NPORT-EX 2 b_fl7nport083122.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam Dynamic Asset Allocation Equity Fund
The fund's portfolio
8/31/22 (Unaudited)


COMMON STOCKS (85.3%)(a)
        Shares Value
Advertising and marketing services (—%)
Publicis Groupe SA (France) 695 $33,988
33,988
Aerospace and defense (1.7%)
BAE Systems PLC (United Kingdom) 2,613 23,547
Dassault Aviation SA (France) 181 24,863
General Dynamics Corp. 1,568 358,962
HEICO Corp. 205 31,222
Lockheed Martin Corp. 836 351,212
Northrop Grumman Corp. 454 217,007
Raytheon Technologies Corp. 2,415 216,746
Rheinmetall AG (Germany) 146 23,203
TransDigm Group, Inc. 135 81,053
1,327,815
Agriculture (0.6%)
Archer-Daniels-Midland Co. 406 35,683
Corteva, Inc. 6,535 401,445
437,128
Airlines (0.2%)
Copa Holdings SA Class A (Panama)(NON) 596 42,435
Southwest Airlines Co.(NON) 3,249 119,238
161,673
Automotive (1.9%)
Ford Motor Co. 2,403 36,622
General Motors Co.(NON) 3,628 138,626
Genuine Parts Co. 579 90,330
Knorr-Bremse AG (Germany) 463 22,469
Porsche Automobil Holding SE (Preference) (Germany) 313 22,165
Rivian Automotive, Inc. Class A(NON) 946 30,944
Stellantis NV (Italy) 8,287 110,390
Tesla, Inc.(NON) 2,925 806,178
Toyota Motor Corp. (Japan) 1,100 16,418
United Rentals, Inc.(NON) 302 88,196
Volkswagen AG (Preference) (Germany) 819 116,924
Volvo AB Class B (Sweden) 1,164 18,444
Volvo Car AB Class B (Sweden)(NON) 4,601 27,974
1,525,680
Banking (5.2%)
Alinma Bank (Saudi Arabia) 13,019 131,110
Banco Bilbao Vizcaya Argentaria SA (Spain) 23,026 103,123
Banco do Brasil SA (Brazil) 5,900 47,280
Banco Santander SA (Spain) 43,172 104,626
Bank Central Asia Tbk PT (Indonesia) 236,300 130,094
Bank Leumi Le-Israel BM (Israel) 10,561 111,511
Bank Mandiri Persero Tbk PT (Indonesia) 116,600 69,189
Bank of America Corp. 8,671 291,432
Bank of Ireland Group PLC (Ireland) 10,554 65,051
BNP Paribas SA (France) 828 38,589
China Merchants Bank Co., Ltd. Class H (China) 8,000 40,872
Citigroup, Inc. 11,596 566,000
DBS Group Holdings, Ltd. (Singapore) 8,500 197,800
DNB Bank ASA (Norway) 2,724 51,965
East West Bancorp, Inc. 1,200 86,604
Fifth Third Bancorp 942 32,169
Grupo Financiero Banorte SAB de CV Class O (Mexico) 13,419 79,262
Hana Financial Group, Inc. (South Korea) 1,594 46,637
ICICI Bank, Ltd. (India) 21,380 235,202
Israel Discount Bank, Ltd. Class A (Israel) 6,090 37,189
JPMorgan Chase & Co. 5,865 667,026
KeyCorp 1,244 22,006
Lloyds Banking Group PLC (United Kingdom) 29,433 14,934
Mitsubishi UFJ Financial Group, Inc. (Japan) 16,200 83,795
Mizrahi Tefahot Bank, Ltd. (Israel) 269 10,931
National Australia Bank, Ltd. (Australia) 4,963 103,244
PNC Financial Services Group, Inc. (The) 1,257 198,606
Popular, Inc. (Puerto Rico) 450 34,749
State Street Corp. 850 58,098
UBS Group AG (Switzerland) 5,444 85,986
United Overseas Bank, Ltd. (Singapore) 3,400 66,355
Wells Fargo & Co. 5,697 249,016
Wintrust Financial Corp. 393 33,146
4,093,597
Beverage (1.4%)
Asahi Group Holdings, Ltd. (Japan) 2,100 70,307
Coca-Cola Co. (The) 7,468 460,850
Coca-Cola Europacific Partners PLC (United Kingdom) 1,634 80,344
Coca-Cola HBC AG (Italy) 1,560 35,654
Diageo PLC (United Kingdom) 5,038 219,918
Keurig Dr Pepper, Inc. 4,163 158,694
PepsiCo, Inc. 509 87,685
1,113,452
Biotechnology (1.0%)
Amgen, Inc. 128 30,758
Exelixis, Inc.(NON) 1,777 31,524
Illumina, Inc.(NON) 148 29,843
Incyte Corp.(NON) 345 24,298
Regeneron Pharmaceuticals, Inc.(NON) 396 230,100
Vertex Pharmaceuticals, Inc.(NON) 1,567 441,518
788,041
Broadcasting (0.1%)
Nexstar Media Group, Inc. Class A 178 34,055
Warner Bros Discovery, Inc.(NON) 2,451 32,451
66,506
Building materials (—%)
Owens Corning 412 33,673
33,673
Cable television (0.4%)
Charter Communications, Inc. Class A(NON) 239 98,619
Cogeco Communications, Inc. (Canada) 196 12,000
Comcast Corp. Class A 4,634 167,705
278,324
Chemicals (1.4%)
Arkema SA (France) 119 10,066
Celanese Corp. 312 34,588
CF Industries Holdings, Inc. 2,096 216,852
Dow, Inc. 595 30,345
DuPont de Nemours, Inc. 2,505 139,378
Eastman Chemical Co. 1,005 91,455
Fertiglobe PLC (United Arab Emirates) 8,822 13,475
Linde PLC 123 34,656
LyondellBasell Industries NV Class A 383 31,789
Nitto Denko Corp. (Japan) 900 55,418
OCI NV (Netherlands) 1,038 39,038
Olin Corp. 689 37,661
PPG Industries, Inc. 963 122,282
Sherwin-Williams Co. (The) 492 114,193
Shin-Etsu Chemical Co., Ltd. (Japan) 700 81,360
Yunnan Energy New Material Co., Ltd. Class A (China) 1,100 30,731
1,083,287
Commercial and consumer services (2.4%)
Automatic Data Processing, Inc. 152 37,150
Booking Holdings, Inc.(NON) 297 557,116
Booz Allen Hamilton Holding Corp. 480 45,936
Brambles, Ltd. (Australia) 5,114 42,991
Centre Testing International Group Co., Ltd. Class A (China) 11,002 35,013
Cintas Corp. 93 37,836
CK Hutchison Holdings, Ltd. (Hong Kong) 18,000 116,156
CoStar Group, Inc.(NON) 861 59,960
Expedia Group, Inc.(NON) 1,161 119,177
Experian PLC (United Kingdom) 1,959 59,539
Gartner, Inc.(NON) 778 221,979
Jardine Matheson Holdings, Ltd. (Hong Kong) 500 26,476
Mastercard, Inc. Class A 939 304,583
Network International Holdings PLC (United Arab Emirates)(NON) 14,810 41,448
PayPal Holdings, Inc.(NON) 365 34,106
Terminix Global Holdings, Inc.(NON) 791 33,736
Toast, Inc. Class A(NON) 2,276 43,085
Worldline SA/France (France)(NON) 1,219 52,141
1,868,428
Communications equipment (0.2%)
arista Networks, Inc.(NON) 322 38,601
Telefonaktiebolaget LM Ericsson Class B (Sweden) 13,595 101,630
140,231
Computers (6.4%)
Apple, Inc. 22,542 3,544,053
Cisco Systems, Inc./Delaware 6,671 298,327
Crowdstrike Holdings, Inc. Class A(NON) 495 90,392
Dropbox, Inc. Class A(NON) 1,299 27,786
Fortinet, Inc.(NON) 625 30,431
Fujitsu, Ltd. (Japan) 700 82,735
MongoDB, Inc.(NON) 96 30,995
MSCI, Inc. 254 114,107
Pure Storage, Inc. Class A(NON) 5,054 146,414
ServiceNow, Inc.(NON) 265 115,174
Smartsheet, Inc. Class A(NON) 969 32,239
Snowflake, Inc. Class A(NON) 955 172,807
SS&C Technologies Holdings, Inc. 567 31,616
Synopsys, Inc.(NON) 1,006 348,096
5,065,172
Conglomerates (0.6%)
3M Co. 178 22,134
AMETEK, Inc. 1,402 168,464
General Electric Co. 724 53,171
Marubeni Corp. (Japan) 10,600 109,852
Mitsubishi Corp. (Japan) 2,800 91,391
Mitsui & Co., Ltd. (Japan) 900 21,009
466,021
Construction (0.4%)
Compagnie de Saint-Gobain (France) 1,937 78,267
CRH PLC (Ireland) 5,033 185,124
Eiffage SA (France) 711 62,641
326,032
Consumer (0.4%)
Chow Tai Fook Jewellery Group, Ltd. (Hong Kong) 10,400 20,970
LVMH Moet Hennessy Louis Vuitton SA (France) 373 241,256
Pandora A/S (Denmark) 877 52,788
315,014
Consumer finance (0.9%)
American Express Co. 222 33,744
Capital One Financial Corp. 1,783 188,677
Discover Financial Services 435 43,713
SLM Corp. 2,132 32,577
Synchrony Financial 4,291 140,530
Visa, Inc. Class A 1,385 275,213
714,454
Consumer goods (1.7%)
Colgate-Palmolive Co. 424 33,161
Estee Lauder Cos., Inc. (The) Class A 447 113,708
Haleon PLC (United Kingdom)(NON) 4,969 14,942
L'Oreal SA (France) 414 142,170
Procter & Gamble Co. (The) 5,723 789,431
Ulta Beauty, Inc.(NON) 572 240,166
Unilever PLC (United Kingdom) 320 14,527
1,348,105
Consumer services (0.6%)
Airbnb, Inc. Class A(NON) 1,447 163,685
DoorDash, Inc. Class A(NON) 477 28,572
JD.com, Inc. Class A (China) 2,669 84,468
JD.com, Inc. ADR (China) 425 26,983
MercadoLibre, Inc. (Brazil)(NON) 45 38,491
Netflix, Inc.(NON) 62 13,861
Uber Technologies, Inc.(NON) 4,716 135,632
491,692
Containers (0.1%)
Ball Corp. 1,417 79,083
Crown Holdings, Inc. 282 25,546
104,629
Distribution (0.3%)
Copart, Inc.(NON) 232 27,759
Ferguson PLC (United Kingdom) 792 91,633
ITOCHU Corp. (Japan) 2,500 68,620
Sysco Corp. 403 33,135
221,147
Electric utilities (1.7%)
AES Corp. (The) 1,359 34,587
Ameren Corp. 1,115 103,271
American Electric Power Co., Inc. 3,509 351,601
Constellation Energy Corp. 1,536 125,322
DTE Energy Co. 250 32,585
Duke Energy Corp. 289 30,897
E.ON SE (Germany) 12,101 103,441
Edison International 482 32,665
Enel SpA (Italy) 7,141 33,642
Eversource Energy 381 34,172
Exelon Corp. 3,927 172,435
FirstEnergy Corp. 889 35,160
Fortum OYJ (Finland) 3,700 37,991
PPL Corp. 541 15,732
Public Service Enterprise Group, Inc. 488 31,408
RWE AG (Germany) 806 30,853
Southern Co. (The) 445 34,296
WEC Energy Group, Inc. 321 33,108
Xcel Energy, Inc. 433 32,150
1,305,316
Electrical equipment (0.7%)
Emerson Electric Co. 636 51,987
Fortive Corp. 3,040 192,523
Honeywell International, Inc. 1,214 229,871
KEI Industries, Ltd. (India) 1,212 22,040
Legrand SA (France) 1,258 91,029
587,450
Electronics (3.6%)
Advanced Micro Devices, Inc.(NON) 1,562 132,567
Agilent Technologies, Inc. 936 120,042
Broadcom, Inc. 65 32,442
Hon Hai Precision Industry Co., Ltd. (Taiwan) 20,000 71,408
Hoya Corp. (Japan) 1,600 162,506
Lattice Semiconductor Corp.(NON) 1,400 75,460
LEENO Industrial, Inc. (South Korea) 70 7,451
Marvell Technology, Inc. 1,354 63,394
Minebea Mitsumi, Inc. (Japan) 2,400 41,264
Monolithic Power Systems, Inc. 81 36,708
Murata Manufacturing Co., Ltd. (Japan) 1,000 53,940
NVIDIA Corp. 4,470 674,702
NXP Semiconductors NV 355 58,426
Qualcomm, Inc. 4,508 596,273
Samsung Electronics Co., Ltd. (South Korea) 3,868 171,347
Sartorius AG (Preference) (Germany) 118 49,300
Shenzhen Inovance Technology Co., Ltd. Class A (China) 5,400 46,899
Shimadzu Corp. (Japan) 1,800 52,744
Sinbon Electronics Co., Ltd. (Taiwan) 5,000 46,250
STMicroelectronics NV (France) 2,167 75,415
Techtronic Industries Co., Ltd. (TTI) (Hong Kong) 2,500 29,413
Texas Instruments, Inc. 403 66,580
Thales SA (France) 964 116,260
Vontier Corp. 2,355 51,622
2,832,413
Engineering and construction (—%)
Vinci SA (France) 20 1,851
1,851
Entertainment (0.3%)
Leejam Sports Co. JSC (Saudi Arabia) 640 14,247
Live Nation Entertainment, Inc.(NON) 1,279 115,570
Sony Group Corp. (Japan) 700 55,523
Vail Resorts, Inc. 140 31,455
216,795
Environmental (—%)
Tetra Tech, Inc. 240 32,594
32,594
Financial (1.0%)
3i Group PLC (United Kingdom) 4,146 58,256
Ally Financial, Inc. 3,323 110,324
Apollo Global Management, Inc. 1,430 79,479
Carlyle Group, Inc. (The) 1,414 45,997
Deutsche Boerse AG (Germany) 518 87,622
Hong Kong Exchanges and Clearing, Ltd. (Hong Kong) 400 16,106
Japan Exchange Group, Inc. (Japan) 2,700 40,205
KB Financial Group, Inc. (South Korea) 3,012 110,545
London Stock Exchange Group PLC (United Kingdom) 917 86,097
MGIC Investment Corp. 2,255 32,224
Partners Group Holding AG (Switzerland) 111 106,835
Singapore Exchange, Ltd. (Singapore) 3,900 26,441
800,131
Food (1.1%)
Albertsons Cos., Inc. Class A 1,179 32,434
China Mengniu Dairy Co., Ltd. (China) 16,000 72,296
Coles Group, Ltd. (Australia) 5,628 67,300
Dino Polska SA (Poland)(NON) 706 51,504
Hershey Co. (The) 752 168,952
Jeronimo Martins SGPS SA (Portugal) 2,615 57,982
Kesko Oyj Class B (Finland) 1,120 23,584
Kraft Heinz Co. (The) 910 34,034
Mondelez International, Inc. Class A 534 33,033
Nestle SA (Switzerland) 1,077 126,127
Shoprite Holdings, Ltd. (South Africa) 4,222 57,318
Sumber Alfaria Trijaya Tbk PT (Indonesia) 141,400 20,732
Tyson Foods, Inc. Class A 425 32,037
WH Group, Ltd. (Hong Kong) 43,000 29,290
Yakult Honsha Co., Ltd. (Japan) 1,600 94,520
901,143
Forest products and packaging (0.2%)
Sealed Air Corp. 613 32,986
WestRock Co. 743 30,158
Weyerhaeuser Co.(R) 3,196 109,175
172,319
Gaming and lottery (0.2%)
Aristocrat Leisure, Ltd. (Australia) 3,880 94,181
Boyd Gaming Corp. 616 33,529
Flutter Entertainment PLC (Ireland)(NON) 246 30,629
La Francaise des Jeux SAEM (France) 733 23,812
182,151
Health care services (3.3%)
AmerisourceBergen Corp. 223 32,683
Apollo Hospitals Enterprise, Ltd. (India) 844 45,586
Bio-Rad Laboratories, Inc. Class A(NON) 61 29,587
Cardinal Health, Inc. 561 39,674
Cigna Corp. 744 210,887
CVS Health Corp. 5,326 522,747
Elevance Health, Inc. 406 196,955
Eurofins Scientific (Luxembourg) 285 19,745
Fresenius SE & Co. KGaA (Germany) 629 15,573
Ginkgo Bioworks Holdings, Inc.(NON) 10,592 28,492
HCA Healthcare, Inc. 406 80,335
Humana, Inc. 335 161,396
ICON PLC (Ireland)(NON) 151 31,684
IQVIA Holdings, Inc.(NON) 908 193,095
Laboratory Corp. of America Holdings 135 30,411
M3, Inc. (Japan) 300 9,630
Max Healthcare Institute, Ltd. (India)(NON) 9,564 46,491
McKesson Corp. 783 287,361
Molina Healthcare, Inc.(NON) 296 99,862
Mouwasat Medical Services Co. (Saudi Arabia) 433 27,817
UnitedHealth Group, Inc. 946 491,287
2,601,298
Homebuilding (0.3%)
Daiwa House Industry Co., Ltd. (Japan) 1,400 31,380
NVR, Inc.(NON) 8 33,120
PulteGroup, Inc. 3,094 125,802
Toll Brothers, Inc. 712 31,178
221,480
Household furniture and appliances (—%)
Dixon Technologies (India), Ltd. (India) 186 9,451
9,451
Industrial (0.3%)
Carrier Global Corp. 857 33,526
Johnson Controls International PLC 4,020 217,642
251,168
Insurance (2.3%)
AIA Group, Ltd. (Hong Kong) 9,000 86,793
Alleghany Corp.(NON) 40 33,647
American Financial Group, Inc. 264 33,708
American International Group, Inc. 2,754 142,519
Arch Capital Group, Ltd.(NON) 775 35,433
Assured Guaranty, Ltd. 2,358 120,423
Aviva PLC (United Kingdom) 11,484 55,622
AXA SA (France) 6,660 157,173
Axis Capital Holdings, Ltd. 292 15,520
Berkshire Hathaway, Inc. Class B(NON) 119 33,415
Chubb, Ltd. 171 32,328
Equitable Holdings, Inc. 4,984 148,274
Everest Re Group, Ltd. 134 36,053
Gjensidige Forsikring ASA (Norway) 1,066 21,621
Japan Post Holdings Co., Ltd. (Japan) 13,800 95,208
MetLife, Inc. 5,491 353,236
NN Group NV (Netherlands) 244 10,004
Old Republic International Corp. 1,474 32,192
Ping An Insurance Group Co. of China, Ltd. Class H (China) 10,000 58,840
Prudential PLC (United Kingdom) 4,914 51,373
Reinsurance Group of America, Inc. 308 38,611
Sampo Oyj Class A (Finland) 355 16,073
Tokio Marine Holdings, Inc. (Japan) 1,900 106,363
Unum Group 1,454 55,034
W.R. Berkley Corp. 543 35,186
Zurich Insurance Group AG (Switzerland) 96 42,522
1,847,171
Investment banking/Brokerage (1.7%)
Ameriprise Financial, Inc. 671 179,835
Blackstone, Inc. 315 29,591
Charles Schwab Corp. (The) 4,856 344,533
Exor NV (Netherlands) 564 33,946
Goldman Sachs Group, Inc. (The) 1,780 592,152
Investor AB Class B (Sweden) 5,350 84,235
Virtu Financial, Inc. Class A 1,915 43,968
1,308,260
Lodging/Tourism (0.3%)
Choice Hotels International, Inc. 311 35,675
Hilton Worldwide Holdings, Inc. 833 106,091
InterContinental Hotels Group PLC (United Kingdom) 568 30,794
Marriott International, Inc./MD Class A 172 26,443
Wyndham Hotels & Resorts, Inc. 696 45,477
244,480
Machinery (0.7%)
Caterpillar, Inc. 180 33,248
Cummins, Inc. 150 32,306
Deere & Co. 437 159,614
Fuji Electric Co., Ltd. (Japan) 700 30,265
Ingersoll Rand, Inc. 2,350 111,320
Komatsu, Ltd. (Japan) 3,700 77,441
Mitsubishi Heavy Industries, Ltd. (Japan) 100 3,849
Otis Worldwide Corp. 419 30,260
Spirax_Sarco engineering PLC (United Kingdom) 342 41,691
519,994
Manufacturing (0.5%)
A.O. Smith Corp. 541 30,539
Acuity Brands, Inc. 180 29,507
Dover Corp. 250 31,240
Eaton Corp. PLC 228 31,154
GEA Group AG (Germany) 1,157 40,339
ITT, Inc. 444 32,203
Nordson Corp. 241 54,748
Parker Hannifin Corp. 117 31,005
Textron, Inc. 1,227 76,540
357,275
Media (0.3%)
FactSet Research Systems, Inc. 80 34,667
Interpublic Group of Cos., Inc. (The) 1,181 32,643
Universal Music Group NV (Netherlands) 8,510 168,803
Walt Disney Co. (The)(NON) 309 34,633
270,746
Medical services (—%)
Service Corp. International 457 28,201
28,201
Medical technology (2.2%)
Abbott Laboratories 5,134 527,006
ABIOMED, Inc.(NON) 119 30,854
Boston Scientific Corp.(NON) 812 32,732
CSL, Ltd. (Australia) 34 6,793
Danaher Corp. 1,256 339,006
Edwards Lifesciences Corp.(NON) 292 26,309
Getinge AB Class B (Sweden) 1,325 24,582
Hologic, Inc.(NON) 956 64,587
IDEXX Laboratories, Inc.(NON) 189 65,700
Intuitive Surgical, Inc.(NON) 430 88,469
Medtronic PLC 2,093 184,017
Sartorius Stedim Biotech (France) 116 42,456
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A (China) 800 34,563
Sonic Healthcare, Ltd. (Australia) 3,185 73,563
Thermo Fisher Scientific, Inc. 368 200,678
1,741,315
Metals (0.9%)
Alcoa Corp. 675 33,399
Anglo American PLC (London Exchange) (United Kingdom) 4,153 133,374
Anglo American PLC (Johannesburg Exchange) (United Kingdom) 868 27,825
BHP Group, Ltd. (ASE Exchange) (Australia) 2,308 63,717
BHP Group, Ltd. (London Exchange) (Australia) 427 11,672
BlueScope Steel, Ltd. (Australia) 1,340 15,211
Boliden AB (Sweden) 316 10,133
Freeport-McMoRan, Inc. (Indonesia) 5,870 173,752
Glencore PLC (United Kingdom) 6,204 33,943
Mineral Resources, Ltd. (Australia) 318 13,721
Misumi Group, Inc. (Japan) 400 9,821
Rio Tinto PLC (United Kingdom) 1,920 106,003
Rio Tinto, Ltd. (Australia) 1,069 68,735
South32, Ltd. (Australia) 8,301 23,393
Vale Indonesia Tbk PT (Indonesia)(NON) 50,000 20,439
745,138
Natural gas utilities (0.2%)
NiSource, Inc. 1,169 34,497
Osaka Gas Co., Ltd. (Japan) 1,900 31,940
Tokyo Gas Co., Ltd. (Japan) 3,300 61,800
128,237
Oil and gas (4.3%)
APA Corp. 1,092 42,708
BP PLC (United Kingdom) 31,617 161,416
Cheniere Energy, Inc. 1,240 198,623
Chevron Corp. 708 111,906
ConocoPhillips 2,237 244,839
Enterprise Products Partners LP 2,856 75,170
EOG Resources, Inc. 417 50,582
Equinor ASA (Norway) 2,680 103,634
Exxon Mobil Corp. 6,672 637,776
Marathon Oil Corp. 7,881 201,675
Marathon Petroleum Corp. 2,609 262,857
Occidental Petroleum Corp. 533 37,843
Orsted AS (Denmark) 189 18,468
PDC Energy, Inc. 639 43,394
PetroChina Co., Ltd. Class H (China) 100,000 46,701
Petroleo Brasileiro SA (Preference) (Brazil) 3,800 24,272
Phillips 66 385 34,442
PTT Exploration & Production PCL (Thailand) 13,100 60,538
Reliance Industries, Ltd. (India)(NON) 5,182 169,523
Reliance Industries, Ltd. GDR 144A (India)(NON) 155 10,184
Shell PLC (London Exchange) (United Kingdom) 11,001 291,481
Shell PLC (Euronext Amsterdan Exchange) (United Kingdom) 6,068 160,598
Targa Resources Corp. 3,182 217,108
Valero Energy Corp. 1,544 180,833
3,386,571
Pharmaceuticals (5.2%)
AbbVie, Inc. 3,622 487,014
AstraZeneca PLC (United Kingdom) 2,144 265,317
AstraZeneca PLC ADR (United Kingdom) 2,750 171,545
Bristol-Myers Squibb Co. 4,259 287,099
Chugai Pharmaceutical Co., Ltd. (Japan) 1,600 41,245
DexCom, Inc.(NON) 1,119 91,993
Eli Lilly and Co. 1,810 545,226
Euroapi SA (France)(NON) 45 702
GlaxoSmithKline PLC (United Kingdom) 3,975 63,672
Ipsen SA (France) 290 27,798
Johnson & Johnson 193 31,139
Lonza Group AG (Switzerland) 250 132,910
Merck & Co., Inc. 8,472 723,170
Merck KGaA (Germany) 963 165,746
Novartis AG (Switzerland) 2,524 203,650
Novo Nordisk A/S Class B (Denmark) 1,886 201,476
Ono Pharmaceutical Co., Ltd. (Japan) 1,300 31,030
Pfizer, Inc. 5,941 268,711
Roche Holding AG (Switzerland) 748 240,912
Sanofi (France) 1,542 126,910
4,107,265
Power producers (0.3%)
NRG Energy, Inc. 4,601 189,930
Vistra Corp. 1,340 33,165
223,095
Publishing (0.2%)
New York Times Co. (The) Class A 1,080 32,929
News Corp. Class A 1,921 32,503
Thomson Reuters Corp. (Canada) 610 67,170
Wolters Kluwer NV (Netherlands) 584 57,114
189,716
Railroads (0.8%)
Canadian Natl Railway Co. (Canada) 335 39,840
CSX Corp. 8,143 257,726
Union Pacific Corp. 1,576 353,828
651,394
Real estate (1.6%)
Apartment Income REIT Corp.(R) 774 31,618
AvalonBay Communities, Inc.(R) 166 33,351
Barratt Developments PLC (United Kingdom) 4,391 21,745
Boston Properties, Inc.(R) 937 74,426
Brixmor Property Group, Inc.(R) 1,407 30,222
Camden Property Trust(R) 239 30,714
CBRE Group, Inc. Class A(NON) 1,492 117,808
CK Asset Holdings, Ltd. (Hong Kong) 11,642 78,572
Equity Lifestyle Properties, Inc.(R) 446 31,265
Essex Property Trust, Inc.(R) 120 31,807
Extra Space Storage, Inc.(R) 165 32,790
First Industrial Realty Trust, Inc.(R) 640 32,435
Gaming and Leisure Properties, Inc.(R) 3,422 165,180
Goodman Group (Australia)(R) 7,154 95,488
Invitation Homes, Inc.(R) 888 32,217
Jones Lang LaSalle, Inc.(NON) 195 33,735
Lamar Advertising Co. Class A(R) 311 29,200
Life Storage, Inc.(R) 607 77,241
Mitsui Fudosan Co., Ltd. (Japan) 700 14,136
Nomura Real Estate Holdings, Inc. (Japan) 1,900 46,551
Phoenix Mills, Ltd. (The) (India) 1,188 20,853
Prologis, Inc.(R) 261 32,497
Public Storage(R) 107 35,399
Rithm Capital Corp.(R) 3,284 30,968
Simon Property Group, Inc.(R) 336 34,265
Starwood Property Trust, Inc.(R) 1,435 32,905
Sumitomo Realty & Development Co., Ltd. (Japan) 600 14,683
1,242,071
Regional Bells (0.3%)
AT&T, Inc. 14,021 245,928
245,928
Restaurants (0.3%)
Chipotle Mexican Grill, Inc.(NON) 73 116,566
McDonald's Corp. 138 34,815
McDonald's Holdings Co. (Japan), Ltd. (Japan) 1,500 53,608
204,989
Retail (5.7%)
Amazon.com, Inc.(NON) 13,564 1,719,508
Autonation, Inc.(NON) 271 33,767
AutoZone, Inc.(NON) 137 290,332
BJ's Wholesale Club Holdings, Inc.(NON) 2,130 158,664
Cie Financiere Richemont SA Class A (Switzerland) 283 31,602
Costco Wholesale Corp. 603 314,826
Dollar General Corp. 137 32,527
Home Depot, Inc. (The) 436 125,751
Industria de Diseno Textil SA (Spain) 2,797 60,361
JD Sports Fashion PLC (United Kingdom) 52,499 68,727
Koninklijke Ahold Delhaize NV (Netherlands) 3,795 104,416
Li Ning Co., Ltd. (China) 7,500 68,287
Lowe's Cos., Inc. 169 32,810
Lululemon Athletica, Inc. (Canada)(NON) 430 128,983
Macy's, Inc. 1,803 31,228
Moncler SpA (Italy) 2,021 90,473
Nike, Inc. Class B 1,572 167,339
O'Reilly Automotive, Inc.(NON) 352 245,386
Penske Automotive Group, Inc. 307 36,198
Tapestry, Inc. 904 31,396
Target Corp. 676 108,390
TJX Cos., Inc. (The) 540 33,669
WalMart de Mexico (Walmex) SAB de CV (Mexico) 28,853 94,551
Walmart, Inc. 2,982 395,264
Wesfarmers, Ltd. (Australia) 2,642 84,580
4,489,035
Semiconductor (0.7%)
Applied Materials, Inc. 364 34,241
ASM International NV (Netherlands) 19 5,155
ASML Holding NV (Netherlands) 157 76,130
KLA Corp. 78 26,842
Lam Research Corp. 61 26,713
Renesas Electronics Corp. (Japan)(NON) 6,300 59,301
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 22,000 359,816
588,198
Shipping (0.2%)
A.P. Moeller-Maersck A/S Class B (Denmark) 19 45,436
International Container Terminal Services, Inc. (Philippines) 14,790 47,578
Nippon Yusen KK (Japan) 800 61,135
United Parcel Service, Inc. Class B 178 34,623
ZIM Integrated Shipping Services, Ltd. (Israel) 200 7,218
195,990
Software (6.5%)
Adobe, Inc.(NON) 1,077 402,195
Atlassian Corp PLC Class A (Australia)(NON) 894 221,408
Autodesk, Inc.(NON) 188 37,927
Cadence Design Systems, Inc.(NON) 3,340 580,392
Electronic Arts, Inc. 264 33,494
Intuit, Inc. 1,041 449,483
Manhattan Associates, Inc.(NON) 356 50,289
Microsoft Corp. 10,888 2,846,885
NTT Data Corp. (Japan) 2,600 36,604
Oracle Corp. 1,410 104,552
Playtika Holding Corp. (Israel)(NON) 2,384 25,104
Sage Group PLC (The) (United Kingdom) 6,474 53,619
Square Enix Holdings Co., Ltd. (Japan) 1,300 56,557
Tata Consultancy Services, Ltd. (India) 3,150 125,716
Totvs SA (Brazil) 11,581 63,555
Wix.com, Ltd. (Israel)(NON) (IL) 240 15,190
Workday, Inc. Class A(NON) 210 34,558
5,137,528
Staffing (0.1%)
ManpowerGroup, Inc. 414 30,354
Recruit Holdings Co., Ltd. (Japan) 1,600 50,951
81,305
Technology services (6.0%)
Accenture PLC Class A 2,338 674,420
Alibaba Group Holding, Ltd. (China)(NON) 13,577 161,661
Alphabet, Inc. Class A(NON) 12,709 1,375,368
Alphabet, Inc. Class C(NON) 5,660 617,789
Capgemini SE (France) 597 103,335
DocuSign, Inc.(NON) 391 22,764
DXC Technology Co.(NON) 1,279 31,694
eBay, Inc. 6,437 284,065
Fidelity National Information Services, Inc. 1,418 129,563
GoDaddy, Inc. Class A(NON) 418 31,693
Infosys, Ltd. ADR (India) 522 9,553
Leidos Holdings, Inc. 356 33,838
Meituan Class B (China)(NON) 4,200 100,645
Meta Platforms, Inc. Class A(NON) 3,387 551,844
NAVER Corp. (South Korea) 275 48,775
Palo Alto Networks, Inc.(NON) 500 278,405
Pinterest, Inc. Class A(NON) 893 20,575
SCSK Corp. (Japan) 1,600 26,140
Spotify Technology SA (Sweden)(NON) 273 29,525
Tencent Holdings, Ltd. (China) 4,400 182,239
Zebra Technologies Corp. Class A(NON) 82 24,734
4,738,625
Telecommunications (0.9%)
American Tower Corp.(R) 1,281 325,438
Crown Castle International Corp.(R) 181 30,920
Koninklijke KPN NV (Netherlands) 19,634 62,448
MTN Group, Ltd. (South Africa) 4,943 35,787
SK Telecom Co., Ltd. (South Korea) 912 35,415
T-Mobile US, Inc.(NON) 622 89,543
Telstra Corp., Ltd. (Australia) 35,852 96,992
676,543
Telephone (0.6%)
Deutsche Telekom AG (Germany) 2,265 42,763
KDDI Corp. (Japan) 3,800 116,752
Nippon Telegraph & Telephone Corp. (Japan) 3,400 92,095
Verizon Communications, Inc. 4,523 189,107
440,717
Textiles (0.2%)
Capri Holdings, Ltd.(NON) 761 35,904
Hermes International (France) 98 125,643
161,547
Tobacco (0.8%)
British American Tobacco PLC (United Kingdom) 1,614 64,651
Imperial Brands PLC (United Kingdom) 4,415 97,004
Philip Morris International, Inc. 4,801 458,447
620,102
Toys (0.2%)
Namco Bandai Holdings, Inc. (Japan) 600 44,999
Nintendo Co., Ltd. (Japan) 300 122,447
167,446
Transportation services (0.1%)
Deutsche Post AG (Germany) 2,423 88,563
SG Holdings Co., Ltd. (Japan) 600 9,948
98,511
Trucks and parts (0.1%)
Allison Transmission Holdings, Inc. 896 32,489
LKQ Corp. 638 33,954
66,443
Waste Management (0.3%)
Clean Harbors, Inc.(NON) 280 32,878
Republic Services, Inc. 495 70,646
Waste Connections, Inc. 676 94,086
Waste Management, Inc. 210 35,496
233,106
Total common stocks (cost $55,984,676) $67,256,591








INVESTMENT COMPANIES (2.3%)(a)
        Shares Value
iShares Core MSCI Emerging Markets ETF 1,933 $93,673
iShares MSCI Taiwan ETF (Taiwan) 1,201 60,326
SPDR S&P 500 ETF Trust 3,693 1,459,400
SPDR S&P MidCap 400 ETF Trust 448 198,952
Total investment companies (cost $1,779,298) $1,812,351








CONVERTIBLE PREFERRED STOCKS (0.2%)(a)
        Shares Value
Danaher Corp. 5.00% cv. pfd. 45 $63,232
T-Mobile US, Inc. 144A 5.25% cv. pfd.(NON) 71 84,602
Total convertible preferred stocks (cost $118,560) $147,834








UNITS (0.1%)(a)
        Units Value
Banco BTG Pactual SA (Brazil) 8,900 $43,539
Total units (cost $45,401) $43,539








SHORT-TERM INVESTMENTS (12.4%)(a)
        Principal amount/shares Value
Interest in $50,000,000 joint tri-party repurchase agreement dated 8/31/2022 with JPMorgan Securities, LLC due 9/1/2022 - maturity value of $6,541,418 for an effective yield of 2.300% (collateralized by Agency Mortgage-Backed Securities with a coupon rate of 3.232% and a due date of 5/1/2030, valued at $51,003,346) $6,541,000 $6,541,000
Putnam Short Term Investment Fund Class P 2.33%(AFF) Shares 2,600,000 2,600,000
U.S. Treasury Bills 2.449%, 10/11/22(SEG) $200,000 199,470
U.S. Treasury Bills 2.119%, 9/20/22(SEG) 100,000 99,888
U.S. Treasury Bills 2.114%, 9/6/22(SEG) 300,000 299,916
Total short-term investments (cost $9,740,268) $9,740,274
TOTAL INVESTMENTS
Total investments (cost $67,668,203) $79,000,589








FORWARD CURRENCY CONTRACTS at 8/31/22 (aggregate face value $3,269,711) (Unaudited)
  Counterparty Currency Contract type* Delivery
date		 Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
Australian Dollar Buy 10/19/22 $113,936 $113,017 $919
New Taiwan Dollar Buy 11/16/22 160,280 162,505 (2,225)
Citibank, N.A.
Danish Krone Sell 9/21/22 83,865 89,800 5,935
Japanese Yen Buy 11/16/22 325,319 346,125 (20,806)
HSBC Bank USA, National Association
British Pound Sell 9/21/22 378,617 399,211 20,594
Chinese Yuan (Offshore) Buy 11/16/22 544,538 557,044 (12,506)
Swedish Krona Buy 9/21/22 26,967 29,473 (2,506)
JPMorgan Chase Bank N.A.
Hong Kong Dollar Buy 11/16/22 207,611 207,696 (85)
Norwegian Krone Sell 9/21/22 45,679 48,114 2,435
Singapore Dollar Buy 11/16/22 11,742 11,901 (159)
South Korean Won Sell 11/16/22 45,669 46,678 1,009
Morgan Stanley & Co. International PLC
Swiss Franc Buy 9/21/22 460,941 472,183 (11,242)
NatWest Markets PLC
Euro Sell 9/21/22 78,383 84,154 5,771
Japanese Yen Buy 11/16/22 37,033 39,422 (2,389)
State Street Bank and Trust Co.
Euro Buy 9/21/22 204,258 216,463 (12,205)
Swedish Krona Buy 9/21/22 110,110 120,370 (10,260)
Toronto-Dominion Bank
Hong Kong Dollar Sell 11/16/22 199,062 199,158 96
UBS AG
Canadian Dollar Sell 10/19/22 124,605 126,397 1,792
Unrealized appreciation 38,551
Unrealized (depreciation) (74,383)
Total $(35,832)
* The exchange currency for all contracts listed is the United States Dollar.








FUTURES CONTRACTS OUTSTANDING at 8/31/22 (Unaudited)
    Number of contracts Notional
amount		 Value Expiration date Unrealized
appreciation/
(depreciation)
MSCI EAFE Index (Long) 6 $552,151 $548,130 Sep-22 $(16,459)
Russell 2000 Index E-Mini (Long) 48 4,425,876 4,427,040 Sep-22 103,250
S&P 500 Index E-Mini (Long) 19 3,757,250 3,758,675 Sep-22 43,989
Unrealized appreciation 147,239
Unrealized (depreciation) (16,459)
Total $130,780












Key to holding's abbreviations
ADR American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank.
ETF Exchange Traded Fund
GDR Global Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank.
JSC Joint Stock Company
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, 2022 through August 31, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $78,860,383.
(NON) This security is non-income-producing.
(AFF) Affiliated company. For investments in 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
5/31/22		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
8/31/22
Short-term investments
Putnam Short Term Investment Fund* $2,600,000 $— $— $10,823 $2,600,000
Total Short-term investments $2,600,000 $— $— $10,823 $2,600,000
* 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 $500,289.
(R) Real Estate Investment Trust.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
Debt obligations are considered secured unless otherwise indicated.
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The dates shown on debt obligations are the original maturity dates.
DIVERSIFICATION BY COUNTRY
Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value):
United States 78.4 %
United Kingdom 3.2
Japan 3.2
France 2.0
Australia 1.4
China 1.3
Switzerland 1.2
Germany 1.0
India 0.9
Netherlands 0.7
Taiwan 0.7
South Korea 0.5
Indonesia 0.5
Hong Kong 0.5
Other 4.5
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.
Repurchase agreements: The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $6,672,258 at the end of the reporting period, is held at the counterparty’s custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.
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 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 $49,884 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 $1,635,141 $1,128,763 $—
Capital goods 3,102,207 380,118 —
Communication services 1,159,260 482,252 —
Conglomerates 243,769 222,252 —
Consumer cyclicals 7,306,291 2,270,603 —
Consumer staples 3,702,597 1,698,580 —
Energy 2,424,566 962,005 —
Financials 6,633,573 3,372,111 —
Health care 7,417,953 1,848,167 —
Technology 15,997,912 2,504,255 —
Transportation 854,908 252,660 —
Utilities and power 1,356,981 299,667 —
Total common stocks 51,835,158 15,421,433 —
Convertible preferred stocks — 147,834 —
Investment companies 1,812,351 — —
Units 43,539 — —
Short-term investments — 9,740,274 —
Totals by level $53,691,048 $25,309,541 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(35,832) $—
Futures contracts 130,780 — —
Totals by level $130,780 $(35,832) $—
* 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:
Futures contracts (number of contracts) 70
Forward currency contracts (contract amount) $3,300,000
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