0000928816-16-003013.txt : 20160728 0000928816-16-003013.hdr.sgml : 20160728 20160728090049 ACCESSION NUMBER: 0000928816-16-003013 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160531 FILED AS OF DATE: 20160728 DATE AS OF CHANGE: 20160728 EFFECTIVENESS DATE: 20160728 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: 161788539 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 S000000774 Putnam Retirement Income Fund Lifestyle 3 C000002284 Class A shares C000002285 Class B shares C000002286 Class C shares C000002287 Class M shares C000002288 Class R shares C000002289 Class Y shares N-Q 1 a_retirementincomelife3.htm PUTNAM RETIREMENT INCOME FUND LIFESTYLE 3 a_retirementincomelife3.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:         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: February 28, 2017
Date of reporting period: May 31, 2016



Item 1. Schedule of Investments:













Putnam Retirement Income Fund Lifestyle 3

The fund's portfolio
5/31/16 (Unaudited)
COMMON STOCKS (29.8%)(a)
Shares Value
Banking (1.3%)
Banco Santander SA (Spain) 5,382 $25,696
Bank Hapoalim BM (Israel) 1,910 9,866
Bank of New York Mellon Corp. (The) 518 21,787
BNP Paribas SA/New York, NY (France)(NON) 692 38,317
Citigroup, Inc. 892 41,540
Concordia Financial Group, Ltd. (Japan)(NON) 1,300 6,061
Fukuoka Financial Group, Inc. (Japan) 1,000 3,607
Hokuhoku Financial Group, Inc. (Japan) 3,000 3,652
JPMorgan Chase & Co. 1,236 80,674
Mitsubishi UFJ Financial Group, Inc. (Japan) 5,900 29,101
Popular, Inc. (Puerto Rico) 183 5,735
Raiffeisen Bank International AG (Austria)(NON) 210 2,810
Regions Financial Corp. 1,018 10,007
Resona Holdings, Inc. (Japan) 4,500 16,933
Societe Generale SA (France) 522 21,484
Sumitomo Mitsui Financial Group, Inc. (Japan) 1,000 32,241
Sumitomo Mitsui Trust Holdings, Inc. (Japan) 2,000 6,877
UniCredit SpA (Italy) 671 2,147
Wells Fargo & Co. 436 22,114
Woori Bank (South Korea) 376 3,131
383,780
Basic materials (1.0%)
Amcor, Ltd. (Australia) 1,330 15,636
Asahi Kasei Corp. (Japan) 2,000 13,304
Axalta Coating Systems, Ltd.(NON) 269 7,572
BASF SE (Germany) 526 40,634
BHP Billiton, Ltd. (Australia) 379 5,112
Boliden AB (Sweden) 120 2,123
Cabot Corp. 45 2,057
CIMIC Group, Ltd. (Australia) 238 6,412
Daicel Corp. (Japan) 300 3,701
Ems-Chemie Holding AG (Switzerland) 26 12,889
Evonik Industries AG (Germany) 280 8,256
Fortescue Metals Group, Ltd. (Australia) 2,834 6,046
Glencore PLC (United Kingdom) 3,452 6,555
Golden Agri-Resources, Ltd. (Singapore) 10,300 2,913
Graphic Packaging Holding Co. 476 6,378
Hitachi Chemical Co., Ltd. (Japan) 400 7,417
Incitec Pivot, Ltd. (Australia) 1,877 4,663
Kuraray Co., Ltd. (Japan) 500 6,598
LyondellBasell Industries NV Class A 509 41,412
Mitsubishi Chemical Holdings Corp. (Japan) 700 3,535
Mitsubishi Gas Chemical Co., Inc. (Japan) 1,000 5,639
Mitsubishi Materials Corp. (Japan) 3,000 8,581
Nippon Steel & Sumitomo Metal Corp. (Japan) 400 8,186
Reliance Steel & Aluminum Co. 71 5,279
Sealed Air Corp. 304 14,118
Sika AG (Switzerland) 1 4,326
Skanska AB (Sweden) 782 17,175
Stora Enso OYJ Class R (Finland) 1,355 11,616
UPM-Kymmene OYJ (Finland) 874 16,814
voestalpine AG (Austria) 187 6,405
Yara International ASA (Norway) 462 16,662
318,014
Capital goods (1.0%)
ACS Actividades de Construccion y Servicios SA (Spain) 319 10,524
Allegion PLC (Ireland) 88 5,952
Allison Transmission Holdings, Inc. 591 16,601
B/E Aerospace, Inc. 160 7,622
Boeing Co. (The) 442 55,758
BWX Technologies, Inc. 121 4,256
Carlisle Cos., Inc. 45 4,672
Crown Holdings, Inc.(NON) 494 25,772
General Dynamics Corp. 53 7,519
Hitachi High-Technologies Corp. (Japan) 100 2,886
IDEX Corp. 52 4,334
JTEKT Corp (Japan) 300 4,104
KBR, Inc. 126 1,833
Kone OYJ Class B (Finland) 164 7,752
Leggett & Platt, Inc. 51 2,563
Mitsubishi Electric Corp. (Japan) 2,000 23,892
Northrop Grumman Corp. 11 2,339
NSK, Ltd. (Japan) 300 2,637
Orbital ATK, Inc. 88 7,659
OSRAM Licht AG (Germany) 211 11,229
Raytheon Co. 118 15,301
Roper Technologies, Inc. 41 7,014
Schindler Holding AG (Switzerland) 58 10,742
Spirit AeroSystems Holdings, Inc. Class A(NON) 157 7,344
Sumitomo Heavy Industries, Ltd. (Japan) 1,000 4,798
Thales SA (France) 41 3,552
Vinci SA (France) 507 38,128
Waste Management, Inc. 238 14,506
Xylem, Inc. 146 6,520
317,809
Communication services (0.8%)
BT Group PLC (United Kingdom) 3,435 22,030
Eutelsat Communications SA (France) 283 5,643
Juniper Networks, Inc. 1,020 23,878
KDDI Corp. (Japan) 500 14,525
Nippon Telegraph & Telephone Corp. (Japan) 500 21,821
NTT DoCoMo, Inc. (Japan) 800 19,976
Orange SA (France) 1,326 23,038
PCCW, Ltd. (Hong Kong) 3,000 1,956
Sky PLC (United Kingdom) 1,881 26,249
Telenor ASA (Norway) 320 5,332
Telstra Corp., Ltd. (Australia) 2,592 10,460
Verizon Communications, Inc. 1,482 75,434
250,342
Conglomerates (0.1%)
Siemens AG (Germany) 312 33,600
33,600
Consumer cyclicals (3.4%)
Adecco Group AG (Switzerland) 21 1,273
Amazon.com, Inc.(NON) 48 34,694
Aristocrat Leisure, Ltd. (Australia) 787 7,300
Berkeley Group Holdings PLC (United Kingdom) 187 8,870
Boral, Ltd. (Australia) 1,511 7,397
Brambles, Ltd. (Australia) 2,507 23,250
Carter's, Inc. 167 16,790
Christian Dior SA (France) 25 4,076
Clorox Co. (The) 146 18,767
Compass Group PLC (United Kingdom) 744 13,868
Continental AG (Germany) 56 12,013
Dai Nippon Printing Co., Ltd. (Japan) 2,000 20,312
Discovery Communications, Inc. Class A(NON)(S) 1,434 39,937
Electrolux AB (Sweden) 103 2,764
Fiat Chrysler Automobiles NV (Italy) 2,191 15,639
Flight Centre Travel Group, Ltd. (Australia) 395 9,010
Fuji Heavy Industries, Ltd. (Japan) 300 11,125
Global Payments, Inc. 311 24,162
Goodyear Tire & Rubber Co. (The) 328 9,174
Hakuhodo DY Holdings, Inc. (Japan) 300 3,732
Harvey Norman Holdings, Ltd. (Australia) 2,502 8,232
Hino Motors, Ltd. (Japan) 300 3,044
Home Depot, Inc. (The) 527 69,627
Host Hotels & Resorts, Inc.(R) 2,274 35,020
Industrivarden AB Class A (Sweden) 1,066 19,872
Interpublic Group of Cos., Inc. (The) 65 1,554
ITV PLC (United Kingdom) 6,198 19,282
KAR Auction Services, Inc. 224 9,193
Kia Motors Corp. (South Korea) 155 6,058
Kingfisher PLC (United Kingdom) 4,900 26,060
Lagardere SCA (France) 161 3,811
Lear Corp. 96 11,401
Liberty Braves Group (Rights)(NON) 6 12
Liberty Braves Group Class A(NON) 16 249
Liberty Interactive Corp. Class A(NON) 95 2,563
Liberty Media Group Class A(NON) 42 818
Liberty SiriusXM Group Class A(NON) 174 5,549
Lowe's Cos., Inc. 682 54,649
Macy's, Inc. 241 8,004
Madison Square Garden Co. (The) Class A(NON) 11 1,843
Marks & Spencer Group PLC (United Kingdom) 2,789 15,338
Masco Corp. 690 22,522
Mazda Motor Corp. (Japan) 900 15,329
MGM China Holdings, Ltd. (Hong Kong) 2,000 2,870
MSG Networks, Inc. Class A(NON) 109 1,887
News Corp. Class A 508 6,076
NIKE, Inc. Class B 383 21,149
Panasonic Corp. (Japan) 300 2,759
Peugeot SA (France)(NON) 525 8,263
ProSiebenSat.1 Media SE (Germany)(NON) 112 5,631
PVH Corp. 149 13,976
Quanta Services, Inc.(NON) 463 11,126
Renault SA (France) 185 17,361
Ryman Hospitality Properties(R) 1,124 55,143
Scotts Miracle-Gro Co. (The) Class A 47 3,267
ServiceMaster Global Holdings, Inc.(NON) 162 6,195
Shimamura Co., Ltd. (Japan) 100 12,922
Sirius XM Holdings, Inc.(NON) 4,438 17,841
Six Flags Entertainment Corp. 131 7,557
SJM Holdings, Ltd. (Hong Kong) 6,000 3,851
TABCORP Holdings, Ltd. (Australia) 923 2,943
Taylor Wimpey PLC (United Kingdom) 4,031 11,992
Thor Industries, Inc. 33 2,145
Toppan Printing Co., Ltd. (Japan) 1,000 9,000
TransUnion(NON) 56 1,854
Tribune Media Co. Class A 63 2,536
TUI AG (London Exchange) (Germany) 506 7,746
Urban Outfitters, Inc.(NON) 162 4,622
Valeo SA (France) 91 13,735
Viacom, Inc. Class B 185 8,208
Vista Outdoor, Inc.(NON) 44 2,208
Visteon Corp. 101 7,573
Volkswagen AG (Preference) (Germany)(NON) 34 5,082
Wal-Mart Stores, Inc. 878 62,145
William Hill PLC (United Kingdom) 1,373 6,186
Wolters Kluwer NV (Netherlands) 344 13,712
World Fuel Services Corp. 57 2,620
WPP PLC (United Kingdom) 1,300 29,975
Yamada Denki Co., Ltd. (Japan) 600 2,818
1,019,157
Consumer finance (0.2%)
Mitsubishi UFJ Lease & Finance Co., Ltd. (Japan) 4,500 19,194
Synchrony Financial(NON) 1,176 36,691
55,885
Consumer staples (2.0%)
Altria Group, Inc. 775 49,321
Aryzta AG (Switzerland) 89 3,542
Ashtead Group PLC (United Kingdom) 295 4,170
British American Tobacco PLC (United Kingdom) 702 42,683
Bunge, Ltd. 71 4,762
Campbell Soup Co. 279 16,899
Coca-Cola Amatil, Ltd. (Australia) 4,180 26,775
Coca-Cola European Partners PLC (United Kingdom) 357 13,855
ConAgra Foods, Inc. 35 1,600
Delhaize Group (Belgium) 155 16,251
Dr. Pepper Snapple Group, Inc. 422 38,571
Edgewell Personal Care Co. 74 5,878
Energizer Holdings, Inc. 90 4,260
Estee Lauder Cos., Inc. (The) Class A 211 19,366
Geo Group, Inc. (The)(R) 1,197 39,812
Heineken Holding NV (Netherlands) 80 6,564
Heineken NV (Netherlands) 45 4,179
Hormel Foods Corp. 47 1,617
Imperial Brands PLC (United Kingdom) 722 39,329
ITOCHU Corp. (Japan) 700 8,723
J Sainsbury PLC (United Kingdom) 2,772 10,780
Jardine Cycle & Carriage, Ltd. (Singapore) 400 9,813
Kao Corp. (Japan) 500 27,296
Koninklijke Ahold NV (Netherlands) 1,346 29,818
Kroger Co. (The) 548 19,596
METRO AG (Germany) 283 9,298
Nestle SA (Switzerland) 386 28,503
PepsiCo, Inc. 463 46,842
Reckitt Benckiser Group PLC (United Kingdom) 139 13,841
Starbucks Corp. 605 33,208
Svenska Cellulosa AB SCA Class B (Sweden) 149 4,769
Unilever PLC (United Kingdom) 237 10,799
WH Group, Ltd. 144A (Hong Kong)(NON) 17,000 13,051
WM Morrison Supermarkets PLC (United Kingdom) 964 2,767
Woolworths, Ltd. (Australia) 338 5,389
613,927
Energy (1.2%)
BP PLC (United Kingdom) 1,018 5,267
Caltex Australia, Ltd. (Australia) 299 7,040
CVR Energy, Inc. 74 1,453
Ensco PLC Class A (United Kingdom) 262 2,591
Exxon Mobil Corp. 83 7,389
Gulfport Energy Corp.(NON) 408 12,542
Halliburton Co. 594 25,055
HollyFrontier Corp. 192 5,138
Idemitsu Kosan Co., Ltd. (Japan) 300 5,968
Nabors Industries, Ltd. 861 8,093
Neste Oil OYJ (Finland) 298 10,043
Newfield Exploration Co.(NON) 208 8,480
Norsk Hydro ASA (Norway) 1,511 6,024
Occidental Petroleum Corp. 722 54,468
OMV AG (Austria) 877 24,444
Repsol YPF SA (Spain) 473 6,092
Rowan Cos. PLC Class A 443 7,500
Royal Dutch Shell PLC Class A (United Kingdom) 274 6,578
Royal Dutch Shell PLC Class B (United Kingdom) 759 18,254
Schlumberger, Ltd. 372 28,384
Technip SA (France) 33 1,811
Tesoro Corp. 199 15,538
Total SA (France) 1,010 49,081
Valero Energy Corp. 315 17,231
Vestas Wind Systems A/S (Denmark) 349 25,008
Woodside Petroleum, Ltd. (Australia) 494 9,723
369,195
Financial (0.6%)
3i Group PLC (United Kingdom) 4,290 34,888
AerCap Holdings NV (Ireland)(NON) 105 4,104
Broadridge Financial Solutions, Inc. 67 4,301
CoreLogic, Inc.(NON) 90 3,354
HSBC Holdings PLC (United Kingdom) 6,285 40,512
Mizuho Financial Group, Inc. (Japan) 18,700 29,107
Morgan Stanley 1,154 31,585
ORIX Corp. (Japan) 1,500 20,639
UBS Group AG (Switzerland) 236 3,647
172,137
Health care (2.4%)
Actelion, Ltd. (Switzerland) 23 3,774
AmerisourceBergen Corp. 480 35,990
Amgen, Inc. 383 60,495
Anthem, Inc. 297 39,252
Astellas Pharma, Inc. (Japan) 1,200 16,302
AstraZeneca PLC (United Kingdom) 451 26,311
Bruker Corp. 139 3,670
C.R. Bard, Inc. 112 24,532
Cardinal Health, Inc. 231 18,237
Charles River Laboratories International, Inc.(NON) 95 8,163
Gilead Sciences, Inc. 637 55,457
GlaxoSmithKline PLC (United Kingdom) 2,387 49,957
Hologic, Inc.(NON) 391 13,454
Incyte Corp.(NON) 20 1,688
Johnson & Johnson 819 92,293
Lonza Group AG (Switzerland) 51 8,804
McKesson Corp. 119 21,794
Medipal Holdings Corp. (Japan) 600 10,325
Novartis AG (Switzerland) 348 27,623
Novo Nordisk A/S Class B (Denmark) 226 12,570
Roche Holding AG (Switzerland) 143 37,534
Sanofi (France) 527 43,209
Shire PLC (United Kingdom) 148 9,132
Teva Pharmaceutical Industries, Ltd. ADR (Israel) 217 11,256
VCA, Inc.(NON) 71 4,610
Ventas, Inc.(R) 1,097 72,764
Zoetis, Inc. 446 21,149
730,345
Insurance (1.0%)
Aegon NV (Netherlands) 841 4,323
Ageas (Belgium) 109 4,409
Allianz SE (Germany) 242 39,501
Allied World Assurance Co. Holdings AG 95 3,523
Allstate Corp. (The) 425 28,692
American Financial Group, Inc. 49 3,591
Aspen Insurance Holdings, Ltd. 58 2,775
Aviva PLC (United Kingdom) 881 5,739
AXA SA (France) 1,383 34,746
CNP Assurances (France) 890 15,101
Lincoln National Corp. 346 15,864
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) 171 32,126
NN Group NV (Netherlands) 326 10,887
Prudential Financial, Inc. 493 39,070
Reinsurance Group of America, Inc. 48 4,759
Swiss Life Holding AG (Switzerland) 66 17,111
Swiss Re AG (Switzerland) 393 35,307
Voya Financial, Inc. 349 11,468
308,992
Investment banking/Brokerage (0.3%)
Ameriprise Financial, Inc. 168 17,081
Daiwa Securities Group, Inc. (Japan) 1,000 5,779
E*Trade Financial Corp.(NON) 597 16,650
Investor AB Class B (Sweden) 878 30,546
Nomura Holdings, Inc. (Japan) 1,100 4,713
Partners Group Holding AG (Switzerland) 7 2,951
77,720
Real estate (10.4%)
Alexandria Real Estate Equities, Inc.(R) 860 83,334
American Capital Agency Corp.(R) 527 9,955
Annaly Capital Management, Inc.(R) 1,161 12,283
Apartment Investment & Management Co. Class A(R) 1,631 69,562
AvalonBay Communities, Inc.(R) 837 150,560
Boston Properties, Inc.(R) 1,051 132,037
Brixmor Property Group, Inc.(R) 2,418 61,055
Camden Property Trust(R) 991 84,443
Care Capital Properties, Inc.(R) 274 7,121
CBRE Group, Inc. Class A(NON) 598 17,850
Chimera Investment Corp.(R) 312 4,677
Corporate Office Properties Trust(R) 2,031 54,898
DDR Corp.(R) 259 4,457
Dexus Property Group (Australia)(R) 1,373 8,579
DiamondRock Hospitality Co.(R) 4,163 37,217
Digital Realty Trust, Inc.(R) 225 21,476
Duke Realty Corp.(R) 3,387 80,170
DuPont Fabros Technology, Inc.(R) 2,534 107,214
Equity Lifestyle Properties, Inc.(R) 53 3,885
Equity Residential Trust(R) 2,082 144,095
Essex Property Trust, Inc.(R) 175 39,765
Extra Space Storage, Inc.(R) 108 10,041
Federal Realty Investment Trust(R) 135 20,681
General Growth Properties(R) 4,717 126,746
HCP, Inc.(R) 1,842 60,547
Healthcare Realty Trust, Inc.(R) 1,866 59,320
Highwoods Properties, Inc.(R) 1,467 71,384
Jones Lang LaSalle, Inc. 28 3,300
Kerry Properties, Ltd. (Hong Kong) 3,500 8,739
Kimco Realty Corp.(R) 3,629 102,265
Lend Lease Group (Australia) 856 8,289
Liberty Property Trust(R) 1,587 59,227
Macerich Co. (The)(R) 353 26,941
Medical Properties Trust, Inc.(R) 4,932 72,500
MFA Financial, Inc.(R) 546 3,937
Mid-America Apartment Communities, Inc.(R) 116 11,947
National Health Investors, Inc.(R) 730 50,976
New World Development Co., Ltd. (Hong Kong) 14,000 13,240
Nomura Real Estate Holdings, Inc. (Japan) 300 5,348
Persimmon PLC (United Kingdom) 600 18,267
Post Properties, Inc.(R) 820 49,667
Prologis, Inc.(R) 3,288 156,279
Public Storage(R) 840 213,116
Realogy Holdings Corp.(NON) 276 9,053
Realty Income Corp.(R) 584 35,093
Regency Centers Corp.(R) 64 4,902
Sekisui Chemical Co., Ltd. (Japan) 200 2,587
Simon Property Group, Inc.(R) 1,737 343,301
SL Green Realty Corp.(R) 252 25,543
Spirit Realty Capital, Inc.(R) 1,674 19,167
Starwood Property Trust, Inc.(R) 372 7,671
Sunstone Hotel Investors, Inc.(R) 4,011 48,292
Taubman Centers, Inc.(R) 825 56,570
Two Harbors Investment Corp.(R) 400 3,392
UDR, Inc.(R) 405 14,592
VEREIT, Inc.(R) 1,702 16,322
Vornado Realty Trust(R) 551 52,632
Washington Real Estate Investment Trust(R) 1,435 42,519
Weingarten Realty Investors(R) 1,784 67,132
Welltower, Inc.(R) 1,334 91,926
Wheelock and Co., Ltd. (Hong Kong) 5,000 22,474
WP Carey, Inc.(R) 85 5,449
3,156,007
Technology (2.5%)
Adobe Systems, Inc.(NON) 398 39,589
Agilent Technologies, Inc. 468 21,477
Alphabet, Inc. Class A(NON) 76 56,913
Amadeus IT Holding SA Class A (Spain) 232 10,747
Amdocs, Ltd. 265 15,367
Apple, Inc. 784 78,290
Applied Materials, Inc. 717 17,509
AtoS SE (France) 180 16,635
Brocade Communications Systems, Inc. 779 7,058
Cisco Systems, Inc. 349 10,138
Computer Sciences Corp. 378 18,598
CSRA, Inc. 148 3,666
eBay, Inc.(NON) 1,773 43,368
Fujitsu, Ltd. (Japan) 1,000 4,009
GungHo Online Entertainment, Inc. (Japan)(S) 4,000 11,531
Hoya Corp. (Japan) 400 13,968
Intuit, Inc. 102 10,879
Iron Mountain, Inc.(R) 1,848 67,896
L-3 Communications Holdings, Inc. 234 32,107
Leidos Holdings, Inc. 301 14,869
Maxim Integrated Products, Inc. 469 17,803
Microsoft Corp. 1,993 105,629
Mixi, Inc. (Japan) 100 3,835
Motorola Solutions, Inc. 163 11,291
NCR Corp.(NON) 170 5,250
Nexon Co., Ltd. (Japan) 600 9,792
Nuance Communications, Inc.(NON) 337 5,635
NVIDIA Corp. 853 39,852
Red Hat, Inc.(NON) 173 13,401
Samsung Electronics Co., Ltd. (South Korea) 19 20,536
Seiko Epson Corp. (Japan) 200 3,572
SoftBank Corp. (Japan) 100 5,566
TDK Corp. (Japan) 100 5,767
Xerox Corp. 1,961 19,551
762,094
Transportation (0.8%)
ANA Holdings, Inc. (Japan) 4,000 11,646
AP Moeller - Maersk A/S (Denmark) 15 19,320
Aurizon Holdings, Ltd. (Australia) 1,727 5,629
Central Japan Railway Co. (Japan) 200 35,157
CH Robinson Worldwide, Inc. 21 1,575
Delta Air Lines, Inc. 922 40,070
Deutsche Post AG (Germany) 630 18,376
easyJet PLC (United Kingdom) 122 2,709
International Consolidated Airlines Group SA (Spain) 1,544 12,068
Qantas Airways, Ltd. (Australia) 2,351 5,230
Royal Mail PLC (United Kingdom) 1,933 15,146
Ryanair Holdings PLC ADR (Ireland) 98 8,565
United Parcel Service, Inc. Class B 334 34,432
Yangzijiang Shipbuilding Holdings, Ltd. (China) 30,900 20,538
230,461
Utilities and power (0.8%)
American Electric Power Co., Inc. 108 6,991
Centrica PLC (United Kingdom) 1,220 3,601
CLP Holdings, Ltd. (Hong Kong) 500 4,713
E.ON SE (Germany) 2,133 20,968
Edison International 215 15,400
Endesa SA (Spain) 758 15,586
Enel SpA (Italy) 3,411 15,462
Entergy Corp. 552 41,908
Iberdrola SA (Spain) 4,912 33,317
Korea Electric Power Corp. (South Korea) 87 4,585
NiSource, Inc. 263 6,275
PPL Corp. 640 24,666
RWE AG (Germany)(NON) 557 7,291
Tokyo Electric Power Company Holdings, Inc. (Japan)(NON) 1,100 5,139
Tokyo Gas Co., Ltd. (Japan) 1,000 4,012
UGI Corp. 483 20,730
Vectren Corp. 43 2,136
232,780
Total common stocks (cost $8,772,076) $9,032,245

INVESTMENT COMPANIES (10.2%)(a)
Shares Value
Putnam Absolute Return 700 Fund Class Y(AFF) 271,463 $3,005,100
SPDR S&P 500 ETF Trust 315 66,175
SPDR S&P MidCap 400 ETF Trust 34 9,243
Total investment companies (cost $3,455,833) $3,080,518

CORPORATE BONDS AND NOTES (10.0%)(a)
Principal amount Value
Basic materials (1.0%)
A Schulman, Inc. 144A company guaranty sr. unsec. unsub. notes 6 7/8s, 2023 $15,000 $14,963
Agrium, Inc. sr. unsec. notes 3 3/8s, 2025 (Canada) 5,000 4,922
Agrium, Inc. sr. unsec. unsub. notes 5 1/4s, 2045 (Canada) 2,000 2,058
ArcelorMittal SA sr. unsec. unsub. bonds 10.85s, 2019 (France) 15,000 17,588
Boise Cascade Co. company guaranty sr. unsec. notes 6 3/8s, 2020 15,000 15,188
Builders FirstSource, Inc. 144A company guaranty sr. unsec. notes 10 3/4s, 2023 25,000 27,188
Celanese US Holdings, LLC company guaranty sr. unsec. notes 5 7/8s, 2021 (Germany) 5,000 5,438
CF Industries, Inc. company guaranty sr. unsec. notes 5 3/8s, 2044 2,000 1,834
CF Industries, Inc. company guaranty sr. unsec. notes 5.15s, 2034 3,000 2,852
Compass Minerals International, Inc. 144A company guaranty sr. unsec. notes 4 7/8s, 2024 20,000 18,900
Eastman Chemical Co. sr. unsec. notes 3.8s, 2025 2,000 2,063
First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 7s, 2021 (Canada) 30,000 23,700
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc. company guaranty sr. unsec. notes 6 3/4s, 2022 1,000 938
Glencore Funding, LLC 144A company guaranty sr. unsec. unsub. notes 4 5/8s, 2024 9,000 7,920
Glencore Funding, LLC 144A company guaranty sr. unsec. unsub. notes 4s, 2025 4,000 3,320
Glencore Funding, LLC 144A company guaranty sr. unsec. unsub. notes 2 7/8s, 2020 2,000 1,835
HD Supply, Inc. company guaranty sr. unsec. sub. notes 7 1/2s, 2020 50,000 52,750
HudBay Minerals, Inc. company guaranty sr. unsec. notes 9 1/2s, 2020 (Canada) 15,000 12,450
Huntsman International, LLC company guaranty sr. unsec. unsub. notes 4 7/8s, 2020 25,000 25,438
INVISTA Finance, LLC 144A company guaranty sr. notes 4 1/4s, 2019 3,000 2,918
Louisiana-Pacific Corp. company guaranty sr. unsec. notes 7 1/2s, 2020 5,000 5,181
LyondellBasell Industries NV sr. unsec. unsub. notes 4 5/8s, 2055 5,000 4,425
NOVA Chemicals Corp. 144A sr. unsec. notes 5s, 2025 (Canada) 2,000 1,975
Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2024 25,000 25,693
TMS International Corp. 144A company guaranty sr. unsec. sub. notes 7 5/8s, 2021 25,000 17,500
WestRock MWV, LLC company guaranty sr. unsec. unsub. notes 8.2s, 2030 5,000 6,517
WestRock MWV, LLC company guaranty sr. unsec. unsub. notes 7.95s, 2031 5,000 6,411
311,965
Capital goods (0.9%)
Advanced Disposal Services, Inc. company guaranty sr. unsec. notes 8 1/4s, 2020 40,000 41,200
Amstead Industries, Inc. 144A company guaranty sr. unsec. sub. notes 5s, 2022 20,000 20,100
ATS Automation Tooling Systems, Inc. 144A sr. unsec. notes 6 1/2s, 2023 (Canada) 25,000 25,563
Belden, Inc. 144A company guaranty sr. unsec. sub. notes 5 1/2s, 2022 15,000 15,150
Berry Plastics Corp. 144A company guaranty notes 6s, 2022 10,000 10,275
Delphi Corp. company guaranty sr. unsec. notes 5s, 2023 5,000 5,300
Gates Global, LLC/Gates Global Co. 144A company guaranty sr. unsec. notes 6s, 2022 10,000 8,750
KLX, Inc. 144A company guaranty sr. unsec. notes 5 7/8s, 2022 20,000 19,700
Legrand France SA sr. unsec. unsub. notes 8 1/2s, 2025 (France) 10,000 13,459
MasTec, Inc. company guaranty sr. unsec. unsub. notes 4 7/8s, 2023 20,000 18,500
Medtronic, Inc. company guaranty sr. unsec. sub. notes 4 3/8s, 2035 3,000 3,263
Medtronic, Inc. company guaranty sr. unsec. sub. notes 3 1/2s, 2025 2,000 2,133
Moog, Inc. 144A company guaranty sr. unsec. notes 5 1/4s, 2022 20,000 20,325
Oshkosh Corp. company guaranty sr. unsec. sub. notes 5 3/8s, 2025 35,000 35,963
TransDigm, Inc. company guaranty sr. unsec. unsub. notes 6 1/2s, 2024 40,000 40,800
280,481
Communication services (1.8%)
American Tower Corp. sr. unsec. notes 4s, 2025(R) 10,000 10,431
AT&T, Inc. sr. unsec. unsub. notes 4 3/4s, 2046 2,000 1,986
CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. bonds 5 1/8s, 2023 30,000 30,825
CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. notes 5 1/4s, 2022 35,000 35,875
Charter Communications Operating, LLC/Charter Communications Operating Capital 144A sr. sub. bonds 6.484s, 2045 8,000 9,187
Charter Communications Operating, LLC/Charter Communications Operating Capital 144A sr. sub. notes 4.908s, 2025 2,000 2,139
Comcast Cable Communications Holdings, Inc. company guaranty sr. unsec. notes 9.455s, 2022 5,000 6,993
Comcast Corp. company guaranty sr. unsec. unsub. notes 6.95s, 2037 5,000 7,018
Crown Castle International Corp. sr. unsec. notes 5 1/4s, 2023(R) 28,000 31,073
Crown Castle International Corp. sr. unsec. notes 4 7/8s, 2022(R) 5,000 5,438
Crown Castle Towers, LLC 144A company guaranty sr. notes 4.883s, 2020 5,000 5,390
CSC Holdings, LLC sr. unsec. unsub. notes 6 3/4s, 2021 25,000 25,688
DISH DBS Corp. company guaranty sr. unsec. unsub. notes 5 7/8s, 2024 10,000 9,255
Intelsat Luxembourg SA company guaranty sr. unsec. bonds 7 3/4s, 2021 (Luxembourg) 5,000 1,488
Koninklijke KPN NV sr. unsec. unsub. bonds 8 3/8s, 2030 (Netherlands) 5,000 6,817
Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 6 1/8s, 2021 25,000 26,125
Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 5 3/8s, 2022 15,000 15,225
SBA Tower Trust 144A sr. notes 5.101s, 2017 10,000 9,998
Sprint Capital Corp. company guaranty sr. unsec. unsub. notes 6 7/8s, 2028 40,000 29,850
Sprint Corp. company guaranty sr. unsec. sub. notes 7 7/8s, 2023 20,000 15,600
Sprint Corp. company guaranty sr. unsec. sub. notes 7 1/4s, 2021 70,000 56,700
T-Mobile USA, Inc. company guaranty sr. unsec. notes 6 5/8s, 2023 65,000 68,738
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6 1/8s, 2022 40,000 42,200
Telefonica Emisiones SAU company guaranty sr. unsec. unsub. notes 5.462s, 2021 (Spain) 5,000 5,634
Verizon Communications, Inc. sr. unsec. unsub. notes 5.9s, 2054 (units) 200 5,520
Verizon Communications, Inc. sr. unsec. unsub. notes 4.522s, 2048 19,000 19,188
Verizon Communications, Inc. sr. unsec. unsub. notes 4.4s, 2034 5,000 5,071
Videotron, Ltd. company guaranty sr. unsec. unsub. notes 5s, 2022 (Canada) 35,000 36,400
West Corp. 144A company guaranty sr. unsec. sub. notes 5 3/8s, 2022 25,000 22,688
Windstream Services, LLC company guaranty sr. unsec. notes 7 3/4s, 2021 20,000 17,450
565,990
Conglomerates (0.1%)
General Electric Co. jr. unsec. sub. FRB Ser. D, 5s, perpetual maturity 16,000 16,800
16,800
Consumer cyclicals (1.8%)
21st Century Fox America, Inc. company guaranty sr. unsec. unsub. notes 7 3/4s, 2045 5,000 7,040
American Tire Distributors, Inc. 144A sr. unsec. sub. notes 10 1/4s, 2022 15,000 12,994
Autonation, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2020 7,000 7,613
Bed Bath & Beyond, Inc. sr. unsec. sub. notes 5.165s, 2044 5,000 4,346
Bon-Ton Department Stores, Inc. (The) company guaranty notes 10 5/8s, 2017 4,000 3,410
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 144A company guaranty sr. unsec. notes 6 1/8s, 2022 (Canada) 35,000 33,381
CBS Corp. company guaranty sr. unsec. debs. 7 7/8s, 2030 5,000 6,969
Expedia, Inc. 144A company guaranty sr. unsec. unsub. notes 5s, 2026 5,000 5,035
Ford Motor Co. sr. unsec. unsub. notes 7.45s, 2031 5,000 6,527
Ford Motor Co. sr. unsec. unsub. notes 7.4s, 2046 5,000 6,733
General Motors Co. sr. unsec. notes 6 1/4s, 2043 5,000 5,500
General Motors Co. sr. unsec. unsub. notes 6 3/4s, 2046 2,000 2,343
General Motors Financial Co., Inc. company guaranty sr. unsec. unsub. notes 3.45s, 2022 10,000 9,921
Host Hotels & Resorts LP sr. unsec. unsub. notes 5 1/4s, 2022(R) 5,000 5,395
Howard Hughes Corp. (The) 144A sr. unsec. notes 6 7/8s, 2021 25,000 25,375
Isle of Capri Casinos, Inc. company guaranty sr. unsec. notes 5 7/8s, 2021 10,000 10,438
JC Penney Corp, Inc. company guaranty sr. unsec. unsub. notes 5.65s, 2020 35,000 32,375
L Brands, Inc. company guaranty sr. unsec. notes 6 5/8s, 2021 5,000 5,569
Lennar Corp. company guaranty sr. unsec. unsub. notes 4 3/4s, 2022 30,000 29,775
LIN Television Corp. company guaranty sr. unsec. unsub. notes 5 7/8s, 2022 10,000 10,113
Macy's Retail Holdings, Inc. company guaranty sr. unsec. notes 6.9s, 2029 2,000 2,153
Macy's Retail Holdings, Inc. company guaranty sr. unsec. notes 6.65s, 2024 1,000 1,124
Masonite International Corp. 144A company guaranty sr. unsec. notes 5 5/8s, 2023 5,000 5,225
MGM Resorts International company guaranty sr. unsec. notes 5 1/4s, 2020 10,000 10,350
Neiman Marcus Group, Ltd. 144A company guaranty sr. unsec. sub. notes 8 3/4s, 2021(PIK) 35,000 24,588
Nordstrom, Inc. sr. unsec. unsub. notes 6.95s, 2028 1,000 1,191
O'Reilly Automotive, Inc. company guaranty sr. unsec. sub. notes 3.55s, 2026 5,000 5,157
Omnicom Group, Inc. company guaranty sr. unsec. unsub. notes 3.6s, 2026 5,000 5,131
Outfront Media Capital, LLC/Outfront Media Capital Corp. company guaranty sr. unsec. sub. notes 5 5/8s, 2024 20,000 20,850
Owens Corning company guaranty sr. unsec. sub. notes 9s, 2019 5,000 5,772
Priceline Group, Inc. (The) sr. unsec. notes 3.65s, 2025 4,000 4,078
PulteGroup, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2026 5,000 5,097
QVC, Inc. company guaranty sr. notes 4.85s, 2024 2,000 2,005
QVC, Inc. company guaranty sr. sub. notes 4.45s, 2025 2,000 1,949
Regal Entertainment Group sr. unsec. sub. notes 5 3/4s, 2022 30,000 30,900
S&P Global, Inc. company guaranty sr. unsec. unsub. notes 4.4s, 2026 5,000 5,485
Scientific Games International, Inc. company guaranty sr. unsec. notes 10s, 2022 70,000 56,700
Sinclair Television Group, Inc. company guaranty sr. unsec. sub. notes 5 3/8s, 2021 35,000 36,225
Sirius XM Radio, Inc. 144A company guaranty sr. unsec. unsub. notes 5 7/8s, 2020 15,000 15,544
TEGNA, Inc. 144A company guaranty sr. unsec. unsub. notes 4 7/8s, 2021 32,000 32,640
Tiffany & Co. sr. unsec. unsub. notes 4.9s, 2044 5,000 4,943
Time Warner, Inc. company guaranty sr. unsec. bonds 7.7s, 2032 5,000 6,678
Time Warner, Inc. company guaranty sr. unsec. unsub. bonds 2.95s, 2026 5,000 4,911
Tribune Media Co. company guaranty sr. unsec. notes 5 7/8s, 2022 15,000 15,150
Vulcan Materials Co. sr. unsec. unsub. notes 4 1/2s, 2025 2,000 2,139
536,837
Consumer staples (0.6%)
Altria Group, Inc. company guaranty sr. unsec. notes 9 1/4s, 2019 2,000 2,461
Altria Group, Inc. company guaranty sr. unsec. unsub. notes 2.85s, 2022 5,000 5,141
Anheuser-Busch InBev Finance, Inc. company guaranty sr. unsec. unsub. bonds 4.9s, 2046 5,000 5,582
Anheuser-Busch InBev Worldwide, Inc. company guaranty sr. unsec. unsub. notes 8.2s, 2039 10,000 15,483
BlueLine Rental Finance Corp. 144A notes 7s, 2019 40,000 33,800
ConAgra Foods, Inc. sr. unsec. notes 7s, 2019 2,000 2,251
Constellation Brands, Inc. company guaranty sr. unsec. notes 3 7/8s, 2019 2,000 2,095
Constellation Brands, Inc. company guaranty sr. unsec. unsub. notes 7 1/4s, 2016 5,000 5,063
Constellation Brands, Inc. company guaranty sr. unsec. unsub. notes 6s, 2022 10,000 11,288
Corrections Corp. of America company guaranty sr. unsec. notes 4 5/8s, 2023(R) 2,000 2,030
CVS Health Corp. sr. unsec. unsub. notes 5 1/8s, 2045 5,000 5,815
CVS Health Corp. 144A sr. unsec. sub. notes 4 3/4s, 2022 12,000 13,362
CVS Pass-Through Trust sr. notes 6.036s, 2028 3,606 4,045
ERAC USA Finance, LLC 144A company guaranty sr. unsec. bonds 4 1/2s, 2045 5,000 5,077
ERAC USA Finance, LLC 144A company guaranty sr. unsec. notes 7s, 2037 10,000 13,119
Kraft Foods Group, Inc. company guaranty sr. unsec. notes Ser. 144A, 6 7/8s, 2039 5,000 6,605
Kraft Heinz Foods Co. 144A company guaranty sr. unsec. unsub. bonds 4 3/8s, 2046 5,000 5,059
Kroger Co. (The) company guaranty sr. unsec. unsub. notes 6.9s, 2038 2,000 2,648
McDonald's Corp. sr. unsec. unsub. notes 5.7s, 2039 15,000 17,812
Newell Brands, Inc. sr. unsec. unsub. notes 4.2s, 2026 8,000 8,477
Tyson Foods, Inc. company guaranty sr. unsec. bonds 4 7/8s, 2034 2,000 2,190
Tyson Foods, Inc. company guaranty sr. unsec. unsub. bonds 5.15s, 2044 3,000 3,402
Walgreens Boots Alliance, Inc. sr. unsec. unsub. notes 3.3s, 2021 5,000 5,170
177,975
Energy (0.5%)
Antero Resources Corp. company guaranty sr. unsec. sub. notes 5 1/8s, 2022 25,000 23,938
Archrock Partners LP/Archrock Partners Finance Corp. company guaranty sr. unsec. notes 6s, 2022 25,000 21,500
BP Capital Markets PLC company guaranty sr. unsec. unsub. notes 4 1/2s, 2020 (United Kingdom) 5,000 5,477
California Resources Corp. 144A company guaranty notes 8s, 2022 15,000 10,950
Chesapeake Energy Corp. 144A company guaranty notes 8s, 2022 14,000 11,270
DCP Midstream Operating LP company guaranty sr. unsec. notes 2.7s, 2019 5,000 4,683
EQT Midstream Partners LP company guaranty sr. unsec. sub. notes 4s, 2024 2,000 1,813
Kerr-McGee Corp. company guaranty sr. unsec. unsub. notes 7 7/8s, 2031 5,000 5,632
Newfield Exploration Co. sr. unsec. unsub. notes 5 3/4s, 2022 35,000 35,175
Spectra Energy Capital, LLC company guaranty sr. unsec. sub. notes 6.2s, 2018 5,000 5,306
Williams Cos., Inc. (The) sr. unsec. sub. notes 4.55s, 2024 5,000 4,363
Williams Cos., Inc. (The) sr. unsec. unsub. notes 8 3/4s, 2032 7,000 7,228
Williams Cos., Inc. (The) sr. unsec. unsub. notes 7 3/4s, 2031 2,000 1,970
139,305
Financials (1.7%)
Air Lease Corp. sr. unsec. unsub. notes 3 3/8s, 2021 5,000 5,045
Ally Financial, Inc. company guaranty sr. unsec. unsub. notes 7 1/2s, 2020 40,000 45,400
Ally Financial, Inc. sub. unsec. notes 5 3/4s, 2025 5,000 5,063
American Express Co. jr. unsec. sub. FRN Ser. C, 4.9s, perpetual maturity 5,000 4,608
American International Group, Inc. jr. unsec. sub. FRB 8.175s, 2058 5,000 6,200
Bank of America Corp. jr. unsec. sub. FRN Ser. AA, 6.1s, perpetual maturity 7,000 7,140
Bank of America Corp. jr. unsec. sub. FRN Ser. Z, 6 1/2s, perpetual maturity 10,000 10,550
Bank of Nova Scotia (The) sr. unsec. unsub. notes 2.35s, 2020 (Canada) 10,000 10,142
Bear Stearns Cos., LLC (The) sr. unsec. unsub. notes 7 1/4s, 2018 15,000 16,351
BGC Partners, Inc. 144A sr. unsec. notes 5 1/8s, 2021 5,000 4,980
Camden Property Trust sr. unsec. unsub. notes 4 7/8s, 2023(R) 5,000 5,534
Cantor Fitzgerald LP 144A unsec. notes 6 1/2s, 2022 5,000 5,197
Capital One Financial Corp. unsec. sub. notes 4.2s, 2025 5,000 5,112
CBRE Services, Inc. company guaranty sr. unsec. notes 5 1/4s, 2025 2,000 2,080
CBRE Services, Inc. company guaranty sr. unsec. unsub. notes 4 7/8s, 2026 8,000 8,110
CIT Group, Inc. sr. unsec. unsub. notes 5s, 2022 55,000 56,306
Citigroup, Inc. jr. unsec. sub. FRB Ser. B, 5.9s, perpetual maturity 2,000 2,003
Citigroup, Inc. jr. unsec. sub. FRB Ser. P, 5.95s, perpetual maturity 4,000 3,950
Citigroup, Inc. jr. unsec. sub. FRN Ser. Q, 5.95s, perpetual maturity 14,000 13,668
Credit Acceptance Corp. company guaranty sr. unsec. notes 6 1/8s, 2021 20,000 19,300
DDR Corp. sr. unsec. unsub. notes 7 7/8s, 2020(R) 2,000 2,394
Duke Realty LP company guaranty sr. unsec. unsub. notes 3 7/8s, 2021(R) 5,000 5,216
Fairfax US, Inc. 144A company guaranty sr. unsec. notes 4 7/8s, 2024 2,000 1,995
Genworth Holdings, Inc. company guaranty jr. unsec. sub. FRN 6.15s, 2066 3,000 990
Hartford Financial Services Group, Inc. (The) jr. unsec. sub. FRB 8 1/8s, 2038 5,000 5,413
Healthcare Realty Trust, Inc. sr. unsec. unsub. notes 3 7/8s, 2025(R) 5,000 4,886
HSBC Capital Funding LP 144A company guaranty jr. unsec. sub. FRB 10.176s, perpetual maturity (Jersey) 8,000 11,680
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 6s, 2020 40,000 38,713
International Lease Finance Corp. sr. unsec. unsub. notes 6 1/4s, 2019 5,000 5,400
JPMorgan Chase & Co. jr. unsec. sub. FRB Ser. Z, 5.3s, perpetual maturity 7,000 7,053
KKR Group Finance Co., LLC 144A company guaranty sr. unsec. unsub. notes 6 3/8s, 2020 5,000 5,812
Liberty Mutual Group, Inc. 144A company guaranty jr. unsec. sub. bonds 7.8s, 2037 2,000 2,210
Liberty Mutual Group, Inc. 144A company guaranty jr. unsec. sub. FRN 7s, 2037 5,000 4,325
Liberty Property LP sr. unsec. unsub. notes 3 3/8s, 2023(R) 5,000 4,966
Lloyds Banking Group PLC 144A jr. unsec. sub. FRN 6.657s, perpetual maturity (United Kingdom) 10,000 10,975
Massachusetts Mutual Life Insurance Co. 144A unsec. sub. notes 8 7/8s, 2039 5,000 7,328
MPT Operating Partnership LP/MPT Finance Corp. company guaranty sr. unsec. sub. notes 6 7/8s, 2021(R) 5,000 5,191
Neuberger Berman Group, LLC/Neuberger Berman Finance Corp. 144A sr. unsec. notes 5 7/8s, 2022 2,000 2,083
OneMain Financial Holdings, LLC 144A company guaranty sr. unsec. unsub. notes 7 1/4s, 2021 35,000 35,350
PHH Corp. sr. unsec. unsub. notes 6 3/8s, 2021 15,000 13,125
Progressive Corp. (The) jr. unsec. sub. FRN 6.7s, 2037 2,000 1,840
Royal Bank of Canada unsec. sub. notes Ser. GMTN, 4.65s, 2026 (Canada) 5,000 5,226
Select Income REIT sr. unsec. unsub. notes 3.6s, 2020(R) 5,000 5,040
Select Income REIT sr. unsec. unsub. notes 2.85s, 2018(R) 5,000 5,022
Springleaf Finance Corp. company guaranty sr. unsec. unsub. notes 6s, 2020 30,000 29,175
State Street Capital Trust IV company guaranty jr. unsec. sub. FRB 1.634s, 2037 15,000 12,092
Teachers Insurance & Annuity Association of America 144A unsec. sub. FRN 4 3/8s, 2054 2,000 2,173
USI, Inc./NY 144A sr. unsec. notes 7 3/4s, 2021 10,000 9,950
VEREIT Operating Partnership LP company guaranty sr. unsec. notes 4.6s, 2024(R) 3,000 3,019
Wells Fargo & Co. jr. unsec. sub. FRB Ser. U, 5 7/8s, perpetual maturity 10,000 10,700
Willis Towers Watson PLC company guaranty sr. unsec. unsub. notes 5 3/4s, 2021 10,000 11,122
WP Carey, Inc. sr. unsec. unsub. notes 4.6s, 2024(R) 5,000 5,064
512,267
Health care (0.4%)
AbbVie, Inc. sr. unsec. notes 3.6s, 2025 2,000 2,059
Actavis Funding SCS company guaranty sr. unsec. notes 4 3/4s, 2045 (Luxembourg) 3,000 2,964
DPx Holdings BV 144A sr. unsec. sub. notes 7 1/2s, 2022 (Netherlands) 35,000 35,875
Fresenius Medical Care US Finance II, Inc. 144A company guaranty sr. unsec. sub. notes 5 5/8s, 2019 2,000 2,153
HCA, Inc. company guaranty sr. sub. notes 5s, 2024 5,000 5,131
HCA, Inc. company guaranty sr. sub. notes 3 3/4s, 2019 45,000 46,350
Omega Healthcare Investors, Inc. company guaranty sr. unsec. bonds 5 1/4s, 2026(R) 5,000 5,138
Omega Healthcare Investors, Inc. company guaranty sr. unsec. notes 4 1/2s, 2027(R) 5,000 4,769
Omega Healthcare Investors, Inc. company guaranty sr. unsec. unsub. notes 4.95s, 2024(R) 2,000 2,034
Service Corp. International/US sr. unsec. unsub. notes 5 3/8s, 2024 20,000 20,700
127,173
Technology (0.4%)
Apple, Inc. sr. unsec. unsub. notes 4 3/8s, 2045 3,000 3,177
CommScope Technologies Finance, LLC 144A sr. unsec. notes 6s, 2025 20,000 20,350
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A sr. bonds 8.35s, 2046 2,000 2,036
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A sr. notes 5.45s, 2023 13,000 13,219
Infor US, Inc. company guaranty sr. unsec. notes 6 1/2s, 2022 35,000 32,113
Plantronics, Inc. 144A company guaranty sr. unsec. notes 5 1/2s, 2023 15,000 14,925
Zebra Technologies Corp. sr. unsec. unsub. bonds 7 1/4s, 2022 20,000 21,325
107,145
Transportation (0.2%)
Air Medical Merger Sub Corp. 144A sr. unsec. notes 6 3/8s, 2023 35,000 34,038
Aviation Capital Group Corp. 144A sr. unsec. unsub. notes 7 1/8s, 2020 5,000 5,663
Watco Cos., LLC/Watco Finance Corp. 144A company guaranty sr. unsec. notes 6 3/8s, 2023 15,000 14,925
54,626
Utilities and power (0.6%)
AES Corp./Virginia (The) sr. unsec. notes 8s, 2020 15,000 17,513
CMS Energy Corp. sr. unsec. notes 8 3/4s, 2019 5,000 6,003
Colorado Interstate Gas Co., LLC company guaranty sr. unsec. notes 6.85s, 2037 100,000 96,732
El Paso Natural Gas Co., LLC company guaranty sr. unsec. unsub. notes 8 3/8s, 2032 5,000 5,505
Electricite de France (EDF) 144A sr. unsec. notes 6.95s, 2039 (France) 5,000 6,570
Energy Transfer Partners LP sr. unsec. unsub. bonds 6 1/8s, 2045 5,000 4,720
FirstEnergy Corp. sr. unsec. unsub. notes 4 1/4s, 2023 6,000 6,196
Iberdrola International BV company guaranty sr. unsec. unsub. bonds 6 3/4s, 2036 (Spain) 5,000 6,366
Kinder Morgan Energy Partners LP company guaranty sr. unsec. notes 5.4s, 2044 1,000 896
Kinder Morgan, Inc. company guaranty sr. unsec. unsub. notes 3.05s, 2019 3,000 2,991
Kinder Morgan, Inc./DE company guaranty sr. unsec. notes Ser. GMTN, 7 3/4s, 2032 5,000 5,409
PPL WEM Ltd./Western Power Distribution, Ltd. 144A sr. unsec. unsub. notes 5 3/8s, 2021 (United Kingdom) 15,000 16,746
Puget Sound Energy, Inc. jr. unsec. sub. FRN Ser. A, 6.974s, 2067 7,000 5,906
Texas-New Mexico Power Co. 144A 1st sr. bonds Ser. A, 9 1/2s, 2019 5,000 5,837
TransCanada PipeLines, Ltd. jr. unsec. sub. FRN 6.35s, 2067 (Canada) 10,000 6,875
WEC Energy Group jr. unsec. sub. FRN 6 1/4s, 2067 5,000 4,088
198,353
Total corporate bonds and notes (cost $3,096,348) $3,028,917

CONVERTIBLE BONDS AND NOTES (7.5%)(a)
Principal amount Value
Basic materials (0.1%)
Cemex SAB de CV cv. unsec. sub. notes 3 3/4s, 2018 (Mexico) $16,000 $16,520
16,520
Capital goods (0.2%)
General Cable Corp. cv. unsec. sub. notes stepped-coupon 4 1/2s (2 1/4s, 11/15/19) 2029(STP) 65,000 39,000
WESCO International, Inc. cv. company guaranty sr. unsec. notes 6s, 2029 8,000 16,330
55,330
Communication services (—%)
Clearwire Communications, LLC/Clearwire Finance, Inc. 144A cv. company guaranty sr. unsec. notes 8 1/4s, 2040 6,000 6,083
Powerwave Technologies, Inc. cv. unsec. sub. notes 3 7/8s, 2027 (In default)(F)(NON) 38,000 4
6,087
Consumer cyclicals (1.7%)
CalAtlantic Group, Inc. cv. company guaranty sr. unsec. unsub. notes 1 5/8s, 2018 33,000 42,549
CalAtlantic Group, Inc. cv. company guaranty sr. unsec. unsub. notes 1 1/4s, 2032 24,000 26,040
Jarden Corp. cv. company guaranty sr. unsec. sub. bonds 1 1/8s, 2034 47,000 63,055
Lennar Corp. 144A cv. company guaranty sr. unsec. notes 2 3/4s, 2020 24,000 49,215
Liberty Interactive, LLC cv. sr. unsec. notes 3 1/2s, 2031 50,000 26,063
Liberty Interactive, LLC cv. sr. unsec. unsub. bonds 0 3/4s, 2043 44,000 74,943
Macquarie Infrastructure Corp. cv. sr. unsec. sub. notes 2 7/8s, 2019 57,000 65,372
Navistar International Corp. cv. sr. unsec. sub. bonds 4 3/4s, 2019 47,000 25,791
Priceline Group, Inc. (The) cv. sr. unsec. unsub. notes 1s, 2018 35,000 49,153
Tesla Motors, Inc. cv. sr. unsec. sub. notes 1 1/4s, 2021 109,000 100,280
522,461
Consumer staples (0.1%)
Vector Group, Ltd. cv. sr. unsec. sub. FRN 2 1/2s, 2019 30,000 41,952
41,952
Energy (0.5%)
Chesapeake Energy Corp. cv. company guaranty sr. unsec. notes 2 1/4s, 2038 87,000 64,380
Energy XXI, Ltd. cv. sr. unsec. bonds 3s, 2018 (acquired various dates from 11/19/13 to 1/24/14, cost $13,899) (In default)(NON)(RES) 14,000 70
SEACOR Holdings, Inc. cv. sr. unsec. bonds 3s, 2028 42,000 34,493
Stone Energy Corp. cv. company guaranty sr. unsec. sub. notes 1 3/4s, 2017 (In default)(NON) 50,000 13,281
Trico Marine Services, Inc. cv. sr. unsec. notes 3s, 2027 (In default)(F)(NON) 15,000 413
Whiting Petroleum Corp. 144A cv. company guaranty sr. unsec. unsub. notes 1 1/4s, 2020 34,000 25,840
138,477
Financials (0.6%)
Blackstone Mortgage Trust, Inc. cv. sr. unsec. unsub. notes 5 1/4s, 2018(R) 36,000 38,453
Radian Group, Inc. cv. sr. unsec. notes 2 1/4s, 2019 28,000 34,580
Starwood Property Trust, Inc. cv. sr. unsec. unsub. notes 4s, 2019(R) 43,000 45,096
TCP Capital Corp. cv. sr. unsec. bonds 5 1/4s, 2019 57,000 58,496
176,625
Health care (1.2%)
Accuray, Inc. cv. sr. unsec. notes 3 3/4s, 2016 32,000 31,600
AMAG Pharmaceuticals, Inc. cv. sr. unsec. unsub. notes 2 1/2s, 2019 12,000 12,548
Brookdale Senior Living, Inc. cv. sr. unsec. unsub. notes 2 3/4s, 2018 49,000 48,388
China Medical Technologies, Inc. cv. sr. unsec. bonds Ser. CMT, 4s, 2016 (China) (In default)(F)(NON) 25,000 2,000
China Medical Technologies, Inc. 144A cv. sr. unsec. notes 6 1/4s, 2016 (China) (In default)(F)(NON) 14,000 980
HealthSouth Corp. cv. sr. unsec. sub. notes 2s, 2043 49,000 58,096
Hologic, Inc. cv. sr. unsec. unsub. notes stepped-coupon 2s (0s, 3/1/18) 2042(STP) 61,000 78,461
Jazz Investments I, Ltd. cv. company guaranty sr. unsec. sub. bonds 1 7/8s, 2021 (Ireland) 66,000 73,796
Medidata Solutions, Inc. cv. sr. unsec. notes 1s, 2018 27,000 29,109
Teleflex, Inc. cv. sr. unsec. sub. notes 3 7/8s, 2017 13,000 34,060
369,038
Technology (2.8%)
Avid Technology, Inc. 144A cv. sr. unsec. notes 2s, 2020 16,000 10,710
Brocade Communications Systems, Inc. cv. company guaranty sr. unsec. notes 1 3/8s, 2020 33,000 31,907
Ciena Corp. cv. sr. unsec. notes 4s, 2020 43,000 52,433
Citrix Systems, Inc. cv. sr. unsec. notes 0 1/2s, 2019 28,000 32,323
Fidelity National Financial, Inc. cv. sr. unsec. unsub. notes 4 1/4s, 2018 13,000 25,204
Intel Corp. cv. jr. unsec. sub. notes 3 1/4s, 2039 19,000 30,020
j2 Global, Inc. cv. sr. unsec. notes 3 1/4s, 2029 37,000 42,828
Jazz US Holdings, Inc. cv. company guaranty sr. unsec. notes 8s, 2018 8,000 12,085
Microchip Technology, Inc. cv. sr. unsec. sub. bonds 1 5/8s, 2025 45,000 50,090
Micron Technology, Inc. cv. sr. unsec. bonds 3s, 2043 50,000 36,375
Micron Technology, Inc. cv. sr. unsec. bonds Ser. E, 1 5/8s, 2033 52,000 68,770
Novatel Wireless, Inc. 144A cv. sr. unsec. unsub. notes 5 1/2s, 2020 12,000 7,515
Novellus Systems, Inc. cv. company guaranty sr. unsec. notes 2 5/8s, 2041 21,000 51,174
NVIDIA Corp. cv. sr. unsec. bonds 1s, 2018 51,000 118,543
ON Semiconductor Corp. cv. company guaranty sr. unsec. sub. notes Ser. B, 2 5/8s, 2026 27,000 28,974
Safeguard Scientifics, Inc. cv. sr. unsec. bonds 5 1/4s, 2018 34,000 34,468
salesforce.com, Inc. cv. sr. unsec. unsub. notes 0 1/4s, 2018 45,000 60,806
SanDisk Corp. cv. sr. unsec. notes 1 1/2s, 2017 11,000 17,876
TTM Technologies, Inc. cv. sr. unsec. notes 1 3/4s, 2020 24,000 23,775
Twitter, Inc. cv. sr. unsec. unsub. bonds 1s, 2021 28,000 23,485
Verint Systems, Inc. cv. sr. unsec. notes 1 1/2s, 2021 22,000 19,690
Yahoo!, Inc. cv. sr. unsec. bonds zero %, 2018 78,000 78,439
857,490
Transportation (0.3%)
Atlas Air Worldwide Holdings, Inc. cv. sr. unsec. bonds 2 1/4s, 2022 22,000 21,560
Echo Global Logistics, Inc. cv. sr. unsec. notes 2 1/2s, 2020 24,000 22,740
Scorpio Tankers, Inc. 144A cv. sr. unsec. sub. notes 2 3/8s, 2019 51,000 42,649
86,949
Total convertible bonds and notes (cost $2,367,173) $2,270,929

CONVERTIBLE PREFERRED STOCKS (5.7%)(a)
Shares Value
Basic materials (0.3%)
Alcoa, Inc. Ser. 1, $2.688 cv. pfd. 1,300 $42,656
Smurfit-Stone Container Corp. escrow zero % cv. pfd.(F) 1,775 18
Weyerhaeuser Co. Ser. A, $3.188 cv. pfd.(R) 1,111 56,314
98,988
Capital goods (0.1%)
Stericycle, Inc. $5.25 cv. pfd. 328 25,974
25,974
Communication services (1.1%)
American Tower Corp. $5.50 cv. pfd.(R) 950 100,344
Cincinnati Bell, Inc. Ser. B, $3.378 cum. cv. pfd. 800 39,100
Crown Castle International Corp. Ser. A, $4.50 cv. pfd.(R) 463 50,523
Frontier Communications Corp. Ser. A, $11.125 cum. cv. pfd. 530 52,073
T-Mobile US, Inc. Ser. A, $2.75 cv. pfd. 1,204 87,097
329,137
Consumer cyclicals (0.7%)
FelCor Lodging Trust, Inc. Ser. A, $0.488 cum. cv. pfd.(R) 2,521 63,498
Fiat Chrysler Automobiles NV Ser. FCAU, $7.875 cv. pfd. (Italy) 1,260 83,160
Stanley Black & Decker, Inc. $6.25 cv. pfd. 587 69,284
215,942
Consumer staples (0.3%)
Tyson Foods, Inc. $2.375 cv. pfd. 1,082 76,552
76,552
Energy (0.2%)
Halcon Resources Corp. Ser. A, 5.75% cv. pfd. 23 1,058
Hess Corp. $2.00 cv. pfd. 560 42,599
Southwestern Energy Co. Ser. B, $3.125 cv. pfd. 843 27,187
70,844
Financials (1.7%)
Alexandria Real Estate Equities, Inc. Ser. D, $1.75 cv. pfd.(R) 1,573 51,540
AMG Capital Trust II $2.575 cv. pfd. 956 57,002
Banc of California, Inc. $4.00 cv. pfd. 311 27,990
Bank of America Corp. Ser. L, 7.25% cv. pfd. 119 137,891
EPR Properties Ser. C, $1.438 cv. pfd.(R) 2,632 73,149
iStar, Inc. $2.25 cv. pfd.(R) 226 10,215
Maiden Holdings, Ltd. Ser. B, $3.625 cv. pfd. (Bermuda) 644 31,343
Wells Fargo & Co. Ser. L, 7.50% cv. pfd. 77 94,662
Welltower, Inc. Ser. I, $3.25 cv. pfd.(R) 697 43,715
527,507
Health care (0.7%)
Allergan PLC Ser. A, 5.50% cv. pfd. 135 114,029
Anthem, Inc. $2.63 cv. pfd. 864 38,413
Teva Pharmaceutical Industries, Ltd. 7.00% cv. pfd. (Israel) 67 56,943
209,385
Utilities and power (0.6%)
Dominion Resources, Inc./VA $3.188 cv. pfd. 1,000 50,150
Dynegy, Inc. Ser. A, $5.375 cv. pfd. 293 19,810
El Paso Energy Capital Trust I $2.375 cv. pfd. 965 47,044
Exelon Corp. $3.25 cv. pfd. 1,302 61,480
178,484
Total convertible preferred stocks (cost $1,730,785) $1,732,813

U.S. TREASURY OBLIGATIONS (3.9%)(a)
Principal amount Value
U.S. Treasury Bonds
     3 3/4s, November 15, 2043(SEGSF)(SEGCCS) $60,000 $74,383
     2 3/4s, August 15, 2042(SEGCCS) 90,000 93,007
U.S. Treasury Notes
     2 3/4s, November 15, 2023(SEGSF) 160,000 172,113
     2 3/8s, August 15, 2024(SEGSF) 130,000 136,185
     2 1/8s, May 15, 2025 80,000 82,126
     2s, November 30, 2020(SEGSF) 140,000 144,069
     1 3/8s, September 30, 2018 90,000 90,914
     1 1/8s, December 31, 2019(SEGCCS) 180,000 179,796
     1s, August 31, 2016 10,000 10,014
     0 3/4s, March 31, 2018(SEGCCS) 130,000 129,722
     0 3/4s, December 31, 2017 60,000 59,927
Total U.S. treasury obligations (cost $1,147,406) $1,172,256

MORTGAGE-BACKED SECURITIES (1.2%)(a)
Principal amount Value
Citigroup Commercial Mortgage Trust
     FRB Ser. 07-C6, Class A4, 5.711s, 2049 $10,000 $10,323
     Ser. 14-GC21, Class AS, 4.026s, 2047 14,000 15,059
COMM Mortgage Pass-Through Certificates
     FRB Ser. 12-CR3, Class XA, IO, 2.098s, 2045 131,933 11,183
     FRB Ser. 14-CR14, Class XA, IO, 0.857s, 2047(F) 569,581 21,780
COMM Mortgage Trust
     Ser. 13-CR13, Class AM, 4.449s, 2023 11,000 12,146
     Ser. 13-LC6, Class AM, 3.282s, 2046 19,000 19,553
     FRB Ser. 13-LC13, Class XA, IO, 1.384s, 2046(F) 137,412 7,755
     FRB Ser. 14-CR18, Class XA, IO, 1.277s, 2047 98,340 6,256
     FRB Ser. 14-CR16, Class XA, IO, 1.238s, 2047 179,965 10,749
     FRB Ser. 14-UBS6, Class XA, IO, 1.065s, 2047 98,845 5,918
     FRB Ser. 13-CR13, Class XA, IO, 0.974s, 2023(F) 124,573 5,754
COMM Mortgage Trust 144A FRB Ser. 12-LC4, Class XA, IO, 2.378s, 2044 97,728 8,500
Credit Suisse First Boston Mortgage Securities Corp. 144A FRB Ser. 03-C3, Class AX, IO, 1.989s, 2038 3,887 —
JPMorgan Chase Commercial Mortgage Securities Trust
     Ser. 08-C2, Class ASB, 6 1/8s, 2051 11,090 11,309
     Ser. 04-LN2, Class A2, 5.115s, 2041 358 358
LB Commercial Mortgage Trust 144A Ser. 98-C4, Class J, 5.6s, 2035 2,000 2,072
LB-UBS Commercial Mortgage Trust 144A FRB Ser. 05-C2, Class XCL, IO, 0.195s, 2040 4,037 —
Morgan Stanley Bank of America Merrill Lynch Trust
     FRB Ser. 13-C11, Class AS, 4.413s, 2046 10,000 11,064
     FRB Ser. 13-C10, Class AS, 4.083s, 2046 20,000 21,633
     FRB Ser. 13-C13, Class XA, IO, 1.158s, 2046(F) 300,450 17,891
     FRB Ser. 13-C12, Class XA, IO, 0.956s, 2046 314,877 12,049
Morgan Stanley Bank of America Merrill Lynch Trust 144A FRB Ser. 12-C6, Class XA, IO, 2.065s, 2045 151,740 10,516
Morgan Stanley Capital I Trust Ser. 07-IQ14, Class A2, 5.61s, 2049 3,814 3,816
Morgan Stanley Re-REMIC Trust 144A FRB Ser. 10-C30A, Class A3B, 5.246s, 2043(F) 8,160 8,168
UBS-Barclays Commercial Mortgage Trust 144A FRB Ser. 12-C2, Class XA, IO, 1.653s, 2063 417,270 23,985
UBS-Citigroup Commercial Mortgage Trust 144A Ser. 11-C1, Class AS, 5.154s, 2045 10,000 11,248
Wells Fargo Commercial Mortgage Trust FRB Ser. 13-LC12, Class AS, 4.298s, 2046 17,000 18,583
WF-RBS Commercial Mortgage Trust
     Ser. 13-C18, Class AS, 4.387s, 2046 25,000 27,461
     Ser. 13-UBS1, Class AS, 4.306s, 2046 26,000 28,398
     Ser. 13-C12, Class AS, 3.56s, 2048 10,000 10,459
WF-RBS Commercial Mortgage Trust 144A
     FRB Ser. 12-C9, Class XA, IO, 2.139s, 2045(F) 92,283 8,030
     FRB Ser. 12-C10, Class XA, IO, 1.729s, 2045(F) 215,792 16,967
Total mortgage-backed securities (cost $381,845) $378,983

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (0.8%)(a)
Principal amount Value
Buenos Aires (Province of) 144A sr. unsec. unsub. notes 9.95s, 2021 (Argentina) $212,821 $234,103
Total foreign government and agency bonds and notes (cost $203,096) $234,103

SENIOR LOANS (0.5%)(a)(c)
Principal amount Value
Avaya, Inc. bank term loan FRN Ser. B7, 6 1/4s, 2020 $64,230 $46,567
Caesars Entertainment Operating Co., Inc. bank term loan FRN Ser. B6, 11 1/4s, 2017 66,169 66,252
CPG International, Inc. bank term loan FRN Ser. B, 4 3/4s, 2020 4,747 4,741
Gates Global, LLC/Gates Global Co. bank term loan FRN 4 1/4s, 2021 24,368 23,472
Grifols Worldwide Operations USA, Inc. bank term loan FRN 3.439s, 2021 9,825 9,842
Total senior loans (cost $167,068) $150,874

MUNICIPAL BONDS AND NOTES (0.1%)(a)
Principal amount Value
CA State G.O. Bonds (Build America Bonds), 7 1/2s, 4/1/34 $10,000 $14,997
North TX, Tollway Auth. Rev. Bonds (Build America Bonds), 6.718s, 1/1/49 10,000 15,096
OH State U. Rev. Bonds (Build America Bonds), 4.91s, 6/1/40 5,000 6,092
Total municipal bonds and notes (cost $25,063) $36,185

ASSET-BACKED SECURITIES (0.1%)(a)
Principal amount Value
Station Place Securitization Trust FRB Ser. 16-1, Class A, 1.439s, 2017 $16,000 $16,000
Total asset-backed securities (cost $16,000) $16,000

PREFERRED STOCKS (—%)(a)
Shares Value
GMAC Capital Trust I Ser. 2, $2.031 cum. ARP 275 $6,887
Total preferred stocks (cost $7,238) $6,887

SHORT-TERM INVESTMENTS (31.3%)(a)
Principal amount/shares Value
Putnam Cash Collateral Pool, LLC 0.61%(d) Shares 37,408 $37,408
Putnam Short Term Investment Fund 0.41%(AFF) Shares 9,452,510 9,452,510
U.S. Treasury Bills 0.25%, June 9, 2016(SEG) $8,000 8,000
Total short-term investments (cost $9,497,918) $9,497,918

TOTAL INVESTMENTS
Total investments (cost $30,867,849)(b) $30,638,628










FORWARD CURRENCY CONTRACTS at 5/31/16 (aggregate face value $446,128) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)
Bank of America N.A.
Australian Dollar Buy 7/21/16 $15,656 $16,588 $(932)
British Pound Buy 6/15/16 11,008 11,042 (34)
British Pound Sell 6/15/16 11,008 11,059 51
Barclays Bank PLC
British Pound Buy 6/15/16 10,429 10,569 (140)
British Pound Sell 6/15/16 10,429 10,481 52
Euro Buy 6/15/16 18,367 18,681 (314)
Euro Sell 6/15/16 18,367 18,628 261
Hong Kong Dollar Buy 8/18/16 18,408 18,431 (23)
Singapore Dollar Buy 8/18/16 30,313 31,083 (770)
Citibank, N.A.
Danish Krone Sell 6/15/16 4,145 4,091 (54)
Credit Suisse International
Euro Sell 6/15/16 12,579 13,148 569
Japanese Yen Sell 8/18/16 1,350 1,341 (9)
Norwegian Krone Sell 6/15/16 6,539 6,160 (379)
Swiss Franc Buy 6/15/16 31,205 31,439 (234)
HSBC Bank USA, National Association
Euro Sell 6/15/16 48,755 47,053 (1,702)
JPMorgan Chase Bank N.A.
British Pound Buy 6/15/16 18,974 18,765 209
Norwegian Krone Sell 6/15/16 20,070 19,690 (380)
Swedish Krona Sell 6/15/16 22,058 21,507 (551)
Royal Bank of Scotland PLC (The)
Euro Buy 6/15/16 445 435 10
Euro Sell 6/15/16 445 446 1
State Street Bank and Trust Co.
Euro Buy 6/15/16 18,144 18,320 (176)
Euro Sell 6/15/16 18,144 17,746 (398)
Israeli Shekel Sell 7/21/16 3,897 3,981 84
Japanese Yen Sell 8/18/16 522 543 21
Swedish Krona Buy 6/15/16 26,388 26,628 (240)
Swiss Franc Buy 6/15/16 12,784 12,972 (188)
UBS AG
Australian Dollar Buy 7/21/16 11,183 11,957 (774)
Euro Buy 6/15/16 12,801 13,065 (264)
Euro Sell 6/15/16 12,801 12,867 66
Swiss Franc Buy 6/15/16 13,287 13,384 (97)
WestPac Banking Corp.
New Zealand Dollar Buy 7/21/16 3,982 4,028 (46)
Total $(6,381)












FUTURES CONTRACTS OUTSTANDING at 5/31/16 (Unaudited)


             Unrealized
Number of             Expiration appreciation/
contracts Value             date (depreciation)
U.S. Treasury Note 2 yr (Long) 3 $653,719             Sep-16 $275
Total $275













OTC CREDIT DEFAULT CONTRACTS OUTSTANDING at 5/31/16 (Unaudited)
Upfront Payments
premium Termi- received Unrealized
Swap counterparty/ received Notional nation (paid) by fund appreciation/
Referenced debt* Rating*** (paid)** amount date per annum (depreciation)
Barclays Bank PLC
  EM Series 25 Index BBB/P $292,578 $3,163,000 6/20/21 100 bp $8,698
Total$292,578$8,698
*   Payments related to the referenced debt are made upon a credit default event.  
**   Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.  
***   Ratings are presented for credit default contracts in which the fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at May 31, 2016. Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications.  











CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING at 5/31/16 (Unaudited)
Upfront Payments
premium Termi- received Unrealized
received Notional nation (paid) by fund appreciation/
Referenced debt* Rating*** (paid)** amount date per annum (depreciation)
  NA HY Series 25 Index B+/P $3,241 $4,210,470 12/20/20 500 bp $201,470
  NA HY Series 26 Index — (9,377) 388,000 6/20/21 (500 bp) 3,301
Total$(6,136)$204,771
*   Payments related to the referenced debt are made upon a credit default event.  
**   Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.  
***   Ratings are presented for credit default contracts in which the fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at May 31, 2016. Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications.  










Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
ARP Adjustable Rate Preferred Stock: the rate shown is the current interest rate at the close of the reporting period
ETF Exchange Traded Fund
FRB Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
FRN Floating Rate Notes: the rate shown is the current interest rate or yield at the close of the reporting period
G.O. Bonds General Obligation Bonds
IO Interest Only
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 March 1, 2016 through May 31, 2016 (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 $30,345,235.
(b) The aggregate identified cost on a tax basis is $30,904,517, resulting in gross unrealized appreciation and depreciation of $1,289,385 and $1,555,274, respectively, or net unrealized depreciation of $265,889.
(NON) This security is non-income-producing.
(STP) The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.
(RES) This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $70, or less than 0.1% of net assets.
(PIK) Income may be received in cash or additional securities at the discretion of the issuer.
(AFF) Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with a company which is under common ownership or control, or involving securities of companies in which the fund owned at least 5% of the outstanding voting securities, were as follows:
Name of affiliate Fair value at the beginning of the reporting period Purchase cost Sale proceeds Investment income Capital gain distributions Fair value at the end of the reporting period
Putnam Money Market Liquidity Fund * $— $601,046 $601,046 $152 $— $—
Putnam Short Term Investment Fund * 9,111,335 1,971,907 1,630,732 9,944 — 9,452,510
Putnam Absolute Return 700 Fund Class Y 2,994,877 449,415 510,525 — — 3,005,100
Totals $12,106,212 $3,022,368 $2,742,303 $10,096 $— $12,457,610
* Management fees charged to Putnam Money Market Liquidity Fund and 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.
(SEGSF) This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period.
(SEGCCS) This security, in part or in entirety, was pledged and segregated with the custodian for collateral on the initial margin on certain centrally cleared derivative contracts at the close of the reporting period.
(c) Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown. Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities.
Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder's portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations.
(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 remaining maturities of the securities lending transactions are considered overnight and continuous. 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 $37,408, 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 $36,754.
(F) This security is valued by Putnam Management 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.
(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 $8,421,468 to cover certain derivative contracts.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
Debt obligations are considered secured unless otherwise indicated.
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.
The dates shown on debt obligations are the original maturity dates.
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments 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.
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value 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.
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. Certain securities may be valued on the basis of a price provided by a single source. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Stripped securities: The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive to changes in interest rates.
Futures contracts: The fund used futures contracts to manage exposure to market risk, to hedge prepayment risk, to hedge interest rate risk, to gain exposure to interest rates 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 and to gain exposure to currencies.
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.
Credit default contracts: The fund entered into OTC and/or centrally cleared credit default contracts to hedge credit risk, to hedge market risk and to gain exposure on individual names and/or baskets of securities.
In OTC and centrally cleared credit default contracts, the protection buyer typically makes a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. For OTC credit default contracts, an upfront payment received by the fund is recorded as a liability on the fund's books. An upfront payment made by the fund is recorded as an asset on the fund's books. Centrally cleared credit default contracts provide the same rights to the protection buyer and seller except the payments between parties, including upfront premiums, are settled through a central clearing agent through variation margin payments. Upfront and periodic payments received or paid by the fund for OTC and centrally cleared credit default contracts are recorded as realized gains or losses at the reset date or close of the contract. The OTC and centrally cleared credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change in value of OTC credit default contracts is recorded as an unrealized gain or loss. Daily fluctuations in the value of centrally cleared credit default contracts are recorded as unrealized gain or loss. Upon the occurrence of a credit event, the difference between the par value and fair value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or loss.
In addition to bearing the risk that the credit event will occur, the fund could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index or the possibility that the fund may be unable to close out its position at the same time or at the same price as if it had purchased the underlying reference obligations. In certain circumstances, the fund may enter into offsetting OTC and centrally cleared credit default contracts which would mitigate its risk of loss. The fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated for OTC credit default contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared credit default contracts through the daily exchange of variation margin. Counterparty risk is further mitigated with respect to centrally cleared credit default swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Where the fund is a seller of protection, the maximum potential amount of future payments the fund may be required to make is equal to the notional amount.
For the fund's average notional amount on credit default 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 $290,272 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $307,817 and may include amounts related to unsettled 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 $220,271 $97,743 $—
    Capital goods 279,492 38,317 —
    Communication services 181,604 68,738 —
    Conglomerates 33,600 — —
    Consumer cyclicals 867,205 151,952 —
    Consumer staples 522,880 91,047 —
    Energy 346,464 22,731 —
    Financials 3,910,291 244,230 —
    Health care 703,718 26,627 —
    Technology 683,518 78,576 —
    Transportation 152,261 78,200 —
    Utilities and power 214,331 18,449 —
Total common stocks 8,115,635 916,610 —
Asset-backed securities — 16,000 —
Convertible bonds and notes — 2,267,532 3,397
Convertible preferred stocks 69,786 1,663,009 18
Corporate bonds and notes — 3,028,917 —
Foreign government and agency bonds and notes — 234,103 —
Investment companies 3,080,518 — —
Mortgage-backed securities — 378,983 —
Municipal bonds and notes — 36,185 —
Preferred stocks 6,887 — —
Senior loans — 150,874 —
U.S. treasury obligations — 1,172,256 —
Short-term investments 9,452,510 45,408 —
Totals by level $20,725,336 $9,909,877 $3,415



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3


Forward currency contracts $— $(6,381) $—
Futures contracts 275 — —
Credit default contracts — (72,973) —
Totals by level $275 $(79,354) $—


* 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. Transfers are accounted for using the end of period pricing valuation method.
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
Credit contracts $210,907 $283,880
Foreign exchange contracts 1,324 7,705
Interest rate contracts 275 —
Total $212,506 $291,585


The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Futures contracts (number of contracts)3
Forward currency contracts (contract amount)$720,000
OTC credit default contracts (notional)$3,100,000
Centrally cleared credit default contracts (notional)$4,500,000
   
  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 Barclays Capital Inc. (clearing broker) Citibank, N.A. Credit Suisse 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:                            
  OTC Credit default contracts*#   $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—    $— 
  Centrally cleared credit default contracts§   —  —  —  —  —  —  —  —  —  —  —    — 
  Futures contracts§   —  —  —  —  —  —  —  —  —  —  —    — 
  Forward currency contracts#   51  313  —  —  569  —  209  11  105  66  —    1,324 
                               
  Total Assets   $51  $313  $—  $—  $569  $—  $209  $11  $105  $66  $—    $1,324 
                               
  Liabilities:                            
  OTC Credit default contracts*#   —  283,880  —  —  —  —  —  —  —  —  —    283,880 
  Centrally cleared credit default contracts§   —  —  3,106  —  —  —  —  —  —  —  —    3,106 
  Futures contracts§   —  —  —  —  —  —  —  —  —  —  —    — 
  Forward currency contracts#   966  1,247  —  54  622  1,702  931  —  1,002  1,135  46    7,705 
                               
  Total Liabilities   $966  $285,127  $3,106  $54  $622  $1,702  $931  $—  $1,002  $1,135  $46    $294,691 
                               
  Total Financial and Derivative Net Assets   $(915) $(284,814) $(3,106) $(54) $(53) $(1,702) $(722) $11  $(897) $(1,069) $(46)   $(293,367)
  Total collateral received (pledged)##†   $—  $(284,814) $—  $—  $—  $—  $—  $—  $—  $—  $—     
  Net amount   $(915) $—  $(3,106) $(54) $(53) $(1,702) $(722) $11  $(897) $(1,069) $(46)    
                               
* Excludes premiums, if any.
                               
†  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: July 28, 2016

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: July 28, 2016

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: July 28, 2016

EX-99.CERT 2 b_7bfcertifications.htm CERTIFICATIONS b_7bfcertifications.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: July 27, 2016
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: July 27, 2016
Steven D. Krichmar
Principal Financial Officer














Attachment A

NQ

Period (s) ended May 31, 2016
               Putnam Global Health Care Fund
               Putnam High Yield Trust
               Putnam International Capital Opportunities Fund
               Putnam High Income Securities Fund
               Putnam Global Natural Resources Fund
               Putnam Floating Rate Income Fund
               Putnam Small Cap Value Fund
               Putnam Global Consumer Fund
               Putnam Global Energy Fund
               Putnam Global Financials Fund
               Putnam Global Industrials Fund
               Putnam Global Technology Fund
               Putnam Global Telecommunications Fund
               Putnam Emerging Markets Equity Fund
               Putnam Global Utilities Fund
               Putnam Retirement Income Fund Lifestyle 2
               Putnam Retirement Income Fund Lifestyle 3
               Putnam Mortgage Recovery Fund