0000928816-15-000450.txt : 20150331 0000928816-15-000450.hdr.sgml : 20150331 20150331100043 ACCESSION NUMBER: 0000928816-15-000450 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150131 FILED AS OF DATE: 20150331 DATE AS OF CHANGE: 20150331 EFFECTIVENESS DATE: 20150331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM GLOBAL EQUITY FUND CENTRAL INDEX KEY: 0000081251 IRS NUMBER: 046145734 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01403 FILM NUMBER: 15737007 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM GLOBAL GROWTH FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL EQUITIES FUND DATE OF NAME CHANGE: 19900722 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM INTERNATIONAL EQUITIES FUND INC /PRED/ DATE OF NAME CHANGE: 19821109 0000081251 S000005651 PUTNAM GLOBAL EQUITY FUND C000015432 Class A Shares PEQUX C000015433 Class B Shares PEQBX C000015434 Class C Shares PUGCX C000015435 Class M Shares PEQMX C000015436 Class R Shares PGLRX C000015437 Class Y Shares PEQYX C000117973 Class R5 C000117974 Class R6 N-Q 1 a_globalequityfund.htm PUTNAM GLOBAL EQUITY FUND a_globalequityfund.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: (811-01403)
Exact name of registrant as specified in charter: Putnam Global Equity 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: October 31, 2015
Date of reporting period: January 31, 2015



Item 1. Schedule of Investments:














Putnam Global Equity Fund

The fund's portfolio
1/31/15 (Unaudited)
COMMON STOCKS (98.2%)(a)
Shares Value

Aerospace and defense (2.1%)
BAE Systems PLC (United Kingdom) 486,166 $3,707,765
General Dynamics Corp. 37,600 5,008,696
Northrop Grumman Corp. 62,900 9,872,155

18,588,616
Airlines (1.5%)
American Airlines Group, Inc. 123,600 6,066,288
Spirit Airlines, Inc.(NON) 90,400 6,702,256

12,768,544
Automobiles (0.9%)
Yamaha Motor Co., Ltd. (Japan) 362,600 7,960,646

7,960,646
Banks (3.7%)
Bank of America Corp. 267,100 4,046,565
Bank of Ireland (Ireland)(NON) 27,599,047 8,342,811
ING Groep NV GDR (Netherlands)(NON) 486,795 6,056,251
Metro Bank PLC (acquired 1/15/14, cost $2,776,744) (Private) (United Kingdom)(F)(RES)(NON) 130,448 2,615,652
Natixis SA (France) 1,181,612 7,524,264
TSB Banking Group PLC (United Kingdom)(NON)(S) 1,001,974 4,024,103

32,609,646
Beverages (1.3%)
Anheuser-Busch InBev NV ADR (Belgium) 48,400 5,908,188
Britvic PLC (United Kingdom) 509,031 5,392,662

11,300,850
Biotechnology (2.1%)
Alkermes PLC(NON) 83,300 6,018,425
Celgene Corp.(NON) 56,300 6,708,708
Gilead Sciences, Inc.(NON) 51,700 5,419,711

18,146,844
Building products (2.0%)
Assa Abloy AB Class B (Sweden) 203,609 11,110,895
Fortune Brands Home & Security, Inc. 149,471 6,694,806

17,805,701
Capital markets (2.5%)
Charles Schwab Corp. (The) 180,600 4,691,988
E*Trade Financial Corp.(NON) 393,900 9,079,395
Morgan Stanley 247,100 8,354,451

22,125,834
Chemicals (4.6%)
Air Products & Chemicals, Inc. 27,600 4,018,836
Akzo Nobel NV (Netherlands) 68,910 4,976,657
Axiall Corp. 94,429 4,178,483
Huntsman Corp. 154,000 3,381,840
Monsanto Co. 83,900 9,898,522
Sherwin-Williams Co. (The) 19,500 5,289,765
Symrise AG (Germany) 80,915 5,311,711
Tronox, Ltd. Class A 153,181 3,238,246

40,294,060
Commercial services and supplies (0.4%)
Regus PLC (United Kingdom) 1,045,062 3,175,001

3,175,001
Construction and engineering (0.4%)
Mota-Engil Africa NV (Angola)(NON) 60,402 419,859
Mota-Engil SGPS SA (Portugal)(S) 845,316 2,598,764

3,018,623
Containers and packaging (1.4%)
MeadWestvaco Corp. 111,200 5,591,136
Sealed Air Corp. 172,500 6,986,250

12,577,386
Diversified consumer services (0.4%)
G8 Education, Ltd. (Australia) 1,028,386 3,339,028

3,339,028
Diversified financial services (2.8%)
Challenger, Ltd. (Australia) 2,234,542 10,854,916
CME Group, Inc. 102,100 8,709,130
Eurazeo SA (France) 72,253 5,075,449

24,639,495
Diversified telecommunication services (1.6%)
Com Hem Holding AB (Sweden)(NON) 587,939 4,544,386
Koninklijke (Royal) KPN NV (Netherlands) 1,646,600 5,094,357
Telecom Italia SpA RSP (Italy) 4,981,776 4,711,565

14,350,308
Electric utilities (0.8%)
Exelon Corp. 179,700 6,476,388

6,476,388
Electronic equipment, instruments, and components (1.2%)
Hitachi, Ltd. (Japan) 862,000 6,518,445
Murata Manufacturing Co., Ltd. (Japan) 40,500 4,369,716

10,888,161
Energy equipment and services (1.5%)
Ezion Holdings, Ltd. (Singapore) 6,355,040 6,010,760
Halliburton Co. 184,100 7,362,159

13,372,919
Food products (2.5%)
Hershey Co. (The) 60,200 6,153,042
Nestle SA (Switzerland) 126,510 9,690,276
Pinnacle Foods, Inc. 161,400 5,805,558

21,648,876
Health-care equipment and supplies (0.5%)
Cooper Cos., Inc. (The) 27,000 4,256,550

4,256,550
Health-care providers and services (3.3%)
Capital Senior Living Corp.(NON) 210,153 5,016,352
Cardinal Health, Inc. 69,400 5,773,386
Catamaran Corp.(NON) 117,700 5,874,407
China Pioneer Pharma Holdings, Ltd. (China)(S) 2,665,000 1,975,267
LifePoint Hospitals, Inc.(NON) 78,500 5,121,340
Universal Health Services, Inc. Class B 54,000 5,536,620

29,297,372
Hotels, restaurants, and leisure (3.1%)
Dalata Hotel Group PLC (Ireland)(NON) 944,937 3,119,369
Grand Korea Leisure Co., Ltd. (South Korea) 48,843 1,777,965
Hilton Worldwide Holdings, Inc.(NON) 167,771 4,357,013
NH Hotel Group SA (Spain)(NON) 702,940 3,472,783
Thomas Cook Group PLC (United Kingdom)(NON) 4,188,678 8,062,840
TUI AG (Germany)(NON) 375,281 6,489,054

27,279,024
Household durables (3.4%)
Coway Co., Ltd. (South Korea) 58,049 4,643,373
Panasonic Corp. (Japan) 476,800 5,407,698
PulteGroup, Inc. 298,300 6,141,997
Standard Pacific Corp.(NON) 457,735 3,213,300
Techtronic Industries Co., Ltd. (Hong Kong) 1,538,000 5,029,178
Whirlpool Corp. 26,900 5,355,252

29,790,798
Independent power and renewable electricity producers (1.7%)
Calpine Corp.(NON) 399,900 8,349,912
NRG Energy, Inc. 276,600 6,820,956

15,170,868
Industrial conglomerates (1.5%)
Toshiba Corp. (Japan) 3,384,000 13,542,925

13,542,925
Insurance (6.9%)
Admiral Group PLC (United Kingdom) 241,321 5,255,676
American International Group, Inc. 243,323 11,891,195
Assured Guaranty, Ltd. 269,100 6,571,422
Delta Lloyd NV (Netherlands) 182,713 3,460,852
Genworth Financial, Inc. Class A(NON) 700,300 4,888,094
Hartford Financial Services Group, Inc. (The) 435,900 16,956,510
Prudential PLC (United Kingdom) 320,291 7,790,957
St James's Place PLC (United Kingdom) 322,525 4,153,685

60,968,391
Internet and catalog retail (1.2%)
Amazon.com, Inc.(NON) 17,100 6,062,463
FabFurnish GmbH (acquired 8/2/13, cost $17) (Private) (Brazil)(F)(RES)(NON) 13 11
Global Fashion Holding SA (acquired 8/2/13, cost $855,718) (Private) (Brazil)(F)(RES)(NON) 20,200 474,184
New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $17) (Private) (Brazil)(F)(RES)(NON) 13 11
New Middle East Other Assets GmbH (acquired 8/2/13, cost $7) (Private) (Brazil)(F)(RES)(NON) 5 4
Zalando SE (Germany)(NON) 75,851 2,053,481
Zalando SE (acquired 9/30/13, cost $1,479,680) (Private) (Germany)(F)(RES)(NON) 61,710 1,506,217

10,096,371
Internet software and services (3.6%)
AOL, Inc.(NON) 175,300 7,581,725
Facebook, Inc. Class A(NON) 79,200 6,012,072
Google, Inc. Class C(NON) 22,502 12,027,769
Telecity Group PLC (United Kingdom) 426,553 5,534,370

31,155,936
IT Services (1.7%)
Computer Sciences Corp. 74,400 4,514,592
Visa, Inc. Class A 39,900 10,170,909

14,685,501
Leisure products (0.7%)
Brunswick Corp. 105,600 5,731,968

5,731,968
Machinery (0.6%)
Pall Corp. 56,500 5,466,940

5,466,940
Media (4.5%)
Atresmedia Corporacion de Medios de Comunicacion SA (Spain) 495,120 7,273,901
Charter Communications, Inc. Class A(NON) 21,700 3,279,196
Comcast Corp. Class A 88,400 4,698,018
DISH Network Corp. Class A(NON) 75,400 5,304,390
Global Mediacom Tbk PT (Indonesia) 33,949,400 4,935,669
Liberty Global PLC Ser. A (United Kingdom)(NON) 124,100 5,797,952
Live Nation Entertainment, Inc.(NON) 142,700 3,391,979
Mediaset SpA (Italy)(NON) 1,056,467 4,798,289

39,479,394
Multi-utilities (0.6%)
Veolia Environnement SA (France) 309,064 5,660,656

5,660,656
Multiline retail (0.2%)
Mitra Adiperkasa Tbk PT (Indonesia) 3,027,800 1,397,839

1,397,839
Oil, gas, and consumable fuels (3.8%)
Anadarko Petroleum Corp. 81,000 6,621,750
BG Group PLC (United Kingdom) 413,515 5,510,190
Cabot Oil & Gas Corp. 208,300 5,519,950
Exxon Mobil Corp. 80,900 7,072,278
Gaztransport Et Technigaz SA (France) 74,663 4,223,606
Genel Energy PLC (United Kingdom)(NON) 264,412 2,491,301
Origin Energy, Ltd. (Australia) 278,280 2,306,915

33,745,990
Paper and forest products (0.5%)
Boise Cascade Co.(NON) 101,400 4,100,616

4,100,616
Personal products (1.0%)
Coty, Inc. Class A(NON) 246,400 4,686,528
Estee Lauder Cos., Inc. (The) Class A 61,400 4,334,226

9,020,754
Pharmaceuticals (7.5%)
Astellas Pharma, Inc. (Japan) 774,800 11,925,261
AstraZeneca PLC (United Kingdom) 153,983 10,950,489
Impax Laboratories, Inc.(NON) 193,600 7,099,312
Jazz Pharmaceuticals PLC(NON) 32,100 5,435,814
Mylan, Inc.(NON) 87,000 4,624,050
Novartis AG (Switzerland) 99,527 9,704,121
Sanofi (France) 49,184 4,531,037
Shionogi & Co., Ltd. (Japan) 174,100 5,234,556
Valeant Pharmaceuticals International, Inc.(NON) 42,200 6,750,734

66,255,374
Professional services (0.4%)
Experian PLC (United Kingdom) 201,993 3,563,092

3,563,092
Real estate investment trusts (REITs) (1.2%)
Altisource Residential Corp. 138,847 2,500,634
Hibernia REIT PLC (Ireland) 6,254,122 7,868,614

10,369,248
Real estate management and development (2.4%)
Howard Hughes Corp. (The)(NON) 35,700 4,663,491
Kennedy-Wilson Holdings, Inc. 211,000 5,610,490
RE/MAX Holdings, Inc. Class A 191,857 6,385,001
Sumitomo Realty & Development Co., Ltd. (Japan) 132,000 4,207,215

20,866,197
Road and rail (0.6%)
Union Pacific Corp. 46,700 5,473,707

5,473,707
Semiconductors and semiconductor equipment (3.5%)
Applied Materials, Inc. 299,900 6,849,716
Lam Research Corp. 64,100 4,899,804
Micron Technology, Inc.(NON) 355,600 10,406,634
SK Hynix, Inc. (South Korea)(NON) 98,990 4,268,275
Sumco Corp. (Japan)(S) 245,500 4,139,223

30,563,652
Software (1.2%)
Activision Blizzard, Inc. 170,900 3,570,956
Fidessa Group PLC (United Kingdom) 105,162 3,794,332
TiVo, Inc.(NON) 301,600 3,154,736

10,520,024
Specialty retail (2.3%)
Home Depot, Inc. (The) 63,500 6,630,670
Industria de Diseno Textil (Inditex) SA (Spain) 202,388 5,970,099
Lowe's Cos., Inc. 94,000 6,369,440
Tile Shop Holdings, Inc.(NON)(S) 195,182 1,584,878

20,555,087
Technology hardware, storage, and peripherals (0.6%)
Samsung Electronics Co., Ltd. (South Korea) 4,455 5,506,459

5,506,459
Textiles, apparel, and luxury goods (1.0%)
Luxottica Group SpA (Italy) 151,936 9,035,357

9,035,357
Thrifts and mortgage finance (0.5%)
Radian Group, Inc. 269,600 4,248,896

4,248,896
Tobacco (2.8%)
Imperial Tobacco Group PLC (United Kingdom) 167,528 7,870,045
Japan Tobacco, Inc. (Japan) 528,900 14,370,292
Philip Morris International, Inc. 28,765 2,308,104

24,548,441
Wireless telecommunication services (1.7%)
Bharti Infratel, Ltd. (India) 898,951 5,251,662
Vodafone Group PLC ADR (United Kingdom) 285,981 10,046,513

15,298,175

Total common stocks (cost $803,333,040) $862,738,528

U.S. TREASURY OBLIGATIONS (0.1%)(a)
Principal amount Value

U.S. Treasury Notes
     0.375%, June 30, 2015(i) $380,000 $380,589
     0.875%, September 15, 2016(i) 317,000 320,662
     1.500%, October 31, 2019(i) 132,000 134,534
     0.625%, August 31, 2017(i) 124,000 124,172
     0.875%, October 15, 2017(i) 112,000 112,788
     1.000%, May 31, 2018(i) 151,000 151,765

Total U.S. treasury Obligations (cost $1,224,510) $1,224,510

SHORT-TERM INVESTMENTS (2.5%)(a)
Principal amount/shares Value

Putnam Cash Collateral Pool, LLC 0.19%(d) Shares 9,236,445 $9,236,445
Putnam Short Term Investment Fund 0.10%(AFF) Shares 9,975,542 9,975,542
SSgA Prime Money Market Fund Class N 0.01%(P) Shares 1,230,000 1,230,000
U.S. Treasury Bills with an effective yield of 0.10%, July 23, 2015 $241,000 240,934
U.S. Treasury Bills with an effective yield of 0.08%, May 28, 2015 110,000 109,994
U.S. Treasury Bills with an effective yield of 0.04%, April 9, 2015(SEGSF) 470,000 469,996
U.S. Treasury Bills with an effective yield of 0.03%, April 16, 2015 350,000 349,995
U.S. Treasury Bills with an effective yield of zero%, February 19, 2015 2,000 2,000

Total short-term investments (cost $21,614,785) $21,614,906

TOTAL INVESTMENTS

Total investments (cost $826,172,335)(b) $885,577,944














FORWARD CURRENCY CONTRACTS at 1/31/15 (aggregate face value $134,451,616) (Unaudited)


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

Barclays Bank PLC
Hong Kong Dollar Buy 2/13/15 $7,242,672 $7,240,937 $1,735
Japanese Yen Buy 2/13/15 2,800,146 2,891,832 (91,686)
Singapore Dollar Sell 2/13/15 178,326 187,111 8,785
Swiss Franc Buy 3/18/15 7,457,728 7,101,535 356,193
Citibank, N.A.
Australian Dollar Buy 4/15/15 1,206,780 1,248,797 (42,017)
Canadian Dollar Buy 4/15/15 2,936,314 3,161,994 (225,680)
Danish Krone Buy 3/18/15 4,305,164 4,753,602 (448,438)
Euro Sell 3/18/15 8,441,565 9,334,948 893,383
Japanese Yen Sell 2/13/15 10,109,477 9,929,043 (180,434)
Credit Suisse International
Canadian Dollar Buy 4/15/15 6,124,933 6,595,855 (470,922)
Swiss Franc Sell 3/18/15 3,573,763 3,956,053 382,290
Deutsche Bank AG
Australian Dollar Buy 4/15/15 1,728,489 1,796,696 (68,207)
British Pound Sell 3/18/15 5,126,985 5,369,932 242,947
Canadian Dollar Buy 4/15/15 644,093 693,547 (49,454)
Euro Sell 3/18/15 7,013,385 7,588,977 575,592
HSBC Bank USA, National Association
British Pound Sell 3/18/15 12,472,115 13,031,487 559,372
Canadian Dollar Buy 4/15/15 2,014,676 2,169,641 (154,965)
Euro Sell 3/18/15 3,852,716 4,318,832 466,116
JPMorgan Chase Bank N.A.
Euro Sell 3/18/15 962,105 1,064,173 102,068
Japanese Yen Buy 2/13/15 2,530,909 2,465,837 65,072
Norwegian Krone Buy 3/18/15 2,161,043 2,233,612 (72,569)
Singapore Dollar Sell 2/13/15 1,024,359 1,096,099 71,740
Swedish Krona Sell 3/18/15 5,720,549 5,990,415 269,866
State Street Bank and Trust Co.
Canadian Dollar Buy 4/15/15 2,270,285 2,444,713 (174,428)
Euro Sell 3/18/15 913,610 1,010,333 96,723
Israeli Shekel Buy 4/15/15 2,093,582 2,082,062 11,520
Japanese Yen Buy 2/13/15 280,255 289,383 (9,128)
UBS AG
British Pound Sell 3/18/15 7,908,438 8,287,468 379,030
Swiss Franc Buy 3/18/15 8,112,951 7,725,560 387,391
WestPac Banking Corp.
British Pound Sell 3/18/15 6,188,852 6,466,453 277,601
Canadian Dollar Buy 4/15/15 1,786,744 1,924,689 (137,945)

Total $3,021,551














OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/15 (Unaudited)
Upfront     Payments Total return
Swap counterparty/ premium     Termination received (paid) by received by Unrealized
Notional amount received (paid)     date fund per annum or paid by fund appreciation

JPMorgan Chase Bank N.A.
baskets 36,877 $—      7/16/15 (3 month USD-LIBOR-BBA plus 30 bp) A basket (JPCMPTMD) of common stocks $27,741

Total$—     $27,741











Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
GDR Global 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 November 1, 2014 through January 31, 2015 (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 $878,603,050.
(b) The aggregate identified cost on a tax basis is $826,595,631, resulting in gross unrealized appreciation and depreciation of $116,030,464 and $57,048,151, respectively, or net unrealized appreciation of $58,982,313.
(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 $4,596,079, or 0.5% of net assets.
(AFF) Affiliated company. 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 Putnam Short Term Investment Fund, which is under common ownership and control, were as follows:
Name of affiliate Fair value at the beginning of the reporting period Purchase cost Sale proceeds Investment income Fair value at the end of the reporting period

Putnam Short Term Investment Fund * $36,501,807 $64,303,176 $90,829,441 $5,309 $9,975,542
* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.

(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.
(d) Affiliated company. 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 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 $9,236,445, 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 $8,712,354.
(F) This security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or 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.
(i) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts.
(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 $164,659 to cover certain derivative contracts and the settlement of certain securities.
Debt obligations are considered secured unless otherwise indicated.
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 54.7%
United Kingdom 11.4
Japan 8.9
France 3.1
Netherlands 2.2
Switzerland 2.2
Ireland 2.2
Italy 2.1
Spain 1.9
Australia 1.9
South Korea 1.9
Sweden 1.8
Germany 1.8
Indonesia 0.7
Singapore 0.7
Belgium 0.7
India 0.6
Hong Kong 0.6
Other 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 has 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 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. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value, and are classified as Level 2 securities.
Many securities markets and exchanges outside the U.S. close prior to the 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 close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value 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. These 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.
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.
Total return swap contracts: The fund entered into OTC total return swap contracts, which are arrangements to exchange a market linked return for a periodic payment, both based on a notional principal amount, to gain exposure to a basket of securities.
To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers and the change, if any, is recorded as an unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the fund and the counterparty.
For the fund's average notional amount on OTC total return swap 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 posted to the fund which cannot be sold or repledged totaled $836,877 at the close of the reporting period.
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 $167,131 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $40,000 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 discretionary $74,407,570 $78,277,515 $1,980,427
    Consumer staples 29,195,646 37,323,275
    Energy 26,576,137 20,542,772
    Financials 98,597,262 74,614,793 2,615,652
    Health care 73,635,409 44,320,731
    Industrials 45,284,848 38,118,301
    Information technology 69,188,913 34,130,820
    Materials 46,683,694 10,288,368
    Telecommunication services 10,046,513 19,601,970
    Utilities 21,647,256 5,660,656
Total common stocks 495,263,248 362,879,201 4,596,079
U.S. treasury obligations 1,224,510
Short-term investments 11,205,542 10,409,364



Totals by level $506,468,790 $374,513,075 $4,596,079



Valuation inputs

Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $3,021,551 $—
Total return swap contracts 27,741



Totals by level $— $3,049,292 $—


* 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.
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 $5,147,424$2,125,873
Equity contracts 27,741


Total $5,175,165 $2,125,873


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 as follows 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)$197,100,000
OTC total return swap contracts (notional)$3,500,000
   
  The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions, if applicable, see note "(d)" above, and for borrowing transactions associated with securities sold short, if applicable, see the "Short sales of securities" note above.
   
      Barclays Bank PLC Citibank, N.A. Credit Suisse International Deutsche Bank AG HSBC Bank USA, National Association JPMorgan Chase Bank N.A. State Street Bank and Trust Co. UBS AG WestPac Banking Corp.   Total
                           
  Assets:                        
  OTC Total return swap contracts*#    –  –  –  –  –  27,741  –  –  –    27,741
  Forward currency contracts#    366,713  893,383  382,290  818,539  1,025,488  508,746  108,243  766,421  277,601    5,147,424
                           
  Total Assets  $366,713  $893,383  $382,290  $818,539  $1,025,488  $536,487  $108,243  $766,421  $277,601  $5,175,165
                           
  Liabilities:                        
  OTC Total return swap contracts*#    –  –  –  –  –  –  –  –  –    –
  Forward currency contracts#    91,686  896,569  470,922  117,661  154,965  72,569  183,556  –  137,945    2,125,873
                           
  Total Liabilities  $91,686  $896,569  $470,922  $117,661  $154,965  $72,569  $183,556  $–  $137,945  $2,125,873
                           
  Total Financial and Derivative Net Assets    $275,027  $(3,186)  $(88,632)  $700,878  $870,523  $463,918  $(75,313)  $766,421  $139,656    $3,049,292
  Total collateral received (pledged)##†    $275,027  $140,000  $(40,000)  $680,000  $801,708  $410,000  $–  $766,421  $–    
  Net amount    $–  $(143,186)  $(48,632)  $20,878  $68,815  $53,918  $(75,313)  $–  $139,656    
                           
* Excludes premiums, if any.
                           
 Additional collateral may be required from certain brokers based on individual agreements.
                           
# Covered by master netting agreement.
                           
## Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.

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 Equity Fund
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: March 31, 2015

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: March 31, 2015

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: March 31, 2015

EX-99.CERT 2 b_005certifications.htm EX-99.CERT b_005certifications.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: March 30, 2015
Jonathan S. Horwitz
Principal Executive Officer














Certifications

I, Steven D. Krichmar, 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/ Steven D. Krichmar
_______________________________

Date: March 30, 2015
Steven D. Krichmar
Principal Financial Officer















Attachment A

NQ

Period (s) ended January 31, 2015
               Putnam Managed Municipal Income Trust
               Putnam Municipal Opportunities Trust
               Putnam Multi-Cap Value Fund
               The Putnam Fund for Growth and Income
               Putnam Capital Opportunities Fund
               Putnam Income Fund
               Putnam Global Income Trust
               Putnam Global Equity Fund
               Putnam Convertible Securities Fund
               Putnam Absolute Return 100 Fund
               Putnam Absolute Return 300 Fund
               Putnam Absolute Return 500 Fund
               Putnam Absolute Return 700 Fund
               Putnam Capital Spectrum Fund
               Putnam Equity Spectrum Fund
               Putnam Asia Pacific Equity Fund
               Putnam Global Sector Fund
               Putnam Multi-Cap Core Fund