Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

39047-Q3PH

1

Schedule

of

Investments

(unaudited)

Putnam

International

Equity

Fund

2

Notes

to

Schedule

of

Investments

7

Putnam

International

Equity

Fund

Schedule

of

Investments

(unaudited),

March

31,

2025

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Industry

Shares

a

Value

a

Common

Stocks

95.7%

Canada

0.8%

Canadian

National

Railway

Co.

......

Ground

Transportation

63,300

$

6,159,989

China

2.5%

JD.com,

Inc.,

A

..................

Broadline

Retail

345,100

7,099,239

Tencent

Holdings

Ltd.

.............

Interactive

Media

&

Services

169,300

10,817,585

17,916,824

France

14.3%

Accor

SA

......................

Hotels,

Restaurants

&

Leisure

242,788

11,072,415

Airbus

SE

......................

Aerospace

&

Defense

83,436

14,691,885

BNP

Paribas

SA

.................

Banks

187,975

15,710,831

Cie

de

Saint-Gobain

SA

...........

Building

Products

155,319

15,472,389

Danone

SA

.....................

Food

Products

162,282

12,412,183

Thales

SA

......................

Aerospace

&

Defense

68,597

18,234,556

Vinci

SA

.......................

Construction

&

Engineering

117,704

14,837,785

102,432,044

Germany

5.6%

Deutsche

Boerse

AG

..............

Capital

Markets

57,714

17,029,079

Siemens

AG

....................

Industrial

Conglomerates

101,151

23,360,450

40,389,529

Greece

1.6%

National

Bank

of

Greece

SA

........

Banks

1,104,307

11,350,035

Hong

Kong

2.5%

Jardine

Matheson

Holdings

Ltd.

.....

Industrial

Conglomerates

134,800

5,692,979

Prudential

plc

...................

Insurance

1,161,656

12,535,461

18,228,440

Ireland

1.2%

Bank

of

Ireland

Group

plc

..........

Banks

742,567

8,773,670

Italy

3.8%

Buzzi

SpA

......................

Construction

Materials

158,206

7,612,775

Prysmian

SpA

...................

Electrical

Equipment

168,231

9,260,612

a

Ryanair

Holdings

plc,

ADR

.........

Passenger

Airlines

241,600

10,236,592

27,109,979

Japan

19.5%

Asahi

Group

Holdings

Ltd.

..........

Beverages

530,300

6,775,415

Hoya

Corp.

.....................

Health

Care

Equipment

&

Supplies

157,100

17,730,070

Mitsubishi

UFJ

Financial

Group,

Inc.

..

Banks

1,402,500

19,121,430

Nintendo

Co.

Ltd.

................

Entertainment

210,200

14,288,913

Nippon

Sanso

Holdings

Corp.

.......

Chemicals

308,200

9,349,120

NOF

Corp.

.....................

Chemicals

264,300

3,591,900

Nomura

Holdings,

Inc.

.............

Capital

Markets

970,000

5,977,066

Ryohin

Keikaku

Co.

Ltd.

...........

Broadline

Retail

436,700

11,929,987

SBI

Holdings,

Inc.

................

Capital

Markets

387,900

10,474,437

SoftBank

Group

Corp.

.............

Wireless

Telecommunication

Services

119,000

6,086,840

Sony

Group

Corp.

................

Household

Durables

816,000

20,647,253

Sumitomo

Mitsui

Financial

Group,

Inc.

.

Banks

551,400

14,179,036

140,151,467

Netherlands

8.1%

Akzo

Nobel

NV

..................

Chemicals

138,080

8,503,753

ASML

Holding

NV

................

Semiconductors

&

Semiconductor

Equipment

24,768

16,390,812

b

Euronext

NV,

144A,

Reg

S

.........

Capital

Markets

104,718

15,197,939

Universal

Music

Group

NV

.........

Entertainment

320,304

8,844,555

Putnam

International

Equity

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Industry

Shares

a

Value

a

Common

Stocks

(continued)

Netherlands

(continued)

Wolters

Kluwer

NV

...............

Professional

Services

57,276

$

8,917,662

57,854,721

Singapore

1.0%

STMicroelectronics

NV

............

Semiconductors

&

Semiconductor

Equipment

314,985

6,906,848

Spain

3.1%

Iberdrola

SA

....................

Electric

Utilities

1,382,337

22,322,097

Switzerland

1.0%

Sandoz

Group

AG

................

Pharmaceuticals

168,249

7,055,361

Taiwan

1.4%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

......................

Semiconductors

&

Semiconductor

Equipment

367,000

10,335,817

United

Kingdom

16.3%

AstraZeneca

plc

.................

Pharmaceuticals

105,187

15,446,168

Barclays

plc

....................

Banks

3,382,462

12,718,172

Coca-Cola

Europacific

Partners

plc

...

Beverages

125,800

10,948,374

Compass

Group

plc

..............

Hotels,

Restaurants

&

Leisure

411,654

13,615,993

Informa

plc

.....................

Media

922,067

9,245,476

London

Stock

Exchange

Group

plc

...

Capital

Markets

170,351

25,301,769

NatWest

Group

plc

...............

Banks

2,569,131

15,169,153

Tesco

plc

......................

Consumer

Staples

Distribution

&

Retail

3,411,552

14,677,472

117,122,577

United

States

13.0%

BP

plc

.........................

Oil,

Gas

&

Consumable

Fuels

2,222,449

12,471,172

CRH

plc

.......................

Construction

Materials

153,578

13,459,986

Haleon

plc

.....................

Pharmaceuticals

2,928,702

14,790,553

Linde

plc

.......................

Chemicals

39,750

18,509,190

Roche

Holding

AG

...............

Pharmaceuticals

43,296

14,249,910

Schneider

Electric

SE

.............

Electrical

Equipment

40,826

9,424,494

Shell

plc

.......................

Oil,

Gas

&

Consumable

Fuels

282,448

10,336,073

93,241,378

Total

Common

Stocks

(Cost

$561,477,471)

.....................................

687,350,776

a

Preferred

Stocks

1.0%

South

Korea

1.0%

c

Samsung

Electronics

Co.

Ltd.,

2.28%

.

Technology

Hardware,

Storage

&

Peripherals

220,071

7,123,122

Total

Preferred

Stocks

(Cost

$9,014,664)

.......................................

7,123,122

Total

Long

Term

Investments

(Cost

$570,492,135)

...............................

694,473,898

Short

Term

Investments

3.8%

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.1%

United

States

0.1%

d

U.S.

Treasury

Bills

,

e

4.06%,

4/22/25

................

480,000

478,811

Putnam

International

Equity

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

Short

Term

Investments

(continued)

a

a

Industry

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

United

States

(continued)

d

U.S.

Treasury

Bills,

(continued)

e

4.16%,

5/15/25

................

234,000

$

232,791

711,602

Total

U.S.

Government

and

Agency

Securities

(Cost

$711,624)

....................

711,602

Shares

Money

Market

Funds

3.0%

United

States

3.0%

f,g

Putnam

Short

Term

Investment

Fund,

Class

P,

4.526%

................

21,382,497

21,382,497

Total

Money

Market

Funds

(Cost

$21,382,497)

..................................

21,382,497

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.7%

Money

Market

Funds

0.7%

f,g

Putnam

Cash

Collateral

Pool,

LLC,

4.559%

......................

4,899,580

4,899,580

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$4,899,580)

.................................................................

4,899,580

a

a

a

a

a

Total

Short

Term

Investments

(Cost

$26,993,701

)

................................

26,993,679

a

a

a

Total

Investments

(Cost

$597,485,836)

100.5%

..................................

$721,467,577

Other

Assets,

less

Liabilities

(0.5)%

...........................................

(3,522,280)

Net

Assets

100.0%

...........................................................

$717,945,297

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2025.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2025,

the

value

of

this

security

was

$15,197,939,

representing

2.1%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

The

rate

shown

represents

the

yield

at

period

end.

e

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

open

forward

exchange

contracts.

At

March

31,

2025,

the

value

of

this

security

pledged

amounted

to

$233,092,

representing

less

than

0.1%

of

net

assets.

f

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

International

Equity

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

At

March

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Australian

Dollar

....

BOFA

Buy

11,907,400

7,333,649

4/16/25

$

107,531

$

—

Australian

Dollar

....

CITI

Buy

381,400

234,903

4/16/25

3,442

—

Australian

Dollar

....

CITI

Sell

4,051,700

2,561,582

4/16/25

29,591

—

Australian

Dollar

....

HSBC

Buy

15,049,900

9,268,722

4/16/25

136,271

—

Australian

Dollar

....

HSBC

Sell

15,049,900

9,468,645

4/16/25

63,652

—

Australian

Dollar

....

HSBK

Buy

15,049,900

9,468,645

4/16/25

—

(63,652)

Australian

Dollar

....

MSCO

Buy

9,227,600

5,682,762

4/16/25

83,755

—

Australian

Dollar

....

SSBT

Buy

18,856,400

11,612,620

4/16/25

171,133

—

Australian

Dollar

....

TDOM

Buy

15,097,200

9,297,414

4/16/25

137,137

—

Australian

Dollar

....

WPAC

Buy

12,087,200

7,447,020

4/16/25

106,520

—

Australian

Dollar

....

WPAC

Sell

5,119,800

3,199,373

4/16/25

—

(95)

Canadian

Dollar

....

BOFA

Sell

770,800

536,563

4/16/25

567

—

Canadian

Dollar

....

BZWS

Sell

3,968,600

2,763,086

4/16/25

3,414

—

Canadian

Dollar

....

JPHQ

Sell

8,500

5,915

4/16/25

5

—

Canadian

Dollar

....

MSCO

Buy

12,487,300

8,734,954

4/16/25

—

(51,576)

Canadian

Dollar

....

MSCO

Sell

6,801,100

4,734,823

4/16/25

5,496

—

Canadian

Dollar

....

SSBT

Buy

2,990,100

2,083,344

4/16/25

—

(4,098)

Canadian

Dollar

....

TDOM

Sell

7,010,800

4,881,173

4/16/25

6,026

—

Canadian

Dollar

....

UBSW

Sell

2,744,700

1,910,048

4/16/25

1,447

—

Canadian

Dollar

....

WPAC

Sell

4,250,300

2,958,902

4/16/25

3,342

—

Israeli

New

Shekel

..

BZWS

Buy

3,904,800

1,090,909

4/16/25

—

(40,395)

Israeli

New

Shekel

..

SSBT

Buy

20,304,200

5,539,725

4/16/25

—

(77,255)

New

Zealand

Dollar

.

JPHQ

Buy

456,500

254,076

4/16/25

5,189

—

New

Zealand

Dollar

.

MSCO

Buy

1,910,300

1,063,833

4/16/25

21,102

—

Chinese

Yuan

......

CONB

Sell

33,321,700

4,598,259

5/21/25

—

(4,044)

Chinese

Yuan

......

SSBT

Sell

71,486,800

9,903,804

5/21/25

30,240

—

Hong

Kong

Dollar

...

GSCO

Sell

8,877,900

1,143,881

5/21/25

1,479

—

Hong

Kong

Dollar

...

HSBK

Buy

15,657,600

2,016,198

5/21/25

—

(1,388)

Hong

Kong

Dollar

...

HSBK

Sell

14,920,200

1,920,900

5/21/25

979

—

Hong

Kong

Dollar

...

JPHQ

Sell

5,085,700

654,365

5/21/25

—

(60)

Hong

Kong

Dollar

...

MSCO

Sell

15,034,500

1,935,708

5/21/25

1,079

—

Hong

Kong

Dollar

...

SSBT

Buy

113,296,300

14,590,558

5/21/25

559

(12,225)

Hong

Kong

Dollar

...

SSBT

Sell

15,517,300

1,996,805

5/21/25

49

—

Hong

Kong

Dollar

...

WPAC

Sell

16,708,300

2,149,814

5/21/25

—

(199)

Japanese

Yen

......

BOFA

Buy

812,869,400

5,504,633

5/21/25

20,180

(75,080)

Japanese

Yen

......

BZWS

Buy

35,085,600

231,941

5/21/25

3,284

—

Japanese

Yen

......

BZWS

Sell

138,362,700

930,774

5/21/25

3,147

—

Japanese

Yen

......

GSCO

Sell

85,148,300

573,001

5/21/25

2,140

—

Japanese

Yen

......

HSBK

Buy

60,922,100

402,895

5/21/25

5,546

—

Japanese

Yen

......

JPHQ

Buy

202,721,900

1,340,191

5/21/25

18,920

—

Japanese

Yen

......

MSCO

Buy

2,795,290,800

18,983,698

5/21/25

72,689

(315,875)

Japanese

Yen

......

MSCO

Sell

935,544,500

6,313,169

5/21/25

40,983

—

Japanese

Yen

......

SSBT

Buy

341,350,500

2,334,432

5/21/25

—

(45,910)

Japanese

Yen

......

SSBT

Sell

951,170,100

6,342,541

5/21/25

4,960

(39,364)

Japanese

Yen

......

TDOM

Buy

397,262,100

2,626,431

5/21/25

36,940

—

New

Taiwan

Dollar

..

BZWS

Sell

178,778,100

5,454,543

5/21/25

60,081

—

New

Taiwan

Dollar

..

SSBT

Sell

124,035,200

3,787,334

5/21/25

44,688

—

Singapore

Dollar

....

BOFA

Buy

5,705,000

4,301,132

5/21/25

—

(43,693)

Singapore

Dollar

....

HSBK

Buy

6,710,000

4,992,522

5/21/25

14,913

—

Singapore

Dollar

....

SSBT

Buy

4,939,300

3,674,498

5/21/25

11,527

—

Singapore

Dollar

....

UBSW

Sell

1,550,300

1,142,437

5/21/25

—

(14,497)

South

Korean

Won

..

BZWS

Buy

2,887,370,200

2,001,879

5/21/25

—

(37,965)

South

Korean

Won

..

GSCO

Buy

6,681,491,500

4,571,667

5/21/25

—

(27,090)

South

Korean

Won

..

GSCO

Sell

10,533,325,000

7,260,846

5/21/25

97,333

(981)

Putnam

International

Equity

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

See

Abbreviations

on

page

10

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

South

Korean

Won

..

JPHQ

Sell

9,929,932,400

6,883,167

5/21/25

$

129,085

$

—

British

Pound

......

BOFA

Sell

1,179,000

1,498,396

6/18/25

—

(24,467)

British

Pound

......

BZWS

Buy

6,010,200

7,789,293

6/18/25

—

(26,181)

British

Pound

......

CITI

Sell

2,313,800

2,969,565

6/18/25

—

(19,069)

British

Pound

......

GSCO

Sell

7,049,500

9,043,902

6/18/25

—

(61,627)

British

Pound

......

HSBK

Sell

4,051,000

5,193,402

6/18/25

—

(39,096)

British

Pound

......

JPHQ

Sell

17,523,500

22,465,966

6/18/25

—

(168,369)

British

Pound

......

MSCO

Buy

1,698,100

2,202,817

6/18/25

—

(9,456)

British

Pound

......

MSCO

Sell

10,941,400

14,069,699

6/18/25

341

(63,168)

British

Pound

......

SSBT

Buy

816,600

1,060,536

6/18/25

—

(5,769)

British

Pound

......

SSBT

Sell

614,600

797,227

6/18/25

3,375

—

British

Pound

......

TDOM

Sell

2,224,100

2,851,412

6/18/25

—

(21,360)

British

Pound

......

UBSW

Sell

3,783,500

4,854,034

6/18/25

—

(32,947)

British

Pound

......

WPAC

Buy

3,605,000

4,666,408

6/18/25

—

(

9,988)

Czech

Koruna

......

SSBT

Buy

19,264,900

836,241

6/18/25

—

(205)

Danish

Krone

......

BOFA

Buy

6,986,600

1,011,284

6/18/25

6,478

—

Danish

Krone

......

CITI

Buy

19,879,200

2,920,441

6/18/25

657

(25,226)

Danish

Krone

......

HSBK

Buy

6,272,800

908,554

6/18/25

5,227

—

Danish

Krone

......

JPHQ

Buy

30,573,700

4,424,841

6/18/25

28,936

—

Danish

Krone

......

MSCO

Buy

26,898,600

3,924,511

6/18/25

6,956

(13,055)

Danish

Krone

......

SSBT

Buy

40,455,700

5,855,746

6/18/25

37,576

—

Euro

.............

BOFA

Sell

1,594,400

1,716,643

6/18/25

—

(14,934)

Euro

.............

BZWS

Sell

13,363,700

14,465,826

6/18/25

58,700

(106,338)

Euro

.............

GSCO

Sell

1,856,100

1,998,899

6/18/25

—

(16,893)

Euro

.............

HSBK

Sell

6,235,600

6,733,356

6/18/25

—

(38,732)

Euro

.............

JPHQ

Sell

647,400

696,923

6/18/25

—

(6,177)

Euro

.............

MSCO

Buy

2,744,900

2,985,677

6/18/25

—

(4,615)

Euro

.............

MSCO

Sell

15,810,200

17,171,694

6/18/25

78,715

(77,474)

Euro

.............

SSBT

Buy

2,802,600

2,969,027

6/18/25

74,699

—

Euro

.............

SSBT

Sell

8,832,100

9,673,147

6/18/25

81,166

—

Euro

.............

UBSW

Sell

709,400

763,641

6/18/25

—

(6,794)

Euro

.............

WPAC

Sell

5,091,200

5,563,918

6/18/25

34,690

—

Norwegian

Krone

...

BOFA

Buy

46,651,000

4,302,189

6/18/25

131,924

—

Swedish

Krona

.....

BOFA

Buy

25,271,900

2,516,254

6/18/25

9,536

—

Swedish

Krona

.....

BZWS

Buy

11,495,700

1,144,214

6/18/25

4,719

—

Swedish

Krona

.....

CITI

Sell

20,662,100

2,065,223

6/18/25

156

—

Swedish

Krona

.....

GSCO

Buy

52,810,400

5,257,237

6/18/25

20,879

—

Swedish

Krona

.....

JPHQ

Buy

61,673,900

6,137,691

6/18/25

26,285

—

Swedish

Krona

.....

MSCO

Buy

76,343,900

7,600,381

6/18/25

29,783

—

Swedish

Krona

.....

TDOM

Buy

62,954,200

6,267,030

6/18/25

24,904

—

Swiss

Franc

.......

BOFA

Buy

4,654,000

5,300,804

6/18/25

8,480

—

Swiss

Franc

.......

BZWS

Buy

1,011,300

1,151,550

6/18/25

2,142

—

Swiss

Franc

.......

GSCO

Buy

4,849,900

5,523,112

6/18/25

9,655

—

Swiss

Franc

.......

HSBK

Buy

3,232,800

3,679,104

6/18/25

8,874

—

Swiss

Franc

.......

JPHQ

Buy

6,586,700

7,500,258

6/18/25

13,850

—

Swiss

Franc

.......

MSCO

Buy

9,206,300

10,487,786

6/18/25

23,203

(8,440)

Swiss

Franc

.......

SSBT

Buy

10,501,200

11,983,937

6/18/25

8,381

(12,546)

Swiss

Franc

.......

TDOM

Buy

3,843,500

4,377,014

6/18/25

7,651

—

Swiss

Franc

.......

UBSW

Buy

1,819,800

2,072,429

6/18/25

3,599

—

Total

Forward

Exchange

Contracts

...................................................

$2,237,958

$(1,668,368)

Net

unrealized

appreciation

(depreciation)

............................................

$569,590

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

International

Equity

Fund

7

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Putnam

International

Equity

Fund (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

and

certain

preferred

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

Putnam

International

Equity

Fund

Notes

to

Schedule

of

Investments

(unaudited)

8

Quarterly

Schedule

of

Investments

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the Fund.

As

a

result,

differences

may

arise

between

the

value

of

the Fund’s

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences, an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At March

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

3.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

March

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

International

Equity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.526%

......

$8,745,769

$238,674,645

$(226,037,917)

$—

$—

$21,382,497

21,382,497

$453,990

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.559%

.............

$—

$81,122,536

$(76,222,956)

$—

$—

$4,899,580

4,899,580

$55,807

Total

Affiliated

Securities

...

$8,745,769

$319,797,181

$(302,260,873)

$—

$—

$26,282,077

$509,797

2. Financial

Instrument

Valuation

(continued)

Putnam

International

Equity

Fund

Notes

to

Schedule

of

Investments

(unaudited)

9

Quarterly

Schedule

of

Investments

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

March

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Putnam

International

Equity

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Canada

..............................

$

6,159,989

$

—

$

—

$

6,159,989

China

...............................

—

17,916,824

—

17,916,824

France

...............................

—

102,432,044

—

102,432,044

Germany

.............................

—

40,389,529

—

40,389,529

Greece

..............................

—

11,350,035

—

11,350,035

Hong

Kong

...........................

—

18,228,440

—

18,228,440

Ireland

...............................

—

8,773,670

—

8,773,670

Italy

.................................

10,236,592

16,873,387

—

27,109,979

Japan

...............................

—

140,151,467

—

140,151,467

Netherlands

...........................

—

57,854,721

—

57,854,721

Singapore

............................

—

6,906,848

—

6,906,848

Spain

................................

—

22,322,097

—

22,322,097

Switzerland

...........................

—

7,055,361

—

7,055,361

Taiwan

...............................

—

10,335,817

—

10,335,817

United

Kingdom

........................

10,948,374

106,174,203

—

117,122,577

United

States

..........................

18,509,190

74,732,188

—

93,241,378

Preferred

Stocks

........................

—

7,123,122

—

7,123,122

Short

Term

Investments

...................

26,282,077

711,602

—

26,993,679

Total

Investments

in

Securities

...........

$72,136,222

$649,331,355

a

$—

$721,467,577

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$2,237,958

$—

$2,237,958

Total

Other

Financial

Instruments

.........

$—

$2,237,958

$—

$2,237,958

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$

—

$

1,668,368

$

—

$

1,668,368

Total

Other

Financial

Instruments

.........

$—

$1,668,368

$—

$1,668,368

a

Includes

foreign

securities

valued

at

$648,619,753,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

4. Fair

Value

Measurements

(continued)

Putnam

International

Equity

Fund

Notes

to

Schedule

of

Investments

(unaudited)

10

Quarterly

Schedule

of

Investments

Abbreviations

Counterparty

BOFA

Bank

of

America

NA

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

CONB

Conversion

Broker

GSCO

Goldman

Sachs

Group,

Inc.

HSBC

HSBC

Bank

USA,

NA

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

SSBT

State

Street

Bank

and

Trust

Co.

TDOM

Toronto

Dominion

Bank

UBSW

UBS

AG

WPAC

Westpac

Banking

Corp.

Selected

Portfolio

ADR

American

Depositary

Receipt

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.