0000928816-17-000108.txt : 20170126 0000928816-17-000108.hdr.sgml : 20170126 20170126152517 ACCESSION NUMBER: 0000928816-17-000108 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20161130 FILED AS OF DATE: 20170126 DATE AS OF CHANGE: 20170126 EFFECTIVENESS DATE: 20170126 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: 17549521 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_retirementincomlife3.htm PUTNAM FUNDS TRUST a_retirementincomlife3.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: November 30, 2016



Item 1. Schedule of Investments:













Putnam Retirement Income Fund Lifestyle 3

The fund's portfolio
11/30/16 (Unaudited)
COMMON STOCKS (28.5%)(a)
Shares Value
Banking (1.3%)
Banco Santander SA (Spain) 5,413 $24,703
Bank of New York Mellon Corp. (The) 394 18,683
BNP Paribas SA (France) 724 42,034
Capital One Financial Corp. 45 3,782
Citigroup, Inc. 1,235 69,642
Concordia Financial Group, Ltd. (Japan)(NON) 2,200 10,105
Fukuoka Financial Group, Inc. (Japan) 2,000 8,653
JPMorgan Chase & Co. 1,081 86,664
Mitsubishi UFJ Financial Group, Inc. (Japan) 6,421 37,593
Popular, Inc. (Puerto Rico) 169 6,870
Raiffeisen Bank International AG (Austria)(NON) 210 3,825
Regions Financial Corp. 957 12,958
Resona Holdings, Inc. (Japan) 4,500 21,638
Societe Generale SA (France) 651 27,917
Sumitomo Mitsui Financial Group, Inc. (Japan) 1,000 36,764
Woori Bank (South Korea) 376 3,860
415,691
Basic materials (1.0%)
Asahi Kasei Corp. (Japan) 1,000 8,894
BASF SE (Germany) 553 47,360
Boliden AB (Sweden) 965 24,829
Cabot Corp. 42 2,139
Celanese Corp. Ser. A 110 8,725
Covestro AG (Germany) 146 9,368
Evonik Industries AG (Germany) 909 25,332
Fortescue Metals Group, Ltd. (Australia) 1,458 6,320
Graphic Packaging Holding Co. 400 5,028
Hitachi Chemical Co., Ltd. (Japan) 400 8,776
Hitachi Metals, Ltd. (Japan) 200 2,614
Kajima Corp. (Japan) 1,000 7,010
Kuraray Co., Ltd. (Japan) 500 7,071
Mitsubishi Gas Chemical Co., Inc. (Japan) 500 7,578
Mitsubishi Materials Corp. (Japan) 100 2,959
Newcrest Mining, Ltd. (Australia) 99 1,429
Newmont Mining Corp. 685 22,221
Reliance Steel & Aluminum Co. 77 6,245
Shin-Etsu Chemical Co., Ltd. (Japan) 100 7,395
Sika AG (Switzerland) 2 9,704
Skanska AB (Sweden) 796 18,297
Steel Dynamics, Inc. 158 5,606
Stora Enso OYJ Class R (Finland) 1,419 13,693
Taisei Corp. (Japan) 2,000 14,475
UPM-Kymmene OYJ (Finland) 693 15,817
voestalpine AG (Austria) 185 7,024
W.R. Grace & Co. 48 3,132
Yara International ASA (Norway) 473 17,533
316,574
Capital goods (0.9%)
ACS Actividades de Construccion y Servicios SA (Spain) 566 16,624
Allegion PLC (Ireland) 82 5,487
Allison Transmission Holdings, Inc. 556 18,443
AO Smith Corp. 118 5,738
Berry Plastics Group, Inc.(NON) 111 5,524
BWX Technologies, Inc. 112 4,386
Carlisle Cos., Inc. 42 4,711
Crane Co. 29 2,131
Crown Holdings, Inc.(NON) 457 24,856
Fluor Corp. 85 4,548
Honeywell International, Inc. 125 14,243
Ingersoll-Rand PLC 197 14,684
Jacobs Engineering Group, Inc.(NON) 73 4,527
KBR, Inc. 129 2,156
Kone OYJ Class B (Finland) 60 2,643
Mitsubishi Electric Corp. (Japan) 700 9,646
Northrop Grumman Corp. 129 32,205
NSK, Ltd. (Japan) 300 3,267
OSRAM Licht AG (Germany) 198 10,083
Quanta Services, Inc.(NON) 437 14,736
Raytheon Co. 208 31,104
Sumitomo Heavy Industries, Ltd. (Japan) 1,000 6,022
Thales SA (France) 101 9,848
Vinci SA (France) 368 23,806
Waste Management, Inc. 252 17,519
Xylem, Inc. 135 6,963
295,900
Communication services (0.9%)
BT Group PLC (United Kingdom) 2,675 11,952
Cable One, Inc. 4 2,364
Equinix, Inc.(R) 141 47,765
Eutelsat Communications SA (France) 117 2,106
Juniper Networks, Inc. 960 26,438
KDDI Corp. (Japan) 500 13,107
NICE, Ltd. (Israel) 91 5,997
Nippon Telegraph & Telephone Corp. (Japan) 700 28,299
NTT DoCoMo, Inc. (Japan) 1,000 22,936
Orange SA (France) 815 11,860
PCCW, Ltd. (Hong Kong) 2,000 1,163
Sky PLC (United Kingdom) 435 4,251
Telenor ASA (Norway) 1,086 16,013
Telstra Corp., Ltd. (Australia) 6,076 22,658
Verizon Communications, Inc. 1,366 68,163
Vodafone Group PLC (United Kingdom) 3,048 7,371
292,443
Conglomerates (0.1%)
Siemens AG (Germany) 321 36,243
36,243
Consumer cyclicals (3.1%)
Aggreko PLC (United Kingdom) 276 2,823
Amazon.com, Inc.(NON) 79 59,295
Aristocrat Leisure, Ltd. (Australia) 834 9,238
Berkeley Group Holdings PLC (The) (United Kingdom) 43 1,333
Boral, Ltd. (rights) (Australia)(F)(NON) 300 100
Boral, Ltd. (Australia) 666 2,474
Carter's, Inc. 154 14,059
Christian Dior SE (France) 92 17,865
Cie Generale des Etablissements Michelin (France) 75 8,028
Clorox Co. (The) 141 16,294
Compass Group PLC (United Kingdom) 1,497 25,629
Continental AG (Germany) 25 4,455
Dai Nippon Printing Co., Ltd. (Japan) 3,000 28,373
Discovery Communications, Inc. Class A(NON)(S) 1,362 36,897
Electrolux AB Ser. B (Sweden) 439 10,236
Euronet Worldwide, Inc.(NON) 47 3,371
Fiat Chrysler Automobiles NV (Italy) 2,002 15,448
Flight Centre Travel Group, Ltd. (Australia) 216 5,327
Fuji Heavy Industries, Ltd. (Japan) 300 12,180
Global Payments, Inc. 34 2,331
Hakuhodo DY Holdings, Inc. (Japan) 300 3,482
Harvey Norman Holdings, Ltd. (Australia) 4,647 16,300
Hino Motors, Ltd. (Japan) 300 3,044
Home Depot, Inc. (The) 388 50,207
Host Hotels & Resorts, Inc.(R) 6,120 109,181
Howard Hughes Corp. (The)(NON) 13 1,479
Hyatt Hotels Corp. Class A(NON) 36 1,848
Industrivarden AB Class A (Sweden) 387 7,128
International Game Technology PLC 116 2,990
Interpublic Group of Cos., Inc. (The) 525 12,637
John Wiley & Sons, Inc. Class A 26 1,426
KAR Auction Services, Inc. 212 8,938
Kia Motors Corp. (South Korea) 243 7,774
Kimberly-Clark Corp. 170 19,654
Kingfisher PLC (United Kingdom) 6,460 28,494
Lagardere SCA (France) 161 3,956
Lear Corp. 101 13,081
Liberty Interactive Corp. Class A(NON) 158 3,272
Liberty SiriusXM Group Class A(NON) 169 6,135
Lowe's Cos., Inc. 486 34,287
Macy's, Inc. 40 1,688
Madison Square Garden Co. (The) Class A(NON) 11 1,910
Marks & Spencer Group PLC (United Kingdom) 2,165 8,872
Masco Corp. 655 20,731
Mazda Motor Corp. (Japan) 700 11,222
Namco Bandai Holdings, Inc. (Japan) 200 5,708
News Corp. Class A 469 5,422
Owens Corning 143 7,347
Panasonic Corp. (Japan) 300 3,052
Pearson PLC (United Kingdom) 1,496 14,840
Peugeot SA (France)(NON) 656 9,678
Publicis Groupe SA (France) 47 3,046
PVH Corp. 138 14,620
Reed Elsevier PLC (United Kingdom) 522 8,963
Renault SA (France) 232 18,279
RR Donnelley & Sons Co. 67 1,165
RTL Group SA (Belgium) 143 9,710
Securitas AB Class B (Sweden) 136 1,996
ServiceMaster Global Holdings, Inc.(NON) 150 5,733
Stanley Black & Decker, Inc. 58 6,881
TABCORP Holdings, Ltd. (Australia) 6,009 20,811
Taylor Wimpey PLC (United Kingdom) 1,656 3,061
Thor Industries, Inc. 39 3,922
Toppan Printing Co., Ltd. (Japan) 1,000 9,064
TransUnion(NON) 65 1,939
TUI AG (Germany) 292 3,845
Twenty-First Century Fox, Inc. 494 13,886
Urban Outfitters, Inc.(NON) 142 4,487
Vail Resorts, Inc. 34 5,386
Valeo SA (France) 285 15,860
Vantiv, Inc. Class A(NON) 165 9,311
Vista Outdoor, Inc.(NON) 41 1,646
Visteon Corp. 94 7,395
Wal-Mart Stores, Inc. 794 55,921
William Hill PLC (United Kingdom) 1,527 5,748
Wolters Kluwer NV (Netherlands) 336 12,073
World Fuel Services Corp. 53 2,356
WPP PLC (United Kingdom) 1,598 34,170
Yue Yuen Industrial Holdings, Ltd. (Hong Kong) 2,000 7,207
990,020
Consumer finance (0.1%)
Mitsubishi UFJ Lease & Finance Co., Ltd. (Japan) 4,000 18,426
Synchrony Financial 338 11,681
30,107
Consumer staples (1.7%)
Altria Group, Inc. 733 46,861
Ashtead Group PLC (United Kingdom) 801 15,705
British American Tobacco PLC (United Kingdom) 722 39,594
Coca-Cola Amatil, Ltd. (Australia) 4,410 31,230
ConAgra Foods, Inc. 33 1,211
Darden Restaurants, Inc. 23 1,686
Diageo PLC (United Kingdom) 418 10,468
Dr. Pepper Snapple Group, Inc. 188 16,307
Estee Lauder Cos., Inc. (The) Class A 195 15,152
Hershey Co. (The) 180 17,395
Imperial Brands PLC (United Kingdom) 752 32,248
Ingredion, Inc. 55 6,456
ITOCHU Corp. (Japan) 700 9,557
J Sainsbury PLC (United Kingdom) 2,749 7,937
Jardine Cycle & Carriage, Ltd. (Singapore) 200 5,602
JM Smucker Co. (The) 96 12,091
Kao Corp. (Japan) 500 23,019
Koninklijke Ahold Delhaize NV (Netherlands) 1,963 38,718
McDonald's Corp. 226 26,955
MEIJI Holdings Co., Ltd. (Japan) 100 7,972
METRO AG (Germany) 302 9,018
Nestle SA (Switzerland) 398 26,776
PepsiCo, Inc. 436 43,644
Pool Corp. 36 3,622
Reckitt Benckiser Group PLC (United Kingdom) 142 11,993
Starbucks Corp. 568 32,927
Sysco Corp. 316 16,827
Tate & Lyle PLC (United Kingdom) 1,763 14,945
WH Group, Ltd. (Hong Kong) 18,500 15,384
WM Morrison Supermarkets PLC (United Kingdom) 4,267 11,612
552,912
Energy (1.3%)
Baker Hughes, Inc. 639 41,107
BP PLC (United Kingdom) 1,892 10,976
Chevron Corp. 352 39,269
Exxon Mobil Corp. 775 67,658
Nabors Industries, Ltd. 807 12,993
Neste OYJ (Finland) 126 5,175
Occidental Petroleum Corp. 90 6,422
OMV AG (Austria) 937 30,350
Patterson-UTI Energy, Inc. 249 6,641
QEP Resources, Inc. 515 10,125
Repsol SA (Spain) 1,560 20,926
Rowan Cos. PLC Class A(NON) 417 7,431
Royal Dutch Shell PLC Class A (United Kingdom) 296 7,537
Royal Dutch Shell PLC Class B (United Kingdom) 756 20,173
Schlumberger, Ltd. 353 29,670
Superior Energy Services, Inc. 379 6,534
Total SA (France) 1,132 54,181
Vestas Wind Systems A/S (Denmark) 278 18,374
Woodside Petroleum, Ltd. (Australia) 504 11,024
406,566
Financial (0.7%)
3i Group PLC (United Kingdom) 4,483 38,627
AerCap Holdings NV (Ireland)(NON) 105 4,499
Ally Financial, Inc. 335 6,506
Broadridge Financial Solutions, Inc. 67 4,338
CoreLogic, Inc.(NON) 97 3,660
DGB Financial Group, Inc. (South Korea) 872 7,138
HSBC Holdings PLC (United Kingdom) 2,324 18,470
Mebuki Financial Group, Inc. (Japan) 1,400 5,091
Mizuho Financial Group, Inc. (Japan) 22,859 40,481
Morgan Stanley 1,321 54,637
ORIX Corp. (Japan) 1,500 23,358
UBS Group AG (Switzerland) 225 3,578
210,383
Health care (2.5%)
Actelion, Ltd. (Switzerland) 78 14,988
Alfresa Holdings Corp. (Japan) 100 1,593
Allergan PLC(NON) 29 5,635
AmerisourceBergen Corp. 444 34,628
Amgen, Inc. 296 42,645
Astellas Pharma, Inc. (Japan) 1,200 16,567
AstraZeneca PLC (United Kingdom) 255 13,187
Bayer AG (Germany) 190 17,831
Biogen, Inc.(NON) 48 14,115
Bruker Corp. 122 2,767
C.R. Bard, Inc. 104 21,897
Cardinal Health, Inc. 81 5,752
Celgene Corp.(NON) 83 9,836
Charles River Laboratories International, Inc.(NON) 93 6,612
Cochlear, Ltd. (Australia) 42 3,681
Eli Lilly & Co. 135 9,061
Fresenius SE & Co. KGaA (Germany) 17 1,220
Gilead Sciences, Inc. 184 13,561
GlaxoSmithKline PLC (United Kingdom) 2,497 46,604
Hologic, Inc.(NON) 354 13,551
Johnson & Johnson 617 68,672
McKesson Corp. 118 16,970
Medipal Holdings Corp. (Japan) 600 8,585
Mitsubishi Tanabe Pharma Corp. (Japan) 300 5,640
Novartis AG (Switzerland) 371 25,531
Novo Nordisk A/S Class B (Denmark) 35 1,182
Omega Healthcare Investors, Inc.(R) 2,214 65,224
Pfizer, Inc. 1,246 40,046
Roche Holding AG (Switzerland) 179 39,804
Sanofi (France) 544 43,787
Shire PLC (United Kingdom) 145 8,443
Taro Pharmaceutical Industries, Ltd. (Israel)(NON) 30 3,065
Teva Pharmaceutical Industries, Ltd. ADR (Israel) 264 9,953
UnitedHealth Group, Inc. 380 60,162
VCA, Inc.(NON) 72 4,507
Ventas, Inc.(R) 1,523 92,020
WellCare Health Plans, Inc.(NON) 70 9,591
Zoetis, Inc. 217 10,932
809,845
Insurance (0.9%)
Aflac, Inc. 197 14,062
Ageas (Belgium) 256 9,555
Allianz SE (Germany) 253 40,165
Allied World Assurance Co. Holdings AG 96 4,494
Allstate Corp. (The) 398 27,828
Aspen Insurance Holdings, Ltd. 54 2,751
AXA SA (France) 1,082 25,492
CNP Assurances (France) 718 12,609
Hartford Financial Services Group, Inc. (The) 357 16,822
Legal & General Group PLC (United Kingdom) 697 2,049
Lincoln National Corp. 332 21,281
Mapfre SA (Spain) 2,178 6,533
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) 27 4,914
NN Group NV (Netherlands) 344 11,037
Prudential Financial, Inc. 118 11,871
Reinsurance Group of America, Inc. 45 5,492
Swiss Life Holding AG (Switzerland) 67 18,425
Swiss Re AG (Switzerland) 412 37,837
Voya Financial, Inc. 322 12,516
Zurich Insurance Group AG (Switzerland) 25 6,535
292,268
Investment banking/Brokerage (0.3%)
Ameriprise Financial, Inc. 161 18,388
Daiwa Securities Group, Inc. (Japan) 1,000 6,008
E*Trade Financial Corp.(NON) 579 19,981
Investor AB Class B (Sweden) 926 31,260
Macquarie Group, Ltd. (Australia) 66 4,089
Partners Group Holding AG (Switzerland) 23 11,151
90,877
Real estate (9.5%)
AGNC Investment Corp.(R) 510 9,517
Agree Realty Corp.(R) 600 26,934
Alexandria Real Estate Equities, Inc.(R) 494 54,137
Annaly Capital Management, Inc.(R) 1,102 11,262
AvalonBay Communities, Inc.(R) 862 141,790
Boston Properties, Inc.(R) 1,020 126,358
Brandywine Realty Trust(R) 277 4,252
Brixmor Property Group, Inc.(R) 195 4,748
Camden Property Trust(R) 68 5,352
CBRE Group, Inc. Class A(NON) 150 4,356
Chimera Investment Corp.(R) 289 4,901
Corporate Office Properties Trust(R) 91 2,604
Digital Realty Trust, Inc.(R) 1,151 106,272
Duke Realty Corp.(R) 334 8,494
DuPont Fabros Technology, Inc.(R) 1,457 59,242
Easterly Government Properties, Inc.(R) 793 15,384
EastGroup Properties, Inc.(R) 640 43,718
EPR Properties(R) 387 26,912
Equity Commonwealth(NON)(R) 81 2,355
Equity Lifestyle Properties, Inc.(R) 694 48,184
Equity Residential Trust(R) 2,597 155,846
Essex Property Trust, Inc.(R) 504 108,824
Extra Space Storage, Inc.(R) 857 60,127
Forest City Realty Trust, Inc. Class A(R) 1,332 24,629
Four Corners Property Trust, Inc.(R) 1,530 29,345
General Growth Properties(R) 4,136 104,806
Getty Realty Corp.(R) 524 12,586
Goodman Group (Australia)(R) 3,349 16,520
HCP, Inc.(R) 3,330 98,335
Hersha Hospitality Trust(R) 1,084 21,864
Highwoods Properties, Inc.(R) 1,461 70,216
Iida Group Holdings Co., Ltd. (Japan) 400 7,755
Kerry Properties, Ltd. (Hong Kong) 3,500 10,017
Kimco Realty Corp.(R) 3,455 88,241
Liberty Property Trust(R) 1,961 77,263
Macerich Co. (The)(R) 1,223 83,029
MFA Financial, Inc.(R) 167 1,306
Mid-America Apartment Communities, Inc.(R) 918 84,116
Monmouth Real Estate Investment Corp.(R) 906 12,720
New World Development Co., Ltd. (Hong Kong) 14,000 15,595
Nomura Real Estate Holdings, Inc. (Japan) 300 4,856
Persimmon PLC (United Kingdom) 176 3,730
Prologis, Inc.(R) 3,189 162,320
PS Business Parks, Inc.(R) 359 40,111
Public Storage(R) 849 177,696
Quality Care Properties, Inc.(NON)(R) 830 12,450
Realty Income Corp.(R) 263 14,581
Retail Properties of America, Inc. Class A(R) 120 1,831
Sekisui Chemical Co., Ltd. (Japan) 600 9,084
Senior Housing Properties Trust(R) 177 3,197
Simon Property Group, Inc.(R) 1,538 276,294
Spirit Realty Capital, Inc.(R) 799 8,621
Starwood Property Trust, Inc.(R) 361 8,112
Summit Hotel Properties, Inc.(R) 2,169 30,843
Tanger Factory Outlet Centers, Inc.(R) 1,725 59,461
VEREIT, Inc.(R) 763 6,325
Vornado Realty Trust(R) 1,221 119,353
Weingarten Realty Investors(R) 1,753 62,249
Welltower, Inc.(R) 2,173 136,421
Wharf Holdings, Ltd. (The) (Hong Kong) 1,000 7,413
Wheelock and Co., Ltd. (Hong Kong) 3,000 17,830
WP Carey, Inc.(R) 1,213 70,500
3,023,190
Technology (2.8%)
Adobe Systems, Inc.(NON) 270 27,759
Agilent Technologies, Inc. 440 19,351
Alphabet, Inc. Class A(NON) 123 95,433
Amadeus IT Holding SA Class A (Spain) 369 16,698
Amdocs, Ltd. 249 14,684
Apple, Inc. 582 64,323
Applied Materials, Inc. 1,162 37,416
AtoS SE (France) 178 18,371
Brocade Communications Systems, Inc. 748 9,230
Cisco Systems, Inc. 724 21,590
Computer Sciences Corp. 349 21,160
CSRA, Inc. 137 4,385
Dell Technologies, Inc. - VMware, Inc. Class V(NON) 154 8,248
eBay, Inc.(NON) 880 24,473
Facebook, Inc. Class A(NON) 313 37,065
GungHo Online Entertainment, Inc. (Japan) 2,400 5,328
HP, Inc. 1,253 19,296
Intuit, Inc. 56 6,366
L-3 Communications Holdings, Inc. 222 35,025
LG Display Co., Ltd. (South Korea) 89 2,132
Maxim Integrated Products, Inc. 437 17,161
Microsoft Corp. 1,565 94,307
Mixi, Inc. (Japan) 100 3,483
Motorola Solutions, Inc. 97 7,784
NCR Corp.(NON) 165 6,394
Nuance Communications, Inc.(NON) 302 4,895
NVIDIA Corp.(S) 2,079 191,684
Samsung Electronics Co., Ltd. (South Korea) 20 29,870
SoftBank Corp. (Japan) 100 5,867
Tokyo Electron, Ltd. (Japan) 200 18,312
Xerox Corp. 1,293 12,090
Xilinx, Inc. 435 23,481
903,661
Transportation (0.6%)
A. P. Moeller-Maersck A/S (Denmark) 8 10,550
ANA Holdings, Inc. (Japan) 4,000 11,094
Central Japan Railway Co. (Japan) 200 32,656
Delta Air Lines, Inc. 548 26,403
Deutsche Post AG (Germany) 1,126 35,166
easyJet PLC (United Kingdom) 122 1,511
Japan Airlines Co., Ltd. (Japan) 100 2,959
Qantas Airways, Ltd. (Australia) 2,976 7,252
Royal Mail PLC (United Kingdom) 3,869 22,684
United Parcel Service, Inc. Class B 314 36,399
Yangzijiang Shipbuilding Holdings, Ltd. (China) 30,900 17,677
204,351
Utilities and power (0.8%)
American Electric Power Co., Inc. 100 5,905
Centrica PLC (United Kingdom) 3,731 9,817
Chubu Electric Power Co., Inc. (Japan) 800 11,227
CLP Holdings, Ltd. (Hong Kong) 2,000 19,558
E.ON SE (Germany) 2,229 14,632
Edison International 199 13,685
Endesa SA (Spain) 747 15,419
Enel SpA (Italy) 7,740 31,177
Entergy Corp. 520 35,740
Gas Natural SDG SA (Spain) 111 1,895
Iberdrola SA (Spain) 756 4,541
Korea Electric Power Corp. (South Korea) 21 835
NiSource, Inc. 306 6,714
PPL Corp. 418 13,986
RWE AG (Germany)(NON) 547 6,877
Toho Gas Co., Ltd. (Japan) 2,000 15,838
Tohoku Electric Power Co., Inc. (Japan) 700 8,156
Tokyo Electric Power Company Holdings, Inc. (Japan)(NON) 600 2,229
Tokyo Gas Co., Ltd. (Japan) 1,000 4,359
UGI Corp. 445 19,936
Vectren Corp. 40 1,963
244,489
Total common stocks (cost $9,075,949) $9,115,520

INVESTMENT COMPANIES (10.9%)(a)
Shares Value
Putnam Absolute Return 700 Fund Class Y(AFF) 279,154 $3,165,603
SPDR S&P 500 ETF Trust 1,329 292,885
SPDR S&P MidCap 400 ETF Trust 136 40,314
Total investment companies (cost $3,790,821) $3,498,802

CORPORATE BONDS AND NOTES (8.8%)(a)
Principal amount Value
Basic materials (0.7%)
A Schulman, Inc. 144A company guaranty sr. unsec. unsub. notes 6.875%, 6/1/23 $15,000 $15,300
Agrium, Inc. sr. unsec. unsub. notes 5.25%, 1/15/45 (Canada) 2,000 2,045
ArcelorMittal SA sr. unsec. unsub. bonds 10.85%, 6/1/19 (France) 15,000 17,625
Builders FirstSource, Inc. 144A company guaranty sr. unsec. notes 10.75%, 8/15/23 25,000 28,625
Celanese US Holdings, LLC company guaranty sr. unsec. notes 5.875%, 6/15/21 (Germany) 5,000 5,571
Compass Minerals International, Inc. 144A company guaranty sr. unsec. notes 4.875%, 7/15/24 15,000 14,175
Eastman Chemical Co. sr. unsec. notes 3.80%, 3/15/25 2,000 2,016
First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 7.00%, 2/15/21 (Canada) 15,000 14,738
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc. company guaranty sr. unsec. notes 6.75%, 2/1/22 1,000 1,040
Glencore Funding, LLC 144A company guaranty sr. unsec. unsub. notes 4.625%, 4/29/24 9,000 9,027
Glencore Funding, LLC 144A company guaranty sr. unsec. unsub. notes 4.00%, 4/16/25 4,000 3,850
Glencore Funding, LLC 144A company guaranty sr. unsec. unsub. notes 2.875%, 4/16/20 2,000 1,979
HudBay Minerals, Inc. company guaranty sr. unsec. notes 9.50%, 10/1/20 (Canada) 15,000 15,788
Huntsman International, LLC company guaranty sr. unsec. unsub. notes 4.875%, 11/15/20 25,000 25,688
INVISTA Finance, LLC 144A company guaranty sr. notes 4.25%, 10/15/19 3,000 3,000
LyondellBasell Industries NV sr. unsec. unsub. notes 4.625%, 2/26/55 5,000 4,510
Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 5.50%, 10/1/24 25,000 26,438
TMS International Corp. 144A company guaranty sr. unsec. sub. notes 7.625%, 10/15/21 25,000 20,406
Westlake Chemical Corp. 144A company guaranty sr. unsec. unsub. bonds 3.60%, 8/15/26 10,000 9,613
WestRock MWV, LLC company guaranty sr. unsec. unsub. notes 8.20%, 1/15/30 5,000 6,458
WestRock MWV, LLC company guaranty sr. unsec. unsub. notes 7.95%, 2/15/31 5,000 6,543
234,435
Capital goods (0.7%)
Amstead Industries, Inc. 144A company guaranty sr. unsec. sub. notes 5.00%, 3/15/22 20,000 19,800
ATS Automation Tooling Systems, Inc. 144A sr. unsec. notes 6.50%, 6/15/23 (Canada) 25,000 25,888
Belden, Inc. 144A company guaranty sr. unsec. sub. notes 5.50%, 9/1/22 15,000 15,300
Berry Plastics Corp. company guaranty notes 6.00%, 10/15/22 10,000 10,513
Gates Global, LLC/Gates Global Co. 144A company guaranty sr. unsec. notes 6.00%, 7/15/22 10,000 9,550
KLX, Inc. 144A company guaranty sr. unsec. notes 5.875%, 12/1/22 20,000 20,450
Legrand France SA sr. unsec. unsub. notes 8.50%, 2/15/25 (France) 10,000 13,030
MasTec, Inc. company guaranty sr. unsec. unsub. notes 4.875%, 3/15/23 20,000 19,550
Medtronic, Inc. company guaranty sr. unsec. sub. notes 4.375%, 3/15/35 3,000 3,112
Medtronic, Inc. company guaranty sr. unsec. sub. notes 3.50%, 3/15/25 2,000 2,053
Moog, Inc. 144A company guaranty sr. unsec. notes 5.25%, 12/1/22 20,000 20,350
Oshkosh Corp. company guaranty sr. unsec. sub. notes 5.375%, 3/1/25 35,000 36,050
TransDigm, Inc. company guaranty sr. unsec. unsub. notes 6.50%, 7/15/24 15,000 15,544
211,190
Communication services (1.7%)
American Tower Corp. sr. unsec. notes 4.00%, 6/1/25(R) 10,000 10,096
AT&T, Inc. sr. unsec. unsub. notes 4.75%, 5/15/46 2,000 1,868
CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. notes 5.25%, 9/30/22 35,000 36,313
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. unsub. notes 5.125%, 5/1/23 30,000 30,731
Charter Communications Operating, LLC/Charter Communications Operating Capital 144A sr. sub. bonds 6.484%, 10/23/45 8,000 8,988
Charter Communications Operating, LLC/Charter Communications Operating Capital 144A sr. sub. notes 4.908%, 7/23/25 2,000 2,088
Comcast Cable Communications Holdings, Inc. company guaranty sr. unsec. notes 9.455%, 11/15/22 5,000 6,773
Comcast Corp. company guaranty sr. unsec. unsub. notes 6.95%, 8/15/37 5,000 6,762
Crown Castle International Corp. sr. unsec. notes 5.25%, 1/15/23(R) 28,000 30,438
Crown Castle International Corp. sr. unsec. notes 4.875%, 4/15/22(R) 5,000 5,375
Crown Castle Towers, LLC 144A company guaranty sr. notes 4.883%, 8/15/20 5,000 5,349
CSC Holdings, LLC sr. unsec. unsub. notes 6.75%, 11/15/21 25,000 26,281
DISH DBS Corp. company guaranty sr. unsec. unsub. notes 5.875%, 11/15/24 10,000 10,138
Intelsat Luxembourg SA company guaranty sr. unsec. bonds 7.75%, 6/1/21 (Luxembourg) 5,000 1,731
Koninklijke KPN NV sr. unsec. unsub. bonds 8.375%, 10/1/30 (Netherlands) 5,000 6,611
Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 5.375%, 8/15/22 15,000 15,263
Sprint Capital Corp. company guaranty sr. unsec. unsub. notes 6.875%, 11/15/28 40,000 38,476
Sprint Corp. company guaranty sr. unsec. sub. notes 7.875%, 9/15/23 20,000 20,650
Sprint Corp. company guaranty sr. unsec. sub. notes 7.25%, 9/15/21 70,000 71,750
T-Mobile USA, Inc. company guaranty sr. unsec. notes 6.625%, 4/1/23 65,000 68,656
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6.125%, 1/15/22 40,000 41,800
Telefonica Emisiones SAU company guaranty sr. unsec. unsub. notes 5.462%, 2/16/21 (Spain) 5,000 5,448
Verizon Communications, Inc. sr. unsec. unsub. notes 5.90%, 2/15/54 (units) 200 5,160
Verizon Communications, Inc. sr. unsec. unsub. notes 4.522%, 9/15/48 19,000 18,117
Verizon Communications, Inc. sr. unsec. unsub. notes 4.40%, 11/1/34 5,000 4,870
Videotron, Ltd. company guaranty sr. unsec. unsub. notes 5.00%, 7/15/22 (Canada) 35,000 35,875
West Corp. 144A company guaranty sr. unsec. sub. notes 5.375%, 7/15/22 25,000 24,000
539,607
Conglomerates (0.1%)
General Electric Co. jr. unsec. sub. FRB Ser. D, 5.00%, perpetual maturity 16,000 16,400
16,400
Consumer cyclicals (1.4%)
21st Century Fox America, Inc. company guaranty sr. unsec. unsub. notes 7.75%, 12/1/45 5,000 6,985
American Tire Distributors, Inc. 144A sr. unsec. sub. notes 10.25%, 3/1/22 15,000 13,988
Autonation, Inc. company guaranty sr. unsec. unsub. notes 5.50%, 2/1/20 7,000 7,522
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 144A company guaranty sr. unsec. notes 6.125%, 7/1/22 (Canada) 35,000 35,081
CBS Corp. company guaranty sr. unsec. debs. 7.875%, 7/30/30 1,000 1,328
CBS Corp. company guaranty sr. unsec. unsub. bonds 2.90%, 1/15/27 11,000 10,214
Expedia, Inc. company guaranty sr. unsec. unsub. notes 5.00%, 2/15/26 5,000 5,138
Ford Motor Co. sr. unsec. unsub. notes 7.45%, 7/16/31 5,000 6,200
Ford Motor Co. sr. unsec. unsub. notes 7.40%, 11/1/46 5,000 6,598
General Motors Co. sr. unsec. notes 6.25%, 10/2/43 5,000 5,383
General Motors Co. sr. unsec. notes 5.20%, 4/1/45 2,000 1,899
General Motors Financial Co., Inc. company guaranty sr. unsec. notes 4.00%, 10/6/26 5,000 4,765
General Motors Financial Co., Inc. company guaranty sr. unsec. unsub. notes 3.45%, 4/10/22 12,000 11,836
Host Hotels & Resorts LP sr. unsec. unsub. notes 5.25%, 3/15/22(R) 5,000 5,405
Howard Hughes Corp. (The) 144A sr. unsec. notes 6.875%, 10/1/21 25,000 26,360
Isle of Capri Casinos, Inc. company guaranty sr. unsec. notes 5.875%, 3/15/21 10,000 10,406
JC Penney Corp, Inc. company guaranty sr. unsec. unsub. notes 5.65%, 6/1/20 35,000 34,825
L Brands, Inc. company guaranty sr. unsec. notes 6.625%, 4/1/21 5,000 5,538
Lear Corp. company guaranty sr. unsec. unsub. notes 5.375%, 3/15/24 5,000 5,225
Lennar Corp. company guaranty sr. unsec. unsub. notes 4.75%, 11/15/22 30,000 30,525
Masonite International Corp. 144A company guaranty sr. unsec. notes 5.625%, 3/15/23 5,000 5,088
MGM Resorts International company guaranty sr. unsec. notes 5.25%, 3/31/20 10,000 10,494
Neiman Marcus Group, Ltd. 144A company guaranty sr. unsec. sub. notes 8.75%, 10/15/21(PIK) 35,000 26,425
O'Reilly Automotive, Inc. company guaranty sr. unsec. sub. notes 3.55%, 3/15/26 5,000 4,977
Omnicom Group, Inc. company guaranty sr. unsec. unsub. notes 3.60%, 4/15/26 5,000 4,992
Outfront Media Capital, LLC/Outfront Media Capital Corp. company guaranty sr. unsec. sub. notes 5.625%, 2/15/24 20,000 20,625
Owens Corning company guaranty sr. unsec. sub. notes 9.00%, 6/15/19 5,000 5,727
Priceline Group, Inc. (The) sr. unsec. notes 3.65%, 3/15/25 4,000 4,001
QVC, Inc. company guaranty sr. notes 4.85%, 4/1/24 2,000 1,970
QVC, Inc. company guaranty sr. sub. notes 4.45%, 2/15/25 2,000 1,905
Regal Entertainment Group sr. unsec. sub. notes 5.75%, 6/15/23 30,000 30,488
S&P Global, Inc. company guaranty sr. unsec. unsub. notes 4.40%, 2/15/26 5,000 5,308
Scientific Games International, Inc. company guaranty sr. unsec. notes 10.00%, 12/1/22 70,000 65,625
Tiffany & Co. sr. unsec. unsub. notes 4.90%, 10/1/44 5,000 4,616
Time Warner, Inc. company guaranty sr. unsec. bonds 7.70%, 5/1/32 5,000 6,605
Time Warner, Inc. company guaranty sr. unsec. unsub. bonds 2.95%, 7/15/26 2,000 1,866
Tribune Media Co. company guaranty sr. unsec. notes 5.875%, 7/15/22 15,000 14,628
Vulcan Materials Co. sr. unsec. unsub. notes 4.50%, 4/1/25 2,000 2,091
452,652
Consumer staples (0.5%)
Altria Group, Inc. company guaranty sr. unsec. notes 9.25%, 8/6/19 2,000 2,373
Altria Group, Inc. company guaranty sr. unsec. unsub. notes 2.85%, 8/9/22 5,000 4,993
Anheuser-Busch InBev Finance, Inc. company guaranty sr. unsec. unsub. bonds 4.90%, 2/1/46 5,000 5,350
Anheuser-Busch InBev Worldwide, Inc. company guaranty sr. unsec. unsub. notes 8.20%, 1/15/39 10,000 14,980
BlueLine Rental Finance Corp. 144A notes 7.00%, 2/1/19 35,000 33,600
Constellation Brands, Inc. company guaranty sr. unsec. notes 3.875%, 11/15/19 2,000 2,085
Constellation Brands, Inc. company guaranty sr. unsec. unsub. notes 6.00%, 5/1/22 10,000 11,375
CVS Health Corp. sr. unsec. notes 4.75%, 12/1/22 12,000 13,054
CVS Health Corp. sr. unsec. unsub. notes 5.125%, 7/20/45 5,000 5,485
CVS Pass-Through Trust sr. notes 6.036%, 12/10/28 3,507 3,941
ERAC USA Finance, LLC 144A company guaranty sr. unsec. bonds 4.50%, 2/15/45 5,000 4,727
ERAC USA Finance, LLC 144A company guaranty sr. unsec. notes 7.00%, 10/15/37 5,000 6,310
Kraft Foods Group, Inc. company guaranty sr. unsec. notes Ser. 144A, 6.875%, 1/26/39 5,000 6,324
Kraft Heinz Foods Co. company guaranty sr. unsec. bonds 4.375%, 6/1/46 5,000 4,755
Kroger Co. (The) company guaranty sr. unsec. unsub. notes 6.90%, 4/15/38 2,000 2,526
Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes 4.875%, 11/1/26 5,000 4,975
McDonald's Corp. sr. unsec. unsub. notes 5.70%, 2/1/39 15,000 17,038
Newell Brands, Inc. sr. unsec. unsub. notes 4.20%, 4/1/26 8,000 8,341
Tyson Foods, Inc. company guaranty sr. unsec. bonds 4.875%, 8/15/34 2,000 2,054
Tyson Foods, Inc. company guaranty sr. unsec. unsub. bonds 5.15%, 8/15/44 3,000 3,104
Walgreens Boots Alliance, Inc. sr. unsec. unsub. notes 3.30%, 11/18/21 5,000 5,107
162,497
Energy (0.5%)
Antero Resources Corp. company guaranty sr. unsec. sub. notes 5.125%, 12/1/22 25,000 25,375
BP Capital Markets PLC company guaranty sr. unsec. unsub. notes 4.50%, 10/1/20 (United Kingdom) 5,000 5,370
California Resources Corp. 144A company guaranty notes 8.00%, 12/15/22 15,000 12,000
Chesapeake Energy Corp. 144A company guaranty notes 8.00%, 12/15/22 14,000 14,490
DCP Midstream Operating LP company guaranty sr. unsec. notes 2.70%, 4/1/19 5,000 4,969
Devon Energy Corp. sr. unsec. unsub. notes 3.25%, 5/15/22 2,000 1,940
EQT Midstream Partners LP company guaranty sr. unsec. sub. notes 4.00%, 8/1/24 2,000 1,940
Kerr-McGee Corp. company guaranty sr. unsec. unsub. notes 7.875%, 9/15/31 5,000 6,150
Newfield Exploration Co. sr. unsec. unsub. notes 5.75%, 1/30/22 35,000 36,313
Sabine Pass Liquefaction, LLC 144A sr. bonds 5.00%, 3/15/27 10,000 9,875
Spectra Energy Capital, LLC company guaranty sr. unsec. sub. notes 6.20%, 4/15/18 5,000 5,242
Williams Cos., Inc. (The) sr. unsec. unsub. notes 8.75%, 3/15/32 7,000 8,190
Williams Cos., Inc. (The) sr. unsec. unsub. notes 7.75%, 6/15/31 2,000 2,229
Williams Partners LP sr. unsec. notes 5.25%, 3/15/20 5,000 5,319
Williams Partners LP/ACMP Finance Corp. sr. unsec. sub. notes 4.875%, 3/15/24 5,000 5,040
144,442
Financials (1.5%)
Air Lease Corp. sr. unsec. unsub. notes 3.375%, 6/1/21 5,000 5,083
Ally Financial, Inc. company guaranty sr. unsec. unsub. notes 7.50%, 9/15/20 40,000 44,250
Ally Financial, Inc. sub. unsec. notes 5.75%, 11/20/25 5,000 4,950
American Express Co. jr. unsec. sub. FRN Ser. C, 4.90%, perpetual maturity 5,000 4,731
American International Group, Inc. jr. unsec. sub. FRB 8.175%, 5/15/58 5,000 6,413
Bank of America Corp. jr. unsec. sub. FRN Ser. AA, 6.10%, perpetual maturity 7,000 7,000
Bank of America Corp. jr. unsec. sub. FRN Ser. Z, 6.50%, perpetual maturity 10,000 10,407
Bank of Nova Scotia (The) sr. unsec. unsub. notes 2.35%, 10/21/20 (Canada) 10,000 9,961
Bear Stearns Cos., LLC (The) sr. unsec. unsub. notes 7.25%, 2/1/18 15,000 15,932
BGC Partners, Inc. sr. unsec. notes 5.125%, 5/27/21 5,000 5,089
Camden Property Trust sr. unsec. unsub. notes 4.875%, 6/15/23(R) 5,000 5,391
Cantor Fitzgerald LP 144A unsec. notes 6.50%, 6/17/22 5,000 5,298
Capital One Financial Corp. unsec. sub. notes 4.20%, 10/29/25 5,000 5,008
CBRE Services, Inc. company guaranty sr. unsec. notes 5.25%, 3/15/25 2,000 2,066
CBRE Services, Inc. company guaranty sr. unsec. unsub. notes 4.875%, 3/1/26 8,000 8,047
CIT Group, Inc. sr. unsec. unsub. notes 5.00%, 8/15/22 55,000 57,269
Citigroup, Inc. jr. unsec. sub. FRB Ser. B, 5.90%, perpetual maturity 2,000 1,990
Citigroup, Inc. jr. unsec. sub. FRB Ser. P, 5.95%, perpetual maturity 4,000 3,930
Citigroup, Inc. jr. unsec. unsub. FRN Ser. T, 6.25%, perpetual maturity 14,000 14,385
Credit Acceptance Corp. company guaranty sr. unsec. notes 6.125%, 2/15/21 20,000 20,150
DDR Corp. sr. unsec. unsub. notes 7.875%, 9/1/20(R) 2,000 2,334
Duke Realty LP company guaranty sr. unsec. unsub. notes 3.875%, 2/15/21(R) 5,000 5,216
Fairfax US, Inc. 144A company guaranty sr. unsec. notes 4.875%, 8/13/24 2,000 1,965
Hartford Financial Services Group, Inc. (The) jr. unsec. sub. FRB 8.125%, 6/15/38 5,000 5,394
Healthcare Realty Trust, Inc. sr. unsec. unsub. notes 3.875%, 5/1/25(R) 5,000 4,935
HSBC Capital Funding LP 144A company guaranty jr. unsec. sub. FRB 10.176%, perpetual maturity (Jersey) 8,000 11,920
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 6.00%, 8/1/20 40,000 39,821
International Lease Finance Corp. sr. unsec. unsub. notes 6.25%, 5/15/19 5,000 5,369
JPMorgan Chase & Co. jr. unsec. sub. FRB Ser. Z, 5.30%, perpetual maturity 7,000 7,070
KKR Group Finance Co., LLC 144A company guaranty sr. unsec. unsub. notes 6.375%, 9/29/20 5,000 5,651
Liberty Mutual Group, Inc. 144A company guaranty jr. unsec. sub. bonds 7.80%, 3/15/37 2,000 2,240
Liberty Mutual Group, Inc. 144A company guaranty jr. unsec. sub. FRN 7.00%, 3/15/37 5,000 4,350
Liberty Property LP sr. unsec. unsub. notes 3.375%, 6/15/23(R) 5,000 4,970
Lloyds Banking Group PLC 144A jr. unsec. sub. FRN 6.657%, perpetual maturity (United Kingdom) 10,000 10,700
Massachusetts Mutual Life Insurance Co. 144A unsec. sub. notes 8.875%, 6/1/39 5,000 7,414
Neuberger Berman Group, LLC/Neuberger Berman Finance Corp. 144A sr. unsec. notes 5.875%, 3/15/22 2,000 2,075
OneMain Financial Holdings, LLC 144A company guaranty sr. unsec. unsub. notes 7.25%, 12/15/21 35,000 35,000
Progressive Corp. (The) jr. unsec. sub. FRN 6.70%, 6/15/37 2,000 1,955
Royal Bank of Canada unsec. sub. notes Ser. GMTN, 4.65%, 1/27/26 (Canada) 5,000 5,239
Select Income REIT sr. unsec. unsub. notes 3.60%, 2/1/20(R) 5,000 5,007
Select Income REIT sr. unsec. unsub. notes 2.85%, 2/1/18(R) 5,000 5,022
Springleaf Finance Corp. company guaranty sr. unsec. unsub. notes 6.00%, 6/1/20 30,000 29,400
State Street Capital Trust IV company guaranty jr. unsec. sub. FRB 1.85%, 6/15/37 13,000 11,300
Teachers Insurance & Annuity Association of America 144A unsec. sub. FRN 4.375%, 9/15/54 2,000 2,135
Toronto-Dominion Bank (The) unsec. sub. FRB 3.625%, 9/15/31 (Canada) 5,000 4,812
USI, Inc./NY 144A sr. unsec. notes 7.75%, 1/15/21 10,000 10,150
VEREIT Operating Partnership LP company guaranty sr. unsec. notes 4.60%, 2/6/24(R) 3,000 3,065
Wells Fargo & Co. jr. unsec. sub. FRB Ser. U, 5.875%, perpetual maturity 10,000 10,275
Willis Towers Watson PLC company guaranty sr. unsec. unsub. notes 5.75%, 3/15/21 10,000 10,974
WP Carey, Inc. sr. unsec. unsub. notes 4.60%, 4/1/24(R) 5,000 5,032
498,140
Health care (0.4%)
AbbVie, Inc. sr. unsec. notes 3.60%, 5/14/25 2,000 1,976
Actavis Funding SCS company guaranty sr. unsec. notes 4.75%, 3/15/45 (Luxembourg) 3,000 2,968
DPx Holdings BV 144A sr. unsec. sub. notes 7.50%, 2/1/22 (Netherlands) 35,000 36,750
Fresenius Medical Care US Finance II, Inc. 144A company guaranty sr. unsec. sub. notes 5.625%, 7/31/19 2,000 2,130
HCA, Inc. company guaranty sr. sub. notes 5.00%, 3/15/24 5,000 5,013
HCA, Inc. company guaranty sr. sub. notes 3.75%, 3/15/19 45,000 45,900
Omega Healthcare Investors, Inc. company guaranty sr. unsec. bonds 5.25%, 1/15/26(R) 5,000 5,150
Omega Healthcare Investors, Inc. company guaranty sr. unsec. notes 4.50%, 4/1/27(R) 5,000 4,806
Omega Healthcare Investors, Inc. company guaranty sr. unsec. unsub. notes 4.95%, 4/1/24(R) 2,000 2,027
Service Corp. International/US sr. unsec. unsub. notes 5.375%, 5/15/24 20,000 20,802
Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. bonds 3.15%, 10/1/26 (Netherlands) 10,000 9,224
136,746
Technology (0.4%)
Apple, Inc. sr. unsec. unsub. notes 4.375%, 5/13/45 3,000 3,067
CommScope Technologies Finance, LLC 144A sr. unsec. notes 6.00%, 6/15/25 20,000 20,850
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A company guaranty sr. unsec. notes 7.125%, 6/15/24 7,000 7,647
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A sr. bonds 8.35%, 7/15/46 2,000 2,345
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A sr. notes 5.45%, 6/15/23 10,000 10,431
Infor US, Inc. company guaranty sr. unsec. notes 6.50%, 5/15/22 35,000 35,963
Microsoft Corp. sr. unsec. unsub. bonds 2.40%, 8/8/26 5,000 4,748
Oracle Corp. sr. unsec. unsub. notes 2.65%, 7/15/26 15,000 14,236
Plantronics, Inc. 144A company guaranty sr. unsec. notes 5.50%, 5/31/23 15,000 15,038
Zebra Technologies Corp. sr. unsec. unsub. bonds 7.25%, 10/15/22 20,000 21,627
135,952
Transportation (0.2%)
Air Medical Merger Sub Corp. 144A sr. unsec. notes 6.375%, 5/15/23 35,000 33,250
Aviation Capital Group Corp. 144A sr. unsec. unsub. notes 7.125%, 10/15/20 5,000 5,818
Penske Truck Leasing Co. Lp/PTL Finance Corp. 144A sr. unsec. bonds 3.40%, 11/15/26 4,000 3,853
Watco Cos., LLC/Watco Finance Corp. 144A company guaranty sr. unsec. notes 6.375%, 4/1/23 15,000 15,375
58,296
Utilities and power (0.7%)
AES Corp./Virginia (The) sr. unsec. notes 8.00%, 6/1/20 15,000 17,475
CMS Energy Corp. sr. unsec. notes 8.75%, 6/15/19 5,000 5,789
Colorado Interstate Gas Co., LLC company guaranty sr. unsec. notes 6.85%, 6/15/37 100,000 106,620
El Paso Natural Gas Co., LLC company guaranty sr. unsec. unsub. notes 8.375%, 6/15/32 5,000 6,070
Emera US Finance LP 144A company guaranty sr. unsec. notes 3.55%, 6/15/26 3,000 2,944
Enbridge, Inc. sr. unsec. unsub. bonds 4.25%, 12/1/26 (Canada) 5,000 5,043
Energy Transfer Partners LP sr. unsec. unsub. bonds 6.125%, 12/15/45 5,000 5,044
FirstEnergy Corp. sr. unsec. unsub. notes 4.25%, 3/15/23 6,000 6,220
Iberdrola International BV company guaranty sr. unsec. unsub. bonds 6.75%, 7/15/36 (Spain) 5,000 6,142
Kinder Morgan Energy Partners LP company guaranty sr. unsec. notes 5.40%, 9/1/44 1,000 956
Kinder Morgan, Inc. company guaranty sr. unsec. unsub. notes 3.05%, 12/1/19 3,000 3,030
Kinder Morgan, Inc./DE company guaranty sr. unsec. notes Ser. GMTN, 7.75%, 1/15/32 5,000 5,922
PPL WEM Ltd./Western Power Distribution, Ltd. 144A sr. unsec. unsub. notes 5.375%, 5/1/21 (United Kingdom) 15,000 16,220
Puget Sound Energy, Inc. jr. unsec. sub. FRN Ser. A, 6.974%, 6/1/67 7,000 5,976
Texas Gas Transmission, LLC 144A sr. unsec. notes 4.50%, 2/1/21 4,000 4,117
Texas-New Mexico Power Co. 144A 1st sr. bonds Ser. A, 9.50%, 4/1/19 5,000 5,766
TransCanada PipeLines, Ltd. jr. unsec. sub. FRN 6.35%, 5/15/67 (Canada) 10,000 7,825
WEC Energy Group jr. unsec. sub. FRN 6.25%, 5/15/67 5,000 4,350
215,509
Total corporate bonds and notes (cost $2,783,102) $2,805,866

CONVERTIBLE BONDS AND NOTES (7.7%)(a)
Principal amount Value
Basic materials (0.1%)
Cemex SAB de CV cv. unsec. sub. notes 3.75%, 3/15/18 (Mexico) $16,000 $17,830
17,830
Capital goods (0.1%)
Dycom Industries, Inc. cv. sr. unsec. notes 0.75%, 9/15/21 37,000 38,711
38,711
Communication services (0.6%)
Clearwire Communications, LLC/Clearwire Finance, Inc. 144A cv. company guaranty sr. unsec. notes 8.25%, 12/1/40 6,000 6,270
DISH Network Corp. 144A cv. sr. unsec. bonds 3.375%, 8/15/26 157,000 175,448
Powerwave Technologies, Inc. cv. unsec. sub. notes 3.875%, 10/1/27 (In default)(F)(NON) 38,000 4
181,722
Consumer cyclicals (1.5%)
CalAtlantic Group, Inc. cv. company guaranty sr. unsec. unsub. notes 1.625%, 5/15/18 33,000 39,167
CalAtlantic Group, Inc. cv. company guaranty sr. unsec. unsub. notes 1.25%, 8/1/32 28,000 29,085
Euronet Worldwide, Inc. cv. sr. unsec. bonds 1.50%, 10/1/44 37,000 42,689
Liberty Interactive, LLC cv. sr. unsec. notes 3.50%, 1/15/31 50,000 26,813
Liberty Interactive, LLC 144A cv. sr. unsec. bonds 1.75%, 9/30/46 58,000 61,263
Liberty Media Corp. 144A cv. sr. unsec. unsub. bonds 2.25%, 9/30/46 42,000 43,470
Macquarie Infrastructure Corp. cv. sr. unsec. unsub. notes 2.00%, 10/1/23 66,000 66,041
Navistar International Corp. cv. sr. unsec. sub. bonds 4.75%, 4/15/19 47,000 45,091
Priceline Group, Inc. (The) cv. sr. unsec. unsub. notes 1.00%, 3/15/18 41,000 66,087
Tesla Motors, Inc. cv. sr. unsec. sub. notes 1.25%, 3/1/21 87,000 72,971
492,677
Consumer staples (0.2%)
Vector Group, Ltd. cv. sr. unsec. sub. notes 1.75%, 4/15/20 43,000 48,268
48,268
Energy (0.5%)
Chesapeake Energy Corp. 144A cv. sr. unsec. bonds 5.50%, 9/15/26 41,000 43,358
Energy XXI, Ltd. cv. sr. unsec. bonds 3.00%, 12/15/18 (acquired various dates from 11/19/13 to 1/24/14, cost $13,899) (In default)(NON)(RES) 14,000 70
Oasis Petroleum, Inc. cv. sr. unsec. notes 2.625%, 9/15/23 18,000 24,863
SEACOR Holdings, Inc. cv. sr. unsec. bonds 3.00%, 11/15/28 42,000 35,543
Stone Energy Corp. cv. company guaranty sr. unsec. sub. notes 1.75%, 3/1/17 (In default)(NON) 50,000 30,438
Trico Marine Services, Inc. cv. sr. unsec. notes 3.00%, 1/15/27 (In default)(F)(NON) 15,000 413
Whiting Petroleum Corp. cv. company guaranty sr. unsec. unsub. notes 1.25%, 4/1/20 46,000 40,221
174,906
Financials (0.7%)
Blackstone Mortgage Trust, Inc. cv. sr. unsec. unsub. notes 5.25%, 12/1/18(R) 44,000 48,895
Radian Group, Inc. cv. sr. unsec. notes 2.25%, 3/1/19 27,000 36,703
Starwood Property Trust, Inc. cv. sr. unsec. unsub. notes 4.00%, 1/15/19(R) 73,000 81,988
TCP Capital Corp. cv. sr. unsec. bonds 5.25%, 12/15/19 57,000 59,351
226,937
Health care (1.0%)
Brookdale Senior Living, Inc. cv. sr. unsec. unsub. notes 2.75%, 6/15/18 53,000 51,311
China Medical Technologies, Inc. cv. sr. unsec. bonds Ser. CMT, 4.00%, 8/15/17 (China) (In default)(F)(NON) 25,000 2,000
China Medical Technologies, Inc. 144A cv. sr. unsec. notes 6.25%, 12/15/17 (China) (In default)(F)(NON) 14,000 980
HealthSouth Corp. cv. sr. unsec. sub. notes 2.00%, 12/1/43 49,000 58,218
Hologic, Inc. cv. sr. unsec. unsub. notes stepped-coupon 2.00% (zero %, 3/1/18) 3/1/42(STP) 64,000 84,640
Impax Laboratories, Inc. cv. sr. unsec. notes 2.00%, 6/15/22 27,000 21,566
Jazz Investments I, Ltd. cv. company guaranty sr. unsec. sub. bonds 1.875%, 8/15/21 (Ireland) 66,000 63,154
Medidata Solutions, Inc. cv. sr. unsec. notes 1.00%, 8/1/18 27,000 31,016
Teleflex, Inc. cv. sr. unsec. sub. notes 3.875%, 8/1/17 13,000 31,265
344,150
Technology (2.7%)
Avid Technology, Inc. cv. sr. unsec. notes 2.00%, 6/15/20 16,000 10,730
Ciena Corp. cv. sr. unsec. notes 4.00%, 12/15/20 46,000 60,749
Citrix Systems, Inc. cv. sr. unsec. notes 0.50%, 4/15/19 28,000 31,640
Fidelity National Financial, Inc. cv. sr. unsec. unsub. notes 4.25%, 8/15/18 13,000 23,766
Intel Corp. cv. jr. unsec. sub. notes 3.25%, 8/1/39 19,000 32,348
j2 Global, Inc. cv. sr. unsec. notes 3.25%, 6/15/29 37,000 45,556
Jazz US Holdings, Inc. cv. company guaranty sr. unsec. notes 8.00%, 12/31/18 8,000 14,650
Microchip Technology, Inc. cv. sr. unsec. sub. bonds 1.625%, 2/15/25 104,000 137,930
Micron Technology, Inc. cv. sr. unsec. bonds 3.00%, 11/15/43 55,000 50,428
Micron Technology, Inc. cv. sr. unsec. bonds Ser. E, 1.625%, 2/15/33 57,000 103,847
Novatel Wireless, Inc. cv. sr. unsec. unsub. notes 5.50%, 6/15/20 12,000 10,898
Novellus Systems, Inc. cv. company guaranty sr. unsec. notes 2.625%, 5/15/41 26,000 80,844
ON Semiconductor Corp. cv. company guaranty sr. unsec. unsub. notes 1.00%, 12/1/20 31,000 30,961
Safeguard Scientifics, Inc. cv. sr. unsec. bonds 5.25%, 5/15/18 34,000 34,085
salesforce.com, Inc. cv. sr. unsec. unsub. notes 0.25%, 4/1/18 30,000 35,719
TTM Technologies, Inc. cv. sr. unsec. notes 1.75%, 12/15/20 24,000 36,465
Twitter, Inc. cv. sr. unsec. unsub. bonds 1.00%, 9/15/21 28,000 25,918
Verint Systems, Inc. cv. sr. unsec. notes 1.50%, 6/1/21 29,000 27,695
Yahoo!, Inc. cv. sr. unsec. bonds zero %, 12/1/18 74,000 74,601
868,830
Transportation (0.3%)
Atlas Air Worldwide Holdings, Inc. cv. sr. unsec. bonds 2.25%, 6/1/22 22,000 21,959
Echo Global Logistics, Inc. cv. sr. unsec. notes 2.50%, 5/1/20 24,000 23,385
Scorpio Tankers, Inc. 144A cv. sr. unsec. sub. notes 2.375%, 7/1/19 45,000 34,847
80,191
Total convertible bonds and notes (cost $2,497,812) $2,474,222

CONVERTIBLE PREFERRED STOCKS (4.7%)(a)
Shares Value
Alexandria Real Estate Equities, Inc. Ser. D, $1.75 cv. pfd.(R) 1,573 $54,957
Allergan PLC Ser. A, 5.50% cv. pfd. 141 101,097
American Tower Corp. $5.50 cv. pfd.(R) 918 93,292
AMG Capital Trust II $2.575 cv. pfd. 956 51,684
Anthem, Inc. $2.63 cv. pfd. 864 40,375
Arconic, Inc. $2.688 cv. pfd.(NON) 1,300 41,145
Banc of California, Inc. $4.00 cv. pfd. 311 21,698
Bank of America Corp. Ser. L, 7.25% cv. pfd. 58 67,425
Belden, Inc. $6.75 cv. pfd. 451 47,811
Cincinnati Bell, Inc. Ser. B, $3.378 cum. cv. pfd. 1,572 77,421
DTE Energy Co. $3.25 cv. pfd.(NON) 1,094 55,794
Dynegy, Inc. $7.00 cv. pfd. 211 13,681
El Paso Energy Capital Trust I $2.375 cv. pfd. 965 48,521
EPR Properties Ser. C, $1.438 cv. pfd.(R) 2,632 74,025
Exelon Corp. $3.25 cv. pfd. 1,302 59,983
FelCor Lodging Trust, Inc. Ser. A, $0.488 cum. cv. pfd.(R) 2,793 67,207
Fiat Chrysler Automobiles NV Ser. FCAU, $7.875 cv. pfd. (Italy) 1,260 82,114
Hess Corp. $2.00 cv. pfd. 859 57,613
iStar, Inc. $2.25 cv. pfd.(R) 226 12,035
Mandatory Exchangeable Trust 144A $5.75 cv. pfd. 254 29,327
NextEra Energy, Inc. $3.06 cv. pfd. 1,240 58,280
Smurfit-Stone Container Corp. escrow zero % cv. pfd.(F) 1,775 18
Southwestern Energy Co. Ser. B, $3.125 cv. pfd. 993 27,129
T-Mobile US, Inc. Ser. A, $2.75 cv. pfd. 1,379 122,869
Teva Pharmaceutical Industries, Ltd. 7.00% cv. pfd. (Israel) 13 8,579
Tyson Foods, Inc. $2.375 cv. pfd. 1,137 71,290
Wells Fargo & Co. Ser. L, 7.50% cv. pfd. 59 70,948
Welltower, Inc. Ser. I, $3.25 cv. pfd.(R) 697 40,731
Total convertible preferred stocks (cost $1,503,088) $1,497,049

U.S. TREASURY OBLIGATIONS (4.6%)(a)
Principal amount Value
U.S. Treasury Bonds
     4.50%, 2/15/36 $40,000 $50,935
     3.75%, 11/15/43(SEGCCS) 50,000 57,216
     2.75%, 8/15/42(SEGCCS) 120,000 114,511
U.S. Treasury Notes
     2.00%, 2/15/22 170,000 170,568
     2.00%, 11/30/20 110,000 111,234
     1.875%, 11/30/21 100,000 99,914
     1.625%, 2/15/26(SEGSF) 190,000 178,277
     1.375%, 9/30/18(SEGSF)(SEGCCS) 270,000 271,295
     1.125%, 3/31/20 100,000 98,754
     1.125%, 12/31/19(SEGSF)(SEGCCS) 180,000 178,335
     0.875%, 6/15/19 60,000 59,393
     0.75%, 3/31/18 80,000 79,744
Total U.S. treasury obligations (cost $1,500,463) $1,470,176

MORTGAGE-BACKED SECURITIES (1.1%)(a)
Principal amount Value
Citigroup Commercial Mortgage Trust
     FRB Ser. 07-C6, Class A4, 5.90%, 12/10/49 $10,000 $10,110
     Ser. 14-GC21, Class AS, 4.026%, 5/10/47 14,000 14,440
COMM Mortgage Pass-Through Certificates
     FRB Ser. 12-CR3, Class XA, IO, 2.237%, 10/15/45 129,889 10,070
     FRB Ser. 14-CR14, Class XA, IO, 0.988%, 2/10/47 566,515 18,684
COMM Mortgage Trust
     Ser. 13-CR13, Class AM, 4.449%, 12/10/23 11,000 11,837
     Ser. 13-LC6, Class AM, 3.282%, 1/10/46 19,000 19,272
     FRB Ser. 13-LC13, Class XA, IO, 1.53%, 8/10/46 136,162 6,725
     FRB Ser. 14-CR18, Class XA, IO, 1.421%, 7/15/47 97,712 5,708
     FRB Ser. 14-CR16, Class XA, IO, 1.386%, 4/10/47 178,799 9,870
     FRB Ser. 14-UBS6, Class XA, IO, 1.202%, 12/10/47 98,288 5,386
COMM Mortgage Trust 144A FRB Ser. 12-LC4, Class XA, IO, 2.456%, 12/10/44 93,137 7,609
Credit Suisse First Boston Mortgage Securities Corp. 144A FRB Ser. 03-C3, Class AX, IO, 2.202%, 5/15/38 3,737 —
JPMorgan Chase Commercial Mortgage Securities Trust
     Ser. 08-C2, Class ASB, 6.125%, 2/12/51 4,873 4,913
     Ser. 04-LN2, Class A2, 5.115%, 7/15/41 266 266
LB Commercial Mortgage Trust 144A Ser. 98-C4, Class J, 5.60%, 10/15/35 2,000 2,051
LB-UBS Commercial Mortgage Trust 144A FRB Ser. 05-C2, Class XCL, IO, 0.195%, 4/15/40 3,149 —
Morgan Stanley Bank of America Merrill Lynch Trust
     FRB Ser. 13-C11, Class AS, 4.516%, 8/15/46 10,000 10,721
     FRB Ser. 13-C10, Class AS, 4.22%, 7/15/46 20,000 21,004
     Ser. 12-C5, Class AS, 3.792%, 8/15/45 10,000 10,446
     FRB Ser. 13-C13, Class XA, IO, 1.302%, 11/15/46 298,439 15,889
     FRB Ser. 13-C12, Class XA, IO, 1.09%, 10/15/46 311,946 10,853
Morgan Stanley Bank of America Merrill Lynch Trust 144A FRB Ser. 12-C6, Class XA, IO, 2.133%, 11/15/45 142,053 8,523
UBS-Barclays Commercial Mortgage Trust 144A FRB Ser. 12-C2, Class XA, IO, 1.789%, 5/10/63 412,425 20,742
UBS-Citigroup Commercial Mortgage Trust 144A Ser. 11-C1, Class AS, 5.154%, 1/10/45 10,000 10,975
Wells Fargo Commercial Mortgage Trust FRB Ser. 13-LC12, Class AS, 4.432%, 7/15/46 17,000 18,091
WF-RBS Commercial Mortgage Trust
     Ser. 13-C18, Class AS, 4.387%, 12/15/46 25,000 26,853
     Ser. 13-UBS1, Class AS, 4.306%, 3/15/46 26,000 27,800
     Ser. 13-C12, Class AS, 3.56%, 3/15/48 10,000 10,290
     Ser. 13-C11, Class AS, 3.311%, 3/15/45 11,000 11,158
WF-RBS Commercial Mortgage Trust 144A
     FRB Ser. 12-C9, Class XA, IO, 2.264%, 11/15/45 90,746 7,271
     FRB Ser. 12-C10, Class XA, IO, 2.077%, 12/15/45 213,199 15,519
Total mortgage-backed securities (cost $361,902) $353,076

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (0.7%)(a)
Principal amount Value
Argentina (Republic of) 144A sr. unsec. bonds 7.125%, 7/6/36 (Argentina) $235,000 $217,235
Total foreign government and agency bonds and notes (cost $242,338) $217,235

SENIOR LOANS (0.4%)(a)(c)
Principal amount Value
Avaya, Inc. bank term loan FRN Ser. B7, 6.25%, 5/29/20 $63,845 $54,747
Caesars Entertainment Operating Co., Inc. bank term loan FRN Ser. B6, 11.25%, 3/1/17 (In default)(NON) 38,863 42,749
CPG International, Inc. bank term loan FRN Ser. B, 4.75%, 9/30/20 4,723 4,735
Gates Global, LLC/Gates Global Co. bank term loan FRN 4.25%, 7/6/21 24,242 24,033
Grifols Worldwide Operations USA, Inc. bank term loan FRN 3.449%, 2/27/21 9,774 9,847
Total senior loans (cost $140,112) $136,111

MUNICIPAL BONDS AND NOTES (0.1%)(a)
Principal amount Value
CA State G.O. Bonds (Build America Bonds), 7.50%, 4/1/34 $10,000 $14,215
North TX, Tollway Auth. Rev. Bonds (Build America Bonds), 6.718%, 1/1/49 10,000 14,013
OH State U. Rev. Bonds (Build America Bonds), 4.91%, 6/1/40 5,000 5,784
Total municipal bonds and notes (cost $25,062) $34,012

ASSET-BACKED SECURITIES (0.1%)(a)
Principal amount Value
Station Place Securitization Trust FRB Ser. 16-1, Class A, 1.592%, 2/25/17 (acquired 2/4/16, cost $16,000)(RES) $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 $6,916
Total preferred stocks (cost $7,238) $6,916

SHORT-TERM INVESTMENTS (32.3%)(a)
Principal amount/shares Value
Federal Home Loan Banks unsec. discount notes 0.400%, 2/1/17 $750,000 $749,406
Federal Home Loan Mortgage Corporation unsec. discount notes 0.493%, 2/7/17 500,000 499,566
Federal National Mortgage Association unsec. discount notes 0.345%, 1/11/17 1,000,000 999,601
Putnam Cash Collateral Pool, LLC 0.73%(AFF)(d) Shares 100,575 100,575
Putnam Short Term Investment Fund 0.51%(AFF) Shares 5,967,937 5,967,937
U.S. Treasury Bills 0.330%, 1/19/17(SEG)(SEGCCS) $1,000,000 999,548
U.S. Treasury Bills 0.270%, 12/8/16 1,000,000 999,963
Total short-term investments (cost $10,316,643) $10,316,596

TOTAL INVESTMENTS
Total investments (cost $32,260,530)(b) $31,941,581










FORWARD CURRENCY CONTRACTS at 11/30/16 (aggregate face value $628,338) (Unaudited)


Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)
Bank of America N.A.
Australian Dollar Buy 1/18/17 $42,043 $43,404 $(1,361)
British Pound Buy 12/21/16 18,779 19,495 (716)
Barclays Bank PLC
Japanese Yen Buy 2/16/17 9,298 10,140 (842)
Citibank, N.A.
Australian Dollar Buy 1/18/17 8,261 8,436 (175)
Danish Krone Buy 12/21/16 15,927 16,682 (755)
Euro Sell 12/21/16 54,318 56,067 1,749
Japanese Yen Buy 2/16/17 19,002 20,730 (1,728)
Credit Suisse International
British Pound Buy 12/21/16 7,762 7,570 192
British Pound Sell 12/21/16 7,762 8,235 473
Norwegian Krone Sell 12/21/16 6,426 6,539 113
Swiss Franc Buy 12/21/16 30,533 31,647 (1,114)
Goldman Sachs International
Euro Sell 12/21/16 36,071 36,349 278
Japanese Yen Buy 2/16/17 15,250 16,042 (792)
HSBC Bank USA, National Association
Euro Buy 12/21/16 46,468 47,724 (1,256)
Euro Sell 12/21/16 46,468 49,000 2,532
JPMorgan Chase Bank N.A.
British Pound Sell 12/21/16 17,902 16,329 (1,573)
Euro Sell 12/21/16 11,882 12,303 421
Hong Kong Dollar Buy 2/16/17 5,186 5,188 (2)
Japanese Yen Sell 2/16/17 14,334 15,201 867
Norwegian Krone Sell 12/21/16 3,371 3,432 61
Singapore Dollar Buy 2/16/17 27,769 28,673 (904)
Swedish Krona Sell 12/21/16 14,362 15,083 721
Swiss Franc Buy 12/21/16 12,607 12,726 (119)
Swiss Franc Sell 12/21/16 12,607 12,913 306
State Street Bank and Trust Co.
Euro Buy 12/21/16 15,701 16,697 (996)
Euro Sell 12/21/16 15,701 16,125 424
Israeli Shekel Sell 1/18/17 2,927 2,983 56
Japanese Yen Buy 2/16/17 10,568 11,527 (959)
Swiss Franc Buy 12/21/16 20,585 21,401 (816)
UBS AG
Euro Buy 12/21/16 24,295 24,951 (656)
Euro Sell 12/21/16 24,295 25,741 1,446
Swiss Franc Buy 12/21/16 4,235 4,734 (499)
WestPac Banking Corp.
New Zealand Dollar Buy 1/18/17 4,172 4,271 (99)
Total $(5,723)












FUTURES CONTRACTS OUTSTANDING at 11/30/16 (Unaudited)


             Unrealized
Number of             Expiration appreciation/
contracts Value             date (depreciation)
U.S. Treasury Note 2 yr (Long) 1 $216,813             Mar-17 $45
Total $45













OTC CREDIT DEFAULT CONTRACTS OUTSTANDING at 11/30/16 (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 26 Index BBB-/P $213,186 $3,163,000 12/20/21 100 bp $(16,220)
Total$213,186$(16,220)
*   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 November 30, 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 11/30/16 (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 27 Index B+/P $(160,769) $4,641,000 12/20/21 500 bp $101,164
Total$(160,769)$101,164
*   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 November 30, 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 November 30, 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 $31,955,442.
(b) The aggregate identified cost on a tax basis is $32,297,198, resulting in gross unrealized appreciation and depreciation of $1,137,887 and $1,493,504, respectively, or net unrealized depreciation of $355,617.
(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 $16,070, 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 Cash Collateral Pool, LLC and 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 any 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 $200 $— $—
Putnam Cash Collateral Pool, LLC** 100,987 2,214,330 2,214,742 468 — 100,575
Putnam Short Term Investment Fund*** 9,111,335 8,268,320 11,411,718 26,791 — 5,967,937
Putnam Absolute Return 700 Fund Class Y 2,994,877 682,961 655,701 — — 3,165,603
Totals $12,207,199 $11,766,657 $14,883,207 $27,459 $— $9,234,115
* Management fees charged to Putnam Money Market Liquidity Fund have been waived by Putnam Management.
** No management fees are charged to Putnam Cash Collateral Pool, LLC.
*** Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.

(SEG) This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period.
(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 $100,575, 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 $97,048.
(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 $8,028,052 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 certain 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. The foreign equity 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 $236,696 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $208,906 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 $127,617 $188,957 $—
    Capital goods 232,896 63,004 —
    Communication services 232,893 59,550 —
    Conglomerates — 36,243 —
    Consumer cyclicals 714,384 275,536 100
    Consumer staples 333,898 219,014 —
    Energy 238,874 167,692 —
    Financials 3,682,070 380,446 —
    Health care 597,268 212,577 —
    Technology 868,592 35,069 —
    Transportation 134,440 69,911 —
    Utilities and power 160,131 84,358 —
Total common stocks 7,323,063 1,792,357 100
Asset-backed securities — 16,000 —
Convertible bonds and notes — 2,470,825 3,397
Convertible preferred stocks 184,167 1,312,864 18
Corporate bonds and notes — 2,805,866 —
Foreign government and agency bonds and notes — 217,235 —
Investment companies 3,498,802 — —
Mortgage-backed securities — 353,076 —
Municipal bonds and notes — 34,012 —
Preferred stocks 6,916 — —
Senior loans — 136,111 —
U.S. treasury obligations — 1,470,176 —
Short-term investments 5,967,937 4,348,659 —
Totals by level $16,980,885 $14,957,181 $3,515



Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(5,723) $—
Futures contracts 45 — —
Credit default contracts — 32,527 —
Totals by level $45 $26,804 $—


* 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 $261,933 $229,406
Foreign exchange contracts 9,639 15,362
Interest rate contracts 45 —
Total $271,617 $244,768


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)2
Forward currency contracts (contract amount)$740,000
OTC credit default contracts (notional)$3,200,000
Centrally cleared credit default contracts (notional)$4,600,000
   
  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 Goldman Sachs International HSBC Bank USA, National Association JPMorgan Chase Bank N.A. Merrill Lynch, Pierce, Fenner & Smith, Inc. State Street Bank and Trust Co. UBS AG WestPac Banking Corp.   Total
                                 
  Assets:                              
  OTC Credit default contracts*#   $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—    $— 
  Centrally cleared credit default contracts§   —  —  12,428  —  —  —  —  —  —  —  —  —    12,428 
  Futures contracts§   —  —  —  —  —  —  —  —  —  —  —  —    — 
  Forward currency contracts#   —  —  —  1,749  778  278  2,532  2,376  —  480  1,446  —    9,639 
                                 
  Total Assets   $—  $—  $12,428  $1,749  $778  $278  $2,532  $2,376  $—  $480  $1,446  $—    $22,067 
                                 
  Liabilities:                              
  OTC Credit default contracts*#   —  229,406  —  —  —  —  —  —  —  —  —  —    229,406 
  Centrally cleared credit default contracts§   —  —  —  —  —  —  —  —  —  —  —  —    — 
  Futures contracts§   —  —  —  —  —  —  —  —  78  —  —  —    78 
  Forward currency contracts#   2,077  842  —  2,658  1,114  792  1,256  2,598  —  2,771  1,155  99    15,362 
                                 
  Total Liabilities   $2,077  $230,248  $—  $2,658  $1,114  $792  $1,256  $2,598  $78  $2,771  $1,155  $99    $244,846 
                                 
  Total Financial and Derivative Net Assets   $(2,077) $(230,248) $12,428  $(909) $(336) $(514) $1,276  $(222) $(78) $(2,291) $291  $(99)   $(222,779)
  Total collateral received (pledged)##†   $—  $(208,906) $—  $—  $—  $—  $—  $—  $—  $—  $—  $—     
  Net amount   $(2,077) $(21,342) $12,428  $(909) $(336) $(514) $1,276  $(222) $(78) $(2,291) $291  $(99)    
                                 
* 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: January 26, 2017

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: January 26, 2017

By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: January 26, 2017

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: January 25, 2017
Jonathan S. Horwitz
Principal Executive Officer













Certifications

I, Janet C. Smith, 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/ Janet C. Smith
_______________________________

Date: January 25, 2017
Janet C. Smith
Principal Financial Officer














Attachment A

NQ

Period (s) ended November 30, 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