NPORT-EX 2 b_841nport033121.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam International Equity Fund
The fund's portfolio
3/31/21 (Unaudited)


COMMON STOCKS (99.2%)(a)
        Shares Value
Australia (2.0%)
BHP Billiton, Ltd. 491,053 $16,986,119
16,986,119
Canada (1.1%)
Cenovus Energy, Inc. 1,205,200 9,053,146
9,053,146
Denmark (3.2%)
A. P. Moeller-Maersck A/S 5,293 12,295,330
Orsted AS 89,340 14,429,327
26,724,657
France (10.8%)
AXA SA 567,811 15,238,480
BNP Paribas SA(NON) 248,290 15,105,883
Compagnie De Saint-Gobain(NON) 281,413 16,606,256
Compagnie Generale des Etablissements Michelin SCA 59,826 8,955,662
Schneider Electric SA 127,312 19,446,167
Thales SA 167,470 16,638,337
91,990,785
Germany (9.6%)
adidas AG(NON) 42,805 13,362,554
Auto1 Group SE 144A(NON) 198,498 11,254,846
Brenntag AG 172,220 14,702,862
Deutsche Boerse AG 90,826 15,092,701
HC Brillant Services GmbH (acquired various dates from 8/2/13 to 8/31/16, cost $20) (Private)(F)(RES)(NON) 30 26
Merck KGaA 84,317 14,416,492
Zalando SE(NON) 131,564 12,904,407
81,733,888
Greece (0.9%)
OPAP SA 567,092 7,667,782
7,667,782
Hong Kong (2.5%)
AIA Group, Ltd. 1,739,600 21,163,107
21,163,107
India (1.8%)
Reliance Industries, Ltd. 144A 272,671 15,078,706
15,078,706
Ireland (4.0%)
Bank of Ireland Group PLC(NON) 1,459,895 7,241,840
CRH PLC 272,619 12,778,421
Flutter Entertainment PLC 65,117 13,918,876
33,939,137
Italy (3.2%)
Moncler SpA(NON) 208,548 11,951,854
Nexi SpA(NON) 896,576 15,645,050
27,596,904
Japan (18.9%)
Asahi Group Holdings, Ltd. 378,400 16,022,668
GMO internet, Inc. 110,200 3,193,741
Hoya Corp. 107,800 12,696,775
Japan Exchange Group, Inc. 547,000 12,857,488
MinebeaMitsumi, Inc. 617,300 15,871,435
Nabtesco Corp. 267,300 12,287,360
PALTAC Corp. 202,400 10,973,522
Panasonic Corp. 604,000 7,803,443
Renesas Electronics Corp.(NON) 1,144,000 12,566,801
SBI Holdings, Inc. 403,600 10,983,238
Secom Co., Ltd. 144,200 12,174,817
Sony Corp. 204,600 21,540,584
Yamaha Motor Co., Ltd. 468,200 11,570,057
160,541,929
Netherlands (3.3%)
Adyen NV(NON) 3,010 6,719,025
Akzo Nobel NV 105,519 11,790,150
QIAGEN NV(NON) 205,795 9,959,928
28,469,103
Norway (1.0%)
DNB ASA 387,832 8,252,565
8,252,565
Portugal (1.5%)
Energias de Portugal (EDP) SA 2,235,180 12,765,223
12,765,223
Russia (1.3%)
Sberbank of Russia PJSC ADR 696,352 10,727,303
10,727,303
South Korea (5.2%)
Hana Financial Group, Inc. 342,965 12,939,781
LG Chemical, Ltd. 16,115 11,521,206
Samsung Electronics Co., Ltd. (Preference) 214,313 13,865,643
SK Telecom Co., Ltd. 25,489 6,208,360
44,534,990
Spain (1.8%)
CaixaBank SA 4,813,525 14,896,682
14,896,682
Sweden (0.2%)
Fingerprint Cards AB Class B(NON) 554,167 1,849,666
1,849,666
Switzerland (7.9%)
ABB, Ltd. 493,832 14,922,332
Coca-Cola HBC AG 502,190 15,992,562
Lonza Group AG 23,954 13,391,836
SIG Combibloc Group AG 544,824 12,601,018
UBS Group AG(NON) 679,363 10,519,470
67,427,218
Taiwan (2.9%)
Lite-On Technology Corp. 3,024,000 6,687,518
Novatek Microelectronics Corp. 288,000 5,868,339
Taiwan Semiconductor Manufacturing Co., Ltd. 600,000 12,476,049
25,031,906
United Arab Emirates (1.1%)
Network International Holdings PLC(NON) 1,575,187 8,981,537
8,981,537
United Kingdom (12.3%)
Abcam PLC 451,918 8,666,121
Anglo American PLC 361,468 14,164,731
CNH Industrial NV(NON) 701,101 10,848,680
Diageo PLC 455,748 18,782,843
Kingfisher PLC(NON) 2,623,937 11,514,049
Liberty Global PLC Class C(NON) 647,500 16,537,150
Prudential PLC 810,523 17,213,336
Unilever PLC 127,359 7,106,258
104,833,168
United States (2.7%)
Linde PLC 35,671 9,993,517
Otis Worldwide Corp. 185,800 12,718,015
22,711,532
Total common stocks (cost $710,762,213) $842,957,053








SHORT-TERM INVESTMENTS (0.9%)(a)
        Principal amount/
shares		 Value
Putnam Short Term Investment Fund 0.09%(AFF) Shares 2,116,642 $2,116,642
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.04%(P) Shares 930,000 930,000
U.S. Treasury Bills 0.077%, 5/13/21(SEGSF) $600,000 599,984
U.S. Treasury Bills 0.082%, 4/8/21(SEGSF) 100,000 100,000
U.S. Treasury Bills 0.086%, 5/6/21(SEGSF) 100,000 99,998
U.S. Treasury Bills 0.054%, 6/3/21(SEGSF) 500,000 499,985
U.S. Treasury Bills 0.038%, 6/10/21(SEGSF) 400,000 399,987
U.S. Treasury Cash Management Bills 0.039%, 6/1/21(SEGSF) 700,000 699,982
U.S. Treasury Cash Management Bills 0.033%, 6/29/21(SEGSF) 1,200,000 1,199,970
U.S. Treasury Cash Management Bills 0.011%, 7/6/21(SEGSF) 700,000 699,976
U.S. Treasury Cash Management Bills 0.019%, 7/27/21(SEGSF) 100,000 99,994
Total short-term investments (cost $7,446,335) $7,446,518
TOTAL INVESTMENTS
Total investments (cost $718,208,548) $850,403,571








FORWARD CURRENCY CONTRACTS at 3/31/21 (aggregate face value $591,746,115) (Unaudited)
  Counterparty Currency Contract type* Delivery
date		 Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
Australian Dollar Sell 4/21/21 $532,114 $553,851 $21,737
British Pound Buy 6/16/21 6,138,981 6,225,639 (86,658)
Canadian Dollar Sell 4/21/21 1,209,655 1,199,262 (10,393)
Euro Buy 6/16/21 3,393,003 3,438,199 (45,196)
Japanese Yen Buy 5/19/21 44,595,369 47,057,004 (2,461,635)
Swedish Krona Buy 6/16/21 2,895,577 2,950,808 (55,231)
Barclays Bank PLC
Canadian Dollar Sell 4/21/21 3,358,641 3,330,516 (28,125)
Euro Sell 6/16/21 12,549,412 12,719,076 169,664
Hong Kong Dollar Buy 5/20/21 3,031,727 3,040,728 (9,001)
Japanese Yen Buy 5/19/21 465,115 493,701 (28,586)
Swedish Krona Buy 6/16/21 61,322 62,874 (1,552)
Citibank, N.A.
Australian Dollar Buy 4/21/21 8,409,084 8,562,316 (153,232)
British Pound Sell 6/16/21 6,831,187 6,930,480 99,293
Canadian Dollar Buy 4/21/21 9,681,458 9,600,395 81,063
Chinese Yuan (Offshore) Sell 5/20/21 5,762,126 5,830,541 68,415
Danish Krone Sell 6/16/21 4,376,903 4,493,309 116,406
Euro Buy 6/16/21 6,142,051 6,224,655 (82,604)
Hong Kong Dollar Buy 5/20/21 3,335,399 3,344,219 (8,820)
Japanese Yen Buy 5/19/21 5,808,826 6,130,738 (321,912)
New Zealand Dollar Buy 4/21/21 40,018 41,588 (1,570)
Swedish Krona Buy 6/16/21 89,049 91,326 (2,277)
Goldman Sachs International
Australian Dollar Sell 4/21/21 131,263 134,433 3,170
British Pound Buy 6/16/21 9,129,944 9,256,541 (126,597)
Chinese Yuan (Offshore) Sell 5/20/21 5,128,301 5,189,485 61,184
Euro Buy 6/16/21 3,422,952 3,468,698 (45,746)
Japanese Yen Sell 5/19/21 4,839,128 5,119,087 279,959
HSBC Bank USA, National Association
Australian Dollar Buy 4/21/21 8,132,810 8,337,596 (204,786)
British Pound Buy 6/16/21 31,129,123 31,556,887 (427,764)
Chinese Yuan (Offshore) Buy 5/20/21 689,289 697,517 (8,228)
Euro Buy 6/16/21 2,193,061 2,222,063 (29,002)
Hong Kong Dollar Buy 5/20/21 2,023,840 2,029,792 (5,952)
Japanese Yen Sell 5/19/21 4,195,457 4,349,577 154,120
Swedish Krona Buy 6/16/21 48,936 50,203 (1,267)
Swiss Franc Buy 6/16/21 2,858,188 2,906,150 (47,962)
JPMorgan Chase Bank N.A.
Australian Dollar Buy 4/21/21 4,607,863 4,724,383 (116,520)
British Pound Buy 6/16/21 3,915,512 3,906,307 9,205
Canadian Dollar Sell 4/21/21 3,066,592 3,041,391 (25,201)
Euro Buy 6/16/21 20,503,884 20,780,408 (276,524)
Hong Kong Dollar Sell 5/20/21 89,899 90,163 264
Japanese Yen Sell 5/19/21 7,996,708 8,438,265 441,557
New Zealand Dollar Buy 4/21/21 1,712,233 1,779,839 (67,606)
Norwegian Krone Buy 6/16/21 129,515 130,053 (538)
Singapore Dollar Buy 5/19/21 8,749,839 8,830,127 (80,288)
South Korean Won Sell 5/20/21 42,339,326 42,870,751 531,425
Swedish Krona Buy 6/16/21 9,584,222 9,827,087 (242,865)
Morgan Stanley & Co. International PLC
Australian Dollar Buy 4/21/21 96,244 98,660 (2,416)
British Pound Buy 6/16/21 6,453,783 6,541,884 (88,101)
Canadian Dollar Sell 4/21/21 6,137,084 6,092,492 (44,592)
Euro Sell 6/16/21 10,334,859 10,471,615 136,756
Japanese Yen Sell 5/19/21 6,437,099 6,748,021 310,922
New Zealand Dollar Buy 4/21/21 1,334,127 1,373,662 (39,535)
Norwegian Krone Sell 6/16/21 2,595,973 2,606,106 10,133
Swedish Krona Buy 6/16/21 88,809 91,080 (2,271)
Swiss Franc Buy 6/16/21 8,921,105 9,193,631 (272,526)
NatWest Markets PLC
Australian Dollar Sell 4/21/21 2,611,730 2,677,687 65,957
British Pound Buy 6/16/21 248,477 252,161 (3,684)
Canadian Dollar Sell 4/21/21 6,549,056 6,524,079 (24,977)
Euro Sell 6/16/21 11,589,647 11,752,346 162,699
Hong Kong Dollar Sell 5/20/21 2,358,323 2,365,269 6,946
Japanese Yen Sell 5/19/21 5,024,749 5,302,384 277,635
Swedish Krona Buy 6/16/21 7,406,298 7,594,924 (188,626)
Swiss Franc Sell 6/16/21 1,646,305 1,703,622 57,317
State Street Bank and Trust Co.
Australian Dollar Sell 4/21/21 2,093,593 2,128,567 34,974
British Pound Buy 6/16/21 181,324 180,178 1,146
Canadian Dollar Buy 4/21/21 5,018,863 4,959,215 59,648
Chinese Yuan (Offshore) Buy 5/20/21 13,285,166 13,442,243 (157,077)
Euro Sell 6/16/21 24,531,209 24,840,454 309,245
Hong Kong Dollar Buy 5/20/21 71,168 71,374 (206)
Israeli Shekel Buy 4/21/21 5,070,042 5,338,705 (268,663)
Japanese Yen Buy 5/19/21 15,513,511 16,370,252 (856,741)
New Zealand Dollar Buy 4/21/21 45,605 47,397 (1,792)
Swedish Krona Buy 6/16/21 72,138 73,965 (1,827)
Toronto-Dominion Bank
British Pound Buy 6/16/21 2,745,381 2,783,030 (37,649)
Canadian Dollar Sell 4/21/21 8,418,168 8,344,982 (73,186)
Euro Sell 6/16/21 3,765,657 3,816,651 50,994
UBS AG
Australian Dollar Sell 4/21/21 2,136,814 2,190,849 54,035
British Pound Sell 6/16/21 16,298,686 16,523,731 225,045
Canadian Dollar Buy 4/21/21 9,672,944 9,594,336 78,608
Chinese Yuan (Offshore) Buy 5/20/21 120,370 121,818 (1,448)
Euro Sell 6/16/21 22,023,512 22,278,382 254,870
Hong Kong Dollar Buy 5/20/21 746,708 748,739 (2,031)
Japanese Yen Buy 5/19/21 4,775,319 4,957,509 (182,190)
Norwegian Krone Buy 6/16/21 42,427 42,587 (160)
Swedish Krona Buy 6/16/21 4,433,554 4,547,762 (114,208)
Swiss Franc Buy 6/16/21 163,358 168,353 (4,995)
WestPac Banking Corp.
Australian Dollar Buy 4/21/21 10,164,721 10,421,156 (256,435)
British Pound Sell 6/16/21 21,746,289 22,070,509 324,220
Canadian Dollar Sell 4/21/21 5,301,999 5,256,236 (45,763)
Euro Buy 6/16/21 15,354,012 15,514,929 (160,917)
Japanese Yen Buy 5/19/21 1,387,950 1,464,555 (76,605)
Unrealized appreciation 4,458,612
Unrealized (depreciation) (7,912,259)
Total $(3,453,647)
* 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.
PJSC Public Joint Stock Company
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, 2020 through March 31, 2021 (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 $850,126,620.
(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 $26, 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
6/30/20		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
3/31/21
Short-term investments
Putnam Cash Collateral Pool, LLC*# $— $33,194,355 $33,194,355 $229 $—
Putnam Short Term Investment Fund** 10,152,274 217,370,026 225,405,658 15,106 2,116,642
Total Short-term investments $10,152,274 $250,564,381 $258,600,013 $15,335 $2,116,642
* 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. 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. At the beginning and the close of the reporting period, there were no securities out on loan.
** 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 $4,304,800.
(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.
At the close of the reporting period, the fund maintained liquid assets totaling $4,473,217 to cover certain derivative contracts.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
Financials 20.3%
Industrials 18.6
Consumer discretionary 16.9
Materials 10.6
Information technology 10.3
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 $4,570,089 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $4,304,800 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 $— $16,986,119 $—
Canada 9,053,146 — —
Denmark 26,724,657 — —
France 91,990,785 — —
Germany 81,733,862 — 26
Greece 7,667,782 — —
Hong Kong — 21,163,107 —
India 15,078,706 — —
Ireland 33,939,137 — —
Italy 27,596,904 — —
Japan — 160,541,929 —
Netherlands 28,469,103 — —
Norway 8,252,565 — —
Portugal 12,765,223 — —
Russia 10,727,303 — —
South Korea — 44,534,990 —
Spain 14,896,682 — —
Sweden 1,849,666 — —
Switzerland 67,427,218 — —
Taiwan — 25,031,906 —
United Arab Emirates 8,981,537 — —
United Kingdom 104,833,168 — —
United States 22,711,532 — —
Total common stocks 574,698,976 268,258,051 26
Short-term investments 930,000 6,516,518 —
Totals by level $575,628,976 $274,774,569 $26
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(3,453,647) $—
Totals by level $— $(3,453,647) $—
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) $611,700,000
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