Putnam Dynamic Asset Allocation Equity Fund | ||||||
The fund's portfolio | ||||||
8/31/22 (Unaudited) |
COMMON STOCKS (85.3%)(a) | ||||||
Shares | Value | |||||
Advertising and marketing services (—%) | ||||||
Publicis Groupe SA (France) | 695 | $33,988 | ||||
33,988 | ||||||
Aerospace and defense (1.7%) | ||||||
BAE Systems PLC (United Kingdom) | 2,613 | 23,547 | ||||
Dassault Aviation SA (France) | 181 | 24,863 | ||||
General Dynamics Corp. | 1,568 | 358,962 | ||||
HEICO Corp. | 205 | 31,222 | ||||
Lockheed Martin Corp. | 836 | 351,212 | ||||
Northrop Grumman Corp. | 454 | 217,007 | ||||
Raytheon Technologies Corp. | 2,415 | 216,746 | ||||
Rheinmetall AG (Germany) | 146 | 23,203 | ||||
TransDigm Group, Inc. | 135 | 81,053 | ||||
1,327,815 | ||||||
Agriculture (0.6%) | ||||||
Archer-Daniels-Midland Co. | 406 | 35,683 | ||||
Corteva, Inc. | 6,535 | 401,445 | ||||
437,128 | ||||||
Airlines (0.2%) | ||||||
Copa Holdings SA Class A (Panama)(NON) | 596 | 42,435 | ||||
Southwest Airlines Co.(NON) | 3,249 | 119,238 | ||||
161,673 | ||||||
Automotive (1.9%) | ||||||
Ford Motor Co. | 2,403 | 36,622 | ||||
General Motors Co.(NON) | 3,628 | 138,626 | ||||
Genuine Parts Co. | 579 | 90,330 | ||||
Knorr-Bremse AG (Germany) | 463 | 22,469 | ||||
Porsche Automobil Holding SE (Preference) (Germany) | 313 | 22,165 | ||||
Rivian Automotive, Inc. Class A(NON) | 946 | 30,944 | ||||
Stellantis NV (Italy) | 8,287 | 110,390 | ||||
Tesla, Inc.(NON) | 2,925 | 806,178 | ||||
Toyota Motor Corp. (Japan) | 1,100 | 16,418 | ||||
United Rentals, Inc.(NON) | 302 | 88,196 | ||||
Volkswagen AG (Preference) (Germany) | 819 | 116,924 | ||||
Volvo AB Class B (Sweden) | 1,164 | 18,444 | ||||
Volvo Car AB Class B (Sweden)(NON) | 4,601 | 27,974 | ||||
1,525,680 | ||||||
Banking (5.2%) | ||||||
Alinma Bank (Saudi Arabia) | 13,019 | 131,110 | ||||
Banco Bilbao Vizcaya Argentaria SA (Spain) | 23,026 | 103,123 | ||||
Banco do Brasil SA (Brazil) | 5,900 | 47,280 | ||||
Banco Santander SA (Spain) | 43,172 | 104,626 | ||||
Bank Central Asia Tbk PT (Indonesia) | 236,300 | 130,094 | ||||
Bank Leumi Le-Israel BM (Israel) | 10,561 | 111,511 | ||||
Bank Mandiri Persero Tbk PT (Indonesia) | 116,600 | 69,189 | ||||
Bank of America Corp. | 8,671 | 291,432 | ||||
Bank of Ireland Group PLC (Ireland) | 10,554 | 65,051 | ||||
BNP Paribas SA (France) | 828 | 38,589 | ||||
China Merchants Bank Co., Ltd. Class H (China) | 8,000 | 40,872 | ||||
Citigroup, Inc. | 11,596 | 566,000 | ||||
DBS Group Holdings, Ltd. (Singapore) | 8,500 | 197,800 | ||||
DNB Bank ASA (Norway) | 2,724 | 51,965 | ||||
East West Bancorp, Inc. | 1,200 | 86,604 | ||||
Fifth Third Bancorp | 942 | 32,169 | ||||
Grupo Financiero Banorte SAB de CV Class O (Mexico) | 13,419 | 79,262 | ||||
Hana Financial Group, Inc. (South Korea) | 1,594 | 46,637 | ||||
ICICI Bank, Ltd. (India) | 21,380 | 235,202 | ||||
Israel Discount Bank, Ltd. Class A (Israel) | 6,090 | 37,189 | ||||
JPMorgan Chase & Co. | 5,865 | 667,026 | ||||
KeyCorp | 1,244 | 22,006 | ||||
Lloyds Banking Group PLC (United Kingdom) | 29,433 | 14,934 | ||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | 16,200 | 83,795 | ||||
Mizrahi Tefahot Bank, Ltd. (Israel) | 269 | 10,931 | ||||
National Australia Bank, Ltd. (Australia) | 4,963 | 103,244 | ||||
PNC Financial Services Group, Inc. (The) | 1,257 | 198,606 | ||||
Popular, Inc. (Puerto Rico) | 450 | 34,749 | ||||
State Street Corp. | 850 | 58,098 | ||||
UBS Group AG (Switzerland) | 5,444 | 85,986 | ||||
United Overseas Bank, Ltd. (Singapore) | 3,400 | 66,355 | ||||
Wells Fargo & Co. | 5,697 | 249,016 | ||||
Wintrust Financial Corp. | 393 | 33,146 | ||||
4,093,597 | ||||||
Beverage (1.4%) | ||||||
Asahi Group Holdings, Ltd. (Japan) | 2,100 | 70,307 | ||||
Coca-Cola Co. (The) | 7,468 | 460,850 | ||||
Coca-Cola Europacific Partners PLC (United Kingdom) | 1,634 | 80,344 | ||||
Coca-Cola HBC AG (Italy) | 1,560 | 35,654 | ||||
Diageo PLC (United Kingdom) | 5,038 | 219,918 | ||||
Keurig Dr Pepper, Inc. | 4,163 | 158,694 | ||||
PepsiCo, Inc. | 509 | 87,685 | ||||
1,113,452 | ||||||
Biotechnology (1.0%) | ||||||
Amgen, Inc. | 128 | 30,758 | ||||
Exelixis, Inc.(NON) | 1,777 | 31,524 | ||||
Illumina, Inc.(NON) | 148 | 29,843 | ||||
Incyte Corp.(NON) | 345 | 24,298 | ||||
Regeneron Pharmaceuticals, Inc.(NON) | 396 | 230,100 | ||||
Vertex Pharmaceuticals, Inc.(NON) | 1,567 | 441,518 | ||||
788,041 | ||||||
Broadcasting (0.1%) | ||||||
Nexstar Media Group, Inc. Class A | 178 | 34,055 | ||||
Warner Bros Discovery, Inc.(NON) | 2,451 | 32,451 | ||||
66,506 | ||||||
Building materials (—%) | ||||||
Owens Corning | 412 | 33,673 | ||||
33,673 | ||||||
Cable television (0.4%) | ||||||
Charter Communications, Inc. Class A(NON) | 239 | 98,619 | ||||
Cogeco Communications, Inc. (Canada) | 196 | 12,000 | ||||
Comcast Corp. Class A | 4,634 | 167,705 | ||||
278,324 | ||||||
Chemicals (1.4%) | ||||||
Arkema SA (France) | 119 | 10,066 | ||||
Celanese Corp. | 312 | 34,588 | ||||
CF Industries Holdings, Inc. | 2,096 | 216,852 | ||||
Dow, Inc. | 595 | 30,345 | ||||
DuPont de Nemours, Inc. | 2,505 | 139,378 | ||||
Eastman Chemical Co. | 1,005 | 91,455 | ||||
Fertiglobe PLC (United Arab Emirates) | 8,822 | 13,475 | ||||
Linde PLC | 123 | 34,656 | ||||
LyondellBasell Industries NV Class A | 383 | 31,789 | ||||
Nitto Denko Corp. (Japan) | 900 | 55,418 | ||||
OCI NV (Netherlands) | 1,038 | 39,038 | ||||
Olin Corp. | 689 | 37,661 | ||||
PPG Industries, Inc. | 963 | 122,282 | ||||
Sherwin-Williams Co. (The) | 492 | 114,193 | ||||
Shin-Etsu Chemical Co., Ltd. (Japan) | 700 | 81,360 | ||||
Yunnan Energy New Material Co., Ltd. Class A (China) | 1,100 | 30,731 | ||||
1,083,287 | ||||||
Commercial and consumer services (2.4%) | ||||||
Automatic Data Processing, Inc. | 152 | 37,150 | ||||
Booking Holdings, Inc.(NON) | 297 | 557,116 | ||||
Booz Allen Hamilton Holding Corp. | 480 | 45,936 | ||||
Brambles, Ltd. (Australia) | 5,114 | 42,991 | ||||
Centre Testing International Group Co., Ltd. Class A (China) | 11,002 | 35,013 | ||||
Cintas Corp. | 93 | 37,836 | ||||
CK Hutchison Holdings, Ltd. (Hong Kong) | 18,000 | 116,156 | ||||
CoStar Group, Inc.(NON) | 861 | 59,960 | ||||
Expedia Group, Inc.(NON) | 1,161 | 119,177 | ||||
Experian PLC (United Kingdom) | 1,959 | 59,539 | ||||
Gartner, Inc.(NON) | 778 | 221,979 | ||||
Jardine Matheson Holdings, Ltd. (Hong Kong) | 500 | 26,476 | ||||
Mastercard, Inc. Class A | 939 | 304,583 | ||||
Network International Holdings PLC (United Arab Emirates)(NON) | 14,810 | 41,448 | ||||
PayPal Holdings, Inc.(NON) | 365 | 34,106 | ||||
Terminix Global Holdings, Inc.(NON) | 791 | 33,736 | ||||
Toast, Inc. Class A(NON) | 2,276 | 43,085 | ||||
Worldline SA/France (France)(NON) | 1,219 | 52,141 | ||||
1,868,428 | ||||||
Communications equipment (0.2%) | ||||||
arista Networks, Inc.(NON) | 322 | 38,601 | ||||
Telefonaktiebolaget LM Ericsson Class B (Sweden) | 13,595 | 101,630 | ||||
140,231 | ||||||
Computers (6.4%) | ||||||
Apple, Inc. | 22,542 | 3,544,053 | ||||
Cisco Systems, Inc./Delaware | 6,671 | 298,327 | ||||
Crowdstrike Holdings, Inc. Class A(NON) | 495 | 90,392 | ||||
Dropbox, Inc. Class A(NON) | 1,299 | 27,786 | ||||
Fortinet, Inc.(NON) | 625 | 30,431 | ||||
Fujitsu, Ltd. (Japan) | 700 | 82,735 | ||||
MongoDB, Inc.(NON) | 96 | 30,995 | ||||
MSCI, Inc. | 254 | 114,107 | ||||
Pure Storage, Inc. Class A(NON) | 5,054 | 146,414 | ||||
ServiceNow, Inc.(NON) | 265 | 115,174 | ||||
Smartsheet, Inc. Class A(NON) | 969 | 32,239 | ||||
Snowflake, Inc. Class A(NON) | 955 | 172,807 | ||||
SS&C Technologies Holdings, Inc. | 567 | 31,616 | ||||
Synopsys, Inc.(NON) | 1,006 | 348,096 | ||||
5,065,172 | ||||||
Conglomerates (0.6%) | ||||||
3M Co. | 178 | 22,134 | ||||
AMETEK, Inc. | 1,402 | 168,464 | ||||
General Electric Co. | 724 | 53,171 | ||||
Marubeni Corp. (Japan) | 10,600 | 109,852 | ||||
Mitsubishi Corp. (Japan) | 2,800 | 91,391 | ||||
Mitsui & Co., Ltd. (Japan) | 900 | 21,009 | ||||
466,021 | ||||||
Construction (0.4%) | ||||||
Compagnie de Saint-Gobain (France) | 1,937 | 78,267 | ||||
CRH PLC (Ireland) | 5,033 | 185,124 | ||||
Eiffage SA (France) | 711 | 62,641 | ||||
326,032 | ||||||
Consumer (0.4%) | ||||||
Chow Tai Fook Jewellery Group, Ltd. (Hong Kong) | 10,400 | 20,970 | ||||
LVMH Moet Hennessy Louis Vuitton SA (France) | 373 | 241,256 | ||||
Pandora A/S (Denmark) | 877 | 52,788 | ||||
315,014 | ||||||
Consumer finance (0.9%) | ||||||
American Express Co. | 222 | 33,744 | ||||
Capital One Financial Corp. | 1,783 | 188,677 | ||||
Discover Financial Services | 435 | 43,713 | ||||
SLM Corp. | 2,132 | 32,577 | ||||
Synchrony Financial | 4,291 | 140,530 | ||||
Visa, Inc. Class A | 1,385 | 275,213 | ||||
714,454 | ||||||
Consumer goods (1.7%) | ||||||
Colgate-Palmolive Co. | 424 | 33,161 | ||||
Estee Lauder Cos., Inc. (The) Class A | 447 | 113,708 | ||||
Haleon PLC (United Kingdom)(NON) | 4,969 | 14,942 | ||||
L'Oreal SA (France) | 414 | 142,170 | ||||
Procter & Gamble Co. (The) | 5,723 | 789,431 | ||||
Ulta Beauty, Inc.(NON) | 572 | 240,166 | ||||
Unilever PLC (United Kingdom) | 320 | 14,527 | ||||
1,348,105 | ||||||
Consumer services (0.6%) | ||||||
Airbnb, Inc. Class A(NON) | 1,447 | 163,685 | ||||
DoorDash, Inc. Class A(NON) | 477 | 28,572 | ||||
JD.com, Inc. Class A (China) | 2,669 | 84,468 | ||||
JD.com, Inc. ADR (China) | 425 | 26,983 | ||||
MercadoLibre, Inc. (Brazil)(NON) | 45 | 38,491 | ||||
Netflix, Inc.(NON) | 62 | 13,861 | ||||
Uber Technologies, Inc.(NON) | 4,716 | 135,632 | ||||
491,692 | ||||||
Containers (0.1%) | ||||||
Ball Corp. | 1,417 | 79,083 | ||||
Crown Holdings, Inc. | 282 | 25,546 | ||||
104,629 | ||||||
Distribution (0.3%) | ||||||
Copart, Inc.(NON) | 232 | 27,759 | ||||
Ferguson PLC (United Kingdom) | 792 | 91,633 | ||||
ITOCHU Corp. (Japan) | 2,500 | 68,620 | ||||
Sysco Corp. | 403 | 33,135 | ||||
221,147 | ||||||
Electric utilities (1.7%) | ||||||
AES Corp. (The) | 1,359 | 34,587 | ||||
Ameren Corp. | 1,115 | 103,271 | ||||
American Electric Power Co., Inc. | 3,509 | 351,601 | ||||
Constellation Energy Corp. | 1,536 | 125,322 | ||||
DTE Energy Co. | 250 | 32,585 | ||||
Duke Energy Corp. | 289 | 30,897 | ||||
E.ON SE (Germany) | 12,101 | 103,441 | ||||
Edison International | 482 | 32,665 | ||||
Enel SpA (Italy) | 7,141 | 33,642 | ||||
Eversource Energy | 381 | 34,172 | ||||
Exelon Corp. | 3,927 | 172,435 | ||||
FirstEnergy Corp. | 889 | 35,160 | ||||
Fortum OYJ (Finland) | 3,700 | 37,991 | ||||
PPL Corp. | 541 | 15,732 | ||||
Public Service Enterprise Group, Inc. | 488 | 31,408 | ||||
RWE AG (Germany) | 806 | 30,853 | ||||
Southern Co. (The) | 445 | 34,296 | ||||
WEC Energy Group, Inc. | 321 | 33,108 | ||||
Xcel Energy, Inc. | 433 | 32,150 | ||||
1,305,316 | ||||||
Electrical equipment (0.7%) | ||||||
Emerson Electric Co. | 636 | 51,987 | ||||
Fortive Corp. | 3,040 | 192,523 | ||||
Honeywell International, Inc. | 1,214 | 229,871 | ||||
KEI Industries, Ltd. (India) | 1,212 | 22,040 | ||||
Legrand SA (France) | 1,258 | 91,029 | ||||
587,450 | ||||||
Electronics (3.6%) | ||||||
Advanced Micro Devices, Inc.(NON) | 1,562 | 132,567 | ||||
Agilent Technologies, Inc. | 936 | 120,042 | ||||
Broadcom, Inc. | 65 | 32,442 | ||||
Hon Hai Precision Industry Co., Ltd. (Taiwan) | 20,000 | 71,408 | ||||
Hoya Corp. (Japan) | 1,600 | 162,506 | ||||
Lattice Semiconductor Corp.(NON) | 1,400 | 75,460 | ||||
LEENO Industrial, Inc. (South Korea) | 70 | 7,451 | ||||
Marvell Technology, Inc. | 1,354 | 63,394 | ||||
Minebea Mitsumi, Inc. (Japan) | 2,400 | 41,264 | ||||
Monolithic Power Systems, Inc. | 81 | 36,708 | ||||
Murata Manufacturing Co., Ltd. (Japan) | 1,000 | 53,940 | ||||
NVIDIA Corp. | 4,470 | 674,702 | ||||
NXP Semiconductors NV | 355 | 58,426 | ||||
Qualcomm, Inc. | 4,508 | 596,273 | ||||
Samsung Electronics Co., Ltd. (South Korea) | 3,868 | 171,347 | ||||
Sartorius AG (Preference) (Germany) | 118 | 49,300 | ||||
Shenzhen Inovance Technology Co., Ltd. Class A (China) | 5,400 | 46,899 | ||||
Shimadzu Corp. (Japan) | 1,800 | 52,744 | ||||
Sinbon Electronics Co., Ltd. (Taiwan) | 5,000 | 46,250 | ||||
STMicroelectronics NV (France) | 2,167 | 75,415 | ||||
Techtronic Industries Co., Ltd. (TTI) (Hong Kong) | 2,500 | 29,413 | ||||
Texas Instruments, Inc. | 403 | 66,580 | ||||
Thales SA (France) | 964 | 116,260 | ||||
Vontier Corp. | 2,355 | 51,622 | ||||
2,832,413 | ||||||
Engineering and construction (—%) | ||||||
Vinci SA (France) | 20 | 1,851 | ||||
1,851 | ||||||
Entertainment (0.3%) | ||||||
Leejam Sports Co. JSC (Saudi Arabia) | 640 | 14,247 | ||||
Live Nation Entertainment, Inc.(NON) | 1,279 | 115,570 | ||||
Sony Group Corp. (Japan) | 700 | 55,523 | ||||
Vail Resorts, Inc. | 140 | 31,455 | ||||
216,795 | ||||||
Environmental (—%) | ||||||
Tetra Tech, Inc. | 240 | 32,594 | ||||
32,594 | ||||||
Financial (1.0%) | ||||||
3i Group PLC (United Kingdom) | 4,146 | 58,256 | ||||
Ally Financial, Inc. | 3,323 | 110,324 | ||||
Apollo Global Management, Inc. | 1,430 | 79,479 | ||||
Carlyle Group, Inc. (The) | 1,414 | 45,997 | ||||
Deutsche Boerse AG (Germany) | 518 | 87,622 | ||||
Hong Kong Exchanges and Clearing, Ltd. (Hong Kong) | 400 | 16,106 | ||||
Japan Exchange Group, Inc. (Japan) | 2,700 | 40,205 | ||||
KB Financial Group, Inc. (South Korea) | 3,012 | 110,545 | ||||
London Stock Exchange Group PLC (United Kingdom) | 917 | 86,097 | ||||
MGIC Investment Corp. | 2,255 | 32,224 | ||||
Partners Group Holding AG (Switzerland) | 111 | 106,835 | ||||
Singapore Exchange, Ltd. (Singapore) | 3,900 | 26,441 | ||||
800,131 | ||||||
Food (1.1%) | ||||||
Albertsons Cos., Inc. Class A | 1,179 | 32,434 | ||||
China Mengniu Dairy Co., Ltd. (China) | 16,000 | 72,296 | ||||
Coles Group, Ltd. (Australia) | 5,628 | 67,300 | ||||
Dino Polska SA (Poland)(NON) | 706 | 51,504 | ||||
Hershey Co. (The) | 752 | 168,952 | ||||
Jeronimo Martins SGPS SA (Portugal) | 2,615 | 57,982 | ||||
Kesko Oyj Class B (Finland) | 1,120 | 23,584 | ||||
Kraft Heinz Co. (The) | 910 | 34,034 | ||||
Mondelez International, Inc. Class A | 534 | 33,033 | ||||
Nestle SA (Switzerland) | 1,077 | 126,127 | ||||
Shoprite Holdings, Ltd. (South Africa) | 4,222 | 57,318 | ||||
Sumber Alfaria Trijaya Tbk PT (Indonesia) | 141,400 | 20,732 | ||||
Tyson Foods, Inc. Class A | 425 | 32,037 | ||||
WH Group, Ltd. (Hong Kong) | 43,000 | 29,290 | ||||
Yakult Honsha Co., Ltd. (Japan) | 1,600 | 94,520 | ||||
901,143 | ||||||
Forest products and packaging (0.2%) | ||||||
Sealed Air Corp. | 613 | 32,986 | ||||
WestRock Co. | 743 | 30,158 | ||||
Weyerhaeuser Co.(R) | 3,196 | 109,175 | ||||
172,319 | ||||||
Gaming and lottery (0.2%) | ||||||
Aristocrat Leisure, Ltd. (Australia) | 3,880 | 94,181 | ||||
Boyd Gaming Corp. | 616 | 33,529 | ||||
Flutter Entertainment PLC (Ireland)(NON) | 246 | 30,629 | ||||
La Francaise des Jeux SAEM (France) | 733 | 23,812 | ||||
182,151 | ||||||
Health care services (3.3%) | ||||||
AmerisourceBergen Corp. | 223 | 32,683 | ||||
Apollo Hospitals Enterprise, Ltd. (India) | 844 | 45,586 | ||||
Bio-Rad Laboratories, Inc. Class A(NON) | 61 | 29,587 | ||||
Cardinal Health, Inc. | 561 | 39,674 | ||||
Cigna Corp. | 744 | 210,887 | ||||
CVS Health Corp. | 5,326 | 522,747 | ||||
Elevance Health, Inc. | 406 | 196,955 | ||||
Eurofins Scientific (Luxembourg) | 285 | 19,745 | ||||
Fresenius SE & Co. KGaA (Germany) | 629 | 15,573 | ||||
Ginkgo Bioworks Holdings, Inc.(NON) | 10,592 | 28,492 | ||||
HCA Healthcare, Inc. | 406 | 80,335 | ||||
Humana, Inc. | 335 | 161,396 | ||||
ICON PLC (Ireland)(NON) | 151 | 31,684 | ||||
IQVIA Holdings, Inc.(NON) | 908 | 193,095 | ||||
Laboratory Corp. of America Holdings | 135 | 30,411 | ||||
M3, Inc. (Japan) | 300 | 9,630 | ||||
Max Healthcare Institute, Ltd. (India)(NON) | 9,564 | 46,491 | ||||
McKesson Corp. | 783 | 287,361 | ||||
Molina Healthcare, Inc.(NON) | 296 | 99,862 | ||||
Mouwasat Medical Services Co. (Saudi Arabia) | 433 | 27,817 | ||||
UnitedHealth Group, Inc. | 946 | 491,287 | ||||
2,601,298 | ||||||
Homebuilding (0.3%) | ||||||
Daiwa House Industry Co., Ltd. (Japan) | 1,400 | 31,380 | ||||
NVR, Inc.(NON) | 8 | 33,120 | ||||
PulteGroup, Inc. | 3,094 | 125,802 | ||||
Toll Brothers, Inc. | 712 | 31,178 | ||||
221,480 | ||||||
Household furniture and appliances (—%) | ||||||
Dixon Technologies (India), Ltd. (India) | 186 | 9,451 | ||||
9,451 | ||||||
Industrial (0.3%) | ||||||
Carrier Global Corp. | 857 | 33,526 | ||||
Johnson Controls International PLC | 4,020 | 217,642 | ||||
251,168 | ||||||
Insurance (2.3%) | ||||||
AIA Group, Ltd. (Hong Kong) | 9,000 | 86,793 | ||||
Alleghany Corp.(NON) | 40 | 33,647 | ||||
American Financial Group, Inc. | 264 | 33,708 | ||||
American International Group, Inc. | 2,754 | 142,519 | ||||
Arch Capital Group, Ltd.(NON) | 775 | 35,433 | ||||
Assured Guaranty, Ltd. | 2,358 | 120,423 | ||||
Aviva PLC (United Kingdom) | 11,484 | 55,622 | ||||
AXA SA (France) | 6,660 | 157,173 | ||||
Axis Capital Holdings, Ltd. | 292 | 15,520 | ||||
Berkshire Hathaway, Inc. Class B(NON) | 119 | 33,415 | ||||
Chubb, Ltd. | 171 | 32,328 | ||||
Equitable Holdings, Inc. | 4,984 | 148,274 | ||||
Everest Re Group, Ltd. | 134 | 36,053 | ||||
Gjensidige Forsikring ASA (Norway) | 1,066 | 21,621 | ||||
Japan Post Holdings Co., Ltd. (Japan) | 13,800 | 95,208 | ||||
MetLife, Inc. | 5,491 | 353,236 | ||||
NN Group NV (Netherlands) | 244 | 10,004 | ||||
Old Republic International Corp. | 1,474 | 32,192 | ||||
Ping An Insurance Group Co. of China, Ltd. Class H (China) | 10,000 | 58,840 | ||||
Prudential PLC (United Kingdom) | 4,914 | 51,373 | ||||
Reinsurance Group of America, Inc. | 308 | 38,611 | ||||
Sampo Oyj Class A (Finland) | 355 | 16,073 | ||||
Tokio Marine Holdings, Inc. (Japan) | 1,900 | 106,363 | ||||
Unum Group | 1,454 | 55,034 | ||||
W.R. Berkley Corp. | 543 | 35,186 | ||||
Zurich Insurance Group AG (Switzerland) | 96 | 42,522 | ||||
1,847,171 | ||||||
Investment banking/Brokerage (1.7%) | ||||||
Ameriprise Financial, Inc. | 671 | 179,835 | ||||
Blackstone, Inc. | 315 | 29,591 | ||||
Charles Schwab Corp. (The) | 4,856 | 344,533 | ||||
Exor NV (Netherlands) | 564 | 33,946 | ||||
Goldman Sachs Group, Inc. (The) | 1,780 | 592,152 | ||||
Investor AB Class B (Sweden) | 5,350 | 84,235 | ||||
Virtu Financial, Inc. Class A | 1,915 | 43,968 | ||||
1,308,260 | ||||||
Lodging/Tourism (0.3%) | ||||||
Choice Hotels International, Inc. | 311 | 35,675 | ||||
Hilton Worldwide Holdings, Inc. | 833 | 106,091 | ||||
InterContinental Hotels Group PLC (United Kingdom) | 568 | 30,794 | ||||
Marriott International, Inc./MD Class A | 172 | 26,443 | ||||
Wyndham Hotels & Resorts, Inc. | 696 | 45,477 | ||||
244,480 | ||||||
Machinery (0.7%) | ||||||
Caterpillar, Inc. | 180 | 33,248 | ||||
Cummins, Inc. | 150 | 32,306 | ||||
Deere & Co. | 437 | 159,614 | ||||
Fuji Electric Co., Ltd. (Japan) | 700 | 30,265 | ||||
Ingersoll Rand, Inc. | 2,350 | 111,320 | ||||
Komatsu, Ltd. (Japan) | 3,700 | 77,441 | ||||
Mitsubishi Heavy Industries, Ltd. (Japan) | 100 | 3,849 | ||||
Otis Worldwide Corp. | 419 | 30,260 | ||||
Spirax_Sarco engineering PLC (United Kingdom) | 342 | 41,691 | ||||
519,994 | ||||||
Manufacturing (0.5%) | ||||||
A.O. Smith Corp. | 541 | 30,539 | ||||
Acuity Brands, Inc. | 180 | 29,507 | ||||
Dover Corp. | 250 | 31,240 | ||||
Eaton Corp. PLC | 228 | 31,154 | ||||
GEA Group AG (Germany) | 1,157 | 40,339 | ||||
ITT, Inc. | 444 | 32,203 | ||||
Nordson Corp. | 241 | 54,748 | ||||
Parker Hannifin Corp. | 117 | 31,005 | ||||
Textron, Inc. | 1,227 | 76,540 | ||||
357,275 | ||||||
Media (0.3%) | ||||||
FactSet Research Systems, Inc. | 80 | 34,667 | ||||
Interpublic Group of Cos., Inc. (The) | 1,181 | 32,643 | ||||
Universal Music Group NV (Netherlands) | 8,510 | 168,803 | ||||
Walt Disney Co. (The)(NON) | 309 | 34,633 | ||||
270,746 | ||||||
Medical services (—%) | ||||||
Service Corp. International | 457 | 28,201 | ||||
28,201 | ||||||
Medical technology (2.2%) | ||||||
Abbott Laboratories | 5,134 | 527,006 | ||||
ABIOMED, Inc.(NON) | 119 | 30,854 | ||||
Boston Scientific Corp.(NON) | 812 | 32,732 | ||||
CSL, Ltd. (Australia) | 34 | 6,793 | ||||
Danaher Corp. | 1,256 | 339,006 | ||||
Edwards Lifesciences Corp.(NON) | 292 | 26,309 | ||||
Getinge AB Class B (Sweden) | 1,325 | 24,582 | ||||
Hologic, Inc.(NON) | 956 | 64,587 | ||||
IDEXX Laboratories, Inc.(NON) | 189 | 65,700 | ||||
Intuitive Surgical, Inc.(NON) | 430 | 88,469 | ||||
Medtronic PLC | 2,093 | 184,017 | ||||
Sartorius Stedim Biotech (France) | 116 | 42,456 | ||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A (China) | 800 | 34,563 | ||||
Sonic Healthcare, Ltd. (Australia) | 3,185 | 73,563 | ||||
Thermo Fisher Scientific, Inc. | 368 | 200,678 | ||||
1,741,315 | ||||||
Metals (0.9%) | ||||||
Alcoa Corp. | 675 | 33,399 | ||||
Anglo American PLC (London Exchange) (United Kingdom) | 4,153 | 133,374 | ||||
Anglo American PLC (Johannesburg Exchange) (United Kingdom) | 868 | 27,825 | ||||
BHP Group, Ltd. (ASE Exchange) (Australia) | 2,308 | 63,717 | ||||
BHP Group, Ltd. (London Exchange) (Australia) | 427 | 11,672 | ||||
BlueScope Steel, Ltd. (Australia) | 1,340 | 15,211 | ||||
Boliden AB (Sweden) | 316 | 10,133 | ||||
Freeport-McMoRan, Inc. (Indonesia) | 5,870 | 173,752 | ||||
Glencore PLC (United Kingdom) | 6,204 | 33,943 | ||||
Mineral Resources, Ltd. (Australia) | 318 | 13,721 | ||||
Misumi Group, Inc. (Japan) | 400 | 9,821 | ||||
Rio Tinto PLC (United Kingdom) | 1,920 | 106,003 | ||||
Rio Tinto, Ltd. (Australia) | 1,069 | 68,735 | ||||
South32, Ltd. (Australia) | 8,301 | 23,393 | ||||
Vale Indonesia Tbk PT (Indonesia)(NON) | 50,000 | 20,439 | ||||
745,138 | ||||||
Natural gas utilities (0.2%) | ||||||
NiSource, Inc. | 1,169 | 34,497 | ||||
Osaka Gas Co., Ltd. (Japan) | 1,900 | 31,940 | ||||
Tokyo Gas Co., Ltd. (Japan) | 3,300 | 61,800 | ||||
128,237 | ||||||
Oil and gas (4.3%) | ||||||
APA Corp. | 1,092 | 42,708 | ||||
BP PLC (United Kingdom) | 31,617 | 161,416 | ||||
Cheniere Energy, Inc. | 1,240 | 198,623 | ||||
Chevron Corp. | 708 | 111,906 | ||||
ConocoPhillips | 2,237 | 244,839 | ||||
Enterprise Products Partners LP | 2,856 | 75,170 | ||||
EOG Resources, Inc. | 417 | 50,582 | ||||
Equinor ASA (Norway) | 2,680 | 103,634 | ||||
Exxon Mobil Corp. | 6,672 | 637,776 | ||||
Marathon Oil Corp. | 7,881 | 201,675 | ||||
Marathon Petroleum Corp. | 2,609 | 262,857 | ||||
Occidental Petroleum Corp. | 533 | 37,843 | ||||
Orsted AS (Denmark) | 189 | 18,468 | ||||
PDC Energy, Inc. | 639 | 43,394 | ||||
PetroChina Co., Ltd. Class H (China) | 100,000 | 46,701 | ||||
Petroleo Brasileiro SA (Preference) (Brazil) | 3,800 | 24,272 | ||||
Phillips 66 | 385 | 34,442 | ||||
PTT Exploration & Production PCL (Thailand) | 13,100 | 60,538 | ||||
Reliance Industries, Ltd. (India)(NON) | 5,182 | 169,523 | ||||
Reliance Industries, Ltd. GDR 144A (India)(NON) | 155 | 10,184 | ||||
Shell PLC (London Exchange) (United Kingdom) | 11,001 | 291,481 | ||||
Shell PLC (Euronext Amsterdan Exchange) (United Kingdom) | 6,068 | 160,598 | ||||
Targa Resources Corp. | 3,182 | 217,108 | ||||
Valero Energy Corp. | 1,544 | 180,833 | ||||
3,386,571 | ||||||
Pharmaceuticals (5.2%) | ||||||
AbbVie, Inc. | 3,622 | 487,014 | ||||
AstraZeneca PLC (United Kingdom) | 2,144 | 265,317 | ||||
AstraZeneca PLC ADR (United Kingdom) | 2,750 | 171,545 | ||||
Bristol-Myers Squibb Co. | 4,259 | 287,099 | ||||
Chugai Pharmaceutical Co., Ltd. (Japan) | 1,600 | 41,245 | ||||
DexCom, Inc.(NON) | 1,119 | 91,993 | ||||
Eli Lilly and Co. | 1,810 | 545,226 | ||||
Euroapi SA (France)(NON) | 45 | 702 | ||||
GlaxoSmithKline PLC (United Kingdom) | 3,975 | 63,672 | ||||
Ipsen SA (France) | 290 | 27,798 | ||||
Johnson & Johnson | 193 | 31,139 | ||||
Lonza Group AG (Switzerland) | 250 | 132,910 | ||||
Merck & Co., Inc. | 8,472 | 723,170 | ||||
Merck KGaA (Germany) | 963 | 165,746 | ||||
Novartis AG (Switzerland) | 2,524 | 203,650 | ||||
Novo Nordisk A/S Class B (Denmark) | 1,886 | 201,476 | ||||
Ono Pharmaceutical Co., Ltd. (Japan) | 1,300 | 31,030 | ||||
Pfizer, Inc. | 5,941 | 268,711 | ||||
Roche Holding AG (Switzerland) | 748 | 240,912 | ||||
Sanofi (France) | 1,542 | 126,910 | ||||
4,107,265 | ||||||
Power producers (0.3%) | ||||||
NRG Energy, Inc. | 4,601 | 189,930 | ||||
Vistra Corp. | 1,340 | 33,165 | ||||
223,095 | ||||||
Publishing (0.2%) | ||||||
New York Times Co. (The) Class A | 1,080 | 32,929 | ||||
News Corp. Class A | 1,921 | 32,503 | ||||
Thomson Reuters Corp. (Canada) | 610 | 67,170 | ||||
Wolters Kluwer NV (Netherlands) | 584 | 57,114 | ||||
189,716 | ||||||
Railroads (0.8%) | ||||||
Canadian Natl Railway Co. (Canada) | 335 | 39,840 | ||||
CSX Corp. | 8,143 | 257,726 | ||||
Union Pacific Corp. | 1,576 | 353,828 | ||||
651,394 | ||||||
Real estate (1.6%) | ||||||
Apartment Income REIT Corp.(R) | 774 | 31,618 | ||||
AvalonBay Communities, Inc.(R) | 166 | 33,351 | ||||
Barratt Developments PLC (United Kingdom) | 4,391 | 21,745 | ||||
Boston Properties, Inc.(R) | 937 | 74,426 | ||||
Brixmor Property Group, Inc.(R) | 1,407 | 30,222 | ||||
Camden Property Trust(R) | 239 | 30,714 | ||||
CBRE Group, Inc. Class A(NON) | 1,492 | 117,808 | ||||
CK Asset Holdings, Ltd. (Hong Kong) | 11,642 | 78,572 | ||||
Equity Lifestyle Properties, Inc.(R) | 446 | 31,265 | ||||
Essex Property Trust, Inc.(R) | 120 | 31,807 | ||||
Extra Space Storage, Inc.(R) | 165 | 32,790 | ||||
First Industrial Realty Trust, Inc.(R) | 640 | 32,435 | ||||
Gaming and Leisure Properties, Inc.(R) | 3,422 | 165,180 | ||||
Goodman Group (Australia)(R) | 7,154 | 95,488 | ||||
Invitation Homes, Inc.(R) | 888 | 32,217 | ||||
Jones Lang LaSalle, Inc.(NON) | 195 | 33,735 | ||||
Lamar Advertising Co. Class A(R) | 311 | 29,200 | ||||
Life Storage, Inc.(R) | 607 | 77,241 | ||||
Mitsui Fudosan Co., Ltd. (Japan) | 700 | 14,136 | ||||
Nomura Real Estate Holdings, Inc. (Japan) | 1,900 | 46,551 | ||||
Phoenix Mills, Ltd. (The) (India) | 1,188 | 20,853 | ||||
Prologis, Inc.(R) | 261 | 32,497 | ||||
Public Storage(R) | 107 | 35,399 | ||||
Rithm Capital Corp.(R) | 3,284 | 30,968 | ||||
Simon Property Group, Inc.(R) | 336 | 34,265 | ||||
Starwood Property Trust, Inc.(R) | 1,435 | 32,905 | ||||
Sumitomo Realty & Development Co., Ltd. (Japan) | 600 | 14,683 | ||||
1,242,071 | ||||||
Regional Bells (0.3%) | ||||||
AT&T, Inc. | 14,021 | 245,928 | ||||
245,928 | ||||||
Restaurants (0.3%) | ||||||
Chipotle Mexican Grill, Inc.(NON) | 73 | 116,566 | ||||
McDonald's Corp. | 138 | 34,815 | ||||
McDonald's Holdings Co. (Japan), Ltd. (Japan) | 1,500 | 53,608 | ||||
204,989 | ||||||
Retail (5.7%) | ||||||
Amazon.com, Inc.(NON) | 13,564 | 1,719,508 | ||||
Autonation, Inc.(NON) | 271 | 33,767 | ||||
AutoZone, Inc.(NON) | 137 | 290,332 | ||||
BJ's Wholesale Club Holdings, Inc.(NON) | 2,130 | 158,664 | ||||
Cie Financiere Richemont SA Class A (Switzerland) | 283 | 31,602 | ||||
Costco Wholesale Corp. | 603 | 314,826 | ||||
Dollar General Corp. | 137 | 32,527 | ||||
Home Depot, Inc. (The) | 436 | 125,751 | ||||
Industria de Diseno Textil SA (Spain) | 2,797 | 60,361 | ||||
JD Sports Fashion PLC (United Kingdom) | 52,499 | 68,727 | ||||
Koninklijke Ahold Delhaize NV (Netherlands) | 3,795 | 104,416 | ||||
Li Ning Co., Ltd. (China) | 7,500 | 68,287 | ||||
Lowe's Cos., Inc. | 169 | 32,810 | ||||
Lululemon Athletica, Inc. (Canada)(NON) | 430 | 128,983 | ||||
Macy's, Inc. | 1,803 | 31,228 | ||||
Moncler SpA (Italy) | 2,021 | 90,473 | ||||
Nike, Inc. Class B | 1,572 | 167,339 | ||||
O'Reilly Automotive, Inc.(NON) | 352 | 245,386 | ||||
Penske Automotive Group, Inc. | 307 | 36,198 | ||||
Tapestry, Inc. | 904 | 31,396 | ||||
Target Corp. | 676 | 108,390 | ||||
TJX Cos., Inc. (The) | 540 | 33,669 | ||||
WalMart de Mexico (Walmex) SAB de CV (Mexico) | 28,853 | 94,551 | ||||
Walmart, Inc. | 2,982 | 395,264 | ||||
Wesfarmers, Ltd. (Australia) | 2,642 | 84,580 | ||||
4,489,035 | ||||||
Semiconductor (0.7%) | ||||||
Applied Materials, Inc. | 364 | 34,241 | ||||
ASM International NV (Netherlands) | 19 | 5,155 | ||||
ASML Holding NV (Netherlands) | 157 | 76,130 | ||||
KLA Corp. | 78 | 26,842 | ||||
Lam Research Corp. | 61 | 26,713 | ||||
Renesas Electronics Corp. (Japan)(NON) | 6,300 | 59,301 | ||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 22,000 | 359,816 | ||||
588,198 | ||||||
Shipping (0.2%) | ||||||
A.P. Moeller-Maersck A/S Class B (Denmark) | 19 | 45,436 | ||||
International Container Terminal Services, Inc. (Philippines) | 14,790 | 47,578 | ||||
Nippon Yusen KK (Japan) | 800 | 61,135 | ||||
United Parcel Service, Inc. Class B | 178 | 34,623 | ||||
ZIM Integrated Shipping Services, Ltd. (Israel) | 200 | 7,218 | ||||
195,990 | ||||||
Software (6.5%) | ||||||
Adobe, Inc.(NON) | 1,077 | 402,195 | ||||
Atlassian Corp PLC Class A (Australia)(NON) | 894 | 221,408 | ||||
Autodesk, Inc.(NON) | 188 | 37,927 | ||||
Cadence Design Systems, Inc.(NON) | 3,340 | 580,392 | ||||
Electronic Arts, Inc. | 264 | 33,494 | ||||
Intuit, Inc. | 1,041 | 449,483 | ||||
Manhattan Associates, Inc.(NON) | 356 | 50,289 | ||||
Microsoft Corp. | 10,888 | 2,846,885 | ||||
NTT Data Corp. (Japan) | 2,600 | 36,604 | ||||
Oracle Corp. | 1,410 | 104,552 | ||||
Playtika Holding Corp. (Israel)(NON) | 2,384 | 25,104 | ||||
Sage Group PLC (The) (United Kingdom) | 6,474 | 53,619 | ||||
Square Enix Holdings Co., Ltd. (Japan) | 1,300 | 56,557 | ||||
Tata Consultancy Services, Ltd. (India) | 3,150 | 125,716 | ||||
Totvs SA (Brazil) | 11,581 | 63,555 | ||||
Wix.com, Ltd. (Israel)(NON) (IL) | 240 | 15,190 | ||||
Workday, Inc. Class A(NON) | 210 | 34,558 | ||||
5,137,528 | ||||||
Staffing (0.1%) | ||||||
ManpowerGroup, Inc. | 414 | 30,354 | ||||
Recruit Holdings Co., Ltd. (Japan) | 1,600 | 50,951 | ||||
81,305 | ||||||
Technology services (6.0%) | ||||||
Accenture PLC Class A | 2,338 | 674,420 | ||||
Alibaba Group Holding, Ltd. (China)(NON) | 13,577 | 161,661 | ||||
Alphabet, Inc. Class A(NON) | 12,709 | 1,375,368 | ||||
Alphabet, Inc. Class C(NON) | 5,660 | 617,789 | ||||
Capgemini SE (France) | 597 | 103,335 | ||||
DocuSign, Inc.(NON) | 391 | 22,764 | ||||
DXC Technology Co.(NON) | 1,279 | 31,694 | ||||
eBay, Inc. | 6,437 | 284,065 | ||||
Fidelity National Information Services, Inc. | 1,418 | 129,563 | ||||
GoDaddy, Inc. Class A(NON) | 418 | 31,693 | ||||
Infosys, Ltd. ADR (India) | 522 | 9,553 | ||||
Leidos Holdings, Inc. | 356 | 33,838 | ||||
Meituan Class B (China)(NON) | 4,200 | 100,645 | ||||
Meta Platforms, Inc. Class A(NON) | 3,387 | 551,844 | ||||
NAVER Corp. (South Korea) | 275 | 48,775 | ||||
Palo Alto Networks, Inc.(NON) | 500 | 278,405 | ||||
Pinterest, Inc. Class A(NON) | 893 | 20,575 | ||||
SCSK Corp. (Japan) | 1,600 | 26,140 | ||||
Spotify Technology SA (Sweden)(NON) | 273 | 29,525 | ||||
Tencent Holdings, Ltd. (China) | 4,400 | 182,239 | ||||
Zebra Technologies Corp. Class A(NON) | 82 | 24,734 | ||||
4,738,625 | ||||||
Telecommunications (0.9%) | ||||||
American Tower Corp.(R) | 1,281 | 325,438 | ||||
Crown Castle International Corp.(R) | 181 | 30,920 | ||||
Koninklijke KPN NV (Netherlands) | 19,634 | 62,448 | ||||
MTN Group, Ltd. (South Africa) | 4,943 | 35,787 | ||||
SK Telecom Co., Ltd. (South Korea) | 912 | 35,415 | ||||
T-Mobile US, Inc.(NON) | 622 | 89,543 | ||||
Telstra Corp., Ltd. (Australia) | 35,852 | 96,992 | ||||
676,543 | ||||||
Telephone (0.6%) | ||||||
Deutsche Telekom AG (Germany) | 2,265 | 42,763 | ||||
KDDI Corp. (Japan) | 3,800 | 116,752 | ||||
Nippon Telegraph & Telephone Corp. (Japan) | 3,400 | 92,095 | ||||
Verizon Communications, Inc. | 4,523 | 189,107 | ||||
440,717 | ||||||
Textiles (0.2%) | ||||||
Capri Holdings, Ltd.(NON) | 761 | 35,904 | ||||
Hermes International (France) | 98 | 125,643 | ||||
161,547 | ||||||
Tobacco (0.8%) | ||||||
British American Tobacco PLC (United Kingdom) | 1,614 | 64,651 | ||||
Imperial Brands PLC (United Kingdom) | 4,415 | 97,004 | ||||
Philip Morris International, Inc. | 4,801 | 458,447 | ||||
620,102 | ||||||
Toys (0.2%) | ||||||
Namco Bandai Holdings, Inc. (Japan) | 600 | 44,999 | ||||
Nintendo Co., Ltd. (Japan) | 300 | 122,447 | ||||
167,446 | ||||||
Transportation services (0.1%) | ||||||
Deutsche Post AG (Germany) | 2,423 | 88,563 | ||||
SG Holdings Co., Ltd. (Japan) | 600 | 9,948 | ||||
98,511 | ||||||
Trucks and parts (0.1%) | ||||||
Allison Transmission Holdings, Inc. | 896 | 32,489 | ||||
LKQ Corp. | 638 | 33,954 | ||||
66,443 | ||||||
Waste Management (0.3%) | ||||||
Clean Harbors, Inc.(NON) | 280 | 32,878 | ||||
Republic Services, Inc. | 495 | 70,646 | ||||
Waste Connections, Inc. | 676 | 94,086 | ||||
Waste Management, Inc. | 210 | 35,496 | ||||
233,106 | ||||||
Total common stocks (cost $55,984,676) | $67,256,591 |
INVESTMENT COMPANIES (2.3%)(a) | ||||||
Shares | Value | |||||
iShares Core MSCI Emerging Markets ETF | 1,933 | $93,673 | ||||
iShares MSCI Taiwan ETF (Taiwan) | 1,201 | 60,326 | ||||
SPDR S&P 500 ETF Trust | 3,693 | 1,459,400 | ||||
SPDR S&P MidCap 400 ETF Trust | 448 | 198,952 | ||||
Total investment companies (cost $1,779,298) | $1,812,351 |
CONVERTIBLE PREFERRED STOCKS (0.2%)(a) | ||||||
Shares | Value | |||||
Danaher Corp. 5.00% cv. pfd. | 45 | $63,232 | ||||
T-Mobile US, Inc. 144A 5.25% cv. pfd.(NON) | 71 | 84,602 | ||||
Total convertible preferred stocks (cost $118,560) | $147,834 |
UNITS (0.1%)(a) | ||||||
Units | Value | |||||
Banco BTG Pactual SA (Brazil) | 8,900 | $43,539 | ||||
Total units (cost $45,401) | $43,539 |
SHORT-TERM INVESTMENTS (12.4%)(a) | ||||||
Principal amount/shares | Value | |||||
Interest in $50,000,000 joint tri-party repurchase agreement dated 8/31/2022 with JPMorgan Securities, LLC due 9/1/2022 - maturity value of $6,541,418 for an effective yield of 2.300% (collateralized by Agency Mortgage-Backed Securities with a coupon rate of 3.232% and a due date of 5/1/2030, valued at $51,003,346) | $6,541,000 | $6,541,000 | ||||
Putnam Short Term Investment Fund Class P 2.33%(AFF) | Shares | 2,600,000 | 2,600,000 | |||
U.S. Treasury Bills 2.449%, 10/11/22(SEG) | $200,000 | 199,470 | ||||
U.S. Treasury Bills 2.119%, 9/20/22(SEG) | 100,000 | 99,888 | ||||
U.S. Treasury Bills 2.114%, 9/6/22(SEG) | 300,000 | 299,916 | ||||
Total short-term investments (cost $9,740,268) | $9,740,274 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $67,668,203) | $79,000,589 |
FORWARD CURRENCY CONTRACTS at 8/31/22 (aggregate face value $3,269,711) (Unaudited) | |||||||
Counterparty | Currency | Contract type* | Delivery date | Value | Aggregate face value | Unrealized appreciation/ (depreciation) | |
Bank of America N.A. | |||||||
Australian Dollar | Buy | 10/19/22 | $113,936 | $113,017 | $919 | ||
New Taiwan Dollar | Buy | 11/16/22 | 160,280 | 162,505 | (2,225) | ||
Citibank, N.A. | |||||||
Danish Krone | Sell | 9/21/22 | 83,865 | 89,800 | 5,935 | ||
Japanese Yen | Buy | 11/16/22 | 325,319 | 346,125 | (20,806) | ||
HSBC Bank USA, National Association | |||||||
British Pound | Sell | 9/21/22 | 378,617 | 399,211 | 20,594 | ||
Chinese Yuan (Offshore) | Buy | 11/16/22 | 544,538 | 557,044 | (12,506) | ||
Swedish Krona | Buy | 9/21/22 | 26,967 | 29,473 | (2,506) | ||
JPMorgan Chase Bank N.A. | |||||||
Hong Kong Dollar | Buy | 11/16/22 | 207,611 | 207,696 | (85) | ||
Norwegian Krone | Sell | 9/21/22 | 45,679 | 48,114 | 2,435 | ||
Singapore Dollar | Buy | 11/16/22 | 11,742 | 11,901 | (159) | ||
South Korean Won | Sell | 11/16/22 | 45,669 | 46,678 | 1,009 | ||
Morgan Stanley & Co. International PLC | |||||||
Swiss Franc | Buy | 9/21/22 | 460,941 | 472,183 | (11,242) | ||
NatWest Markets PLC | |||||||
Euro | Sell | 9/21/22 | 78,383 | 84,154 | 5,771 | ||
Japanese Yen | Buy | 11/16/22 | 37,033 | 39,422 | (2,389) | ||
State Street Bank and Trust Co. | |||||||
Euro | Buy | 9/21/22 | 204,258 | 216,463 | (12,205) | ||
Swedish Krona | Buy | 9/21/22 | 110,110 | 120,370 | (10,260) | ||
Toronto-Dominion Bank | |||||||
Hong Kong Dollar | Sell | 11/16/22 | 199,062 | 199,158 | 96 | ||
UBS AG | |||||||
Canadian Dollar | Sell | 10/19/22 | 124,605 | 126,397 | 1,792 | ||
Unrealized appreciation | 38,551 | ||||||
Unrealized (depreciation) | (74,383) | ||||||
Total | $(35,832) | ||||||
* | The exchange currency for all contracts listed is the United States Dollar. |
FUTURES CONTRACTS OUTSTANDING at 8/31/22 (Unaudited) | ||||||
Number of contracts | Notional amount | Value | Expiration date | Unrealized appreciation/ (depreciation) | ||
MSCI EAFE Index (Long) | 6 | $552,151 | $548,130 | Sep-22 | $(16,459) | |
Russell 2000 Index E-Mini (Long) | 48 | 4,425,876 | 4,427,040 | Sep-22 | 103,250 | |
S&P 500 Index E-Mini (Long) | 19 | 3,757,250 | 3,758,675 | Sep-22 | 43,989 | |
Unrealized appreciation | 147,239 | |||||
Unrealized (depreciation) | (16,459) | |||||
Total | $130,780 |
Key to holding's abbreviations | ||||||
ADR | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | |||||
ETF | Exchange Traded Fund | |||||
GDR | Global Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | |||||
JSC | 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, 2022 through August 31, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||
(a) | Percentages indicated are based on net assets of $78,860,383. | |||||
(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 5/31/22 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 8/31/22 | |
Short-term investments | ||||||
Putnam Short Term Investment Fund* | $2,600,000 | $— | $— | $10,823 | $2,600,000 | |
Total Short-term investments | $2,600,000 | $— | $— | $10,823 | $2,600,000 | |
* 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 $500,289. | |||||
(R) | Real Estate Investment Trust. | |||||
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
Debt obligations are considered secured unless otherwise indicated. | ||||||
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||||||
The dates shown on debt obligations are the original maturity dates. | ||||||
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 % | |||||
United Kingdom | 3.2 | |||||
Japan | 3.2 | |||||
France | 2.0 | |||||
Australia | 1.4 | |||||
China | 1.3 | |||||
Switzerland | 1.2 | |||||
Germany | 1.0 | |||||
India | 0.9 | |||||
Netherlands | 0.7 | |||||
Taiwan | 0.7 | |||||
South Korea | 0.5 | |||||
Indonesia | 0.5 | |||||
Hong Kong | 0.5 | |||||
Other | 4.5 | |||||
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 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 $6,672,258 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 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. | ||||||
At the close of the reporting period, the fund had a net liability position of $49,884 on open derivative contracts subject to the Master Agreements.There was no collateral posted 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 | $1,635,141 | $1,128,763 | $— | |
Capital goods | 3,102,207 | 380,118 | — | |
Communication services | 1,159,260 | 482,252 | — | |
Conglomerates | 243,769 | 222,252 | — | |
Consumer cyclicals | 7,306,291 | 2,270,603 | — | |
Consumer staples | 3,702,597 | 1,698,580 | — | |
Energy | 2,424,566 | 962,005 | — | |
Financials | 6,633,573 | 3,372,111 | — | |
Health care | 7,417,953 | 1,848,167 | — | |
Technology | 15,997,912 | 2,504,255 | — | |
Transportation | 854,908 | 252,660 | — | |
Utilities and power | 1,356,981 | 299,667 | — | |
Total common stocks | 51,835,158 | 15,421,433 | — | |
Convertible preferred stocks | — | 147,834 | — | |
Investment companies | 1,812,351 | — | — | |
Units | 43,539 | — | — | |
Short-term investments | — | 9,740,274 | — | |
Totals by level | $53,691,048 | $25,309,541 | $— | |
Valuation inputs | ||||
Other financial instruments: | Level 1 | Level 2 | Level 3 | |
Forward currency contracts | $— | $(35,832) | $— | |
Futures contracts | 130,780 | — | — | |
Totals by level | $130,780 | $(35,832) | $— | |
* 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) | 70 | |||
Forward currency contracts (contract amount) | $3,300,000 | |||
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 |