NPORT-EX 2 b_841nport.htm QUARTERLY PORTFOLIO HOLDINGS

Putnam International Equity Fund
The fund's portfolio
3/31/20 (Unaudited)



COMMON STOCKS (97.5%)(a)
        Shares Value
Canada (2.1%)
Cenovus Energy, Inc. 742,500 $1,498,401
TMX Group, Ltd. 167,100 12,440,181
13,938,582
China (1.0%)
China Mobile, Ltd. 866,500 6,546,307
6,546,307
Denmark (1.6%)
Orsted A/S 104,121 10,225,201
10,225,201
France (15.3%)
AXA SA 865,920 14,995,059
Dassault Systemes SA 57,022 8,456,178
Kering SA 26,888 14,030,014
La Francaise des Jeux SAEM(NON) 198,867 4,962,935
Pernod Ricard SA 72,228 10,273,624
Schneider Electric SA 165,816 14,276,512
Thales SA 125,241 10,512,105
Veolia Environnement SA 461,999 9,883,488
Vinci SA 158,413 13,107,894
100,497,809
Germany (4.0%)
adidas AG 53,774 12,370,588
CompuGroup Medical SE 120,045 7,386,791
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
Software AG 224,384 6,746,979
26,504,400
Hong Kong (3.6%)
AIA Group, Ltd. 2,649,400 23,834,801
23,834,801
Ireland (3.4%)
CRH PLC 452,156 12,325,282
Kerry Group PLC Class A 86,771 9,947,682
22,272,964
Italy (1.8%)
Nexi SpA(NON) 922,233 11,987,870
11,987,870
Japan (18.1%)
Hoya Corp. 175,800 14,953,356
MinebeaMitsumi, Inc. 595,200 8,874,976
Nintendo Co., Ltd. 42,200 16,276,280
Nippon Prologis REIT, Inc.(R) 3,632 9,150,092
Secom Co., Ltd. 150,800 12,537,866
Seven & i Holdings Co., Ltd. 383,200 12,654,165
Sony Corp. 414,700 24,651,096
Sumitomo Mitsui Financial Group, Inc. 446,500 10,848,749
Toyota Industries Corp. 182,700 8,766,848
118,713,428
Netherlands (9.8%)
Akzo Nobel NV 137,874 9,089,528
ING Groep NV 1,003,813 5,258,031
Koninklijke Ahold Delhaize NV 529,492 12,391,852
Koninklijke DSM NV 102,826 11,684,543
Prosus NV(NON) 108,205 7,497,370
Unilever NV 375,296 18,490,826
64,412,150
Norway (1.4%)
DNB ASA 802,765 9,003,185
9,003,185
South Korea (2.3%)
Samsung Electronics Co., Ltd. (Preference) 464,452 15,160,870
15,160,870
Switzerland (13.2%)
Barry Callebaut AG 5,635 11,330,389
Coca-Cola HBC AG 489,035 10,510,857
Lonza Group AG 35,560 14,794,779
Novartis AG 311,996 25,784,922
Roche Holding AG 34,939 11,359,159
SIG Combibloc Group AG 831,817 12,463,053
86,243,159
United Arab Emirates (1.3%)
Network International Holdings PLC(NON) 1,726,094 8,471,119
8,471,119
United Kingdom (16.8%)
Anglo American PLC 646,013 11,288,614
AstraZeneca PLC 198,681 17,747,792
Compass Group PLC 828,654 12,947,397
Imperial Brands PLC 606,613 11,244,144
InterContinental Hotels Group PLC 183,113 7,840,099
Prudential PLC 1,611,994 20,577,157
Quilter PLC 2,064,178 3,016,504
SSE PLC 770,618 12,437,075
Vodafone Group PLC 9,346,414 13,056,082
110,154,864
United States (1.8%)
Linde PLC 66,856 12,063,791
12,063,791
Total common stocks (cost $708,864,752) $640,030,500









U.S. TREASURY OBLIGATIONS (—%)(a)
        Principal amount Value
U.S. Treasury Notes
2.375%, 12/31/20(i) $108,000 $110,513
2.125%, 1/31/21(i) 206,000 210,298
Total U.S. treasury obligations (cost $320,811) $320,811









SHORT-TERM INVESTMENTS (1.8%)(a)
        Principal amount/
shares		 Value
Putnam Short Term Investment Fund 0.92%(AFF) Shares 6,744,333 $6,744,333
U.S. Treasury Bills 1.636%, 4/2/20(SEGSF) $874,000 874,000
U.S. Treasury Bills 0.595%, 4/7/20(SEGSF) 87,000 86,999
U.S. Treasury Bills 1.572%, 5/7/20(SEGSF) 126,000 125,992
U.S. Treasury Bills 1.563%, 4/16/20(SEGSF) 122,000 121,996
U.S. Treasury Bills 1.649%, 4/9/20(SEGSF) 357,000 356,993
U.S. Treasury Bills 1.542%, 7/16/20(SEGSF) 1,364,000 1,363,684
U.S. Treasury Bills 0.203%, 7/9/20(SEGSF) 40,000 39,992
U.S. Treasury Bills 1.541%, 4/23/20(SEGSF) 140,000 139,997
U.S. Treasury Bills 0.005%, 6/11/20 19,000 18,997
U.S. Treasury Bills 0.380%, 4/28/20(SEGSF) 376,000 375,990
U.S. Treasury Bills 0.310%, 7/23/20(SEGSF) 126,000 125,968
U.S. Treasury Bills 0.164%, 6/25/20(SEGSF) 124,000 123,981
U.S. Treasury Bills 0.005%, 9/10/20(SEGSF) 40,000 39,979
U.S. Treasury Bills 0.015%, 9/3/20(SEGSF) 344,000 343,857
U.S. Treasury Bills 0.002%, 9/24/20(SEGSF) 229,000 228,895
U.S. Treasury Bills zero%, 8/13/20(SEGSF) 495,000 494,857
Total short-term investments (cost $11,600,383) $11,606,510
TOTAL INVESTMENTS
Total investments (cost $720,785,946) $651,957,821









FORWARD CURRENCY CONTRACTS at 3/31/20 (aggregate face value $334,760,164) (Unaudited)
  Counterparty Currency Contract type* Delivery
date		 Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
Australian Dollar Buy 4/15/20 $1,736,114 $1,960,169 $(224,055)
British Pound Buy 6/17/20 453,722 471,535 (17,813)
Japanese Yen Buy 5/20/20 27,939,983 27,601,762 338,221
Barclays Bank PLC
Australian Dollar Buy 4/15/20 3,558,902 3,560,142 (1,240)
Canadian Dollar Sell 4/15/20 462,095 500,955 38,860
Euro Buy 6/17/20 481,597 497,851 (16,254)
Hong Kong Dollar Buy 5/20/20 9,505,559 9,481,493 24,066
Japanese Yen Buy 5/20/20 398,744 393,870 4,874
Norwegian Krone Buy 6/17/20 2,167,186 2,343,146 (175,960)
Citibank, N.A.
Australian Dollar Sell 4/15/20 2,248,711 2,315,602 66,891
British Pound Sell 6/17/20 11,164,693 11,604,365 439,672
Canadian Dollar Buy 4/15/20 6,630,520 6,960,941 (330,421)
Danish Krone Buy 6/17/20 3,732,685 3,817,848 (85,163)
Euro Sell 6/17/20 6,568,488 6,498,294 (70,194)
Japanese Yen Buy 5/20/20 5,936,753 6,051,543 (114,790)
New Zealand Dollar Buy 4/15/20 34,186 38,260 (4,074)
Swedish Krona Buy 6/17/20 967,696 1,014,441 (46,745)
Goldman Sachs International
British Pound Buy 6/17/20 10,102,526 9,408,399 694,127
Hong Kong Dollar Sell 5/20/20 3,821,290 3,814,187 (7,103)
Japanese Yen Sell 5/20/20 5,311,010 5,326,862 15,852
Swedish Krona Sell 6/17/20 152,956 155,117 2,161
HSBC Bank USA, National Association
Australian Dollar Buy 4/15/20 14,179,689 15,864,848 (1,685,159)
British Pound Sell 6/17/20 264,298 293,066 28,768
Canadian Dollar Sell 4/15/20 283,568 307,467 23,899
Chinese Yuan (Offshore) Sell 5/20/20 5,767,096 5,770,225 3,129
Euro Sell 6/17/20 10,636,407 10,746,184 109,777
Hong Kong Dollar Buy 5/20/20 121,703 121,468 235
Japanese Yen Sell 5/20/20 3,751,121 3,724,521 (26,600)
JPMorgan Chase Bank N.A.
Australian Dollar Buy 4/15/20 3,731,449 4,221,017 (489,568)
British Pound Buy 6/17/20 443,523 460,979 (17,456)
Euro Buy 6/17/20 24,153,442 24,429,164 (275,722)
Japanese Yen Sell 5/20/20 137,786 140,483 2,697
New Zealand Dollar Buy 4/15/20 1,462,729 1,636,772 (174,043)
Norwegian Krone Sell 6/17/20 5,464,923 6,118,491 653,568
Singapore Dollar Buy 5/20/20 6,928,000 7,354,180 (426,180)
South Korean Won Sell 5/20/20 15,038,649 15,704,287 665,638
Swedish Krona Buy 6/17/20 9,705,393 10,173,567 (468,174)
Swiss Franc Sell 6/17/20 15,004,066 15,172,402 168,336
NatWest Markets PLC
Australian Dollar Buy 4/15/20 58,069 65,565 (7,496)
British Pound Buy 6/17/20 564,292 586,532 (22,240)
Euro Sell 6/17/20 299,422 302,542 3,120
Norwegian Krone Sell 6/17/20 3,454,249 3,867,842 413,593
Swedish Krona Buy 6/17/20 7,896,286 8,282,359 (386,073)
State Street Bank and Trust Co.
Australian Dollar Buy 4/15/20 90,303 123,717 (33,414)
British Pound Sell 6/17/20 2,330,797 2,259,560 (71,237)
Canadian Dollar Sell 4/15/20 2,907,746 3,080,707 172,961
Euro Sell 6/17/20 17,512,171 17,688,618 176,447
Israeli Shekel Buy 4/16/20 4,787,225 4,900,501 (113,276)
Japanese Yen Buy 5/20/20 19,709,658 19,400,770 308,888
Swedish Krona Buy 6/17/20 46,324 48,556 (2,232)
Swiss Franc Buy 6/17/20 240,558 242,722 (2,164)
UBS AG
Australian Dollar Sell 4/15/20 4,813,360 4,004,754 (808,606)
Canadian Dollar Buy 4/15/20 124,301 120,500 3,801
Euro Sell 6/17/20 12,387,039 12,395,818 8,779
Japanese Yen Sell 5/20/20 3,098,826 3,063,369 (35,457)
Norwegian Krone Buy 6/17/20 34,916 39,103 (4,187)
Swedish Krona Sell 6/17/20 3,090,927 2,897,418 (193,509)
WestPac Banking Corp.
Australian Dollar Buy 4/15/20 3,465,154 3,809,440 (344,286)
British Pound Sell 6/17/20 9,234,634 9,597,074 362,440
Canadian Dollar Sell 4/15/20 4,735,162 5,035,860 300,698
Euro Sell 6/17/20 3,525,486 3,561,728 36,242
Japanese Yen Buy 5/20/20 3,468,173 3,329,206 138,967
Unrealized appreciation 5,206,707
Unrealized (depreciation) (6,680,891)
Total $(1,474,184)
* The exchange currency for all contracts listed is the United States Dollar.













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 March 31, 2020 (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 $656,722,538.
(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 $42, 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
3/31/20
Short-term investments
Putnam Short Term Investment Fund* $3,901,482 $235,066,496 $232,223,645 $186,480 $6,744,333
Total Short-term investments $3,901,482 $235,066,496 $232,223,645 $186,480 $6,744,333
* 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 $3,702,434.
(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.
(i) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts.
(R) Real Estate Investment Trust.
At the close of the reporting period, the fund maintained liquid assets totaling $3,271,202 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 15.2%
Consumer staples 14.7
Consumer discretionary 14.2
Health care 14.0
Materials 10.5
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
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 posted to the fund which cannot be sold or repledged totaled $729,792 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 $3,206,512 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $3,702,434 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:
Canada $13,938,582 $— $—
China — 6,546,307 —
Denmark — 10,225,201 —
France — 100,497,809 —
Germany — 26,504,358 42
Hong Kong — 23,834,801 —
Ireland — 22,272,964 —
Italy — 11,987,870 —
Japan — 118,713,428 —
Netherlands — 64,412,150 —
Norway — 9,003,185 —
South Korea — 15,160,870 —
Switzerland — 86,243,159 —
United Arab Emirates — 8,471,119 —
United Kingdom — 110,154,864 —
United States — 12,063,791 —
Total common stocks 13,938,582 626,091,876 42
U.S. treasury obligations — 320,811 —
Short-term investments 6,744,333 4,862,177 —
Totals by level $20,682,915 $631,274,864 $42
 
Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(1,474,184) $—
Totals by level $— $(1,474,184) $—
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) $395,600,000

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