NPORT-EX 1 b_fl7nportex.htm PUTNAM FUNDS TRUST

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