Putnam Dynamic Asset Allocation Equity Fund | ||||||
The fund's portfolio | ||||||
8/31/23 (Unaudited) |
COMMON STOCKS (85.7%)(a) | ||||||
Shares | Value | |||||
Advertising and marketing services (0.1%) | ||||||
Trade Desk, Inc. (The) Class A(NON) | 106 | $8,483 | ||||
8,483 | ||||||
Aerospace and defense (0.8%) | ||||||
BAE Systems PLC (United Kingdom) | 1,151 | 14,648 | ||||
Boeing Co. (The)(NON) | 18 | 4,033 | ||||
Dassault Aviation SA (France) | 18 | 3,534 | ||||
HEICO Corp. | 25 | 4,218 | ||||
Lockheed Martin Corp. | 6 | 2,690 | ||||
Northrop Grumman Corp. | 39 | 16,891 | ||||
RTX Corp. | 234 | 20,133 | ||||
TransDigm Group, Inc.(NON) | 20 | 18,077 | ||||
84,224 | ||||||
Agriculture (0.2%) | ||||||
Archer-Daniels-Midland Co. | 53 | 4,203 | ||||
Corteva, Inc. | 346 | 17,476 | ||||
21,679 | ||||||
Airlines (0.4%) | ||||||
Copa Holdings SA Class A (Panama) | 133 | 13,526 | ||||
Delta Air Lines, Inc. | 115 | 4,931 | ||||
Deutsche Lufthansa AG (Germany)(NON) | 319 | 2,854 | ||||
Qantas Airways, Ltd. (voting rights) (Australia)(NON) | 1,687 | 6,450 | ||||
Southwest Airlines Co. | 417 | 13,177 | ||||
40,938 | ||||||
Automotive (2.1%) | ||||||
Bayerische Motoren Werke AG (Germany) | 67 | 7,060 | ||||
BYD Co., Ltd. Class H (China) | 500 | 15,686 | ||||
Dr. Ing. h.c. F. Porsche AG (Preference) (Germany) | 99 | 10,934 | ||||
Ford Motor Co. | 315 | 3,821 | ||||
General Motors Co. | 1,205 | 40,379 | ||||
Genuine Parts Co. | 22 | 3,382 | ||||
Kia Corp. (South Korea) | 221 | 13,393 | ||||
Stellantis NV (Italy) | 774 | 14,326 | ||||
Tesla, Inc.(NON) | 327 | 84,392 | ||||
Toyota Motor Corp. (Japan) | 100 | 1,719 | ||||
United Rentals, Inc. | 45 | 21,444 | ||||
Volkswagen AG (Preference) (Germany) | 85 | 10,419 | ||||
226,955 | ||||||
Banking (4.7%) | ||||||
Abu Dhabi Islamic Bank PJSC (United Arab Emirates) | 5,155 | 14,632 | ||||
AIB Group PLC (Ireland) | 837 | 3,814 | ||||
Alinma Bank (Saudi Arabia) | 1,624 | 15,948 | ||||
Banco Bilbao Vizcaya Argentaria SA (Spain) | 1,979 | 15,539 | ||||
Banco do Brasil SA (Brazil) | 800 | 7,609 | ||||
Bank Central Asia Tbk PT (Indonesia) | 18,800 | 11,382 | ||||
Bank Hapoalim MB (Israel) | 198 | 1,641 | ||||
Bank Leumi Le-Israel BM (Israel) | 985 | 7,642 | ||||
Bank Mandiri Persero Tbk PT (Indonesia) | 41,500 | 16,387 | ||||
Bank of America Corp. | 1,021 | 29,272 | ||||
Bank of Ireland Group PLC (Ireland) | 533 | 5,316 | ||||
Bank of New York Mellon Corp. (The) | 282 | 12,653 | ||||
Citigroup, Inc. | 1,371 | 56,608 | ||||
DBS Group Holdings, Ltd. (Singapore) | 500 | 12,346 | ||||
DNB Bank ASA (Norway) | 49 | 970 | ||||
East West Bancorp, Inc. | 78 | 4,317 | ||||
Erste Group Bank AG (Czech Republic) | 132 | 4,710 | ||||
Fifth Third Bancorp | 155 | 4,115 | ||||
Grupo Financiero Banorte SAB de CV Class O (Mexico) | 3,040 | 25,804 | ||||
ICICI Bank, Ltd. (India) | 4,307 | 49,841 | ||||
Israel Discount Bank, Ltd. Class A (Israel) | 712 | 3,565 | ||||
JPMorgan Chase & Co. | 572 | 83,701 | ||||
Lloyds Banking Group PLC (United Kingdom) | 23,583 | 12,630 | ||||
Mizrahi Tefahot Bank, Ltd. (Israel) | 115 | 3,782 | ||||
National Australia Bank, Ltd. (Australia) | 583 | 10,921 | ||||
Nordea Bank ABP (Finland) | 1,297 | 14,217 | ||||
NU Holdings, Ltd./Cayman Islands Class A (Brazil)(NON) | 580 | 3,973 | ||||
PNC Financial Services Group, Inc. (The) | 140 | 16,902 | ||||
State Street Corp. | 88 | 6,049 | ||||
UBS Group AG (Switzerland) | 754 | 20,018 | ||||
Wells Fargo & Co. | 761 | 31,422 | ||||
507,726 | ||||||
Beverage (1.2%) | ||||||
Carlsberg A/S Class B (Denmark) | 11 | 1,591 | ||||
Celsius Holdings, Inc.(NON) | 31 | 6,077 | ||||
Coca-Cola Co. (The) | 1,397 | 83,582 | ||||
Coca-Cola HBC AG (Italy) | 344 | 9,903 | ||||
Keurig Dr Pepper, Inc. | 556 | 18,710 | ||||
PepsiCo, Inc. | 36 | 6,405 | ||||
126,268 | ||||||
Biotechnology (1.2%) | ||||||
Amgen, Inc. | 19 | 4,870 | ||||
Exelixis, Inc.(NON) | 232 | 5,194 | ||||
Illumina, Inc.(NON) | 13 | 2,148 | ||||
Incyte Corp.(NON) | 276 | 17,810 | ||||
Neurocrine Biosciences, Inc.(NON) | 45 | 4,900 | ||||
Regeneron Pharmaceuticals, Inc.(NON) | 42 | 34,713 | ||||
Vertex Pharmaceuticals, Inc.(NON) | 161 | 56,083 | ||||
125,718 | ||||||
Building materials (0.1%) | ||||||
Owens Corning | 42 | 6,044 | ||||
6,044 | ||||||
Cable television (0.3%) | ||||||
Charter Communications, Inc. Class A(NON) | 33 | 14,458 | ||||
Comcast Corp. Class A | 351 | 16,413 | ||||
30,871 | ||||||
Chemicals (1.1%) | ||||||
Arkema SA (France) | 37 | 3,863 | ||||
CF Industries Holdings, Inc. | 47 | 3,622 | ||||
Dow, Inc. | 78 | 4,256 | ||||
DuPont de Nemours, Inc. | 193 | 14,840 | ||||
Eastman Chemical Co. | 104 | 8,841 | ||||
Element Solutions, Inc. | 216 | 4,454 | ||||
Hansol Chemical Co., Ltd. (South Korea) | 51 | 6,218 | ||||
Linde PLC | 11 | 4,257 | ||||
Olin Corp. | 74 | 4,293 | ||||
PPG Industries, Inc. | 134 | 18,996 | ||||
Sherwin-Williams Co. (The) | 81 | 22,009 | ||||
Shin-Etsu Chemical Co., Ltd. (Japan) | 500 | 15,947 | ||||
Yara International ASA (Norway) | 112 | 4,095 | ||||
115,691 | ||||||
Commercial and consumer services (2.9%) | ||||||
Automatic Data Processing, Inc. | 217 | 55,250 | ||||
Booking Holdings, Inc.(NON) | 30 | 93,151 | ||||
Centre Testing International Group Co., Ltd. Class A (China) | 3,102 | 8,275 | ||||
Cintas Corp. | 10 | 5,042 | ||||
CoStar Group, Inc.(NON) | 100 | 8,199 | ||||
Ecolab, Inc. | 24 | 4,411 | ||||
Expedia Group, Inc.(NON) | 55 | 5,961 | ||||
Gartner, Inc.(NON) | 17 | 5,945 | ||||
Global Payments, Inc. | 34 | 4,307 | ||||
Jardine Matheson Holdings, Ltd. (Hong Kong) | 100 | 4,753 | ||||
Mastercard, Inc. Class A | 160 | 66,023 | ||||
PayPal Holdings, Inc.(NON) | 788 | 49,258 | ||||
WEX, Inc.(NON) | 23 | 4,512 | ||||
315,087 | ||||||
Communications equipment (—%) | ||||||
Motorola Solutions, Inc. | 14 | 3,970 | ||||
3,970 | ||||||
Computers (7.0%) | ||||||
Accton Technology Corp. (Taiwan) | 1,000 | 15,005 | ||||
Apple, Inc. | 2,758 | 518,145 | ||||
AURAS Technology Co., Ltd. (Taiwan) | 1,000 | 8,903 | ||||
Cisco Systems, Inc. | 808 | 46,339 | ||||
Dropbox, Inc. Class A(NON) | 139 | 3,863 | ||||
Elastic NV(NON) | 79 | 4,889 | ||||
Fortinet, Inc.(NON) | 74 | 4,456 | ||||
Fujitsu, Ltd. (Japan) | 100 | 12,616 | ||||
GitLab, Inc. Class A(NON) | 98 | 4,642 | ||||
HashiCorp., Inc. Class A(NON) | 164 | 4,782 | ||||
MongoDB, Inc.(NON) | 18 | 6,863 | ||||
MSCI, Inc. | 36 | 19,570 | ||||
NetApp, Inc. | 31 | 2,378 | ||||
Pure Storage, Inc. Class A(NON) | 522 | 19,100 | ||||
RingCentral, Inc. Class A(NON) | 156 | 4,825 | ||||
Smartsheet, Inc. Class A(NON) | 141 | 5,884 | ||||
Snowflake, Inc. Class A(NON) | 27 | 4,235 | ||||
Synopsys, Inc.(NON) | 155 | 71,128 | ||||
757,623 | ||||||
Conglomerates (0.7%) | ||||||
3M Co. | 44 | 4,693 | ||||
AMETEK, Inc. | 213 | 33,976 | ||||
General Electric Co. | 39 | 4,464 | ||||
Marubeni Corp. (Japan) | 800 | 13,019 | ||||
Mitsui & Co., Ltd. (Japan) | 400 | 14,796 | ||||
70,948 | ||||||
Construction (1.2%) | ||||||
Builders FirstSource, Inc.(NON) | 281 | 40,756 | ||||
Cie de Saint-Gobain SA (France) | 224 | 14,545 | ||||
CRH PLC (Ireland) | 481 | 27,640 | ||||
Eiffage SA (France) | 58 | 5,730 | ||||
Holcim AG (Switzerland) | 102 | 6,748 | ||||
Martin Marietta Materials, Inc. | 40 | 17,856 | ||||
TopBuild Corp.(NON) | 18 | 5,221 | ||||
UltraTech Cement, Ltd. (India) | 119 | 11,922 | ||||
130,418 | ||||||
Consumer (0.6%) | ||||||
LVMH Moet Hennessy Louis Vuitton SA (France) | 66 | 55,821 | ||||
Pandora A/S (Denmark) | 72 | 7,468 | ||||
63,289 | ||||||
Consumer finance (0.8%) | ||||||
American Express Co. | 43 | 6,794 | ||||
Capital One Financial Corp. | 134 | 13,721 | ||||
Discover Financial Services | 247 | 22,247 | ||||
SLM Corp. | 287 | 4,087 | ||||
Synchrony Financial | 123 | 3,970 | ||||
Visa, Inc. Class A | 155 | 38,080 | ||||
88,899 | ||||||
Consumer goods (0.8%) | ||||||
Colgate-Palmolive Co. | 56 | 4,114 | ||||
Kenvue, Inc.(NON) | 248 | 5,716 | ||||
L'Oreal SA (France) | 42 | 18,410 | ||||
Procter & Gamble Co. (The) | 302 | 46,611 | ||||
Unilever PLC (United Kingdom) | 292 | 14,916 | ||||
89,767 | ||||||
Consumer services (0.9%) | ||||||
Auto Trader Group PLC (United Kingdom) | 702 | 5,375 | ||||
DoorDash, Inc. Class A(NON) | 66 | 5,553 | ||||
Etsy, Inc.(NON) | 54 | 3,973 | ||||
MakeMyTrip, Ltd. (India)(NON) | 176 | 6,980 | ||||
MercadoLibre, Inc. (Brazil)(NON) | 12 | 16,468 | ||||
PDD Holdings, Inc. ADR (China)(NON) | 44 | 4,355 | ||||
Uber Technologies, Inc.(NON) | 1,261 | 59,557 | ||||
102,261 | ||||||
Containers (0.1%) | ||||||
Ball Corp. | 147 | 8,004 | ||||
Berry Global Group, Inc. | 69 | 4,508 | ||||
12,512 | ||||||
Distribution (—%) | ||||||
ITOCHU Corp. (Japan) | 100 | 3,748 | ||||
3,748 | ||||||
Electric utilities (1.3%) | ||||||
AES Corp. (The) | 220 | 3,945 | ||||
Ameren Corp. | 195 | 15,458 | ||||
American Electric Power Co., Inc. | 59 | 4,626 | ||||
Constellation Energy Corp. | 179 | 18,645 | ||||
Dominion Energy, Inc. | 90 | 4,369 | ||||
DTE Energy Co. | 41 | 4,239 | ||||
Duke Energy Corp. | 47 | 4,174 | ||||
E.ON SE (Germany) | 1,082 | 13,369 | ||||
Edison International | 59 | 4,062 | ||||
Enel SpA (Italy) | 1,465 | 9,844 | ||||
Eversource Energy | 64 | 4,084 | ||||
Exelon Corp. | 439 | 17,612 | ||||
FirstEnergy Corp. | 119 | 4,292 | ||||
NextEra Energy, Inc. | 64 | 4,275 | ||||
PPL Corp. | 80 | 1,994 | ||||
Public Service Enterprise Group, Inc. | 72 | 4,398 | ||||
RWE AG (Germany) | 174 | 7,181 | ||||
Sempra | 30 | 2,107 | ||||
Southern Co. (The) | 66 | 4,470 | ||||
Xcel Energy, Inc. | 72 | 4,113 | ||||
137,257 | ||||||
Electrical equipment (0.7%) | ||||||
Allegion PLC (Ireland) | 41 | 4,666 | ||||
Emerson Electric Co. | 49 | 4,814 | ||||
Fortive Corp. | 34 | 2,681 | ||||
Honeywell International, Inc. | 90 | 16,915 | ||||
KEI Industries, Ltd. (India) | 585 | 19,127 | ||||
Legrand SA (France) | 69 | 6,797 | ||||
NGK Insulators, Ltd. (Japan) | 300 | 3,980 | ||||
Prysmian SpA (Italy) | 321 | 13,119 | ||||
72,099 | ||||||
Electronics (5.7%) | ||||||
Advanced Micro Devices, Inc.(NON) | 286 | 30,236 | ||||
Broadcom, Inc. | 82 | 75,677 | ||||
E Ink Holdings, Inc. (Taiwan) | 1,000 | 5,704 | ||||
Hamamatsu Photonics KK (Japan) | 100 | 4,623 | ||||
Hoya Corp. (Japan) | 100 | 11,149 | ||||
Keysight Technologies, Inc.(NON) | 29 | 3,866 | ||||
nVent Electric PLC (United Kingdom) | 79 | 4,467 | ||||
NVIDIA Corp. | 572 | 282,311 | ||||
NXP Semiconductors NV | 51 | 10,492 | ||||
Qorvo, Inc.(NON) | 43 | 4,618 | ||||
Qualcomm, Inc. | 605 | 69,291 | ||||
Samsung Electronics Co., Ltd. (South Korea) | 967 | 48,919 | ||||
Shenzhen Inovance Technology Co., Ltd. Class A (China) | 300 | 2,805 | ||||
Shimadzu Corp. (Japan) | 200 | 5,878 | ||||
Sinbon Electronics Co., Ltd. (Taiwan) | 1,000 | 9,721 | ||||
SK Hynix, Inc. (South Korea) | 213 | 19,609 | ||||
TDK Corp. (Japan) | 100 | 3,657 | ||||
Thales SA (France) | 63 | 9,208 | ||||
Trimble Inc.(NON) | 43 | 2,356 | ||||
Vontier Corp. | 391 | 12,281 | ||||
616,868 | ||||||
Energy (oil field) (—%) | ||||||
Schlumberger, Ltd. | 73 | 4,304 | ||||
4,304 | ||||||
Engineering and construction (0.2%) | ||||||
Jacobs Solutions, Inc. | 55 | 7,415 | ||||
Vinci SA (France) | 123 | 13,691 | ||||
21,106 | ||||||
Entertainment (0.1%) | ||||||
Dolby Laboratories, Inc. Class A | 57 | 4,815 | ||||
Live Nation Entertainment, Inc.(NON) | 117 | 9,890 | ||||
14,705 | ||||||
Environmental (—%) | ||||||
Tetra Tech, Inc. | 30 | 4,721 | ||||
4,721 | ||||||
Financial (0.7%) | ||||||
3i Group PLC (United Kingdom) | 549 | 13,819 | ||||
Ally Financial, Inc. | 157 | 4,347 | ||||
Apollo Global Management, Inc. | 215 | 18,778 | ||||
B3 SA - Brasil Bolsa Balcao (Brazil) | 3,700 | 9,661 | ||||
Eurazeo SE (France) | 20 | 1,179 | ||||
Intercontinental Exchange, Inc. | 41 | 4,838 | ||||
Jefferies Financial Group, Inc. | 115 | 4,104 | ||||
Julius Baer Group, Ltd. (Switzerland) | 89 | 6,176 | ||||
MGIC Investment Corp. | 456 | 8,016 | ||||
Nasdaq, Inc. | 84 | 4,408 | ||||
75,326 | ||||||
Food (1.1%) | ||||||
CK Hutchison Holdings, Ltd. (Hong Kong) | 1,000 | 5,454 | ||||
Coles Group, Ltd. (Australia) | 594 | 6,248 | ||||
Dino Polska SA (Poland)(NON) | 108 | 9,883 | ||||
Hershey Co. (The) | 80 | 17,189 | ||||
Jeronimo Martins SGPS SA (Portugal) | 143 | 3,623 | ||||
Mondelez International, Inc. Class A | 237 | 16,889 | ||||
Nestle SA (Switzerland) | 104 | 12,506 | ||||
Nissin Food Products Co., Ltd. (Japan) | 100 | 8,733 | ||||
Shoprite Holdings, Ltd. (South Africa) | 785 | 10,967 | ||||
Sodexo SA (France) | 38 | 4,077 | ||||
Sumber Alfaria Trijaya Tbk PT (Indonesia) | 46,700 | 8,888 | ||||
WH Group, Ltd. (Hong Kong) | 6,000 | 3,081 | ||||
Yakult Honsha Co., Ltd. (Japan) | 200 | 10,484 | ||||
118,022 | ||||||
Forest products and packaging (0.2%) | ||||||
AptarGroup, Inc. | 37 | 4,905 | ||||
Sealed Air Corp. | 109 | 4,040 | ||||
WestRock Co. | 138 | 4,514 | ||||
Weyerhaeuser Co.(R) | 292 | 9,563 | ||||
23,022 | ||||||
Gaming and lottery (0.3%) | ||||||
Aristocrat Leisure, Ltd. (Australia) | 479 | 12,669 | ||||
Boyd Gaming Corp. | 68 | 4,547 | ||||
Caesars Entertainment, Inc.(NON) | 83 | 4,587 | ||||
DraftKings, Inc. Class A(NON) | 172 | 5,100 | ||||
La Francaise des Jeux SAEM (France) | 44 | 1,589 | ||||
28,492 | ||||||
Health care services (2.4%) | ||||||
Apollo Hospitals Enterprise, Ltd. (India) | 149 | 8,671 | ||||
Bio-Rad Laboratories, Inc. Class A(NON) | 12 | 4,802 | ||||
bioMerieux (France) | 23 | 2,378 | ||||
Cardinal Health, Inc. | 342 | 29,867 | ||||
Cigna Corp. | 131 | 36,190 | ||||
CVS Health Corp. | 204 | 13,295 | ||||
Elevance Health, Inc. | 77 | 34,034 | ||||
HCA Healthcare, Inc. | 15 | 4,160 | ||||
Humana, Inc. | 11 | 5,078 | ||||
IQVIA Holdings, Inc.(NON) | 68 | 15,139 | ||||
Max Healthcare Institute, Ltd. (India)(NON) | 2,357 | 16,784 | ||||
McKesson Corp. | 75 | 30,924 | ||||
Medpace Holdings, Inc.(NON) | 19 | 5,135 | ||||
Teladoc Health, Inc.(NON) | 194 | 4,392 | ||||
UnitedHealth Group, Inc. | 109 | 51,947 | ||||
262,796 | ||||||
Homebuilding (0.4%) | ||||||
NVR, Inc.(NON) | 1 | 6,377 | ||||
PulteGroup, Inc. | 380 | 31,183 | ||||
Toll Brothers, Inc. | 42 | 3,441 | ||||
41,001 | ||||||
Household furniture and appliances (—%) | ||||||
Rational AG (Germany) | 2 | 1,524 | ||||
1,524 | ||||||
Industrial (0.3%) | ||||||
Johnson Controls International PLC | 610 | 36,027 | ||||
36,027 | ||||||
Insurance (2.4%) | ||||||
AIA Group, Ltd. (Hong Kong) | 1,600 | 14,446 | ||||
Allianz SE (Germany) | 24 | 5,839 | ||||
American Financial Group, Inc. | 40 | 4,637 | ||||
American International Group, Inc. | 908 | 53,136 | ||||
Assured Guaranty, Ltd. | 182 | 10,709 | ||||
Aviva PLC (United Kingdom) | 1,232 | 5,844 | ||||
AXA SA (France) | 548 | 16,469 | ||||
Berkshire Hathaway, Inc. Class B(NON) | 42 | 15,128 | ||||
Chubb, Ltd. | 23 | 4,620 | ||||
Corebridge Financial, Inc. | 241 | 4,297 | ||||
Equitable Holdings, Inc. | 581 | 16,733 | ||||
Gjensidige Forsikring ASA (Norway) | 64 | 996 | ||||
Loews Corp. | 74 | 4,595 | ||||
Marsh & McLennan Cos., Inc. | 24 | 4,680 | ||||
MetLife, Inc. | 499 | 31,607 | ||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 24 | 9,322 | ||||
Ping An Insurance Group Co. of China, Ltd. Class H (China) | 2,500 | 15,010 | ||||
Reinsurance Group of America, Inc. | 88 | 12,199 | ||||
RenaissanceRe Holdings, Ltd. | 24 | 4,509 | ||||
Sampo Oyj Class A (Finland) | 239 | 10,510 | ||||
Tokio Marine Holdings, Inc. (Japan) | 300 | 6,650 | ||||
Unum Group | 85 | 4,181 | ||||
W.R. Berkley Corp. | 65 | 4,021 | ||||
Zurich Insurance Group AG (Switzerland) | 11 | 5,163 | ||||
265,301 | ||||||
Investment banking/Brokerage (1.1%) | ||||||
Affiliated Managers Group, Inc. | 37 | 4,958 | ||||
Ameriprise Financial, Inc. | 68 | 22,955 | ||||
Charles Schwab Corp. (The) | 438 | 25,908 | ||||
Exor NV (Netherlands) | 48 | 4,246 | ||||
Goldman Sachs Group, Inc. (The) | 105 | 34,409 | ||||
Investor AB Class B (Sweden) | 735 | 14,118 | ||||
Janus Henderson Group PLC (United Kingdom) | 165 | 4,533 | ||||
SEI Investments Co. | 78 | 4,841 | ||||
Virtu Financial, Inc. Class A | 250 | 4,685 | ||||
120,653 | ||||||
Lodging/Tourism (0.6%) | ||||||
H World Group, Ltd. ADR (China)(NON) | 353 | 14,219 | ||||
Hilton Worldwide Holdings, Inc. | 116 | 17,244 | ||||
Host Hotels & Resorts, Inc.(R) | 271 | 4,279 | ||||
Indian Hotels Co., Ltd. (India) | 4,090 | 20,784 | ||||
Marriott International, Inc./MD Class A | 17 | 3,460 | ||||
MGM Resorts International | 94 | 4,134 | ||||
Travel + Leisure Co. | 105 | 4,221 | ||||
68,341 | ||||||
Machinery (0.8%) | ||||||
Caterpillar, Inc. | 46 | 12,932 | ||||
Cummins, Inc. | 15 | 3,451 | ||||
Deere & Co. | 10 | 4,109 | ||||
Gates Industrial Corp. PLC(NON) | 265 | 3,254 | ||||
Ingersoll Rand, Inc. | 312 | 21,718 | ||||
Kone Oyj Class B (Finland) | 29 | 1,316 | ||||
Mitsubishi Heavy Industries, Ltd. (Japan) | 200 | 11,349 | ||||
Otis Worldwide Corp. | 51 | 4,363 | ||||
Vertiv Holdings Co. | 705 | 27,770 | ||||
90,262 | ||||||
Manufacturing (0.3%) | ||||||
Eaton Corp. PLC | 19 | 4,377 | ||||
GEA Group AG (Germany) | 135 | 5,329 | ||||
ITT, Inc. | 48 | 4,909 | ||||
Parker Hannifin Corp. | 12 | 5,003 | ||||
Textron, Inc. | 50 | 3,886 | ||||
Valmont Industries, Inc. | 17 | 4,310 | ||||
27,814 | ||||||
Media (1.0%) | ||||||
Informa PLC (United Kingdom) | 1,138 | 10,493 | ||||
Netflix, Inc.(NON) | 199 | 86,302 | ||||
Universal Music Group NV (Netherlands) | 446 | 10,960 | ||||
107,755 | ||||||
Medical technology (2.1%) | ||||||
Abbott Laboratories | 712 | 73,265 | ||||
Boston Scientific Corp.(NON) | 87 | 4,693 | ||||
Danaher Corp. | 136 | 36,040 | ||||
Dentsply Sirona, Inc. | 120 | 4,451 | ||||
Edwards Lifesciences Corp.(NON) | 53 | 4,053 | ||||
GE HealthCare Technologies, Inc. | 29 | 2,043 | ||||
Hologic, Inc.(NON) | 49 | 3,662 | ||||
IDEXX Laboratories, Inc.(NON) | 15 | 7,671 | ||||
Inspire Medical Systems, Inc.(NON) | 66 | 14,974 | ||||
Intuitive Surgical, Inc.(NON) | 69 | 21,575 | ||||
Medtronic PLC | 58 | 4,727 | ||||
Mettler-Toledo International, Inc.(NON) | 3 | 3,640 | ||||
Olympus Corp. (Japan) | 400 | 5,460 | ||||
ResMed, Inc. | 24 | 3,830 | ||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A (China) | 100 | 3,702 | ||||
Sonic Healthcare, Ltd. (Australia) | 461 | 9,595 | ||||
Thermo Fisher Scientific, Inc. | 41 | 22,841 | ||||
West Pharmaceutical Services, Inc. | 5 | 2,035 | ||||
Zimmer Biomet Holdings, Inc. | 35 | 4,169 | ||||
232,426 | ||||||
Metals (1.0%) | ||||||
Anglo American PLC (Johannesburg Exchange) (United Kingdom) | 295 | 7,911 | ||||
APL Apollo Tubes, Ltd. (India) | 485 | 9,812 | ||||
ArcelorMittal SA (France) | 470 | 12,475 | ||||
BHP Group, Ltd. (ASE Exchange) (Australia) | 353 | 10,149 | ||||
BHP Group, Ltd. (London Exchange) (Australia) | 51 | 1,466 | ||||
BlueScope Steel, Ltd. (Australia) | 443 | 6,018 | ||||
Freeport-McMoRan, Inc. (Indonesia) | 669 | 26,700 | ||||
Glencore PLC (United Kingdom) | 1,473 | 7,844 | ||||
Nucor Corp. | 30 | 5,163 | ||||
Reliance Steel & Aluminum Co. | 18 | 5,129 | ||||
Rio Tinto PLC (United Kingdom) | 107 | 6,592 | ||||
South32, Ltd. (Australia) | 952 | 2,093 | ||||
Steel Dynamics, Inc. | 42 | 4,477 | ||||
Tenaris SA (Italy) | 262 | 4,183 | ||||
110,012 | ||||||
Natural gas utilities (0.4%) | ||||||
Centrica PLC (United Kingdom) | 5,349 | 10,260 | ||||
China Resources Gas Group, Ltd. (China) | 3,300 | 9,242 | ||||
National Guel Gas Co. | 126 | 6,771 | ||||
Tokyo Gas Co., Ltd. (Japan) | 600 | 13,895 | ||||
40,168 | ||||||
Oil and gas (3.6%) | ||||||
APA Corp. | 96 | 4,209 | ||||
BP PLC (United Kingdom) | 3,311 | 20,446 | ||||
Cheniere Energy, Inc. | 171 | 27,907 | ||||
Chevron Corp. | 26 | 4,189 | ||||
ConocoPhillips | 239 | 28,448 | ||||
Equinor ASA (Norway) | 359 | 11,017 | ||||
Exxon Mobil Corp. | 981 | 109,077 | ||||
Marathon Oil Corp. | 1,688 | 44,479 | ||||
Marathon Petroleum Corp. | 180 | 25,699 | ||||
PRIO SA (Brazil)(NON) | 800 | 7,499 | ||||
PetroChina Co., Ltd. Class H (China) | 30,000 | 21,598 | ||||
Reliance Industries, Ltd. (India) | 816 | 23,658 | ||||
Repsol SA (Spain) | 851 | 13,127 | ||||
Shell PLC (Euronext Amsterdam Exchange) (United Kingdom) | 629 | 19,450 | ||||
Shell PLC (United Kingdom) | 111 | 3,394 | ||||
Targa Resources Corp. | 54 | 4,658 | ||||
Valero Energy Corp. | 162 | 21,044 | ||||
389,899 | ||||||
Pharmaceuticals (4.8%) | ||||||
AbbVie, Inc. | 261 | 38,357 | ||||
AstraZeneca PLC (United Kingdom) | 247 | 33,324 | ||||
AstraZeneca PLC ADR (United Kingdom) | 285 | 19,329 | ||||
Bristol-Myers Squibb Co. | 496 | 30,578 | ||||
Dexcom, Inc.(NON) | 132 | 13,329 | ||||
Eli Lilly and Co. | 282 | 156,284 | ||||
GlaxoSmithKline PLC (United Kingdom) | 984 | 17,261 | ||||
Ipsen SA (France) | 27 | 3,500 | ||||
Johnson & Johnson | 25 | 4,042 | ||||
Lonza Group AG (Switzerland) | 9 | 4,966 | ||||
Merck & Co., Inc. | 805 | 87,729 | ||||
Novartis AG (Switzerland) | 271 | 27,275 | ||||
Novo Nordisk A/S Class B (Denmark) | 193 | 35,411 | ||||
Ono Pharmaceutical Co., Ltd. (Japan) | 300 | 5,666 | ||||
Pfizer, Inc. | 85 | 3,007 | ||||
Roche Holding AG (Switzerland) | 94 | 27,643 | ||||
Sanofi (France) | 98 | 10,428 | ||||
Sun Pharmaceutical Industries, Ltd. (India) | 625 | 8,379 | ||||
Viatris, Inc. | 178 | 1,914 | ||||
528,422 | ||||||
Power producers (0.4%) | ||||||
NRG Energy, Inc. | 591 | 22,192 | ||||
Vistra Corp. | 694 | 21,805 | ||||
43,997 | ||||||
Publishing (—%) | ||||||
Wolters Kluwer NV (Netherlands) | 25 | 3,014 | ||||
3,014 | ||||||
Railroads (0.4%) | ||||||
Canadian Pacific Kansas City, Ltd. (Canada) | 161 | 12,780 | ||||
CSX Corp. | 881 | 26,606 | ||||
Norfolk Southern Corp. | 19 | 3,895 | ||||
Union Pacific Corp. | 17 | 3,750 | ||||
47,031 | ||||||
Real estate (1.2%) | ||||||
Apartment Income REIT Corp.(R) | 124 | 4,223 | ||||
AvalonBay Communities, Inc.(R) | 23 | 4,228 | ||||
Brixmor Property Group, Inc.(R) | 330 | 7,253 | ||||
Camden Property Trust(R) | 40 | 4,305 | ||||
EPR Properties(R) | 107 | 4,791 | ||||
Equity Residential(R) | 67 | 4,344 | ||||
First Industrial Realty Trust, Inc.(R) | 84 | 4,363 | ||||
Gaming and Leisure Properties, Inc.(R) | 374 | 17,727 | ||||
Goodman Group (Australia)(R) | 1,003 | 15,149 | ||||
National Retail Properties, Inc. | 301 | 11,856 | ||||
Phoenix Mills, Ltd. (The) (India) | 485 | 10,549 | ||||
Public Storage(R) | 14 | 3,869 | ||||
Regency Centers Corp.(R) | 68 | 4,230 | ||||
Rithm Capital Corp.(R) | 487 | 5,021 | ||||
Simon Property Group, Inc.(R) | 109 | 12,370 | ||||
Vicinity, Ltd. (Australia)(R) | 2,820 | 3,409 | ||||
Vornado Realty Trust(R) | 362 | 8,695 | ||||
126,382 | ||||||
Regional Bells (0.2%) | ||||||
AT&T, Inc. | 1,606 | 23,753 | ||||
23,753 | ||||||
Restaurants (0.3%) | ||||||
Alsea SAB de CV (Mexico)(NON) | 1,654 | 5,842 | ||||
Chipotle Mexican Grill, Inc.(NON) | 9 | 17,340 | ||||
McDonald's Corp. | 18 | 5,061 | ||||
Wingstop, Inc. | 25 | 4,016 | ||||
32,259 | ||||||
Retail (5.9%) | ||||||
Amazon.com, Inc.(NON) | 1,700 | 234,617 | ||||
Arezzo Industria e Comercio SA (Brazil) | 500 | 7,135 | ||||
AutoZone, Inc.(NON) | 2 | 5,063 | ||||
Bath & Body Works, Inc. | 118 | 4,351 | ||||
BJ's Wholesale Club Holdings, Inc.(NON) | 119 | 8,019 | ||||
Costco Wholesale Corp. | 58 | 31,858 | ||||
Crocs, Inc.(NON) | 44 | 4,283 | ||||
Home Depot, Inc. (The) | 88 | 29,067 | ||||
Industria de Diseno Textil SA (Spain) | 399 | 15,306 | ||||
JD Sports Fashion PLC (United Kingdom) | 3,584 | 6,564 | ||||
Koninklijke Ahold Delhaize NV (Netherlands) | 399 | 13,048 | ||||
Lowe's Cos., Inc. | 21 | 4,840 | ||||
Lululemon Athletica, Inc. (Canada)(NON) | 66 | 25,163 | ||||
Nike, Inc. Class B | 189 | 19,223 | ||||
O'Reilly Automotive, Inc.(NON) | 90 | 84,573 | ||||
Tapestry, Inc. | 97 | 3,232 | ||||
Target Corp. | 92 | 11,643 | ||||
TJX Cos., Inc. (The) | 53 | 4,901 | ||||
WalMart de Mexico (Walmex) SAB de CV (Mexico) | 4,795 | 18,904 | ||||
Walmart, Inc. | 712 | 115,778 | ||||
647,568 | ||||||
Semiconductor (1.6%) | ||||||
Applied Materials, Inc. | 136 | 20,775 | ||||
ASML Holding NV (Netherlands) | 24 | 15,789 | ||||
Disco Corp. (Japan) | 100 | 19,736 | ||||
KLA Corp. | 15 | 7,528 | ||||
Lam Research Corp. | 8 | 5,619 | ||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 6,000 | 103,399 | ||||
172,846 | ||||||
Shipping (0.4%) | ||||||
A.P. Moeller-Maersck A/S Class B (Denmark) | 1 | 1,809 | ||||
FedEx Corp. | 90 | 23,491 | ||||
International Container Terminal Services, Inc. (Philippines) | 3,770 | 13,799 | ||||
Kongsberg Gruppen ASA (Norway) | 33 | 1,366 | ||||
Nippon Yusen (Japan) | 300 | 7,995 | ||||
48,460 | ||||||
Software (7.1%) | ||||||
Adobe, Inc.(NON) | 177 | 99,003 | ||||
Atlassian Corp. Class A(NON) | 25 | 5,102 | ||||
Autodesk, Inc.(NON) | 23 | 5,105 | ||||
Cadence Design Systems, Inc.(NON) | 372 | 89,443 | ||||
HubSpot, Inc.(NON) | 30 | 16,395 | ||||
Intuit, Inc. | 23 | 12,462 | ||||
Manhattan Associates, Inc.(NON) | 23 | 4,660 | ||||
Microsoft Corp. | 1,288 | 422,155 | ||||
Nexon Co., Ltd. (Japan) | 500 | 10,078 | ||||
Oracle Corp. | 510 | 61,399 | ||||
ROBLOX Corp. Class A(NON) | 154 | 4,357 | ||||
Square Enix Holdings Co., Ltd. (Japan) | 200 | 7,409 | ||||
Tata Consultancy Services, Ltd. (India) | 566 | 22,953 | ||||
Totvs SA (Brazil) | 1,281 | 7,176 | ||||
Workday, Inc. Class A(NON) | 21 | 5,135 | ||||
772,832 | ||||||
Staffing (0.2%) | ||||||
ManpowerGroup, Inc. | 49 | 3,865 | ||||
Recruit Holdings Co., Ltd. (Japan) | 500 | 17,826 | ||||
21,691 | ||||||
Technology services (6.4%) | ||||||
Accenture PLC Class A | 28 | 9,066 | ||||
Alibaba Group Holding, Ltd. (China)(NON) | 2,077 | 24,129 | ||||
Alphabet, Inc. Class A(NON) | 1,440 | 196,084 | ||||
Alphabet, Inc. Class C(NON) | 708 | 97,244 | ||||
DocuSign, Inc.(NON) | 77 | 3,873 | ||||
eBay, Inc. | 844 | 37,794 | ||||
Fidelity National Information Services, Inc. | 365 | 20,389 | ||||
GoDaddy, Inc. Class A(NON) | 61 | 4,423 | ||||
Leidos Holdings, Inc. | 180 | 17,552 | ||||
Meituan Class B (China)(NON) | 1,390 | 23,058 | ||||
Meta Platforms, Inc. Class A(NON) | 531 | 157,118 | ||||
Palo Alto Networks, Inc.(NON) | 85 | 20,681 | ||||
Salesforce, Inc.(NON) | 102 | 22,589 | ||||
Tencent Holdings, Ltd. (China) | 1,400 | 58,154 | ||||
Western Union Co. (The) | 394 | 4,866 | ||||
697,020 | ||||||
Telecommunications (0.9%) | ||||||
American Tower Corp.(R) | 244 | 44,242 | ||||
Crown Castle, Inc.(R) | 41 | 4,121 | ||||
Iridium Communications, Inc. | 92 | 4,503 | ||||
Samsung SDI Co., Ltd. (South Korea) | 37 | 17,155 | ||||
SBA Communications Corp.(R) | 60 | 13,472 | ||||
T-Mobile US, Inc.(NON) | 65 | 8,856 | ||||
Telstra Group, Ltd. (Australia) | 3,089 | 8,020 | ||||
100,369 | ||||||
Telephone (0.2%) | ||||||
KDDI Corp. (Japan) | 200 | 5,953 | ||||
Nippon Telegraph & Telephone Corp. (Japan) | 5,400 | 6,238 | ||||
Verizon Communications, Inc. | 141 | 4,932 | ||||
17,123 | ||||||
Textiles (0.4%) | ||||||
Hermes International (France) | 8 | 16,387 | ||||
PRADA SpA (Italy) | 2,300 | 14,976 | ||||
Shenzhou International Group Holdings, Ltd. (China) | 1,600 | 16,341 | ||||
47,704 | ||||||
Tobacco (0.8%) | ||||||
Altria Group, Inc. | 271 | 11,984 | ||||
Imperial Brands PLC (United Kingdom) | 602 | 13,613 | ||||
Philip Morris International, Inc. | 675 | 64,841 | ||||
90,438 | ||||||
Toys (0.2%) | ||||||
Bandai Namco Holdings, Inc. (Japan) | 500 | 11,593 | ||||
Nintendo Co., Ltd. (Japan) | 300 | 12,896 | ||||
24,489 | ||||||
Transportation services (0.1%) | ||||||
DHL Group (Germany) | 178 | 8,316 | ||||
Grupo Aeroportuario del Centro Norte SAB de CV (Mexico) | 462 | 5,358 | ||||
Kuehne + Nagel International AG (Switzerland) | 8 | 2,403 | ||||
16,077 | ||||||
Trucks and parts (0.2%) | ||||||
Allison Transmission Holdings, Inc. | 89 | 5,380 | ||||
Aptiv PLC(NON) | 58 | 5,884 | ||||
LKQ Corp. | 84 | 4,413 | ||||
PHINIA, Inc.(NON) | 163 | 4,531 | ||||
20,208 | ||||||
Waste Management (0.1%) | ||||||
Republic Services, Inc. | 23 | 3,315 | ||||
Waste Connections, Inc. | 74 | 10,137 | ||||
13,452 | ||||||
Total common stocks (cost $5,911,141) | $9,338,155 |
INVESTMENT COMPANIES (3.8%)(a) | ||||||
Shares | Value | |||||
iShares Core MSCI Emerging Markets ETF | 1,389 | $68,144 | ||||
iShares MSCI India ETF (India) | 323 | 14,202 | ||||
iShares MSCI Taiwan ETF (Taiwan) | 202 | 9,211 | ||||
SPDR S&P 500 ETF Trust | 626 | 281,919 | ||||
SPDR S&P MidCap 400 ETF Trust | 78 | 37,718 | ||||
Total investment companies (cost $389,360) | $411,194 |
SHORT-TERM INVESTMENTS (10.5%)(a) | ||||||
Principal amount/ shares | Value | |||||
Interest in $370,425,000 joint tri-party repurchase agreement dated 8/31/2023 with BofA Securities, Inc. due 9/1/2023 - maturity value of $758,112 for an effective yield of 5.300% (collateralized by Agency Debentures and Agency Strips and Agency Mortgage-Backed Securities with coupon rates ranging from 2.220% to 6.000% and due dates ranging from 9/1/2023 to 6/20/2053, valued at $377,834,056) | $758,000 | $758,000 | ||||
Putnam Short Term Investment Fund Class P 5.57%(AFF) | Shares | 289,241 | 289,241 | |||
U.S. Treasury Bills 5.324%, 11/16/23(SEG) | $100,000 | 98,887 | ||||
Total short-term investments (cost $1,146,165) | $1,146,128 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $7,446,666) | $10,895,477 |
FORWARD CURRENCY CONTRACTS at 8/31/23 (aggregate face value $638,107) (Unaudited) | |||||||
Counterparty | Currency | Contract type* | Delivery date | Value | Aggregate face value | Unrealized appreciation/ (depreciation) | |
Bank of America N.A. | |||||||
Euro | Buy | 9/20/23 | $48,614 | $48,304 | $310 | ||
New Taiwan Dollar | Buy | 11/15/23 | 4,302 | 4,522 | (220) | ||
Citibank, N.A. | |||||||
Danish Krone | Sell | 9/20/23 | 10,281 | 10,247 | (34) | ||
Japanese Yen | Buy | 11/15/23 | 18,867 | 19,286 | (419) | ||
Goldman Sachs International | |||||||
Euro | Sell | 9/20/23 | 26,911 | 26,888 | (23) | ||
HSBC Bank USA, National Association | |||||||
British Pound | Buy | 9/20/23 | 27,998 | 28,038 | (40) | ||
Chinese Yuan (Offshore) | Buy | 11/15/23 | 99,977 | 101,621 | (1,644) | ||
Euro | Sell | 9/20/23 | 29,190 | 29,165 | (25) | ||
Hong Kong Dollar | Buy | 11/15/23 | 18,941 | 18,939 | 2 | ||
South African Rand | Buy | 10/18/23 | 28,961 | 29,002 | (41) | ||
Swedish Krona | Buy | 9/20/23 | 2,971 | 3,064 | (93) | ||
JPMorgan Chase Bank N.A. | |||||||
Australian Dollar | Sell | 10/18/23 | 4,737 | 4,859 | 122 | ||
Japanese Yen | Buy | 11/15/23 | 32,026 | 32,741 | (715) | ||
Norwegian Krone | Sell | 9/20/23 | 5,816 | 5,672 | (144) | ||
Singapore Dollar | Buy | 11/15/23 | 12,174 | 12,285 | (111) | ||
South Korean Won | Buy | 11/15/23 | 32,487 | 33,043 | (556) | ||
Morgan Stanley & Co. International PLC | |||||||
Euro | Sell | 9/20/23 | 48,614 | 48,495 | (119) | ||
Swedish Krona | Buy | 9/20/23 | 25,401 | 25,412 | (11) | ||
Swiss Franc | Buy | 9/20/23 | 13,493 | 13,305 | 188 | ||
State Street Bank and Trust Co. | |||||||
British Pound | Sell | 9/20/23 | 68,791 | 67,253 | (1,538) | ||
Chinese Yuan (Offshore) | Buy | 11/15/23 | 25,342 | 25,758 | (416) | ||
Hong Kong Dollar | Sell | 11/15/23 | 12,828 | 12,872 | 44 | ||
UBS AG | |||||||
Canadian Dollar | Sell | 10/18/23 | 12,442 | 12,675 | 233 | ||
Thai Baht | Buy | 11/15/23 | 24,132 | 24,661 | (529) | ||
Unrealized appreciation | 899 | ||||||
Unrealized (depreciation) | (6,678) | ||||||
Total | $(5,779) | ||||||
* | The exchange currency for all contracts listed is the United States Dollar. |
FUTURES CONTRACTS OUTSTANDING at 8/31/23 (Unaudited) | ||||||
Number of contracts | Notional amount | Value | Expiration date | Unrealized appreciation/ (depreciation) | ||
MSCI EAFE Index (Long) | 6 | $632,747 | $632,790 | Sep-23 | $(9,725) | |
MSCI Emerging Markets Index (Short) | 11 | 539,179 | 538,615 | Sep-23 | 15,717 | |
Russell 2000 Index E-Mini (Long) | 5 | 474,919 | 475,400 | Sep-23 | 3,799 | |
S&P 500 Index E-Mini (Long) | 2 | 450,766 | 451,600 | Sep-23 | 9,493 | |
Unrealized appreciation | 29,009 | |||||
Unrealized (depreciation) | (9,725) | |||||
Total | $19,284 |
Key to holding's abbreviations | ||||||
ADR | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | |||||
ETF | Exchange Traded Fund | |||||
PJSC | Public Joint Stock Company | |||||
SPDR | S&P Depository Receipts | |||||
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 June 1, 2023 through August 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 $10,898,663. | |||||
(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 5/31/23 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 8/31/23 | |
Short-term investments | ||||||
Putnam Short Term Investment Fund* | $444,243 | $— | $155,000 | $13,122 | $289,241 | |
Total Short-term investments | $444,243 | $— | $155,000 | $13,122 | $289,241 | |
* 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. | ||||||
(SEG) | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $82,054. | |||||
(R) | Real Estate Investment Trust. | |||||
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
DIVERSIFICATION BY COUNTRY | ||||||
Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): | ||||||
United States | 78.4% | |||||
Japan | 2.3 | |||||
United Kingdom | 2.3 | |||||
India | 2.1 | |||||
China | 2.0 | |||||
France | 1.8 | |||||
Taiwan | 1.4 | |||||
Switzerland | 1.0 | |||||
South Korea | 1.0 | |||||
Australia | 0.8 | |||||
Germany | 0.8 | |||||
Italy | 0.6 | |||||
Indonesia | 0.6 | |||||
Brazil | 0.5 | |||||
Mexico | 0.5 | |||||
Other | 3.9 | |||||
Total | 100.0% | |||||
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, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, 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. | ||||||
Repurchase agreements: The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $773,161 at the end of the reporting period, is held at the counterparty’s custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. | ||||||
Futures contracts: The fund used futures contracts to manage exposure to market risk and to equitize cash. | ||||||
The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, 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. | ||||||
Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”. | ||||||
For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. | ||||||
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 that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties 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, are 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. | ||||||
With respect to ISDA Master Agreements, 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 or 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. | ||||||
As of the close of the reporting period, due to a decrease in the fund's net asset value during the year, such counterparties were entitled to elect, but had not yet elected, to terminate early, and cause settlement of all outstanding derivative and foreign exchange contracts outstanding under the applicable Master Agreements, including the payment by the fund of any losses and costs resulting from such early termination, as reasonably determined by such counterparty. At the close of the reporting period, the fund had net liability position of $5,927 on open derivative contracts subject to the Master Agreements. There was no collateral pledged by the fund at period end for these 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*: | ||||
Basic materials | $235,571 | $165,251 | $— | |
Capital goods | 289,535 | 92,890 | — | |
Communication services | 134,750 | 37,366 | — | |
Conglomerates | 43,133 | 27,815 | — | |
Consumer cyclicals | 1,254,595 | 304,950 | — | |
Consumer staples | 446,986 | 182,374 | — | |
Energy | 281,513 | 112,690 | — | |
Financials | 800,092 | 384,195 | — | |
Health care | 928,919 | 220,443 | — | |
Technology | 2,578,657 | 442,502 | — | |
Transportation | 107,514 | 44,992 | — | |
Utilities and power | 157,631 | 63,791 | — | |
Total common stocks | 7,258,896 | 2,079,259 | — | |
Investment companies | 411,194 | — | — | |
Short-term investments | — | 1,146,128 | — | |
Totals by level | $7,670,090 | $3,225,387 | $— | |
Valuation inputs | ||||
Other financial instruments: | Level 1 | Level 2 | Level 3 | |
Forward currency contracts | $— | $(5,779) | $— | |
Futures contracts | 19,284 | — | — | |
Totals by level | $19,284 | $(5,779) | $— | |
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | ||||
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: | ||||
Futures contracts (number of contracts) | 20 | |||
Forward currency contracts (contract amount) | $720,000 | |||
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 |