Putnam Ultra Short MAC Series | ||||||
The fund's portfolio | ||||||
4/30/24 (Unaudited) |
CORPORATE BONDS AND NOTES (79.6%)(a) | ||||||
Principal amount | Value | |||||
Banking (43.8%) | ||||||
Australia and New Zealand Banking Group, Ltd. 144A sr. unsec. notes 4.829%, 2/3/25 (Australia) | $568,000 | $565,062 | ||||
Banco Bilbao Vizcaya Argentaria SA sr. unsec. unsub. FRN 5.862%, 9/14/26 (Spain) | 400,000 | 398,846 | ||||
Bank of Montreal sr. unsec. unsub. FRN Ser. MTN, (US SOFR Compounded Index + 0.32%), 5.673%, 7/9/24 (Canada) | 344,000 | 344,062 | ||||
Bank of New York Mellon Corp. (The) sr. unsec. unsub. FRN (US SOFR + 0.20%), 5.555%, 10/25/24 | 566,000 | 565,980 | ||||
Bank of Nova Scotia (The) sr. unsec. unsub. notes 5.35%, 12/7/26 (Canada) | 232,000 | 230,852 | ||||
Banque Federative du Credit Mutuel SA 144A sr. unsec. FRN (US SOFR Compounded Index + 0.41%), 5.758%, 2/4/25 (France) | 223,000 | 223,033 | ||||
Banque Federative du Credit Mutuel SA 144A sr. unsec. notes 5.896%, 7/13/26 (France) | 500,000 | 502,563 | ||||
Barclays PLC sr. unsec. unsub. FRN 3.932%, 5/7/25 (United Kingdom) | 558,000 | 557,837 | ||||
BNP Paribas SA 144A sr. unsec. notes 3.375%, 1/9/25 (France) | 566,000 | 556,661 | ||||
BPCE SA 144A unsec. sub. notes 5.15%, 7/21/24 (France) | 200,000 | 199,381 | ||||
Citigroup, Inc. sr. unsec. unsub. FRN (US SOFR + 1.37%), 6.723%, 5/24/25 | 466,000 | 466,308 | ||||
Citigroup, Inc. sr. unsec. unsub. FRN 4.14%, 5/24/25 | 98,000 | 97,874 | ||||
Credit Agricole SA/London 144A sr. unsec. unsub. notes 3.25%, 10/4/24 (United Kingdom) | 500,000 | 494,590 | ||||
DNB Bank ASA 144A sr. unsec. FRN 5.896%, 10/9/26 (Norway) | 538,000 | 537,963 | ||||
ING Groep NV 144A sr. unsec. notes 4.625%, 1/6/26 (Netherlands) | 564,000 | 554,621 | ||||
Intesa Sanpaolo SpA 144A sr. unsec. unsub. notes Ser. XR, 3.25%, 9/23/24 (Italy) | 279,000 | 276,013 | ||||
JPMorgan Chase & Co. sr. unsec. unsub. FRN 2.083%, 4/22/26 | 324,000 | 312,374 | ||||
Lloyds Banking Group PLC sr. unsec. unsub. FRN 3.87%, 7/9/25 (United Kingdom) | 562,000 | 559,633 | ||||
Macquarie Bank, Ltd. 144A sr. unsec. notes 5.391%, 12/7/26 (Australia) | 226,000 | 225,373 | ||||
Mitsubishi UFJ Financial Group, Inc. sr. unsec. unsub. FRN (US SOFR + 1.39%), 6.738%, 9/12/25 (Japan) | 500,000 | 501,837 | ||||
National Bank of Canada company guaranty sr. unsec. FRN 3.75%, 6/9/25 (Canada) | 568,000 | 566,434 | ||||
PNC Financial Services Group, Inc. (The) sr. unsec. unsub. FRN 5.812%, 6/12/26 | 35,000 | 35,007 | ||||
PNC Financial Services Group, Inc. (The) sr. unsec. unsub. FRN 4.758%, 1/26/27 | 174,000 | 171,434 | ||||
Royal Bank of Canada sr. unsec. unsub. FRN (US SOFR Compounded Index + 0.36%), 5.715%, 7/29/24 (Canada) | 488,000 | 488,169 | ||||
Societe Generale SA 144A sr. unsec. notes 2.625%, 1/22/25 (France) | 500,000 | 487,780 | ||||
State Street Corp. sr. unsec. unsub. FRN (US SOFR Compounded Index + 0.85%), 6.193%, 8/3/26 | 164,000 | 165,229 | ||||
State Street Corp. sr. unsec. unsub. notes 5.104%, 5/18/26 | 40,000 | 39,745 | ||||
Toronto-Dominion Bank (The) sr. unsec. notes 5.103%, 1/9/26 (Canada) | 458,000 | 456,084 | ||||
UBS Group AG 144A sr. unsec. FRN 4.49%, 8/5/25 (Switzerland) | 562,000 | 559,481 | ||||
Wells Fargo & Co. sr. unsec. unsub. FRN Ser. MTN, (US SOFR + 1.32%), 6.675%, 4/25/26 | 230,000 | 232,152 | ||||
Westpac Banking Corp. sr. unsec. unsub. FRN (US SOFR + 0.30%), 5.65%, 11/18/24 (Australia) | 316,000 | 316,066 | ||||
11,688,444 | ||||||
Capital goods (2.1%) | ||||||
Daimler Trucks Finance North America, LLC 144A company guaranty sr. unsec. FRN (US SOFR + 0.75%), 6.103%, 12/13/24 | 562,000 | 563,315 | ||||
563,315 | ||||||
Communication services (1.2%) | ||||||
Sprint Corp. company guaranty sr. unsec. sub. notes 7.125%, 6/15/24 | 18,000 | 18,010 | ||||
Verizon Communications, Inc. sr. unsec. notes 1.45%, 3/20/26 | 332,000 | 308,396 | ||||
326,406 | ||||||
Consumer cyclicals (4.5%) | ||||||
BMW US Capital, LLC 144A company guaranty sr. unsec. FRN (US SOFR Compounded Index + 0.84%), 6.195%, 4/1/25 | 102,000 | 102,498 | ||||
BMW US Capital, LLC 144A company guaranty sr. unsec. FRN (US SOFR Compounded Index + 0.38%), 5.729%, 8/12/24 | 100,000 | 100,031 | ||||
Hyatt Hotels Corp. sr. unsec. unsub. notes 1.80%, 10/1/24 | 106,000 | 104,127 | ||||
Hyundai Capital America 144A sr. unsec. FRN (US SOFR + 1.04%), 6.395%, 3/19/27 (South Korea) | 238,000 | 238,538 | ||||
Mercedes-Benz Finance North America, LLC 144A company guaranty sr. unsec. notes 4.90%, 1/9/26 | 538,000 | 533,334 | ||||
Netflix, Inc. 144A sr. unsec. notes 3.625%, 6/15/25 | 100,000 | 97,790 | ||||
Toyota Motor Credit Corp. sr. unsec. unsub. FRN Ser. MTN, (US SOFR + 0.60%), 5.92%, 6/9/25 | 20,000 | 20,069 | ||||
1,196,387 | ||||||
Consumer finance (6.6%) | ||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust company guaranty sr. unsec. notes 1.65%, 10/29/24 (Ireland) | 550,000 | 538,497 | ||||
Air Lease Corp. sr. unsec. notes 3.25%, 3/1/25 | 25,000 | 24,452 | ||||
Air Lease Corp. sr. unsec. notes 0.80%, 8/18/24 | 470,000 | 462,948 | ||||
American Express Co. sr. unsec. unsub. FRN (US SOFR + 0.76%), 6.108%, 2/13/26 | 332,000 | 333,531 | ||||
American Honda Finance Corp. sr. unsec. bonds Ser. MTN, (US SOFR + 0.55%), 5.899%, 2/12/25 | 28,000 | 28,033 | ||||
Capital One Financial Corp. sr. unsec. unsub. notes 3.20%, 2/5/25 | 280,000 | 274,513 | ||||
General Motors Financial Co., Inc. sr. unsec. FRN (US SOFR + 0.62%), 5.973%, 10/15/24 | 100,000 | 100,075 | ||||
General Motors Financial Co., Inc. sr. unsec. notes 1.20%, 10/15/24 | 15,000 | 14,692 | ||||
1,776,741 | ||||||
Consumer staples (1.5%) | ||||||
Campbell Soup Co. sr. unsec. unsub. notes 5.30%, 3/20/26 | 150,000 | 149,356 | ||||
Haleon UK Capital PLC company guaranty sr. unsec. unsub. notes 3.125%, 3/24/25 (United Kingdom) | 250,000 | 244,066 | ||||
PepsiCo, Inc. sr. unsec. unsub. notes (US SOFR Compounded Index + 0.40%), 5.749%, 11/12/24 | 15,000 | 15,019 | ||||
408,441 | ||||||
Energy (1.5%) | ||||||
ONEOK, Inc. company guaranty sr. unsec. sub. notes 5.55%, 11/1/26 | 400,000 | 399,586 | ||||
399,586 | ||||||
Financial (0.1%) | ||||||
Jefferies Financial Group, Inc. sr. unsec. notes 6.05%, 3/12/25 | 30,000 | 30,030 | ||||
30,030 | ||||||
Health care (3.2%) | ||||||
GE HealthCare Technologies, Inc. company guaranty sr. unsec. notes 5.55%, 11/15/24 | 386,000 | 385,390 | ||||
Pfizer Investment Enterprises PTE, Ltd. company guaranty sr. unsec. notes 4.45%, 5/19/26 (Singapore) | 466,000 | 458,039 | ||||
843,429 | ||||||
Insurance (4.2%) | ||||||
Athene Global Funding 144A FRN (US SOFR Compounded Index + 0.56%), 5.91%, 8/19/24 | 413,000 | 413,241 | ||||
Athene Global Funding 144A sr. FRN (US SOFR Compounded Index + 0.70%), 6.051%, 5/24/24 | 100,000 | 100,032 | ||||
Northwestern Mutual Global Funding 144A notes 5.07%, 3/25/27 | 85,000 | 84,395 | ||||
Principal Life Global Funding II 144A FRN (US SOFR + 0.38%), 5.73%, 8/23/24 | 388,000 | 388,097 | ||||
Protective Life Global Funding 144A notes (US SOFR + 0.70%), 6.053%, 4/10/26 | 150,000 | 150,422 | ||||
1,136,187 | ||||||
Investment banking/Brokerage (1.4%) | ||||||
Deutsche Bank AG sr. unsec. unsub. notes 3.70%, 5/30/24 (Germany) | 332,000 | 331,429 | ||||
Morgan Stanley sr. unsec. notes Ser. MTN, (US SOFR + 1.02%), 6.372%, 4/13/28 | 50,000 | 50,287 | ||||
381,716 | ||||||
Real estate (6.2%) | ||||||
Boston Properties, LP sr. unsec. notes 3.20%, 1/15/25(R) | 489,000 | 479,431 | ||||
Camden Property Trust sr. unsec. unsub. notes 5.85%, 11/3/26(R) | 100,000 | 100,780 | ||||
Public Storage sr. unsec. FRN (US SOFR Compounded Index + 0.60%), 5.955%, 7/25/25(R) | 330,000 | 331,208 | ||||
Realty Income Corp. sr. unsec. unsub. notes 5.05%, 1/13/26(R) | 460,000 | 457,365 | ||||
Realty Income Corp. sr. unsec. unsub. notes 3.875%, 7/15/24(R) | 100,000 | 99,652 | ||||
Simon Property Group LP sr. unsec. unsub. notes 3.375%, 10/1/24(R) | 200,000 | 198,041 | ||||
1,666,477 | ||||||
Technology (2.6%) | ||||||
Hewlett Packard Enterprise Co. sr. unsec. notes 5.90%, 10/1/24 | 359,000 | 359,168 | ||||
VMware, Inc. sr. unsec. notes 1.00%, 8/15/24 | 332,000 | 327,289 | ||||
686,457 | ||||||
Utilities and power (0.7%) | ||||||
NextEra Energy Capital Holdings, Inc. company guaranty sr. unsec. unsub. notes 5.749%, 9/1/25 | 132,000 | 132,084 | ||||
WEC Energy Group, Inc. sr. unsec. unsub. notes 5.60%, 9/12/26 | 66,000 | 66,074 | ||||
198,158 | ||||||
Total corporate bonds and notes (cost $21,330,287) | $21,301,774 |
COMMERCIAL PAPER (13.4%)(a) | ||||||
Yield (%) | Maturity date | Principal amount | Value | |||
American Electric Power Co., Inc. | 5.662 | 6/12/24 | $250,000 | $248,334 | ||
AT&T, Inc. | 5.615 | 6/26/24 | 250,000 | 247,828 | ||
Autonation, Inc. | 5.801 | 5/1/24 | 265,000 | 264,956 | ||
Aviation Capital Group, LLC | 5.731 | 5/1/24 | 265,000 | 264,960 | ||
Constellation Brands, Inc. | 5.610 | 5/6/24 | 250,000 | 249,761 | ||
Discovery Communications, LLC | 5.851 | 5/1/24 | 265,000 | 264,957 | ||
Dominion Energy, Inc. | 5.565 | 5/7/24 | 250,000 | 249,737 | ||
Energy Transfer LP | 5.651 | 5/1/24 | 265,000 | 264,958 | ||
FMC Corp. | 5.951 | 5/1/24 | 265,000 | 264,956 | ||
Intercontinental Exchange, Inc. | 5.514 | 5/22/24 | 250,000 | 249,147 | ||
Marathon Oil Corp. | 5.814 | 5/3/24 | 250,000 | 249,887 | ||
Ovintiv, Inc. | 6.070 | 5/16/24 | 260,000 | 259,286 | ||
Targa Resources Corp. | 6.030 | 5/24/24 | 260,000 | 258,990 | ||
VW Credit, Inc. | 5.621 | 5/8/24 | 250,000 | 249,698 | ||
Total commercial paper (cost $3,587,982) | $3,587,455 |
ASSET-BACKED SECURITIES (4.3%)(a) | ||||||
Principal amount | Value | |||||
American Express Credit Account Master Trust | ||||||
Ser. 22-3, Class A, 3.75%, 8/15/27 | $200,000 | $195,677 | ||||
Ser. 21-1, Class A, 0.90%, 11/15/26 | 135,000 | 131,622 | ||||
Capital One Prime Auto Receivables Trust Ser. 22-1, Class A3, 3.17%, 4/15/27 | 209,270 | 204,996 | ||||
CarMax Auto Owner Trust Ser. 22-2, Class A3, 3.49%, 2/16/27 | 62,362 | 61,415 | ||||
Citizens Auto Receivables Trust 144A | ||||||
Ser. 23-2, Class A2A, 6.09%, 10/15/26 | 68,478 | 68,622 | ||||
Ser. 24-1, Class A2A, 5.43%, 10/15/26 | 67,000 | 66,899 | ||||
Discover Card Execution Note Trust Ser. 22-A2, Class A, 3.32%, 5/15/27 | 35,000 | 34,203 | ||||
GM Financial Consumer Automobile Receivables Trust Ser. 22-2, Class A3, 3.10%, 2/16/27 | 190,761 | 187,334 | ||||
Golden Credit Card Trust 144A Ser. 22-4A, Class A, 4.31%, 9/15/27 | 149,000 | 146,423 | ||||
Harley-Davidson Motorcycle Trust Ser. 23-B, Class A2, 5.92%, 12/15/26 | 44,379 | 44,471 | ||||
Tesla Auto Lease Trust 144A Ser. 23-A, Class A2, 5.86%, 8/20/25 | 19,957 | 19,975 | ||||
Total asset-backed securities (cost $1,160,219) | $1,161,637 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $26,078,488) | $26,050,866 |
Key to holding's abbreviations | ||||||
DAC | Designated Activity Company | |||||
FRN | Floating Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. | |||||
MTN | Medium Term Notes | |||||
SOFR | Secured Overnight Financing Rate | |||||
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 August 1, 2023 through April 30, 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 $26,760,259. | |||||
Transactions during the period with any company which is under common ownership or control were as follows: | ||||||
Name of affiliate | Fair value as of 7/31/23 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 4/30/24 | |
Short-term investments | ||||||
Putnam Short Term Investment Fund Class P* | $26,089 | $11,952,817 | $11,978,906 | $9,120 | $— | |
Total Short-term investments | $26,089 | $11,952,817 | $11,978,906 | $9,120 | $— | |
* 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. | ||||||
(R) | Real Estate Investment Trust. | |||||
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 | 56.2% | |||||
Canada | 8.0 | |||||
France | 7.6 | |||||
United Kingdom | 7.1 | |||||
Australia | 4.2 | |||||
Switzerland | 2.1 | |||||
Netherlands | 2.1 | |||||
Ireland | 2.1 | |||||
Norway | 2.1 | |||||
Japan | 1.9 | |||||
Singapore | 1.8 | |||||
Spain | 1.5 | |||||
Germany | 1.3 | |||||
Italy | 1.1 | |||||
South Korea | 0.9 | |||||
Total | 100.0% | |||||
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | ||||||
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. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | ||||||
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. Certain securities may be valued on the basis of a price provided by a single source. 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. |
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 | |
Asset-backed securities | $— | $1,161,637 | $— | |
Commercial paper | — | 3,587,455 | — | |
Corporate bonds and notes | — | 21,301,774 | — | |
Totals by level | $— | $26,050,866 | $— | |
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.putnam.com |