NPORT-EX 2 b_841nport033122.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam International Equity Fund
The fund's portfolio
3/31/22 (Unaudited)


COMMON STOCKS (97.4%)(a)
        Shares Value
Australia (1.8%)
BHP Group, Ltd. (Australian ASE Exchange) 357,839 $13,937,812
13,937,812
Canada (4.1%)
CAE, Inc.(NON) 332,300 8,649,396
Cogeco Communications, Inc. 131,500 10,884,790
Thomson Reuters Corp. 114,800 12,463,948
31,998,134
France (15.6%)
AXA SA 475,492 13,886,226
BNP Paribas SA 318,041 18,108,378
Capgemini SE 85,494 19,017,560
Compagnie de Saint-Gobain 179,018 10,653,375
LVMH Moet Hennessy Louis Vuitton SA 27,768 19,772,746
Publicis Groupe SA 129,521 7,867,945
Schneider Electric SE 85,998 14,357,920
Thales SA 149,079 18,824,930
122,489,080
Germany (10.5%)
Brenntag SE 178,488 14,432,365
Deutsche Boerse AG 123,541 22,192,748
Deutsche Post AG 333,375 16,008,177
Merck KGaA 88,004 18,430,575
Rheinmetall AG 54,107 11,484,914
82,548,779
Hong Kong (4.0%)
AIA Group, Ltd. 1,515,400 15,865,379
CK Hutchison Holdings, Ltd. 2,079,500 15,246,189
31,111,568
India (1.0%)
Tata Consultancy Services, Ltd. 164,554 8,092,723
8,092,723
Ireland (6.6%)
Bank of Ireland Group PLC(NON) 2,847,178 18,087,139
CRH PLC 282,195 11,298,971
Flutter Entertainment PLC(NON) 85,825 9,933,995
ICON PLC(NON) 51,700 12,574,474
51,894,579
Japan (16.1%)
Asahi Group Holdings, Ltd. 372,400 13,519,452
Hoya Corp. 134,200 15,313,791
Minebea Mitsumi, Inc. 195,200 4,252,211
Mitsubishi Corp. 497,200 18,733,544
Mitsubishi UFJ Financial Group, Inc. 3,254,400 20,200,628
Oracle Corp. Japan 110,600 7,680,688
Renesas Electronics Corp.(NON) 1,426,700 16,508,587
Sony Group Corp. 181,700 18,753,435
Yamaha Motor Co., Ltd. 487,700 10,929,837
125,892,173
Netherlands (2.4%)
Universal Music Group NV 717,626 19,051,247
19,051,247
Portugal (2.2%)
Jeronimo Martins SGPS SA 716,652 17,168,679
17,168,679
Singapore (2.3%)
DBS Group Holdings, Ltd. 674,100 17,722,318
17,722,318
South Korea (2.8%)
Hana Financial Group, Inc. 374,425 14,947,588
SK Telecom Co., Ltd. 153,993 7,207,293
22,154,881
Switzerland (2.2%)
Lonza Group AG 23,348 16,915,235
16,915,235
Taiwan (1.3%)
Taiwan Semiconductor Manufacturing Co., Ltd. 496,000 10,254,519
10,254,519
United Arab Emirates (1.2%)
Network International Holdings PLC(NON) 2,532,405 9,273,689
9,273,689
United Kingdom (18.8%)
Abcam PLC(NON) 304,245 5,496,644
Anglo American PLC (London Exchange) 224,628 11,585,518
AstraZeneca PLC 188,634 25,014,975
CNH Industrial NV 763,708 12,092,611
Coca-Cola Europacific Partners PLC 340,500 16,551,705
Diageo PLC 406,280 20,534,688
InterContinental Hotels Group PLC(NON) 120,605 8,166,998
London Stock Exchange Group PLC 101,992 10,655,685
Prudential PLC 836,765 12,360,502
Shell PLC (London Exchange) 919,012 25,221,139
147,680,465
United States (4.5%)
Booz Allen Hamilton Holding Corp. 102,000 8,959,680
Linde PLC 50,761 16,357,273
Otis Worldwide Corp. 130,000 10,003,500
35,320,453
Total common stocks (cost $704,209,970) $763,506,334








U.S. TREASURY OBLIGATIONS (0.1%)(a)
        Principal amount Value
U.S. Treasury Bonds 3.00%, 8/15/48(i) $224,000 $245,025
U.S. Treasury Inflation Index Notes 0.25%, 7/15/29(i) 154,893 181,372
U.S. Treasury Notes 1.375%, 1/31/25(i) 79,000 76,744
Total U.S. treasury obligations (cost $503,141) $503,141








SHORT-TERM INVESTMENTS (2.1%)(a)
        Principal amount/shares Value
Putnam Short Term Investment Fund Class P 0.39%(AFF) Shares 11,434,195 $11,434,195
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%(P) Shares 1,470,000 1,470,000
U.S. Treasury Bills 0.418%, 6/16/22(SEGSF) $200,000 199,825
U.S. Treasury Bills 0.358%, 6/9/22(SEGSF) 500,000 499,641
U.S. Treasury Bills 0.321%, 6/2/22(SEGSF) 500,000 499,719
U.S. Treasury Bills 0.296%, 5/3/22(SEGSF) 278,000 277,967
U.S. Treasury Bills 1.286%, 5/12/22(SEGSF) 51,000 50,989
U.S. Treasury Bills 0.273%, 5/19/22(SEGSF) 877,000 876,709
U.S. Treasury Cash Management Bills 0.448%, 6/14/22(SEGSF) 200,000 199,836
U.S. Treasury Cash Management Bills 0.374%, 6/7/22(SEGSF) 909,000 908,387
Total short-term investments (cost $16,417,427) $16,417,268
TOTAL INVESTMENTS
Total investments (cost $721,130,538) $780,426,743








FORWARD CURRENCY CONTRACTS at 3/31/22 (aggregate face value $460,798,015) (Unaudited)
  Counterparty Currency Contract type* Delivery date Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
Australian Dollar Buy 4/20/22 $15,905,047 $15,227,957 $677,090
Canadian Dollar Sell 4/20/22 10,908,108 10,704,200 (203,908)
Japanese Yen Buy 5/18/22 43,819,673 46,668,450 (2,848,777)
New Taiwan Dollar Sell 5/18/22 3,620,663 3,744,865 124,202
Norwegian Krone Buy 6/15/22 5,457,792 5,403,546 54,246
Swedish Krona Buy 6/15/22 2,692,557 2,606,942 85,615
Swiss Franc Buy 6/15/22 286,771 288,453 (1,682)
Barclays Bank PLC
British Pound Buy 6/15/22 3,535,057 3,513,137 21,920
New Taiwan Dollar Sell 5/18/22 6,377,925 6,534,621 156,696
Swedish Krona Buy 6/15/22 2,561,594 2,481,563 80,031
Swiss Franc Buy 6/15/22 8,006,567 8,052,162 (45,595)
Citibank, N.A.
Australian Dollar Buy 4/20/22 3,942,769 3,775,860 166,909
Danish Krone Buy 6/15/22 20,272,692 20,349,191 (76,499)
Goldman Sachs International
Australian Dollar Buy 4/20/22 520,913 498,795 22,118
Chinese Yuan (Offshore) Buy 5/18/22 195,457 194,512 945
South Korean Won Sell 5/18/22 3,219,651 3,252,294 32,643
Swiss Franc Buy 6/15/22 7,101,101 7,138,633 (37,532)
HSBC Bank USA, National Association
Australian Dollar Buy 4/20/22 7,673,281 7,348,644 324,637
Swedish Krona Buy 6/15/22 4,252,014 4,118,169 133,845
JPMorgan Chase Bank N.A.
British Pound Sell 6/15/22 2,925,307 2,915,617 (9,690)
Canadian Dollar Sell 4/20/22 2,243,625 2,206,348 (37,277)
Hong Kong Dollar Sell 5/18/22 5,512,758 5,535,983 23,225
Japanese Yen Sell 5/18/22 2,357,586 2,326,733 (30,853)
New Zealand Dollar Buy 4/20/22 1,698,781 1,671,035 27,746
Singapore Dollar Buy 5/18/22 10,651,843 10,738,258 (86,415)
South Korean Won Sell 5/18/22 20,866,039 21,369,299 503,260
Swedish Krona Buy 6/15/22 6,570,955 6,419,111 151,844
Morgan Stanley & Co. International PLC
British Pound Sell 6/15/22 13,300,788 13,305,425 4,637
Canadian Dollar Sell 4/20/22 2,428,068 2,383,471 (44,597)
Euro Sell 6/15/22 13,873,570 13,858,729 (14,841)
Japanese Yen Buy 5/18/22 612,189 759,257 (147,068)
New Zealand Dollar Buy 4/20/22 1,323,646 1,302,252 21,394
Swedish Krona Buy 6/15/22 2,748,003 2,735,839 12,164
Swiss Franc Buy 6/15/22 18,421,812 18,495,099 (73,287)
NatWest Markets PLC
Canadian Dollar Sell 4/20/22 3,771,155 3,701,395 (69,760)
Swedish Krona Buy 6/15/22 6,887,016 6,671,345 215,671
Swiss Franc Buy 6/15/22 5,956,515 5,987,311 (30,796)
State Street Bank and Trust Co.
Australian Dollar Buy 4/20/22 3,510,472 3,239,730 270,742
Canadian Dollar Buy 4/20/22 3,658,618 3,609,107 49,511
Chinese Yuan (Offshore) Buy 5/18/22 4,165,249 4,145,564 19,685
Euro Sell 6/15/22 33,762,202 33,897,582 135,380
Hong Kong Dollar Sell 5/18/22 2,535,931 2,548,579 12,648
Israeli Shekel Buy 4/20/22 5,134,063 5,263,303 (129,240)
Japanese Yen Buy 5/18/22 752,173 823,759 (71,586)
Singapore Dollar Sell 5/18/22 6,680,890 6,743,418 62,528
Toronto-Dominion Bank
Canadian Dollar Sell 4/20/22 8,461,164 8,304,757 (156,407)
Singapore Dollar Sell 5/18/22 8,947,223 9,019,106 71,883
Swiss Franc Buy 6/15/22 4,591,478 4,563,461 28,017
UBS AG
Australian Dollar Sell 4/20/22 7,688,699 7,432,792 (255,907)
British Pound Sell 6/15/22 4,751,801 4,841,575 89,774
Canadian Dollar Sell 4/20/22 6,138,995 6,046,757 (92,238)
Euro Sell 6/15/22 23,531,148 23,575,744 44,596
Swedish Krona Buy 6/15/22 1,113,945 1,079,418 34,527
Swiss Franc Buy 6/15/22 20,359,957 20,465,779 (105,822)
WestPac Banking Corp.
Australian Dollar Buy 4/20/22 9,842,553 9,424,928 417,625
British Pound Sell 6/15/22 9,045,665 9,024,609 (21,056)
Euro Buy 6/15/22 18,122,727 18,020,667 102,060
Japanese Yen Buy 5/18/22 4,349,777 4,442,879 (93,102)
Unrealized appreciation 4,179,814
Unrealized (depreciation) (4,683,935)
Total $(504,121)
* 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, 2021 through March 31, 2022 (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 $784,086,090.
(NON) This security is non-income-producing.
(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
6/30/21		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
3/31/22
Short-term investments
Putnam Cash Collateral Pool, LLC*# $2,689,600 $22,618,565 $25,308,165 $2,194 $—
Putnam Short Term Investment Fund** — 190,787,281 179,353,086 4,471 11,434,195
Total Short-term investments $2,689,600 $213,405,846 $204,661,251 $6,665 $11,434,195
* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, 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 and there were no realized or unrealized gains or losses during the period.
# At the close of the reporting period, the fund did not have any securities 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 $2,841,396.
(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.
At the close of the reporting period, the fund maintained liquid assets totaling $2,553,725 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 fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
Industrials 22.5%
Financials 20.9
Health care 12.0
The fund had the following industry concentration greater than 10% at the close of the reporting period (as a percentage of net assets):
Banks 11.4%
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 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 $2,696,389 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $2,841,396 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 $— $13,937,812 $—
Canada 31,998,134 — —
France — 122,489,080 —
Germany — 82,548,779 —
Hong Kong — 31,111,568 —
India — 8,092,723 —
Ireland 12,574,474 39,320,105 —
Japan — 125,892,173 —
Netherlands — 19,051,247 —
Portugal — 17,168,679 —
Singapore — 17,722,318 —
South Korea — 22,154,881 —
Switzerland — 16,915,235 —
Taiwan — 10,254,519 —
United Arab Emirates — 9,273,689 —
United Kingdom 16,551,705 131,128,760 —
United States 18,963,180 16,357,273 —
Total common stocks 80,087,493 683,418,841 —
U.S. treasury obligations — 503,141 —
Short-term investments 1,470,000 14,947,268 —
Totals by level $81,557,493 $698,869,250 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(504,121) $—
Totals by level $— $(504,121) $—
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) $705,900,000
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