Dollar | Buy | 10/16/19 | 82,199 | 88,029 | (5,830) | ||
| British Pound | Buy | 9/18/19 | 6,210 | 6,479 | (269) | ||
| British Pound | Sell | 9/18/19 | 6,210 | 6,228 | 18 | ||
| Canadian Dollar | Sell | 10/16/19 | 166,623 | 169,303 | 2,680 | ||
| Euro | Buy | 9/18/19 | 319,072 | 321,300 | (2,228) | ||
| Euro | Sell | 9/18/19 | 319,072 | 326,704 | 7,632 | ||
| Japanese Yen | Sell | 11/20/19 | 79,439 | 79,322 | (117) | ||
| Mexican Peso | Buy | 10/16/19 | 2,873 | 4,575 | (1,702) | ||
| New Zealand Dollar | Sell | 10/16/19 | 195,433 | 204,041 | 8,608 | ||
| Norwegian Krone | Sell | 9/18/19 | 49,820 | 50,821 | 1,001 | ||
| Singapore Dollar | Buy | 11/20/19 | 194,379 | 196,859 | (2,480) | ||
| South Korean Won | Buy | 11/20/19 | 204,097 | 205,426 | (1,329) | ||
| Swedish Krona | Buy | 9/18/19 | 51,757 | 51,403 | 354 | ||
| Swiss Franc | Buy | 9/18/19 | 262,722 | 262,841 | (119) | ||
| NatWest Markets PLC | |||||||
| Australian Dollar | Buy | 10/16/19 | 266,216 | 276,275 | (10,059) | ||
| Canadian Dollar | Buy | 10/16/19 | 80,268 | 81,907 | (1,639) | ||
| Euro | Sell | 9/18/19 | 79,217 | 83,145 | 3,928 | ||
| Indian Rupee | Buy | 11/20/19 | 81,490 | 83,149 | (1,659) | ||
| Japanese Yen | Buy | 11/20/19 | 158,431 | 159,725 | (1,294) | ||
| New Taiwan Dollar | Sell | 11/20/19 | 62,285 | 60,529 | (1,756) | ||
| Norwegian Krone | Buy | 9/18/19 | 108,248 | 114,015 | (5,767) | ||
| Norwegian Krone | Sell | 9/18/19 | 108,248 | 108,583 | 335 | ||
| Swedish Krona | Sell | 9/18/19 | 81,088 | 85,951 | 4,863 | ||
| State Street Bank and Trust Co. | |||||||
| Australian Dollar | Sell | 10/16/19 | 151,382 | 152,775 | 1,393 | ||
| British Pound | Buy | 9/18/19 | 79,871 | 80,111 | (240) | ||
| British Pound | Sell | 9/18/19 | 79,871 | 79,397 | (474) | ||
| Canadian Dollar | Buy | 10/16/19 | 41,937 | 42,675 | (738) | ||
| Euro | Buy | 9/18/19 | 245,575 | 250,501 | (4,926) | ||
| Euro | Sell | 9/18/19 | 245,575 | 247,538 | 1,963 | ||
| Japanese Yen | Buy | 11/20/19 | 109,701 | 110,958 | (1,257) | ||
| New Zealand Dollar | Sell | 10/16/19 | 10,156 | 10,764 | 608 | ||
| Norwegian Krone | Buy | 9/18/19 | 11,857 | 19,851 | (7,994) | ||
| Swedish Krona | Sell | 9/18/19 | 130,399 | 136,075 | 5,676 | ||
| UBS AG | |||||||
| Australian Dollar | Buy | 10/16/19 | 85,164 | 88,584 | (3,420) | ||
| British Pound | Buy | 9/18/19 | 77,801 | 78,152 | (351) | ||
| British Pound | Sell | 9/18/19 | 77,801 | 78,030 | 229 | ||
| Euro | Buy | 9/18/19 | 79,328 | 80,907 | (1,579) | ||
| Euro | Sell | 9/18/19 | 79,328 | 79,875 | 547 | ||
| Japanese Yen | Sell | 11/20/19 | 72,172 | 71,115 | (1,057) | ||
| Swedish Krona | Sell | 9/18/19 | 78,141 | 81,553 | 3,412 | ||
| WestPac Banking Corp. | |||||||
| Australian Dollar | Buy | 10/16/19 | 149,427 | 154,625 | (5,198) | ||
| Canadian Dollar | Buy | 10/16/19 | 1,728 | 1,852 | (124) | ||
| Unrealized appreciation | 112,238 | ||||||
| Unrealized (depreciation) | (175,475) | ||||||
| Total | $(63,237) | ||||||
| * | The exchange currency for all contracts listed is the United States Dollar. | ||||||
| FUTURES CONTRACTS OUTSTANDING at 8/31/19 (Unaudited) | ||||||
| Number of contracts | Notional amount |
Value | Expiration date | Unrealized appreciation/ (depreciation) |
||
| Russell 2000 Index E-Mini (Long) | 65 | $4,858,228 | $4,856,150 | Sep-19 | $(111,356) | |
| S&P 500 Index E-Mini (Long) | 7 | 1,024,261 | 1,023,680 | Sep-19 | 10,509 | |
| Unrealized appreciation | 10,509 | |||||
| Unrealized (depreciation) | (111,356) | |||||
| Total | $(100,847) | |||||
| WRITTEN OPTIONS OUTSTANDING at 8/31/19 (premiums $26,956) (Unaudited) | ||||||
| Counterparty | Expiration
date/ strike price |
Notional amount |
Contract amount | Value | ||
| Citibank, N.A. | ||||||
| AUD/JPY (Put) | Feb-20/JPY 66.00 | $937,914 | AUD | 1,392,700 | $8,844 | |
| Goldman Sachs International | ||||||
| AUD/JPY (Put) | Feb-20/JPY 66.00 | 937,914 | AUD | 1,392,700 | 8,844 | |
| UBS AG | ||||||
| iShares MSCI Emerging Markets (Put) | Oct-19/$38.50 | 1,122,266 | $27,924 | 15,361 | ||
| Total | $33,049 | |||||
| Key to holding's currency abbreviations | ||||||
| AUD | Australian Dollar | |||||
| JPY | Japanese Yen | |||||
| 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 | |||||
| PJSC | Public 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, 2019 through August 31, 2019 (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 $79,986,577. | |||||
| (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 5/31/19 |
Purchase cost |
Sale proceeds |
Investment income |
Shares
outstanding and fair value as of 8/31/19 |
|
| Short-term investments | ||||||
| Putnam Cash Collateral Pool, LLC*# | $685,922 | $3,006,193 | $2,305,147 | $2,131 | $1,386,968 | |
| Putnam Short Term Investment Fund** | 6,727,586 | 7,867,757 | 7,847,386 | 39,309 | 6,747,957 | |
| Total Short-term investments | $7,413,508 | $10,873,950 | $10,152,533 | $41,440 | $8,134,925 | |
| * No management fees are charged to Putnam Cash Collateral Pool, LLC. There were no realized or unrealized gains or losses during the period. | ||||||
| # 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 received cash collateral of $1,386,968, 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. 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 $1,358,093. | ||||||
| ** 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 $259,714. | |||||
| (R) | Real Estate Investment Trust. | |||||
| (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 $709,886 to cover certain derivative contracts. | ||||||
| Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
| 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 | 79.3% | |||||
| Japan | 3.4 | |||||
| United Kingdom | 2.7 | |||||
| China | 1.8 | |||||
| France | 1.4 | |||||
| Switzerland | 1.2 | |||||
| Germany | 1.0 | |||||
| Australia | 0.9 | |||||
| Hong Kong | 0.9 | |||||
| Taiwan | 0.7 | |||||
| Netherlands | 0.6 | |||||
| Sweden | 0.6 | |||||
| Italy | 0.6 | |||||
| Other | 4.9 | |||||
| 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. | ||||||
| Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. | ||||||
| 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. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | ||||||
| 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 a security 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 $83,248 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 | $1,937,797 | $533,634 | $— | |
| Capital goods | 3,988,943 | 402,811 | — | |
| Communication services | 3,075,166 | 448,638 | — | |
| Conglomerates | 504,331 | 64,077 | — | |
| Consumer cyclicals | 8,251,611 | 662,598 | — | |
| Consumer staples | 6,645,582 | 619,468 | — | |
| Energy | 3,187,288 | 153,917 | — | |
| Financials | 10,827,117 | 1,512,994 | — | |
| Health care | 8,038,237 | 348,754 | — | |
| Technology | 14,471,173 | 1,475,171 | — | |
| Transportation | 1,395,957 | 322,091 | — | |
| Utilities and power | 2,413,600 | 41,073 | — | |
| Total common stocks | 64,736,802 | 6,585,226 | — | |
| Investment companies | 1,142,147 | — | — | |
| Purchased options outstanding | — | 62,019 | — | |
| Warrants | — | 226,577 | — | |
| Short-term investments | 6,747,957 | 1,646,760 | — | |
| Totals by level | $72,626,906 | $8,520,582 | $— | |
| Valuation inputs | ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| Forward currency contracts | $— | $(63,237) | $— | |
| Futures contracts | (100,847) | — | — | |
| Written options outstanding | — | (33,049) | — | |
| Totals by level | $(100,847) | $(96,286) | $— | |
| * 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: | ||||
| Purchased equity option contracts (contract amount) | $21,000 | |||
| Purchased currency option contracts (contract amount) | $1,100,000 | |||
| Written equity option contracts (contract amount) | $21,000 | |||
| Written currency option contracts (contract amount) | $1,700,000 | |||
| Futures contracts (number of contracts) | 70 | |||
| Forward currency contracts (contract amount) | $19,500,000 | |||
| Warrants (number of warrants) | 40,000 | |||
| 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 | ||||