| 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: | Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036 |
| Registrant’s telephone number, including area code: | (617) 292-1000 |
| Date of fiscal year end: | May 31, 2015 |
| Date of reporting period: | February 28, 2015 |
Item 1. Schedule of Investments: |
| Putnam Dynamic Asset Allocation Equity Fund | ||||||
| The fund's portfolio | ||||||
| 2/28/15 (Unaudited) | ||||||
| COMMON STOCKS (91.9%)(a) | ||||||
| Shares | Value | |||||
| Advertising and marketing services (0.5%) | ||||||
| Lions Gate Entertainment Corp. | 493 | $16,067 | ||||
| Nu Skin Enterprises, Inc. Class A | 200 | 10,836 | ||||
| Omnicom Group, Inc. | 1,977 | 157,251 | ||||
| 184,154 | ||||||
| Aerospace and defense (2.1%) | ||||||
| Airbus Group NV (France) | 208 | 12,879 | ||||
| Astronics Corp.(NON) | 52 | 3,617 | ||||
| BAE Systems PLC (United Kingdom) | 4,914 | 40,360 | ||||
| Northrop Grumman Corp. | 1,919 | 317,997 | ||||
| Orbital ATK, Inc. | 38 | 2,519 | ||||
| Raytheon Co. | 3,707 | 403,210 | ||||
| Safran SA (France) | 775 | 54,551 | ||||
| Triumph Group, Inc. | 156 | 9,327 | ||||
| 844,460 | ||||||
| Agriculture (—%) | ||||||
| Andersons, Inc. (The) | 146 | 6,463 | ||||
| Limoneira Co. | 121 | 2,529 | ||||
| 8,992 | ||||||
| Airlines (1.2%) | ||||||
| Air Arabia PJSC (United Arab Emirates)(NON) | 30,542 | 13,554 | ||||
| ANA Holdings, Inc. (Japan) | 17,000 | 46,092 | ||||
| Delta Air Lines, Inc. | 418 | 18,609 | ||||
| Hawaiian Holdings, Inc.(NON) | 637 | 11,791 | ||||
| JetBlue Airways Corp.(NON) | 1,143 | 19,648 | ||||
| SkyWest, Inc. | 289 | 4,225 | ||||
| Southwest Airlines Co. | 8,174 | 353,444 | ||||
| Spirit Airlines, Inc.(NON) | 167 | 12,989 | ||||
| Turk Hava Yollari Anonim Ortakligi (THY) (Turkey)(NON) | 2,920 | 10,534 | ||||
| 490,886 | ||||||
| Automotive (1.8%) | ||||||
| Bayerische Motoren Werke (BMW) AG (Germany) | 282 | 35,660 | ||||
| Dana Holding Corp. | 409 | 8,937 | ||||
| Denso Corp. (Japan) | 400 | 18,813 | ||||
| Dogus Otomotiv Servis ve Ticaret AS (Turkey) | 3,303 | 16,853 | ||||
| Fuji Heavy Industries, Ltd. (Japan) | 1,500 | 51,070 | ||||
| General Motors Co. | 1,908 | 71,187 | ||||
| Harley-Davidson, Inc. | 2,211 | 140,553 | ||||
| Lear Corp. | 965 | 105,108 | ||||
| Remy International, Inc. | 178 | 4,071 | ||||
| Renault SA (France) | 322 | 30,935 | ||||
| Suzuki Motor Corp. (Japan) | 1,600 | 50,619 | ||||
| Tata Motors, Ltd. (India) | 3,377 | 31,501 | ||||
| Toyota Motor Corp. (Japan) | 1,200 | 80,994 | ||||
| UMW Holdings Bhd (Malaysia) | 3,500 | 10,758 | ||||
| Valeo SA (France) | 196 | 29,500 | ||||
| Visteon Corp.(NON) | 72 | 7,238 | ||||
| 693,797 | ||||||
| Banking (8.0%) | ||||||
| Abu Dhabi Commercial Bank PJSC (United Arab Emirates)(NON) | 10,480 | 21,971 | ||||
| Access National Corp. | 168 | 3,182 | ||||
| Australia & New Zealand Banking Group, Ltd. (Australia) | 1,006 | 27,756 | ||||
| Axis Bank, Ltd. (India) | 2,495 | 22,875 | ||||
| Banco Bilbao Vizcaya Argentaria SA (Spain) | 2,299 | 23,103 | ||||
| Banco Bradesco SA ADR (Brazil) | 1,440 | 18,979 | ||||
| Banco Latinoamericano de Exportaciones SA Class E (Panama) | 386 | 12,140 | ||||
| Banco Santander SA (Spain) | 4,397 | 32,145 | ||||
| Bank Negara Indonesia Persero Tbk PT (Indonesia) | 20,600 | 10,941 | ||||
| Bank of China, Ltd. (China) | 42,000 | 24,149 | ||||
| Bank of New York Mellon Corp. (The) | 5,142 | 201,258 | ||||
| Bank of Yokohama, Ltd. (The) (Japan) | 4,000 | 24,822 | ||||
| Bankia SA (Spain)(NON) | 14,673 | 21,313 | ||||
| Barclays PLC (United Kingdom) | 3,350 | 13,287 | ||||
| BNP Paribas SA (France) | 475 | 27,688 | ||||
| BofI Holding, Inc.(NON) | 126 | 11,138 | ||||
| Cardinal Financial Corp. | 322 | 6,302 | ||||
| China Construction Bank Corp. (China) | 38,000 | 31,572 | ||||
| Citizens & Northern Corp. | 202 | 3,889 | ||||
| Commercial International Bank Egypt SAE GDR (Egypt) | 4,782 | 31,992 | ||||
| Commonwealth Bank of Australia (Australia) | 1,251 | 89,760 | ||||
| Gentera SAB de CV (Mexico)(NON) | 9,801 | 18,607 | ||||
| Credicorp, Ltd. (Peru) | 53 | 7,697 | ||||
| Credit Agricole SA (France) | 3,096 | 43,550 | ||||
| Credit Suisse Group AG (Switzerland) | 573 | 13,986 | ||||
| Customers Bancorp, Inc.(NON) | 515 | 11,402 | ||||
| DBS Group Holdings, Ltd. (Singapore) | 2,200 | 31,561 | ||||
| Dubai Islamic Bank PJSC (United Arab Emirates)(NON) | 19,055 | 34,760 | ||||
| East West Bancorp, Inc. | 124 | 4,954 | ||||
| Farmers Capital Bank Corp.(NON) | 155 | 3,601 | ||||
| FCB Financial Holdings, Inc. Class A(NON) | 374 | 9,500 | ||||
| Federal Bank, Ltd. (India) | 8,553 | 19,671 | ||||
| Financial Institutions, Inc. | 213 | 4,797 | ||||
| First Community Bancshares Inc. | 208 | 3,345 | ||||
| First NBC Bank Holding Co.(NON) | 265 | 8,671 | ||||
| FirstMerit Corp. | 254 | 4,610 | ||||
| Flushing Financial Corp. | 226 | 4,425 | ||||
| Grupo Financiero Banorte SAB de CV (Mexico) | 2,645 | 14,313 | ||||
| Hang Seng Bank, Ltd. (Hong Kong) | 1,900 | 34,628 | ||||
| Hanmi Financial Corp. | 436 | 8,602 | ||||
| Heartland Financial USA, Inc. | 140 | 4,299 | ||||
| Heritage Financial Group, Inc. | 230 | 5,955 | ||||
| Industrial & Commercial Bank of China, Ltd. (China) | 39,000 | 28,456 | ||||
| Itau Unibanco Holding SA ADR (Preference) (Brazil) | 3,508 | 44,832 | ||||
| Joyo Bank, Ltd. (The) (Japan) | 4,000 | 21,491 | ||||
| JPMorgan Chase & Co. | 10,319 | 632,348 | ||||
| KeyCorp | 10,419 | 145,137 | ||||
| King's Town Bank Co., Ltd. (Taiwan) | 19,000 | 20,483 | ||||
| Lloyds Banking Group PLC (United Kingdom)(NON) | 55,671 | 67,899 | ||||
| MainSource Financial Group, Inc. | 318 | 5,950 | ||||
| Meta Financial Group, Inc. | 123 | 4,387 | ||||
| National Australia Bank, Ltd. (Australia) | 1,033 | 30,555 | ||||
| OFG Bancorp (Puerto Rico) | 202 | 3,525 | ||||
| Opus Bank | 202 | 5,884 | ||||
| Pacific Premier Bancorp, Inc.(NON) | 213 | 3,361 | ||||
| PacWest Bancorp | 194 | 8,892 | ||||
| Peoples Bancorp, Inc. | 201 | 4,772 | ||||
| PNC Financial Services Group, Inc. | 4,613 | 424,211 | ||||
| Popular, Inc. (Puerto Rico)(NON) | 168 | 5,798 | ||||
| Republic Bancorp, Inc. Class A | 128 | 3,060 | ||||
| Resona Holdings, Inc. (Japan) | 9,200 | 51,723 | ||||
| Skandinaviska Enskilda Banken AB (Sweden) | 2,596 | 32,757 | ||||
| State Street Corp. | 5,066 | 377,164 | ||||
| Sumitomo Mitsui Financial Group, Inc. (Japan) | 600 | 23,902 | ||||
| Swedbank AB Class A (Sweden) | 1,251 | 32,562 | ||||
| Talmer Bancorp, Inc. Class A | 390 | 5,511 | ||||
| Turkiye Is Bankasi (Turkey) | 6,175 | 15,482 | ||||
| UniCredit SpA (Italy) | 3,280 | 21,821 | ||||
| United Community Banks, Inc. | 221 | 4,203 | ||||
| Wells Fargo & Co. | 2,831 | 155,110 | ||||
| Westpac Banking Corp. (Australia) | 1,153 | 34,300 | ||||
| 3,168,772 | ||||||
| Basic materials (0.1%) | ||||||
| Sumitomo Metal Mining Co., Ltd. (Japan) | 2,000 | 31,618 | ||||
| U.S. Silica Holdings, Inc. | 185 | 5,996 | ||||
| 37,614 | ||||||
| Beverage (1.6%) | ||||||
| Anheuser-Busch InBev NV (Belgium) | 380 | 48,350 | ||||
| Diageo PLC (United Kingdom) | 864 | 25,817 | ||||
| Dr. Pepper Snapple Group, Inc. | 3,374 | 265,837 | ||||
| Heineken Holding NV (Netherlands) | 460 | 32,003 | ||||
| Monster Beverage Corp.(NON) | 1,682 | 237,364 | ||||
| SABMiller PLC (United Kingdom) | 418 | 23,716 | ||||
| 633,087 | ||||||
| Biotechnology (1.6%) | ||||||
| AMAG Pharmaceuticals, Inc.(NON)(S) | 510 | 25,107 | ||||
| Applied Genetic Technologies Corp.(NON) | 176 | 3,571 | ||||
| ARIAD Pharmaceuticals, Inc.(NON)(S) | 2,279 | 18,528 | ||||
| Celgene Corp.(NON) | 3,026 | 367,750 | ||||
| China Biologic Products, Inc. (China)(NON) | 196 | 15,014 | ||||
| Dyax Corp.(NON) | 391 | 5,908 | ||||
| Dynavax Technologies Corp.(NON) | 553 | 9,733 | ||||
| Emergent BioSolutions, Inc.(NON) | 291 | 8,721 | ||||
| Gilead Sciences, Inc.(NON) | 1,313 | 135,935 | ||||
| Inovio Pharmaceuticals, Inc.(NON) | 137 | 969 | ||||
| Isis Pharmaceuticals, Inc.(NON) | 159 | 10,901 | ||||
| Medicines Co. (The)(NON) | 180 | 5,178 | ||||
| Merrimack Pharmaceuticals, Inc.(NON) | 545 | 5,842 | ||||
| Prothena Corp. PLC (Ireland)(NON) | 425 | 11,297 | ||||
| PTC Therapeutics, Inc.(NON) | 68 | 4,850 | ||||
| Puma Biotechnology, Inc.(NON) | 22 | 4,686 | ||||
| Repligen Corp.(NON) | 250 | 6,428 | ||||
| 640,418 | ||||||
| Broadcasting (0.6%) | ||||||
| Discovery Communications, Inc. Class A(NON) | 2,702 | 87,275 | ||||
| Entravision Communications Corp. Class A | 2,041 | 14,001 | ||||
| ITV PLC (United Kingdom) | 12,929 | 44,971 | ||||
| Scripps Networks Interactive Class A | 941 | 68,034 | ||||
| Starz Class A(NON) | 1,075 | 35,733 | ||||
| 250,014 | ||||||
| Building materials (0.1%) | ||||||
| CaesarStone Sdot-Yam, Ltd. (Israel) | 77 | 5,037 | ||||
| Geberit International AG (Switzerland) | 87 | 30,991 | ||||
| PGT, Inc.(NON) | 1,024 | 10,414 | ||||
| 46,442 | ||||||
| Capital goods (—%) | ||||||
| Stoneridge, Inc.(NON) | 497 | 5,740 | ||||
| 5,740 | ||||||
| Chemicals (2.3%) | ||||||
| Aceto Corp. | 153 | 3,276 | ||||
| BASF SE (Germany) | 398 | 38,147 | ||||
| Cabot Corp. | 108 | 4,873 | ||||
| Cambrex Corp.(NON) | 718 | 24,592 | ||||
| EMS-Chemie Holding AG (Switzerland) | 57 | 25,052 | ||||
| Innophos Holdings, Inc. | 130 | 7,297 | ||||
| Innospec, Inc. | 179 | 7,906 | ||||
| Kraton Performance Polymers, Inc.(NON) | 158 | 3,188 | ||||
| LSB Industries, Inc.(NON) | 391 | 14,694 | ||||
| LyondellBasell Industries NV Class A | 4,138 | 355,496 | ||||
| Minerals Technologies, Inc. | 59 | 4,321 | ||||
| Nippon Paint Holdings Co., Ltd. (Japan) | 1,200 | 41,687 | ||||
| OM Group, Inc. | 194 | 5,585 | ||||
| PolyOne Corp. | 304 | 12,081 | ||||
| Sherwin-Williams Co. (The) | 1,030 | 293,756 | ||||
| Syngenta AG (Switzerland) | 86 | 30,292 | ||||
| UPL, Ltd. (India) | 2,629 | 17,843 | ||||
| Zep, Inc. | 362 | 6,020 | ||||
| 896,106 | ||||||
| Commercial and consumer services (1.2%) | ||||||
| ADT Corp. (The)(S) | 1,655 | 64,909 | ||||
| Babcock International Group PLC (United Kingdom) | 1,523 | 23,748 | ||||
| Bunzl PLC (United Kingdom) | 1,098 | 32,140 | ||||
| Bureau Veritas SA (France) | 844 | 19,891 | ||||
| Compass Group PLC (United Kingdom) | 1,793 | 31,889 | ||||
| Corporate Executive Board Co. (The) | 60 | 4,693 | ||||
| Ctrip.com International, Ltd. ADR (China)(NON) | 322 | 14,609 | ||||
| CVC Brasil Operadora e Agencia de Viagens SA (Brazil) | 2,000 | 10,068 | ||||
| Deluxe Corp. | 293 | 19,499 | ||||
| Ennis, Inc. | 266 | 3,711 | ||||
| Expedia, Inc. | 912 | 83,676 | ||||
| Experian PLC (United Kingdom) | 1,358 | 25,117 | ||||
| Global Cash Access Holdings, Inc.(NON) | 646 | 4,593 | ||||
| Green Dot Corp. Class A(NON) | 184 | 2,854 | ||||
| Horizon Pharma PLC(NON) | 278 | 5,707 | ||||
| Landauer, Inc. | 247 | 9,421 | ||||
| Live Nation Entertainment, Inc.(NON) | 579 | 14,817 | ||||
| Monster Worldwide, Inc.(NON) | 2,034 | 13,668 | ||||
| Net 1 UEPS Technologies, Inc. (South Africa)(NON) | 1,419 | 19,384 | ||||
| Pitney Bowes, Inc. | 283 | 6,557 | ||||
| RE/MAX Holdings, Inc. Class A | 308 | 10,090 | ||||
| Securitas AB (Sweden) | 2,387 | 33,985 | ||||
| 455,026 | ||||||
| Communications equipment (—%) | ||||||
| Plantronics, Inc. | 51 | 2,572 | ||||
| 2,572 | ||||||
| Computers (5.3%) | ||||||
| Apple, Inc. | 8,315 | 1,068,145 | ||||
| Aspen Technology, Inc.(NON) | 145 | 5,598 | ||||
| AVG Technologies NV (Netherlands)(NON) | 201 | 4,537 | ||||
| Constant Contact, Inc.(NON) | 137 | 5,662 | ||||
| Cray, Inc.(NON) | 172 | 5,138 | ||||
| EMC Corp. | 5,043 | 145,944 | ||||
| Fujitsu, Ltd. (Japan) | 4,000 | 24,132 | ||||
| Golfzon Co., Ltd. (South Korea) | 425 | 11,573 | ||||
| HCL Technologies, Ltd. (India) | 891 | 29,141 | ||||
| Lexmark International, Inc. Class A | 108 | 4,607 | ||||
| MTS Systems Corp. | 60 | 4,347 | ||||
| NetApp, Inc. | 5,529 | 213,696 | ||||
| Netscout Systems, Inc.(NON) | 113 | 4,556 | ||||
| Nimble Storage, Inc.(NON) | 138 | 3,486 | ||||
| QAD, Inc. Class A | 285 | 6,128 | ||||
| Quantum Corp.(NON) | 2,623 | 4,275 | ||||
| SolarWinds, Inc.(NON) | 261 | 13,241 | ||||
| Spansion, Inc. Class A(NON) | 329 | 11,870 | ||||
| SS&C Technologies Holdings, Inc. | 129 | 7,828 | ||||
| Synaptics, Inc.(NON) | 252 | 21,659 | ||||
| Synchronoss Technologies, Inc.(NON) | 136 | 6,019 | ||||
| VeriFone Systems, Inc.(NON) | 128 | 4,504 | ||||
| Verint Systems, Inc.(NON) | 129 | 7,853 | ||||
| Western Digital Corp. | 2,838 | 303,609 | ||||
| Xerox Corp. | 13,839 | 188,902 | ||||
| 2,106,450 | ||||||
| Conglomerates (0.5%) | ||||||
| AMETEK, Inc. | 2,049 | 108,884 | ||||
| Exor SpA (Italy) | 453 | 20,171 | ||||
| Marubeni Corp. (Japan) | 1,300 | 7,995 | ||||
| Siemens AG (Germany) | 506 | 56,522 | ||||
| 193,572 | ||||||
| Construction (0.4%) | ||||||
| China Singyes Solar Technologies Holdings, Ltd. (China) | 9,000 | 11,990 | ||||
| Continental Building Products, Inc.(NON) | 637 | 13,288 | ||||
| IRB Infrastructure Developers, Ltd. (India) | 7,740 | 32,024 | ||||
| Koninklijke Boskalis Westminster NV (Netherlands) | 501 | 23,281 | ||||
| Matrix Service Co.(NON) | 277 | 5,152 | ||||
| Mota-Engil Africa NV (Angola)(NON) | 265 | 1,942 | ||||
| Mota-Engil SGPS SA (Portugal) | 4,853 | 18,188 | ||||
| Trex Co., Inc.(NON) | 183 | 9,214 | ||||
| Wendel SA (France) | 227 | 27,651 | ||||
| 142,730 | ||||||
| Consumer (1.0%) | ||||||
| Kimberly-Clark Corp. | 3,606 | 395,434 | ||||
| Swatch Group AG (The) (Switzerland) | 40 | 18,230 | ||||
| 413,664 | ||||||
| Consumer finance (0.5%) | ||||||
| Chailease Holding Co., Ltd. (Taiwan) | 9,500 | 23,081 | ||||
| Dewan Housing Finance Corp., Ltd. (India) | 2,158 | 17,777 | ||||
| Encore Capital Group, Inc.(NON) | 258 | 10,312 | ||||
| Federal Agricultural Mortgage Corp. Class C | 157 | 5,015 | ||||
| Mitsubishi UFJ Lease & Finance Co., Ltd. (Japan) | 6,200 | 29,996 | ||||
| Nelnet, Inc. Class A | 261 | 12,168 | ||||
| PHH Corp.(NON) | 177 | 4,298 | ||||
| PRA Group, Inc.(NON) | 213 | 10,669 | ||||
| Regional Management Corp.(NON) | 259 | 4,040 | ||||
| Visa, Inc. Class A | 236 | 64,029 | ||||
| 181,385 | ||||||
| Consumer goods (0.7%) | ||||||
| Avon Products, Inc. | 183 | 1,557 | ||||
| Colgate-Palmolive Co. | 1,062 | 75,211 | ||||
| Coty, Inc. Class A(NON) | 580 | 13,108 | ||||
| Energizer Holdings, Inc. | 406 | 54,335 | ||||
| Kao Corp. (Japan) | 900 | 40,304 | ||||
| L'Oreal SA (France) | 173 | 31,411 | ||||
| LG Household & Health Care, Ltd. (South Korea) | 17 | 10,378 | ||||
| Reckitt Benckiser Group PLC (United Kingdom) | 317 | 28,679 | ||||
| Unilever NV ADR (Netherlands) | 668 | 29,079 | ||||
| 284,062 | ||||||
| Consumer services (0.2%) | ||||||
| Geo Group, Inc. (The)(R) | 77 | 3,323 | ||||
| GrubHub, Inc.(NON) | 125 | 5,251 | ||||
| Liberty Ventures Ser. A(NON) | 879 | 35,318 | ||||
| Shutterfly, Inc.(NON) | 46 | 2,208 | ||||
| TrueBlue, Inc.(NON) | 569 | 13,093 | ||||
| 59,193 | ||||||
| Containers (0.8%) | ||||||
| Ball Corp. | 1,624 | 116,457 | ||||
| Crown Holdings, Inc.(NON) | 4,014 | 212,742 | ||||
| 329,199 | ||||||
| Distribution (0.1%) | ||||||
| Beacon Roofing Supply, Inc.(NON) | 281 | 8,436 | ||||
| Core-Mark Holding Co., Inc. | 149 | 10,478 | ||||
| SpartanNash Co. | 312 | 8,284 | ||||
| 27,198 | ||||||
| Electric utilities (2.2%) | ||||||
| Alliant Energy Corp. | 282 | 17,935 | ||||
| China Resources Power Holdings Co., Ltd. (China) | 10,000 | 26,523 | ||||
| Edison International | 3,846 | 247,106 | ||||
| Enel SpA (Italy) | 6,964 | 32,092 | ||||
| EnerNOC, Inc.(NON) | 335 | 4,519 | ||||
| Enersis SA ADR (Chile) | 943 | 15,512 | ||||
| Entergy Corp. | 4,636 | 368,608 | ||||
| Huadian Fuxin Energy Corp, Ltd. (China) | 22,000 | 10,499 | ||||
| Korea Electric Power Corp. (KEPCO) (South Korea) | 321 | 13,224 | ||||
| OGE Energy Corp. | 2,324 | 75,553 | ||||
| Red Electrica Corporacion SA (Spain) | 666 | 56,746 | ||||
| 868,317 | ||||||
| Electrical equipment (0.1%) | ||||||
| ABB, Ltd. (Switzerland) | 1,578 | 33,849 | ||||
| OSRAM Licht AG (Germany) | 436 | 19,994 | ||||
| 53,843 | ||||||
| Electronics (2.8%) | ||||||
| Broadcom Corp. Class A | 6,738 | 304,760 | ||||
| Brother Industries, Ltd. (Japan) | 1,900 | 32,074 | ||||
| Cavium, Inc.(NON) | 45 | 3,082 | ||||
| Ceva, Inc.(NON) | 322 | 6,411 | ||||
| Cirrus Logic, Inc.(NON) | 159 | 4,787 | ||||
| EnerSys | 229 | 14,954 | ||||
| Fairchild Semiconductor International, Inc.(NON) | 233 | 4,064 | ||||
| FANUC Corp. (Japan) | 300 | 57,613 | ||||
| Freescale Semiconductor, Ltd.(NON) | 273 | 9,858 | ||||
| GenMark Diagnostics, Inc.(NON) | 529 | 6,724 | ||||
| Hollysys Automation Technologies, Ltd. (China)(NON) | 721 | 13,432 | ||||
| Hoya Corp. (Japan) | 1,400 | 56,566 | ||||
| Integrated Silicon Solution, Inc. (ISSI) | 708 | 11,640 | ||||
| L-3 Communications Holdings, Inc. | 1,927 | 249,412 | ||||
| Marvell Technology Group, Ltd. | 7,971 | 128,493 | ||||
| Mellanox Technologies, Ltd. (Israel)(NON) | 93 | 4,431 | ||||
| Mentor Graphics Corp. | 970 | 22,756 | ||||
| Microsemi Corp.(NON) | 153 | 4,933 | ||||
| Monolithic Power Systems, Inc. | 87 | 4,588 | ||||
| Plexus Corp.(NON) | 275 | 11,069 | ||||
| QLogic Corp.(NON) | 1,324 | 19,873 | ||||
| Samsung Electronics Co., Ltd. (South Korea) | 77 | 95,127 | ||||
| Sanmina Corp.(NON) | 253 | 5,743 | ||||
| Semtech Corp.(NON) | 139 | 4,021 | ||||
| SK Hynix, Inc. (South Korea)(NON) | 578 | 24,494 | ||||
| Skyworth Digital Holdings, Ltd. (China) | 32,561 | 23,213 | ||||
| 1,124,118 | ||||||
| Energy (oil field) (2.1%) | ||||||
| Baker Hughes, Inc. | 2,122 | 132,646 | ||||
| Halliburton Co. | 3,280 | 140,843 | ||||
| Oil States International, Inc.(NON) | 556 | 24,175 | ||||
| Schlumberger, Ltd. | 4,871 | 409,943 | ||||
| Superior Energy Services, Inc. | 5,488 | 122,821 | ||||
| 830,428 | ||||||
| Energy (other) (0.1%) | ||||||
| AMEC PLC (United Kingdom) | 1,761 | 23,938 | ||||
| REX American Resources Corp.(NON) | 150 | 8,154 | ||||
| 32,092 | ||||||
| Engineering and construction (0.1%) | ||||||
| China Railway Group, Ltd. (China) | 20,000 | 16,242 | ||||
| Drake & Scull International PJSC (United Arab Emirates)(NON) | 26,479 | 5,349 | ||||
| 21,591 | ||||||
| Entertainment (0.3%) | ||||||
| Carmike Cinemas, Inc.(NON) | 235 | 7,344 | ||||
| Eros International PLC(NON) | 202 | 3,428 | ||||
| Harman International Industries, Inc. | 125 | 17,249 | ||||
| Marriott Vacations Worldwide Corp. | 115 | 8,747 | ||||
| National CineMedia, Inc. | 938 | 14,295 | ||||
| Panasonic Corp. (Japan) | 2,900 | 36,301 | ||||
| SeaWorld Entertainment, Inc. | 508 | 9,520 | ||||
| TiVo, Inc.(NON) | 883 | 9,872 | ||||
| Vail Resorts, Inc. | 48 | 4,215 | ||||
| 110,971 | ||||||
| Environmental (0.1%) | ||||||
| Coway Co., Ltd. (South Korea) | 102 | 8,003 | ||||
| MSA Safety, Inc. | 90 | 4,552 | ||||
| Sound Global, Ltd. (China)(NON)(S) | 24,000 | 20,372 | ||||
| 32,927 | ||||||
| Financial (2.4%) | ||||||
| BM&F Bovespa SA (Brazil) | 4,100 | 14,501 | ||||
| Credit Acceptance Corp.(NON) | 41 | 7,515 | ||||
| CTBC Financial Holding Co., Ltd. (Taiwan) | 59,072 | 39,244 | ||||
| Goldman Sachs Group, Inc. (The) | 2,627 | 498,578 | ||||
| HSBC Holdings PLC (United Kingdom) | 7,562 | 67,397 | ||||
| Mitsubishi UFJ Financial Group (MUFG), Inc. (Japan) | 6,000 | 39,075 | ||||
| Morgan Stanley | 5,899 | 211,125 | ||||
| Moscow Exchange MICEX-RTS OAO (Russia) | 10,498 | 13,060 | ||||
| Shriram Transport Finance Co., Ltd. (India) | 638 | 11,938 | ||||
| UBS Group AG (Switzerland) | 1,773 | 31,151 | ||||
| 933,584 | ||||||
| Food (2.3%) | ||||||
| Boulder Brands, Inc.(NON) | 119 | 1,227 | ||||
| Bunge, Ltd. | 1,734 | 141,807 | ||||
| Cal-Maine Foods, Inc. | 131 | 4,930 | ||||
| Calbee, Inc. (Japan) | 1,100 | 41,606 | ||||
| Carrefour SA (France) | 931 | 30,802 | ||||
| Distribuidora Internacional de Alimentacion SA (Spain) | 2,581 | 19,649 | ||||
| Farmer Bros Co.(NON) | 128 | 3,101 | ||||
| Gruma SAB de CV Class B (Mexico) | 1,928 | 23,826 | ||||
| JBS SA (Brazil) | 3,263 | 14,391 | ||||
| JG Summit Holdings, Inc. (Philippines) | 8,450 | 12,842 | ||||
| Mondelez International, Inc. Class A | 12,229 | 451,678 | ||||
| Nestle SA (Switzerland) | 1,516 | 118,310 | ||||
| Pinnacle Foods, Inc. | 202 | 7,333 | ||||
| Sanderson Farms, Inc. | 90 | 7,669 | ||||
| Sao Martinho SA (Brazil) | 1,828 | 24,470 | ||||
| Unilever PLC (United Kingdom) | 515 | 22,787 | ||||
| 926,428 | ||||||
| Forest products and packaging (0.2%) | ||||||
| Amcor, Ltd. (Australia) | 2,320 | 24,727 | ||||
| Boise Cascade Co.(NON) | 138 | 4,914 | ||||
| Domtar Corp. (Canada) | 176 | 7,955 | ||||
| KapStone Paper and Packaging Corp. | 407 | 14,025 | ||||
| UPM-Kymmene OYJ (Finland) | 1,789 | 33,573 | ||||
| 85,194 | ||||||
| Gaming and lottery (—%) | ||||||
| Penn National Gaming, Inc.(NON) | 226 | 3,682 | ||||
| 3,682 | ||||||
| Health-care services (3.0%) | ||||||
| Amedisys, Inc.(NON) | 190 | 5,732 | ||||
| AmSurg Corp.(NON) | 146 | 8,775 | ||||
| Anthem, Inc. | 2,154 | 315,453 | ||||
| Capital Senior Living Corp.(NON) | 659 | 16,475 | ||||
| Cardinal Health, Inc. | 2,449 | 215,488 | ||||
| Centene Corp.(NON) | 92 | 5,654 | ||||
| Charles River Laboratories International, Inc.(NON) | 649 | 49,759 | ||||
| Chemed Corp. | 179 | 20,850 | ||||
| Computer Programs & Systems, Inc. | 39 | 2,051 | ||||
| Health Net, Inc./CA(NON) | 736 | 42,210 | ||||
| HealthSouth Corp. | 258 | 11,213 | ||||
| Hyperion Therapeutics, Inc.(NON) | 217 | 6,412 | ||||
| Kindred Healthcare, Inc. | 285 | 6,048 | ||||
| McKesson Corp. | 1,597 | 365,234 | ||||
| Mediclinic International, Ltd. (South Africa) | 2,705 | 28,558 | ||||
| Netcare, Ltd. (South Africa) | 6,598 | 23,227 | ||||
| Omega Healthcare Investors, Inc.(R) | 118 | 4,727 | ||||
| Providence Service Corp. (The)(NON) | 173 | 7,958 | ||||
| Select Medical Holdings Corp. | 762 | 10,333 | ||||
| Suzuken Co., Ltd. (Japan) | 300 | 9,477 | ||||
| Threshold Pharmaceuticals, Inc.(NON) | 598 | 2,613 | ||||
| Triple-S Management Corp. Class B (Puerto Rico)(NON) | 104 | 1,960 | ||||
| WuXi PharmaTech Cayman, Inc. ADR (China)(NON) | 329 | 13,144 | ||||
| 1,173,351 | ||||||
| Homebuilding (0.2%) | ||||||
| NVR, Inc.(NON) | 45 | 59,940 | ||||
| 59,940 | ||||||
| Household furniture and appliances (—%) | ||||||
| Haier Electronics Group Co., Ltd. (China) | 4,000 | 10,538 | ||||
| Select Comfort Corp.(NON) | 207 | 6,645 | ||||
| 17,183 | ||||||
| Insurance (3.4%) | ||||||
| Ageas (Belgium) | 901 | 32,461 | ||||
| AIA Group, Ltd. (Hong Kong) | 8,000 | 47,017 | ||||
| Allianz SE (Germany) | 304 | 50,893 | ||||
| Allied World Assurance Co. Holdings AG | 317 | 12,823 | ||||
| American Equity Investment Life Holding Co. | 406 | 11,567 | ||||
| American International Group, Inc. | 276 | 15,271 | ||||
| Amtrust Financial Services, Inc. | 227 | 12,235 | ||||
| Aon PLC | 3,104 | 311,517 | ||||
| Aspen Insurance Holdings, Ltd. | 434 | 19,899 | ||||
| Assicurazioni Generali SpA (Italy) | 1,982 | 40,810 | ||||
| AXA SA (France) | 1,122 | 28,489 | ||||
| Axis Capital Holdings, Ltd. | 1,254 | 64,995 | ||||
| China Life Insurance Co., Ltd. Class H (China) | 4,000 | 17,138 | ||||
| CNO Financial Group, Inc. | 434 | 7,057 | ||||
| CNP Assurances (France) | 2,467 | 40,900 | ||||
| Employers Holdings, Inc. | 532 | 12,550 | ||||
| Essent Group, Ltd. (Bermuda)(NON) | 167 | 3,878 | ||||
| Everest Re Group, Ltd. | 545 | 96,699 | ||||
| Federated National Holding Co. | 573 | 16,577 | ||||
| Genworth Financial, Inc. Class A(NON) | 861 | 6,673 | ||||
| HCI Group, Inc. | 253 | 11,972 | ||||
| Heritage Insurance Holdings, Inc.(NON) | 583 | 11,602 | ||||
| Insurance Australia Group, Ltd. (Australia) | 7,558 | 35,992 | ||||
| Legal & General Group PLC (United Kingdom) | 8,622 | 37,204 | ||||
| Maiden Holdings, Ltd. (Bermuda) | 356 | 5,094 | ||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 107 | 22,211 | ||||
| Old Mutual PLC (South Africa) | 5,153 | 17,915 | ||||
| PartnerRe, Ltd. | 923 | 105,684 | ||||
| Prudential PLC (United Kingdom) | 1,128 | 28,377 | ||||
| Reinsurance Group of America, Inc. Class A | 801 | 71,537 | ||||
| Samsung Life Insurance Co., Ltd. (South Korea) | 116 | 10,520 | ||||
| Symetra Financial Corp. | 356 | 8,038 | ||||
| United Insurance Holdings Corp. | 634 | 15,476 | ||||
| XL Group PLC | 3,207 | 116,093 | ||||
| 1,347,164 | ||||||
| Investment banking/Brokerage (0.1%) | ||||||
| Ashford, Inc.(NON) | 6 | 828 | ||||
| China Cinda Asset Management Co., Ltd. (China)(NON) | 26,000 | 12,801 | ||||
| Deutsche Bank AG (Germany) | 724 | 23,799 | ||||
| Gain Capital Holdings, Inc. | 681 | 6,463 | ||||
| KCG Holdings, Inc. Class A(NON) | 958 | 12,052 | ||||
| 55,943 | ||||||
| Leisure (0.1%) | ||||||
| Brunswick Corp. | 106 | 5,749 | ||||
| Shimano, Inc. (Japan) | 300 | 45,200 | ||||
| 50,949 | ||||||
| Lodging/Tourism (1.4%) | ||||||
| Hilton Worldwide Holdings, Inc.(NON) | 7,315 | 206,795 | ||||
| Homeinns Hotel Group ADR (China)(NON) | 631 | 16,854 | ||||
| Marcus Corp. | 430 | 8,381 | ||||
| Marriott International, Inc./MD Class A | 1,673 | 139,026 | ||||
| MGM China Holdings, Ltd. (Hong Kong) | 9,200 | 21,329 | ||||
| SJM Holdings, Ltd. (Hong Kong) | 9,000 | 12,998 | ||||
| Wyndham Worldwide Corp. | 1,501 | 137,311 | ||||
| 542,694 | ||||||
| Machinery (1.5%) | ||||||
| Altra Industrial Motion Corp. | 349 | 9,528 | ||||
| Atlas Copco AB Class A (Sweden) | 1,671 | 53,896 | ||||
| Caterpillar, Inc. | 1,737 | 143,997 | ||||
| Hyster-Yale Materials Holdings, Inc. | 57 | 3,766 | ||||
| Joy Global, Inc. | 1,220 | 54,070 | ||||
| Kadant, Inc. | 194 | 8,583 | ||||
| Middleby Corp. (The)(NON) | 88 | 9,382 | ||||
| Mitsubishi Electric Corp. (Japan) | 4,000 | 46,937 | ||||
| Roper Industries, Inc. | 1,400 | 234,598 | ||||
| THK Co., Ltd. (Japan) | 1,100 | 26,540 | ||||
| 591,297 | ||||||
| Manufacturing (1.6%) | ||||||
| AZZ, Inc. | 108 | 4,905 | ||||
| Chase Corp. | 167 | 7,193 | ||||
| Generac Holdings, Inc.(NON) | 153 | 7,541 | ||||
| Greenbrier Cos., Inc. (The) | 204 | 11,989 | ||||
| IDEX Corp. | 988 | 76,333 | ||||
| Illinois Tool Works, Inc. | 3,665 | 362,322 | ||||
| Ingersoll-Rand PLC | 1,352 | 90,841 | ||||
| Leggett & Platt, Inc. | 1,571 | 70,774 | ||||
| Standex International Corp. | 95 | 6,888 | ||||
| Trinity Industries, Inc. | 348 | 11,700 | ||||
| 650,486 | ||||||
| Media (1.3%) | ||||||
| Naspers, Ltd. Class N (South Africa) | 218 | 31,995 | ||||
| Time Warner, Inc. | 3,381 | 276,769 | ||||
| Viacom, Inc. Class B | 2,790 | 195,133 | ||||
| 503,897 | ||||||
| Medical technology (1.7%) | ||||||
| Accuray, Inc.(NON) | 548 | 4,921 | ||||
| Alere, Inc.(NON) | 431 | 19,598 | ||||
| AtriCure, Inc.(NON) | 211 | 3,730 | ||||
| C.R. Bard, Inc. | 893 | 151,042 | ||||
| CHC Healthcare Group (Taiwan) | 6,000 | 12,063 | ||||
| Coloplast A/S Class B (Denmark) | 667 | 53,263 | ||||
| Conmed Corp. | 182 | 9,337 | ||||
| DexCom, Inc.(NON) | 101 | 6,135 | ||||
| Edwards Lifesciences Corp.(NON) | 1,237 | 164,546 | ||||
| Globus Medical, Inc. Class A(NON) | 227 | 5,512 | ||||
| Greatbatch, Inc.(NON) | 273 | 14,507 | ||||
| Hill-Rom Holdings, Inc. | 230 | 11,022 | ||||
| ICU Medical, Inc.(NON) | 199 | 17,693 | ||||
| Insulet Corp.(NON) | 162 | 5,140 | ||||
| Intuitive Surgical, Inc.(NON) | 181 | 90,500 | ||||
| Mettler-Toledo International, Inc.(NON) | 162 | 50,896 | ||||
| MiMedx Group, Inc.(NON) | 501 | 5,185 | ||||
| OraSure Technologies, Inc.(NON) | 848 | 6,072 | ||||
| RadNet, Inc.(NON) | 758 | 6,640 | ||||
| Sientra, Inc.(NON) | 105 | 1,930 | ||||
| Spectranetics Corp. (The)(NON) | 244 | 8,250 | ||||
| STAAR Surgical Co.(NON) | 417 | 2,861 | ||||
| Steris Corp. | 69 | 4,452 | ||||
| Surgical Care Affiliates, Inc.(NON) | 252 | 8,185 | ||||
| Trinity Biotech PLC ADR (Ireland) | 151 | 2,682 | ||||
| West Pharmaceutical Services, Inc. | 237 | 12,969 | ||||
| 679,131 | ||||||
| Metals (0.7%) | ||||||
| Antofagasta PLC (United Kingdom) | 1,551 | 18,366 | ||||
| ArcelorMittal SA (France) | 1,906 | 20,839 | ||||
| BHP Billiton PLC (Australia) | 967 | 24,133 | ||||
| BHP Billiton, Ltd. (Australia) | 1,142 | 29,968 | ||||
| Catcher Technology Co., Ltd. (Taiwan) | 2,000 | 18,219 | ||||
| Glencore Xstrata PLC (United Kingdom) | 4,481 | 20,771 | ||||
| Hindustan Zinc, Ltd. (India) | 3,804 | 10,909 | ||||
| Hitachi Metals, Ltd. (Japan) | 2,000 | 32,261 | ||||
| L.B. Foster Co. Class A | 119 | 5,833 | ||||
| NN, Inc. | 429 | 11,888 | ||||
| Rio Tinto PLC (United Kingdom) | 500 | 24,640 | ||||
| Sibanye Gold, Ltd. (South Africa) | 5,191 | 13,709 | ||||
| Stillwater Mining Co.(NON) | 789 | 11,441 | ||||
| ThyssenKrupp AG (Germany) | 1,736 | 46,216 | ||||
| 289,193 | ||||||
| Natural gas utilities (0.5%) | ||||||
| Centrica PLC (United Kingdom) | 6,156 | 23,218 | ||||
| ENI SpA (Italy) | 1,619 | 30,220 | ||||
| Tokyo Gas Co., Ltd. (Japan) | 6,000 | 36,563 | ||||
| UGI Corp. | 3,045 | 103,500 | ||||
| 193,501 | ||||||
| Office equipment and supplies (0.1%) | ||||||
| Canon, Inc. (Japan) | 1,000 | 32,550 | ||||
| 32,550 | ||||||
| Oil and gas (4.4%) | ||||||
| BG Group PLC (United Kingdom) | 1,370 | 20,262 | ||||
| BP PLC (United Kingdom) | 9,729 | 67,298 | ||||
| Callon Petroleum Co.(NON) | 1,542 | 11,287 | ||||
| Delek US Holdings, Inc. | 247 | 9,208 | ||||
| EP Energy Corp. Class A(NON) | 542 | 6,098 | ||||
| Exxon Mobil Corp. | 2,753 | 243,751 | ||||
| Ezion Holdings, Ltd. (Singapore) | 12,000 | 9,779 | ||||
| Genel Energy PLC (United Kingdom)(NON) | 2,017 | 18,170 | ||||
| Gulfport Energy Corp.(NON) | 70 | 3,207 | ||||
| Marathon Petroleum Corp. | 2,976 | 312,480 | ||||
| Northern Oil and Gas, Inc.(NON)(S) | 1,894 | 16,326 | ||||
| Phillips 66 | 4,728 | 370,959 | ||||
| Rosetta Resources, Inc.(NON) | 74 | 1,312 | ||||
| Royal Dutch Shell PLC Class A (United Kingdom) | 1,578 | 51,599 | ||||
| Royal Dutch Shell PLC Class B (United Kingdom) | 1,438 | 48,963 | ||||
| SM Energy Co. | 146 | 7,084 | ||||
| Statoil ASA (Norway) | 1,904 | 35,889 | ||||
| Stone Energy Corp.(NON) | 187 | 3,168 | ||||
| Total SA (France) | 1,034 | 55,813 | ||||
| Triangle Petroleum Corp.(NON) | 1,066 | 5,287 | ||||
| Unit Corp.(NON) | 87 | 2,657 | ||||
| Vaalco Energy, Inc.(NON) | 631 | 3,054 | ||||
| Valero Energy Corp. | 6,302 | 388,770 | ||||
| W&T Offshore, Inc. | 215 | 1,284 | ||||
| Whiting Petroleum Corp.(NON) | 226 | 7,646 | ||||
| Woodside Petroleum, Ltd. (Australia) | 720 | 19,737 | ||||
| YPF SA ADR (Argentina) | 924 | 23,738 | ||||
| 1,744,826 | ||||||
| Pharmaceuticals (6.1%) | ||||||
| ACADIA Pharmaceuticals, Inc.(NON) | 188 | 7,138 | ||||
| Actelion, Ltd. (Switzerland) | 435 | 52,062 | ||||
| Alkermes PLC(NON) | 84 | 5,901 | ||||
| Astellas Pharma, Inc. (Japan) | 2,300 | 36,598 | ||||
| AstraZeneca PLC (United Kingdom) | 863 | 59,549 | ||||
| Bayer AG (Germany) | 522 | 77,136 | ||||
| Biospecifics Technologies Corp.(NON) | 96 | 3,740 | ||||
| Cardiome Pharma Corp. (Canada)(NON) | 933 | 9,125 | ||||
| China Pioneer Pharma Holdings, Ltd. (China) | 28,000 | 17,642 | ||||
| Conatus Pharmaceuticals, Inc.(NON) | 75 | 477 | ||||
| Enanta Pharmaceuticals, Inc.(NON) | 71 | 2,543 | ||||
| GlaxoSmithKline PLC (United Kingdom) | 2,365 | 56,283 | ||||
| Hisamitsu Pharmaceutical Co., Inc. (Japan) | 400 | 14,944 | ||||
| Impax Laboratories, Inc.(NON) | 309 | 12,450 | ||||
| Indivior PLC (United Kingdom)(NON) | 272 | 734 | ||||
| Insys Therapeutics, Inc.(NON) | 216 | 12,973 | ||||
| Jazz Pharmaceuticals PLC(NON) | 273 | 46,435 | ||||
| Johnson & Johnson | 4,388 | 449,814 | ||||
| Merck & Co., Inc. | 9,309 | 544,949 | ||||
| Merck KGaA (Germany) | 237 | 24,453 | ||||
| Nektar Therapeutics(NON) | 369 | 4,823 | ||||
| Novartis AG (Switzerland) | 682 | 69,713 | ||||
| Novo Nordisk A/S Class B (Denmark) | 931 | 44,635 | ||||
| Otsuka Holdings Company, Ltd. (Japan) | 900 | 26,991 | ||||
| Pfizer, Inc. | 19,302 | 662,445 | ||||
| POZEN, Inc.(NON) | 727 | 5,329 | ||||
| Prestige Brands Holdings, Inc.(NON) | 231 | 8,903 | ||||
| Receptos, Inc.(NON) | 72 | 9,118 | ||||
| Roche Holding AG-Genusschein (Switzerland) | 283 | 76,824 | ||||
| Sanofi (France) | 494 | 48,482 | ||||
| Shire PLC (United Kingdom) | 291 | 23,699 | ||||
| Sucampo Pharmaceuticals, Inc. Class A(NON) | 364 | 5,598 | ||||
| TESARO, Inc.(NON) | 97 | 5,173 | ||||
| Trevena, Inc.(NON) | 291 | 1,568 | ||||
| XenoPort, Inc.(NON) | 995 | 6,816 | ||||
| 2,435,063 | ||||||
| Photography/Imaging (0.1%) | ||||||
| FUJIFILM Holdings Corp. (Japan) | 900 | 31,043 | ||||
| 31,043 | ||||||
| Power producers (—%) | ||||||
| China WindPower Group, Ltd. (China)(NON) | 210,000 | 12,049 | ||||
| 12,049 | ||||||
| Railroads (0.6%) | ||||||
| Union Pacific Corp. | 2,007 | 241,362 | ||||
| 241,362 | ||||||
| Real estate (3.2%) | ||||||
| AG Mortgage Investment Trust, Inc.(R) | 97 | 1,825 | ||||
| Agree Realty Corp.(R) | 185 | 6,074 | ||||
| Alexander & Baldwin, Inc. | 108 | 4,366 | ||||
| American Capital Agency Corp.(R) | 4,192 | 89,856 | ||||
| Apollo Commercial Real Estate Finance, Inc.(R) | 267 | 4,563 | ||||
| Arlington Asset Investment Corp. Class A | 118 | 2,949 | ||||
| ARMOUR Residential REIT, Inc.(R) | 532 | 1,692 | ||||
| Ashford Hospitality Trust, Inc.(R) | 631 | 6,720 | ||||
| Bumi Serpong Damai Tbk PT (Indonesia) | 69,400 | 11,911 | ||||
| CBL & Associates Properties, Inc.(R) | 242 | 4,845 | ||||
| CBRE Group, Inc. Class A(NON) | 4,881 | 167,223 | ||||
| China Overseas Land & Investment, Ltd. (China) | 4,000 | 12,194 | ||||
| China Resources Land, Ltd. (China) | 2,444 | 6,490 | ||||
| CYS Investments, Inc.(R) | 328 | 2,982 | ||||
| Dexus Property Group (Australia)(R) | 4,518 | 27,857 | ||||
| Education Realty Trust, Inc.(R) | 342 | 11,991 | ||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS (Turkey)(R) | 17,504 | 21,839 | ||||
| EPR Properties(R) | 99 | 6,040 | ||||
| Equity Commonwealth(R) | 240 | 6,348 | ||||
| Equity Lifestyle Properties, Inc.(R) | 391 | 21,063 | ||||
| First Industrial Realty Trust(R) | 207 | 4,405 | ||||
| GPT Group (Australia)(R) | 8,390 | 30,790 | ||||
| Hammerson PLC (United Kingdom)(R) | 2,081 | 21,702 | ||||
| Hersha Hospitality Trust(R) | 1,537 | 10,313 | ||||
| Invesco Mortgage Capital, Inc.(R) | 158 | 2,523 | ||||
| Investors Real Estate Trust(R) | 477 | 3,654 | ||||
| Jones Lang LaSalle, Inc. | 527 | 84,979 | ||||
| Kawasan Industri Jababeka Tbk PT (Indonesia) | 818,000 | 22,894 | ||||
| KWG Property Holding, Ltd. (China) | 15,000 | 9,745 | ||||
| Lexington Realty Trust(R) | 913 | 9,888 | ||||
| LTC Properties, Inc.(R) | 224 | 9,997 | ||||
| MFA Financial, Inc.(R) | 539 | 4,290 | ||||
| National Health Investors, Inc.(R) | 140 | 9,965 | ||||
| New Residential Investment Corp.(R) | 998 | 15,080 | ||||
| One Liberty Properties, Inc.(R) | 218 | 5,162 | ||||
| Outfront Media, Inc.(R) | 1,588 | 47,561 | ||||
| Post Properties, Inc.(R) | 175 | 9,952 | ||||
| Public Storage(R) | 1,206 | 237,847 | ||||
| Ramco-Gershenson Properties Trust(R) | 266 | 4,980 | ||||
| Scentre Group (Australia)(R) | 2,198 | 6,623 | ||||
| Select Income REIT(R) | 169 | 4,173 | ||||
| Sovran Self Storage, Inc.(R) | 50 | 4,601 | ||||
| Starwood Property Trust, Inc.(R) | 119 | 2,904 | ||||
| Summit Hotel Properties, Inc.(R) | 581 | 7,629 | ||||
| Supalai PCL (Thailand) | 20,100 | 14,672 | ||||
| Surya Semesta Internusa Tbk PT (Indonesia) | 74,500 | 7,744 | ||||
| Taubman Centers, Inc.(R) | 247 | 17,868 | ||||
| Tokyo Tatemono Co., Ltd. (Japan) | 4,000 | 29,793 | ||||
| Two Harbors Investment Corp.(R) | 9,197 | 96,017 | ||||
| Universal Health Realty Income Trust(R) | 48 | 2,440 | ||||
| Vornado Realty Trust(R) | 358 | 39,394 | ||||
| Westfield Group (Australia) | 1,784 | 13,660 | ||||
| Wheelock and Co., Ltd. (Hong Kong) | 7,000 | 37,527 | ||||
| 1,249,600 | ||||||
| Regional Bells (—%) | ||||||
| Frontier Communications Corp. | 1,178 | 9,400 | ||||
| 9,400 | ||||||
| Restaurants (0.1%) | ||||||
| Bloomin' Brands, Inc.(NON) | 228 | 5,873 | ||||
| Jack in the Box, Inc. | 67 | 6,478 | ||||
| Krispy Kreme Doughnuts, Inc.(NON) | 220 | 4,800 | ||||
| Minor International PCL (Thailand) | 9,200 | 9,675 | ||||
| Papa John's International, Inc. | 165 | 10,204 | ||||
| Popeyes Louisiana Kitchen, Inc.(NON) | 157 | 9,422 | ||||
| Sonic Corp. | 314 | 9,982 | ||||
| 56,434 | ||||||
| Retail (5.3%) | ||||||
| Adidas AG (Germany) | 225 | 17,482 | ||||
| ANN, Inc.(NON) | 261 | 9,373 | ||||
| Big Lots, Inc. | 247 | 11,784 | ||||
| Brown Shoe Co., Inc. | 151 | 4,530 | ||||
| Children's Place, Inc. (The) | 164 | 9,346 | ||||
| Compagnie Financiere Richemont SA (Switzerland) | 233 | 20,530 | ||||
| CVS Health Corp. | 6,030 | 626,336 | ||||
| Deckers Outdoor Corp.(NON) | 444 | 32,963 | ||||
| Dillards, Inc. Class A | 111 | 14,448 | ||||
| DSW, Inc. Class A | 160 | 6,030 | ||||
| Five Below, Inc.(NON) | 130 | 4,126 | ||||
| Gap, Inc. (The)(S) | 2,036 | 84,698 | ||||
| Home Depot, Inc. (The) | 5,322 | 610,700 | ||||
| Iconix Brand Group, Inc.(NON) | 349 | 11,786 | ||||
| KAR Auction Services, Inc. | 405 | 14,770 | ||||
| Koninklijke Ahold NV (Netherlands) | 2,226 | 41,762 | ||||
| Lowe's Cos., Inc. | 4,394 | 325,551 | ||||
| Lumber Liquidators Holdings, Inc.(NON)(S) | 85 | 4,408 | ||||
| Macy's, Inc. | 2,407 | 153,374 | ||||
| Men's Wearhouse, Inc. (The) | 225 | 11,293 | ||||
| Next PLC (United Kingdom) | 587 | 67,923 | ||||
| Nutraceutical International Corp.(NON) | 151 | 2,473 | ||||
| Steven Madden, Ltd.(NON) | 114 | 4,162 | ||||
| USANA Health Sciences, Inc.(NON) | 38 | 3,800 | ||||
| Vista Outdoor, Inc.(NON) | 77 | 3,362 | ||||
| Woolworths, Ltd. (Australia) | 479 | 11,481 | ||||
| 2,108,491 | ||||||
| Schools (—%) | ||||||
| Bright Horizons Family Solutions, Inc.(NON) | 95 | 4,817 | ||||
| GAEC Educacao SA (Brazil) | 1,040 | 5,869 | ||||
| Grand Canyon Education, Inc.(NON) | 102 | 4,678 | ||||
| ITT Educational Services, Inc.(NON) | 140 | 1,036 | ||||
| 16,400 | ||||||
| Semiconductor (0.5%) | ||||||
| Advanced Energy Industries, Inc.(NON) | 483 | 12,857 | ||||
| Advanced Semiconductor Engineering, Inc. (Taiwan) | 21,000 | 28,284 | ||||
| ASML Holding NV (Netherlands) | 397 | 42,920 | ||||
| Cypress Semiconductor Corp.(NON) | 284 | 4,189 | ||||
| Power Integrations, Inc. | 101 | 5,541 | ||||
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 17,000 | 81,253 | ||||
| Ultra Clean Holdings, Inc.(NON) | 861 | 7,112 | ||||
| Xcerra Corp.(NON) | 1,380 | 12,530 | ||||
| 194,686 | ||||||
| Shipping (0.2%) | ||||||
| Adani Ports & Special Economic Zone, Ltd. (India) | 1,587 | 8,884 | ||||
| Aegean Marine Petroleum Network, Inc. (Greece) | 820 | 12,021 | ||||
| ArcBest Corp. | 277 | 11,601 | ||||
| Quality Distribution, Inc.(NON) | 1,182 | 12,990 | ||||
| Saia, Inc.(NON) | 245 | 11,277 | ||||
| Scorpio Tankers, Inc. | 681 | 5,897 | ||||
| Swift Transportation Co.(NON) | 824 | 23,303 | ||||
| 85,973 | ||||||
| Software (3.1%) | ||||||
| Activision Blizzard, Inc. | 6,925 | 161,491 | ||||
| Amdocs, Ltd. | 2,162 | 113,505 | ||||
| Electronic Arts, Inc.(NON) | 399 | 22,815 | ||||
| Glu Mobile, Inc.(NON) | 2,780 | 13,983 | ||||
| IntraLinks Holdings, Inc.(NON) | 713 | 7,394 | ||||
| Manhattan Associates, Inc.(NON) | 151 | 7,527 | ||||
| Microsoft Corp. | 1,365 | 59,855 | ||||
| MobileIron, Inc.(NON) | 460 | 4,108 | ||||
| NTT Data Corp. (Japan) | 400 | 16,520 | ||||
| Oracle Corp. | 12,268 | 537,584 | ||||
| Proofpoint, Inc.(NON) | 100 | 5,664 | ||||
| PROS Holdings, Inc.(NON) | 160 | 3,915 | ||||
| Rovi Corp.(NON) | 279 | 6,942 | ||||
| SAP AG (Germany) | 190 | 13,361 | ||||
| Symantec Corp. | 7,382 | 185,731 | ||||
| SYNNEX Corp. | 188 | 14,335 | ||||
| Tencent Holdings, Ltd. (China) | 2,700 | 47,252 | ||||
| Ultimate Software Group, Inc.(NON) | 41 | 6,750 | ||||
| Veeva Systems, Inc. Class A(NON) | 146 | 4,507 | ||||
| 1,233,239 | ||||||
| Staffing (0.4%) | ||||||
| Kforce, Inc. | 406 | 9,582 | ||||
| Korn/Ferry International(NON) | 214 | 6,548 | ||||
| ManpowerGroup, Inc. | 1,651 | 132,839 | ||||
| On Assignment, Inc.(NON) | 357 | 13,641 | ||||
| 162,610 | ||||||
| Technology (0.6%) | ||||||
| Avago Technologies, Ltd. | 1,457 | 185,942 | ||||
| CACI International, Inc. Class A(NON) | 145 | 12,657 | ||||
| SoftBank Corp. (Japan) | 700 | 43,163 | ||||
| 241,762 | ||||||
| Technology services (4.0%) | ||||||
| Alibaba Group Holding, Ltd. ADR (China)(NON) | 175 | 14,896 | ||||
| AOL, Inc.(NON) | 301 | 12,203 | ||||
| Baidu, Inc. ADR (China)(NON) | 164 | 33,415 | ||||
| Computer Sciences Corp. | 3,157 | 223,877 | ||||
| Dun & Bradstreet Corp. (The) | 827 | 109,561 | ||||
| eBay, Inc.(NON) | 8,119 | 470,171 | ||||
| Engility Holdings, Inc. | 332 | 11,985 | ||||
| Google, Inc. Class A(NON) | 947 | 532,811 | ||||
| Infosys, Ltd. (India) | 675 | 24,764 | ||||
| Leidos Holdings, Inc. | 1,675 | 75,409 | ||||
| LivePerson, Inc.(NON) | 228 | 2,630 | ||||
| Luxoft Holding, Inc. (Russia)(NON) | 213 | 10,799 | ||||
| MAXIMUS, Inc. | 79 | 4,679 | ||||
| NIC, Inc. | 210 | 3,675 | ||||
| Perficient, Inc.(NON) | 278 | 5,527 | ||||
| Tyler Technologies, Inc.(NON) | 66 | 7,878 | ||||
| United Internet AG (Germany) | 597 | 26,773 | ||||
| Yelp, Inc.(NON) | 126 | 6,048 | ||||
| 1,577,101 | ||||||
| Telecommunications (1.5%) | ||||||
| ARRIS Group, Inc.(NON) | 73 | 2,145 | ||||
| Aruba Networks, Inc.(NON) | 132 | 3,275 | ||||
| Bharti Infratel, Ltd. (India) | 2,245 | 13,350 | ||||
| BT Group PLC (United Kingdom) | 7,092 | 49,895 | ||||
| CalAmp Corp.(NON) | 389 | 7,449 | ||||
| China Mobile, Ltd. (China) | 4,500 | 61,038 | ||||
| EchoStar Corp. Class A(NON) | 304 | 16,522 | ||||
| Inteliquent, Inc. | 325 | 4,794 | ||||
| Iridium Communications, Inc.(NON) | 513 | 4,915 | ||||
| magicJack VocalTec, Ltd. (Israel)(NON) | 850 | 6,562 | ||||
| NeuStar, Inc. Class A(NON) | 198 | 5,251 | ||||
| NTT DoCoMo, Inc. (Japan) | 1,900 | 33,856 | ||||
| Orange SA (France) | 1,969 | 35,916 | ||||
| Qorvo, Inc.(NON) | 325 | 22,555 | ||||
| SBA Communications Corp. Class A(NON) | 1,523 | 189,933 | ||||
| ShoreTel, Inc.(NON) | 635 | 4,731 | ||||
| Spok Holdings, Inc. | 239 | 4,443 | ||||
| Tele2 AB Class B (Sweden) | 957 | 11,232 | ||||
| Telefonica SA (Spain) | 1,868 | 29,046 | ||||
| Telekomunikasi Indonesia Persero Tbk PT (Indonesia) | 53,100 | 12,050 | ||||
| Telenor ASA (Norway) | 1,170 | 23,473 | ||||
| Telstra Corp., Ltd. (Australia) | 7,549 | 37,554 | ||||
| Ubiquiti Networks, Inc. | 61 | 1,930 | ||||
| Vodafone Group PLC (United Kingdom) | 5,353 | 18,545 | ||||
| 600,460 | ||||||
| Telephone (0.9%) | ||||||
| CenturyLink, Inc. | 6,740 | 255,176 | ||||
| Deutsche Telekom AG (Germany) | 2,233 | 41,656 | ||||
| IDT Corp. Class B | 221 | 4,652 | ||||
| Verizon Communications, Inc. | 1,039 | 51,379 | ||||
| 352,863 | ||||||
| Textiles (0.5%) | ||||||
| G&K Services, Inc. Class A | 121 | 8,711 | ||||
| Hanesbrands, Inc. | 1,164 | 148,457 | ||||
| VF Corp. | 536 | 41,090 | ||||
| 198,258 | ||||||
| Tire and rubber (0.3%) | ||||||
| Apollo Tyres, Ltd. (India) | 4,399 | 12,799 | ||||
| Continental AG (Germany) | 280 | 66,834 | ||||
| Cooper Tire & Rubber Co. | 561 | 21,352 | ||||
| 100,985 | ||||||
| Tobacco (0.6%) | ||||||
| British American Tobacco (BAT) PLC (United Kingdom) | 660 | 38,536 | ||||
| Imperial Tobacco Group PLC (United Kingdom) | 801 | 39,485 | ||||
| Philip Morris International, Inc. | 1,893 | 157,043 | ||||
| 235,064 | ||||||
| Transportation services (0.2%) | ||||||
| ComfortDelgro Corp., Ltd. (Singapore) | 14,300 | 30,845 | ||||
| Deutsche Post AG (Germany) | 846 | 28,809 | ||||
| Landstar System, Inc. | 83 | 5,828 | ||||
| Matson, Inc. | 93 | 3,671 | ||||
| Universal Truckload Services, Inc. | 29 | 741 | ||||
| 69,894 | ||||||
| Trucks and parts (0.3%) | ||||||
| Allison Transmission Holdings, Inc. | 1,600 | 50,912 | ||||
| American Axle & Manufacturing Holdings, Inc.(NON) | 184 | 4,585 | ||||
| Cooper-Standard Holding, Inc.(NON) | 154 | 8,348 | ||||
| Douglas Dynamics, Inc. | 285 | 6,421 | ||||
| Meritor, Inc.(NON) | 742 | 10,603 | ||||
| Miller Industries, Inc. | 219 | 4,853 | ||||
| Standard Motor Products, Inc. | 319 | 13,372 | ||||
| Tenneco, Inc.(NON) | 95 | 5,533 | ||||
| Tower International, Inc.(NON) | 382 | 10,341 | ||||
| Wabash National Corp.(NON) | 961 | 14,079 | ||||
| 129,047 | ||||||
| Water Utilities (0.1%) | ||||||
| United Utilities Group PLC (United Kingdom) | 2,399 | 35,037 | ||||
| 35,037 | ||||||
| Total common stocks (cost $29,531,346) | $36,427,634 | |||||
| INVESTMENT COMPANIES (3.3%)(a) | ||||||
| Shares | Value | |||||
| ChinaAMC CSI 300 Index ETF (China) | 3,000 | $17,076 | ||||
| Hercules Technology Growth Capital, Inc. | 371 | 5,769 | ||||
| iShares MSCI Emerging Markets ETF | 1,250 | 50,863 | ||||
| Market Vectors Russia ETF (Russia) | 740 | 13,187 | ||||
| Market Vectors Vietnam ETF (Vietnam) | 589 | 11,562 | ||||
| Solar Capital, Ltd. | 318 | 6,398 | ||||
| SPDR S&P 500 ETF Trust | 5,021 | 1,057,724 | ||||
| SPDR S&P MidCap 400 ETF Trust | 525 | 143,955 | ||||
| Total investment companies (cost $1,251,015) | $1,306,534 | |||||
| WARRANTS (0.2%)(a)(NON) | ||||||
| Expiration date | Strike Price | Warrants | Value | |||
| AI Tayyar Travel Group 144A (Saudi Arabia) | 6/10/15 | $0.00 | 323 | $11,397 | ||
| Bupa Arabia for Cooperative Insurance Co. 144A (Saudi Arabia) | 12/8/16 | 0.00 | 276 | 12,326 | ||
| Dallah Healthcare Holding Co. 144A (Saudi Arabia) | 12/5/16 | 0.00 | 282 | 10,615 | ||
| Kuwait Food Co. (Americana) 144A (Kuwait) | 2/24/16 | 0.00 | 912 | 9,185 | ||
| Shanghai Automotive Co. 144A (China) | 2/3/16 | 0.00 | 4,283 | 16,655 | ||
| Total warrants (cost $56,374) | $60,178 | |||||
| SHORT-TERM INVESTMENTS (5.3%)(a) | ||||||
| Principal amount/shares | Value | |||||
| Putnam Cash Collateral Pool, LLC 0.20%(d) | Shares | 169,179 | $169,179 | |||
| Putnam Short Term Investment Fund 0.10%(AFF) | Shares | 1,607,636 | 1,607,636 | |||
| SSgA Prime Money Market Fund Class N 0.02%(P) | Shares | 110,000 | 110,000 | |||
| U.S. Treasury Bills with an effective yield of 0.01%, April 2, 2015(SEG) | $40,000 | 40,000 | ||||
| U.S. Treasury Bills with an effective yield of 0.01%, April 30, 2015(SEG) | 75,000 | 74,997 | ||||
| U.S. Treasury Bills with an effective yield of 0.02%, May 21, 2015(SEG) | 100,000 | 99,996 | ||||
| Total short-term investments (cost $2,101,811) | $2,101,808 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $32,940,546)(b) | $39,896,154 | |||||
| FORWARD CURRENCY CONTRACTS at 2/28/15 (aggregate face value $7,795,661) (Unaudited) | |||||||
| Unrealized | |||||||
| Contract | Delivery | Aggregate | appreciation/ | ||||
| Counterparty | Currency | type | date | Value | face value | (depreciation) | |
| Bank of America N.A. | |||||||
| Australian Dollar | Buy | 4/15/15 | $3,508 | $3,212 | $296 | ||
| British Pound | Buy | 3/18/15 | 16,981 | 16,612 | 369 | ||
| Canadian Dollar | Sell | 4/15/15 | 359,186 | 380,421 | 21,235 | ||
| Euro | Buy | 3/18/15 | 310,813 | 349,541 | (38,728) | ||
| Norwegian Krone | Sell | 3/18/15 | 33,759 | 33,258 | (501) | ||
| Barclays Bank PLC | |||||||
| Australian Dollar | Buy | 4/15/15 | 935 | 184 | 751 | ||
| Canadian Dollar | Buy | 4/15/15 | 8,314 | 6,286 | 2,028 | ||
| Euro | Sell | 3/18/15 | 33,130 | 34,375 | 1,245 | ||
| Hong Kong Dollar | Sell | 5/20/15 | 85,186 | 85,197 | 11 | ||
| Japanese Yen | Sell | 5/20/15 | 135,432 | 134,988 | (444) | ||
| Mexican Peso | Buy | 4/15/15 | 34,481 | 34,779 | (298) | ||
| New Zealand Dollar | Sell | 4/15/15 | 1,808 | 2,361 | 553 | ||
| Singapore Dollar | Sell | 5/20/15 | 57,569 | 58,289 | 720 | ||
| Swedish Krona | Buy | 3/18/15 | 19,696 | 19,730 | (34) | ||
| Swiss Franc | Sell | 3/18/15 | 17,736 | 14,640 | (3,096) | ||
| Citibank, N.A. | |||||||
| Australian Dollar | Sell | 4/15/15 | 51,529 | 53,387 | 1,858 | ||
| British Pound | Buy | 3/18/15 | 18,987 | 18,931 | 56 | ||
| Canadian Dollar | Buy | 4/15/15 | 12,072 | 12,390 | (318) | ||
| Danish Krone | Sell | 3/18/15 | 69,467 | 73,935 | 4,468 | ||
| Euro | Buy | 3/18/15 | 22,497 | 21,151 | 1,346 | ||
| Japanese Yen | Sell | 5/20/15 | 26,934 | 27,410 | 476 | ||
| Mexican Peso | Buy | 4/15/15 | 32,631 | 31,682 | 949 | ||
| New Zealand Dollar | Buy | 4/15/15 | 15,142 | 13,264 | 1,878 | ||
| Norwegian Krone | Sell | 3/18/15 | 5,933 | 8,291 | 2,358 | ||
| Philippine Peso | Buy | 5/20/15 | 17,490 | 17,541 | (51) | ||
| Swiss Franc | Sell | 3/18/15 | 44,813 | 43,934 | (879) | ||
| Credit Suisse International | |||||||
| Australian Dollar | Sell | 4/15/15 | 59,868 | 62,725 | 2,857 | ||
| British Pound | Sell | 3/18/15 | 67,150 | 69,501 | 2,351 | ||
| Canadian Dollar | Sell | 4/15/15 | 18,627 | 17,562 | (1,065) | ||
| Euro | Sell | 3/18/15 | 79,465 | 93,176 | 13,711 | ||
| Indian Rupee | Buy | 5/20/15 | 36,550 | 36,994 | (444) | ||
| Japanese Yen | Buy | 5/20/15 | 451,260 | 459,116 | (7,856) | ||
| New Zealand Dollar | Buy | 4/15/15 | 16,120 | 16,256 | (136) | ||
| Norwegian Krone | Sell | 3/18/15 | 7,967 | 10,055 | 2,088 | ||
| Swedish Krona | Sell | 3/18/15 | 19,794 | 19,306 | (488) | ||
| Swiss Franc | Sell | 3/18/15 | 17,317 | 14,731 | (2,586) | ||
| Deutsche Bank AG | |||||||
| Australian Dollar | Sell | 4/15/15 | 26,270 | 26,312 | 42 | ||
| British Pound | Buy | 3/18/15 | 20,068 | 19,338 | 730 | ||
| Canadian Dollar | Sell | 4/15/15 | 15,430 | 15,463 | 33 | ||
| Euro | Sell | 3/18/15 | 174,490 | 195,180 | 20,690 | ||
| Japanese Yen | Sell | 5/20/15 | 13,010 | 13,232 | 222 | ||
| New Zealand Dollar | Buy | 4/15/15 | 18,532 | 17,339 | 1,193 | ||
| Norwegian Krone | Sell | 3/18/15 | 23,158 | 29,247 | 6,089 | ||
| Polish Zloty | Sell | 3/18/15 | 37,530 | 37,898 | 368 | ||
| Swedish Krona | Sell | 3/18/15 | 33,505 | 34,716 | 1,211 | ||
| Swiss Franc | Sell | 3/18/15 | 8,186 | 8,032 | (154) | ||
| Turkish Lira | Buy | 3/18/15 | 44,892 | 48,615 | (3,723) | ||
| Goldman Sachs International | |||||||
| British Pound | Buy | 3/18/15 | 16,826 | 16,764 | 62 | ||
| Canadian Dollar | Sell | 4/15/15 | 8,394 | 6,076 | (2,318) | ||
| Euro | Sell | 3/18/15 | 123,675 | 143,498 | 19,823 | ||
| Japanese Yen | Buy | 5/20/15 | 63,378 | 64,444 | (1,066) | ||
| New Zealand Dollar | Buy | 4/15/15 | 41,430 | 41,935 | (505) | ||
| Norwegian Krone | Sell | 3/18/15 | 11,370 | 12,561 | 1,191 | ||
| HSBC Bank USA, National Association | |||||||
| Australian Dollar | Sell | 4/15/15 | 24,555 | 25,194 | 639 | ||
| British Pound | Sell | 3/18/15 | 315,686 | 321,853 | 6,167 | ||
| Euro | Sell | 3/18/15 | 2,238 | 692 | (1,546) | ||
| Japanese Yen | Sell | 5/20/15 | 118,780 | 120,799 | 2,019 | ||
| New Zealand Dollar | Buy | 4/15/15 | 15,519 | 15,704 | (185) | ||
| Swedish Krona | Buy | 3/18/15 | 1,067 | 1,219 | (152) | ||
| JPMorgan Chase Bank N.A. | |||||||
| Australian Dollar | Buy | 4/15/15 | 37,103 | 38,282 | (1,179) | ||
| British Pound | Buy | 3/18/15 | 65,915 | 66,295 | (380) | ||
| Canadian Dollar | Buy | 4/15/15 | 85,061 | 91,567 | (6,506) | ||
| Euro | Sell | 3/18/15 | 1,034,178 | 1,141,662 | 107,484 | ||
| Indian Rupee | Sell | 5/20/15 | 5,147 | 4,827 | (320) | ||
| Japanese Yen | Sell | 5/20/15 | 499,236 | 507,737 | 8,501 | ||
| Malaysian Ringgit | Sell | 5/20/15 | 34,617 | 34,364 | (253) | ||
| Mexican Peso | Buy | 4/15/15 | 41,594 | 41,248 | 346 | ||
| New Zealand Dollar | Sell | 4/15/15 | 20,190 | 19,718 | (472) | ||
| Norwegian Krone | Sell | 3/18/15 | 28,556 | 31,018 | 2,462 | ||
| Philippine Peso | Buy | 5/20/15 | 17,488 | 17,545 | (57) | ||
| Singapore Dollar | Sell | 5/20/15 | 19,849 | 19,968 | 119 | ||
| Swedish Krona | Buy | 3/18/15 | 14,611 | 11,757 | 2,854 | ||
| Swiss Franc | Sell | 3/18/15 | 28,546 | 26,100 | (2,446) | ||
| Royal Bank of Scotland PLC (The) | |||||||
| Australian Dollar | Buy | 4/15/15 | 29,467 | 29,387 | 80 | ||
| British Pound | Buy | 3/18/15 | 36,740 | 36,406 | 334 | ||
| Canadian Dollar | Sell | 4/15/15 | 39,093 | 39,257 | 164 | ||
| Euro | Sell | 3/18/15 | 26,637 | 29,203 | 2,566 | ||
| New Zealand Dollar | Buy | 4/15/15 | 4,821 | 5,504 | (683) | ||
| Norwegian Krone | Sell | 3/18/15 | 508 | 1,530 | 1,022 | ||
| Singapore Dollar | Sell | 5/20/15 | 62,842 | 63,602 | 760 | ||
| Swedish Krona | Buy | 3/18/15 | 40,331 | 40,069 | 262 | ||
| State Street Bank and Trust Co. | |||||||
| Australian Dollar | Sell | 4/15/15 | 54,797 | 56,022 | 1,225 | ||
| British Pound | Buy | 3/18/15 | 10,343 | 8,991 | 1,352 | ||
| Canadian Dollar | Buy | 4/15/15 | 61,317 | 65,977 | (4,660) | ||
| Euro | Buy | 3/18/15 | 10,633 | 11,109 | (476) | ||
| Hungarian Forint | Buy | 3/18/15 | 39,399 | 40,515 | (1,116) | ||
| Israeli Shekel | Buy | 4/15/15 | 1,507 | 2,388 | (881) | ||
| Japanese Yen | Sell | 5/20/15 | 123,196 | 125,338 | 2,142 | ||
| Malaysian Ringgit | Sell | 5/20/15 | 42,303 | 41,976 | (327) | ||
| New Zealand Dollar | Buy | 4/15/15 | 17,853 | 17,703 | 150 | ||
| Norwegian Krone | Sell | 3/18/15 | 14,604 | 15,632 | 1,028 | ||
| Singapore Dollar | Sell | 5/20/15 | 34,790 | 35,215 | 425 | ||
| Swedish Krona | Sell | 3/18/15 | 17,431 | 17,491 | 60 | ||
| Swiss Franc | Buy | 3/18/15 | 2,728 | 6,264 | (3,536) | ||
| Turkish Lira | Buy | 3/18/15 | 67,317 | 73,372 | (6,055) | ||
| UBS AG | |||||||
| Australian Dollar | Sell | 4/15/15 | 18,552 | 19,092 | 540 | ||
| British Pound | Sell | 3/18/15 | 100,958 | 99,378 | (1,580) | ||
| Canadian Dollar | Sell | 4/15/15 | 289,155 | 306,068 | 16,913 | ||
| Euro | Sell | 3/18/15 | 10,967 | 13,137 | 2,170 | ||
| Hungarian Forint | Buy | 3/18/15 | 29,640 | 32,373 | (2,733) | ||
| Hungarian Forint | Sell | 3/18/15 | 29,640 | 32,569 | 2,929 | ||
| Japanese Yen | Sell | 5/20/15 | 167,979 | 170,986 | 3,007 | ||
| New Zealand Dollar | Buy | 4/15/15 | 48,737 | 48,492 | 245 | ||
| Swiss Franc | Sell | 3/18/15 | 198,779 | 196,857 | (1,922) | ||
| WestPac Banking Corp. | |||||||
| Australian Dollar | Sell | 4/15/15 | 16,059 | 16,527 | 468 | ||
| Canadian Dollar | Buy | 4/15/15 | 117,996 | 124,560 | (6,564) | ||
| Euro | Buy | 3/18/15 | 297,155 | 332,390 | (35,235) | ||
| Japanese Yen | Sell | 5/20/15 | 43,035 | 43,785 | 750 | ||
| New Zealand Dollar | Buy | 4/15/15 | 32,696 | 33,086 | (390) | ||
|
| |||||||
| Total | $138,097 | ||||||
| FUTURES CONTRACTS OUTSTANDING at 2/28/15 (Unaudited) | ||||||
| Unrealized | ||||||
| Number of | Expiration | appreciation/ | ||||
| contracts | Value | date | (depreciation) | |||
|
| ||||||
| Euro STOXX 50 Index (Long) | 10 | $401,739 | Mar-15 | $62,683 | ||
| MSCI EAFE Index Mini (Long) | 5 | 468,825 | Mar-15 | 33,415 | ||
| Russell 2000 Index Mini (Short) | 4 | 492,640 | Mar-15 | (20,838) | ||
| S&P 500 Index E-Mini (Long) | 5 | $525,700 | Mar-15 | 23,836 | ||
| SPI 200 Index (Short) | 3 | 346,590 | Mar-15 | (12,738) | ||
|
| ||||||
| Total | $86,358 | |||||
| Key to holding's abbreviations | |||
| ADR | American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank | ||
| ETF | Exchange Traded Fund | ||
| GDR | Global Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank | ||
| OAO | 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, 2014 through February 28, 2015 (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 $39,631,169. | |||||
| (b) | The aggregate identified cost on a tax basis is $32,998,300, resulting in gross unrealized appreciation and depreciation of $7,577,601 and $679,747, respectively, or net unrealized appreciation of $6,897,854. | |||||
| (NON) | This security is non-income-producing. | |||||
| (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* | $645,569 | $8,153,227 | $7,191,160 | $643 | $1,607,636 | |
| * 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. | |||||
| (d) | Affiliated company. 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 fair value of the securities loaned. The fair 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 agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. | |||||
| The fund received cash collateral of $169,179, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $167,377. | ||||||
| (P) | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | |||||
| (R) | Real Estate Investment Trust. | |||||
| (S) | This security is 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 $68,570 to cover certain derivative contracts. | ||||||
| 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 | 80.2% | |||||
| Japan | 3.2 | |||||
| United Kingdom | 3.1 | |||||
| Germany | 1.5 | |||||
| China | 1.4 | |||||
| France | 1.4 | |||||
| Switzerland | 1.3 | |||||
| Australia | 1.1 | |||||
| India | 0.6 | |||||
| Taiwan | 0.6 | |||||
| Spain | 0.5 | |||||
| Other | 5.1 | |||||
| Total | 100.0% | |||||
| Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and has delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | ||||||
| Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. | ||||||
| Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | ||||||
| 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, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||
| To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
| Futures contracts: The fund used futures contracts to 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, is 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 $68,969 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these agreements. | ||||||
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows: | ||||
| Level 1: Valuations based on quoted prices for identical securities in active markets. | ||||
| Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||||
| Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement. | ||||
| The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period: | ||||
| Valuation inputs | ||||
|
| ||||
| Investments in securities: | Level 1 | Level 2 | Level 3 | |
| Common stocks*: | ||||
| Basic materials | $1,398,516 | $251,246 | $— | |
| Capital goods | 2,540,496 | 150,644 | — | |
| Communication services | 614,942 | 157,848 | — | |
| Conglomerates | 185,577 | 7,995 | — | |
| Consumer cyclicals | 4,671,375 | 382,920 | — | |
| Consumer staples | 2,969,717 | 116,611 | — | |
| Energy | 2,577,830 | 29,516 | — | |
| Financials | 5,905,996 | 1,030,452 | — | |
| Health care | 4,810,248 | 117,715 | — | |
| Technology | 5,884,759 | 626,212 | — | |
| Transportation | 802,294 | 85,821 | — | |
| Utilities and power | 1,010,046 | 98,858 | — | |
| Total common stocks | 33,371,796 | 3,055,838 | — | |
| Investment companies | $1,289,458 | $17,076 | $— | |
| Warrants | — | 60,178 | — | |
| Short-term investments | 1,717,636 | 384,172 | — | |
|
|
|
|
||
| Totals by level | $36,378,890 | $3,517,264 | $— | |
| Valuation inputs | ||||
|
| ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| Forward currency contracts | $— | $138,097 | $— | |
| Futures contracts | 86,358 | — | — | |
|
|
|
|
||
| Totals by level | $86,358 | $138,097 | $— | |
| * Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | ||||
| During the reporting period, transfers within the fair value hierarchy, if any, (other than certain transfers involving non-U.S. equity securities as described in the Security valuation note above) did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. | ||||
| At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and 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 | $282,441 | $144,344 | ||
| Equity contracts | 180,112 | 33,576 | ||
|
|
|
|||
| Total | $462,553 | $177,920 | ||
| 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: | ||||
| Futures contracts (number of contracts) | 30 | |||
| Forward currency contracts (contract amount) | $15,000,000 | |||
| Warrants (number of warrants) | 34,000 | |||
| The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions, if applicable, see note "(d)" above, and for borrowing transactions associated with securities sold short, if applicable, see the "Short sales of securities" note above. | |||||||||||||||||
| 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. | Merrill Lynch, Pierce, Fenner & Smith, Inc. | Royal Bank of Scotland PLC (The) | State Street Bank and Trust Co. | UBS AG | WestPac Banking Corp. | Total | ||||
| Assets: | |||||||||||||||||
| Futures contracts§ | – | – | – | – | – | – | – | – | 12,726 | – | – | – | – | 12,726 | |||
| Forward currency contracts# | 21,900 | 5,308 | 13,389 | 21,007 | 30,578 | 21,076 | 8,825 | 121,766 | – | 5,188 | 6,382 | 25,804 | 1,218 | 282,441 | |||
| Total Assets | $21,900 | $5,308 | $13,389 | $21,007 | $30,578 | $21,076 | $8,825 | $121,766 | $12,726 | $5,188 | $6,382 | $25,804 | $1,218 | $295,167 | |||
| Liabilities: | |||||||||||||||||
| Futures contracts§ | – | – | – | – | – | – | – | – | 13,756 | – | – | – | – | 13,756 | |||
| Forward currency contracts# | 39,229 | 3,872 | 1,248 | 12,575 | 3,877 | 3,889 | 1,883 | 11,613 | – | 683 | 17,051 | 6,235 | 42,189 | 144,344 | |||
| Total Liabilities | $39,229 | $3,872 | $1,248 | $12,575 | $3,877 | $3,889 | $1,883 | $11,613 | $13,756 | $683 | $17,051 | $6,235 | $42,189 | $158,100 | |||
| Total Financial and Derivative Net Assets | $(17,329) | $1,436 | $12,141 | $8,432 | $26,701 | $17,187 | $6,942 | $110,153 | $(1,030) | $4,505 | $(10,669) | $19,569 | $(40,971) | $137,067 | |||
| Total collateral received (pledged)##† | $– | $– | $– | $– | $– | $– | $– | $110,000 | $– | $– | $– | $– | $– | ||||
| Net amount | $(17,329) | $1,436 | $12,141 | $8,432 | $26,701 | $17,187 | $6,942 | $153 | $(1,030) | $4,505 | $(10,669) | $19,569 | $(40,971) | ||||
| † | 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. Collateral may include amounts related to unsettled agreements. | ||||||||||||||||
| § | Includes current day's variation margin only, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts and centrally cleared swap contracts is represented in the tables listed after the fund's portfolio. | ||||||||||||||||
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 28, 2015 |
| 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 28, 2015 |
| By (Signature and Title): |
| /s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: April 28, 2015 |
| 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 28, 2015 | |
| 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 28, 2015 | |
| Steven D. Krichmar | |
| Principal Financial Officer | |
Attachment A | |
NQ | |
Period (s) ended February 28, 2015 | |
| 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 |