Form NPORT-P PUTNAM FUNDS TRUST For: May 31

    
        NPORT-P
        false
        
            
            
                
                    0001005942
                    XXXXXXXX
                
            
            
            
            
                S000024246
                C000071534
                C000071533
                C000071531
                C000071529
                C000071530
                C000203064
            
            
            
        
    
    
        
            Putnam Funds Trust
            811-07513
            0001005942
            549300S9JYWEMKQCLW53
            100 FEDERAL STREET
            BOSTON
            
            02110
            1-800-225-1581
            Putnam Focused Equity Fund
            S000024246
            024DELVYES1ONBTJWD69
            2021-08-31
            2021-05-31
            N
        
        
            774828806.79
            30640116.78
            744188690.01
            0.00
            0.00
            0.00
            0.00
            0.00
            0.00
            0.00
            0.00
            0.00
            0.00
            0.00
            0.00
            0.00
            287373.44
            
                
                
                
                
                
            
            N
            
                
                    
                    
                    
                    
                    
                    
                
                
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                    
                        
                        
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                        
                            
                            
                            
                        
                    
                
                
                
                
            
            
            
            
            
            
        
        
            
                JOHNSON CONTROLS INTERNATIONAL PLC
                549300XQ6S1GYKGBL205
                
                G51502105
                
                    
                
                209200
                NS
                USD
                13920168
                1.870515930552
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                KKR  AND  CO INC
                549300JOHU21WRN2Z451
                
                48251W104
                
                    
                
                270408
                NS
                USD
                15059021.52
                2.023548828698
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                APOLLO GLOBAL MANAGEMENT INC
                54930054P2G7ZJB0KM79
                
                03768E105
                
                    
                
                160600
                NS
                USD
                9208804
                1.237428641905
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ABBVIE INC
                FR5LCKFTG8054YNNRU85
                
                00287Y109
                
                    
                
                217900
                NS
                USD
                24666280
                3.31451960116
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                HILTON WORLDWIDE HOLDINGS INC
                549300HVGPK36ICB0B89
                
                43300A203
                
                    
                
                155914
                NS
                USD
                19531346.78
                2.624515400756
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ARAMARK
                549300MR6PG2DWZUIL39
                
                03852U106
                
                    
                
                282800
                NS
                USD
                10562580
                1.419341645713
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CHARTER COMMUNICATIONS INC
                0J0XRGZE3PBRFEZ7MV65
                
                16119P108
                
                    
                
                34713
                NS
                USD
                24109219.89
                3.239664914778
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CIGNA CORP
                549300VIWYMSIGT1U456
                
                125523100
                
                    
                
                80400
                NS
                USD
                20811540
                2.796540753625
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CORTEVA INC
                549300WZN9I2QKLS0O94
                
                22052L104
                
                    
                
                281800
                NS
                USD
                12821900
                1.722936692283
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                PELOTON INTERACTIVE INC
                5493002YS021166W0339
                
                70614W100
                
                    
                
                50700
                NS
                USD
                5592717
                0.75151867733
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                OTIS WORLDWIDE CORP
                549300ZLBKR8VSU25153
                
                68902V107
                
                    
                
                150037
                NS
                USD
                11752398.21
                1.579222899752
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                VONTIER CORP
                N/A
                
                928881101
                
                    
                
                246400
                NS
                USD
                8643712
                1.161494674138
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                DANAHER CORP
                S4BKK9OTCEWQ3YHPFM11
                
                235851102
                
                    
                
                40600
                NS
                USD
                10399284
                1.397398823659
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                APPLE INC
                HWUPKR0MPOU8FGXBT394
                
                037833100
                
                    
                
                386700
                NS
                USD
                48186687
                6.4750630649
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                PULTE HOMES INC
                N/A
                
                745867101
                
                    
                
                52500
                NS
                USD
                3033975
                0.407688942432
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                FIDELITY NATIONAL INFORMATION SERVICES INC
                6WQI0GK1PRFVBA061U48
                
                31620M106
                
                    
                
                125942
                NS
                USD
                18762839.16
                2.521247556147
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                SIRIUS XM HOLDINGS INC
                54930055RWDMVXAGZK98
                
                82968B103
                
                    
                
                3120653
                NS
                USD
                19504081.25
                2.620851608177
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    
                
            
            
                VORNADO REALTY TRUST
                N/A
                
                929042109
                
                    
                
                422166
                NS
                USD
                19960008.48
                2.682116612083
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                WALMART INC
                Y87794H0US1R65VBXU25
                
                931142103
                
                    
                
                156900
                NS
                USD
                22284507
                2.994469991166
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                HONEYWELL INTERNATIONAL INC
                ISRPG12PN4EIEOEMW547
                
                438516106
                
                    
                
                52389
                NS
                USD
                12097143.99
                1.625547949383
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CITIGROUP INC
                6SHGI4ZSSLCXXQSBB395
                
                172967424
                
                    
                
                313620
                NS
                USD
                24685030.2
                3.317039150335
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                RAYTHEON TECHNOLOGIES CORP
                I07WOS4YJ0N7YRFE7309
                
                75513E101
                
                    
                
                173300
                NS
                USD
                15373443
                2.065799064992
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                EMERSON ELECTRIC CO
                FGLT0EWZSUIRRITFOA30
                
                291011104
                
                    
                
                91100
                NS
                USD
                8717359
                1.171390954609
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                MICROSOFT CORP
                INR2EJN1ERAN0W5ZP974
                
                594918104
                
                    
                
                228898
                NS
                USD
                57151252.64
                7.679672293761
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                AMAZON.COM INC
                ZXTILKJKG63JELOEG630
                
                023135106
                
                    
                
                13345
                NS
                USD
                43011869.15
                5.779699386378
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ADOBE INC
                FU4LY2G4933NH2E1CP29
                
                00724F101
                
                    
                
                27000
                NS
                USD
                13623660
                1.830672809582
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                BOSTON SCIENTIFIC CORP
                Y6ZDD9FP4P8JSSJMW954
                
                101137107
                
                    
                
                250781
                NS
                USD
                10670731.55
                1.433874458621
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                EXXON MOBIL CORP
                J3WHBG0MTS7O8ZVMDC91
                
                30231G102
                
                    
                
                309700
                NS
                USD
                18077189
                2.429113643175
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CONSTELLATION BRANDS INC
                5493005GKEG8QCVY7037
                
                21036P108
                
                    
                
                88340
                NS
                USD
                21176864.8
                2.845631099247
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                UNION PACIFIC CORP
                549300LMMRSZZCZ8CL11
                
                907818108
                
                    
                
                71148
                NS
                USD
                15989090.04
                2.148526342128
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                APPLIED MATERIALS INC
                41BNNE1AFPNAZELZ6K07
                
                038222105
                
                    
                
                62100
                NS
                USD
                8577873
                1.152647589939
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                HOME DEPOT INC/THE
                QEKMOTMBBKA8I816DO57
                
                437076102
                
                    
                
                73734
                NS
                USD
                23514509.94
                3.159751049117
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ENTERPRISE PRODUCTS PARTN
                K4CDIF4M54DJZ6TB4Q48
                
                293792107
                
                    
                
                792312
                NS
                USD
                18706486.32
                2.513675170171
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                MASTERCARD INC
                AR5L2ODV9HN37376R084
                
                57636Q104
                
                    
                
                28967
                NS
                USD
                10444920.86
                1.403531254937
                Long
                EC
                CORP
                US
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CREDIT SUISSE GROUP AG
                549300506SI9CRFV9Z86
                
                225401108
                
                    
                
                553400
                NS
                USD
                6098468
                0.819478726547
                Long
                EC
                CORP
                CH
                N
                
                1
                
                    N
                    N
                    
                
            
            
                ASTRAZENECA PLC
                PY6ZZQWO2IZFZC3IOL08
                
                046353108
                
                    
                
                174700
                NS
                USD
                9917719
                1.332688756647
                Long
                EC
                CORP
                GB
                N
                
                1
                
                    N
                    N
                    
                
            
            
                RYANAIR HOLDINGS PLC
                635400BR2ROC1FVEBQ56
                
                783513203
                
                    
                
                130400
                NS
                USD
                15224200
                2.045744608104
                Long
                EC
                CORP
                IE
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                SEA LTD
                529900OM6JLLW44YKI15
                
                81141R100
                
                    
                
                43500
                NS
                USD
                11015940
                1.480261679313
                Long
                EC
                CORP
                SG
                
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ASCENDIS PHARMA A/S
                549300B66JN3W3J8GH73
                
                04351P101
                
                    
                
                54491
                NS
                USD
                7322500.58
                0.983957520223
                Long
                EC
                CORP
                DK
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                STATE STREET B AND T CO
                571474TGEMMWANRLN572
                
                N/A
                
                    
                
                1
                NC
                N/A
                13179741.08
                1.771021416601
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            STATE STREET B AND T CO
                            571474TGEMMWANRLN572
                        
                        12845245.9
                        GBP
                        13179741.08
                        USD
                        2021-06-16
                        -334495.18
                    
                
                
                    N
                    N
                    N
                
            
            
                MORGAN STANLEY AND CO. INTERNATIONAL
                4PQUHN3JPFGFNF3BB653
                
                N/A
                
                    
                
                1
                NC
                N/A
                2590441.26
                0.348089307829
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            MORGAN STANLEY AND CO. INTERNATIONAL
                            4PQUHN3JPFGFNF3BB653
                        
                        2589278.45
                        HKD
                        2590441.26
                        USD
                        2021-08-18
                        -1162.81
                    
                
                
                    N
                    N
                    N
                
            
            
                HSBC BANK USA
                1IE8VN30JCEQV1H4R804
                
                N/A
                
                    
                
                1
                NC
                N/A
                15416224.24
                2.071547773696
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            HSBC BANK USA
                            1IE8VN30JCEQV1H4R804
                        
                        15404597.26
                        HKD
                        15416224.24
                        USD
                        2021-08-18
                        -11626.98
                    
                
                
                    N
                    N
                    N
                
            
            
                CITIBANK N.A.
                E57ODZWZ7FF32TWEFA76
                
                N/A
                
                    
                
                1
                NC
                N/A
                14579891.69
                1.959165986492
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            CITIBANK N.A.
                            E57ODZWZ7FF32TWEFA76
                        
                        14004624.11
                        CAD
                        14579891.69
                        USD
                        2021-07-21
                        -575267.58
                    
                
                
                    N
                    N
                    N
                
            
            
                WESTPAC BANKING CORPORATION
                EN5TNI6CI43VEPAMHL14
                
                N/A
                
                    
                
                1
                NC
                N/A
                8858817.15
                1.190399325994
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            WESTPAC BANKING CORPORATION
                            EN5TNI6CI43VEPAMHL14
                        
                        8858817.15
                        USD
                        8511250.81
                        CAD
                        2021-07-21
                        347566.34
                    
                
                
                    N
                    N
                    N
                
            
            
                HSBC BANK USA
                1IE8VN30JCEQV1H4R804
                
                N/A
                
                    
                
                1
                NC
                N/A
                10136080.69
                1.362031004511
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            HSBC BANK USA
                            1IE8VN30JCEQV1H4R804
                        
                        10136080.69
                        USD
                        9947623.82
                        CAD
                        2021-07-21
                        188456.87
                    
                
                
                    N
                    N
                    N
                
            
            
                BANK OF AMERICA N.A.
                B4TYDEB6GKMZO031MB27
                
                N/A
                
                    
                
                1
                NC
                N/A
                3273903.49
                0.439929218752
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            BANK OF AMERICA N.A.
                            B4TYDEB6GKMZO031MB27
                        
                        3273903.49
                        USD
                        3145435.33
                        CAD
                        2021-07-21
                        128468.16
                    
                
                
                    N
                    N
                    N
                
            
            
                MORGAN STANLEY AND CO. INTERNATIONAL
                4PQUHN3JPFGFNF3BB653
                
                N/A
                
                    
                
                1
                NC
                N/A
                8401995.33
                1.129014111984
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            MORGAN STANLEY AND CO. INTERNATIONAL
                            4PQUHN3JPFGFNF3BB653
                        
                        8071485.37
                        CAD
                        8401995.33
                        USD
                        2021-07-21
                        -330509.96
                    
                
                
                    N
                    N
                    N
                
            
            
                STATE STREET B AND T CO
                571474TGEMMWANRLN572
                
                N/A
                
                    
                
                1
                NC
                N/A
                2794319.21
                0.375485310044
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            STATE STREET B AND T CO
                            571474TGEMMWANRLN572
                        
                        2684725.48
                        CAD
                        2794319.21
                        USD
                        2021-07-21
                        -109593.73
                    
                
                
                    N
                    N
                    N
                
            
            
                JP MORGANCHASE BANK
                7H6GLXDRUGQFU57RNE97
                
                N/A
                
                    
                
                1
                NC
                N/A
                1546688.26
                0.207835496664
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            JP MORGANCHASE BANK
                            7H6GLXDRUGQFU57RNE97
                        
                        1546688.26
                        USD
                        1486059.94
                        CAD
                        2021-07-21
                        60628.32
                    
                
                
                    N
                    N
                    N
                
            
            
                UBS AG
                BFM8T61CT2L1QCEMIK50
                
                N/A
                
                    
                
                1
                NC
                N/A
                12563138.01
                1.68816567339
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            UBS AG
                            BFM8T61CT2L1QCEMIK50
                        
                        12068748.91
                        CAD
                        12563138.01
                        USD
                        2021-07-21
                        -494389.1
                    
                
                
                    N
                    N
                    N
                
            
            
                HSBC BANK USA
                1IE8VN30JCEQV1H4R804
                
                N/A
                
                    
                
                1
                NC
                N/A
                1138052.01
                0.152925195623
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            HSBC BANK USA
                            1IE8VN30JCEQV1H4R804
                        
                        1108383.78
                        EUR
                        1138052.01
                        USD
                        2021-06-16
                        -29668.23
                    
                
                
                    N
                    N
                    N
                
            
            
                GOLDMAN SACHS INTL FX
                W22LROWP2IHZNBB6K528
                
                N/A
                
                    
                
                1
                NC
                N/A
                1833812.85
                0.246417726393
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            GOLDMAN SACHS INTL FX
                            W22LROWP2IHZNBB6K528
                        
                        1814570.73
                        EUR
                        1833812.85
                        USD
                        2021-06-16
                        -19242.12
                    
                
                
                    N
                    N
                    N
                
            
            
                UBS AG
                BFM8T61CT2L1QCEMIK50
                
                N/A
                
                    
                
                1
                NC
                N/A
                3823757.17
                0.513815544543
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            UBS AG
                            BFM8T61CT2L1QCEMIK50
                        
                        3730161.22
                        EUR
                        3823757.17
                        USD
                        2021-06-16
                        -93595.95
                    
                
                
                    N
                    N
                    N
                
            
            
                HSBC BANK USA
                1IE8VN30JCEQV1H4R804
                
                N/A
                
                    
                
                1
                NC
                N/A
                19074002.73
                2.56306001234
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            HSBC BANK USA
                            1IE8VN30JCEQV1H4R804
                        
                        19074002.73
                        USD
                        18725659.13
                        GBP
                        2021-06-16
                        348343.6
                    
                
                
                    N
                    N
                    N
                
            
            
                CITIBANK N.A.
                E57ODZWZ7FF32TWEFA76
                
                N/A
                
                    
                
                1
                NC
                N/A
                12213197.99
                1.641142650238
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            CITIBANK N.A.
                            E57ODZWZ7FF32TWEFA76
                        
                        7339820.3
                        DKK
                        7355925.99
                        USD
                        2021-06-16
                        -16105.69
                    
                
                
                    N
                    N
                    N
                
            
            
                MORGAN STANLEY AND CO. INTERNATIONAL
                4PQUHN3JPFGFNF3BB653
                
                N/A
                
                    
                
                1
                NC
                N/A
                2963692.36
                0.398244746229
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            MORGAN STANLEY AND CO. INTERNATIONAL
                            4PQUHN3JPFGFNF3BB653
                        
                        801027.6
                        USD
                        783745.56
                        EUR
                        2021-06-16
                        17282.04
                    
                
                
                    N
                    N
                    N
                
            
            
                CITIBANK N.A.
                E57ODZWZ7FF32TWEFA76
                
                N/A
                
                    
                
                1
                NC
                N/A
                20770486
                2.791024141971
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            CITIBANK N.A.
                            E57ODZWZ7FF32TWEFA76
                        
                        20268939.08
                        EUR
                        20770486
                        USD
                        2021-06-16
                        -501546.92
                    
                
                
                    N
                    N
                    N
                
            
            
                MORGAN STANLEY AND CO. INTERNATIONAL
                4PQUHN3JPFGFNF3BB653
                
                N/A
                
                    
                
                1
                NC
                N/A
                108708.84
                0.014607698486
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            MORGAN STANLEY AND CO. INTERNATIONAL
                            4PQUHN3JPFGFNF3BB653
                        
                        107065.27
                        GBP
                        108708.84
                        USD
                        2021-06-16
                        -1643.57
                    
                
                
                    N
                    N
                    N
                
            
            
                BANK OF AMERICA N.A.
                B4TYDEB6GKMZO031MB27
                
                N/A
                
                    
                
                1
                NC
                N/A
                2346241.2
                0.31527504133
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            BANK OF AMERICA N.A.
                            B4TYDEB6GKMZO031MB27
                        
                        2289157.35
                        EUR
                        2346241.2
                        USD
                        2021-06-16
                        -57083.85
                    
                
                
                    N
                    N
                    N
                
            
            
                BANK OF AMERICA N.A.
                B4TYDEB6GKMZO031MB27
                
                N/A
                
                    
                
                1
                NC
                N/A
                4569518.75
                0.614026900884
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            BANK OF AMERICA N.A.
                            B4TYDEB6GKMZO031MB27
                        
                        4512742.34
                        CHF
                        4569518.75
                        USD
                        2021-06-16
                        -56776.41
                    
                
                
                    N
                    N
                    N
                
            
            
                CITIBANK N.A.
                E57ODZWZ7FF32TWEFA76
                
                N/A
                
                    
                
                1
                NC
                N/A
                1773117.89
                0.238261870115
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            CITIBANK N.A.
                            E57ODZWZ7FF32TWEFA76
                        
                        1747833.51
                        GBP
                        1773117.89
                        USD
                        2021-06-16
                        -25284.38
                    
                
                
                    N
                    N
                    N
                
            
            
                NATWEST MARKETS PLC
                RR3QWICWWIPCS8A4S074
                
                N/A
                
                    
                
                1
                NC
                N/A
                9272183.22
                1.24594519434
                N/A
                DFE
                CORP
                GB
                N
                
                2
                
                    
                        
                            NATWEST MARKETS PLC
                            RR3QWICWWIPCS8A4S074
                        
                        9142581.36
                        GBP
                        9272183.22
                        USD
                        2021-06-16
                        -129601.86
                    
                
                
                    N
                    N
                    N
                
            
            
                BARCLAYS BANK PLC WHOLESALE, LONDON 
                G5GSEF7VJP5I7OUK5573
                
                N/A
                
                    
                
                1
                NC
                N/A
                545672.98
                0.073324546224
                N/A
                DFE
                CORP
                GB
                N
                
                2
                
                    
                        
                            BARCLAYS BANK PLC WHOLESALE, LONDON 
                            G5GSEF7VJP5I7OUK5573
                        
                        545672.98
                        USD
                        537890.62
                        GBP
                        2021-06-16
                        7782.36
                    
                
                
                    N
                    N
                    N
                
            
            
                BANK OF AMERICA N.A.
                B4TYDEB6GKMZO031MB27
                
                N/A
                
                    
                
                1
                NC
                N/A
                3427025.03
                0.4605048526
                N/A
                DFE
                CORP
                US
                N
                
                2
                
                    
                        
                            BANK OF AMERICA N.A.
                            B4TYDEB6GKMZO031MB27
                        
                        3376759.73
                        GBP
                        3427025.03
                        USD
                        2021-06-16
                        -50265.3
                    
                
                
                    N
                    N
                    N
                
            
            
                AXA SA
                F5WCUMTUM4RKZ1MAIE39
                
                N/A
                
                    
                
                486426
                NS
                
                13527288.76
                1.817722970208
                Long
                EC
                CORP
                FR
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                HC BRILLANT SERVICES GMBH
                N/A
                
                N/A
                
                    
                
                756
                NS
                
                691.43
                0.000092910576
                Long
                EC
                CORP
                DE
                Y
                
                3
                
                    N
                    N
                    N
                
            
            
                AIA GROUP LTD
                ZP5ILWVSYE4LJGMMVD57
                
                N/A
                
                    
                
                1347600
                NS
                
                17919612.42
                2.407939365453
                Long
                EC
                CORP
                HK
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ASSURED GUARANTY LTD
                549300BBOQUJEPH87M14
                
                G0585R106
                
                    
                
                269600
                NS
                USD
                12841048
                1.725509695643
                Long
                EC
                CORP
                BM
                
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ALTISOURCE ASSET MANAGEMENT CORP
                N/A
                
                02153X108
                
                    
                
                337785
                NS
                USD
                5769367.8
                0.77525604426
                Long
                EC
                CORP
                VI
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                CENOVUS ENERGY INC
                549300EIRQ0Z2B9C1W06
                
                N/A
                
                    
                
                1871356
                NS
                
                15196392.83
                2.042008032908
                Long
                EC
                CORP
                CA
                N
                
                1
                
                    N
                    N
                    N
                
            
            
                ALTISOURCE ASSET MANAGEMENT CORP
                N/A
                
                N/A
                
                    
                
                81800
                NS
                USD
                920250
                0.123658154491
                Long
                EP
                CORP
                VI
                Y
                
                3
                
                    N
                    N
                    N
                
            
            
                PUTNAM CASH COLLATERAL POOL LLC
                5493005HRIV7IFMKD774
                
                N/A
                
                    
                
                25547925
                NS
                USD
                25547925
                3.432990227204
                Long
                STIV
                PF
                US
                N
                
                2
                
                    
                    N
                    N
                
            
            
                PUTNAM SHORT TERM INVESTMENT FUND
                5493003MK0Q7JP8CPP42
                
                74676P664
                
                    
                
                6865282.9
                NS
                USD
                6865282.9
                0.922519112714
                Long
                STIV
                PF
                US
                N
                
                2
                
                    N
                    N
                    N
                
            
            
                UNITED STATES OF AMERICA
                254900HROIFWPRGM1V77
                
                912796H36
                
                    
                
                600000
                PA
                USD
                600000
                0.080624713605
                Long
                DBT
                UST
                US
                N
                
                2
                
                    2021-06-29
                    Fixed
                    0
                    N
                    N
                    N
                
                
                    N
                    N
                    N
                
            
            
                UNITED STATES OF AMERICA
                254900HROIFWPRGM1V77
                
                912796B24
                
                    
                
                100000
                PA
                USD
                100000
                0.013437452267
                Long
                DBT
                UST
                US
                N
                
                2
                
                    2021-06-10
                    Fixed
                    0
                    N
                    N
                    N
                
                
                    N
                    N
                    N
                
            
            
                UNITED STATES OF AMERICA
                254900HROIFWPRGM1V77
                
                912796L23
                
                    
                
                500000
                PA
                USD
                499979.58
                0.067184517409
                Long
                DBT
                UST
                US
                N
                
                2
                
                    2021-09-07
                    Fixed
                    0
                    N
                    N
                    N
                
                
                    N
                    N
                    N
                
            
            
                UNITED STATES OF AMERICA
                254900HROIFWPRGM1V77
                
                912796D63
                
                    
                
                1331000
                PA
                USD
                1330957.37
                0.178846761294
                Long
                DBT
                UST
                US
                N
                
                2
                
                    2021-09-02
                    Fixed
                    0
                    N
                    N
                    N
                
                
                    N
                    N
                    N
                
            
            
                UNITED STATES OF AMERICA
                254900HROIFWPRGM1V77
                
                912796H85
                
                    
                
                300000
                PA
                USD
                299999.28
                0.040312260053
                Long
                DBT
                UST
                US
                N
                
                2
                
                    2021-07-06
                    Fixed
                    0
                    N
                    N
                    N
                
                
                    N
                    N
                    N
                
            
            
                UNITED STATES OF AMERICA
                254900HROIFWPRGM1V77
                
                912828J27
                
                    
                
                441000
                PA
                USD
                468205.29
                0.062914862358
                Long
                DBT
                UST
                US
                N
                
                2
                
                    2025-02-15
                    Fixed
                    2
                    N
                    N
                    N
                
                
                    N
                    N
                    N
                
            
        
        
            2021-07-27
            Putnam Investments Inc
            Janet C. Smith
            NPORT
            Principal Financial Officer
        
    
    XXXX

---

	Putnam Focused Equity Fund
	The fund's portfolio
	5/31/21 (Unaudited)

	COMMON STOCKS (98.9%)(a)
					Shares	Value
	Aerospace and defense (2.1%)
	Raytheon Technologies Corp.				173,300	$15,373,443
						15,373,443
	Airlines (2.0%)
	Ryanair Holdings PLC ADR (Ireland)(NON)				130,400	15,224,200
						15,224,200
	Banks (3.3%)
	Citigroup, Inc.				313,620	24,685,030
						24,685,030
	Beverages (2.8%)
	Constellation Brands, Inc. Class A				88,340	21,176,865
						21,176,865
	Biotechnology (4.3%)
	AbbVie, Inc.				217,900	24,666,280
	Ascendis Pharma A/S ADR (Denmark)(NON)				54,491	7,322,501
						31,988,781
	Building products (1.9%)
	Johnson Controls International PLC				209,200	13,920,168
						13,920,168
	Capital markets (4.1%)
	Apollo Global Management, Inc.				160,600	9,208,804
	Credit Suisse Group AG ADR (Switzerland)(S)				553,400	6,098,468
	KKR & Co., Inc. Class A				270,408	15,059,022
						30,366,294
	Chemicals (1.7%)
	Corteva, Inc.				281,800	12,821,900
						12,821,900
	Electrical equipment (1.2%)
	Emerson Electric Co.				91,100	8,717,359
						8,717,359
	Electronic equipment, instruments, and components (1.2%)
	Vontier Corp.(NON)				246,400	8,643,712
						8,643,712
	Entertainment (1.5%)
	Sea, Ltd. ADR (Thailand)(NON)				43,500	11,015,940
						11,015,940
	Equity real estate investment trusts (REITs) (2.7%)
	Vornado Realty Trust				422,166	19,960,008
						19,960,008
	Food and staples retail (3.0%)
	Walmart, Inc.				156,900	22,284,507
						22,284,507
	Health-care equipment and supplies (2.8%)
	Boston Scientific Corp.(NON)				250,781	10,670,732
	Danaher Corp.				40,600	10,399,284
						21,070,016
	Health-care providers and services (2.8%)
	Cigna Corp.				80,400	20,811,540
						20,811,540
	Hotels, restaurants, and leisure (4.0%)
	Aramark				282,800	10,562,580
	Hilton Worldwide Holdings, Inc.(NON)				155,914	19,531,347
						30,093,927
	Household durables (0.4%)
	HC Brillant Services GmbH (acquired various dates from 8/2/13 to 8/31/16, cost $502) (Private) (Germany)(NON)(F)(RES)				756	691
	PulteGroup, Inc.				52,500	3,033,975
						3,034,666
	Industrial conglomerates (1.6%)
	Honeywell International, Inc.				52,389	12,097,144
						12,097,144
	Insurance (5.8%)
	AIA Group, Ltd. (Hong Kong)				1,347,600	17,225,054
	Assured Guaranty, Ltd.				269,600	12,841,048
	AXA SA (France)				486,426	13,393,825
						43,459,927
	Internet and direct marketing retail (5.8%)
	Amazon.com, Inc.(NON)				13,345	43,011,869
						43,011,869
	IT Services (3.9%)
	Fidelity National Information Services, Inc.				125,942	18,762,839
	Mastercard, Inc. Class A				28,967	10,444,921
						29,207,760
	Leisure products (0.8%)
	Peloton Interactive, Inc. Class A(NON)				50,700	5,592,717
						5,592,717
	Machinery (1.6%)
	Otis Worldwide Corp.				150,037	11,752,398
						11,752,398
	Media (5.9%)
	Charter Communications, Inc. Class A(NON)				34,713	24,109,220
	Sirius XM Holdings, Inc.(S)				3,120,653	19,504,081
						43,613,301
	Oil, gas, and consumable fuels (7.0%)
	Cenovus Energy, Inc. (Canada)				1,871,356	15,630,133
	Enterprise Products Partners LP				792,312	18,706,486
	Exxon Mobil Corp.				309,700	18,077,189
						52,413,808
	Pharmaceuticals (1.3%)
	AstraZeneca PLC ADR (United Kingdom)(S)				174,700	9,917,719
						9,917,719
	Real estate management and development (0.8%)
	Altisource Asset Management Corp. (Virgin Islands)(NON)(AFF)				337,785	5,769,368
						5,769,368
	Road and rail (2.2%)
	Union Pacific Corp.				71,148	15,989,090
						15,989,090
	Semiconductors and semiconductor equipment (1.2%)
	Applied Materials, Inc.				62,100	8,577,873
						8,577,873
	Software (9.5%)
	Adobe, Inc.(NON)				27,000	13,623,660
	Microsoft Corp.				228,898	57,151,253
						70,774,913
	Specialty retail (3.2%)
	Home Depot, Inc. (The)				73,734	23,514,510
						23,514,510
	Technology hardware, storage, and peripherals (6.5%)
	Apple, Inc.				386,700	48,186,685
						48,186,685
	Total common stocks (cost $595,356,643)					$735,067,438

---

	CONVERTIBLE PREFERRED STOCKS (0.1%)(a)
					Shares	Value
	Altisource Asset Management Corp. 0.00% cv. pfd. (acquired 2/18/21, cost $1,227,000) (Private) (Virgin Islands)(NON)(F)(RES)				81,800	$920,250
	Total convertible preferred stocks (cost $1,227,000)					$920,250

---

	U.S. TREASURY OBLIGATIONS (0.1%)(a)
					Principal amount	Value
	U.S. Treasury Notes 2.00%, 2/15/25(i)				$441,000	$468,205
	Total U.S. treasury obligations (cost $468,205)					$468,205

---

	SHORT-TERM INVESTMENTS (4.7%)(a)
					Principal amount/ shares	Value
	Putnam Cash Collateral Pool, LLC 0.10%(AFF)			Shares	25,547,925	$25,547,925
	Putnam Short Term Investment Fund Class P 0.08%(AFF)			Shares	6,865,283	6,865,283
	U.S. Treasury Bills 0.011%, 6/29/21(SEGSF)				$600,000	600,000
	U.S. Treasury Bills 0.037%, 6/10/21(SEGSF)				100,000	100,000
	U.S. Treasury Bills 0.009%, 7/6/21(SEGSF)				300,000	300,000
	U.S. Treasury Bills 0.013%, 9/2/21(SEGSF)				1,331,000	1,330,958
	U.S. Treasury Cash Management Bills 0.007%, 9/7/21(SEGSF)				500,000	499,979
	Total short-term investments (cost $35,244,147)					$35,244,145
	TOTAL INVESTMENTS
	Total investments (cost $632,295,995)					$771,700,038

---

	FORWARD CURRENCY CONTRACTS at 5/31/21 (aggregate face value $166,244,385) (Unaudited)
	Counterparty	Currency	Contract type*	Delivery date	Value	Aggregate face value	Unrealized appreciation/ (depreciation)
	Bank of America N.A.
		British Pound	Sell	6/16/21	$3,430,752	$3,376,760	$(53,992)
		Canadian Dollar	Buy	7/21/21	3,276,751	3,145,435	131,316
		Euro	Sell	6/16/21	2,352,781	2,289,157	(63,624)
		Swiss Franc	Sell	6/16/21	4,572,824	4,512,742	(60,082)
	Barclays Bank PLC
		British Pound	Buy	6/16/21	546,266	537,891	8,375
	Citibank, N.A.
		British Pound	Sell	6/16/21	1,775,046	1,747,834	(27,212)
		Canadian Dollar	Sell	7/21/21	14,592,574	14,004,624	(587,950)
		Danish Krone	Sell	6/16/21	7,375,967	7,339,821	(36,146)
		Euro	Sell	6/16/21	20,828,381	20,268,939	(559,442)
	Goldman Sachs International
		Euro	Sell	6/16/21	1,838,924	1,814,571	(24,353)
	HSBC Bank USA, National Association
		British Pound	Buy	6/16/21	19,094,748	18,725,659	369,089
		Canadian Dollar	Buy	7/21/21	10,144,898	9,947,624	197,274
		Euro	Sell	6/16/21	1,141,224	1,108,384	(32,840)
		Hong Kong Dollar	Sell	8/18/21	15,415,143	15,404,597	(10,546)
	JPMorgan Chase Bank N.A.
		Canadian Dollar	Buy	7/21/21	1,548,034	1,486,060	61,974
	Morgan Stanley & Co. International PLC
		British Pound	Sell	6/16/21	108,827	107,065	(1,762)
		Canadian Dollar	Sell	7/21/21	8,409,304	8,071,485	(337,819)
		Euro	Buy	6/16/21	803,261	783,745	19,516
		Hong Kong Dollar	Sell	8/18/21	2,590,260	2,589,278	(982)
	NatWest Markets PLC
		British Pound	Sell	6/16/21	9,282,268	9,142,581	(139,687)
	State Street Bank and Trust Co.
		British Pound	Sell	6/16/21	13,194,075	12,845,246	(348,829)
		Canadian Dollar	Sell	7/21/21	2,796,750	2,684,725	(112,025)
	UBS AG
		Canadian Dollar	Sell	7/21/21	12,574,066	12,068,749	(505,317)
		Euro	Sell	6/16/21	3,834,415	3,730,161	(104,254)
	WestPac Banking Corp.
		Canadian Dollar	Buy	7/21/21	8,866,523	8,511,252	355,271
	Unrealized appreciation						1,142,815
	Unrealized (depreciation)						(3,006,862)
	Total						$(1,864,047)
*	The exchange currency for all contracts listed is the United States Dollar.

---

	Key to holding's abbreviations
ADR	American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank.
	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 September 1, 2020 through May 31, 2021 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a)	Percentages indicated are based on net assets of $743,402,162.
(NON)	This security is non-income-producing.
(RES)	This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $920,941, or 0.1% of net assets.
(AFF)	Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and 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, or involving securities of companies in which the fund owned at least 5% of the outstanding voting securities, were as follows:
	Name of affiliate	Fair value as of 8/31/20	Purchase cost	Sale proceeds	Investment income	Capital gain distributions	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Shares outstanding at period end	Fair value as of 5/31/21
	Short-term investments
	Putnam Cash Collateral Pool, LLC*#	$23,279,275	$295,833,892	$293,565,242	$34,312	$—	$—	$—	25,547,925	$25,547,925
	Putnam Short Term Investment Fund**	10,078,448	153,025,564	156,238,729	21,368	—	—	—	6,865,283	6,865,283
	Total Short-term investments	33,357,723	448,859,456	449,803,971	55,680	—	—	—		32,413,208
	Common stocks‡
	Real estate
	Altisource Asset Management Corp. (Virgin Islands)	2,016,056	7,345,451	854,462	—	—	(2,761,387)	23,710	337,785	5,769,368
	Total Common stocks	2,016,056	7,345,451	854,462	—	—	(2,761,387)	23,710		5,769,368
	Totals	$35,373,779	$456,204,907	$450,658,433	$55,680	$—	$(2,761,387)	$23,710		$38,182,576
	* 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 received cash collateral of $25,547,925 for securities loaned. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $24,754,744.
	** 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.
	‡ Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
(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 $2,720,000.
(F)	This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs.
(i)	This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts.
(S)	This security is on loan, in part or in entirety, at the close of the reporting period.
	At the close of the reporting period, the fund maintained liquid assets totaling $2,585,488 to cover certain derivative contracts.
	The dates shown on debt obligations are the original maturity dates.
	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. 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 $2,812,644 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $2,720,000 and may include amounts related to unsettled agreements.

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	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*:
	Communication services	$54,629,241	$—	$—
	Consumer discretionary	105,246,998	—	691
	Consumer staples	43,461,372	—	—
	Energy	52,413,808	—	—
	Financials	98,511,251	—	—
	Health care	83,788,056	—	—
	Industrials	93,073,802	—	—
	Information technology	165,390,943	—	—
	Materials	12,821,900	—	—
	Real Estate	25,729,376	—	—
	Total common stocks	735,066,747	—	691
	Convertible preferred stocks	—	—	920,250
	U.S. treasury obligations	—	468,205	—
	Short-term investments	—	35,244,145	—
	Totals by level	$735,066,747	$35,712,350	$920,941
		Valuation inputs
	Other financial instruments:	Level 1	Level 2	Level 3
	Forward currency contracts	$—	$(1,864,047)	$—
	Totals by level	$—	$(1,864,047)	$—
	* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.

	The following is a reconciliation of Level 3 assets as of the close of the reporting period:
	Investments in securities:	Balance as of 8/31/20	Accrued discounts/ premiums	Realized gain/ (loss)	Change in net unrealized appreciation/ (depreciation)#	Cost of purchases	Proceeds from sales	Total transfers into Level 3†	Total transfers out of Level 3†	Balance as of May 31, 2021
	Common stocks*:
	Consumer discretionary	$677	$—	$—	$14	$—	$—	$—	$—	$691
	Total common stocks	$677	$—	$—	$14	$—	$—	$—	$—	$691
	Convertible preferred stocks	$4,084,519	—	(71,591,549)	77,408,731	1,227,000	(10,208,451)	—	—	$920,250
	Preferred stocks	$8,000,001	—	(19,599,997)	19,599,993	—	(7,999,997)	—	—	$—
	Totals	$12,085,197	$—	$(91,191,546)	$97,008,738	$1,227,000	$(18,208,448)	$—	$—	$920,941
	* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
	† Transfers during the reporting period did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period.
	# Includes $306,736 elated to Level 3 securities still held at period end.
	Level 3 securities which are fair valued by Putnam Management, are not material to the fund.

	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)	$150,300,000
	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

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