N-Q 1 a_assetalloceq.htm PUTNAM FUNDS TRUST a_assetalloceq.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY
Investment Company Act file number: (811-07513) 
 
Exact name of registrant as specified in charter:  Putnam Funds Trust 
 
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109 
 
Name and address of agent for service:  Beth S. Mazor, Vice President 
  One Post Office Square 
  Boston, Massachusetts 02109 
 
Copy to:  John W. Gerstmayr, Esq. 
  Ropes & Gray LLP 
  800 Boylston Street 
  Boston, Massachusetts 02199-3600 
 
Registrant’s telephone number, including area code:  (617) 292-1000   
 
Date of fiscal year end: May 31, 2011   
 
Date of reporting period: August 31, 2010   

 

Item 1. Schedule of Investments:


Putnam Asset Allocation: Equity Portfolio     
 
The fund's portfolio     
8/31/10 (Unaudited)     
 
COMMON STOCKS (83.7%)(a)     
  Shares  Value 
 
Advertising and marketing services (0.4%)     
Nu Skin Enterprises, Inc. Class A  153  $3,912 
Omnicom Group, Inc.  3,287  115,077 
    118,989 
 
Aerospace and defense (1.5%)     
General Dynamics Corp.  131  7,319 
L-3 Communications Holdings, Inc.  1,948  129,736 
LMI Aerospace, Inc. (NON)  237  3,586 
Lockheed Martin Corp.  2,204  153,221 
Raytheon Co.  3,415  149,986 
United Technologies Corp.  440  28,692 
    472,540 
 
Agriculture (0.1%)     
Andersons, Inc. (The)  641  22,967 
Austevoll Seafood ASA (Norway)  857  4,659 
HQ Sustainable Maritime Industries, Inc. (NON)  287  761 
Pescanova SA (Spain)  186  4,896 
    33,283 
 
Airlines (0.4%)     
Alaska Air Group, Inc. (NON)  235  10,394 
Republic Airways Holdings, Inc. (NON)  1,113  7,824 
UAL Corp. (NON)  5,289  112,073 
US Airways Group, Inc. (NON)  569  5,144 
    135,435 
 
Automotive (0.4%)     
NGK Spark Plug Co., Ltd. (Japan)  1,000  11,669 
Peugeot SA (France) (NON)  2,833  74,057 
Tesla Motors, Inc. (NON)  182  3,574 
Valeo SA (France) (NON)  670  23,258 
    112,558 
 
Banking (5.6%)     
Australia & New Zealand Banking Group, Ltd. (Australia)  6,228  125,775 
Banca Monte dei Paschi di Siena SpA (Italy) (NON)  18,210  21,655 
Banco Latinoamericano de Exportaciones SA Class E     
(Panama)  857  10,875 
Banco Popolare SC (Italy)  6,901  38,553 
Bank of America Corp.  9,497  118,238 
Bank of the Ozarks, Inc.  274  10,067 
Bankinter SA (Spain)  664  4,288 
Bar Harbor Bankshares  81  2,252 
Barclays PLC (United Kingdom)  22,432  103,082 
Barclays PLC ADR (United Kingdom)  1,430  26,498 
BNP Paribas SA (France)  1,426  88,646 
Chuo Mitsui Trust Holdings, Inc. (Japan)  12,000  42,452 
Citigroup, Inc. (NON)  13,156  48,940 
Danske Bank A/S (Denmark) (NON)  2,377  52,673 
DBS Group Holdings, Ltd. (Singapore)  10,000  102,826 
Fifth Third Bancorp  4,893  54,068 
Financial Institutions, Inc.  325  4,667 
First Bancorp  247  2,999 
First Financial Bancorp  376  5,997 
Flushing Financial Corp.  557  6,032 
Hudson City Bancorp, Inc.  10,210  117,670 
Huntington Bancshares, Inc.  7,930  41,950 
International Bancshares Corp.  394  6,146 
JPMorgan Chase & Co.  3,960  143,986 
Lloyds Banking Group PLC (United Kingdom) (NON)  79,253  84,612 
Merchants Bancshares, Inc.  152  3,555 
Oversea-Chinese Banking Corp., Ltd. (Singapore)  4,000  25,575 
Park National Corp.  50  3,003 
PNC Financial Services Group, Inc.  2,944  150,026 
Republic Bancorp, Inc. Class A  118  2,292 
Southside Bancshares, Inc.  288  5,224 
TCF Financial Corp.  4,178  59,662 
UniCredito Italiano SpA (Italy)  28,829  67,138 
Wells Fargo & Co.  4,331  101,995 
Westpac Banking Corp. (Australia)  5,203  100,657 
Wilshire Bancorp, Inc.  433  2,685 
    1,786,759 
 
Basic materials (0.1%)     
AMCOL International Corp.  266  6,948 
Ameron International Corp.  110  6,200 
Avalon Rare Metals, Inc. (Canada) (NON)  662  1,898 
Canada Lithium Corp. (Canada) (NON)  2,411  1,265 
China Rare Earth Holdings, Ltd. (China) (NON)  6,000  1,504 
Extract Resources, Ltd. (Australia) (NON)  231  1,246 
Lynas Corp., Ltd. (Australia) (NON)  3,707  3,239 

 


Neo Material Technologies, Inc. (Canada) (NON)  300  1,094 
Orocobre, Ltd. (Australia) (NON)  637  1,069 
Paladin Energy, Ltd. (Australia) (NON)  911  3,013 
STR Holdings, Inc. (NON)  137  2,832 
    30,308 
 
Beverage (1.2%)     
Coca-Cola Co. (The)  2,168  121,235 
Dr. Pepper Snapple Group, Inc.  3,950  145,439 
Heineken Holding NV (Netherlands)  574  22,039 
PepsiCo, Inc.  1,527  98,003 
    386,716 
 
Biotechnology (0.7%)     
Affymetrix, Inc. (NON)  152  625 
AMAG Pharmaceuticals, Inc. (NON)  265  6,678 
Amylin Pharmaceuticals, Inc. (NON)  163  3,348 
Auxilium Pharmaceuticals, Inc. (NON)  103  2,669 
BioInvent International AB (Sweden) (NON)  247  955 
BioMarin Pharmaceuticals, Inc. (NON)  157  3,186 
Celera Corp.  179  1,181 
Compugen, Ltd. (Israel) (NON)  243  904 
Cubist Pharmaceuticals, Inc. (NON)  155  3,415 
Dendreon Corp. (NON)  113  4,050 
Enzo Biochem, Inc. (NON)  198  701 
Enzon Pharmaceuticals, Inc. (NON)  473  4,853 
Exelixis, Inc. (NON)  602  1,782 
Genomic Health, Inc. (NON)  62  897 
Gilead Sciences, Inc. (NON)  4,916  156,624 
Harvard Bioscience, Inc. (NON)  307  1,059 
Human Genome Sciences, Inc. (NON)  151  4,393 
Illumina, Inc. (NON)  60  2,573 
Ironwood Pharmaceuticals, Inc. (NON)  204  1,891 
Martek Biosciences Corp. (NON)  554  12,088 
Momenta Pharmaceuticals, Inc. (NON)  138  1,994 
Nanosphere, Inc. (NON)  271  789 
QIAGEN NV (Netherlands) (NON)  106  1,889 
Sequenom, Inc. (NON)  199  1,220 
United Therapeutics Corp. (NON)  105  4,853 
Vanda Pharmaceuticals, Inc. (NON)  353  2,213 
Viropharma, Inc. (NON)  684  8,577 
    235,407 
 
Broadcasting (0.4%)     
DG FastChannel, Inc. (NON)  203  3,230 
EchoStar Corp. Class A (NON)  979  18,268 
Knology, Inc. (NON)  274  3,214 
M6-Metropole Television (France)  539  11,195 
Mediaset SpA (Italy)  12,499  77,193 
Sinclair Broadcast Group, Inc. Class A (NON)  548  3,277 
    116,377 
 
Building materials (0.4%)     
Asahi Glass Co., Ltd. (Japan)  11,000  106,943 
Geberit International AG (Switzerland)  136  21,847 
    128,790 
 
Cable television (0.9%)     
DIRECTV Class A (NON)  4,096  155,320 
HSN, Inc. (NON)  184  4,837 
IAC/InterActiveCorp. (NON)  4,410  109,324 
Mediacom Communications Corp. Class A (NON)  1,430  8,265 
    277,746 
 
Chemicals (2.0%)     
Albemarle Corp.  1,797  72,042 
Cytec Industries, Inc.  1,089  51,651 
Ferro Corp. (NON)  1,046  11,192 
FMC Corp.  44  2,740 
Hawkins, Inc.  159  4,845 
Hitachi Chemical Co., Ltd. (Japan)  1,600  27,668 
Innophos Holdings, Inc.  255  7,438 
International Flavors & Fragrances, Inc.  1,397  63,829 
Koninklijke DSM NV (Netherlands)  635  26,295 
Koppers Holdings, Inc.  448  8,960 
Lubrizol Corp. (The)  925  86,312 
Minerals Technologies, Inc.  291  15,598 
Mitsui Chemicals, Inc. (Japan)  29,000  73,932 
NewMarket Corp.  40  4,021 
Nitto Denko Corp. (Japan)  200  6,435 
OM Group, Inc. (NON)  369  9,446 
PPG Industries, Inc.  1,706  112,306 
Quaker Chemical Corp.  95  2,813 
Rockwood Holdings, Inc. (NON)  94  2,430 
Sigma-Aldrich Corp.  50  2,659 
Sociedad Quimica y Minera de Chile SA ADR (Chile)  65  2,772 
Stepan, Co.  66  3,660 
W.R. Grace & Co. (NON)  990  25,047 
    624,091 
 
Coal (0.7%)     

 


Alpha Natural Resources, Inc. (NON)  26  965 
China Coal Energy Co. (China)  2,000  2,828 
China Shenhua Energy Co., Ltd. (China)  1,000  3,660 
CONSOL Energy, Inc.  56  1,803 
James River Coal Co. (NON)  241  3,813 
Massey Energy Co.  28  805 
Peabody Energy Corp.  3,336  142,781 
Walter Energy, Inc.  1,047  75,426 
Yanzhou Coal Mining Co., Ltd. (China)  2,000  4,112 
    236,193 
 
Commercial and consumer services (1.3%)     
Alliance Data Systems Corp. (NON)  100  5,619 
Bunzl PLC (United Kingdom)  1,439  15,655 
Compass Group PLC (United Kingdom)  1,342  10,954 
Deluxe Corp.  423  7,077 
Dun & Bradstreet Corp. (The)  1,407  92,721 
Emergency Medical Services Corp. Class A (NON)  111  5,334 
Expedia, Inc.  3,271  74,775 
EZCORP, Inc. Class A (NON)  748  13,449 
Great Lakes Dredge & Dock Corp.  529  2,669 
HMS Holdings Corp. (NON)  260  13,567 
Landauer, Inc.  56  3,147 
Moody's Corp.  3,730  78,852 
Orbitz Worldwide, Inc. (NON)  726  3,659 
Plexus Corp. (NON)  132  3,039 
Randstad Holding NV (Netherlands) (NON)  143  5,294 
Sotheby's Holdings, Inc. Class A  91  2,422 
Stantec, Inc. (Canada) (NON)  332  8,001 
Swire Pacific, Ltd. (Hong Kong)  6,000  72,403 
Wheelock and Co., Ltd. (Hong Kong)  1,000  2,886 
    421,523 
 
Communications equipment (1.3%)     
ARRIS Group, Inc. (NON)  578  4,722 
Cisco Systems, Inc. (NON)  8,382  168,059 
F5 Networks, Inc. (NON)  563  49,223 
Harris Corp.  3,438  144,637 
Netgear, Inc. (NON)  248  5,238 
Plantronics, Inc.  280  7,647 
Qualcomm, Inc.  933  35,743 
Syniverse Holdings, Inc. (NON)  222  4,567 
    419,836 
 
Computers (4.7%)     
Anixter International, Inc. (NON)  257  11,791 
ANSYS, Inc. (NON)  89  3,451 
Apple, Inc. (NON)  1,322  321,735 
Black Box Corp.  240  6,768 
Brocade Communications Systems, Inc. (NON)  737  3,700 
Checkpoint Systems, Inc. (NON)  534  9,794 
Dell, Inc. (NON)  14,155  166,604 
EMC Corp. (NON)  1,744  31,811 
Emdeon, Inc. Class A (NON)  604  6,191 
F-Secure OYJ (Finland)  710  1,939 
Fortinet, Inc. (NON)  595  12,132 
Fujitsu, Ltd. (Japan)  15,000  103,785 
Global Defense Technology & Systems, Inc. (NON)  142  1,484 
Hewlett-Packard Co.  2,204  84,810 
Hitachi, Ltd. (Japan) (NON)  21,000  84,971 
IBM Corp.  1,689  208,135 
Ixia (NON)  438  4,945 
Juniper Networks, Inc. (NON)  1,041  28,315 
Lexmark International, Inc. Class A (NON)  253  8,852 
Magma Design Automation, Inc. (NON)  1,207  3,790 
Monotype Imaging Holdings, Inc. (NON)  407  3,010 
NCI, Inc. (NON)  157  3,007 
NetApp, Inc. (NON)  630  25,477 
Netezza Corp. (NON)  294  5,721 
NetSuite, Inc. (NON)  596  11,324 
Polycom, Inc. (NON)  542  15,436 
Quantum Corp. (NON)  3,068  4,418 
Quest Software, Inc. (NON)  1,180  25,287 
Seagate Technology (NON)  8,846  89,610 
Silicon Graphics International Corp. (NON)  478  2,837 
SMART Modular Technologies WWH, Inc. (NON)  891  4,179 
Synchronoss Technologies, Inc. (NON)  578  8,936 
TeleCommunication Systems, Inc. Class A (NON)  850  2,618 
Teradata Corp. (NON)  4,592  150,342 
VeriFone Systems, Inc. (NON)  215  5,199 
Western Digital Corp. (NON)  1,890  45,644 
Xyratex, Ltd. (Bermuda) (NON)  921  11,089 
    1,519,137 
 
Conglomerates (1.8%)     
3M Co.  289  22,701 
Danaher Corp.  308  11,190 
General Electric Co.  12,553  181,767 
Honeywell International, Inc.  4,203  164,295 
Marubeni Corp. (Japan)  5,000  25,682 
Mitsui & Co., Ltd. (Japan)  7,000  91,405 
Silex Systems, Ltd. (Australia) (NON)  399  1,592 
SPX Corp.  1,550  86,893 
    585,525 

 


Construction (0.2%)     
Acciona SA (Spain)  121  9,496 
Broadwind Energy, Inc. (NON)  1,313  2,193 
Fletcher Building, Ltd. (New Zealand)  2,567  13,466 
Impregilo SpA (Italy) (NON)  2,946  7,403 
Insituform Technologies, Inc. (NON)  341  6,943 
Layne Christensen Co. (NON)  429  10,669 
    50,170 
 
Consumer (--%)     
Helen of Troy, Ltd. (Bermuda) (NON)  286  6,365 
    6,365 
 
Consumer finance (1.1%)     
American Express Co.  4,640  184,997 
Cardtronics, Inc. (NON)  279  3,864 
Dollar Financial Corp. (NON)  196  3,791 
Nelnet, Inc. Class A  664  14,548 
Ocwen Financial Corp. (NON)  884  8,036 
SLM Corp. (NON)  11,921  131,727 
World Acceptance Corp. (NON)  244  9,943 
    356,906 
 
Consumer goods (2.1%)     
American Greetings Corp. Class A  230  4,439 
Central Garden & Pet Co. Class A (NON)  484  4,521 
Energizer Holdings, Inc. (NON)  138  8,701 
Estee Lauder Cos., Inc. (The) Class A  2,268  127,167 
Inter Parfums, Inc.  272  4,466 
Kimberly-Clark Corp.  2,725  175,490 
National Presto Industries, Inc.  45  4,501 
Prestige Brands Holdings, Inc. (NON)  1,204  8,910 
Procter & Gamble Co. (The)  3,516  209,800 
Reckitt Benckiser Group PLC (United Kingdom)  452  22,633 
Revlon, Inc. Class A (NON)  275  2,984 
Unilever NV (Netherlands)  3,870  103,329 
    676,941 
 
Consumer services (0.1%)     
Avis Budget Group, Inc. (NON)  1,814  16,544 
SRA International, Inc. Class A (NON)  348  6,699 
WebMD Health Corp. Class A (NON)  404  20,580 
    43,823 
 
Containers (--%)     
Graham Packaging Co., Inc. (NON)  553  6,183 
    6,183 
 
Distribution (0.9%)     
Core-Mark Holding Co., Inc. (NON)  148  3,832 
Genuine Parts Co.  2,141  89,772 
W.W. Grainger, Inc.  1,168  123,563 
Wolseley PLC (United Kingdom) (NON)  3,509  67,380 
    284,547 
 
Electric utilities (3.3%)     
Alliant Energy Corp.  1,078  37,752 
Ameren Corp.  1,029  28,884 
BKW FMB Energie AG (Switzerland)  71  4,875 
Chubu Electric Power, Inc. (Japan)  500  13,159 
CMS Energy Corp.  2,044  35,770 
DPL, Inc.  2,271  57,502 
EDF (France)  214  8,499 
Enel SpA (Italy)  21,885  103,772 
Energias de Portugal (EDP) SA (Portugal)  26,932  81,501 
Entergy Corp.  1,025  80,811 
Exelon Corp.  4,183  170,332 
FirstEnergy Corp.  3,696  135,015 
Hokkaido Electric Power Co., Inc. (Japan)  300  6,744 
Hokuriku Electric Power Co. (Japan)  300  7,168 
Huaneng Power International, Inc. (China)  2,000  1,201 
Kansai Electric Power, Inc. (Japan)  400  10,248 
Kyushu Electric Power Co., Inc. (Japan)  300  7,131 
NextEra Energy, Inc.  235  12,627 
Public Power Corp. SA (Greece)  1,159  16,515 
Red Electrica Corp. SA (Spain)  1,182  48,497 
Shikoku Electric Power Co., Inc. (Japan)  200  6,191 
TECO Energy, Inc.  6,457  108,994 
Terna SPA (Italy)  9,954  39,937 
TransAlta Corp. (Canada)  107  2,119 
Westar Energy, Inc.  1,487  35,643 
    1,060,887 
 
Electrical equipment (1.0%)     
American Science & Engineering, Inc.  79  5,607 
Capstone Turbine Corp. (NON) (S)  5,225  3,344 
China High Speed Transmission Equipment Group Co.,     
Ltd. (China)  4,000  8,918 
Conergy AG (Germany) (NON)  1,745  1,331 

 


Emerson Electric Co.  3,718  173,445 
Energy Conversion Devices, Inc. (NON)  281  1,267 
Fushi Copperweld, Inc. (China) (NON)  277  2,271 
Gamesa Corp Tecnologica SA (Spain) (NON)  1,031  6,898 
GrafTech International, Ltd. (NON)  244  3,431 
Harbin Electric, Inc. (China) (NON)  187  3,158 
Legrand SA (France)  696  21,079 
Mitsubishi Electric Corp. (Japan)  10,000  80,010 
Powell Industries, Inc. (NON)  121  3,444 
Satcon Technology Corp. (NON)  800  2,488 
SMA Solar Technology AG (Germany)  28  3,005 
Solaria Energia y Medio Ambiente SA (Spain) (NON)  393  783 
Solon AG Fuer Solartechnik (Germany) (NON)  96  434 
Sunpower Corp. Class A (NON)  196  2,119 
Vestas Wind Systems A/S (Denmark) (NON)  104  3,858 
Yingli Green Energy Holding Co., Ltd. ADR (China) (NON)  202  2,248 
    329,138 
 
Electronics (2.6%)     
A123 Systems, Inc. (NON)  481  3,151 
Advanced Battery Technologies, Inc. (NON)  914  3,181 
Advanced Micro Devices, Inc. (NON)  6,998  39,329 
Agilent Technologies, Inc. (NON)  65  1,753 
Analog Devices, Inc.  5,068  141,296 
Badger Meter, Inc.  189  7,050 
BYD Co., Ltd. (China)  1,500  8,641 
Cavium Networks, Inc. (NON)  450  10,863 
China BAK Battery, Inc. (China) (NON)  1,300  1,846 
DDi Corp.  276  2,158 
Ener1, Inc. (NON)  798  2,530 
EnerSys (NON)  570  12,580 
Fairchild Semiconductor Intl.,, Inc. (NON)  1,099  8,495 
FEI Co. (NON)  2,569  42,800 
Greatbatch, Inc. (NON)  165  3,622 
GS Yuasa Corp. (Japan)  1,000  5,884 
Integrated Silicon Solutions, Inc. (NON)  610  4,044 
Intel Corp.  5,822  103,166 
Johnson Matthey PLC (United Kingdom)  1,728  41,929 
LDK Solar Co., Ltd. ADR (China) (NON)  489  3,330 
MEMC Electronic Materials, Inc. (NON)  342  3,519 
Motech Industries, Inc. (Taiwan)  1,009  3,899 
NVE Corp. (NON)  110  4,224 
PMC - Sierra, Inc. (NON)  678  4,692 
PV Crystalox Solar PLC (United Kingdom)  1,227  1,054 
QLogic Corp. (NON)  6,941  103,385 
Renesola, Ltd. ADR (China) (NON)  300  2,631 
Roth & Rau AG (Germany) (NON)  67  1,681 
Rubicon Technology, Inc. (NON)  130  3,186 
Saft Groupe SA (France)  130  4,087 
SanDisk Corp. (NON)  3,893  129,402 
Sanmina-SCI Corp. (NON)  449  4,054 
Silicon Laboratories, Inc. (NON)  934  35,623 
Simplo Technology Co., Ltd. (Taiwan)  1,100  5,379 
Skyworks Solutions, Inc. (NON)  250  4,465 
STMicroelectronics NV (France)  9,339  62,000 
TTM Technologies, Inc. (NON)  1,091  9,012 
Ultralife Batteries, Inc. (NON)  406  1,665 
Valence Technology, Inc. (NON) (S)  1,616  1,277 
Watts Water Technologies, Inc. Class A  319  9,583 
    842,466 
 
Energy (oil field) (1.8%)     
Cal Dive International, Inc. (NON)  550  2,514 
Cameron International Corp. (NON)  3,701  136,123 
Compagnie Generale de Geophysique-Veritas SA (France)     
(NON)  2,143  36,046 
Complete Production Services, Inc. (NON)  366  6,456 
Halliburton Co.  5,765  162,631 
Oceaneering International, Inc. (NON)  2,053  102,671 
Saipem SpA (Italy)  1,836  63,894 
Schlumberger, Ltd.  656  34,984 
T-3 Energy Services, Inc. (NON)  283  6,249 
TETRA Technologies, Inc. (NON)  379  3,180 
Tidewater, Inc.  197  7,896 
    562,644 
 
Energy (other) (0.3%)     
Areva SA (France)  14  5,556 
Ballard Power Systems, Inc. (Canada) (NON) (S)  2,071  3,686 
Canadian Solar, Inc. (Canada) (NON)  200  2,354 
China Sunergy Co., Ltd. ADR (China) (NON)  400  1,544 
China WindPower Group, Ltd. (China) (NON)  20,000  2,109 
Covanta Holding Corp.  662  9,539 
E-Ton Solar Tech Co., Ltd. (Taiwan)  1,000  1,321 
EDP Renovaveis SA (Spain) (NON)  1,133  6,280 
Energy Development Corp. (Philippines)  24,000  2,455 
Evergreen Solar, Inc. (NON)  893  598 
Fersa Energias Renovables SA (Spain)  1,477  2,016 
First Solar, Inc. (NON)  43  5,498 
FuelCell Energy, Inc. (NON)  1,679  1,897 
GCL Poly Energy Holdings, Ltd. (Hong Kong) (NON)  14,000  3,238 
Gintech Energy Corp. (Taiwan)  1,009  2,924 
Green Plains Renewable Energy, Inc. (NON)  257  2,390 
GT Solar International, Inc. (NON)  420  3,247 
Gushan Environmental Energy, Ltd. ADR (China) (NON)  3,283  2,397 
Headwaters, Inc. (NON)  631  1,937 

 


Iberdrola Renovables SA (Spain)  2,585  8,421 
Innergex Renewable Energy, Inc. (Canada)  300  2,471 
JA Solar Holdings Co., Ltd. ADR (China) (NON)  486  2,994 
Magma Energy Corp. (Canada) (NON)  780  833 
Nordex AG (Germany) (NON)  506  4,660 
PNE Wind AG (Germany) (NON)  547  1,264 
Ram Power Corp. (Canada) (NON)  391  799 
Solarfun Power Holdings Co., Ltd. ADR (China) (NON)  394  4,129 
Suzlon Energy, Ltd. (India)  2,686  2,644 
Theolia SA (France) (NON)  523  1,122 
Trina Solar, Ltd. ADR (China) (NON)  116  2,990 
    93,313 
 
Engineering and construction (0.4%)     
Abengoa SA (Spain)  356  8,469 
Aecom Technology Corp. (NON)  483  10,868 
EMCOR Group, Inc. (NON)  602  13,689 
Shaw Group, Inc. (NON)  2,747  89,003 
    122,029 
 
Entertainment (--%)     
Cinemark Holdings, Inc.  385  5,625 
National CineMedia, Inc.  182  2,892 
    8,517 
 
Environmental (0.3%)     
Bio-Treat Technology, Ltd. (China) (NON)  30,000  1,659 
Energy Recovery, Inc. (NON)  694  2,203 
Epure International, Ltd. (China) (NON)  1,000  523 
Fuel Tech, Inc. (NON)  650  3,569 
Hyflux, Ltd. (Singapore)  2,279  5,071 
Kurita Water Industries, Ltd. (Japan)  200  5,262 
Met-Pro Corp.  171  1,614 
Nalco Holding Co.  2,901  65,911 
Tetra Tech, Inc. (NON)  850  15,428 
    101,240 
 
Financial (1.2%)     
AerCap Holdings NV (Netherlands) (NON)  2,374  25,497 
Assurant, Inc.  2,545  93,045 
Broadridge Financial Solutions, Inc.  4,874  104,060 
Kinnevik Investment AB Class B (Sweden)  2,100  38,128 
Nasdaq OMX Group, Inc. (The) (NON)  6,434  115,233 
    375,963 
 
Food (1.3%)     
Associated British Foods PLC (United Kingdom)  3,243  52,496 
Cermaq ASA (Norway) (NON)  770  7,911 
Cosan, Ltd. Class A (Brazil) (NON)  664  6,999 
Delhaize Group SA (Belgium)  704  47,142 
Hershey Co. (The)  2,897  134,624 
Kerry Group PLC Class A (Ireland)  760  24,916 
Leroy Seafood Group ASA (Norway)  200  4,252 
Marine Harvest (Norway)  21,004  15,930 
MEIJI Holdings Co., Ltd. (Japan)  600  27,905 
Nestle SA (Switzerland)  1,046  54,041 
Nissin Food Products Co., Ltd. (Japan)  400  14,215 
Nutreco Holding NV (Netherlands)  51  2,951 
SunOpta, Inc. (Canada) (NON)  1,366  7,158 
Yamazaki Baking Co., Inc. (Japan)  2,000  24,329 
    424,869 
 
Forest products and packaging (0.7%)     
Boise, Inc. (NON)  770  5,298 
Clearwater Paper Corp. (NON)  132  8,971 
KapStone Paper and Packaging Corp. (NON)  706  8,041 
MeadWestvaco Corp.  2,921  63,561 
Rayonier, Inc. (R)  2,461  116,405 
Rock-Tenn Co. Class A  201  9,684 
    211,960 
 
Gaming and lottery (0.1%)     
Bally Technologies, Inc. (NON)  156  4,906 
Greek Organization of Football Prognostics (OPAP) SA     
(Greece)  1,633  24,683 
    29,589 
 
Health-care services (3.0%)     
Aetna, Inc.  3,579  95,631 
Alfresa Holdings Corp. (Japan)  500  22,244 
Allscripts-Misys Healthcare Solutions, Inc. (NON)  1,201  20,069 
AmerisourceBergen Corp.  2,825  77,066 
AmSurg Corp. (NON)  172  2,867 
Assisted Living Concepts, Inc. Class A (NON)  371  10,084 
athenahealth, Inc. (NON)  273  7,355 
Bio-Rad Laboratories, Inc. Class A (NON)  19  1,568 
Brookdale Senior Living, Inc. (NON)  1,179  15,799 
Cardinal Health, Inc.  3,057  91,588 
Cerner Corp. (NON)  165  12,020 
Charles River Laboratories International, Inc. (NON)  45  1,271 

 


Computer Programs & Systems, Inc.  162  6,619 
Continucare Corp. (NON)  982  3,192 
Emeritus Corp. (NON) (S)  729  11,212 
Ensign Group, Inc. (The)  128  2,130 
Gentiva Health Services, Inc. (NON)  323  6,638 
Health Management Associates, Inc. Class A (NON)  1,239  7,744 
Health Net, Inc. (NON)  1,744  41,647 
HealthSouth Corp. (NON)  360  5,854 
HealthSpring, Inc. (NON)  350  7,266 
Humana, Inc. (NON)  1,658  79,236 
Kindred Healthcare, Inc. (NON)  804  9,447 
Laboratory Corp. of America Holdings (NON)  1,036  75,234 
LHC Group, Inc. (NON)  108  2,161 
Lincare Holdings, Inc.  374  8,609 
Magellan Health Services, Inc. (NON)  203  8,893 
McKesson Corp.  212  12,307 
Medco Health Solutions, Inc. (NON)  2,759  119,961 
Providence Service Corp. (The) (NON)  208  2,812 
Quality Systems, Inc.  167  9,360 
Sciclone Pharmaceuticals, Inc. (NON)  632  1,523 
Sun Healthcare Group, Inc. (NON)  1,161  9,404 
Suzuken Co., Ltd. (Japan)  700  24,263 
UnitedHealth Group, Inc.  4,824  153,017 
    966,091 
 
Homebuilding (0.1%)     
Daito Trust Construction Co., Ltd. (Japan)  300  17,194 
Standard Pacific Corp. (NON)  889  3,103 
    20,297 
 
Household furniture and appliances (0.4%)     
Electrolux AB Class B (Sweden)  1,387  26,640 
La-Z-Boy, Inc. (NON)  748  5,012 
Select Comfort Corp. (NON)  814  4,396 
Tempur-Pedic International, Inc. (NON)  101  2,707 
Whirlpool Corp.  1,106  82,021 
    120,776 
 
Insurance (2.5%)     
Allied World Assurance Company Holdings, Ltd. (Bermuda)  1,953  98,373 
American Equity Investment Life Holding Co.  1,188  11,274 
American Financial Group, Inc.  275  7,912 
American Safety Insurance Holdings, Ltd. (NON)  406  6,346 
Arch Capital Group, Ltd. (NON)  279  22,264 
Aspen Insurance Holdings, Ltd. (Bermuda)  253  7,185 
Assicurazioni Generali SpA (Italy)  4,030  72,451 
Assured Guaranty, Ltd. (Bermuda)  1,828  28,243 
Berkshire Hathaway, Inc. Class B (NON)  1,658  130,617 
CNA Surety Corp. (NON)  304  5,095 
CNO Financial Group, Inc. (NON)  858  4,058 
Endurance Specialty Holdings, Ltd. (Bermuda)  1,991  73,348 
First Mercury Financial Corp.  260  2,369 
Flagstone Reinsurance Holdings SA (Luxembourg)  610  6,143 
Fortis (Belgium)  5,345  13,531 
Hartford Financial Services Group, Inc. (The)  2,806  56,569 
Maiden Holdings, Ltd. (Bermuda)  544  3,988 
Old Mutual PLC (South Africa)  8,414  16,373 
Pico Holdings, Inc. (NON)  300  8,376 
Platinum Underwriters Holdings, Ltd. (Bermuda)  148  5,951 
Protective Life Corp.  253  4,726 
Prudential PLC (United Kingdom)  5,898  51,245 
QBE Insurance Group, Ltd. (Australia)  141  2,069 
RenaissanceRe Holdings, Ltd.  604  34,301 
Swiss Life Holding AG (Switzerland) (NON)  408  42,514 
Tokio Marine Holdings, Inc. (Japan)  3,100  82,941 
Universal Insurance Holdings, Inc.  753  3,132 
    801,394 
 
Investment banking/Brokerage (0.8%)     
3i Group PLC (United Kingdom)  3,378  13,436 
Affiliated Managers Group (NON)  1,927  123,733 
Calamos Asset Management, Inc. Class A  464  4,389 
Credit Suisse Group (Switzerland)  1,485  64,815 
Evercore Partners, Inc. Class A  130  3,184 
Goldman Sachs Group, Inc. (The)  310  42,451 
Oppenheimer Holdings, Inc. Class A  186  4,334 
Resolution, Ltd. (Guernsey)  497  1,931 
Uranium Participation Corp. (Canada) (NON)  322  1,777 
    260,050 
 
Machinery (1.0%)     
Alamo Group, Inc.  175  3,413 
Altra Holdings, Inc. (NON)  506  6,512 
Applied Industrial Technologies, Inc.  429  11,497 
Bucyrus International, Inc. Class A  27  1,552 
CLARCOR, Inc.  141  4,743 
Doosan Heavy Industries and Construction Co., Ltd.     
(South Korea)  220  12,605 
DXP Enterprises, Inc. (NON)  238  4,320 
Ebara Corp. (Japan) (NON)  3,000  11,931 
Franklin Electric Co., Inc.  152  4,814 
Fuji Electric Holdings Co., Ltd. (Japan)  12,000  29,581 
GLV, Inc. Class A (Canada) (NON)  426  2,998 

 


Gorman-Rupp Co. (The)  201  5,166 
Joy Global, Inc.  56  3,177 
Lindsay Corp.  134  4,941 
NACCO Industries, Inc. Class A  32  2,481 
Parker Hannifin Corp.  2,193  129,738 
Raser Technologies, Inc. (NON)  3,154  1,041 
Regal-Beloit Corp.  1,398  77,337 
Spirax-Sarco Engineering PLC (United Kingdom)  507  12,284 
Tanfield Group PLC (United Kingdom) (NON)  1,737  526 
Timken Co.  152  4,972 
    335,629 
 
Manufacturing (0.7%)     
AZZ, Inc.  104  4,154 
Dover Corp.  2,877  128,775 
EnPro Industries, Inc. (NON)  138  3,769 
Exide Technologies (NON)  881  3,691 
ITT Corp.  182  7,735 
JinkoSolar Holding Co., Ltd. ADR (China) (NON)  111  2,744 
Mueller Water Products, Inc. Class A  1,217  2,884 
Pentair, Inc.  373  11,227 
Polypore International, Inc. (NON)  246  6,647 
Roper Industries, Inc.  212  12,313 
Smith (A.O.) Corp.  246  12,632 
Standex International Corp.  136  3,200 
Thomas & Betts Corp. (NON)  469  17,330 
TriMas Corp. (NON)  610  7,863 
Valmont Industries, Inc.  129  8,647 
    233,611 
 
Media (1.3%)     
Interpublic Group of Companies, Inc. (The) (NON)  8,388  71,550 
News Corp., Ltd. (The) Class A  11,993  150,752 
Time Warner, Inc.  5,206  156,076 
Walt Disney Co. (The)  1,005  32,753 
    411,131 
 
Medical technology (0.7%)     
AGA Medical Holdings, Inc. (NON)  147  2,007 
Alliance Imaging, Inc. (NON)  630  2,646 
Beckman Coulter, Inc.  17  776 
Bruker BioSciences Corp. (NON)  785  9,334 
Caliper Life Sciences, Inc. (NON)  157  521 
Cepheid, Inc. (NON)  76  1,118 
Coloplast A/S Class B (Denmark)  202  21,433 
Cooper Companies, Inc. (The)  165  6,656 
Gen-Probe, Inc. (NON)  41  1,846 
Helicos BioSciences Corp. (NON) (S)  1,387  698 
Kensey Nash Corp. (NON)  208  5,516 
Kinetic Concepts, Inc. (NON)  300  9,576 
Life Technologies Corp. (NON)  60  2,566 
Luminex Corp. (NON)  70  1,004 
Medical Action Industries, Inc. (NON)  239  1,953 
MELA Sciences, Inc. (NON)  416  2,862 
Mettler-Toledo International, Inc. (NON)  20  2,212 
OraSure Technologies, Inc. (NON)  976  3,299 
Pall Corp.  205  7,009 
PerkinElmer, Inc.  83  1,744 
Sirona Dental Systems, Inc. (NON)  94  2,963 
Steris Corp.  214  6,157 
Techne Corp.  29  1,674 
Thermo Fisher Scientific, Inc. (NON)  38  1,601 
Waters Corp. (NON)  1,939  117,348 
West Pharmaceutical Services, Inc.  83  2,790 
Young Innovations, Inc.  179  4,695 
    222,004 
 
Metals (2.0%)     
Arafura Resources, Ltd. (Australia) (NON)  2,644  1,709 
ArcelorMittal (Luxembourg)  1,081  31,366 
BHP Billiton, Ltd. (Australia)  2,184  72,442 
Cameco Corp. (Canada)  139  3,387 
Century Aluminum Co. (NON)  225  2,250 
Coeur d'Alene Mines Corp. (NON)  216  3,707 
Denison Mines Corp. (Canada) (NON)  939  1,267 
Elementos, Ltd. (Australia) (NON)  157  24 
Energy Resources of Australia, Ltd. (Australia)  151  1,769 
Freeport-McMoRan Copper & Gold, Inc. Class B  2,205  158,716 
Hecla Mining Co. (NON)  600  3,432 
Horsehead Holding Corp. (NON)  874  6,922 
JFE Holdings, Inc. (Japan)  500  14,714 
Lithium Corp. (NON)  967  319 
Mitsui Mining & Smelting Co., Ltd. (Japan)  11,000  29,550 
Molycorp, Inc. (NON)  104  1,742 
Northwest Pipe Co. (NON)  146  2,183 
OneSteel, Ltd. (Australia)  10,584  27,175 
Quest Uranium Corp. (Canada) (NON)  491  1,670 
Rare Element Resources, Ltd. (Canada) (NON)  343  1,478 
Reliance Steel & Aluminum Co.  108  4,023 
Rio Tinto PLC (United Kingdom)  1,747  88,124 
Rio Tinto, Ltd. (Australia)  1,643  102,685 
Tantalus Rare Earths AG (Germany) (NON)  12  533 
Thompson Creek Metals Co., Inc. (Canada) (NON)  329  2,823 
UEX Corp. (Canada) (NON)  1,320  1,039 
Umicore NV/SA (Belgium)  308  10,656 

 


Uranium One, Inc. (Canada) (NON)  700  2,309 
USEC, Inc. (NON)  382  1,795 
voestalpine AG (Austria)  1,555  45,891 
Western Lithium Canada Corp. (Canada) (NON)  876  632 
    626,332 
 
Natural gas utilities (0.1%)     
GDF Suez (France)  476  14,676 
Toho Gas Co., Ltd. (Japan)  4,000  20,679 
    35,355 
 
Office equipment and supplies (0.2%)     
ACCO Brands Corp. (NON)  638  3,707 
Canon, Inc. (Japan)  1,500  61,249 
    64,956 
 
Oil and gas (5.4%)     
BP PLC (United Kingdom)  5,830  33,857 
Canadian Oil Sands Trust (Unit) (Canada)  310  7,285 
Chevron Corp.  2,324  172,348 
Cimarex Energy Co.  2,004  131,102 
Connacher Oil and Gas, Ltd. (Canada) (NON)  1,500  1,687 
ConocoPhillips  1,107  58,040 
Contango Oil & Gas Co. (NON)  105  4,604 
ENI SpA (Italy)  6,094  120,363 
Exxon Mobil Corp.  7,123  421,397 
Murphy Oil Corp.  2,515  134,703 
Occidental Petroleum Corp.  345  25,213 
Oil States International, Inc. (NON)  106  4,370 
Oilsands Quest, Inc. (Canada) (NON)  1,286  630 
OPTI Canada, Inc. (Canada) (NON)  1,433  1,383 
Patterson-UTI Energy, Inc.  6,836  100,899 
Petroleum Development Corp. (NON)  490  13,181 
Petroquest Energy, Inc. (NON)  256  1,531 
Repsol YPF SA (Spain)  910  20,646 
Rosetta Resources, Inc. (NON)  393  7,742 
Royal Dutch Shell PLC Class B (United Kingdom)  2,227  56,750 
Sasol, Ltd. ADR (South Africa)  276  10,405 
Statoil ASA (Norway)  5,442  101,736 
Stone Energy Corp. (NON)  643  7,272 
Suncor Energy, Inc. (Canada)  268  8,110 
Sunoco, Inc.  3,537  119,126 
Swift Energy Co. (NON)  222  5,983 
Unit Corp. (NON)  143  4,872 
Vaalco Energy, Inc. (NON)  748  4,256 
Valero Energy Corp.  8,368  131,963 
W&T Offshore, Inc.  354  3,200 
    1,714,654 
 
Pharmaceuticals (5.0%)     
Abbott Laboratories  1,080  53,287 
Akorn, Inc. (NON)  1,277  4,367 
Allergan, Inc.  2,292  140,775 
AstraZeneca PLC (United Kingdom)  2,645  130,683 
Biovail Corp. (Canada)  281  6,426 
Cephalon, Inc. (NON)  1,830  103,596 
Endo Pharmaceuticals Holdings, Inc. (NON)  463  12,580 
Forest Laboratories, Inc. (NON)  4,590  125,261 
GlaxoSmithKline PLC (United Kingdom)  6,288  117,802 
Hi-Tech Pharmacal Co., Inc. (NON)  200  3,470 
Johnson & Johnson  3,279  186,969 
Medicis Pharmaceutical Corp. Class A  447  12,293 
Merck & Co., Inc.  3,010  105,832 
Novartis AG (Switzerland)  1,343  70,370 
Obagi Medical Products, Inc. (NON)  429  4,509 
Par Pharmaceutical Cos., Inc. (NON)  640  16,877 
Perrigo Co.  1,871  106,628 
Pfizer, Inc.  8,746  139,324 
Questcor Pharmaceuticals, Inc. (NON)  503  4,874 
Roche Holding AG (Switzerland)  164  22,255 
Salix Pharmaceuticals, Ltd. (NON)  121  4,581 
Sanofi-Aventis (France)  1,938  110,725 
Somaxon Pharmaceuticals, Inc. (NON)  436  1,818 
Teva Pharmaceutical Industries, Ltd. ADR (Israel)  487  24,632 
Valeant Pharmaceuticals International (NON)  1,807  104,246 
    1,614,180 
 
Power producers (0.3%)     
International Power PLC (United Kingdom)  4,322  24,549 
NRG Energy, Inc. (NON)  2,203  44,765 
Ormat Technologies, Inc.  70  1,929 
SembCorp Industries, Ltd. (Singapore)  8,000  25,132 
    96,375 
 
Publishing (0.3%)     
R. R. Donnelley & Sons Co.  6,008  90,991 
Scholastic Corp.  258  6,045 
    97,036 
 
Railroads (0.2%)     
Central Japan Railway Co. (Japan)  9  72,715 

 


    72,715 
 
Real estate (1.2%)     
Agree Realty Corp. (R)  245  5,819 
American Capital Agency Corp. (R)  194  5,285 
Annaly Capital Management, Inc. (R)  7,352  127,778 
Anworth Mortgage Asset Corp. (R)  667  4,542 
Ashford Hospitality Trust, Inc. (NON)(R)  1,116  8,961 
CBL & Associates Properties, Inc. (R)  653  7,967 
Cheung Kong Holdings, Ltd. (Hong Kong)  1,000  12,622 
CommonWealth REIT (R)  1,632  39,364 
First Industrial Realty Trust (NON)(R)  447  1,900 
Glimcher Realty Trust (R)  940  5,584 
Hang Lung Group, Ltd. (Hong Kong)  2,000  11,957 
Host Marriott Corp. (R)  3,779  49,618 
Lexington Realty Trust (R)  928  6,190 
Liberty Property Trust (R)  1,406  42,700 
LTC Properties, Inc. (R)  356  8,786 
National Health Investors, Inc. (R)  383  16,055 
Omega Healthcare Investors, Inc. (R)  262  5,620 
PS Business Parks, Inc. (R)  174  9,791 
Saul Centers, Inc. (R)  128  5,292 
Universal Health Realty Income Trust (R)  85  2,704 
Urstadt Biddle Properties, Inc. Class A (R)  266  4,884 
    383,419 
 
Regional Bells (0.8%)     
AT&T, Inc.  7,002  189,264 
Verizon Communications, Inc.  2,237  66,014 
    255,278 
 
Restaurants (0.3%)     
AFC Enterprises (NON)  1,244  13,373 
CEC Entertainment, Inc. (NON)  156  4,894 
DineEquity, Inc. (NON)  126  4,022 
Domino's Pizza, Inc. (NON)  1,473  18,884 
McDonald's Corp.  784  57,279 
Papa John's International, Inc. (NON)  348  8,286 
Ruth's Hospitality Group, Inc. (NON)  553  1,808 
    108,546 
 
Retail (5.8%)     
Advance Auto Parts, Inc.  1,405  76,530 
Aeropostale, Inc. (NON)  514  10,948 
Amazon.com, Inc. (NON)  112  13,981 
AnnTaylor Stores Corp. (NON)  496  7,604 
Best Buy Co., Inc.  3,643  114,354 
Big Lots, Inc. (NON)  341  10,660 
Cash America International, Inc.  121  3,706 
Childrens Place Retail Stores, Inc. (The) (NON)  84  3,667 
Coach, Inc.  3,126  112,036 
Costco Wholesale Corp.  3,047  172,308 
Deckers Outdoor Corp. (NON)  172  7,477 
Dress Barn, Inc. (NON)  274  5,713 
DSW, Inc. Class A (NON)  391  9,286 
Foot Locker, Inc.  4,173  48,991 
GameStop Corp. Class A (NON)  3,212  57,591 
Guess ?, Inc.  94  3,037 
Herbalife, Ltd. (Cayman Islands)  94  5,225 
Industria de Diseno Textil (Inditex) SA (Spain)  415  27,608 
Jo-Ann Stores, Inc. (NON)  145  5,896 
Jos. A. Bank Clothiers, Inc. (NON)  135  4,932 
Kenneth Cole Productions, Inc. Class A (NON)  228  2,754 
Kirkland's, Inc. (NON)  200  2,282 
Koninklijke Ahold NV (Netherlands)  7,153  87,819 
Limited Brands, Inc.  3,656  86,282 
Next PLC (United Kingdom)  3,619  109,572 
OfficeMax, Inc. (NON)  731  7,120 
RadioShack Corp.  167  3,086 
Ross Stores, Inc.  1,693  84,024 
Safeway, Inc.  6,972  131,074 
Schiff Nutrition International, Inc.  261  2,247 
Sears Holdings Corp. (NON)  940  58,186 
Sonic Automotive, Inc. (NON)  950  8,370 
Stage Stores, Inc.  391  4,364 
Steven Madden, Ltd. (NON)  352  12,119 
Talbots, Inc. (The) (NON)  453  4,521 
TJX Cos., Inc. (The)  3,098  122,960 
Toro Co. (The)  127  6,337 
Tractor Supply Co.  62  4,215 
USANA Health Sciences, Inc. (NON)  93  3,953 
Wal-Mart Stores, Inc.  5,913  296,478 
Wesfarmers, Ltd. (Australia)  1,907  54,260 
Williams-Sonoma, Inc.  2,216  57,527 
Wolverine World Wide, Inc.  152  3,841 
World Fuel Services Corp.  160  4,086 
    1,859,027 
 
Schools (--%)     
Career Education Corp. (NON)  424  7,433 
Lincoln Educational Services Corp. (NON)  623  6,803 
    14,236 

 


Semiconductor (0.9%)     
Applied Materials, Inc.  14,732  153,064 
Cypress Semiconductor Corp. (NON)  7,471  79,081 
Entegris, Inc. (NON)  978  3,765 
Teradyne, Inc. (NON)  4,336  38,937 
Ultratech, Inc. (NON)  361  5,996 
Veeco Instruments, Inc. (NON)  193  6,413 
    287,256 
 
Shipping (0.2%)     
CAI International, Inc. (NON)  685  9,364 
SembCorp Marine, Ltd. (Singapore)  10,000  28,199 
Wabtec Corp.  277  11,781 
    49,344 
 
Software (3.0%)     
Adobe Systems, Inc. (NON)  604  16,767 
Akamai Technologies, Inc. (NON)  638  29,393 
Amdocs, Ltd. (United Kingdom) (NON)  2,078  54,505 
ArcSight, Inc. (NON)  488  18,739 
AsiaInfo-Linkage, Inc. (China) (NON)  129  2,304 
CA, Inc.  7,705  138,766 
Citrix Systems, Inc. (NON)  604  34,996 
Concur Technologies, Inc. (NON)  578  27,033 
Intuit, Inc. (NON)  684  29,275 
Mantech International Corp. Class A (NON)  260  9,201 
MedAssets, Inc. (NON)  213  4,222 
Microsoft Corp.  12,874  302,281 
MicroStrategy, Inc. (NON)  121  9,430 
Omnicell, Inc. (NON)  599  6,682 
Oracle Corp.  3,359  73,495 
Symantec Corp. (NON)  1,094  14,911 
TIBCO Software, Inc. (NON)  1,392  20,170 
Trend Micro, Inc. (Japan)  300  8,110 
VMware, Inc. Class A (NON)  2,075  163,032 
Websense, Inc. (NON)  206  4,007 
    967,319 
 
Technology (0.4%)     
Amkor Technologies, Inc. (NON)  487  2,469 
CACI International, Inc. Class A (NON)  133  5,428 
ON Semiconductor Corp. (NON)  18,390  113,650 
Solarworld AG (Germany)  182  2,054 
Tech Data Corp. (NON)  371  13,430 
    137,031 
 
Technology services (1.7%)     
Accenture PLC Class A  4,521  165,469 
Acxiom Corp. (NON)  331  4,103 
Blue Coat Systems, Inc. (NON)  300  5,649 
Check Point Software Technologies, Ltd. (Israel) (NON)  407  14,200 
Computershare Ltd. (Australia)  4,027  34,120 
Convergys Corp. (NON)  513  5,197 
CSG Systems International, Inc. (NON)  686  12,554 
Fair Isaac Corp.  226  5,060 
Global Payments, Inc.  459  17,272 
Google, Inc. Class A (NON)  358  161,106 
HealthStream, Inc. (NON)  1,063  5,304 
Infospace, Inc. (NON)  784  5,496 
LivePerson, Inc. (NON)  697  4,984 
SAIC, Inc. (NON)  616  9,166 
Salesforce.com, Inc. (NON)  352  38,678 
Sourcefire, Inc. (NON)  470  11,924 
Travelzoo, Inc. (NON)  140  2,556 
Unisys Corp. (NON)  654  14,623 
United Online, Inc.  506  2,495 
VeriSign, Inc. (NON)  437  12,730 
Zix Corp. (NON)  546  1,458 
    534,144 
 
Telecommunications (1.6%)     
ADTRAN, Inc.  290  9,115 
American Tower Corp. Class A (NON)  3,421  160,308 
Applied Signal Technology, Inc.  180  3,535 
Aruba Networks, Inc. (NON)  547  10,048 
BT Group PLC (United Kingdom)  38,724  78,853 
Earthlink, Inc.  408  3,492 
France Telecom SA (France)  2,639  53,467 
Iridium Communications, Inc. (NON)  985  8,540 
j2 Global Communications, Inc. (NON)  239  5,155 
Loral Space & Communications, Inc. (NON)  123  6,585 
NeuStar, Inc. Class A (NON)  326  7,218 
NII Holdings, Inc. (NON)  3,857  139,815 
Tele2 AB Class B (Sweden)  1,052  18,875 
USA Mobility, Inc.  372  5,342 
Vonage Holdings Corp. (NON)  1,025  2,214 
    512,562 
 
Telephone (0.4%)     
Atlantic Tele-Network, Inc.  210  8,957 
Nippon Telegraph & Telephone (NTT) Corp. (Japan)  2,700  116,018 

 


          124,975 
 
Textiles (0.5%)           
Burberry Group PLC (United Kingdom)        3,656  47,528 
Gymboree Corp. (The) (NON)        136  5,118 
Maidenform Brands, Inc. (NON)        320  8,534 
Perry Ellis International, Inc. (NON)        193  3,543 
Phillips-Van Heusen Corp.        99  4,522 
UniFirst Corp.        96  3,769 
VF Corp.        1,199  84,672 
Warnaco Group, Inc. (The) (NON)        232  9,716 
          167,402 
 
Tobacco (0.9%)           
Alliance One International, Inc. (NON)        1,306  4,571 
Japan Tobacco, Inc. (Japan)        11  34,092 
Lorillard, Inc.        1,952  148,371 
Philip Morris International, Inc.        1,636  84,156 
          271,190 
 
Transportation (0.1%)           
Cintra Concesiones de Infraestructuras de Transporte           
SA (Spain)        1,816  15,860 
TAL International Group, Inc.        267  5,692 
          21,552 
 
Transportation services (0.1%)           
HUB Group, Inc. Class A (NON)        280  7,442 
TNT NV (Netherlands)        633  15,988 
          23,430 
 
Trucks and parts (0.3%)           
Aisin Seiki Co., Ltd. (Japan)        1,100  28,485 
ArvinMeritor, Inc. (NON)        925  12,090 
Fuel Systems Solutions, Inc. (NON)        236  7,653 
GUD Holdings, Ltd. (Australia)        384  3,298 
NHK Spring Co., Ltd. (Japan)        2,000  16,542 
Quantum Fuel Systems Technologies Worldwide, Inc. (NON)        3,200  1,445 
Tenneco Automotive, Inc. (NON)        303  7,490 
Westport Innovations, Inc. (Canada) (NON)        207  3,284 
          80,287 
 
Utilities and power (--%)           
Babcock & Brown Wind Partners (Australia)        5,978  3,514 
China Longyuan Power Group Corp. (China) (NON)        8,000  8,075 
EDF Energies Nouvelles SA (France)        90  3,494 
          15,083 
 
Waste Management (--%)           
Calgon Carbon Corp. (NON)        245  3,058 
Darling International, Inc. (NON)        455  3,422 
EnergySolutions, Inc.        348  1,594 
          8,074 
 
Water Utilities (0.2%)           
American States Water Co.        137  4,566 
Aqua America, Inc.        366  7,276 
California Water Service Group        120  4,177 
Cia de Saneamento Basico do Estado de Sao Paulo ADR           
(Brazil)        229  8,702 
Consolidated Water Co., Inc. (Cayman Islands)        135  1,243 
Guangdong Investment, Ltd. (China)        20,000  9,745 
Severn Trent PLC (United Kingdom)        491  9,755 
SJW Corp.        154  3,559 
Southwest Water Co.        271  2,976 
Veolia Environnement (France)        485  11,247 
          63,246 
Total common stocks (cost $25,151,113)          $26,804,750 
 
 
INVESTMENT COMPANIES (1.6%)(a)           
        Shares  Value 
Ares Capital Corp.        161  $2,405 
BlackRock Kelso Capital Corp.        484  5,227 
Financial Select Sector SPDR Fund        10,100  137,057 
Harris & Harris Group, Inc. (NON)        2,567  9,703 
iShares MSCI EAFE Index Fund        1,691  84,465 
iShares Russell 2000 Growth Index Fund        276  18,117 
iShares Russell 2000 Value Index Fund        242  13,600 
MCG Capital Corp.        2,197  11,600 
NGP Capital Resources Co.        606  4,903 
SPDR S&P 500 ETF Trust        2,067  218,006 
Total investment companies (cost $463,002)          $505,083 
 
 
WARRANTS (--%)(a)(NON)           
    Expiration date  Strike price  Warrants  Value 
Aventine Renewable Energy Holdings, Inc. (F)  USD  3/15/15  40.94  19  $-- 

 


Total warrants (cost $881)    $-- 
 
SHORT-TERM INVESTMENTS (14.8%)(a)     
  Principal amount/shares  Value 
Putnam Cash Collateral Pool, LLC 0.19% (d)  $17,174  $17,174 
Putnam Money Market Liquidity Fund 0.15% (e)  $3,993,585  3,993,585 
U.S. Treasury Bills for an effective yield of 0.26%,     
March 10, 2011  147,000  146,860 
U.S. Treasury Bills with effective yields ranging from     
0.24% to 0.35%, November 18, 2010 (SEG)  593,001  592,828 
Total short-term investments (cost $4,750,165)    $4,750,447 
 
TOTAL INVESTMENTS     
Total investments (cost $30,365,161)(b)    $32,060,280 

 


FORWARD CURRENCY CONTRACTS at 8/31/10 (aggregate face value $15,516,612) (Unaudited)  
            Unrealized 
    Contract  Delivery    Aggregate  appreciation/ 
Counterparty  Currency  type  date  Value  face value  (depreciation) 
 
Bank of America, N.A.             
  Australian Dollar  Buy  9/15/10  $21,369  $21,939  $(570) 
  Brazilian Real  Buy  9/15/10  67,675  67,193  482 
  British Pound  Sell  9/15/10  201,469  208,494  7,025 
  Canadian Dollar  Sell  9/15/10  364,058  379,639  15,581 
  Chilean Peso  Sell  9/15/10  54,414  53,126  (1,288) 
  Czech Koruna  Sell  9/15/10  68,234  71,092  2,858 
  Euro  Buy  9/15/10  136,394  142,593  (6,199) 
  Japanese Yen  Buy  9/15/10  102,479  99,915  2,564 
  Mexican Peso  Sell  9/15/10  20,265  21,003  738 
  Norwegian Krone  Buy  9/15/10  127,981  135,274  (7,293) 
  Singapore Dollar  Sell  9/15/10  43,254  43,391  137 
  South Korean Won  Buy  9/15/10  24,048  24,366  (318) 
  Swedish Krona  Buy  9/15/10  34,764  39,364  (4,600) 
  Swiss Franc  Sell  9/15/10  120,451  117,770  (2,681) 
  Taiwan Dollar  Buy  9/15/10  19,543  19,672  (129) 
  Turkish Lira (New)  Buy  9/15/10  41,828  42,412  (584) 
 
Barclays Bank PLC             
  Australian Dollar  Buy  9/15/10  97,181  99,741  (2,560) 
  Brazilian Real  Buy  9/15/10  78,008  77,649  359 
  British Pound  Sell  9/15/10  135,386  140,088  4,702 
  Canadian Dollar  Sell  9/15/10  32,415  33,050  635 
  Chilean Peso  Buy  9/15/10  17,220  16,837  383 
  Czech Koruna  Sell  9/15/10  35,268  36,730  1,462 
  Euro  Buy  9/15/10  166,788  168,720  (1,932) 
  Hungarian Forint  Buy  9/15/10  2,398  2,556  (158) 
  Japanese Yen  Sell  9/15/10  396,749  388,571  (8,178) 
  Mexican Peso  Buy  9/15/10  12,766  12,987  (221) 
  New Zealand Dollar  Sell  9/15/10  766  803  37 
  Norwegian Krone  Buy  9/15/10  246,658  257,589  (10,931) 
  Polish Zloty  Buy  9/15/10  67,046  69,841  (2,795) 
  Singapore Dollar  Sell  9/15/10  76,764  76,875  111 
  South Korean Won  Buy  9/15/10  34,579  35,419  (840) 
  Swedish Krona  Sell  9/15/10  334,601  348,343  13,742 
  Swiss Franc  Buy  9/15/10  23,716  23,178  538 
  Taiwan Dollar  Sell  9/15/10  32,547  32,578  31 
  Turkish Lira (New)  Buy  9/15/10  55,945  56,689  (744) 
 
Citibank, N.A.             
  Australian Dollar  Sell  9/15/10  51,339  52,686  1,347 
  Brazilian Real  Buy  9/15/10  30,091  29,895  196 
  British Pound  Sell  9/15/10  13,186  13,645  459 
  Canadian Dollar  Sell  9/15/10  8,338  8,752  414 
  Chilean Peso  Buy  9/15/10  68,865  67,585  1,280 
  Czech Koruna  Sell  9/15/10  39,753  41,388  1,635 
  Danish Krone  Sell  9/15/10  4,644  4,824  180 
  Euro  Buy  9/15/10  44,578  46,583  (2,005) 
  Hong Kong Dollar  Buy  9/15/10  340,344  341,024  (680) 
  Japanese Yen  Sell  9/15/10  263,816  257,284  (6,532) 
  Mexican Peso  Buy  9/15/10  35,367  36,524  (1,157) 
  New Zealand Dollar  Sell  9/15/10  1,601  1,678  77 
  Norwegian Krone  Sell  9/15/10  32,735  34,647  1,912 
  Polish Zloty  Buy  9/15/10  19,097  19,856  (759) 
  Singapore Dollar  Sell  9/15/10  66,947  67,063  116 
  South African Rand  Sell  9/15/10  14,839  15,109  270 
  South Korean Won  Sell  9/15/10  19,832  20,370  538 
  Swedish Krona  Sell  9/15/10  44,767  44,896  129 
  Swiss Franc  Buy  9/15/10  476,786  466,305  10,481 
  Taiwan Dollar  Sell  9/15/10  3,762  3,760  (2) 
  Turkish Lira (New)  Buy  9/15/10  55,423  56,111  (688) 
 
Credit Suisse AG            
  Australian Dollar  Buy  9/15/10  244,018  250,468  (6,450) 
  British Pound  Buy  9/15/10  489,414  505,395  (15,981) 
  Canadian Dollar  Sell  9/15/10  562  584  22 
  Euro  Sell  9/15/10  124,869  129,738  4,869 
  Japanese Yen  Buy  9/15/10  436,764  425,816  10,948 
  Norwegian Krone  Buy  9/15/10  191,821  200,619  (8,798) 
  South African Rand  Sell  9/15/10  297  302  5 
  Swedish Krona  Sell  9/15/10  13,314  13,860  546 
  Swiss Franc  Buy  9/15/10  41,134  40,201  933 
  Turkish Lira (New)  Buy  9/15/10  53,658  54,338  (680) 
 
Deutsche Bank AG             
  Australian Dollar  Sell  9/15/10  67,123  68,881  1,758 
  Brazilian Real  Buy  9/15/10  70,401  70,096  305 
  Canadian Dollar  Buy  9/15/10  250,512  261,095  (10,583) 
  Chilean Peso  Sell  9/15/10  18,124  17,738  (386) 
  Euro  Buy  9/15/10  51,290  53,600  (2,310) 
  Hungarian Forint  Sell  9/15/10  16,914  17,994  1,080 
  Mexican Peso  Sell  9/15/10  2,381  2,490  109 
  Polish Zloty  Sell  9/15/10  17,046  17,794  748 
  Singapore Dollar  Sell  9/15/10  34,544  34,542  (2) 
  Swedish Krona  Sell  9/15/10  93,696  94,727  1,031 
  Swiss Franc  Sell  9/15/10  45,366  44,381  (985) 
 
Goldman Sachs International             
  Australian Dollar  Buy  9/15/10  46,906  48,085  (1,179) 
  British Pound  Sell  9/15/10  2,453  2,539  86 
  Canadian Dollar  Sell  9/15/10  123,570  128,815  5,245 
  Chilean Peso  Sell  9/15/10  19,378  18,921  (457) 
  Euro  Sell  9/15/10  74,592  75,004  412 
  Hungarian Forint  Sell  9/15/10  5,711  6,079  368 
  Japanese Yen  Sell  9/15/10  256,210  249,802  (6,408) 
  Norwegian Krone  Buy  9/15/10  143,043  148,628  (5,585) 
  Polish Zloty  Buy  9/15/10  48,959  50,834  (1,875) 
  South African Rand  Buy  9/15/10  17,146  17,415  (269) 
  Swedish Krona  Sell  9/15/10  226,266  232,720  6,454 
  Swiss Franc  Sell  9/15/10  85,713  83,850  (1,863) 
 
HSBC Bank USA, National Association            
  Australian Dollar  Sell  9/15/10  101,349  102,098  749 
  British Pound  Buy  9/15/10  42,624  44,113  (1,489) 
  Euro  Buy  9/15/10  269,115  281,148  (12,033) 
  Hong Kong Dollar  Buy  9/15/10  93,353  93,533  (180) 
  Japanese Yen  Sell  9/15/10  125,559  122,407  (3,152) 
  New Zealand Dollar  Sell  9/15/10  57,983  60,751  2,768 
  Norwegian Krone  Buy  9/15/10  3,829  4,051  (222) 
  Singapore Dollar  Sell  9/15/10  8,562  8,606  44 
  South Korean Won  Buy  9/15/10  4,110  4,209  (99) 
  Swiss Franc  Sell  9/15/10  116,712  114,067  (2,645) 
  Taiwan Dollar  Sell  9/15/10  13,529  13,682  153 

 


JPMorgan Chase Bank, N.A.             
  Australian Dollar  Buy  9/15/10  342,972  352,207  (9,235) 
  Brazilian Real  Buy  9/15/10  60,068  59,676  392 
  British Pound  Sell  9/15/10  31,125  32,219  1,094 
  Canadian Dollar  Buy  9/15/10  105,114  109,586  (4,472) 
  Chilean Peso  Buy  9/15/10  13,930  13,857  73 
  Czech Koruna  Sell  9/15/10  45,153  46,949  1,796 
  Euro  Sell  9/15/10  688,428  716,716  28,288 
  Hong Kong Dollar  Sell  9/15/10  47,789  47,883  94 
  Hungarian Forint  Sell  9/15/10  9,476  10,085  609 
  Japanese Yen  Sell  9/15/10  54,689  53,317  (1,372) 
  Malaysian Ringgit  Buy  9/15/10  20,185  20,249  (64) 
  Mexican Peso  Buy  9/15/10  109,176  113,938  (4,762) 
  New Zealand Dollar  Sell  9/15/10  14,826  15,309  483 
  Norwegian Krone  Sell  9/15/10  31,121  32,901  1,780 
  Polish Zloty  Buy  9/15/10  69,634  72,667  (3,033) 
  Singapore Dollar  Sell  9/15/10  171,022  171,722  700 
  South African Rand  Buy  9/15/10  1,578  1,620  (42) 
  South Korean Won  Buy  9/15/10  7,347  7,539  (192) 
  Swedish Krona  Sell  9/15/10  106,902  111,350  4,448 
  Swiss Franc  Sell  9/15/10  133,441  130,482  (2,959) 
  Taiwan Dollar  Sell  9/15/10  3,481  3,480  (1) 
  Turkish Lira (New)  Buy  9/15/10  34,116  34,501  (385) 
 
Royal Bank of Scotland PLC (The)            
  Australian Dollar  Buy  9/15/10  93,014  95,482  (2,468) 
  British Pound  Sell  9/15/10  126,187  128,707  2,520 
  Canadian Dollar  Buy  9/15/10  103,428  103,901  (473) 
  Czech Koruna  Sell  9/15/10  34,465  35,911  1,446 
  Euro  Buy  9/15/10  287,985  297,636  (9,651) 
  Hungarian Forint  Buy  9/15/10  13,419  14,293  (874) 
  Japanese Yen  Buy  9/15/10  21,762  20,852  910 
  Norwegian Krone  Buy  9/15/10  83,158  85,748  (2,590) 
  Polish Zloty  Buy  9/15/10  66,067  68,781  (2,714) 
  Swedish Krona  Sell  9/15/10  52,214  51,804  (410) 
  Swiss Franc  Sell  9/15/10  165,424  161,806  (3,618) 
  Turkish Lira (New)  Buy  9/15/10  62,546  63,402  (856) 
 
State Street Bank and Trust Co.            
  Australian Dollar  Sell  9/15/10  85,122  85,435  313 
  Canadian Dollar  Sell  9/15/10  42,345  44,146  1,801 
  Euro  Sell  9/15/10  22,036  21,055  (981) 
  Hungarian Forint  Sell  9/15/10  15,393  15,979  586 
  Japanese Yen  Buy  9/15/10  127,194  123,959  3,235 
  Malaysian Ringgit  Buy  9/15/10  20,216  20,275  (59) 
  Mexican Peso  Buy  9/15/10  15,570  15,837  (267) 
  Norwegian Krone  Sell  9/15/10  5,791  6,129  338 
  Polish Zloty  Buy  9/15/10  47,286  48,094  (808) 
  Swedish Krona  Sell  9/15/10  120,865  120,347  (518) 
  Swiss Franc  Buy  9/15/10  47,531  46,815  716 
 
UBS AG             
  Australian Dollar  Sell  9/15/10  64,906  64,813  (93) 
  British Pound  Sell  9/15/10  184,144  190,054  5,910 
  Canadian Dollar  Sell  9/15/10  471,327  490,218  18,891 
  Czech Koruna  Sell  9/15/10  18,969  19,746  777 
  Euro  Sell  9/15/10  245,940  254,694  8,754 
  Japanese Yen  Buy  9/15/10  224,774  219,216  5,558 
  Mexican Peso  Buy  9/15/10  17,039  17,209  (170) 
  Norwegian Krone  Buy  9/15/10  58,635  58,739  (104) 
  South African Rand  Sell  9/15/10  162  162  -- 
  Swedish Krona  Buy  9/15/10  323,545  337,032  (13,487) 
  Swiss Franc  Buy  9/15/10  14,072  13,767  305 
 
Westpac Banking Corp.            
  Australian Dollar  Buy  9/15/10  140,629  144,077  (3,448) 
  British Pound  Sell  9/15/10  170,651  175,887  5,236 
  Canadian Dollar  Buy  9/15/10  100,524  104,802  (4,278) 
  Euro  Buy  9/15/10  64,334  71,577  (7,243) 
  Japanese Yen  Sell  9/15/10  14,142  13,793  (349) 
  New Zealand Dollar  Buy  9/15/10  7,448  7,808  (360) 
  Norwegian Krone  Buy  9/15/10  198,671  207,659  (8,988) 
  Swedish Krona  Sell  9/15/10  9,164  9,551  387 
  Swiss Franc  Sell  9/15/10  71,247  69,673  (1,574) 
Total            $(33,881) 

 


FUTURES CONTRACTS OUTSTANDING at 8/31/10 (Unaudited)         
        Unrealized 
  Number of    Expiration  appreciation/ 
  contracts  Value  date  (depreciation) 
Amsterdam Exchanges index (Long)  2  $160,130  Sep-10  $(4,557) 
DAX Index (Long)  1  187,102  Sep-10  (9,089) 
Dow Jones Euro Stoxx 50 Index (Long)  16  529,883  Sep-10  (17,173) 
Dow Jones Euro Stoxx 50 Index (Short)  4  132,471  Sep-10  4,268 
Euro-CAC 40 Index (Long)  5  220,711  Sep-10  (9,007) 
FTSE 100 Index (Short)  11  877,358  Sep-10  10,284 
FTSE/MIB Index (Short)  4  499,665  Sep-10  22,280 
MSCI EAFE Index E-Mini (Short)  9  639,900  Sep-10  (52,218) 
Russell 2000 Index Mini (Long)  8  481,280  Sep-10  (30,814) 
S&P 500 Index E-Mini (Short)  21  1,100,663  Sep-10  26,479 
SPI 200 Index (Short)  5  487,067  Sep-10  12,608 
Tokyo Price Index (Long)  5  476,063  Sep-10  (29,832) 
Total        $(76,771) 

 


           
    Upfront    Fixed payments  Total return  Unrealized 
Swap counterparty /    premium  Termination  received (paid) by  received by  appreciation/ 
Notional amount    received (paid)  date  fund per annum  or paid by fund  (depreciation) 
 
Citibank, N.A.             
contracts  8,015  $ -  1/25/11  (1 month USD-  MSCI Total  $22,540 
        LIBOR-BBA plus  Return Emerging   
        0.9%)  Markets (Net)   
          Index   
Credit Suisse International             
shares  15,731  -  8/22/11  (3 month USD-  iShares MSCI  (12,843) 
        LIBOR-BBA)  Emerging Markets   
          Index   
Goldman Sachs International             
baskets  257  -  11/24/10  (3 month USD-  A basket  38 
        LIBOR-BBA plus  (GSPMTGCC)   
        85 bp)  of common stocks   
JPMorgan Chase Bank, N.A.             
shares  17,338  -  10/20/10  (3 month USD-  iShares MSCI  (429) 
        LIBOR-BBA plus  Emerging Markets   
        5 bp)  Index   
 
Total            $9,306 

 


Key to holding's currency abbreviations

USD / $  United States Dollar 

Key to holding's abbreviations

ADR  American 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, 2010 through August 31, 2010 (the reporting period).

(a) Percentages indicated are based on net assets of $32,034,392.

(b) The aggregate identified cost on a tax basis is $30,459,260, resulting in gross unrealized appreciation and depreciation of $2,782,573 and $1,181,553, respectively, or net unrealized appreciation of $1,601,020.

(NON) Non-income-producing security.

(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.

(d) The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the market value of the securities loaned. The market value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The risk of borrower default will be borne by the fund’s agents; the fund will bear the risk of loss with respect to the investment of the cash collateral. Income from securities lending is included in investment income on the Statement of operations. Effective August 2010, cash collateral is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management and is valued at its closing net asset value each business day. There are no management fees charged by Putnam Cash Collateral Pool, LLC. At the close of the reporting period, the value of securities loaned amounted to $14,221 and the fund received cash collateral of $ 17,174. The rate quoted in the security description is the annualized 7 day yield of the fund at the close of the reporting period.

(e) The fund invested in Putnam Money Market Liquidity Fund, an open-end management investment company managed by Putnam Investment Management, LLC (Putnam Management), the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Investments in Putnam Money Market Liquidity Fund are valued at its closing net asset value each business day. Income distributions earned by the fund are recorded as interest income and totaled $2 for the reporting period. During the reporting period, cost of purchases and proceeds of sales of investments in Putnam Money Market Liquidity Fund aggregated $8,160,479 and $7,210,401, respectively. Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

(F) Is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures (ASC 820) based on the securities valuation inputs. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.

(R) Real Estate Investment Trust.

(S) Securities on loan, in part or in entirety, at the close of the reporting period.

At the close of the reporting period, the fund maintained liquid assets totaling $128,386 to cover certain derivatives contracts.

ADR after the name of a foreign holding represents ownership of foreign securities on deposit with a custodian bank.

DIVERSIFICATION BY COUNTRY

Distribution of investments by country of risk at the close of the reporting period (as a percentage of Portfolio Value):

United States  79.7 % 
Japan  4.3 
United Kingdom  3.9 
Italy  1.9 
Australia  1.7 
France  1.7 
Netherlands  0.9 
Switzerland  0.9 
Bermuda  0.7 
Singapore  0.6 
Spain  0.5 
Norway  0.4 
Hong Kong  0.3 
China  0.3 
Sweden  0.3 
Portugal  0.3 
Canada  0.3 
Denmark  0.3 
Belgium  0.2 
Austria  0.1 
Greece  0.1 
Israel  0.1 
Luxembourg  0.1 
South Africa  0.1 
Ireland  0.1 
Brazil  0.1 
Germany  0.1 
Total  100.0% 

 

Security valution: 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. If no sales are reported-- as in the case of some securities traded over-the-counter-- a security is valued at its last reported bid price and is generally categorized as a Level 2 security. Many securities markets and exchanges outside the U.S. close prior to the 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 close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value 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. These securities, which will generally represent a transfer from a Level 1 to a Level 2 security, will be classified as Level 2. 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 Investment Management, LLC (Putnam Management), the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management. 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 and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. 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 and options contracts: The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns, owned or expects to purchase, or for other investment purposes. The fund may also write options on swaps or securities it owns or in which it may invest to increase its current returns.

The potential risk to the fund is that the change in value of futures and options 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, interest or exchange rates moving 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. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.

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.” Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. Options traded over-the-counter are valued using prices supplied by dealers. Outstanding contracts on futures contracts at the close of the reporting period are indicative of the volume of activity during the period. The fund did not have any activity on purchased options contracts and written options contracts during the reporting period.

Forward currency contracts: The fund may buy and sell forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which its portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities a fund intends to buy are denominated, when a fund holds cash reserves and short term investments), or for other investment purposes. The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The market value of the contract will fluctuate with changes in currency exchange rates.

The contract is marked to market daily and the change in market value is recorded as an unrealized gain or loss. 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. 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. Outstanding contracts on forward currency contracts at the close of the reporting period are indicative of the volume of activity during the period.

Total return swap contracts: The fund may enter into total return swap contracts, which are arrangements to exchange a market linked return for a periodic payment, both based on a notional principal amount to help enhance the funds return and manage the fund’s exposure to credit risk. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as an unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain total return swap contracts may include extended effective dates.

Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk, is the fair value of the contract. This risk may be mitigated by having a master netting arrangement between the fund and the counterparty. The fund had an average notional amount of approximately $5,600,000 on total return swap contracts for the reporting period.

Master agreements: The fund is a party to ISDA (International Swap and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern over the counter derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and with respect to those amounts which can be sold or repledged, 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. Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time.

Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund's future derivative activity.

At the close of the reporting period, the fund had a net liability position of $103,557 on derivative contracts subject to the Master Agreements. There was no collateral posted by the fund.


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  $965,185  $610,959  $-- 
Capital goods  1,429,886  323,801  -- 
Communication services  903,348  267,213  -- 
Conglomerates  466,846  118,679  -- 
Consumer cyclicals  2,474,912  740,839  -- 
Consumer staples  2,000,114  613,380  -- 
Energy  2,118,902  487,902  -- 
Financial  2,682,546  1,281,945  -- 
Health care  2,516,952  520,730  -- 
Technology  4,337,656  369,533  -- 
Transportation  169,714  132,762  -- 
Utilities and power  784,642  486,304  -- 
Total common stocks  20,850,703  5,954,047  -- 
Investment companies  505,083  --  -- 
Short-term investments  3,993,585  756,862  -- 
Totals by level  $25,349,371  $6,710,909  $-- 
 
 
 
 
    Valuation inputs  
Other financial instruments:  Level 1  Level 2  Level 3 
Forward currency contracts  --  (33,881)  -- 
Futures contracts  (76,771)  --  -- 
Total return swap contracts  --  9,306  -- 
 
Totals by level  $(76,771)  $(24,575)  $-- 

 

Market Values of Derivative Instruments as of the close of the reporting period

  Asset derivatives  Liability derivatives 
 
Derivatives not accounted for as hedging instruments under ASC 815 Market value  Market value 
Foreign exchange contracts  $206,492  $240,373 
Equity contracts  98,497  165,962 
Total  $304,989  $406,335 

 

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


Item 2. Controls and Procedures:

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) Changes in internal control over financial reporting: Not applicable

Item 3. Exhibits:

Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Putnam Funds Trust

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: October 29, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):

/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: October 29, 2010

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: October 29, 2010