NPORT-EX 3 b_841nportex.htm QUARTERLY PORTFOLIO HOLDINGS

Putnam International Equity Fund
The fund's portfolio
9/30/19 (Unaudited)



COMMON STOCKS (96.6%)(a)
        Shares Value
Australia (2.7%)
Qantas Airways, Ltd. 2,648,340 $11,243,358
QBE Insurance Group, Ltd. 1,295,405 10,981,632
22,224,990
Canada (1.0%)
TMX Group, Ltd. 97,200 8,388,759
8,388,759
China (1.1%)
Yum China Holdings, Inc. 206,967 9,402,511
9,402,511
Finland (1.3%)
Fortum OYJ 437,058 10,332,498
10,332,498
France (14.9%)
Airbus SE 130,011 16,891,300
AXA SA 938,690 23,971,830
Dassault Systemes SA 84,098 11,984,891
Eurazeo SA 106,176 7,898,338
Kering SA 30,453 15,519,040
Natixis SA 1,148,179 4,761,798
Veolia Environnement SA 803,101 20,360,413
Vinci SA 199,740 21,513,774
122,901,384
Germany (3.7%)
adidas AG 55,301 17,217,652
CompuGroup Medical SE 44,797 2,695,223
HC Brillant Services GmbH (acquired various dates from 8/2/13 to 8/31/16, cost $20) (Private)(F)(RES)(NON) 30 25
New Bigfoot Other Assets GmbH (acquired 8/2/13, cost $20) (Private)(F)(RES)(NON) 15 12
New Middle East Other Assets GmbH (acquired 8/2/13, cost $8) (Private)(F)(RES)(NON) 6 5
Rheinmetall AG 82,281 10,407,620
30,320,537
Hong Kong (4.5%)
AIA Group, Ltd. 2,649,400 25,031,331
Hong Kong Exchanges and Clearing, Ltd. 403,800 11,849,650
36,880,981
India (1.4%)
HDFC Bank, Ltd. ADR 202,588 11,557,645
11,557,645
Ireland (3.2%)
Bank of Ireland Group PLC 887,555 3,521,303
CRH PLC 522,912 18,004,661
Kerry Group PLC Class A 44,446 5,198,034
26,723,998
Japan (18.1%)
Asahi Group Holdings, Ltd. 401,100 19,846,335
Daikin Industries, Ltd. 76,000 9,966,983
Hoya Corp. 205,900 16,793,822
MinebeaMitsumi, Inc. 487,400 7,712,753
Mitsubishi Corp. 441,500 10,824,661
Nintendo Co., Ltd. 33,700 12,473,286
ORIX Corp. 708,100 10,550,281
Seven & i Holdings Co., Ltd. 205,000 7,834,081
Sony Corp. 383,700 22,523,412
Sumitomo Mitsui Financial Group, Inc. 379,900 12,982,479
Toyota Motor Corp. 274,900 18,346,159
149,854,252
Luxembourg (—%)
Global Fashion Group SA (acquired various dates from 8/2/13 to 9/14/17, cost $1,130,914) (Private)(F)(RES)(NON) 34,974 71,909
71,909
Netherlands (7.5%)
Heineken NV 21,832 2,359,591
ING Groep NV 1,036,246 10,847,302
Koninklijke Ahold Delhaize NV 483,242 12,090,623
Koninklijke DSM NV 99,808 12,009,948
Unilever NV 414,136 24,894,030
62,201,494
South Korea (1.9%)
Samsung Electronics Co., Ltd. (Preference) 464,452 15,337,419
15,337,419
Sweden (1.8%)
ASSA ABLOY AB Class B 444,513 9,893,570
EQT AB(NON) 528,379 4,694,949
14,588,519
Switzerland (13.0%)
Alcon, Inc.(NON) 229,422 13,378,449
Barry Callebaut AG 6,744 13,906,269
Coca-Cola HBC AG 405,772 13,256,219
Lonza Group AG 40,462 13,678,552
Nestle SA 111,136 12,057,318
Novartis AG 323,961 28,090,361
SIG Combibloc Group AG 975,719 13,002,417
107,369,585
United Kingdom (17.5%)
Anglo American PLC 542,902 12,490,726
Ashtead Group PLC 554,831 15,444,831
Associated British Foods PLC 187,862 5,319,599
AstraZeneca PLC 279,106 24,917,911
Compass Group PLC 592,798 15,255,343
Imperial Brands PLC 420,097 9,443,203
Prudential PLC 1,397,204 25,339,489
Quilter PLC 3,567,853 5,981,473
SSE PLC 872,798 13,366,063
Vodafone Group PLC 8,540,349 17,011,267
144,569,905
United States (3.0%)
Linde PLC 58,790 11,405,917
NXP Semiconductors NV 124,083 13,539,935
24,945,852
Total common stocks (cost $767,125,676) $797,672,238









U.S. TREASURY OBLIGATIONS (0.1%)(a)
        Principal amount Value
U.S. Treasury Inflation Index Notes 0.875%, 1/15/29(i) $338,291 $365,469
U.S. Treasury Notes
2.25%, 11/15/24(i) 129,000 134,339
2.125%, 8/31/20(i) 121,000 121,516
2.00%, 2/15/25(i) 2,000 2,048
Total U.S. treasury obligations (cost $623,372) $623,372









SHORT-TERM INVESTMENTS (3.4%)(a)
        Principal amount/
shares		 Value
Putnam Short Term Investment Fund 2.05%(AFF) Shares 26,571,886 $26,571,886
U.S. Treasury Bills 1.972%, 12/5/19(SEGSF) $268,000 267,136
U.S. Treasury Bills 2.030%, 10/10/19(SEGSF) 343,000 342,848
U.S. Treasury Bills 1.977%, 11/7/19(SEGSF) 346,000 345,388
U.S. Treasury Bills 1.975%, 11/21/19 61,000 60,845
U.S. Treasury Bills 1.892%, 3/12/20(SEGSF) 852,000 845,086
Total short-term investments (cost $28,432,806) $28,433,189
TOTAL INVESTMENTS
Total investments (cost $796,181,854) $826,728,799









FORWARD CURRENCY CONTRACTS at 9/30/19 (aggregate face value $332,682,853) (Unaudited)
  Counterparty Currency Contract type* Delivery
date		 Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
Australian Dollar Buy 10/16/19 $1,905,875 $2,103,249 $(197,374)
British Pound Sell 12/18/19 10,165,396 10,082,850 (82,546)
Canadian Dollar Buy 10/16/19 370,020 403,907 (33,887)
Euro Sell 12/18/19 3,008,738 3,053,025 44,287
Japanese Yen Buy 11/20/19 30,573,506 30,727,839 (154,333)
Barclays Bank PLC
Australian Dollar Buy 10/16/19 97,445 101,234 (3,789)
British Pound Buy 12/18/19 363,623 359,274 4,349
Canadian Dollar Sell 10/16/19 490,895 490,798 (97)
Euro Buy 12/18/19 266,983 276,516 (9,533)
Hong Kong Dollar Sell 11/20/19 689,254 730,818 41,564
Japanese Yen Sell 11/20/19 5,218,669 5,353,691 135,022
Swiss Franc Sell 12/18/19 21,796,529 22,112,318 315,789
Citibank, N.A.
Australian Dollar Buy 10/16/19 1,953,145 2,114,803 (161,658)
British Pound Sell 12/18/19 15,960,289 15,831,801 (128,488)
Canadian Dollar Buy 10/16/19 10,208,000 10,359,697 (151,697)
Danish Krone Buy 12/18/19 15,464,750 15,608,309 (143,559)
Euro Sell 12/18/19 7,140,888 7,197,165 56,277
Japanese Yen Buy 11/20/19 11,109,774 11,170,158 (60,384)
New Zealand Dollar Buy 10/16/19 35,893 38,320 (2,427)
Goldman Sachs International
British Pound Sell 12/18/19 3,531,135 3,539,335 8,200
Canadian Dollar Buy 10/16/19 5,768,505 5,772,458 (3,953)
Canadian Dollar Sell 10/16/19 5,768,505 5,765,841 (2,664)
Euro Sell 12/18/19 282,443 286,234 3,791
Japanese Yen Sell 11/20/19 12,850,157 12,911,281 61,124
Swedish Krona Buy 12/18/19 38,591 39,047 (456)
HSBC Bank USA, National Association
Australian Dollar Buy 10/16/19 82,588 80,751 1,837
British Pound Buy 12/18/19 7,112,964 7,197,109 (84,145)
Chinese Yuan (Offshore) Sell 11/20/19 8,686,171 8,867,578 181,407
Euro Sell 12/18/19 6,552,429 6,604,487 52,058
Japanese Yen Sell 11/20/19 6,400,556 6,549,918 149,362
New Zealand Dollar Buy 10/16/19 1,535,737 1,639,280 (103,543)
JPMorgan Chase Bank N.A.
Australian Dollar Buy 10/16/19 211,839 218,652 (6,813)
British Pound Buy 12/18/19 516,078 512,813 3,265
Chinese Yuan (Offshore) Sell 11/20/19 59,986 60,492 506
Euro Buy 12/18/19 28,037,152 28,158,409 (121,257)
Japanese Yen Buy 11/20/19 5,905,759 5,934,731 (28,972)
Norwegian Krone Buy 12/18/19 6,167,767 6,191,605 (23,838)
Singapore Dollar Buy 11/20/19 10,267,695 10,360,483 (92,788)
South Korean Won Sell 11/20/19 15,772,088 15,717,159 (54,929)
Swedish Krona Buy 12/18/19 8,918,766 8,995,132 (76,366)
Swiss Franc Sell 12/18/19 7,991,022 8,097,541 106,519
NatWest Markets PLC
Australian Dollar Buy 10/16/19 63,748 65,299 (1,551)
Swedish Krona Sell 12/18/19 67,992 68,570 578
State Street Bank and Trust Co.
Australian Dollar Buy 10/16/19 280,111 293,123 (13,012)
Euro Buy 12/18/19 765,753 774,996 (9,243)
Israeli Shekel Buy 10/16/19 4,878,601 4,776,784 101,817
Japanese Yen Buy 11/20/19 21,615,415 21,721,008 (105,593)
UBS AG
Australian Dollar Buy 10/16/19 7,053,218 7,325,704 (272,486)
British Pound Buy 12/18/19 9,680,894 9,743,754 (62,860)
Japanese Yen Buy 11/20/19 57,012 58,136 (1,124)
Norwegian Krone Buy 12/18/19 39,938 40,156 (218)
Swedish Krona Buy 12/18/19 102,529 102,477 52
WestPac Banking Corp.
Canadian Dollar Buy 10/16/19 3,030,154 3,064,782 (34,628)
Canadian Dollar Sell 10/16/19 3,030,154 3,031,956 1,802
Unrealized appreciation 1,269,606
Unrealized (depreciation) (2,230,211)
Total $(960,605)
* 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 July 1, 2019 through September 30, 2019 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $825,333,256.
(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 $71,951, or less than 0.1% of net assets.
(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
6/30/19		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as  of
9/30/19
Short-term investments
Putnam Short Term Investment Fund* $3,901,482 $103,862,491 $81,192,087 $111,141 $26,571,886
Total Short-term investments $3,901,482 $103,862,491 $81,192,087 $111,141 $26,571,886
* 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 $1,207,158.
(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.
(i) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts.
At the close of the reporting period, the fund maintained liquid assets totaling $1,694,746 to cover certain derivative contracts.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
The dates shown on debt obligations are the original maturity dates.
The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
Financials 21.6%
Consumer staples 15.3
Industrials 13.8
Health care 12.1
Consumer discretionary 11.9
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. 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.
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 $1,706,928 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $1,207,158 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:
Australia $22,224,990 $— $—
Canada 8,388,759 — —
China 9,402,511 — —
Finland 10,332,498 — —
France 122,901,384 — —
Germany 30,320,495 — 42
Hong Kong 36,880,981 — —
India 11,557,645 — —
Ireland 26,723,998 — —
Japan 149,854,252 — —
Luxembourg — — 71,909
Netherlands 62,201,494 — —
South Korea 15,337,419 — —
Sweden 14,588,519 — —
Switzerland 107,369,585 — —
United Kingdom 144,569,905 — —
United States 24,945,852 — —
Total common stocks 797,600,287 — 71,951
U.S. treasury obligations — 623,372 —
Short-term investments 26,571,886 1,861,303 —
Totals by level $824,172,173 $2,484,675 $71,951
 
Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(960,605) $—
Totals by level $— $(960,605) $—
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.
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) $392,900,000

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