Putnam Dynamic Asset Allocation Equity Fund | ||||||
The fund's portfolio | ||||||
2/29/24 (Unaudited) |
COMMON STOCKS (85.1%)(a) | ||||||
Shares | Value | |||||
Advertising and marketing services (0.2%) | ||||||
Publicis Groupe SA (France) | 139 | $14,690 | ||||
Trade Desk, Inc. (The) Class A(NON) | 77 | 6,578 | ||||
21,268 | ||||||
Aerospace and defense (1.2%) | ||||||
Airbus SE (France) | 102 | 16,860 | ||||
Boeing Co. (The)(NON) | 107 | 21,798 | ||||
Curtiss-Wright Corp. | 25 | 5,907 | ||||
Dassault Aviation SA (France) | 19 | 3,756 | ||||
Lockheed Martin Corp. | 134 | 57,384 | ||||
Northrop Grumman Corp. | 39 | 17,980 | ||||
RTX Corp. | 183 | 16,410 | ||||
TransDigm Group, Inc. | 14 | 16,488 | ||||
156,583 | ||||||
Agriculture (0.2%) | ||||||
Archer-Daniels-Midland Co. | 45 | 2,390 | ||||
Corteva, Inc. | 378 | 20,231 | ||||
22,621 | ||||||
Airlines (0.3%) | ||||||
Copa Holdings SA Class A (Panama) | 119 | 11,599 | ||||
Deutsche Lufthansa AG (Germany)(NON) | 441 | 3,426 | ||||
Qantas Airways, Ltd. (voting rights) (Australia)(NON) | 2,849 | 9,500 | ||||
Southwest Airlines Co. | 417 | 14,291 | ||||
38,816 | ||||||
Automotive (1.6%) | ||||||
Bayerische Motoren Werke AG (Germany) | 22 | 2,597 | ||||
BYD Co., Ltd. Class H (China) | 500 | 12,344 | ||||
Dr. Ing. h.c. F. Porsche AG (Preference) (Germany) | 63 | 5,879 | ||||
Ford Motor Co. | 363 | 4,516 | ||||
General Motors Co. | 630 | 25,817 | ||||
Kia Corp. (South Korea) | 210 | 19,634 | ||||
Mazda Motor Corp. (Japan) | 100 | 1,173 | ||||
PACCAR, Inc. | 54 | 5,988 | ||||
Stellantis NV (Italy) | 734 | 19,142 | ||||
Subaru Corp. (Japan) | 800 | 18,164 | ||||
Tesla, Inc.(NON) | 298 | 60,160 | ||||
Toyota Motor Corp. (Japan) | 200 | 4,831 | ||||
United Rentals, Inc. | 41 | 28,424 | ||||
208,669 | ||||||
Banking (5.2%) | ||||||
Abu Dhabi Islamic Bank PJSC (United Arab Emirates) | 5,155 | 15,775 | ||||
AIB Group PLC (Ireland) | 633 | 2,932 | ||||
Alinma Bank (Saudi Arabia) | 1,565 | 18,340 | ||||
Banco Bilbao Vizcaya Argentaria SA (Spain) | 1,769 | 17,563 | ||||
Banco do Brasil SA (Brazil) | 1,300 | 15,131 | ||||
Banco Santander SA (Spain) | 3,012 | 12,519 | ||||
Bank Central Asia Tbk PT (Indonesia) | 18,800 | 11,814 | ||||
Bank Hapoalim MB (Israel) | 1,277 | 12,216 | ||||
Bank Mandiri Persero Tbk PT (Indonesia) | 41,500 | 18,486 | ||||
Bank of America Corp. | 1,513 | 52,229 | ||||
Bank of China, Ltd. Class H (China) | 70,000 | 27,537 | ||||
Bank of New York Mellon Corp. (The) | 670 | 37,580 | ||||
Citigroup, Inc. | 1,863 | 103,377 | ||||
Commonwealth Bank of Australia (Australia) | 98 | 7,415 | ||||
DBS Group Holdings, Ltd. (Singapore) | 600 | 14,862 | ||||
Erste Group Bank AG (Czech Republic) | 194 | 7,737 | ||||
Grupo Financiero Banorte SAB de CV Class O (Mexico) | 3,040 | 31,445 | ||||
HSBC Holdings PLC (United Kingdom) | 196 | 1,520 | ||||
ICICI Bank, Ltd. (India) | 3,727 | 47,295 | ||||
JPMorgan Chase & Co. | 483 | 89,867 | ||||
Mizrahi Tefahot Bank, Ltd. (Israel) | 199 | 7,870 | ||||
National Australia Bank, Ltd. (Australia) | 102 | 2,244 | ||||
Nordea Bank ABP (Finland) | 1,345 | 16,340 | ||||
NU Holdings, Ltd./Cayman Islands Class A (Brazil)(NON) | 530 | 5,872 | ||||
PNC Financial Services Group, Inc. (The) | 140 | 20,608 | ||||
State Street Corp. | 165 | 12,165 | ||||
Swedbank AB Class A (Sweden) | 107 | 2,347 | ||||
UniCredit SpA (Italy) | 372 | 12,428 | ||||
Wells Fargo & Co. | 761 | 42,304 | ||||
667,818 | ||||||
Beverage (1.1%) | ||||||
Boston Beer Co., Inc. (The) Class A(NON) | 14 | 4,314 | ||||
Carlsberg A/S Class B (Denmark) | 20 | 2,787 | ||||
Coca-Cola Co. (The) | 1,673 | 100,413 | ||||
Coca-Cola HBC AG (Italy) | 285 | 8,868 | ||||
Keurig Dr Pepper, Inc. | 154 | 4,606 | ||||
Molson Coors Beverage Co. Class B | 85 | 5,306 | ||||
Monster Beverage Corp.(NON) | 93 | 5,496 | ||||
PepsiCo, Inc. | 36 | 5,952 | ||||
137,742 | ||||||
Biotechnology (1.2%) | ||||||
Alnylam Pharmaceuticals, Inc.(NON) | 30 | 4,533 | ||||
Amgen, Inc. | 16 | 4,381 | ||||
Exelixis, Inc.(NON) | 509 | 11,147 | ||||
Incyte Corp.(NON) | 300 | 17,508 | ||||
Neurocrine Biosciences, Inc.(NON) | 45 | 5,868 | ||||
Regeneron Pharmaceuticals, Inc.(NON) | 42 | 40,576 | ||||
Swedish Orphan Biovitrum AB (Sweden)(NON) | 52 | 1,277 | ||||
Vertex Pharmaceuticals, Inc.(NON) | 159 | 66,898 | ||||
152,188 | ||||||
Building materials (0.2%) | ||||||
Owens Corning | 36 | 5,392 | ||||
Trane Technologies PLC | 71 | 20,020 | ||||
25,412 | ||||||
Cable television (0.2%) | ||||||
Charter Communications, Inc. Class A(NON) | 39 | 11,463 | ||||
Comcast Corp. Class A | 362 | 15,512 | ||||
26,975 | ||||||
Chemicals (1.2%) | ||||||
Arkema SA (France) | 56 | 5,796 | ||||
Axalta Coating Systems, Ltd.(NON) | 160 | 5,237 | ||||
CF Industries Holdings, Inc. | 60 | 4,843 | ||||
Dow, Inc. | 87 | 4,862 | ||||
DuPont de Nemours, Inc. | 193 | 13,354 | ||||
Eastman Chemical Co. | 171 | 15,004 | ||||
Hansol Chemical Co., Ltd. (South Korea) | 51 | 6,522 | ||||
Huntsman Corp. | 229 | 5,862 | ||||
Linde PLC | 11 | 4,937 | ||||
LyondellBasell Industries NV Class A | 54 | 5,415 | ||||
Mosaic Co. (The) | 186 | 5,796 | ||||
NewMarket Corp. | 8 | 5,133 | ||||
PPG Industries, Inc. | 134 | 18,974 | ||||
RPM International, Inc. | 48 | 5,537 | ||||
Sherwin-Williams Co. (The) | 70 | 23,243 | ||||
Shin-Etsu Chemical Co., Ltd. (Japan) | 500 | 21,301 | ||||
Yara International ASA (Norway) | 125 | 3,884 | ||||
155,700 | ||||||
Commercial and consumer services (3.2%) | ||||||
Automatic Data Processing, Inc. | 303 | 76,092 | ||||
Booking Holdings, Inc.(NON) | 31 | 107,534 | ||||
Cintas Corp. | 10 | 6,286 | ||||
Compass Group PLC (United Kingdom) | 384 | 10,518 | ||||
CoStar Group, Inc.(NON) | 118 | 10,270 | ||||
Ecolab, Inc. | 26 | 5,846 | ||||
Equifax, Inc. | 29 | 7,934 | ||||
Euronet Worldwide, Inc.(NON) | 52 | 5,691 | ||||
Expedia Group, Inc.(NON) | 321 | 43,919 | ||||
Mastercard, Inc. Class A | 171 | 81,184 | ||||
PayPal Holdings, Inc.(NON) | 988 | 59,616 | ||||
414,890 | ||||||
Communications equipment (0.1%) | ||||||
arista Networks, Inc.(NON) | 20 | 5,551 | ||||
Motorola Solutions, Inc. | 20 | 6,608 | ||||
12,159 | ||||||
Computers (5.1%) | ||||||
Apple, Inc. | 2,873 | 519,295 | ||||
Cisco Systems, Inc. | 735 | 35,552 | ||||
CrowdStrike Holdings, Inc. Class A(NON) | 20 | 6,483 | ||||
Dropbox, Inc. Class A(NON) | 139 | 3,329 | ||||
Elastic NV(NON) | 37 | 4,951 | ||||
Fortinet, Inc.(NON) | 84 | 5,805 | ||||
MongoDB, Inc.(NON) | 16 | 7,161 | ||||
MSCI, Inc. | 8 | 4,488 | ||||
NetApp, Inc. | 59 | 5,258 | ||||
RingCentral, Inc. Class A(NON) | 158 | 5,280 | ||||
ServiceNow, Inc.(NON) | 7 | 5,399 | ||||
Smartsheet, Inc. Class A(NON) | 117 | 4,939 | ||||
Snowflake, Inc. Class A(NON) | 27 | 5,084 | ||||
SS&C Technologies Holdings, Inc. | 85 | 5,420 | ||||
Synopsys, Inc.(NON) | 54 | 30,981 | ||||
Teradata Corp.(NON) | 115 | 4,326 | ||||
Zoom Video Communications, Inc. Class A(NON) | 84 | 5,941 | ||||
Zscaler, Inc.(NON) | 24 | 5,807 | ||||
665,499 | ||||||
Conglomerates (0.9%) | ||||||
3M Co. | 660 | 60,799 | ||||
AMETEK, Inc. | 32 | 5,766 | ||||
General Electric Co. | 36 | 5,648 | ||||
Marubeni Corp. (Japan) | 400 | 6,596 | ||||
Mitsubishi Corp. (Japan) | 800 | 17,102 | ||||
Mitsui & Co., Ltd. (Japan) | 500 | 21,855 | ||||
117,766 | ||||||
Construction (1.0%) | ||||||
Builders FirstSource, Inc.(NON) | 125 | 24,398 | ||||
Cie de Saint-Gobain SA (France) | 223 | 17,161 | ||||
CRH PLC (Ireland) | 257 | 21,668 | ||||
CRH PLC (London Exchange) (Ireland) | 94 | 7,800 | ||||
Fortune Brands Innovations, Inc. | 66 | 5,368 | ||||
Holcim AG (Switzerland) | 219 | 17,855 | ||||
Larsen & Toubro, Ltd. (India) | 332 | 13,924 | ||||
TopBuild Corp.(NON) | 16 | 6,438 | ||||
UltraTech Cement, Ltd. (India) | 133 | 15,868 | ||||
130,480 | ||||||
Consumer (0.3%) | ||||||
Clorox Co. (The) | 36 | 5,519 | ||||
Kimberly-Clark Corp. | 42 | 5,089 | ||||
LVMH Moet Hennessy Louis Vuitton SA (France) | 26 | 23,684 | ||||
Pandora A/S (Denmark) | 67 | 10,813 | ||||
45,105 | ||||||
Consumer cyclicals (—%) | ||||||
Genting Singapore Ltd. (Singapore) | 4,800 | 3,246 | ||||
3,246 | ||||||
Consumer finance (1.0%) | ||||||
American Express Co. | 27 | 5,924 | ||||
Capital One Financial Corp. | 138 | 18,990 | ||||
Discover Financial Services | 384 | 46,349 | ||||
OneMain Holdings, Inc. | 115 | 5,431 | ||||
SLM Corp. | 312 | 6,499 | ||||
Synchrony Financial | 109 | 4,502 | ||||
Visa, Inc. Class A | 155 | 43,809 | ||||
131,504 | ||||||
Consumer goods (1.2%) | ||||||
Colgate-Palmolive Co. | 543 | 46,980 | ||||
Henkel AG & Co. KGaA Vorzug (Preference) (Germany) | 38 | 2,857 | ||||
Kenvue, Inc. | 513 | 9,747 | ||||
L'Oreal SA (France) | 31 | 14,799 | ||||
Procter & Gamble Co. (The) | 330 | 52,450 | ||||
Unilever PLC (United Kingdom) | 455 | 22,207 | ||||
149,040 | ||||||
Consumer services (1.4%) | ||||||
Auto Trader Group PLC (United Kingdom) | 948 | 8,860 | ||||
Coupang, Inc.(NON) | 400 | 7,408 | ||||
DoorDash, Inc. Class A(NON) | 54 | 6,727 | ||||
Etsy, Inc.(NON) | 63 | 4,516 | ||||
MakeMyTrip, Ltd. (India)(NON) | 156 | 9,624 | ||||
MercadoLibre, Inc. (Brazil)(NON) | 10 | 15,953 | ||||
PDD Holdings, Inc. ADR (China)(NON) | 142 | 17,685 | ||||
Uber Technologies, Inc.(NON) | 1,249 | 99,296 | ||||
Zomato, Ltd. (India)(NON) | 4,106 | 8,193 | ||||
178,262 | ||||||
Containers (0.1%) | ||||||
Ball Corp. | 147 | 9,411 | ||||
Berry Global Group, Inc. | 78 | 4,540 | ||||
13,951 | ||||||
Distribution (—%) | ||||||
Sysco Corp. | 65 | 5,263 | ||||
5,263 | ||||||
Electric utilities (1.3%) | ||||||
Ameren Corp. | 195 | 13,882 | ||||
American Electric Power Co., Inc. | 66 | 5,623 | ||||
Constellation Energy Corp. | 175 | 29,479 | ||||
Dominion Energy, Inc. | 112 | 5,357 | ||||
DTE Energy Co. | 50 | 5,418 | ||||
Duke Energy Corp. | 52 | 4,775 | ||||
E.ON SE (Germany) | 1,036 | 13,224 | ||||
Edison International | 70 | 4,761 | ||||
Enel SpA (Italy) | 1,866 | 11,865 | ||||
Entergy Corp. | 55 | 5,586 | ||||
Eversource Energy | 97 | 5,694 | ||||
Exelon Corp. | 482 | 17,275 | ||||
NextEra Energy, Inc. | 83 | 4,581 | ||||
NTPC, Ltd. (India) | 4,125 | 16,696 | ||||
PG&E Corp. | 315 | 5,257 | ||||
Pinnacle West Capital Corp. | 38 | 2,597 | ||||
Public Service Enterprise Group, Inc. | 81 | 5,054 | ||||
RWE AG (Germany) | 180 | 6,031 | ||||
Southern Co. (The) | 74 | 4,977 | ||||
Xcel Energy, Inc. | 81 | 4,268 | ||||
172,400 | ||||||
Electrical equipment (0.6%) | ||||||
ABB, Ltd. (Switzerland) | 402 | 18,510 | ||||
Eaton Corp. PLC | 17 | 4,913 | ||||
Fortive Corp. | 49 | 4,171 | ||||
Honeywell International, Inc. | 74 | 14,706 | ||||
KEI Industries, Ltd. (India)(NON) | 488 | 18,897 | ||||
Legrand SA (France) | 42 | 4,244 | ||||
Prysmian SpA (Italy) | 309 | 15,379 | ||||
80,820 | ||||||
Electronics (7.0%) | ||||||
Advanced Micro Devices, Inc.(NON) | 167 | 32,152 | ||||
Broadcom, Inc. | 75 | 97,537 | ||||
Cirrus Logic, Inc.(NON) | 64 | 5,876 | ||||
Dexerials Corp. (Japan) | 200 | 8,039 | ||||
Hoya Corp. (Japan) | 200 | 25,994 | ||||
Keysight Technologies, Inc.(NON) | 32 | 4,938 | ||||
MediaTek, Inc. (Taiwan) | 1,000 | 36,065 | ||||
Monolithic Power Systems, Inc. | 8 | 5,760 | ||||
NVIDIA Corp. | 506 | 400,307 | ||||
NXP Semiconductors NV | 51 | 12,736 | ||||
Qorvo, Inc.(NON) | 47 | 5,384 | ||||
Qualcomm, Inc. | 805 | 127,020 | ||||
Rockwell Automation, Inc. | 20 | 5,702 | ||||
Samsung Electronics Co., Ltd. (South Korea) | 1,155 | 63,666 | ||||
Shimadzu Corp. (Japan) | 300 | 8,170 | ||||
Sinbon Electronics Co., Ltd. (Taiwan) | 1,000 | 8,178 | ||||
SK Hynix, Inc. (South Korea) | 281 | 32,962 | ||||
Vontier Corp. | 392 | 16,856 | ||||
Woodward, Inc. | 39 | 5,518 | ||||
902,860 | ||||||
Energy (oil field) (0.1%) | ||||||
Baker Hughes Co. | 179 | 5,297 | ||||
Schlumberger, Ltd. | 102 | 4,930 | ||||
10,227 | ||||||
Engineering and construction (0.1%) | ||||||
Sembcorp Industries, Ltd. (Singapore) | 300 | 1,137 | ||||
Vinci SA (France) | 139 | 17,787 | ||||
18,924 | ||||||
Entertainment (0.1%) | ||||||
Live Nation Entertainment, Inc.(NON) | 117 | 11,347 | ||||
Panasonic Holdings Corp. (Japan) | 200 | 1,895 | ||||
13,242 | ||||||
Environmental (—%) | ||||||
Veralto Corp. | 20 | 1,728 | ||||
1,728 | ||||||
Financial (0.9%) | ||||||
3i Group PLC (United Kingdom) | 509 | 15,857 | ||||
Ally Financial, Inc. | 143 | 5,290 | ||||
Apollo Global Management, Inc. | 214 | 23,925 | ||||
B3 SA - Brasil Bolsa Balcao (Brazil) | 2,000 | 5,162 | ||||
Eurazeo SE (France) | 24 | 2,026 | ||||
Hong Kong Exchanges and Clearing, Ltd. (Hong Kong) | 100 | 3,101 | ||||
Japan Exchange Group, Inc. (Japan) | 600 | 15,664 | ||||
Jefferies Financial Group, Inc. | 116 | 4,851 | ||||
Julius Baer Group, Ltd. (Switzerland) | 248 | 13,259 | ||||
LPL Financial Holdings, Inc. | 22 | 5,894 | ||||
MGIC Investment Corp. | 456 | 9,070 | ||||
REC, Ltd. (India) | 2,320 | 12,369 | ||||
116,468 | ||||||
Food (0.6%) | ||||||
CK Hutchison Holdings, Ltd. (Hong Kong) | 2,000 | 10,154 | ||||
Dino Polska SA (Poland)(NON) | 108 | 12,569 | ||||
Ingredion, Inc. | 47 | 5,529 | ||||
Jeronimo Martins SGPS SA (Portugal) | 270 | 6,455 | ||||
Mondelez International, Inc. Class A | 54 | 3,946 | ||||
Nestle SA (Switzerland) | 101 | 10,480 | ||||
Nissin Food Products Co., Ltd. (Japan) | 300 | 8,759 | ||||
Shoprite Holdings, Ltd. (South Africa) | 785 | 10,568 | ||||
Sumber Alfaria Trijaya Tbk PT (Indonesia) | 43,800 | 7,665 | ||||
WH Group, Ltd. (Hong Kong) | 5,500 | 3,316 | ||||
79,441 | ||||||
Forest products and packaging (0.1%) | ||||||
AptarGroup, Inc. | 37 | 5,197 | ||||
Weyerhaeuser Co.(R) | 292 | 10,039 | ||||
15,236 | ||||||
Gaming and lottery (0.3%) | ||||||
Aristocrat Leisure, Ltd. (Australia) | 482 | 14,609 | ||||
DraftKings, Inc. Class A(NON) | 233 | 10,094 | ||||
La Francaise des Jeux SAEM (France) | 51 | 2,134 | ||||
Las Vegas Sands Corp. | 102 | 5,561 | ||||
32,398 | ||||||
Health care services (2.0%) | ||||||
Apollo Hospitals Enterprise, Ltd. (India) | 229 | 16,852 | ||||
Bio-Rad Laboratories, Inc. Class A(NON) | 9 | 2,933 | ||||
Cardinal Health, Inc. | 357 | 39,977 | ||||
Cigna Group (The) | 131 | 44,034 | ||||
Elevance Health, Inc. | 43 | 21,554 | ||||
Eurofins Scientific (Luxembourg) | 16 | 955 | ||||
Fresenius SE & Co. KGaA (Germany) | 284 | 7,944 | ||||
HCA Healthcare, Inc. | 12 | 3,740 | ||||
Humana, Inc. | 42 | 14,713 | ||||
M3, Inc. (Japan) | 400 | 5,727 | ||||
Max Healthcare Institute, Ltd. (India) | 925 | 8,850 | ||||
McKesson Corp. | 74 | 38,585 | ||||
Medpace Holdings, Inc.(NON) | 17 | 6,758 | ||||
UnitedHealth Group, Inc. | 91 | 44,917 | ||||
257,539 | ||||||
Homebuilding (0.5%) | ||||||
Lennar Corp. Class A | 39 | 6,182 | ||||
NVR, Inc.(NON) | 1 | 7,626 | ||||
PulteGroup, Inc. | 380 | 41,184 | ||||
Taylor Wimpey PLC (United Kingdom) | 1,318 | 2,293 | ||||
Toll Brothers, Inc. | 37 | 4,242 | ||||
61,527 | ||||||
Industrial (0.1%) | ||||||
Johnson Controls International PLC | 222 | 13,158 | ||||
13,158 | ||||||
Insurance (2.6%) | ||||||
AIA Group, Ltd. (Hong Kong) | 2,600 | 21,120 | ||||
Allianz SE (Germany) | 32 | 8,780 | ||||
Allstate Corp. (The) | 34 | 5,424 | ||||
American International Group, Inc. | 908 | 66,185 | ||||
Assured Guaranty, Ltd. | 182 | 16,671 | ||||
AXA SA (France) | 551 | 19,581 | ||||
Axis Capital Holdings, Ltd. | 107 | 6,695 | ||||
Berkshire Hathaway, Inc. Class B(NON) | 43 | 17,604 | ||||
Chubb, Ltd. | 19 | 4,782 | ||||
Corebridge Financial, Inc. | 799 | 19,839 | ||||
Equitable Holdings, Inc. | 581 | 19,893 | ||||
Everest Re Group, Ltd. | 14 | 5,164 | ||||
Globe Life, Inc. | 43 | 5,458 | ||||
Loews Corp. | 67 | 5,034 | ||||
Marsh & McLennan Cos., Inc. | 24 | 4,854 | ||||
MetLife, Inc. | 499 | 34,800 | ||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 41 | 19,072 | ||||
Old Republic International Corp. | 194 | 5,618 | ||||
Principal Financial Group, Inc. | 69 | 5,579 | ||||
Reinsurance Group of America, Inc. | 54 | 9,550 | ||||
Tokio Marine Holdings, Inc. (Japan) | 300 | 8,757 | ||||
Travelers Cos., Inc. (The) | 25 | 5,524 | ||||
Unum Group | 96 | 4,747 | ||||
Zurich Insurance Group AG (Switzerland) | 36 | 19,133 | ||||
339,864 | ||||||
Investment banking/Brokerage (1.0%) | ||||||
Affiliated Managers Group, Inc. | 34 | 5,315 | ||||
Ameriprise Financial, Inc. | 63 | 25,664 | ||||
Charles Schwab Corp. (The) | 360 | 24,041 | ||||
Goldman Sachs Group, Inc. (The) | 105 | 40,851 | ||||
Investor AB Class B (Sweden) | 685 | 17,207 | ||||
Meritz Financial Group, Inc. (South Korea) | 181 | 11,296 | ||||
SEI Investments Co. | 78 | 5,246 | ||||
Virtu Financial, Inc. Class A | 316 | 5,704 | ||||
135,324 | ||||||
Lodging/Tourism (0.6%) | ||||||
H World Group, Ltd. ADR (China) | 546 | 19,962 | ||||
Hilton Worldwide Holdings, Inc. | 114 | 23,293 | ||||
Host Hotels & Resorts, Inc.(R) | 271 | 5,621 | ||||
Indian Hotels Co., Ltd. (India) | 4,026 | 28,487 | ||||
MGM Resorts International(NON) | 118 | 5,107 | ||||
82,470 | ||||||
Machinery (0.8%) | ||||||
Atlas Copco AB Class A (Sweden) | 419 | 7,265 | ||||
Caterpillar, Inc. | 15 | 5,009 | ||||
Deere & Co. | 13 | 4,746 | ||||
Donaldson Co., Inc. | 82 | 5,873 | ||||
Hitachi, Ltd. (Japan) | 100 | 8,448 | ||||
Ingersoll Rand, Inc. | 244 | 22,285 | ||||
Kone Oyj Class B (Finland) | 80 | 3,910 | ||||
Mitsubishi Heavy Industries, Ltd. (Japan) | 200 | 15,775 | ||||
Vertiv Holdings Co. | 406 | 27,454 | ||||
100,765 | ||||||
Manufacturing (0.2%) | ||||||
A.O. Smith Corp. | 66 | 5,471 | ||||
GEA Group AG (Germany) | 159 | 6,405 | ||||
ITT, Inc. | 44 | 5,550 | ||||
Parker Hannifin Corp. | 12 | 6,425 | ||||
Textron, Inc. | 44 | 3,919 | ||||
27,770 | ||||||
Media (1.0%) | ||||||
Netflix, Inc.(NON) | 192 | 115,761 | ||||
Universal Music Group NV (Netherlands) | 446 | 13,434 | ||||
129,195 | ||||||
Medical technology (1.9%) | ||||||
10x Genomics, Inc. Class A(NON) | 116 | 5,410 | ||||
Abbott Laboratories | 491 | 58,252 | ||||
Boston Scientific Corp.(NON) | 599 | 39,660 | ||||
Cochlear, Ltd. (Australia) | 36 | 8,194 | ||||
Danaher Corp. | 89 | 22,530 | ||||
Edwards Lifesciences Corp.(NON) | 61 | 5,177 | ||||
FUJIFILM Holdings Corp. (Japan) | 100 | 6,352 | ||||
Hologic, Inc.(NON) | 55 | 4,059 | ||||
IDEXX Laboratories, Inc.(NON) | 24 | 13,805 | ||||
Inspire Medical Systems, Inc.(NON) | 21 | 3,760 | ||||
Intuitive Surgical, Inc.(NON) | 74 | 28,534 | ||||
Medtronic PLC | 58 | 4,835 | ||||
QIAGEN NV (Netherlands) | 100 | 4,279 | ||||
Sonic Healthcare, Ltd. (Australia) | 147 | 2,852 | ||||
Thermo Fisher Scientific, Inc. | 53 | 30,220 | ||||
West Pharmaceutical Services, Inc. | 6 | 2,150 | ||||
240,069 | ||||||
Metals (0.9%) | ||||||
Anglo American PLC (Johannesburg Exchange) (United Kingdom) | 375 | 8,215 | ||||
APL Apollo Tubes, Ltd. (India) | 328 | 6,122 | ||||
ArcelorMittal SA (France) | 512 | 13,347 | ||||
BHP Group, Ltd. (ASE Exchange) (Australia) | 335 | 9,566 | ||||
BHP Group, Ltd. (London Exchange) (Australia) | 59 | 1,690 | ||||
Freeport-McMoRan, Inc. | 695 | 26,278 | ||||
Glencore PLC (United Kingdom) | 3,175 | 15,035 | ||||
Nucor Corp. | 30 | 5,769 | ||||
Reliance, Inc. | 19 | 6,103 | ||||
Rio Tinto PLC (United Kingdom) | 155 | 9,937 | ||||
Southern Copper Corp. (Peru) | 66 | 5,337 | ||||
Steel Dynamics, Inc. | 42 | 5,620 | ||||
113,019 | ||||||
Natural gas utilities (0.4%) | ||||||
Centrica PLC (United Kingdom) | 5,549 | 8,815 | ||||
China Resources Gas Group, Ltd. (China) | 6,400 | 19,373 | ||||
Eni SpA (Italy) | 203 | 3,126 | ||||
National Fuel Gas co. | 111 | 5,410 | ||||
Tokyo Gas Co., Ltd. (Japan) | 600 | 13,123 | ||||
49,847 | ||||||
Oil and gas (2.6%) | ||||||
BP PLC (United Kingdom) | 3,421 | 19,895 | ||||
Cabot Oil & Gas Corp. | 224 | 5,775 | ||||
Cheniere Energy, Inc. | 293 | 45,474 | ||||
Chevron Corp. | 32 | 4,864 | ||||
ConocoPhillips | 241 | 27,122 | ||||
Equinor ASA (Norway) | 476 | 11,726 | ||||
Exxon Mobil Corp. | 465 | 48,602 | ||||
HF Sinclair Corp. | 96 | 5,328 | ||||
INPEX Corp. (Japan) | 200 | 2,683 | ||||
Marathon Oil Corp. | 1,932 | 46,851 | ||||
Marathon Petroleum Corp. | 180 | 30,461 | ||||
PetroChina Co., Ltd. Class H (China) | 30,000 | 23,641 | ||||
Petroleo Brasileiro SA (Preference) (Brazil) | 900 | 7,267 | ||||
PRIO SA (Brazil) | 700 | 6,155 | ||||
Shell PLC (United Kingdom) | 629 | 19,769 | ||||
Shell PLC (United Kingdom) | 113 | 3,505 | ||||
Targa Resources Corp. | 60 | 5,894 | ||||
Valero Energy Corp. | 162 | 22,916 | ||||
337,928 | ||||||
Pharmaceuticals (4.6%) | ||||||
AbbVie, Inc. | 295 | 51,935 | ||||
AstraZeneca PLC (United Kingdom) | 202 | 25,455 | ||||
AstraZeneca PLC ADR (United Kingdom) | 285 | 18,286 | ||||
Becton, Dickinson and Co. | 22 | 5,182 | ||||
Bristol-Myers Squibb Co. | 109 | 5,532 | ||||
Chugai Pharmaceutical Co., Ltd. (Japan) | 100 | 4,002 | ||||
Dexcom, Inc.(NON) | 179 | 20,598 | ||||
Eli Lilly and Co. | 238 | 179,376 | ||||
GlaxoSmithKline PLC (United Kingdom) | 930 | 19,541 | ||||
Ipsen SA (France) | 38 | 4,181 | ||||
Jazz Pharmaceuticals PLC(NON) | 41 | 4,875 | ||||
Johnson & Johnson | 31 | 5,003 | ||||
Lonza Group AG (Switzerland) | 17 | 8,881 | ||||
Merck & Co., Inc. | 993 | 126,259 | ||||
Merck KGaA (Germany) | 6 | 1,023 | ||||
Novartis AG (Switzerland) | 285 | 28,840 | ||||
Novo Nordisk A/S Class B (Denmark) | 365 | 43,383 | ||||
Ono Pharmaceutical Co., Ltd. (Japan) | 300 | 4,979 | ||||
Roche Holding AG (Switzerland) | 12 | 3,147 | ||||
Sandoz Group AG (Switzerland)(NON) | 60 | 1,863 | ||||
Sanofi SA (France) | 128 | 12,159 | ||||
Shionogi & Co., Ltd. (Japan) | 100 | 4,992 | ||||
Sun Pharmaceutical Industries, Ltd. (India) | 565 | 10,752 | ||||
590,244 | ||||||
Power producers (0.6%) | ||||||
NRG Energy, Inc. | 486 | 26,886 | ||||
Vistra Corp. | 849 | 46,304 | ||||
73,190 | ||||||
Publishing (0.2%) | ||||||
S&P Global, Inc. | 32 | 13,708 | ||||
TOPPAN Holdings, Inc. (Japan) | 300 | 7,130 | ||||
20,838 | ||||||
Railroads (0.6%) | ||||||
Canadian Pacific Kansas City, Ltd. (Canada) | 232 | 19,722 | ||||
CSX Corp. | 148 | 5,615 | ||||
Norfolk Southern Corp. | 19 | 4,814 | ||||
Union Pacific Corp. | 185 | 46,933 | ||||
77,084 | ||||||
Real estate (1.3%) | ||||||
American Homes 4 Rent Class A | 155 | 5,737 | ||||
Apartment Income REIT Corp.(R) | 155 | 4,700 | ||||
AvalonBay Communities, Inc.(R) | 28 | 4,957 | ||||
Brixmor Property Group, Inc.(R) | 220 | 4,974 | ||||
EPR Properties(R) | 124 | 5,094 | ||||
Equity Residential(R) | 87 | 5,238 | ||||
Essex Property Trust, Inc.(R) | 23 | 5,322 | ||||
First Industrial Realty Trust, Inc.(R) | 95 | 5,035 | ||||
Gaming and Leisure Properties, Inc.(R) | 283 | 12,871 | ||||
Goodman Group (Australia)(R) | 854 | 16,597 | ||||
Klepierre SA (France)(R) | 299 | 7,588 | ||||
Mid-America Apartment Communities, Inc.(R) | 41 | 5,153 | ||||
National Retail Properties, Inc. | 113 | 4,598 | ||||
Park Hotels & Resorts, Inc. | 369 | 6,125 | ||||
Phoenix Mills, Ltd. (The) (India) | 536 | 17,846 | ||||
Public Storage(R) | 19 | 5,394 | ||||
Regency Centers Corp.(R) | 75 | 4,646 | ||||
Rithm Capital Corp.(R) | 490 | 5,312 | ||||
Scentre Group (Australia) | 2,571 | 5,197 | ||||
Simon Property Group, Inc.(R) | 174 | 25,775 | ||||
Vornado Realty Trust(R) | 362 | 9,521 | ||||
167,680 | ||||||
Regional Bells (0.2%) | ||||||
AT&T, Inc. | 1,606 | 27,190 | ||||
27,190 | ||||||
Restaurants (0.3%) | ||||||
Alsea SAB de CV (Mexico)(NON) | 1,789 | 6,877 | ||||
Chipotle Mexican Grill, Inc.(NON) | 10 | 26,888 | ||||
McDonald's Corp. | 19 | 5,553 | ||||
Starbucks Corp. | 56 | 5,314 | ||||
44,632 | ||||||
Retail (5.8%) | ||||||
Amazon.com, Inc.(NON) | 2,048 | 362,004 | ||||
Associated British Foods PLC (United Kingdom) | 308 | 8,837 | ||||
AutoZone, Inc.(NON) | 2 | 6,012 | ||||
BJ's Wholesale Club Holdings, Inc.(NON) | 119 | 8,692 | ||||
Costco Wholesale Corp. | 53 | 39,426 | ||||
Home Depot, Inc. (The) | 109 | 41,486 | ||||
Industria de Diseno Textil SA (Spain) | 391 | 17,331 | ||||
Koninklijke Ahold Delhaize NV (Netherlands) | 526 | 15,645 | ||||
Lululemon Athletica, Inc. (Canada)(NON) | 43 | 20,085 | ||||
O'Reilly Automotive, Inc.(NON) | 29 | 31,535 | ||||
Ross Stores, Inc. | 136 | 20,259 | ||||
Target Corp. | 135 | 20,645 | ||||
TJX Cos., Inc. (The) | 137 | 13,582 | ||||
WalMart de Mexico (Walmex) SAB de CV (Mexico) | 2,203 | 8,799 | ||||
Walmart, Inc. | 2,247 | 131,697 | ||||
Williams-Sonoma, Inc. | 25 | 5,888 | ||||
751,923 | ||||||
Semiconductor (2.6%) | ||||||
Applied Materials, Inc. | 129 | 26,009 | ||||
ASML Holding NV (Netherlands) | 47 | 44,219 | ||||
Disco Corp. (Japan) | 100 | 32,191 | ||||
KLA Corp. | 110 | 75,053 | ||||
Lam Research Corp. | 8 | 7,506 | ||||
Novatek Microelectronics Corp. (Taiwan) | 1,000 | 19,013 | ||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 6,000 | 130,973 | ||||
334,964 | ||||||
Shipping (0.4%) | ||||||
FedEx Corp. | 117 | 29,129 | ||||
International Container Terminal Services, Inc. (Philippines) | 3,770 | 19,381 | ||||
Westinghouse Air Brake Technologies Corp. | 40 | 5,652 | ||||
54,162 | ||||||
Software (7.7%) | ||||||
Adobe, Inc.(NON) | 165 | 92,446 | ||||
Amdocs, Ltd. | 29 | 2,645 | ||||
Atlassian Corp. Class A(NON) | 23 | 4,771 | ||||
Autodesk, Inc.(NON) | 21 | 5,422 | ||||
Cadence Design Systems, Inc.(NON) | 320 | 97,402 | ||||
F5 Networks, Inc.(NON) | 29 | 5,429 | ||||
HubSpot, Inc.(NON) | 33 | 20,420 | ||||
Manhattan Associates, Inc.(NON) | 21 | 5,320 | ||||
Microsoft Corp. | 1,422 | 588,197 | ||||
Nexon Co., Ltd. (Japan) | 100 | 1,618 | ||||
Oracle Corp. | 547 | 61,088 | ||||
Paycom Software, Inc. | 27 | 4,925 | ||||
Pegasystems, Inc. | 91 | 5,919 | ||||
ROBLOX Corp. Class A(NON) | 131 | 5,227 | ||||
SAP SE (Germany) | 11 | 2,055 | ||||
Square Enix Holdings Co., Ltd. (Japan) | 300 | 12,695 | ||||
Tata Consultancy Services, Ltd. (India) | 566 | 27,954 | ||||
TIS, Inc. (Japan) | 200 | 4,502 | ||||
Totvs SA (Brazil) | 1,181 | 7,291 | ||||
Veeva Systems, Inc. Class A(NON) | 113 | 25,483 | ||||
Workday, Inc. Class A(NON) | 21 | 6,188 | ||||
986,997 | ||||||
Staffing (0.2%) | ||||||
Benefit Systems SA (Poland) | 7 | 4,102 | ||||
Recruit Holdings Co., Ltd. (Japan) | 400 | 16,126 | ||||
Robert Half International, Inc. | 31 | 2,492 | ||||
22,720 | ||||||
Technology services (6.0%) | ||||||
Alibaba Group Holding, Ltd. (China) | 2,477 | 23,063 | ||||
Alphabet, Inc. Class A(NON) | 1,416 | 196,059 | ||||
Alphabet, Inc. Class C(NON) | 692 | 96,728 | ||||
DocuSign, Inc.(NON) | 259 | 13,797 | ||||
eBay, Inc. | 125 | 5,910 | ||||
Fair Isaac Corp.(NON) | 11 | 13,969 | ||||
Fiserv, Inc.(NON) | 39 | 5,822 | ||||
GoDaddy, Inc. Class A(NON) | 96 | 10,958 | ||||
Leidos Holdings, Inc. | 36 | 4,603 | ||||
Meta Platforms, Inc. Class A(NON) | 456 | 223,498 | ||||
NEC Corp. (Japan) | 100 | 6,730 | ||||
Palo Alto Networks, Inc.(NON) | 65 | 20,186 | ||||
Prosus NV (China) | 321 | 9,364 | ||||
Roku, Inc.(NON) | 56 | 3,538 | ||||
Salesforce, Inc.(NON) | 157 | 48,485 | ||||
Scout24 SE (Germany) | 49 | 3,559 | ||||
SCSK Corp. (Japan) | 300 | 5,523 | ||||
Spotify Technology SA (Sweden)(NON) | 22 | 5,641 | ||||
Tencent Holdings, Ltd. (China) | 1,900 | 67,269 | ||||
VeriSign, Inc.(NON) | 25 | 4,882 | ||||
Western Union Co. (The) | 394 | 5,284 | ||||
774,868 | ||||||
Telecommunications (0.7%) | ||||||
American Tower Corp.(R) | 189 | 37,585 | ||||
Crown Castle, Inc.(R) | 46 | 5,057 | ||||
Iridium Communications, Inc. | 182 | 5,269 | ||||
Spark NZ, Ltd. (New Zealand) | 489 | 1,509 | ||||
T-Mobile US, Inc. | 124 | 20,249 | ||||
Telstra Group, Ltd. (Australia) | 3,363 | 8,350 | ||||
Vodafone Group PLC (United Kingdom) | 13,228 | 11,541 | ||||
89,560 | ||||||
Telephone (—%) | ||||||
Verizon Communications, Inc. | 141 | 5,643 | ||||
5,643 | ||||||
Textiles (0.4%) | ||||||
Deckers Outdoor Corp.(NON) | 3 | 2,687 | ||||
Hermes International (France) | 8 | 19,999 | ||||
PRADA SpA (Italy) | 2,300 | 16,245 | ||||
Shenzhou International Group Holdings, Ltd. (China) | 1,900 | 15,664 | ||||
54,595 | ||||||
Tobacco (0.3%) | ||||||
Imperial Brands PLC (United Kingdom) | 591 | 12,716 | ||||
Philip Morris International, Inc. | 314 | 28,247 | ||||
40,963 | ||||||
Toys (0.2%) | ||||||
JUMBO SA (Greece) | 186 | 5,436 | ||||
Nintendo Co., Ltd. (Japan) | 300 | 16,809 | ||||
22,245 | ||||||
Transportation services (0.2%) | ||||||
Deutsche Post AG (Germany) | 229 | 10,620 | ||||
Expeditors International of Washington, Inc. | 41 | 4,904 | ||||
Kuehne + Nagel International AG (Switzerland) | 9 | 3,029 | ||||
SG Holdings Co., Ltd. (Japan) | 200 | 2,505 | ||||
21,058 | ||||||
Trucks and parts (0.1%) | ||||||
Allison Transmission Holdings, Inc. | 80 | 6,026 | ||||
Gentex Corp. | 161 | 5,881 | ||||
11,907 | ||||||
Waste Management (0.1%) | ||||||
Republic Services, Inc. | 20 | 3,672 | ||||
Waste Connections, Inc. | 74 | 12,317 | ||||
15,989 | ||||||
Total common stocks (cost $6,469,890) | $11,001,628 |
INVESTMENT COMPANIES (3.6%)(a) | ||||||
Shares | Value | |||||
iShares Core MSCI Emerging Markets ETF | 1,060 | $53,360 | ||||
iShares MSCI India ETF (India) | 323 | 16,525 | ||||
iShares MSCI Taiwan ETF (Taiwan) | 202 | 9,359 | ||||
SPDR S&P 500 ETF Trust | 665 | 337,873 | ||||
SPDR S&P MidCap 400 ETF Trust | 87 | 45,936 | ||||
Total investment companies (cost $400,933) | $463,053 |
SHORT-TERM INVESTMENTS (11.2%)(a) | ||||||
Principal amount/ shares | Value | |||||
Putnam Government Money Market Fund Class G 5.02%(AFF) | Shares | 949,713 | $949,713 | |||
Putnam Short Term Investment Fund Class P 5.51%(AFF) | Shares | 401,019 | 401,019 | |||
U.S. Treasury Bills 5.391%, 5/23/24(SEG) | $100,000 | 98,793 | ||||
Total short-term investments (cost $1,449,526) | $1,449,525 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $8,320,349) | $12,914,206 |
FORWARD CURRENCY CONTRACTS at 2/29/24 (aggregate face value $571,375) (Unaudited) | |||||||
Counterparty | Currency | Contract type* | Delivery date | Value | Aggregate face value | Unrealized appreciation/ (depreciation) | |
Bank of America N.A. | |||||||
New Taiwan Dollar | Buy | 5/16/24 | $11,695 | $11,797 | $(102) | ||
Citibank, N.A. | |||||||
Australian Dollar | Buy | 4/17/24 | 25,905 | 26,775 | (870) | ||
Danish Krone | Sell | 3/20/24 | 10,245 | 10,260 | 15 | ||
Japanese Yen | Buy | 5/16/24 | 18,310 | 18,562 | (252) | ||
Goldman Sachs International | |||||||
Euro | Sell | 3/20/24 | 26,821 | 26,898 | 77 | ||
Indian Rupee | Sell | 5/16/24 | 41,345 | 41,310 | (35) | ||
HSBC Bank USA, National Association | |||||||
Chinese Yuan (Offshore) | Buy | 5/16/24 | 84,840 | 84,970 | (130) | ||
Euro | Sell | 3/20/24 | 7,138 | 7,159 | 21 | ||
Hong Kong Dollar | Buy | 5/16/24 | 6,118 | 6,128 | (10) | ||
Japanese Yen | Buy | 5/16/24 | 21,212 | 21,191 | 21 | ||
South African Rand | Buy | 4/17/24 | 28,518 | 29,054 | (536) | ||
Swedish Krona | Buy | 3/20/24 | 3,137 | 3,113 | 24 | ||
JPMorgan Chase Bank N.A. | |||||||
Japanese Yen | Buy | 5/16/24 | 12,067 | 12,224 | (157) | ||
Norwegian Krone | Sell | 3/20/24 | 5,821 | 5,734 | (87) | ||
Singapore Dollar | Buy | 5/16/24 | 12,227 | 12,260 | (33) | ||
South Korean Won | Buy | 5/16/24 | 32,239 | 32,263 | (24) | ||
Morgan Stanley & Co. International PLC | |||||||
Euro | Buy | 3/20/24 | 19,791 | 19,843 | (52) | ||
Swedish Krona | Buy | 3/20/24 | 26,826 | 26,619 | 207 | ||
Swiss Franc | Buy | 3/20/24 | 31,603 | 32,292 | (689) | ||
State Street Bank and Trust Co. | |||||||
British Pound | Sell | 3/20/24 | 11,993 | 11,975 | (18) | ||
Chinese Yuan (Offshore) | Buy | 5/16/24 | 25,608 | 25,644 | (36) | ||
Toronto-Dominion Bank | |||||||
British Pound | Buy | 3/20/24 | 27,016 | 27,002 | 14 | ||
Canadian Dollar | Sell | 4/17/24 | 20,646 | 20,991 | 345 | ||
UBS AG | |||||||
Canadian Dollar | Sell | 4/17/24 | 12,388 | 12,595 | 207 | ||
Thai Baht | Buy | 5/16/24 | 23,541 | 23,722 | (181) | ||
WestPac Banking Corp. | |||||||
British Pound | Sell | 3/20/24 | 21,082 | 20,994 | (88) | ||
Unrealized appreciation | 931 | ||||||
Unrealized (depreciation) | (3,300) | ||||||
Total | $(2,369) | ||||||
* | The exchange currency for all contracts listed is the United States Dollar. |
FUTURES CONTRACTS OUTSTANDING at 2/29/24 (Unaudited) | ||||||
Number of contracts | Notional amount | Value | Expiration date | Unrealized appreciation/ (depreciation) | ||
MSCI EAFE Index (Long) | 7 | $800,091 | $800,765 | Mar-24 | $36,039 | |
MSCI Emerging Markets Index (Short) | 12 | 612,564 | 610,080 | Mar-24 | (15,085) | |
Russell 2000 Index E-Mini (Long) | 6 | 616,453 | 617,190 | Mar-24 | 46,210 | |
S&P 500 Index E-Mini (Long) | 2 | 509,627 | 510,375 | Mar-24 | 44,366 | |
Unrealized appreciation | 126,615 | |||||
Unrealized (depreciation) | (15,085) | |||||
Total | $111,530 |
Key to holding's abbreviations | ||||||
ADR | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | |||||
ETF | Exchange Traded Fund | |||||
PJSC | Public Joint Stock Company | |||||
SPDR | S&P Depository Receipts | |||||
Notes to the fund's portfolio | ||||||
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from June 1, 2023 through February 29, 2024 (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 Franklin Resources, Inc., 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 $12,924,505. | |||||
(NON) | This security is non-income-producing. | |||||
(AFF) | Affiliated company. For investments in Putnam Government Money Market Fund 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 were as follows: | |||||
Name of affiliate | Fair value as of 5/31/23 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 2/29/24 | |
Short-term investments | ||||||
Putnam Government Money Market Fund Class G† | $— | $2,436,309 | $1,486,596 | $13,891 | $949,713 | |
Putnam Short Term Investment Fund Class P‡ | 444,243 | 294,613 | 337,837 | 11,946 | 401,019 | |
Total Short-term investments | $444,243 | $2,730,922 | $1,824,433 | $25,837 | $1,350,732 | |
† Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund. There were no realized or unrealized gains or losses during the period. | ||||||
‡ 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 $84,942. | |||||
(R) | Real Estate Investment Trust. | |||||
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
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 | 79.1% | |||||
Japan | 2.6 | |||||
India | 2.1 | |||||
United Kingdom | 1.9 | |||||
China | 1.8 | |||||
Taiwan | 1.6 | |||||
France | 1.5 | |||||
South Korea | 1.0 | |||||
Switzerland | 1.0 | |||||
Germany | 0.7 | |||||
Italy | 0.7 | |||||
Australia | 0.7 | |||||
Netherlands | 0.6 | |||||
Brazil | 0.5 | |||||
Other | 4.2 | |||||
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 (including securities sold short, if any) 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 (ask price for securities sold short, if any) 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. | ||||||
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. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities. | ||||||
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
Futures contracts: The fund used futures contracts to managing 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 hedging foreign exchange risk. | ||||||
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. | ||||||
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes. | ||||||
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund's portfolio. | ||||||
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty. | ||||||
With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity. | ||||||
As of the close of the reporting period, due to a decrease in the fund's net asset value during the year, such counterparties were entitled to elect, but had not yet elected, to terminate early, and cause settlement of all outstanding derivative and foreign exchange contracts outstanding under the applicable Master Agreements, including the payment by the fund of any losses and costs resulting from such early termination, as reasonably determined by such counterparty. At the close of the reporting period, the fund had net asset position of $427 and net liability position of $2,796 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these agreements. The fund intends to seek a waiver of or other relief from this provision, from the counterparties. | ||||||
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 | $437,056 | $— | $— | |
Capital goods | 441,595 | — | — | |
Communication services | 149,368 | — | — | |
Conglomerates | 117,766 | — | — | |
Consumer cyclicals | 1,831,952 | — | — | |
Consumer staples | 713,134 | — | — | |
Energy | 348,155 | — | — | |
Financials | 1,558,658 | — | — | |
Health care | 1,240,040 | — | — | |
Technology | 3,677,347 | — | — | |
Transportation | 191,120 | — | — | |
Utilities and power | 295,437 | — | — | |
Total common stocks | 11,001,628 | — | — | |
Investment companies | 463,053 | — | — | |
Short-term investments | 949,713 | 499,812 | — | |
Totals by level | $12,414,394 | $499,812 | $— | |
Valuation inputs | ||||
Other financial instruments: | Level 1 | Level 2 | Level 3 | |
Forward currency contracts | $— | $(2,369) | $— | |
Futures contracts | 111,530 | — | — | |
Totals by level | $111,530 | $(2,369) | $— | |
* 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) | 30 | |||
Forward currency contracts (contract amount) | $720,000 | |||
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com |