0000928816-18-000142.txt : 20180125 0000928816-18-000142.hdr.sgml : 20180125 20180125145332 ACCESSION NUMBER: 0000928816-18-000142 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20171130 FILED AS OF DATE: 20180125 DATE AS OF CHANGE: 20180125 EFFECTIVENESS DATE: 20180125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM GLOBAL HEALTH CARE FUND CENTRAL INDEX KEY: 0000357295 IRS NUMBER: 046471950 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03386 FILM NUMBER: 18548001 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 8002251581 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM HEALTH SCIENCES TRUST DATE OF NAME CHANGE: 19920703 0000357295 S000005666 PUTNAM GLOBAL HEALTH CARE FUND C000015515 Class A Shares PHSTX C000015516 Class B Shares PHSBX C000015517 Class C Shares PCHSX C000015518 Class M Shares PHLMX C000015519 Class R Shares PHSRX C000015520 Class Y Shares PHSYX N-Q 1 a_globalhealthcare.htm PUTNAM GLOBAL HEALTH CARE FUND a_globalhealthcare.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY




Investment Company Act file number: (811-03386)
Exact name of registrant as specified in charter: Putnam Global Health Care Fund
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036
Registrant's telephone number, including area code: (617) 292-1000
Date of fiscal year end: August 31, 2018
Date of reporting period: November 30, 2017



Item 1. Schedule of Investments:














Putnam Global Health Care Fund

The fund's portfolio
11/30/17 (Unaudited)
COMMON STOCKS (99.5%)(a)
Shares Value

Biotechnology (24.4%)
Amgen, Inc. 442,135 $77,665,434
Biogen, Inc.(NON) 232,200 74,807,874
Bioverativ, Inc.(NON) 257,816 12,895,956
China Biologic Products Holdings, Inc. (China)(NON) 90,989 7,605,771
Clovis Oncology, Inc.(NON) 351,957 22,127,537
Gilead Sciences, Inc. 596,323 44,593,034
Grifols SA ADR (Spain) 493,000 11,215,750
Mirati Therapeutics, Inc.(NON)(S) 511,453 8,771,419
Ovid Therapeutics, Inc.(NON) 321,573 3,958,564
Shire PLC (United Kingdom) 574,591 28,452,677
Vertex Pharmaceuticals, Inc.(NON) 394,800 56,965,692

349,059,708
Diversified financial services (0.3%)
Federal Street Acquisition Corp. (Units)(NON) 364,900 3,740,225

3,740,225
Food and staples retail (0.8%)
AIN Holdings, Inc. (Japan) 120,100 8,176,213
Zur Rose Group AG (Switzerland)(NON) 18,114 2,502,356

10,678,569
Health-care equipment and supplies (20.3%)
Becton Dickinson and Co. 391,700 89,389,858
Boston Scientific Corp.(NON) 1,397,700 36,731,556
Danaher Corp. 766,300 72,308,068
DENTSPLY Sirona, Inc. 707,400 47,402,874
GenMark Diagnostics, Inc.(NON)(S) 973,600 4,332,520
Intuitive Surgical, Inc.(NON) 74,100 29,623,698
Penumbra, Inc.(NON)(S) 105,767 11,137,265

290,925,839
Health-care providers and services (7.0%)
Fresenius Medical Care AG & Co., KGaA (Germany) 70,936 7,047,500
Sinopharm Group Co. (China) 310,800 1,228,692
UnitedHealth Group, Inc. 400,600 91,404,902

99,681,094
Health-care technology (—%)
HTG Molecular Diagnostics, Inc.(NON)(S) 50,992 108,613

108,613
Life sciences tools and services (3.5%)
Agilent Technologies, Inc. 337,400 23,361,576
Bio-Rad Laboratories, Inc. Class A(NON) 53,300 14,460,290
Clinigen Group PLC (United Kingdom) 893,722 12,268,000

50,089,866
Pharmaceuticals (43.2%)
Aclaris Therapeutics, Inc.(NON)(S) 412,600 9,782,746
Aspen Pharmacare Holdings, Ltd. (South Africa) 230,928 5,143,894
AstraZeneca PLC (United Kingdom) 624,215 40,326,889
Bayer AG (Germany) 541,716 69,087,875
Bristol-Myers Squibb Co. 391,100 24,713,609
Chugai Pharmaceutical Co., Ltd. (Japan) 446,800 23,207,134
GlaxoSmithKline PLC (United Kingdom) 903,175 15,628,507
Jazz Pharmaceuticals PLC(NON) 526,700 73,601,058
Johnson & Johnson 439,300 61,207,669
Medicines Co. (The)(NON)(S) 790,200 22,915,800
Merck & Co., Inc. 607,538 33,578,625
Nippon Shinyaku Co., Ltd. (Japan) 117,800 8,446,334
Novartis AG (Switzerland) 750,136 64,204,779
Pacira Pharmaceuticals, Inc.(NON) 323,600 14,950,320
Pfizer, Inc. 991,940 35,967,744
Roche Holding AG (Switzerland) 165,543 41,766,478
Sanofi (France) 535,038 48,781,078
Takeda Pharmaceutical Co., Ltd. (Japan) 460,400 25,388,148

618,698,687

Total common stocks (cost $1,113,563,273) $1,422,982,601

WARRANTS (—%)(a)(NON)
Expiration date Strike Price Warrants Value

Neuralstem, Inc. Ser. K (acquired 4/20/17)(RES) 1/9/22 $42.00 18,887 $—

Total warrants (cost $—) $—

SHORT-TERM INVESTMENTS (3.4%)(a)
Principal amount/shares Value

Putnam Cash Collateral Pool, LLC 1.31%(AFF) Shares 39,385,931 $39,385,931
Putnam Short Term Investment Fund 1.23%(AFF) Shares 6,267,952 6,267,952
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.99%(P) Shares 310,000 310,000
U.S. Treasury Bills 1.027%, 12/7/17 $131,000 130,979
U.S. Treasury Bills 1.052%, 1/11/18(SEGSF) 119,000 118,849
U.S. Treasury Bills 1.065%, 1/18/18(SEGSF) 100,000 99,851
U.S. Treasury Bills 1.069%, 2/1/18(SEGSF) 696,000 694,643
U.S. Treasury Bills 1.080%, 1/25/18(SEGSF) 1,241,000 1,238,848

Total short-term investments (cost $48,247,308) $48,247,053

TOTAL INVESTMENTS

Total investments (cost $1,161,810,581) $1,471,229,654














FORWARD CURRENCY CONTRACTS at 11/30/17 (aggregate face value $80,680,574) (Unaudited)


Counterparty Currency Contract type* Delivery date Value Aggregate
face value
Unrealized appreciation/
(depreciation)

Bank of America N.A.
Euro Buy 12/20/17 $28,591,439 $28,647,026 $(55,587)
Citibank, N.A.
Danish Krone Buy 12/20/17 13,349,618 13,389,364 (39,746)
Credit Suisse International
Japanese Yen Buy 2/22/18 13,664,645 13,476,317 188,328
HSBC Bank USA, National Association
Australian Dollar Buy 1/17/18 12,116,931 12,519,219 (402,288)
JPMorgan Chase Bank N.A.
Swiss Franc Buy 12/20/17 12,311,239 12,648,648 (337,409)

Unrealized appreciation 188,328

Unrealized (depreciation) (835,030)

Total $(646,702)

* The exchange currency for all contracts listed is the United States Dollar.













Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
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 September 1, 2017 through November 30, 2017 (the reporting period). Within the following notes to the portfolio, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $1,430,796,459.
(NON) This security is non-income-producing.
(RES) This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $0, or less than 0.1% of net assets.
(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 8/31/17 Purchase cost Sale proceeds Investment income Shares outstanding and fair value as of 11/30/17

Short-term investments
Putnam Cash Collateral Pool, LLC*# $58,269,480 $126,545,836 $145,429,385 $301,250 $39,385,931
Putnam Short Term Investment Fund** 15,414,245 110,644,256 119,790,549 28,375 6,267,952

Total Short-term investments $73,683,725 $237,190,092 $265,219,934 $329,625 $45,653,883
* 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 $39,385,931, 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 $37,798,076. Certain of these securities were sold prior to the close of the reporting period.
** 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.

(SEGSF) This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $849,420.
(F) This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.
(P) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(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 $693,277 to cover certain derivative contracts.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.

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 70.9 %
Switzerland 7.6
United Kingdom 6.8
Germany 5.3
Japan 4.6
France 3.4
Spain 0.8
China 0.6

Total 100.0%
⌂ Methodology differs from that used for purposes of complying with the fund's policy regarding investments in securities of foreign issuers, as discussed further in the fund's prospectus.

Security valuation:
Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. 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. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
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 (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts 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, is 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.
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 and 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 $835,030 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $849,420 and may include amounts related to unsettled 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*:
    Consumer staples $2,502,356 $8,176,213 $—
    Financials 3,740,225
    Health care 1,350,293,499 58,270,308
Total common stocks 1,356,536,080 66,446,521
Warrants
Short-term investments 6,577,952 41,669,101



Totals by level $1,363,114,032 $108,115,622 $—



Valuation inputs

Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(646,702) $—



Totals by level $— $(646,702) $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.

During the reporting period, transfers within the fair value hierarchy, if any (other than certain transfers involving non-U.S. equity securities as described in the Security valuation note above), did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.

Fair Value of Derivative Instruments as of the close of the reporting period
Asset derivatives Liability derivatives

Derivatives not accounted for as hedging instruments under ASC 815 Fair value Fair value
Foreign exchange contracts $188,328 $835,030


Total $188,328 $835,030

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:
Forward currency contracts (contract amount)$80,300,000
Warrants (number of warrants)19,000

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



Item 2. Controls and Procedures:
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) Changes in internal control over financial reporting: Not applicable
Item 3. Exhibits:
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Putnam Global Health Care Fund
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: January 25, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: January 25, 2018

By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: January 25, 2018

EX-99.CERT 2 b_021certifications.htm CERTIFICATIONS b_021certifications.htm

Certifications

I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and


d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

/s/ Jonathan S. Horwitz
_____________________________

Date: January 24, 2018
Jonathan S. Horwitz
Principal Executive Officer














Certifications

I, Janet C. Smith, the Principal Financial Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and


d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

/s/ Janet C. Smith
_______________________________

Date: January 24, 2018
Janet C. Smith
Principal Financial Officer















Attachment A

NQ

Period (s) ended November 30, 2017
               Putnam Global Health Care Fund
               Putnam International Capital Opportunities Fund
               Putnam High Income Securities Fund
               Putnam Global Natural Resources Fund
               Putnam Floating Rate Income Fund
               Putnam Small Cap Value Fund
               Putnam Global Consumer Fund
               Putnam Global Financials Fund
               Putnam Global Industrials Fund
               Putnam Global Technology Fund
               Putnam Global Telecommunications Fund
               Putnam Emerging Markets Equity Fund
               Putnam Global Utilities Fund
               Putnam Mortgage Recovery Fund
               Putnam PanAgora Managed Futures Strategy
               Putnam PanAgora Risk Parity Fund
               Putnam PanAgora Market Neutral Fund