0000928816-14-000716.txt : 20140425 0000928816-14-000716.hdr.sgml : 20140425 20140425104117 ACCESSION NUMBER: 0000928816-14-000716 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140228 FILED AS OF DATE: 20140425 DATE AS OF CHANGE: 20140425 EFFECTIVENESS DATE: 20140425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FUNDS TRUST CENTRAL INDEX KEY: 0001005942 IRS NUMBER: 043299786 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07513 FILM NUMBER: 14783651 BUSINESS ADDRESS: STREET 1: ONE POST STREET 2: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921010 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 0001005942 S000024760 Putnam Dynamic Asset Allocation Equity Fund C000073568 Class A C000073569 Class Y N-Q 1 a_dynamicassetallocequity.htm PUTNAM FUNDS TRUST a_dynamicassetallocequity.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: Robert T. Burns, 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, 2014
Date of reporting period: February 28, 2014



Item 1. Schedule of Investments:













Putnam Dynamic Asset Allocation Equity Fund

The fund's portfolio
2/28/14 (Unaudited)
COMMON STOCKS (94.1%)(a)
Shares Value
Advertising and marketing services (—%)
Conversant, Inc.(NON) 222 $5,519
5,519
Aerospace and defense (2.1%)
Airbus Group NV (France) 504 37,142
Alliant Techsystems, Inc. 75 10,109
Astronics Corp.(NON) 82 5,486
Embraer SA ADR (Brazil) 225 8,078
Exelis, Inc. 1,443 29,480
HEICO Corp. 73 4,540
IHI Corp. (Japan) 4,000 18,365
Northrop Grumman Corp. 1,499 181,423
Raytheon Co. 2,176 213,051
Safran SA (France) 223 15,701
Zodiac Aerospace (France) 435 15,362
538,737
Agriculture (1.0%)
Archer Daniels-Midland Co. 6,129 248,836
S&W Seed Co.(NON) 366 2,317
251,153
Airlines (1.7%)
Aeroflot - Russian Airlines OJSC (Russia)(NON) 3,319 6,576
Alaska Air Group, Inc. 523 45,313
Delta Air Lines, Inc. 5,735 190,458
Hawaiian Holdings, Inc.(NON) 534 6,429
International Consolidated Airlines Group SA (Spain)(NON) 4,116 30,065
Japan Airlines Co., Ltd. (Japan) 300 14,943
Republic Airways Holdings, Inc.(NON) 401 3,842
SkyWest, Inc. 259 3,289
Southwest Airlines Co. 4,922 110,450
Spirit Airlines, Inc.(NON) 275 15,532
Turk Hava Yollari Anonim Ortakligi (THY) (Turkey) 1,376 4,096
430,993
Automotive (0.8%)
Bayerische Motoren Werke (BMW) AG (Germany) 191 22,198
China ZhengTong Auto Services Holdings, Ltd. (China)(NON) 11,500 6,447
Denso Corp. (Japan) 300 16,149
Fuji Heavy Industries, Ltd. (Japan) 1,400 37,996
Hino Motors, Ltd. (Japan) 2,000 29,624
Hyundai Motor Co. (South Korea) 91 20,929
Kolao Holdings (South Korea) 220 5,279
Navistar International Corp.(NON) 65 2,438
Renault SA (France) 210 20,931
Suzuki Motor Corp. (Japan) 600 16,149
Tata Motors, Ltd. (India) 1,133 7,751
Toyota Motor Corp. (Japan) 500 28,759
214,650
Banking (7.3%)
Access National Corp. 153 2,578
Associated Banc-Corp. 3,180 53,073
Australia & New Zealand Banking Group, Ltd. (Australia) 648 18,627
Banco Bilbao Vizcaya Argentaria SA (BBVA) (Spain) 1,639 20,350
Banco Latinoamericano de Exportaciones SA Class E (Panama) 347 8,845
Banco Santander SA (Spain) 3,111 28,195
Bancolombia SA ADR (Colombia) 159 8,030
Bank Mandiri (Persero) Tbk PT (Indonesia) 14,300 11,253
Bank of Kentucky Financial Corp. 94 3,298
Bank of Yokohama, Ltd. (The) (Japan) 3,000 15,173
Barclays PLC (United Kingdom) 2,244 9,473
BNP Paribas SA (France) 320 26,262
BofI Holding, Inc.(NON) 140 13,034
Cardinal Financial Corp. 289 4,982
China Construction Bank Corp. (China) 21,000 14,386
Citizens & Northern Corp. 182 3,625
City National Corp. 790 59,115
Commonwealth Bank of Australia (Australia) 865 57,751
Credicorp, Ltd. (Peru) 115 14,939
Credit Agricole SA (France)(NON) 2,084 33,138
Credit Suisse Group AG (Switzerland) 421 13,259
DBS Group Holdings, Ltd. (Singapore) 1,000 13,012
Dubai Islamic Bank PJSC (United Arab Emirates)(NON) 4,841 8,106
East West Bancorp, Inc. 238 8,494
Erste Group Bank AG (Czech Republic) 232 8,233
Financial Institutions, Inc. 192 4,232
First Community Bancshares Inc. 187 3,132
First Gulf Bank PJSC (United Arab Emirates) 823 4,997
First Niagara Financial Group, Inc. 5,940 53,876
FirstMerit Corp. 229 4,754
Flushing Financial Corp. 203 4,206
Grupo Financiero Banorte SAB de CV (Mexico) 3,084 19,966
Hang Seng Bank, Ltd. (Hong Kong) 1,300 21,091
Hanmi Financial Corp. 389 9,114
Heartland Financial USA, Inc. 126 3,389
Heritage Financial Group, Inc. 182 3,398
HSBC Holdings PLC (United Kingdom) 5,224 55,085
Itau Unibanco Holding SA ADR (Preference) (Brazil) 557 7,419
Jammu & Kashmir Bank, Ltd. (India) 429 9,240
Joyo Bank, Ltd. (The) (Japan) 3,000 14,346
JPMorgan Chase & Co. 7,801 443,252
KeyCorp 4,124 54,313
Lloyds Banking Group PLC (United Kingdom)(NON) 38,446 53,133
MainSource Financial Group, Inc. 286 4,939
Metropolitan Bank & Trust Co. (Philippines) 3,740 6,875
National Australia Bank, Ltd. (Australia) 695 21,590
OFG Bancorp (Puerto Rico) 182 2,912
Pacific Premier Bancorp, Inc.(NON) 192 3,053
PacWest Bancorp 164 7,118
Peoples Bancorp, Inc. 181 4,429
Philippine National Bank (Philippines)(NON) 5,002 9,713
PNC Financial Services Group, Inc. 3,046 249,101
Popular, Inc. (Puerto Rico)(NON) 153 4,374
Powszechna Kasa Oszczednosci Bank Polski SA (Poland) 700 10,254
Qatar National Bank SAQ (Qatar)(NON) 114 6,105
Republic Bancorp, Inc. Class A 116 2,794
Resona Holdings, Inc. (Japan) 6,100 31,846
Sberbank of Russia ADR (Russia) 1,655 17,063
Skandinaviska Enskilda Banken AB (Sweden) 1,685 23,692
State Street Corp. 2,695 176,981
Sumitomo Mitsui Financial Group, Inc. (Japan) 400 17,907
Swedbank AB Class A (Sweden) 841 23,741
Wells Fargo & Co. 531 24,649
Westpac Banking Corp. (Australia) 781 23,391
1,898,701
Basic materials (0.1%)
Sumitomo Metal Mining Co., Ltd. (Japan) 1,000 13,105
U.S. Silica Holdings, Inc. 293 9,610
22,715
Beverage (0.5%)
AMBEV SA ADR (Brazil) 1,915 13,788
Anheuser-Busch InBev NV (Belgium) 245 25,683
Diageo PLC (United Kingdom) 585 18,402
Fomento Economico Mexicano SAB de CV ADR (Mexico) 48 4,110
Grape King Bio, Ltd. (Taiwan) 1,000 4,425
Heineken Holding NV (Netherlands) 310 20,053
Molson Coors Brewing Co. Class B 518 29,438
SABMiller PLC (United Kingdom) 294 14,410
130,309
Biotechnology (0.7%)
Aegerion Pharmaceuticals, Inc.(NON) 70 3,833
Ariad Pharmaceuticals, Inc.(NON) 863 7,499
Auxilium Pharmaceuticals, Inc.(NON) 211 6,488
Celgene Corp.(NON) 703 113,006
Celldex Therapeutics, Inc.(NON) 59 1,724
Cubist Pharmaceuticals, Inc.(NON) 183 14,552
Intercept Pharmaceuticals, Inc.(NON) 11 4,516
InterMune, Inc.(NON) 165 4,957
Isis Pharmaceuticals, Inc.(NON) 67 3,417
Lexicon Pharmaceuticals, Inc.(NON) 566 1,013
Medicines Co. (The)(NON) 285 8,707
Merrimack Pharmaceuticals, Inc.(NON) 623 3,103
Nanosphere, Inc.(NON) 1,003 2,407
NewLink Genetics Corp.(NON) 54 2,387
NPS Pharmaceuticals, Inc.(NON) 144 5,037
Repligen Corp.(NON) 199 2,979
Retrophin, Inc.(NON) 171 3,022
Sequenom, Inc.(NON) 661 1,567
Sunesis Pharmaceuticals, Inc.(NON) 247 1,618
191,832
Broadcasting (0.7%)
Global Mediacom Tbk PT (Indonesia) 36,000 6,787
ITV PLC (United Kingdom) 8,886 30,043
Liberty Media Corp. Class A(NON) 526 72,146
LIN Media, LLC Class A(NON) 220 5,016
Scripps Networks Interactive Class A 699 56,787
Sinclair Broadcast Group, Inc. Class A 395 11,700
Sun TV Network, Ltd. (India) 1,183 7,083
189,562
Cable television (1.2%)
Comcast Corp. Class A 6,098 315,206
HSN, Inc. 49 2,810
318,016
Capital goods (—%)
Stoneridge, Inc.(NON) 445 4,899
4,899
Chemicals (3.1%)
Aceto Corp. 137 2,506
Axiall Corp. 44 1,781
BASF SE (Germany) 275 31,665
Cambrex Corp.(NON) 457 9,172
CF Industries Holdings, Inc. 258 64,732
Chemtura Corp.(NON) 516 12,771
Dow Chemical Co. (The) 5,186 252,610
EMS-Chemie Holding AG (Switzerland) 42 16,189
Innophos Holdings, Inc. 112 6,151
Innospec, Inc. 142 6,178
Johnson Matthey PLC (United Kingdom) 782 42,716
KCC Corp. (South Korea) 11 5,297
Koppers Holdings, Inc. 48 1,898
Kraton Performance Polymers, Inc.(NON) 141 3,911
Landec Corp.(NON) 349 3,556
LG Chemical, Ltd. (South Korea) 42 10,043
LG Hausys, Ltd. (South Korea) 35 5,624
LSB Industries, Inc.(NON) 240 7,846
LyondellBasell Industries NV Class A 1,722 151,674
Mexichem SAB de CV (Mexico) 1,670 5,428
Minerals Technologies, Inc. 54 2,889
OM Group, Inc.(NON) 127 4,013
PPG Industries, Inc. 595 117,703
PTT Global Chemical PCL (Thailand) 3,700 8,506
Syngenta AG (Switzerland) 60 21,831
Tronox, Ltd. Class A 115 2,724
Ultrapar Participacoes SA (Brazil) 249 5,538
W.R. Grace & Co.(NON) 26 2,635
Zep, Inc. 304 5,350
812,937
Coal (—%)
Coal India, Ltd. (India) 1,335 5,237
5,237
Commercial and consumer services (2.8%)
ADT Corp. (The) 1,566 48,092
Ascent Capital Group, Inc. Class A(NON) 24 1,762
Babcock International Group PLC (United Kingdom) 979 24,115
Bureau Veritas SA (France) 569 15,700
Compass Group PLC (United Kingdom) 1,222 19,327
Corporate Executive Board Co. (The) 48 3,589
Deluxe Corp. 263 13,276
Expedia, Inc. 736 57,798
Experian PLC (United Kingdom) 863 15,622
Global Cash Access Holdings, Inc.(NON) 395 3,318
Grana y Montero SA ADR (Peru)(NON) 217 4,116
Green Dot Corp. Class A(NON) 165 3,325
Hana Tour Service, Inc. (South Korea) 82 5,466
Harbinger Group, Inc.(NON) 836 9,489
LifeLock, Inc.(NON) 130 2,588
MAXIMUS, Inc. 64 3,059
McGraw Hill Financial, Inc. 2,032 161,869
Pitney Bowes, Inc. 1,754 44,639
priceline.com, Inc.(NON) 202 272,466
Randstad Holding NV (Netherlands) 118 7,434
Steiner Leisure, Ltd. (Bahamas)(NON) 215 9,507
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA (Brazil) 598 7,524
734,081
Communications equipment (0.1%)
Plantronics, Inc. 42 1,864
RF Micro Devices, Inc.(NON) 1,600 11,328
13,192
Computers (5.3%)
Actuate Corp.(NON) 985 5,595
Anixter International, Inc. 134 14,331
Apple, Inc. 859 452,040
Aspen Technology, Inc.(NON) 169 7,935
AVG Technologies NV (Netherlands)(NON) 171 3,203
Bottomline Technologies, Inc.(NON) 65 2,320
Brady Corp. Class A 108 2,889
Brocade Communications Systems, Inc.(NON) 7,957 76,148
Calix, Inc.(NON) 159 1,264
Commvault Systems, Inc.(NON) 68 4,684
Cornerstone OnDemand, Inc.(NON) 119 6,947
EMC Corp. 10,223 269,581
Fortinet, Inc.(NON) 4,810 111,352
HCL Technologies, Ltd. (India) 625 15,904
inContact, Inc.(NON) 266 2,399
Infoblox, Inc.(NON) 107 2,470
Lexmark International, Inc. Class A 98 4,130
MTS Systems Corp. 48 3,406
NetApp, Inc. 3,894 157,357
Netscout Systems, Inc.(NON) 123 4,672
Procera Networks, Inc.(NON) 212 2,338
Quantum Corp.(NON) 2,342 2,740
Silicon Graphics International Corp.(NON) 143 1,760
SolarWinds, Inc.(NON) 221 10,206
SS&C Technologies Holdings, Inc.(NON) 104 4,023
Synaptics, Inc.(NON) 119 7,740
VeriFone Systems, Inc.(NON) 163 4,719
Verint Systems, Inc.(NON) 104 4,868
Western Digital Corp. 2,284 198,685
1,385,706
Construction and engineering (—%)
Mota-Engil Africa (Rights) (Portugal)(F)(NON) 905 468
468
Conglomerates (1.7%)
AMETEK, Inc. 1,687 89,816
Danaher Corp. 2,778 212,489
Exor SpA (Italy) 294 11,959
General Electric Co. 3,036 77,327
Marubeni Corp. (Japan) 1,000 7,023
Siemens AG (Germany) 344 45,944
444,558
Construction (0.6%)
Cemex Latam Holdings SA (Colombia)(NON) 1,155 9,202
Cemex SAB de CV ADR (Mexico) 611 7,992
China National Building Material Co., Ltd. (China) 6,000 5,706
China Singyes Solar Technologies Holdings, Ltd. (China) 7,000 8,532
Fortune Brands Home & Security, Inc. 1,183 55,293
Holcim, Ltd. (Switzerland) 100 8,118
Koninklijke Boskalis Westminster NV (Netherlands) 339 16,969
Mota-Engil SGPS SA (Portugal) 1,204 8,532
Total Bangun Persada Tbk PT (Indonesia) 109,900 7,262
Trex Co., Inc.(NON) 111 8,682
Wendel SA (France) 152 22,848
159,136
Consumer (1.3%)
Blyth, Inc. 137 1,340
Kimberly-Clark Corp. 2,830 312,291
Swatch Group AG (The) (Switzerland) 27 18,020
331,651
Consumer finance (1.0%)
DFC Global Corp.(NON) 327 2,691
Discover Financial Services 3,226 185,108
Encore Capital Group, Inc.(NON) 219 10,648
Housing Development Finance Corp., Ltd. (HDFC) (India) 1,562 20,663
MicroFinancial, Inc. 223 1,813
Nelnet, Inc. Class A 177 7,101
Ocwen Financial Corp.(NON) 106 3,969
Performant Financial Corp.(NON) 397 3,140
PHH Corp.(NON) 160 4,165
Portfolio Recovery Associates, Inc.(NON) 184 9,978
249,276
Consumer goods (2.0%)
Colgate-Palmolive Co. 6,610 415,306
Kao Corp. (Japan) 300 10,340
L'Oreal SA (France) 169 28,634
Procter & Gamble Co. (The) 455 35,790
Reckitt Benckiser Group PLC (United Kingdom) 214 17,610
507,680
Consumer services (0.5%)
Angie's List, Inc.(NON) 37 515
Blue Nile, Inc.(NON) 76 2,674
Geo Group, Inc. (The)(R) 70 2,256
Liberty Interactive Corp. Class A(NON) 2,774 81,001
Overstock.com, Inc.(NON) 224 4,406
RetailMeNot, Inc.(NON) 189 7,895
Shutterfly, Inc.(NON) 38 2,073
TrueBlue, Inc.(NON) 679 19,338
zulily, Inc. Class A(NON) 32 2,188
122,346
Containers (0.1%)
Ball Corp. 633 35,169
35,169
Distribution (0.1%)
Beacon Roofing Supply, Inc.(NON) 98 3,703
Core-Mark Holding Co., Inc. 83 6,491
MWI Veterinary Supply, Inc.(NON) 42 6,843
Spartan Stores, Inc. 151 3,411
United Natural Foods, Inc.(NON) 55 3,981
24,429
Electric utilities (2.4%)
China Resources Power Holdings Co., Ltd. (China) 2,000 4,822
Chubu Electric Power Co., Inc. (Japan) 400 4,948
CMS Energy Corp. 1,764 50,151
Edison International 2,182 114,271
Enel SpA (Italy) 4,308 22,120
Entergy Corp. 1,192 76,073
GDF Suez (France) 915 23,479
PG&E Corp. 2,923 128,786
Power Grid Corp. of India, Ltd. (India) 2,974 4,535
PPL Corp. 4,287 138,427
Red Electrica Corporacion SA (Spain) 449 34,954
Tenaga Nasional Bhd (Malaysia) 3,900 14,293
616,859
Electrical equipment (0.4%)
ABB, Ltd. (Switzerland) 1,081 27,643
Allegion PLC (Ireland)(NON) 779 42,339
Canadian Solar, Inc. (Canada)(NON) 152 6,360
II-VI, Inc.(NON) 419 6,867
OSRAM Licht AG (Germany)(NON) 312 21,212
WESCO International, Inc.(NON) 94 8,104
112,525
Electronics (3.1%)
Agilent Technologies, Inc. 608 34,613
Broadcom Corp. Class A 6,366 189,197
Cavium, Inc.(NON) 52 2,191
Ceva, Inc.(NON) 224 4,050
Cirrus Logic, Inc.(NON) 143 2,753
EnerSys 195 13,853
Fairchild Semiconductor International, Inc.(NON) 185 2,605
FEI Co. 58 5,954
Freescale Semiconductor, Ltd.(NON) 230 5,233
GenMark Diagnostics, Inc.(NON) 667 8,311
Gentex Corp. 1,234 38,711
GT Advanced Technologies, Inc.(NON) 113 1,619
Hollysys Automation Technologies, Ltd. (China)(NON) 471 9,519
Inotera Memories, Inc. (Taiwan)(NON) 9,000 7,659
Integrated Silicon Solutions, Inc.(NON) 604 7,357
Keyence Corp. (Japan) 100 43,070
L-3 Communications Holdings, Inc. 623 71,894
Marvell Technology Group, Ltd. 6,136 93,819
Mellanox Technologies, Ltd. (Israel)(NON) 75 2,739
Mentor Graphics Corp. 555 12,010
Microsemi Corp.(NON) 122 2,813
Omnivision Technologies, Inc.(NON) 350 6,045
Omron Corp. (Japan) 800 33,751
Pegatron Corp. (Taiwan) 6,000 8,075
Radiant Opto-Electronics Corp. (Taiwan) 2,090 8,476
Rockwell Automation, Inc. 942 115,715
Samsung Electronics Co., Ltd. (South Korea) 45 56,992
Semtech Corp.(NON) 119 2,969
Silicon Image, Inc.(NON) 786 4,755
SK Hynix, Inc. (South Korea)(NON) 200 7,283
Sparton Corp.(NON) 172 5,573
809,604
Energy (oil field) (2.0%)
Baker Hughes, Inc. 1,643 103,969
Dril-Quip, Inc.(NON) 230 24,739
Key Energy Services, Inc.(NON) 769 6,952
Oceaneering International, Inc. 482 34,502
Oil States International, Inc.(NON) 293 27,812
Schlumberger, Ltd. 3,181 295,832
SPT Energy Group, Inc. (China) 16,000 9,229
Superior Energy Services, Inc. 982 29,057
532,092
Energy (other) (0.1%)
AMEC PLC (United Kingdom) 1,251 23,525
FutureFuel Corp. 535 9,282
32,807
Engineering and construction (0.4%)
China Railway Group, Ltd. (China) 19,000 8,231
JGC Corp. (Japan) 1,000 37,100
Singapore Technologies Engineering, Ltd. (Singapore) 6,000 18,010
Vinci SA (France) 374 27,944
91,285
Entertainment (0.2%)
Carmike Cinemas, Inc.(NON) 219 6,515
CJ CGV Co., Ltd. (South Korea) 209 10,101
Panasonic Corp. (Japan) 1,800 22,668
TiVo, Inc.(NON) 739 9,977
Town Sports International Holdings, Inc. 312 2,833
Vail Resorts, Inc. 56 3,938
VOXX International Corp.(NON) 539 7,007
63,039
Environmental (0.1%)
Coway Co., Ltd. (South Korea) 156 9,993
Mine Safety Appliances Co. 72 3,704
13,697
Financial (0.5%)
CoreLogic, Inc.(NON) 2,481 80,881
Credit Acceptance Corp.(NON) 52 7,183
Mitsubishi UFJ Financial Group (MUFG), Inc. (Japan) 3,900 22,592
WageWorks, Inc.(NON) 130 7,690
118,346
Food (1.0%)
Boulder Brands, Inc.(NON) 96 1,444
Calbee, Inc. (Japan) 900 21,943
Carrefour SA (France) 627 23,125
Chaoda Modern Agriculture Holdings, Ltd. (China)(F)(NON) 2,000 129
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (Preference) (Brazil) 318 13,525
Distribuidora Internacional de Alimentacion SA (Spain) 1,907 16,372
Hain Celestial Group, Inc. (The)(NON) 27 2,411
Jeronimo Martins SGPS SA (Portugal) 305 5,185
Lindt & Spruengli AG (Switzerland) 7 34,495
Magnit OJSC (Russia) 44 10,761
MEIJI Holdings Co., Ltd. (Japan) 300 19,811
Nestle SA (Switzerland) 963 72,923
Suedzucker AG (Germany) 464 12,905
Unilever PLC (United Kingdom) 350 14,307
249,336
Forest products and packaging (0.3%)
Amcor, Ltd. (Australia) 1,444 13,118
Domtar Corp. (Canada) 150 16,617
KapStone Paper and Packaging Corp.(NON) 106 3,370
Louisiana-Pacific Corp.(NON) 66 1,240
Packaging Corp. of America 410 29,885
UPM-Kymmene OYJ (Finland) 1,202 21,834
86,064
Gaming and lottery (—%)
Bally Technologies, Inc.(NON) 42 2,846
Penn National Gaming, Inc.(NON) 585 7,517
10,363
Health-care services (3.0%)
Aetna, Inc. 2,073 150,728
Amedisys, Inc.(NON) 172 2,917
AmSurg Corp.(NON) 123 5,395
athenahealth, Inc.(NON) 20 3,877
Cardinal Health, Inc. 1,880 134,476
Centene Corp.(NON) 38 2,420
Chemed Corp. 153 12,944
Community Health Systems, Inc.(NON) 199 8,260
Computer Programs & Systems, Inc. 33 2,258
Health Net, Inc.(NON) 565 19,238
HealthSouth Corp. 48 1,569
Kindred Healthcare, Inc. 255 5,523
Magellan Health Services, Inc.(NON) 44 2,690
McKesson Corp. 1,220 216,001
MedAssets, Inc.(NON) 358 8,696
Omega Healthcare Investors, Inc.(R) 106 3,388
Providence Service Corp. (The)(NON) 336 8,934
Sinopharm Group Co. (China) 2,400 6,648
Suzuken Co., Ltd. (Japan) 200 7,600
Threshold Pharmaceuticals, Inc.(NON) 471 2,355
Triple-S Management Corp. Class B (Puerto Rico)(NON) 94 1,575
WellCare Health Plans, Inc.(NON) 168 10,386
WellPoint, Inc. 1,657 150,108
767,986
Homebuilding (—%)
Ryland Group, Inc. (The) 231 10,762
10,762
Household furniture and appliances (—%)
La-Z-Boy, Inc. 132 3,371
Select Comfort Corp.(NON) 236 4,262
7,633
Insurance (3.6%)
Ageas (Belgium) 603 27,671
AIA Group, Ltd. (Hong Kong) 5,200 25,470
Allianz SE (Germany) 206 36,879
Allied World Assurance Co. Holdings AG 449 44,774
American Equity Investment Life Holding Co. 365 7,979
American Financial Group, Inc. 776 44,356
Amtrust Financial Services, Inc. 193 7,295
Aon PLC 2,400 205,440
Assicurazioni Generali SpA (Italy) 1,353 30,422
AXA SA (France) 1,171 30,613
Axis Capital Holdings, Ltd. 1,115 49,027
Berkshire Hathaway, Inc. Class B(NON) 187 21,651
Cathay Financial Holding Co., Ltd. (Taiwan) 8,338 12,345
China Life Insurance Co., Ltd. Class H (China) 5,000 14,574
China Pacific Insurance (Group) Co., Ltd. (China) 3,200 10,945
CNO Financial Group, Inc. 388 7,085
Genworth Financial, Inc. Class A(NON) 1,174 18,244
Hanwha Life Insurance Co., Ltd. (South Korea) 1,630 10,455
Insurance Australia Group, Ltd. (Australia) 4,756 23,082
Legal & General Group PLC (United Kingdom) 5,608 22,576
Maiden Holdings, Ltd. (Bermuda) 319 3,582
Meritz Fire & Marine Insurance Co., Ltd. (South Korea) 440 6,210
Muenchener Rueckversicherungs AG (Germany) 74 16,205
Porto Seguro SA (Brazil) 348 4,821
ProAssurance Corp. 123 5,592
Protective Life Corp. 140 7,300
Prudential PLC (United Kingdom) 704 15,974
Stewart Information Services Corp. 280 10,354
Symetra Financial Corp. 319 6,284
Third Point Reinsurance, Ltd. (Bermuda)(NON) 366 5,490
Travelers Cos., Inc. (The) 2,306 193,335
926,030
Investment banking/Brokerage (1.5%)
Deutsche Bank AG (Germany) 504 24,515
Goldman Sachs Group, Inc. (The) 1,886 313,925
Investor AB Class B (Sweden) 562 20,029
UBS AG (Switzerland) 1,177 25,253
383,722
Leisure (—%)
Brunswick Corp. 179 8,017
8,017
Lodging/Tourism (0.9%)
Century Casinos, Inc.(NON) 435 2,954
Grand Korea Leisure Co., Ltd. (South Korea) 270 11,144
Home Inns & Hotels Management, Inc. ADR (China)(NON) 232 8,693
Intrawest Resorts Holdings, Inc.(NON) 164 2,206
Marcus Corp. 363 5,122
MGM China Holdings, Ltd. (Hong Kong) 6,800 28,906
SJM Holdings, Ltd. (Hong Kong) 6,000 19,388
Wyndham Worldwide Corp. 807 58,814
Wynn Resorts, Ltd. 434 105,241
242,468
Machinery (1.3%)
AGCO Corp. 708 37,156
Alfa Laval AB (Sweden) 1,179 31,996
Altra Industrial Motion Corp. 293 10,372
Chart Industries, Inc.(NON) 126 10,529
Cummins, Inc. 1,279 186,632
DXP Enterprises, Inc.(NON) 58 5,902
Franklin Electric Co., Inc. 201 8,762
Hyster-Yale Materials Holdings, Inc. 52 5,249
Kadant, Inc. 165 6,625
MRC Global, Inc.(NON) 677 17,412
NACCO Industries, Inc. Class A 26 1,524
THK Co., Ltd. (Japan) 700 16,089
338,248
Manufacturing (1.1%)
AZZ, Inc. 145 6,434
Chase Corp. 151 4,553
Generac Holdings, Inc. 176 10,027
Greenbrier Cos., Inc. (The)(NON) 361 15,187
IDEX Corp. 606 45,492
IMI PLC (United Kingdom) 1,067 27,248
Ingersoll-Rand PLC 2,002 122,402
Leggett & Platt, Inc. 1,238 39,678
Polypore International, Inc.(NON) 44 1,523
Standex International Corp. 77 4,259
TriMas Corp.(NON) 379 12,738
289,541
Media (0.8%)
Demand Media, Inc.(NON) 272 1,319
Naspers, Ltd. Class N (South Africa) 184 22,193
Viacom, Inc. Class B 2,153 188,883
212,395
Medical technology (1.0%)
Abaxis, Inc.(NON) 46 1,746
Accuray, Inc.(NON) 431 4,043
Alere, Inc.(NON) 226 8,303
Align Technology, Inc.(NON) 71 3,715
AtriCure, Inc.(NON) 133 2,765
Coloplast A/S Class B (Denmark) 462 38,915
Conmed Corp. 256 11,935
Cyberonics, Inc.(NON) 40 2,739
DexCom, Inc.(NON) 81 3,653
Globus Medical, Inc. Class A(NON) 180 4,259
Greatbatch, Inc.(NON) 326 14,126
Haemonetics Corp.(NON) 84 3,064
Hanger, Inc.(NON) 215 7,622
Hill-Rom Holdings, Inc. 196 7,415
Insulet Corp.(NON) 129 6,116
Intuitive Surgical, Inc.(NON) 208 92,525
NxStage Medical, Inc.(NON) 194 2,691
OraSure Technologies, Inc.(NON) 621 4,310
STAAR Surgical Co.(NON) 519 7,349
Steris Corp. 89 4,107
Thoratec Corp.(NON) 76 2,823
Trinity Biotech PLC ADR (Ireland) 154 4,079
VCA Antech, Inc.(NON) 496 15,361
253,661
Metals (0.9%)
Alrosa AO (Russia)(NON) 7,479 8,065
Antofagasta PLC (United Kingdom) 1,106 16,678
BHP Billiton PLC (United Kingdom) 681 21,992
BHP Billiton, Ltd. (Australia) 806 27,748
Glencore Xstrata PLC (United Kingdom) 3,329 18,352
Glencore Xstrata PLC (United Kingdom)(NON) 1,338 7,331
Hitachi Metals, Ltd. (Japan) 3,000 44,943
Horsehead Holding Corp.(NON) 544 9,667
L.B. Foster Co. Class A 96 4,463
NN, Inc. 385 7,427
Reliance Steel & Aluminum Co. 335 23,209
Rio Tinto PLC (United Kingdom) 367 21,095
Vale SA ADR (Brazil) 401 5,682
Vale SA ADR (Preference) (Brazil) 230 2,873
voestalpine AG (Austria) 589 26,548
246,073
Natural gas utilities (0.3%)
Centrica PLC (United Kingdom) 4,134 22,083
China Resources Gas Group, Ltd. (China) 2,000 7,020
ENI SpA (Italy) 1,032 24,900
UGI Corp. 739 33,026
87,029
Oil and gas (5.7%)
BG Group PLC (United Kingdom) 967 17,626
BP PLC (United Kingdom) 6,700 56,591
Cabot Oil & Gas Corp. 1,707 59,745
Callon Petroleum Co.(NON) 998 6,756
Chevron Corp. 383 44,171
CNOOC, Ltd. (China) 5,000 8,171
ConocoPhillips 3,608 239,932
Delek US Holdings, Inc. 343 9,522
EPL Oil & Gas, Inc.(NON) 254 7,645
Exxon Mobil Corp. 2,218 213,526
Ezion Holdings, Ltd. (Singapore) 6,000 10,668
Gazprom Neft OAO ADR (Russia) 262 5,214
Genel Energy PLC (United Kingdom)(NON) 291 5,346
Gulfport Energy Corp.(NON) 63 4,164
Kodiak Oil & Gas Corp.(NON) 424 5,007
Lukoil OAO ADR (Russia) 360 19,800
Occidental Petroleum Corp. 2,630 253,848
PBF Energy, Inc. Class A 473 11,920
Petroleo Brasileiro SA ADR (Preference) (Brazil) 513 5,982
Phillips 66 2,109 157,880
Repsol YPF SA (Spain) 612 15,379
Rosetta Resources, Inc.(NON) 60 2,662
Royal Dutch Shell PLC Class A (United Kingdom) 1,070 39,025
Royal Dutch Shell PLC Class B (United Kingdom) 972 37,876
Statoil ASA (Norway) 1,339 35,338
Stone Energy Corp.(NON) 169 6,074
Surgutneftegas OAO (Preference) (Russia) 13,396 9,996
Swift Energy Co.(NON) 223 2,230
Tesoro Corp. 607 30,963
Total SA (France) 715 46,415
Unit Corp.(NON) 78 4,789
Vaalco Energy, Inc.(NON) 529 3,523
Valero Energy Corp. 1,935 92,841
W&T Offshore, Inc. 170 2,562
Woodside Petroleum, Ltd. (Australia) 461 15,673
1,488,860
Pharmaceuticals (6.9%)
AbbVie, Inc. 2,600 132,366
ACADIA Pharmaceuticals, Inc.(NON) 149 4,217
Actelion, Ltd. (Switzerland) 252 26,719
Alkermes PLC(NON) 125 6,084
Antares Pharma, Inc.(NON) 743 3,306
Array BioPharma, Inc.(NON) 424 2,044
Aspen Pharmacare Holdings, Ltd. (South Africa) 374 9,482
AstraZeneca PLC (United Kingdom) 595 40,691
Bayer AG (Germany) 361 51,274
Biospecifics Technologies Corp.(NON) 78 1,851
Conatus Pharmaceuticals, Inc.(NON) 61 684
Eli Lilly & Co. 1,682 100,264
Endo International PLC(NON) 156 12,452
GlaxoSmithKline PLC (United Kingdom) 1,634 45,736
Hisamitsu Pharmaceutical Co., Inc. (Japan) 300 14,073
Impax Laboratories, Inc.(NON) 256 6,597
Insys Therapeutics, Inc.(NON) 193 12,985
Jazz Pharmaceuticals PLC(NON) 380 57,739
Johnson & Johnson 4,294 395,563
Merck & Co., Inc. 4,968 283,126
Nektar Therapeutics(NON) 293 3,759
Novartis AG (Switzerland) 462 38,583
Novo Nordisk A/S Class B (Denmark) 637 30,363
Orion OYJ Class B (Finland) 556 18,311
Pfizer, Inc. 11,008 353,467
Prestige Brands Holdings, Inc.(NON) 211 6,011
Questcor Pharmaceuticals, Inc. 142 8,627
Receptos, Inc.(NON) 83 3,850
Roche Holding AG-Genusschein (Switzerland) 201 62,025
Salix Pharmaceuticals, Ltd.(NON) 175 18,886
Sanofi (France) 333 34,625
SIGA Technologies, Inc.(NON) 868 2,786
Sucampo Pharmaceuticals, Inc. Class A(NON) 288 2,592
1,791,138
Photography/Imaging (0.1%)
Konica Minolta Holdings, Inc. (Japan) 2,000 20,408
20,408
Publishing (0.3%)
Gannett Co., Inc. 1,633 48,582
Graham Holdings Co. Class B 48 34,498
83,080
Railroads (0.1%)
Central Japan Railway Co. (Japan) 300 34,988
34,988
Real estate (3.0%)
AG Mortgage Investment Trust, Inc.(R) 89 1,632
Agree Realty Corp.(R) 166 5,103
American Capital Agency Corp.(R) 1,645 36,667
Arlington Asset Investment Corp. Class A 107 2,838
ARMOUR Residential REIT, Inc.(R) 476 2,042
Ashford Hospitality Prime, Inc.(R) 113 1,893
Ashford Hospitality Trust, Inc.(R) 564 6,306
AvalonBay Communities, Inc.(R) 535 68,999
Bekasi Fajar Industrial Estate Tbk PT (Indonesia) 174,800 8,757
Cathay Real Estate Development Co., Ltd. (Taiwan) 8,000 4,656
CBL & Associates Properties, Inc.(R) 217 3,860
Chimera Investment Corp.(R) 4,436 14,151
CYS Investments, Inc.(R) 294 2,587
Dexus Property Group (Australia)(R) 17,431 16,663
Education Realty Trust, Inc.(R) 619 5,837
EPR Properties(R) 90 4,793
Federal Realty Investment Trust(R) 272 30,276
First Industrial Realty Trust(R) 186 3,579
Glimcher Realty Trust(R) 357 3,474
GPT Group (Australia)(R) 5,439 18,091
Hammerson PLC (United Kingdom)(R) 1,173 11,285
Hemaraj Land and Development PCL (Thailand) 64,200 6,022
HFF, Inc. Class A 537 17,130
Invesco Mortgage Capital, Inc.(R) 142 2,390
Investors Real Estate Trust(R) 427 3,749
iStar Financial, Inc.(NON)(R) 352 5,456
Kilroy Realty Corp.(R) 328 18,867
Lexington Realty Trust(R) 817 9,322
LTC Properties, Inc.(R) 201 7,574
MFA Financial, Inc.(R) 482 3,789
National Health Investors, Inc.(R) 126 7,774
One Liberty Properties, Inc.(R) 195 4,274
PS Business Parks, Inc.(R) 123 10,334
Public Storage(R) 586 99,034
Ramco-Gershenson Properties Trust(R) 238 3,975
Rayonier, Inc.(R) 530 24,958
Select Income REIT(R) 154 4,489
Simon Property Group, Inc.(R) 1,278 206,129
Sovran Self Storage, Inc.(R) 41 3,034
Starwood Property Trust, Inc.(R) 108 2,594
Starwood Waypoint Residential Trust(NON)(R) 21 569
Summit Hotel Properties, Inc.(R) 522 4,823
Tokyu Fudosan Holdings Corp. (Japan)(NON) 3,100 24,495
Universal Health Realty Income Trust(R) 45 1,916
Westfield Group (Australia) 1,302 11,991
Wheelock and Co., Ltd. (Hong Kong) 5,000 20,443
WP Carey, Inc.(R) 242 15,372
773,992
Regional Bells (—%)
Frontier Communications Corp. 1,052 5,134
5,134
Restaurants (0.1%)
Alsea SAB de CV (Mexico) 2,077 6,437
Papa John's International, Inc. 175 8,908
Popeyes Louisiana Kitchen, Inc.(NON) 133 5,328
Ruby Tuesday, Inc.(NON) 458 2,808
23,481
Retail (6.4%)
Adidas AG (Germany) 145 16,892
Advance Auto Parts, Inc. 479 61,005
American Eagle Outfitters, Inc. 2,135 31,022
ANN, Inc.(NON) 220 7,843
Ascena Retail Group, Inc.(NON) 184 3,365
Big Lots, Inc.(NON) 189 5,585
Brown Shoe Co., Inc. 121 2,974
Buckle, Inc. (The) 70 3,176
Coach, Inc. 1,470 71,751
Compagnie Financiere Richemont SA (Switzerland) 178 17,729
Compagnie Financiere Richemont SA ADR (Switzerland) 497 4,897
CP ALL PCL (Thailand) 5,200 6,256
Crocs, Inc.(NON) 111 1,691
CST Brands, Inc. 801 26,057
CVS Caremark Corp. 6,777 495,670
Deckers Outdoor Corp.(NON) 42 3,123
Destination Maternity Corp. 311 8,783
Five Below, Inc.(NON) 38 1,465
Gap, Inc. (The) 1,608 70,350
Genesco, Inc.(NON) 83 6,163
Home Depot, Inc. (The) 3,617 296,703
KAR Auction Services, Inc. 488 15,206
Koninklijke Ahold NV (Netherlands) 1,016 18,953
Lowe's Cos., Inc. 4,626 231,439
Lumber Liquidators Holdings, Inc.(NON) 30 3,218
Macy's, Inc. 1,900 109,934
Matahari Department Store Tbk PT (Indonesia)(NON) 4,500 5,406
Next PLC (United Kingdom) 413 46,579
PetSmart, Inc. 682 45,735
Pier 1 Imports, Inc. 92 1,741
Puregold Price Club, Inc. (Philippines) 11,400 11,936
Sonic Automotive, Inc. Class A 268 6,368
Steven Madden, Ltd.(NON) 58 2,114
Tile Shop Holdings, Inc.(NON) 270 4,163
USANA Health Sciences, Inc.(NON) 36 2,634
Woolworths Holdings, Ltd. (South Africa) 1,619 9,604
Woolworths, Ltd. (Australia) 340 10,987
World Fuel Services Corp. 215 9,679
1,678,196
Schools (0.2%)
Bright Horizons Family Solutions, Inc.(NON) 120 4,736
Estacio Participacoes SA (Brazil) 1,126 10,613
Grand Canyon Education, Inc.(NON) 57 2,702
ITT Educational Services, Inc.(NON) 738 22,900
40,951
Semiconductor (0.4%)
Advanced Energy Industries, Inc.(NON) 142 3,896
Advanced Semiconductor Engineering, Inc. (Taiwan) 13,000 12,850
ASML Holding NV (Netherlands) 257 22,366
Entegris, Inc.(NON) 490 5,905
Magnachip Semiconductor Corp. (South Korea)(NON) 119 1,754
Photronics, Inc.(NON) 487 4,237
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 7,000 25,080
Tokyo Electron, Ltd. (Japan) 400 23,062
Ultra Clean Holdings, Inc.(NON) 431 5,672
104,822
Shipping (0.3%)
Aegean Marine Petroleum Network, Inc. (Greece) 734 7,435
Diana Shipping, Inc. (Greece)(NON) 337 4,388
Quality Distribution, Inc.(NON) 999 12,807
StealthGas, Inc. (Greece)(NON) 1,253 13,169
Swift Transportation Co.(NON) 689 16,784
Yamato Transport Co., Ltd. (Japan) 700 14,532
69,115
Software (5.5%)
Activision Blizzard, Inc. 5,337 103,271
Brightcove, Inc.(NON) 303 2,939
CA, Inc. 3,404 114,034
Cadence Design Systems, Inc.(NON) 6,746 103,416
F5 Networks, Inc.(NON) 1,098 123,349
IntraLinks Holdings, Inc.(NON) 516 5,991
Manhattan Associates, Inc.(NON) 340 12,883
Microsoft Corp. 9,485 363,370
NTT Data Corp. (Japan) 300 12,462
Oracle Corp. 9,973 390,044
Proofpoint, Inc.(NON) 80 3,316
PTC, Inc.(NON) 152 5,975
QLIK Technologies, Inc.(NON) 52 1,586
Rovi Corp.(NON) 251 6,235
Safeguard Scientifics, Inc.(NON) 275 5,393
SAP AG (Germany) 138 11,147
SciQuest, Inc.(NON) 84 2,480
Symantec Corp. 5,642 121,190
Tencent Holdings, Ltd. (China) 300 24,001
Ultimate Software Group, Inc.(NON) 58 9,628
Vocus, Inc.(NON) 289 3,858
Zynga, Inc. Class A(NON) 580 2,935
1,429,503
Staffing (0.3%)
Barrett Business Services, Inc. 83 5,810
Kforce, Inc. 341 7,471
Korn/Ferry International(NON) 181 4,596
ManpowerGroup, Inc. 556 43,457
On Assignment, Inc.(NON) 251 8,634
69,968
Technology (0.2%)
CACI International, Inc. Class A(NON) 27 2,128
SoftBank Corp. (Japan) 500 37,909
Tech Data Corp.(NON) 145 8,352
48,389
Technology services (1.3%)
Acxiom Corp.(NON) 348 12,956
AOL, Inc.(NON) 1,990 87,122
Baidu, Inc. ADR (China)(NON) 53 9,059
Cap Gemini (France) 350 27,407
CSG Systems International, Inc. 76 2,128
Google, Inc. Class A(NON) 86 104,546
Infosys, Ltd. (India) 112 6,921
Naver Corp. (South Korea) 13 9,949
NIC, Inc. 133 2,586
Nomura Research Institute, Ltd. (Japan) 500 16,405
Pandora Media, Inc.(NON) 96 3,592
Perficient, Inc.(NON) 250 5,103
SINA Corp. (China)(NON) 132 9,020
Tyler Technologies, Inc.(NON) 84 7,878
Unisys Corp.(NON) 194 6,639
United Internet AG (Germany) 385 17,917
XO Group, Inc.(NON) 329 3,928
Yandex NV Class A (Russia)(NON) 243 9,113
342,269
Telecommunications (1.1%)
Arris Group, Inc.(NON) 97 2,784
Aruba Networks, Inc.(NON) 105 2,154
BroadSoft, Inc.(NON) 33 990
BT Group PLC (United Kingdom) 4,771 32,740
CalAmp Corp.(NON) 307 9,836
EchoStar Corp. Class A(NON) 411 20,476
Inteliquent, Inc. 257 3,588
Iridium Communications, Inc.(NON) 431 2,810
Kcell JSC ADR (Kazakhstan) 373 5,520
Loral Space & Communications, Inc.(NON) 68 5,373
MTN Group, Ltd. (South Africa) 757 13,842
NTT DoCoMo, Inc. (Japan) 1,100 18,427
Orange (France) 1,299 16,261
RingCentral, Inc. Class A(NON) 44 953
Ruckus Wireless, Inc.(NON) 265 3,710
ShoreTel, Inc.(NON) 287 2,523
T-Mobile US, Inc.(NON) 1,712 52,216
Tele2 AB Class B (Sweden) 784 9,727
Telefonica SA (Spain) 1,255 19,246
Telenor ASA (Norway) 791 17,475
Telstra Corp., Ltd. (Australia) 4,913 22,161
Ubiquiti Networks, Inc.(NON) 166 8,202
USA Mobility, Inc. 215 3,107
Vodafone Group PLC (United Kingdom) 3,740 15,593
289,714
Telephone (1.3%)
Deutsche Telekom AG (Germany) 1,456 24,709
IDT Corp. Class B 175 3,141
Verizon Communications, Inc. 6,578 312,981
340,831
Textiles (0.2%)
G&K Services, Inc. Class A 104 6,514
Hanesbrands, Inc. 676 49,537
Perry Ellis International, Inc.(NON) 283 3,948
59,999
Tire and rubber (0.2%)
Continental AG (Germany) 213 51,848
Cooper Tire & Rubber Co. 130 3,241
55,089
Tobacco (0.2%)
British American Tobacco (BAT) PLC (United Kingdom) 410 22,313
Japan Tobacco, Inc. (Japan) 700 22,282
44,595
Toys (0.1%)
Namco Bandai Holdings, Inc. (Japan) 800 17,957
17,957
Transportation services (0.1%)
ComfortDelgro Corp., Ltd. (Singapore) 9,000 13,726
Matson, Inc. 75 1,809
Universal Truckload Services, Inc. 186 4,836
XPO Logistics, Inc.(NON) 209 6,571
26,942
Trucks and parts (0.4%)
Aisin Seiki Co., Ltd. (Japan) 700 24,358
Douglas Dynamics, Inc. 255 4,126
Hyundai Mobis Co., Ltd. (South Korea) 52 15,326
Miller Industries, Inc. 196 3,538
Standard Motor Products, Inc. 287 10,088
Tenneco, Inc.(NON) 77 4,638
WABCO Holdings, Inc.(NON) 425 43,541
105,615
Waste Management (—%)
China Everbright International, Ltd. (China) 5,000 7,372
US Ecology, Inc. 76 2,731
10,103
Water Utilities (0.1%)
United Utilities Group PLC (United Kingdom) 1,733 22,621
22,621
Total common stocks (cost $18,454,945) $24,510,294

INVESTMENT COMPANIES (2.8%)(a)
Shares Value
iShares MSCI EAFE ETF 1,124 $75,814
iShares MSCI Emerging Markets ETF 762 30,084
iShares MSCI Taiwan ETF (Taiwan) 753 10,587
Market Vectors Vietnam ETF (Vietnam) 346 7,564
SPDR S&P 500 ETF Trust 2,815 524,435
SPDR S&P Midcap 400 ETF Trust 285 71,361
Total investment companies (cost $612,518) $719,845

WARRANTS (0.1%)(a)(NON)
Expiration date Strike Price Warrants Value
Ecobank Transnational, Inc. 144A (Nigeria) 9/20/16 $0.0000 62,919 $5,630
Fawaz Abdulaziz Alhhokair & Co. 144A (Saudi Arabia) 3/24/14 0.00000 73 3,187
Guaranty Trust Bank PLC 144A (Nigeria) 9/20/16 0.00000 13,845 2,132
Kuwait Foods (Americana) 144A (Kuwait) 2/24/16 0.00000 304 2,697
National Bank of Kuwait SAK 144A (Kuwait) 12/10/15 0.00000 972 3,380
Samba Financial Group 144A (Saudi Arabia) 8/3/16 0.00000 385 5,749
Saudi Basic Industries Corp. 144A (Saudi Arabia) 3/24/14 0.00000 106 3,236
Saudi Industrial Investment Group 144A (Saudi Arabia) 10/28/15 0.00000 312 2,804
Zenith Bank PLC 144A (Nigeria) 9/20/16 0.00000 17,690 2,199
Total warrants (cost $29,724) $31,014

PURCHASED OPTIONS OUTSTANDING (0.0%)(a)
Expiration Contract
date/strike price amount Value
iShares MSCI Emerging Markets Index (Put) May-14/$38.00 $1,744 $1,866
MSCI Qatar Net TR USD (Call) May-14/1479.36 52 3,986
Total purchased options outstanding (cost $3,546) $5,852

SHORT-TERM INVESTMENTS (3.1%)(a)
Principal amount/shares Value
Putnam Short Term Investment Fund 0.06%(AFF) 675,931 $675,931
U.S. Treasury Bills with an effective yield of 0.12%, November 13, 2014(SEG) $100,000 99,931
U.S. Treasury Bills with an effective yield of 0.10%, August 21, 2014(SEG) 11,000 10,996
U.S. Treasury Bills with effective yields ranging from 0.10% to 0.11%, April 3, 2014(SEG) 19,000 18,998
Total short-term investments (cost $805,835) $805,856

TOTAL INVESTMENTS
Total investments (cost $19,906,568)(b) $26,072,861













FORWARD CURRENCY CONTRACTS at 2/28/14 (aggregate face value $9,430,160) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)
Bank of America N.A.
Canadian Dollar Sell 4/16/14 $356,263 $369,093 $12,830
Chilean Peso Buy 4/16/14 428 463 (35)
Euro Buy 3/19/14 443,624 435,739 7,885
Singapore Dollar Sell 5/21/14 12,149 12,076 (73)
Swiss Franc Sell 3/19/14 28,087 27,280 (807)
Barclays Bank PLC
Australian Dollar Buy 4/16/14 24,647 24,695 (48)
Australian Dollar Sell 4/16/14 25,181 24,551 (630)
British Pound Buy 3/19/14 47,050 45,612 1,438
British Pound Sell 6/18/14 52,205 52,244 39
Canadian Dollar Buy 4/16/14 28,779 29,853 (1,074)
Euro Buy 3/19/14 33,817 33,006 811
Hong Kong Dollar Sell 5/21/14 33,741 33,722 (19)
Japanese Yen Sell 5/21/14 48,943 49,067 124
Mexican Peso Buy 4/16/14 17,197 17,324 (127)
Norwegian Krone Buy 3/19/14 25,594 25,051 543
Norwegian Krone Sell 3/19/14 25,594 25,014 (580)
Polish Zloty Buy 3/19/14 12,529 12,174 355
Polish Zloty Sell 3/19/14 12,529 12,229 (300)
Singapore Dollar Sell 5/21/14 62,007 61,638 (369)
South African Rand Sell 4/16/14 15,361 15,244 (117)
Swedish Krona Buy 6/18/14 26,438 26,466 (28)
Swiss Franc Sell 3/19/14 68,001 66,630 (1,371)
Turkish Lira Buy 3/19/14 29,626 30,601 (975)
Turkish Lira Sell 3/19/14 29,626 29,243 (383)
Citibank, N.A.
Australian Dollar Sell 4/16/14 67,623 67,586 (37)
Brazilian Real Buy 4/2/14 15,369 14,845 524
Brazilian Real Sell 4/2/14 15,369 14,960 (409)
British Pound Buy 3/19/14 26,622 26,123 499
British Pound Sell 3/19/14 26,622 25,996 (626)
Chilean Peso Sell 4/16/14 13,854 13,758 (96)
Danish Krone Sell 3/19/14 40,808 40,099 (709)
Euro Buy 3/19/14 25,121 24,903 218
Norwegian Krone Sell 6/18/14 23,515 23,555 40
Swiss Franc Sell 3/19/14 50,035 48,683 (1,352)
Credit Suisse International
Australian Dollar Sell 4/16/14 92,358 91,732 (626)
British Pound Sell 3/19/14 60,278 57,808 (2,470)
British Pound Sell 6/18/14 26,102 26,122 20
Canadian Dollar Buy 4/16/14 49,168 49,664 (496)
Canadian Dollar Sell 4/16/14 49,168 49,602 434
Euro Buy 3/19/14 127,676 126,574 1,102
Euro Sell 3/19/14 127,676 126,826 (850)
Indian Rupee Buy 5/21/14 13,591 13,007 584
Japanese Yen Buy 5/21/14 579,749 579,336 413
Mexican Peso Buy 4/16/14 181 429 (248)
New Zealand Dollar Buy 4/16/14 25,155 24,636 519
New Zealand Dollar Sell 4/16/14 25,155 24,706 (449)
Norwegian Krone Buy 3/19/14 4,379 4,538 (159)
Singapore Dollar Sell 5/21/14 10,256 10,195 (61)
South African Rand Buy 4/16/14 15,305 15,134 171
South African Rand Sell 4/16/14 15,305 14,573 (732)
South Korean Won Sell 5/21/14 708 727 19
Swedish Krona Buy 3/19/14 25,822 25,536 286
Swedish Krona Sell 3/19/14 25,822 25,079 (743)
Swiss Franc Sell 3/19/14 40,824 39,726 (1,098)
Deutsche Bank AG
Australian Dollar Buy 4/16/14 24,558 24,827 (269)
Australian Dollar Sell 4/16/14 24,558 24,551 (7)
Canadian Dollar Buy 4/16/14 24,719 24,288 431
Euro Sell 3/19/14 141,617 139,473 (2,144)
Japanese Yen Sell 5/21/14 49,710 49,671 (39)
Norwegian Krone Buy 3/19/14 966 948 18
Norwegian Krone Sell 3/19/14 966 944 (22)
Norwegian Krone Sell 6/18/14 23,515 23,558 43
Polish Zloty Buy 3/19/14 19,623 18,983 640
Polish Zloty Sell 3/19/14 19,623 19,235 (388)
Swedish Krona Buy 6/18/14 26,438 26,463 (25)
Swiss Franc Sell 3/19/14 46,282 45,042 (1,240)
Turkish Lira Buy 3/19/14 14,993 15,184 (191)
Turkish Lira Sell 3/19/14 14,993 14,865 (128)
Goldman Sachs International
Australian Dollar Buy 4/16/14 25,803 26,000 (197)
British Pound Buy 3/19/14 26,790 26,156 634
British Pound Sell 3/19/14 26,790 26,098 (692)
Euro Sell 3/19/14 139,961 137,560 (2,401)
Japanese Yen Buy 5/21/14 77,703 77,850 (147)
HSBC Bank USA, National Association
Australian Dollar Buy 4/16/14 14,503 14,562 (59)
Australian Dollar Sell 4/16/14 14,503 14,493 (10)
British Pound Sell 3/19/14 355,132 346,468 (8,664)
Canadian Dollar Buy 4/16/14 24,358 24,797 (439)
Canadian Dollar Sell 4/16/14 24,358 24,107 (251)
Euro Buy 3/19/14 26,640 26,533 107
Euro Sell 3/19/14 26,640 26,424 (216)
Japanese Yen Sell 5/21/14 169,883 169,784 (99)
JPMorgan Chase Bank N.A.
Australian Dollar Buy 4/16/14 25,892 26,651 (759)
British Pound Buy 3/19/14 119,549 116,651 2,898
British Pound Sell 6/18/14 26,102 26,122 20
Canadian Dollar Buy 4/16/14 153,277 158,458 (5,181)
Euro Sell 3/19/14 1,283,939 1,260,808 (23,131)
Hungarian Forint Sell 3/19/14 15,187 14,923 (264)
Indian Rupee Buy 5/21/14 15,221 15,246 (25)
Japanese Yen Sell 5/21/14 600,141 599,677 (464)
Mexican Peso Buy 4/16/14 18,610 18,742 (132)
New Taiwan Dollar Sell 5/21/14 15,444 15,391 (53)
New Zealand Dollar Buy 4/16/14 25,072 24,341 731
New Zealand Dollar Sell 4/16/14 25,072 24,624 (448)
Norwegian Krone Sell 6/18/14 23,499 23,539 40
Singapore Dollar Buy 5/21/14 24,851 24,704 147
Swedish Krona Sell 3/19/14 46,622 45,745 (877)
Swiss Franc Sell 3/19/14 39,459 38,712 (747)
Royal Bank of Scotland PLC (The)
British Pound Sell 3/19/14 24,111 23,522 (589)
Canadian Dollar Buy 4/16/14 49,258 49,682 (424)
Canadian Dollar Sell 4/16/14 49,258 49,471 213
Euro Buy 3/19/14 26,916 26,631 285
Japanese Yen Sell 5/21/14 53,422 53,384 (38)
Mexican Peso Buy 4/16/14 24,180 24,378 (198)
State Street Bank and Trust Co.
Australian Dollar Buy 4/16/14 25,448 25,736 (288)
Australian Dollar Sell 4/16/14 25,448 25,548 100
Brazilian Real Buy 4/2/14 15,369 14,788 581
Brazilian Real Sell 4/2/14 15,369 14,964 (405)
British Pound Sell 3/19/14 15,237 14,499 (738)
British Pound Sell 6/18/14 26,102 26,123 21
Canadian Dollar Buy 4/16/14 82,277 85,584 (3,307)
Euro Buy 3/19/14 42,375 41,173 1,202
Japanese Yen Sell 5/21/14 174,653 174,447 (206)
Mexican Peso Buy 4/16/14 4,998 5,070 (72)
New Taiwan Dollar Sell 5/21/14 15,444 15,385 (59)
Norwegian Krone Buy 3/19/14 12,506 12,119 387
Norwegian Krone Sell 3/19/14 12,506 12,011 (495)
Norwegian Krone Sell 6/18/14 23,515 23,555 40
Polish Zloty Buy 3/19/14 24,992 24,264 728
Polish Zloty Sell 3/19/14 24,992 24,402 (590)
Singapore Dollar Sell 5/21/14 19,091 18,981 (110)
Swedish Krona Buy 6/18/14 26,438 26,466 (28)
Swiss Franc Sell 3/19/14 14,442 14,025 (417)
UBS AG
Australian Dollar Buy 4/16/14 24,647 24,922 (275)
Australian Dollar Sell 4/16/14 24,647 24,145 (502)
British Pound Buy 3/19/14 26,120 27,208 (1,088)
British Pound Sell 6/18/14 52,205 52,243 38
Canadian Dollar Sell 4/16/14 326,311 338,159 11,848
Euro Buy 3/19/14 45,688 44,214 1,474
Japanese Yen Sell 5/21/14 178,654 178,491 (163)
Mexican Peso Buy 4/16/14 12,515 12,570 (55)
Mexican Peso Sell 4/16/14 12,515 12,364 (151)
Norwegian Krone Buy 3/19/14 24,328 23,863 465
Norwegian Krone Sell 3/19/14 24,328 23,493 (835)
Norwegian Krone Sell 6/18/14 23,515 23,556 41
South African Rand Buy 4/16/14 15,314 15,143 171
South African Rand Sell 4/16/14 15,314 14,675 (639)
Swedish Krona Buy 3/19/14 25,260 24,997 263
Swedish Krona Sell 3/19/14 25,260 24,776 (484)
Swiss Franc Sell 3/19/14 241,870 234,840 (7,030)
WestPac Banking Corp.
Australian Dollar Buy 4/16/14 25,892 25,965 (73)
Canadian Dollar Buy 4/16/14 142,451 147,982 (5,531)
Euro Buy 3/19/14 401,250 393,845 7,405
Japanese Yen Sell 5/21/14 67,886 67,830 (56)
Total $(32,827)












FUTURES CONTRACTS OUTSTANDING at 2/28/14 (Unaudited)


             Unrealized
Number of             Expiration appreciation/
contracts Value             date (depreciation)
Euro STOXX 50 Index (Short) 11 $476,756             Mar-14 $(27,980)
FTSE 100 Index (Short) 4 $453,837             Mar-14 (2,150)
MSCI EAFE Index Mini (Long) 5 482,325             Mar-14 28,940
Russell 2000 Index Mini (Long) 2 236,380             Mar-14 (1,372)
S&P 500 Index E-Mini (Long) 3 278,640             Mar-14 12,741
SPI 200 Index (Long) 4 481,512             Mar-14 21,556
Total $31,735












WRITTEN OPTIONS OUTSTANDING at 2/28/14 (premiums $1,416) (Unaudited)


Expiration       Contract
date/strike price       amount Value
iShares MSCI Emerging Markets Index (Put) May-14/$35.00        $1,744 $803
MSCI Qatar Net TR USD (Call) May-14/1,586.95        52 1,137
Total $1,940












Key to holding's currency abbreviations
KWD Kuwaiti Dinar
SAR Saudi Arabian Riyal
USD / $ United States Dollar
Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
ETF Exchange Traded Fund
JSC Joint Stock Company
OAO Open Joint Stock Company
OJSC Open Joint Stock Company
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, 2013 through February 28, 2014 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $26,048,785.
(b) The aggregate identified cost on a tax basis is $19,986,717, resulting in gross unrealized appreciation and depreciation of $6,379,326 and $293,182, respectively, or net unrealized appreciation of $6,086,144.
(NON) Non-income-producing security.
(AFF) Affiliated company. 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 Putnam Short Term Investment Fund, which is under common ownership and control, were as follows:
Name of affiliate Fair value at the beginning of the reporting period Purchase cost Sale proceeds Investment income Fair value at the end of the reporting period
Putnam Short Term Investment Fund * $ 929,346 $ 6,025,669 $ 6,279,084 $ 334 $ 675,931
* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.
(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.
(F) Security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for 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.
At the close of the reporting period, the fund maintained liquid assets totaling $45,335 to cover certain derivatives contracts and the settlement of certain securities.
144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
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 79.80%
United Kingdom 3.5
Japan 3.2
France 1.7
Switzerland 1.5
Germany 1.5
Australia 1.1
South Korea 0.7
China 0.7
Spain 0.6
Other 5.7
Total 100.0%
Security valuation: Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
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 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 may be valued at amortized cost, which approximates fair value 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 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 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.
Options contracts: The fund used options contracts to hedge market risk.
The potential risk to the fund is that the change in value of 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, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. 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.
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. OTC traded options are valued using prices supplied by dealers. Forward premium swap options contracts include premiums that do not settle until the expiration date of the contract. The delayed settlement of the premiums are factored into the daily valuation of the option contracts.
For the fund's average contract amount on options contracts, see the appropriate table at the end of these footnotes.
Futures contracts: The fund used futures contracts to manage exposure to market risk and to equitize cash.
The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”.
For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes.
Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used to hedge foreign exchange risk.
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and with respect to those amounts which can be sold or repledged, 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 $54,647 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund for these agreements.












ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:

 Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks*:
    Basic materials $1,436,700 $141,378 $—
    Capital goods 1,384,975 154,844 —
    Communication services 913,107 40,588 —
    Conglomerates 437,535 7,023 —
    Consumer cyclicals 3,080,292 315,925 —
    Consumer staples 1,651,422 89,788 129
    Energy 2,010,018 48,978 —
    Financials 3,812,434 537,633 —
    Health care 2,976,296 28,321 —
    Industrials — — 468
    Technology 3,783,636 370,257 —
    Transportation 483,849 78,189 —
    Utilities and power 690,891 35,618 —
Total common stocks 22,661,155 1,848,542 597
Investment companies $719,845 $— $—
Purchased options outstanding — 5,852 —
Warrants — 31,014 —
Short-term investments 675,931 129,925 —
Totals by level $24,056,931 $2,015,333 $597



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(32,827) $—
Futures contracts 31,735 — —
Written options outstanding — (1,940) —
Totals by level $31,735 $(34,767) $—


* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
At the start and close of the reporting period, Level 3 investments in securities were not considered a significant portion of the fund's portfolio.

Fair Value 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 Fair value Fair value
Foreign exchange contracts $59,825 $92,652
Equity contracts 100,103 33,442
Total $159,928 $126,094


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 as follows based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Purchased equity option contracts (contract amount)$1,000
Written equity option contracts (contract amount)$1,000
Futures contracts (number of contracts)30
Forward currency contracts (contract amount)$21,400,000
Warrants (number of warrants)29,000

The following table summarizes any derivatives, repurchase agreements, reverse repurchase agreements, securities lending and borrowing transactions, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement.
 
Offsetting of financial and derivative assets and liabilities		        
      Bank of America N.A. Barclays Bank PLC Citibank, N.A. Credit Suisse International Deutsche Bank AG Goldman Sachs International HSBC Bank USA, National Association JPMorgan Chase Bank N.A. Royal Bank of Scotland PLC (The) State Street Bank and Trust Co. UBS AG WestPac Banking Corp.   Total
                                 
  Assets:                              
  Forward currency contracts#    20,715  3,310  1,281  3,548  1,132  634  107  3,836  498  3,059  14,300  7,405    59,825
  Purchased options#    —  —  —  —  —  3,986  —  —  —  —  1,866  —    5,852
                                 
  Total Assets    $20,715  $3,310  $1,281  $3,548  $1,132  $4,620  $107  $3,836  $498  $3,059  $16,166  $7,405    $65,677
                                 
  Liabilities:                              
  Forward currency contracts#    915  6,021  3,229  7,932  4,453  3,437  9,738  32,081  1,249  6,715  11,222  5,660    92,652
  Written options#    —  —  —  —  —  1,137  —  —  —  —  803  —    1,940
                                 
  Total Liabilities    $915  $6,021  $3,229  $7,932  $4,453  $4,574  $9,738  $32,081  $1,249  $6,715  $12,025  $5,660    $94,592
                                 
  Total Financial and Derivative Net Assets    $19,800  $(2,711)  $(1,948)  $(4,384)  $(3,321)  $46  $(9,631)  $(28,245)  $(751)  $(3,656)  $4,141  $1,745    $(28,915)
  Total collateral received (pledged)##†    $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—    $—
  Net amount    $19,800  $(2,711)  $(1,948)  $(4,384)  $(3,321)  $46  $(9,631)  $(28,245)  $(751)  $(3,656)  $4,141  $1,745    $(28,915)
                                 
                                 
†  Additional collateral may be required from certain brokers based on individual agreements.
                                 
# Covered by master netting agreement.          
                                 
## Any over-collateralization of total financial and derivative net assets is not shown.        

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: April 25, 2014

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: April 25, 2014

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: April 25, 2014

EX-99.CERT 2 b_FL7certifications.htm EX-99.CERT b_FL7certifications.htm

Certifications

I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and


d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

/s/ Jonathan S. Horwitz
_____________________________

Date: April 24, 2014
Jonathan S. Horwitz
Principal Executive Officer













Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-Q of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and


d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

/s/ Steven D. Krichmar
_______________________________

Date: April 24, 2014
Steven D. Krichmar
Principal Financial Officer














Attachment A

NQ

Period (s) ended February 28, 2014
               Putnam Arizona Tax Exempt Income Fund
               Putnam Minnesota Tax Exempt Income Fund
               Putnam Massachusetts Tax Exempt Income Fund
               Putnam New York Tax Exempt Income Fund
               Putnam High Yield Advantage Fund
               Putnam Equity Income Fund
               Putnam Pennsylvania Tax Exempt Income Fund
               Putnam Ohio Tax Exempt Income Fund
               Putnam New Jersey Tax Exempt Income Fund
               Putnam Michigan Tax Exempt Income Fund
               Putnam Dynamic Asset Allocation Equity Fund
               Putnam Dynamic Risk Allocation Fund
               Putnam Short Term Municipal Income Fund
               Putnam Intermediate Term Municipal Income Fund
               Putnam Emerging Markets Income Fund
               Putnam Global Dividend Fund