NPORT-EX 2 b_841nport033123.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam International Equity Fund
The fund's portfolio
3/31/23 (Unaudited)


COMMON STOCKS (97.7%)(a)
        Shares Value
Australia (2.4%)
BHP Group, Ltd. (ASE Exchange) 549,667 $17,434,261
17,434,261
Canada (3.3%)
Canadian National Railway Co. 121,200 14,300,972
Thomson Reuters Corp. 74,373 9,676,469
23,977,441
Denmark (2.3%)
Novo Nordisk A/S Class B 105,903 16,806,022
16,806,022
France (16.0%)
AXA SA 475,620 14,542,951
Capgemini SE 60,443 11,242,767
LVMH Moet Hennessy Louis Vuitton SA 28,552 26,166,702
Publicis Groupe SA 73,756 5,762,235
Sanofi 193,654 21,089,335
Thales SA 81,079 11,986,689
TotalEnergies SE 200,089 11,805,803
Worldline SA/France(NON) 294,571 12,519,068
115,115,550
Germany (5.8%)
Deutsche Boerse AG 58,568 11,398,591
Merck KGaA 91,514 17,014,317
Rheinmetall AG 45,600 13,546,198
41,959,106
Hong Kong (2.0%)
CK Hutchison Holdings, Ltd. 2,372,500 14,731,898
14,731,898
Ireland (5.2%)
Bank of Ireland Group PLC 1,335,136 13,510,437
CRH PLC 317,796 16,060,828
Kerry Group PLC Class A 77,096 7,683,336
37,254,601
Italy (0.7%)
PRADA SpA 732,200 5,214,822
5,214,822
Japan (23.1%)
Asahi Group Holdings, Ltd. 426,500 15,878,596
Asics Corp. 197,800 5,624,904
Chugai Pharmaceutical Co., Ltd. 139,800 3,455,376
Daiichi Sankyo Co., Ltd. 210,900 7,697,147
Hoya Corp. 122,400 13,535,382
ITOCHU Corp. 409,700 13,341,054
Japan Exchange Group, Inc. 802,000 12,236,603
MinebeaMitsumi, Inc. 419,400 8,006,946
Mitsubishi Corp. 495,200 17,803,510
Mitsubishi UFJ Financial Group, Inc. 3,145,100 20,179,601
Murata Manufacturing Co., Ltd. 119,700 7,309,343
Pan Pacific International Holdings Corp. 532,000 10,295,026
Renesas Electronics Corp.(NON) 792,600 11,507,503
Sony Group Corp. 147,100 13,373,482
TechnoPro Holdings, Inc. 198,300 5,496,029
165,740,502
Netherlands (4.3%)
Universal Music Group NV 651,800 16,476,866
Wolters Kluwer NV 114,392 14,435,013
30,911,879
Norway (1.6%)
DNB Bank ASA 644,993 11,569,426
11,569,426
Singapore (2.0%)
DBS Group Holdings, Ltd. 585,500 14,550,971
14,550,971
South Korea (0.7%)
Hana Financial Group, Inc. 159,418 5,012,998
5,012,998
Spain (2.5%)
Coca-Cola Europacific Partners PLC 303,900 17,987,841
17,987,841
Switzerland (3.2%)
Nestle SA 154,233 18,828,273
Partners Group Holding AG 4,192 3,952,368
22,780,641
United Kingdom (20.6%)
Anglo American PLC (London Exchange) 233,283 7,721,084
AstraZeneca PLC 148,833 20,658,031
BP PLC 1,778,830 11,261,668
Compass Group PLC 397,270 9,988,928
Diageo PLC 308,587 13,772,356
Experian PLC 471,008 15,503,323
InterContinental Hotels Group PLC 178,405 11,722,709
JD Sports Fashion PLC 4,735,285 10,425,769
London Stock Exchange Group PLC 147,361 14,321,163
Prudential PLC 1,401,282 19,164,341
Shell PLC (London Exchange) 478,052 13,689,349
148,228,721
United States (2.0%)
Linde PLC 41,050 14,590,812
14,590,812
Total common stocks (cost $619,232,936) $703,867,492








U.S. TREASURY OBLIGATIONS (0.1%)(a)
        Principal amount Value
U.S. Treasury Bills zero %, 7/25/23 (i) $123,000 $121,094
U.S. Treasury Bonds 2.875%, 8/15/45 (i) 331,000 283,164
U.S. Treasury Bonds 4.00%, 11/15/52 (i) 155,000 166,834
U.S. Treasury Notes 3.00%, 9/30/25 (i) 124,000 121,281
Total U.S. treasury obligations (cost $692,373) $692,373








SHORT-TERM INVESTMENTS (2.8%)(a)
        Principal amount/
shares		 Value
Putnam Short Term Investment Fund Class P 4.88%(AFF) Shares 18,399,856 $18,399,856
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.70%(P) Shares 920,000 920,000
U.S. Treasury Bills 4.602%, 5/23/23(SEGSF) $700,000 695,539
Total short-term investments (cost $20,015,306) $20,015,395
TOTAL INVESTMENTS
Total investments (cost $639,940,615) $724,575,260








FORWARD CURRENCY CONTRACTS at 3/31/23 (aggregate face value $258,608,246) (Unaudited)
  Counterparty Currency Contract type* Delivery
date		 Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
Australian Dollar Buy 4/19/23 $9,160,480 $9,337,931 $(177,451)
Canadian Dollar Sell 4/19/23 6,051,905 6,044,914 (6,991)
Hong Kong Dollar Buy 5/17/23 3,895,435 3,908,787 (13,352)
Japanese Yen Sell 5/17/23 4,812,575 4,728,393 (84,182)
Swedish Krona Buy 6/21/23 2,444,772 2,416,856 27,916
Swiss Franc Buy 6/21/23 11,302,526 11,008,324 294,202
Barclays Bank PLC
British Pound Sell 6/21/23 9,483,470 9,354,216 (129,254)
Japanese Yen Buy 5/17/23 6,523,567 6,610,246 (86,679)
Swedish Krona Buy 6/21/23 1,112,080 1,099,412 12,668
Swiss Franc Buy 6/21/23 8,129,883 7,915,696 214,187
Citibank, N.A.
Australian Dollar Buy 4/19/23 255,084 260,264 (5,180)
Danish Krone Buy 6/21/23 9,606,828 9,429,956 176,872
Goldman Sachs International
British Pound Sell 6/21/23 5,376,960 5,211,400 (165,560)
Chinese Yuan (Offshore) Buy 5/17/23 181,821 185,427 (3,606)
South Korean Won Sell 5/17/23 3,313,597 3,641,062 327,465
Swiss Franc Buy 6/21/23 7,210,471 7,021,253 189,218
HSBC Bank USA, National Association
Australian Dollar Buy 4/19/23 6,856,900 6,994,187 (137,287)
British Pound Sell 6/21/23 13,332,628 13,054,982 (277,646)
Japanese Yen Sell 5/17/23 3,201,861 3,287,922 86,061
Singapore Dollar Buy 5/17/23 1,781,102 1,771,180 9,922
Swedish Krona Buy 6/21/23 2,139,832 2,115,786 24,046
Swiss Franc Buy 6/21/23 3,254,532 3,223,754 30,778
JPMorgan Chase Bank N.A.
Euro Sell 6/21/23 2,462,061 2,411,437 (50,624)
Hong Kong Dollar Buy 5/17/23 1,745,704 1,751,619 (5,915)
New Zealand Dollar Buy 4/19/23 285,462 285,752 (290)
Norwegian Krone Sell 6/21/23 2,454,498 2,460,242 5,744
Singapore Dollar Sell 5/17/23 1,742,953 1,765,452 22,499
South Korean Won Sell 5/17/23 1,730,824 2,123,144 392,320
Swedish Krona Buy 6/21/23 5,966,256 5,894,939 71,317
Swiss Franc Buy 6/21/23 1,863,842 1,815,270 48,572
Morgan Stanley & Co. International PLC
Danish Krone Sell 6/21/23 2,812,739 2,779,148 (33,591)
Euro Sell 6/21/23 4,621,633 4,584,140 (37,493)
Japanese Yen Buy 5/17/23 7,229,827 7,302,962 (73,135)
New Zealand Dollar Buy 4/19/23 1,194,562 1,195,643 (1,081)
Norwegian Krone Sell 6/21/23 3,794,700 3,803,875 9,175
Swedish Krona Buy 6/21/23 4,536,902 4,482,122 54,780
Swiss Franc Buy 6/21/23 1,088,151 1,059,625 28,526
NatWest Markets PLC
Canadian Dollar Sell 4/19/23 3,489,432 3,484,826 (4,606)
Danish Krone Buy 6/21/23 1,911,614 1,876,526 35,088
Swedish Krona Buy 6/21/23 6,253,231 6,178,294 74,937
Swiss Franc Buy 6/21/23 6,048,256 5,889,986 158,270
State Street Bank and Trust Co.
British Pound Sell 6/21/23 2,422,418 2,347,921 (74,497)
Chinese Yuan (Offshore) Buy 5/17/23 2,046,474 2,087,122 (40,648)
Israeli Shekel Buy 4/19/23 4,556,332 4,637,958 (81,626)
Japanese Yen Sell 5/17/23 4,540,726 4,577,454 36,728
Toronto-Dominion Bank
British Pound Sell 6/21/23 2,490,617 2,414,274 (76,343)
Canadian Dollar Sell 4/19/23 5,565,447 5,559,794 (5,653)
Danish Krone Sell 6/21/23 1,991,963 1,975,589 (16,374)
Euro Sell 6/21/23 964,978 945,128 (19,850)
Singapore Dollar Sell 5/17/23 4,878,975 4,942,497 63,522
Swiss Franc Buy 6/21/23 1,954,879 1,812,135 142,744
UBS AG
British Pound Sell 6/21/23 4,485,681 4,348,243 (137,438)
Canadian Dollar Sell 4/19/23 5,680,382 5,673,933 (6,449)
Euro Buy 6/21/23 2,360,760 2,077,605 283,155
Swiss Franc Buy 6/21/23 5,602,768 5,454,990 147,778
WestPac Banking Corp.
Australian Dollar Buy 4/19/23 6,951,671 7,072,303 (120,632)
British Pound Sell 6/21/23 4,424,524 4,288,458 (136,066)
Canadian Dollar Sell 4/19/23 3,145,588 3,141,961 (3,627)
Japanese Yen Sell 5/17/23 15,221,874 15,483,931 262,057
Unrealized appreciation 3,230,547
Unrealized (depreciation) (2,013,126)
Total $1,217,421
* 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, 2022 through March 31, 2023 (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 $720,294,982.
(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
6/30/22		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
3/31/23
Short-term investments
Putnam Cash Collateral Pool, LLC*# $— $26,816,910 $26,816,910 $122,311 $—
Putnam Short Term Investment Fund** 24,253,996 169,875,688 175,729,828 243,633 18,399,856
Total Short-term investments $24,253,996 $196,692,598 $202,546,738 $365,944 $18,399,856
* 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 $363,511.
(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.
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 21.2%
Industrials 19.3
Health care 13.9
Consumer discretionary 12.9
Consumer staples 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.
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 $151,210 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 $476,988 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $363,511 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 $— $17,434,261 $—
Canada 23,977,441 — —
Denmark — 16,806,022 —
France — 115,115,550 —
Germany — 41,959,106 —
Hong Kong — 14,731,898 —
Ireland — 37,254,601 —
Italy — 5,214,822 —
Japan — 165,740,502 —
Netherlands — 30,911,879 —
Norway — 11,569,426 —
Singapore — 14,550,971 —
South Korea — 5,012,998 —
Spain 17,987,841 — —
Switzerland — 22,780,641 —
United Kingdom — 148,228,721 —
United States 14,590,812 — —
Total common stocks 56,556,094 647,311,398 —
U.S. treasury obligations — 692,373 —
Short-term investments 920,000 19,095,395 —
Totals by level $57,476,094 $667,099,166 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $1,217,421 $—
Totals by level $— $1,217,421 $—
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) $314,600,000
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