| UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||
| Washington, D.C. 20549 | ||
FORM N-Q | ||
| QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY | ||
| Investment Company Act file number: | (811-07513) |
| Exact name of registrant as specified in charter: | Putnam Funds Trust |
| Address of principal executive offices: | One Post Office Square, Boston, Massachusetts 02109 |
| Name and address of agent for service: | Robert T. Burns, Vice President One Post Office Square Boston, Massachusetts 02109 |
| Copy to: | Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036 |
| Registrant's telephone number, including area code: | (617) 292-1000 |
| Date of fiscal year end: | May 31, 2018 |
| Date of reporting period: | August 31, 2017 |
Item 1. Schedule of Investments: |
| Putnam Dynamic Asset Allocation Equity Fund | ||||||
| The fund's portfolio | ||||||
| 8/31/17 (Unaudited) | ||||||
| COMMON STOCKS (88.5%)(a) | ||||||
| Shares | Value | |||||
| Aerospace and defense (2.0%) | ||||||
| Huntington Ingalls Industries, Inc. | 684 | $146,349 | ||||
| L3 Technologies, Inc. | 2,804 | 508,870 | ||||
| Northrop Grumman Corp. | 1,691 | 460,307 | ||||
| Raytheon Co. | 2,596 | 472,498 | ||||
| Spirit AeroSystems Holdings, Inc. Class A | 2,010 | 149,745 | ||||
| 1,737,769 | ||||||
| Airlines (0.8%) | ||||||
| ANA Holdings, Inc. (Japan) | 26,000 | 96,595 | ||||
| Delta Air Lines, Inc. | 8,658 | 408,571 | ||||
| Deutsche Lufthansa AG (Germany) | 638 | 16,003 | ||||
| easyJet PLC (United Kingdom) | 1,102 | 17,043 | ||||
| International Consolidated Airlines Group SA (Spain) | 3,694 | 29,230 | ||||
| Japan Airlines Co., Ltd. (Japan) | 500 | 17,202 | ||||
| Qantas Airways, Ltd. (Australia) | 23,790 | 108,632 | ||||
| 693,276 | ||||||
| Automotive (0.9%) | ||||||
| Fiat Chrysler Automobiles NV (Italy)(NON) | 8,499 | 127,988 | ||||
| Ford Motor Co. | 2,108 | 23,251 | ||||
| Lear Corp. | 1,038 | 155,223 | ||||
| Localiza Rent a Car SA (Brazil) | 1,636 | 30,949 | ||||
| Mazda Motor Corp. (Japan) | 1,400 | 20,656 | ||||
| Peugeot SA (France) | 6,988 | 147,535 | ||||
| Renault SA (France) | 717 | 63,462 | ||||
| Suzuki Motor Corp. (Japan) | 300 | 15,114 | ||||
| Valeo SA (France) | 1,250 | 83,599 | ||||
| Visteon Corp.(NON) | 843 | 97,316 | ||||
| 765,093 | ||||||
| Banking (6.5%) | ||||||
| Banco Macro SA ADR (Argentina) | 656 | 68,099 | ||||
| Banco Santander SA (Spain) | 14,843 | 96,460 | ||||
| Bank of China, Ltd. (China) | 170,000 | 89,902 | ||||
| Bank Tabungan Negara Persero Tbk PT (Indonesia) | 136,700 | 30,830 | ||||
| BNP Paribas SA (France) | 2,141 | 162,891 | ||||
| China Construction Bank Corp. (China) | 141,000 | 123,689 | ||||
| Citigroup, Inc. | 19,556 | 1,330,395 | ||||
| Credit Agricole SA (France) | 5,237 | 92,331 | ||||
| DNB ASA (Norway) | 4,815 | 94,029 | ||||
| Dubai Islamic Bank PJSC (United Arab Emirates) | 30,822 | 51,106 | ||||
| East West Bancorp, Inc. | 1,173 | 64,949 | ||||
| First Hawaiian, Inc. | 2,867 | 77,667 | ||||
| Grupo Supervielle SA ADR (Argentina) | 2,358 | 48,174 | ||||
| HDFC Bank, Ltd. (India) | 2,233 | 61,944 | ||||
| Industrial & Commercial Bank of China, Ltd. (China) | 170,000 | 127,864 | ||||
| Industrial Bank of Korea (South Korea) | 7,379 | 98,142 | ||||
| Itau Unibanco Holding SA ADR (Preference) (Brazil) | 6,926 | 88,445 | ||||
| Japan Post Bank Co., Ltd. (Japan) | 800 | 10,204 | ||||
| JPMorgan Chase & Co. | 17,099 | 1,554,128 | ||||
| Mitsubishi UFJ Financial Group, Inc. (Japan) | 37,342 | 227,583 | ||||
| Moneta Money Bank AS (Czech Republic) | 13,712 | 48,082 | ||||
| Popular, Inc. (Puerto Rico) | 2,061 | 82,255 | ||||
| Resona Holdings, Inc. (Japan) | 32,400 | 162,095 | ||||
| Sberbank of Russia PJSC ADR (Russia) | 7,647 | 104,382 | ||||
| Societe Generale SA (France) | 3,001 | 168,017 | ||||
| Sumitomo Mitsui Financial Group, Inc. (Japan) | 5,407 | 201,466 | ||||
| Sumitomo Mitsui Trust Holdings, Inc. (Japan) | 1,300 | 45,099 | ||||
| SunTrust Banks, Inc. | 3,754 | 206,845 | ||||
| TCF Financial Corp. | 2,746 | 42,645 | ||||
| 5,559,718 | ||||||
| Beverage (1.4%) | ||||||
| Coca-Cola Amatil, Ltd. (Australia) | 19,744 | 126,459 | ||||
| Dr. Pepper Snapple Group, Inc. | 959 | 87,317 | ||||
| Heineken Holding NV (Netherlands) | 1,759 | 173,677 | ||||
| PepsiCo, Inc. | 7,129 | 825,039 | ||||
| Thai Beverage PCL (Thailand) | 31,900 | 21,897 | ||||
| 1,234,389 | ||||||
| Biotechnology (2.4%) | ||||||
| Celgene Corp.(NON) | 6,552 | 910,269 | ||||
| Gilead Sciences, Inc. | 14,310 | 1,197,890 | ||||
| 2,108,159 | ||||||
| Broadcasting (0.6%) | ||||||
| Discovery Communications, Inc. Class A(NON)(S) | 16,309 | 362,223 | ||||
| Liberty SiriusXM Group Class A(NON) | 2,038 | 91,099 | ||||
| RTL Group SA (Belgium) | 614 | 46,597 | ||||
| Workpoint Entertainment PCL (foreign depositary shares) (Thailand) | 1,700 | 3,763 | ||||
| 503,682 | ||||||
| Building materials (0.4%) | ||||||
| Masco Corp. | 4,356 | 160,170 | ||||
| Nien Made Enterprise Co., Ltd. (Taiwan) | 2,000 | 21,593 | ||||
| Owens Corning | 1,970 | 146,036 | ||||
| 327,799 | ||||||
| Cable television (0.3%) | ||||||
| Cable One, Inc. | 42 | 31,867 | ||||
| I-CABLE Communications, Ltd. (Hong Kong)(NON) | 8,231 | 306 | ||||
| Megacable Holdings SAB de CV (Units) (Mexico) | 9,429 | 40,681 | ||||
| Sky PLC (United Kingdom) | 13,416 | 165,849 | ||||
| 238,703 | ||||||
| Chemicals (1.6%) | ||||||
| Asahi Kasei Corp. (Japan) | 7,000 | 84,028 | ||||
| Asian Paints, Ltd. (India) | 1,175 | 21,475 | ||||
| BASF SE (Germany) | 2,579 | 249,820 | ||||
| Cabot Corp. | 639 | 33,663 | ||||
| Celanese Corp. Ser. A | 301 | 29,203 | ||||
| Covestro AG (Germany) | 663 | 52,100 | ||||
| Evonik Industries AG (Germany) | 4,728 | 153,263 | ||||
| Formosa Plastics Corp. (Taiwan) | 13,000 | 40,520 | ||||
| Grand Pacific Petrochemical (Taiwan) | 39,000 | 33,109 | ||||
| Hanwha Chemical Corp. (South Korea) | 1,535 | 48,343 | ||||
| Hitachi Chemical Co., Ltd. (Japan) | 1,600 | 43,429 | ||||
| Kuraray Co., Ltd. (Japan) | 3,100 | 58,986 | ||||
| LG Chemical, Ltd. (South Korea) | 143 | 48,001 | ||||
| Mitsubishi Chemical Holdings Corp. (Japan) | 9,100 | 84,911 | ||||
| Mitsubishi Gas Chemical Co., Inc. (Japan) | 1,700 | 42,303 | ||||
| Sherwin-Williams Co. (The) | 954 | 323,664 | ||||
| Shin-Etsu Chemical Co., Ltd. (Japan) | 500 | 44,310 | ||||
| 1,391,128 | ||||||
| Commercial and consumer services (1.8%) | ||||||
| Adecco Group AG (Switzerland) | 2,245 | 162,707 | ||||
| Aramark | 3,271 | 133,097 | ||||
| Booz Allen Hamilton Holding Corp. | 2,359 | 80,465 | ||||
| Dai Nippon Printing Co., Ltd. (Japan) | 5,000 | 59,161 | ||||
| Euronet Worldwide, Inc.(NON) | 323 | 31,741 | ||||
| Fu Shou Yuan International Group, Ltd. (China) | 74,000 | 49,601 | ||||
| Industrivarden AB Class A (Sweden) | 6,438 | 160,915 | ||||
| ISS A/S (Denmark) | 1,229 | 47,823 | ||||
| Itausa - Investimentos Itau SA (Preference) (Brazil) | 10,756 | 34,853 | ||||
| LSC Communications, Inc. | 982 | 15,820 | ||||
| Modetour Network, Inc. (South Korea) | 1,432 | 34,623 | ||||
| Qualicorp SA (Brazil) | 5,093 | 56,385 | ||||
| Randstad Holding NV (Netherlands) | 724 | 42,323 | ||||
| ServiceMaster Global Holdings, Inc.(NON) | 1,210 | 57,015 | ||||
| Sporton International, Inc. (Taiwan) | 8,000 | 42,273 | ||||
| Square, Inc. Class A(NON)(S) | 13,830 | 361,101 | ||||
| TransUnion(NON) | 2,400 | 114,864 | ||||
| Vantiv, Inc. Class A(NON) | 903 | 63,833 | ||||
| 1,548,600 | ||||||
| Computers (4.4%) | ||||||
| Amadeus IT Holding SA Class A (Spain) | 3,454 | 214,102 | ||||
| Apple, Inc. | 14,988 | 2,458,032 | ||||
| Citrix Systems, Inc.(NON) | 2,961 | 231,580 | ||||
| Fortinet, Inc.(NON) | 4,360 | 166,552 | ||||
| Fujitsu, Ltd. (Japan) | 1,000 | 7,468 | ||||
| HP, Inc. | 23,434 | 447,121 | ||||
| NCR Corp.(NON) | 1,979 | 72,293 | ||||
| Otsuka Corp. (Japan) | 700 | 46,416 | ||||
| Synopsys, Inc.(NON) | 1,654 | 133,015 | ||||
| Xerox Corp. | 1,099 | 35,465 | ||||
| 3,812,044 | ||||||
| Conglomerates (0.6%) | ||||||
| Bouygues SA (France) | 3,728 | 169,066 | ||||
| Danaher Corp. | 2,774 | 231,407 | ||||
| Marubeni Corp. (Japan) | 25,100 | 163,655 | ||||
| 564,128 | ||||||
| Construction (0.6%) | ||||||
| China State Construction International Holdings, Ltd. (China) | 28,000 | 40,577 | ||||
| CIMIC Group, Ltd. (Australia) | 4,208 | 140,911 | ||||
| Dilip Buildcon, Ltd. (India)(NON) | 3,695 | 34,880 | ||||
| HOCHTIEF AG (Germany) | 912 | 160,737 | ||||
| Kajima Corp. (Japan) | 4,000 | 36,766 | ||||
| Taisei Corp. (Japan) | 8,000 | 80,387 | ||||
| Waskita Beton Precast Tbk PT (Indonesia) | 1,020,600 | 33,400 | ||||
| 527,658 | ||||||
| Consumer (1.0%) | ||||||
| Basso Industry Corp. (Taiwan) | 20,000 | 59,635 | ||||
| Clorox Co. (The) | 1,943 | 269,164 | ||||
| Kimberly-Clark Corp. | 3,652 | 450,255 | ||||
| PC Jeweller, Ltd. (India) | 4,648 | 25,826 | ||||
| Scotts Miracle-Gro Co. (The) Class A | 1,053 | 100,656 | ||||
| 905,536 | ||||||
| Consumer finance (0.3%) | ||||||
| Capitec Bank Holdings, Ltd. (South Africa) | 564 | 39,042 | ||||
| Dewan Housing Finance Corp., Ltd. (India)(NON) | 6,280 | 49,687 | ||||
| Discover Financial Services | 3,532 | 208,211 | ||||
| 296,940 | ||||||
| Consumer goods (0.9%) | ||||||
| Beauty Community PCL (Foreign depositary shares) (Thailand) | 68,900 | 28,635 | ||||
| Beiersdorf AG (Germany) | 174 | 18,576 | ||||
| Energizer Holdings, Inc. | 1,151 | 50,817 | ||||
| Kao Corp. (Japan) | 3,200 | 199,960 | ||||
| Procter & Gamble Co. (The) | 1,644 | 151,692 | ||||
| Spectrum Brands Holdings, Inc. | 504 | 55,420 | ||||
| Ulta Beauty, Inc.(NON) | 827 | 182,775 | ||||
| Unilever NV ADR (Netherlands) | 849 | 50,545 | ||||
| 738,420 | ||||||
| Consumer services (0.1%) | ||||||
| Delivery Hero Holding GmbH (Germany)(NON) | 968 | 34,686 | ||||
| Liberty Interactive Corp.(NON) | 606 | 37,305 | ||||
| 71,991 | ||||||
| Containers (0.4%) | ||||||
| Crown Holdings, Inc.(NON) | 5,615 | 331,453 | ||||
| 331,453 | ||||||
| Distribution (0.9%) | ||||||
| ITOCHU Corp. (Japan) | 11,700 | 191,510 | ||||
| Pool Corp. | 231 | 23,028 | ||||
| Sysco Corp. | 6,171 | 325,027 | ||||
| Toyota Tsusho Corp. (Japan) | 3,300 | 101,868 | ||||
| Watsco, Inc. | 822 | 121,130 | ||||
| 762,563 | ||||||
| Electric utilities (2.5%) | ||||||
| American Electric Power Co., Inc. | 4,015 | 295,624 | ||||
| CenterPoint Energy, Inc. | 4,615 | 136,696 | ||||
| Edison International | 334 | 26,780 | ||||
| Endesa SA (Spain) | 3,274 | 78,984 | ||||
| Enel SpA (Italy) | 40,174 | 243,191 | ||||
| ENGIE SA (France) | 971 | 16,206 | ||||
| Entergy Corp. | 6,080 | 481,354 | ||||
| Exelon Corp. | 6,157 | 233,166 | ||||
| FirstEnergy Corp. | 7,594 | 247,413 | ||||
| Iberdrola SA (Spain) | 3,366 | 27,492 | ||||
| Innogy SE (Germany) | 797 | 35,129 | ||||
| Inter RAO UES PJSC (Russia) | 367,992 | 24,902 | ||||
| KEC International, Ltd. (India) | 8,767 | 42,972 | ||||
| Pampa Energia SA ADR (Argentina)(NON) | 411 | 25,075 | ||||
| Power Grid Corp. of India, Ltd. (India) | 16,562 | 56,858 | ||||
| PPL Corp. | 1,740 | 68,278 | ||||
| RusHydro PJSC ADR (Russia) | 20,488 | 28,991 | ||||
| Tohoku Electric Power Co., Inc. (Japan) | 3,100 | 42,460 | ||||
| 2,111,571 | ||||||
| Electrical equipment (0.1%) | ||||||
| KEI Industries, Ltd. (India) | 14,424 | 57,780 | ||||
| WESCO International, Inc.(NON) | 605 | 30,522 | ||||
| 88,302 | ||||||
| Electronics (1.9%) | ||||||
| Agilent Technologies, Inc. | 3,742 | 242,182 | ||||
| Casetek Holdings, Ltd. (Taiwan) | 11,000 | 36,471 | ||||
| Elite Material Co., Ltd. (Taiwan) | 10,000 | 50,572 | ||||
| FLIR Systems, Inc. | 1,604 | 60,952 | ||||
| Hollysys Automation Technologies, Ltd. (China) | 1,508 | 30,673 | ||||
| Hoya Corp. (Japan) | 1,200 | 69,128 | ||||
| Samsung Electronics Co., Ltd. (South Korea) | 191 | 394,407 | ||||
| Samsung Electronics Co., Ltd. (Preference) (South Korea) | 25 | 41,973 | ||||
| SK Hynix, Inc. (South Korea) | 1,089 | 67,004 | ||||
| Texas Instruments, Inc. | 8,275 | 685,336 | ||||
| 1,678,698 | ||||||
| Energy (oil field) (0.2%) | ||||||
| Baker Hughes a GE Co. | 5,189 | 175,907 | ||||
| Superior Energy Services, Inc.(NON) | 1,617 | 13,324 | ||||
| 189,231 | ||||||
| Energy (other) (0.1%) | ||||||
| Vestas Wind Systems A/S (Denmark) | 772 | 70,313 | ||||
| 70,313 | ||||||
| Engineering and construction (0.6%) | ||||||
| ACS Actividades de Construccion y Servicios SA (Spain) | 3,775 | 142,728 | ||||
| China Communications Construction Co., Ltd. (China) | 24,000 | 32,108 | ||||
| CTCI Corp. (Taiwan) | 26,000 | 42,090 | ||||
| Jacobs Engineering Group, Inc. | 1,973 | 107,509 | ||||
| Quanta Services, Inc.(NON) | 4,271 | 153,457 | ||||
| 477,892 | ||||||
| Entertainment (—%) | ||||||
| Dolby Laboratories, Inc. Class A | 634 | 31,992 | ||||
| 31,992 | ||||||
| Financial (1.3%) | ||||||
| 3i Group PLC (United Kingdom) | 19,943 | 250,018 | ||||
| Ally Financial, Inc. | 6,407 | 144,798 | ||||
| CoreLogic, Inc.(NON) | 683 | 32,081 | ||||
| CTBC Financial Holding Co., Ltd. (Taiwan) | 100,000 | 64,809 | ||||
| DGB Financial Group, Inc. (South Korea) | 4,170 | 40,772 | ||||
| Edelweiss Financial Services, Ltd. (India) | 10,772 | 41,734 | ||||
| Hana Financial Group, Inc. (South Korea) | 1,212 | 52,644 | ||||
| HSBC Holdings PLC (United Kingdom) | 4,317 | 41,895 | ||||
| KRUK SA (Poland) | 526 | 50,273 | ||||
| Mizuho Financial Group, Inc. (Japan) | 113,416 | 195,522 | ||||
| ORIX Corp. (Japan) | 10,900 | 175,044 | ||||
| UNIFIN Financiera, SAB de CV SOFOM, E.N.R. (Mexico) | 15,134 | 52,057 | ||||
| 1,141,647 | ||||||
| Food (2.7%) | ||||||
| Associated British Foods PLC (United Kingdom) | 1,504 | 64,607 | ||||
| BIM Birlesik Magazalar AS (Turkey) | 1,612 | 35,707 | ||||
| Bunge, Ltd. | 2,243 | 167,395 | ||||
| Campbell Soup Co. | 3,481 | 160,822 | ||||
| ConAgra Foods, Inc. | 5,201 | 168,824 | ||||
| Dino Polska SA 144A (Poland)(NON) | 2,875 | 47,534 | ||||
| Distribuidora Internacional de Alimentacion SA (Spain) | 4,159 | 26,320 | ||||
| Hershey Co. (The) | 2,202 | 231,034 | ||||
| Ingredion, Inc. | 1,057 | 130,878 | ||||
| Lamb Weston Holdings, Inc. | 1,991 | 90,551 | ||||
| Nestle SA (Switzerland) | 1,548 | 131,321 | ||||
| NH Foods, Ltd. (Japan) | 1,000 | 29,440 | ||||
| Pinnacle Foods, Inc. | 1,761 | 104,445 | ||||
| Tate & Lyle PLC (United Kingdom) | 17,837 | 157,650 | ||||
| Tyson Foods, Inc. Class A | 6,347 | 401,765 | ||||
| WH Group, Ltd. (Hong Kong) | 144,500 | 151,092 | ||||
| WM Morrison Supermarkets PLC (United Kingdom) | 51,046 | 162,379 | ||||
| X5 Retail Group NV GDR (Russia)(NON) | 1,382 | 56,386 | ||||
| 2,318,150 | ||||||
| Forest products and packaging (0.3%) | ||||||
| Packaging Corp. of America | 1,712 | 192,446 | ||||
| UPM-Kymmene OYJ (Finland) | 3,060 | 79,631 | ||||
| 272,077 | ||||||
| Gaming and lottery (0.3%) | ||||||
| Aristocrat Leisure, Ltd. (Australia) | 4,692 | 79,364 | ||||
| Bloomberry Resorts Corp. (Philippines)(NON) | 192,300 | 42,158 | ||||
| International Game Technology PLC | 990 | 20,166 | ||||
| TABCORP Holdings, Ltd. (Australia) | 26,089 | 85,507 | ||||
| 227,195 | ||||||
| Health-care services (2.7%) | ||||||
| Alfresa Holdings Corp. (Japan) | 700 | 13,275 | ||||
| AmerisourceBergen Corp. | 3,718 | 298,370 | ||||
| Charles River Laboratories International, Inc.(NON) | 793 | 86,278 | ||||
| McKesson Corp. | 3,200 | 477,792 | ||||
| Medipal Holdings Corp. (Japan) | 2,800 | 49,462 | ||||
| Premier, Inc. Class A(NON) | 1,020 | 34,170 | ||||
| UnitedHealth Group, Inc. | 6,256 | 1,244,318 | ||||
| WellCare Health Plans, Inc.(NON) | 929 | 162,278 | ||||
| 2,365,943 | ||||||
| Homebuilding (0.4%) | ||||||
| Berkeley Group Holdings PLC (The) (United Kingdom) | 170 | 8,224 | ||||
| NVR, Inc.(NON) | 42 | 114,276 | ||||
| Taylor Wimpey PLC (United Kingdom) | 69,668 | 180,626 | ||||
| 303,126 | ||||||
| Household furniture and appliances (0.2%) | ||||||
| Coway Co., Ltd. (South Korea) | 459 | 40,259 | ||||
| Electrolux AB Ser. B (Sweden) | 4,576 | 166,379 | ||||
| 206,638 | ||||||
| Industrial (0.1%) | ||||||
| HD Supply Holdings, Inc.(NON) | 2,751 | 91,608 | ||||
| 91,608 | ||||||
| Insurance (4.0%) | ||||||
| Aflac, Inc. | 3,772 | 311,379 | ||||
| AIA Group, Ltd. (Hong Kong) | 7,600 | 58,363 | ||||
| Allianz SE (Germany) | 1,288 | 275,611 | ||||
| Allstate Corp. (The) | 3,593 | 325,167 | ||||
| American Financial Group, Inc. | 394 | 40,113 | ||||
| Aspen Insurance Holdings, Ltd. | 473 | 21,380 | ||||
| Assured Guaranty, Ltd. | 1,686 | 71,722 | ||||
| AXA SA (France) | 6,843 | 198,565 | ||||
| China Life Insurance Co., Ltd. (Taiwan)(NON) | 33,000 | 36,532 | ||||
| Discovery, Ltd. (South Africa) | 4,425 | 51,227 | ||||
| Dongbu Insurance Co., Ltd. (South Korea) | 438 | 29,281 | ||||
| Hartford Financial Services Group, Inc. (The) | 4,575 | 247,370 | ||||
| Hyundai Marine & Fire Insurance Co., Ltd. (South Korea) | 894 | 36,608 | ||||
| ING Life Insurance Korea, Ltd. (South Korea)(NON) | 1,169 | 45,750 | ||||
| IRB Brasil Resseguros S/A (Brazil)(NON) | 5,999 | 57,172 | ||||
| Lincoln National Corp. | 2,269 | 153,974 | ||||
| Mapfre SA (Spain) | 12,200 | 43,178 | ||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 839 | 173,190 | ||||
| NN Group NV (Netherlands) | 3,910 | 155,163 | ||||
| Ping An Insurance Group Co. of China, Ltd. (China) | 14,000 | 111,280 | ||||
| Prudential Financial, Inc. | 3,630 | 370,550 | ||||
| Reinsurance Group of America, Inc. | 532 | 71,527 | ||||
| Swiss Re AG (Switzerland) | 2,000 | 181,136 | ||||
| Travelers Cos., Inc. (The) | 943 | 114,273 | ||||
| Unum Group | 2,415 | 116,355 | ||||
| Validus Holdings, Ltd. | 923 | 46,288 | ||||
| Voya Financial, Inc. | 2,169 | 82,921 | ||||
| 3,426,075 | ||||||
| Investment banking/Brokerage (2.1%) | ||||||
| Ameriprise Financial, Inc. | 2,110 | 292,256 | ||||
| Daiwa Securities Group, Inc. (Japan) | 4,000 | 21,943 | ||||
| E*Trade Financial Corp.(NON) | 7,928 | 325,127 | ||||
| Goldman Sachs Group, Inc. (The) | 4,041 | 904,133 | ||||
| Morgan Stanley | 3,347 | 152,289 | ||||
| Nomura Holdings, Inc. (Japan) | 19,400 | 108,411 | ||||
| Raymond James Financial, Inc. | 469 | 36,732 | ||||
| 1,840,891 | ||||||
| Lodging/Tourism (0.3%) | ||||||
| Carnival PLC (United Kingdom) | 2,576 | 179,043 | ||||
| Hyatt Hotels Corp. Class A(NON) | 610 | 36,301 | ||||
| TUI AG (Germany) | 1,314 | 22,225 | ||||
| 237,569 | ||||||
| Machinery (0.8%) | ||||||
| BWX Technologies, Inc. | 1,464 | 80,110 | ||||
| Cummins, Inc. | 2,371 | 377,890 | ||||
| Hitachi, Ltd. (Japan) | 17,000 | 117,287 | ||||
| Sandvik AB (Sweden) | 5,811 | 96,024 | ||||
| 671,311 | ||||||
| Manufacturing (0.6%) | ||||||
| Carlisle Cos., Inc. | 872 | 82,570 | ||||
| Crane Co. | 370 | 27,465 | ||||
| Jain Irrigation Systems, Ltd. (India)(NON) | 19,339 | 29,835 | ||||
| Oshkosh Corp. | 1,516 | 113,094 | ||||
| Parker Hannifin Corp. | 1,597 | 256,941 | ||||
| 509,905 | ||||||
| Media (1.1%) | ||||||
| Interpublic Group of Cos., Inc. (The) | 1,093 | 22,013 | ||||
| Lagardere SCA (France) | 699 | 22,459 | ||||
| Naspers, Ltd. Class N (South Africa) | 853 | 192,843 | ||||
| Walt Disney Co. (The) | 6,615 | 669,438 | ||||
| 906,753 | ||||||
| Medical technology (0.7%) | ||||||
| Baxter International, Inc. | 4,523 | 280,607 | ||||
| Bruker Corp. | 1,097 | 31,912 | ||||
| C.R. Bard, Inc. | 824 | 264,347 | ||||
| Hologic, Inc.(NON) | 1,041 | 40,183 | ||||
| 617,049 | ||||||
| Metals (1.0%) | ||||||
| Anglo American PLC (United Kingdom)(NON) | 2,970 | 53,863 | ||||
| Fortescue Metals Group, Ltd. (Australia) | 11,584 | 55,441 | ||||
| Hindalco Industries, Ltd. (India) | 12,382 | 46,179 | ||||
| Korea Zinc Co., Ltd. (South Korea) | 93 | 42,555 | ||||
| Mitsubishi Materials Corp. (Japan) | 500 | 17,970 | ||||
| Newmont Mining Corp. | 3,815 | 146,267 | ||||
| Reliance Steel & Aluminum Co. | 884 | 64,019 | ||||
| Rio Tinto PLC (United Kingdom) | 1,330 | 64,433 | ||||
| Steel Dynamics, Inc. | 6,051 | 208,457 | ||||
| Timken Co. (The) | 1,561 | 70,011 | ||||
| United Co RUSAL PLC (Russia) | 62,000 | 42,954 | ||||
| voestalpine AG (Austria) | 790 | 40,994 | ||||
| 853,143 | ||||||
| Natural gas utilities (0.8%) | ||||||
| Centrica PLC (United Kingdom) | 59,662 | 154,221 | ||||
| ENI SpA (Italy) | 1,005 | 15,757 | ||||
| Gas Natural SDG SA (Spain) | 441 | 10,720 | ||||
| NiSource, Inc. | 5,764 | 154,879 | ||||
| UGI Corp. | 5,950 | 293,990 | ||||
| Vectren Corp. | 657 | 43,106 | ||||
| 672,673 | ||||||
| Office equipment and supplies (0.2%) | ||||||
| Avery Dennison Corp. | 1,436 | 135,357 | ||||
| 135,357 | ||||||
| Oil and gas (3.9%) | ||||||
| Caltex Australia, Ltd. (Australia) | 1,388 | 36,901 | ||||
| Cimarex Energy Co. | 2,435 | 242,745 | ||||
| Exxon Mobil Corp. | 8,463 | 645,981 | ||||
| Lukoil PJSC ADR (Russia) | 1,241 | 62,360 | ||||
| Nabors Industries, Ltd. | 2,560 | 16,768 | ||||
| ONEOK, Inc. | 6,378 | 345,432 | ||||
| Parsley Energy, Inc. Class A(NON) | 13,847 | 346,867 | ||||
| Petroleo Brasileiro SA - Petrobras ADR (Brazil)(NON) | 2,425 | 21,777 | ||||
| Petroleo Brasileiro SA - Petrobras ADR (Preference) (Brazil)(NON) | 1,620 | 14,045 | ||||
| Petronet LNG, Ltd. (India) | 11,555 | 41,102 | ||||
| PTT PCL (Foreign depositary shares) (Thailand) | 3,500 | 42,057 | ||||
| QEP Resources, Inc.(NON) | 1,902 | 14,360 | ||||
| Repsol SA (Spain) | 10,973 | 188,496 | ||||
| Rowan Cos. PLC Class A(NON) | 2,065 | 20,134 | ||||
| Royal Dutch Shell PLC Class B (United Kingdom) | 3,282 | 91,691 | ||||
| Total SA (France) | 5,605 | 289,886 | ||||
| Valero Energy Corp. | 7,393 | 503,463 | ||||
| Williams Cos., Inc. (The) | 13,425 | 399,125 | ||||
| 3,323,190 | ||||||
| Pharmaceuticals (5.1%) | ||||||
| AstraZeneca PLC (United Kingdom) | 392 | 23,018 | ||||
| Bayer AG (Germany) | 1,864 | 238,543 | ||||
| China Traditional Chinese Medicine Holdings Co., Ltd. (China) | 80,000 | 48,465 | ||||
| Eli Lilly & Co. | 5,797 | 471,238 | ||||
| GlaxoSmithKline PLC (United Kingdom) | 12,502 | 247,911 | ||||
| Johnson & Johnson | 11,576 | 1,532,315 | ||||
| Merck & Co., Inc. | 8,970 | 572,824 | ||||
| Mitsubishi Tanabe Pharma Corp. (Japan) | 3,700 | 91,138 | ||||
| Novartis AG (Switzerland) | 3,217 | 271,396 | ||||
| Richter Gedeon Nyrt (Hungary) | 2,313 | 60,190 | ||||
| Roche Holding AG (Switzerland) | 1,307 | 331,878 | ||||
| Sanofi (France) | 2,937 | 285,512 | ||||
| Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (China) | 6,500 | 24,436 | ||||
| Shionogi & Co., Ltd. (Japan) | 2,600 | 137,248 | ||||
| Taro Pharmaceutical Industries, Ltd. (Israel)(NON) | 123 | 12,895 | ||||
| 4,349,007 | ||||||
| Publishing (0.2%) | ||||||
| GEDI Gruppo Editoriale SpA (Italy)(NON) | 302 | 258 | ||||
| John Wiley & Sons, Inc. Class A | 507 | 27,353 | ||||
| News Corp. Class A | 3,743 | 50,044 | ||||
| RR Donnelley & Sons Co. | 1,506 | 13,900 | ||||
| Toppan Printing Co., Ltd. (Japan) | 7,000 | 70,203 | ||||
| 161,758 | ||||||
| Railroads (1.3%) | ||||||
| Central Japan Railway Co. (Japan) | 900 | 152,867 | ||||
| Norfolk Southern Corp. | 2,587 | 311,785 | ||||
| Union Pacific Corp. | 6,170 | 649,701 | ||||
| 1,114,353 | ||||||
| Real estate (3.4%) | ||||||
| AGNC Investment Corp.(R) | 5,231 | 112,676 | ||||
| Annaly Capital Management, Inc.(R) | 10,750 | 134,375 | ||||
| Apartment Investment & Management Co. Class A(R) | 1,641 | 74,387 | ||||
| Apple Hospitality REIT, Inc.(R) | 2,445 | 44,450 | ||||
| Barratt Developments PLC (United Kingdom) | 12,813 | 103,470 | ||||
| Brandywine Realty Trust(R) | 2,254 | 38,724 | ||||
| Brixmor Property Group, Inc.(R) | 4,029 | 75,423 | ||||
| Camden Property Trust(R) | 1,163 | 104,065 | ||||
| Cheung Kong Property Holdings, Ltd. (Hong Kong) | 20,000 | 176,080 | ||||
| Chimera Investment Corp.(R) | 2,492 | 47,522 | ||||
| Colony NorthStar, Inc. Class A(R) | 6,213 | 81,452 | ||||
| Duke Realty Corp.(R) | 3,493 | 103,812 | ||||
| Equity Commonwealth(NON)(R) | 1,030 | 31,868 | ||||
| Equity Lifestyle Properties, Inc.(R) | 537 | 47,874 | ||||
| Equity Residential Trust(R) | 3,208 | 215,417 | ||||
| Forest City Realty Trust, Inc. Class A(R) | 2,992 | 71,688 | ||||
| Gaming and Leisure Properties, Inc.(R) | 1,000 | 39,190 | ||||
| HCP, Inc.(R) | 5,488 | 163,597 | ||||
| Highwoods Properties, Inc.(R) | 1,334 | 69,675 | ||||
| Kerry Properties, Ltd. (Hong Kong) | 15,000 | 59,579 | ||||
| Liberty Property Trust(R) | 1,350 | 57,510 | ||||
| MFA Financial, Inc.(R) | 3,309 | 29,053 | ||||
| Mid-America Apartment Communities, Inc.(R) | 264 | 28,105 | ||||
| MRV Engenharia e Participacoes SA (Brazil) | 12,981 | 55,630 | ||||
| New World Development Co., Ltd. (Hong Kong) | 65,000 | 89,144 | ||||
| Nomura Real Estate Holdings, Inc. (Japan) | 1,600 | 33,182 | ||||
| Outfront Media, Inc.(R) | 1,410 | 31,020 | ||||
| Park Hotels & Resorts, Inc.(R) | 3,187 | 85,061 | ||||
| Persimmon PLC (United Kingdom) | 5,130 | 176,388 | ||||
| Quality Care Properties, Inc.(NON)(R) | 1,672 | 22,940 | ||||
| Senior Housing Properties Trust(R) | 1,317 | 25,971 | ||||
| Spirit Realty Capital, Inc.(R) | 9,845 | 85,652 | ||||
| Starwood Property Trust, Inc.(R) | 3,046 | 67,652 | ||||
| Sun Hung Kai Properties, Ltd. (Hong Kong) | 4,000 | 66,792 | ||||
| Two Harbors Investment Corp. ((R)) | 4,010 | 41,022 | ||||
| VEREIT, Inc.(R) | 12,041 | 101,626 | ||||
| Wharf Holdings, Ltd. (The) (Hong Kong) | 4,000 | 38,208 | ||||
| Wheelock and Co., Ltd. (Hong Kong) | 14,000 | 104,761 | ||||
| WP Carey, Inc.(R) | 429 | 29,537 | ||||
| 2,964,578 | ||||||
| Restaurants (1.5%) | ||||||
| Darden Restaurants, Inc. | 2,264 | 185,852 | ||||
| McDonald's Corp. | 5,830 | 932,625 | ||||
| Yum! Brands, Inc. | 2,375 | 182,448 | ||||
| 1,300,925 | ||||||
| Retail (4.8%) | ||||||
| Atacadao Distribuicao Comercio e Industria, Ltda. (Brazil)(NON) | 6,127 | 30,753 | ||||
| CCC SA (Poland) | 375 | 27,563 | ||||
| El Puerto de Liverpool SAB de CV (Mexico) | 5,663 | 50,421 | ||||
| Harvey Norman Holdings, Ltd. (Australia)(S) | 20,657 | 67,226 | ||||
| Home Depot, Inc. (The) | 2,021 | 302,887 | ||||
| J Sainsbury PLC (United Kingdom) | 50,084 | 152,583 | ||||
| KAR Auction Services, Inc. | 1,537 | 69,303 | ||||
| Kingfisher PLC (United Kingdom) | 32,279 | 124,761 | ||||
| Lowe's Cos., Inc. | 10,295 | 760,698 | ||||
| Marks & Spencer Group PLC (United Kingdom) | 33,823 | 139,782 | ||||
| Michaels Cos., Inc. (The)(NON) | 2,877 | 64,589 | ||||
| MSC Industrial Direct Co., Inc. Class A | 725 | 49,938 | ||||
| Poya International Co., Ltd. (Taiwan) | 4,030 | 52,429 | ||||
| PVH Corp. | 2,150 | 270,664 | ||||
| Robinsons Retail Holdings, Inc. (Philippines) | 25,150 | 44,603 | ||||
| Ross Stores, Inc. | 4,488 | 262,324 | ||||
| TJX Cos., Inc. (The) | 8,341 | 603,054 | ||||
| Toro Co. (The) | 884 | 54,525 | ||||
| Wal-Mart Stores, Inc. | 5,661 | 441,954 | ||||
| Walgreens Boots Alliance, Inc. | 5,971 | 486,637 | ||||
| Yue Yuen Industrial Holdings, Ltd. (Hong Kong) | 7,500 | 32,507 | ||||
| 4,089,201 | ||||||
| Schools (0.1%) | ||||||
| Ser Educacional SA 144A (Brazil) | 5,900 | 54,711 | ||||
| 54,711 | ||||||
| Semiconductor (1.5%) | ||||||
| Applied Materials, Inc. | 17,417 | 785,855 | ||||
| Maxim Integrated Products, Inc. | 3,989 | 186,127 | ||||
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 22,000 | 158,374 | ||||
| Teradyne, Inc. | 3,528 | 125,632 | ||||
| 1,255,988 | ||||||
| Shipping (—%) | ||||||
| Yangzijiang Shipbuilding Holdings, Ltd. (China) | 26,500 | 29,278 | ||||
| 29,278 | ||||||
| Software (4.3%) | ||||||
| Adobe Systems, Inc.(NON) | 980 | 152,057 | ||||
| Amdocs, Ltd. | 2,945 | 190,807 | ||||
| Chinasoft International, Ltd. (China) | 64,000 | 34,192 | ||||
| F5 Networks, Inc.(NON) | 1,202 | 143,495 | ||||
| Intuit, Inc. | 2,602 | 368,053 | ||||
| Microsoft Corp. | 30,036 | 2,245,792 | ||||
| Tencent Holdings, Ltd. (China) | 8,400 | 356,928 | ||||
| VMware, Inc. Class A(NON)(S) | 1,904 | 205,822 | ||||
| 3,697,146 | ||||||
| Staffing (0.1%) | ||||||
| ManpowerGroup, Inc. | 1,091 | 121,657 | ||||
| 121,657 | ||||||
| Technology services (4.8%) | ||||||
| Alibaba Group Holding, Ltd. ADR (China)(NON)(S) | 2,032 | 348,976 | ||||
| Alphabet, Inc. Class A(NON) | 2,286 | 2,183,672 | ||||
| AtoS SE (France) | 1,315 | 202,881 | ||||
| Dell Technologies, Inc. Class V(NON) | 2,019 | 151,284 | ||||
| DST Systems, Inc. | 628 | 32,235 | ||||
| Dun & Bradstreet Corp. (The) | 1,000 | 111,440 | ||||
| DXC Technology Co. | 3,432 | 291,720 | ||||
| eBay, Inc.(NON) | 6,772 | 244,672 | ||||
| Facebook, Inc. Class A(NON) | 2,929 | 503,700 | ||||
| Mixi, Inc. (Japan) | 300 | 16,060 | ||||
| NCSOFT Corp. (South Korea) | 138 | 47,200 | ||||
| 4,133,840 | ||||||
| Telecommunications (0.7%) | ||||||
| Eutelsat Communications SA (France) | 571 | 16,596 | ||||
| Juniper Networks, Inc. | 9,639 | 267,289 | ||||
| PCCW, Ltd. (Hong Kong) | 7,000 | 3,905 | ||||
| PLAY Communications SA (Poland)(NON) | 3,286 | 33,161 | ||||
| Safaricom, Ltd. (Kenya) | 141,024 | 34,965 | ||||
| Sterlite Technologies, Ltd. (India)(NON) | 9,556 | 33,036 | ||||
| Telstra Corp., Ltd. (Australia) | 51,321 | 149,850 | ||||
| Turkcell Iletisim Hizmetleri AS (Turkey) | 10,025 | 38,346 | ||||
| 577,148 | ||||||
| Telephone (1.7%) | ||||||
| KDDI Corp. (Japan) | 2,300 | 62,149 | ||||
| Nippon Telegraph & Telephone Corp. (Japan) | 4,000 | 199,250 | ||||
| Verizon Communications, Inc. | 25,003 | 1,199,394 | ||||
| 1,460,793 | ||||||
| Textiles (0.6%) | ||||||
| Carter's, Inc. | 543 | 47,084 | ||||
| Ralph Lauren Corp.(S) | 5,028 | 441,911 | ||||
| 488,995 | ||||||
| Tire and rubber (—%) | ||||||
| Hankook Tire Co., Ltd. (South Korea) | 565 | 29,552 | ||||
| 29,552 | ||||||
| Tobacco (0.2%) | ||||||
| Altria Group, Inc. | 2,328 | 147,595 | ||||
| Swedish Match AB (Sweden) | 1,463 | 52,162 | ||||
| 199,757 | ||||||
| Toys (0.3%) | ||||||
| Hasbro, Inc. | 2,135 | 209,764 | ||||
| Namco Bandai Holdings, Inc. (Japan) | 1,000 | 33,572 | ||||
| 243,336 | ||||||
| Transportation services (0.4%) | ||||||
| Deutsche Post AG (Germany) | 5,170 | 214,458 | ||||
| Landstar System, Inc. | 552 | 51,529 | ||||
| Royal Mail PLC (United Kingdom) | 16,799 | 85,631 | ||||
| 351,618 | ||||||
| Trucks and parts (0.4%) | ||||||
| Allison Transmission Holdings, Inc. | 7,096 | 246,444 | ||||
| JTEKT Corp (Japan) | 2,400 | 32,213 | ||||
| Minth Group, Ltd. (China) | 8,000 | 37,016 | ||||
| 315,673 | ||||||
| Waste Management (0.2%) | ||||||
| Waste Management, Inc. | 2,623 | 202,260 | ||||
| 202,260 | ||||||
| Water Utilities (0.1%) | ||||||
| China Water Affairs Group, Ltd. (China) | 102,000 | 59,023 | ||||
| 59,023 | ||||||
| Total common stocks (cost $64,897,205) | $76,087,945 | |||||
| INVESTMENT COMPANIES (1.4%)(a) | ||||||
| Shares | Value | |||||
| SPDR S&P 500 ETF Trust | 4,260 | $1,054,307 | ||||
| SPDR S&P MidCap 400 ETF Trust | 450 | 142,011 | ||||
| Total investment companies (cost $1,142,221) | $1,196,318 | |||||
| WARRANTS (0.2%)(a)(NON) | ||||||
| Expiration date | Strike Price | Warrants | Value | |||
| Bupa Arabia for Cooperative Insurance Co. 144A (Saudi Arabia) | 3/22/18 | $0.00 | 1,282 | $40,207 | ||
| Jiangsu NHWA Pharmaceutical Co., Ltd. 144A (China) | 7/27/18 | 0.00 | 10,100 | 21,189 | ||
| Qingdao Haier Co., Ltd. 144A (China) | 9/24/18 | 0.00 | 14,200 | 30,206 | ||
| Shanghai International Airport Co., Ltd. 144A (China) | 5/7/18 | 0.00 | 5,900 | 34,880 | ||
| Wuliangye Yibin Co., Ltd. 144A (China) | 4/12/18 | 0.00 | 2,799 | 23,544 | ||
| Total warrants (cost $138,758) | $150,026 | |||||
| PURCHASED OPTIONS OUTSTANDING (0.0%)(a) | ||||||
| Expiration | Notional | Contract | ||||
| Counterparty | date/strike price | amount | amount | Value | ||
| Bank of America N.A. | ||||||
| USD/CNH (Put) | Oct-17/CNH 6.65 | $ 845,600 | $ 845,600 | $8,224 | ||
| USD/JPY (Put) | Nov-17/JPY 107.00 | 498,100 | 498,100 | 3,428 | ||
Goldman Sachs International | ||||||
| USD/CNH (Put) | Oct-17/CNH 6.65 | 845,700 | 845,700 | 8,225 | ||
UBS AG | ||||||
| IShares MSCI Emerging Markets ETF (Put) | Nov-17/42.00 | 350,346 | 7,815 | 3,999 | ||
| IShares MSCI Emerging Markets ETF (Put) | Oct-17/41.00 | 350,302 | 7,814 | 1,564 | ||
| Total purchased options outstanding (cost $29,203) | $25,440 | |||||
| SHORT-TERM INVESTMENTS (11.3%)(a) | ||||||
| Principal amount/shares | Value | |||||
| U.S. Treasury Bills 1.059%, 1/18/18(SEG) | $295,000 | $293,851 | ||||
| U.S. Treasury Bills 1.043%, 12/7/17(SEG) | 7,000 | 6,982 | ||||
| Putnam Short Term Investment Fund 1.15%(AFF) | Shares | 7,803,623 | 7,803,623 | |||
| Putnam Cash Collateral Pool, LLC 1.28%(AFF) | Shares | 1,611,740 | 1,611,740 | |||
| Total short-term investments (cost $9,716,159) | $9,716,196 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $75,923,546)(b) | $87,175,925 | |||||
| FORWARD CURRENCY CONTRACTS at 8/31/17 (aggregate face value $13,202,785) (Unaudited) | |||||||
| Unrealized | |||||||
| Contract | Delivery | Aggregate | appreciation/ | ||||
| Counterparty | Currency | type* | date | Value | face value | (depreciation) | |
| Bank of America N.A. | |||||||
| Australian Dollar | Buy | 10/18/17 | $101,461 | $95,908 | $5,553 | ||
| British Pound | Buy | 9/20/17 | 248,272 | 249,071 | (799) | ||
| Canadian Dollar | Sell | 10/18/17 | 108,882 | 104,765 | (4,117) | ||
| Euro | Buy | 9/20/17 | 224,219 | 204,710 | 19,509 | ||
| New Zealand Dollar | Buy | 10/18/17 | 159,555 | 161,147 | (1,592) | ||
| Norwegian Krone | Buy | 9/20/17 | 141,955 | 149,284 | (7,329) | ||
| Russian Ruble | Buy | 9/20/17 | 86,633 | 83,441 | 3,192 | ||
| Russian Ruble | Buy | 12/20/17 | 85,235 | 83,012 | 2,223 | ||
| Swedish Krona | Buy | 9/20/17 | 178,774 | 168,028 | 10,746 | ||
| Swedish Krona | Sell | 9/20/17 | 178,774 | 175,741 | (3,033) | ||
| Barclays Bank PLC | |||||||
| Australian Dollar | Buy | 10/18/17 | 27,491 | 26,470 | 1,021 | ||
| Euro | Buy | 9/20/17 | 46,464 | 39,510 | 6,954 | ||
| Hong Kong Dollar | Sell | 11/15/17 | 12,292 | 12,323 | 31 | ||
| New Zealand Dollar | Buy | 10/18/17 | 5,524 | 5,602 | (78) | ||
| Swedish Krona | Buy | 9/20/17 | 41,176 | 37,764 | 3,412 | ||
| Swedish Krona | Sell | 9/20/17 | 41,176 | 41,112 | (64) | ||
| Swiss Franc | Buy | 9/20/17 | 312,626 | 311,226 | 1,400 | ||
| Swiss Franc | Sell | 9/20/17 | 312,627 | 313,352 | 725 | ||
| Citibank, N.A. | |||||||
| Australian Dollar | Buy | 10/18/17 | 3,337 | 3,212 | 125 | ||
| Brazilian Real | Buy | 10/3/17 | 601 | 70 | 531 | ||
| British Pound | Sell | 9/20/17 | 195,616 | 196,243 | 627 | ||
| Canadian Dollar | Sell | 10/18/17 | 2,644 | 2,786 | 142 | ||
| Danish Krone | Buy | 9/20/17 | 90,113 | 85,333 | 4,780 | ||
| Euro | Buy | 9/20/17 | 112,228 | 108,662 | 3,566 | ||
| New Zealand Dollar | Sell | 10/18/17 | 120,527 | 122,229 | 1,702 | ||
| Norwegian Krone | Buy | 9/20/17 | 84,110 | 77,075 | 7,035 | ||
| Russian Ruble | Buy | 9/20/17 | 86,633 | 83,557 | 3,076 | ||
| Russian Ruble | Buy | 12/20/17 | 84,115 | 83,480 | 635 | ||
| Swedish Krona | Sell | 9/20/17 | 94,179 | 97,632 | 3,453 | ||
| Credit Suisse International | |||||||
| Australian Dollar | Sell | 10/18/17 | 65,787 | 63,318 | (2,469) | ||
| Canadian Dollar | Buy | 10/18/17 | 45,508 | 43,849 | 1,659 | ||
| Euro | Buy | 9/20/17 | 12,629 | 8,587 | 4,042 | ||
| Japanese Yen | Buy | 11/15/17 | 173,661 | 173,086 | 575 | ||
| New Zealand Dollar | Sell | 10/18/17 | 27,477 | 27,863 | 386 | ||
| Norwegian Krone | Buy | 9/20/17 | 3,391 | 2,848 | 543 | ||
| Swedish Krona | Buy | 9/20/17 | 308,524 | 296,366 | 12,158 | ||
| Swedish Krona | Sell | 9/20/17 | 308,525 | 293,724 | (14,801) | ||
| Swiss Franc | Buy | 9/20/17 | 140,813 | 139,923 | 890 | ||
| Goldman Sachs International | |||||||
| Australian Dollar | Sell | 10/18/17 | 82,473 | 75,630 | (6,843) | ||
| British Pound | Buy | 9/20/17 | 3,623 | 3,620 | 3 | ||
| British Pound | Sell | 9/20/17 | 3,623 | 3,612 | (11) | ||
| Canadian Dollar | Sell | 10/18/17 | 85,888 | 84,581 | (1,307) | ||
| Euro | Sell | 9/20/17 | 236,849 | 220,944 | (15,905) | ||
| Indonesian Rupiah | Sell | 11/15/17 | 1,057 | 1,141 | 84 | ||
| Japanese Yen | Buy | 11/15/17 | 304,771 | 303,813 | 958 | ||
| New Zealand Dollar | Sell | 10/18/17 | 83,724 | 85,313 | 1,589 | ||
| Norwegian Krone | Buy | 9/20/17 | 1,496 | 11,342 | (9,846) | ||
| South African Rand | Sell | 10/18/17 | 84,596 | 84,148 | (448) | ||
| Swedish Krona | Sell | 9/20/17 | 168,029 | 171,058 | 3,029 | ||
| Swiss Franc | Buy | 9/20/17 | 84,655 | 84,140 | 515 | ||
| Swiss Franc | Sell | 9/20/17 | 84,655 | 84,906 | 251 | ||
| Turkish Lira | Buy | 9/20/17 | 170,133 | 165,229 | 4,904 | ||
| HSBC Bank USA, National Association | |||||||
| Australian Dollar | Buy | 10/18/17 | 85,889 | 85,384 | 505 | ||
| British Pound | Buy | 9/20/17 | 170,388 | 169,914 | 474 | ||
| Canadian Dollar | Sell | 10/18/17 | 1,442 | 2,235 | 793 | ||
| Euro | Buy | 9/20/17 | 259,366 | 249,219 | 10,147 | ||
| Euro | Sell | 9/20/17 | 259,366 | 252,488 | (6,878) | ||
| Japanese Yen | Sell | 11/15/17 | 84,574 | 85,165 | 591 | ||
| Mexican Peso | Sell | 10/18/17 | 82,619 | 82,281 | (338) | ||
| New Zealand Dollar | Buy | 10/18/17 | 83,580 | 83,110 | 470 | ||
| JPMorgan Chase Bank N.A. | |||||||
| Australian Dollar | Buy | 10/18/17 | 85,730 | 88,893 | (3,163) | ||
| British Pound | Sell | 9/20/17 | 40,624 | 41,785 | 1,161 | ||
| Canadian Dollar | Buy | 10/18/17 | 2,725 | 1,434 | 1,291 | ||
| Euro | Sell | 9/20/17 | 55,876 | 49,255 | (6,621) | ||
| Indonesian Rupiah | Sell | 11/15/17 | 1,057 | 1,263 | 206 | ||
| Japanese Yen | Sell | 11/15/17 | 1,050,062 | 1,046,436 | (3,626) | ||
| New Zealand Dollar | Sell | 10/18/17 | 162,354 | 164,429 | 2,075 | ||
| Norwegian Krone | Buy | 9/20/17 | 91,292 | 90,065 | 1,227 | ||
| Norwegian Krone | Sell | 9/20/17 | 91,292 | 83,058 | (8,234) | ||
| Singapore Dollar | Buy | 11/15/17 | 110,774 | 110,697 | 77 | ||
| South African Rand | Buy | 10/18/17 | 1,733 | 219 | 1,514 | ||
| Swedish Krona | Sell | 9/20/17 | 47,775 | 43,212 | (4,563) | ||
| Swiss Franc | Buy | 9/20/17 | 28,914 | 28,195 | 719 | ||
| Royal Bank of Scotland PLC (The) | |||||||
| Australian Dollar | Buy | 10/18/17 | 155,807 | 150,058 | 5,749 | ||
| Canadian Dollar | Buy | 10/18/17 | 215,841 | 212,162 | 3,679 | ||
| Euro | Buy | 9/20/17 | 66,361 | 60,092 | 6,269 | ||
| Japanese Yen | Sell | 11/15/17 | 55,187 | 55,007 | (180) | ||
| New Zealand Dollar | Buy | 10/18/17 | 80,854 | 81,357 | (503) | ||
| Norwegian Krone | Buy | 9/20/17 | 175,377 | 171,194 | 4,183 | ||
| Norwegian Krone | Sell | 9/20/17 | 175,377 | 160,814 | (14,563) | ||
| Swedish Krona | Buy | 9/20/17 | 267,550 | 248,747 | 18,803 | ||
| Swedish Krona | Sell | 9/20/17 | 267,550 | 260,801 | (6,749) | ||
| Turkish Lira | Buy | 9/20/17 | 169,673 | 164,609 | 5,064 | ||
| State Street Bank and Trust Co. | |||||||
| Australian Dollar | Buy | 10/18/17 | 114,492 | 112,742 | 1,750 | ||
| British Pound | Buy | 9/20/17 | 170,647 | 169,445 | 1,202 | ||
| British Pound | Sell | 9/20/17 | 170,647 | 168,718 | (1,929) | ||
| Canadian Dollar | Buy | 10/18/17 | 88,692 | 87,170 | 1,522 | ||
| Euro | Buy | 9/20/17 | 41,937 | 44,541 | (2,604) | ||
| New Zealand Dollar | Buy | 10/18/17 | 50,722 | 52,441 | (1,719) | ||
| Norwegian Krone | Buy | 9/20/17 | 130,853 | 131,111 | (258) | ||
| Swedish Krona | Sell | 9/20/17 | 80,639 | 91,971 | 11,332 | ||
| UBS AG | |||||||
| Australian Dollar | Buy | 10/18/17 | 150,484 | 146,716 | 3,768 | ||
| British Pound | Buy | 9/20/17 | 85,518 | 84,660 | 858 | ||
| British Pound | Sell | 9/20/17 | 85,518 | 85,699 | 181 | ||
| Canadian Dollar | Buy | 10/18/17 | 88,932 | 88,784 | 148 | ||
| Euro | Buy | 9/20/17 | 289,032 | 281,245 | 7,787 | ||
| Euro | Sell | 9/20/17 | 289,032 | 280,238 | (8,794) | ||
| Japanese Yen | Buy | 11/15/17 | 133,486 | 132,986 | 500 | ||
| New Zealand Dollar | Sell | 10/18/17 | 61,699 | 62,564 | 865 | ||
| Norwegian Krone | Buy | 9/20/17 | 174,681 | 171,443 | 3,238 | ||
| Norwegian Krone | Sell | 9/20/17 | 174,681 | 160,196 | (14,485) | ||
| Swedish Krona | Buy | 9/20/17 | 267,789 | 250,493 | 17,296 | ||
| Swedish Krona | Sell | 9/20/17 | 267,789 | 261,948 | (5,841) | ||
| Turkish Lira | Buy | 9/20/17 | 547 | 549 | (2) | ||
| Turkish Lira | Sell | 9/20/17 | 547 | 521 | (26) | ||
| WestPac Banking Corp. | |||||||
| Australian Dollar | Buy | 10/18/17 | 212,934 | 202,279 | 10,655 | ||
| Canadian Dollar | Buy | 10/18/17 | 1,602 | 132 | 1,470 | ||
| Euro | Buy | 9/20/17 | 7,625 | 6,212 | 1,413 | ||
| Japanese Yen | Buy | 11/15/17 | 173,413 | 172,741 | 672 | ||
| New Zealand Dollar | Sell | 10/18/17 | 78,199 | 79,876 | 1,677 | ||
|
| |||||||
| Unrealized appreciation | 243,355 | ||||||
|
| |||||||
| Unrealized depreciation | (159,718) | ||||||
|
| |||||||
| Total | $83,637 | ||||||
* The exchange currency for all contracts listed is the United States Dollar. | |||||||
| FUTURES CONTRACTS OUTSTANDING at 8/31/17 (Unaudited) | ||||||
| Number of | Notional | Expiration | Unrealized appreciation/ | |||
| contracts | amount | Value | date | (depreciation) | ||
| Russell 2000 Index Mini (Long) | 79 | $5,550,842 | $5,547,380 | Sep-17 | $(13,313) | |
| S&P 500 Index E-Mini (Long) | 8 | 988,660 | 988,040 | Sep-17 | 16,191 | |
| S&P 500 Index E-Mini (Short) | 6 | 741,495 | 741,030 | Sep-17 | (12,160) | |
| Tokyo Price Index (Long) | 5 | 735,621 | 737,254 | Sep-17 | 5,346 | |
|
| ||||||
| Unrealized appreciation | 21,537 | |||||
| Unrealized depreciation | (25,473) | |||||
|
| Total | $(3,936) | ||||
| WRITTEN OPTIONS OUTSTANDING at 8/31/17 (premiums $17,437) (Unaudited) | ||||||
| Expiration | Notional | Contract | ||||
| Counterparty | date/strike price | Amount | amount | Value | ||
| Bank of America N.A. | ||||||
| USD/CNH (Put) | Oct-17/CNH 6.55 | $845,600 | $845,600 | $1,959 | ||
| USD/JPY (Put) | Nov-17/JPY 103.00 | 498,100 | 498,100 | 943 | ||
Citibank, N.A. |
||||||
| Alibaba Group Holding ADR (Call) | Nov-17/$185.00 | 58,220 | 339 | 1,736 | ||
Goldman Sachs International |
||||||
| USD/CNH (Put) | Oct-17/CNH 6.55 | 845,700 | 845,700 | 1,959 | ||
UBS AG |
||||||
| Alibaba Group Holding ADR (Call) | Nov-17/$170.00 | 58,220 | 339 | 3,824 | ||
| IShares MSCI Emerging Market ETF (Put) | Nov-17/40.00 | 350,346 | 7,815 | 2,263 | ||
| IShares MSCI Emerging Market ETF (Put) | Oct-17/39.00 | 350,302 | 7,814 | 899 | ||
| Tencent Holdings, Ltd. (Call) | Nov-17/320.00 | 33,506 | 797 | 2,472 | ||
|
| ||||||
| Total | $16,055 | |||||
| Key to holding's abbreviations | |||
| ADR | American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank | ||
| ETF | Exchange Traded Fund | ||
| GDR | Global Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank | ||
| PJSC | Public Joint Stock Company | ||
| SPDR | S&P Depository Receipts | ||
| Notes to the fund's portfolio | ||||||
| Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from June 1, 2017 through August 31, 2017 (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 $85,962,687. | |||||
| (b) | The aggregate identified cost on a tax basis is $74,954,225, resulting in gross unrealized appreciation and depreciation of $12,950,757 and $2,288,986, respectively, or net unrealized appreciation of $10,661,771. | |||||
| (NON) | This security is non-income-producing. | |||||
| (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 were as follows: | |||||
| Name of affiliate | Fair value as of 5/31/17 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 8/31/2017 | |
| Short-term investments | ||||||
| Putnam Cash Collateral Pool, LLC*# | $1,686,200 | $2,687,655 | $2,762,115 | $3,532 | $1,611,740 | |
| Putnam Short Term Investment Fund** | 7,647,192 | 2,617,513 | 2,461,082 | 20,995 | 7,803,623 | |
| Total Short-term investments | $9,333,392 | $5,305,168 | $5,223,197 | $24,527 | $9,415,363 | |
| * No management fees are charged to Putnam Cash Collateral Pool, LLC. There were no realized or unrealized gains or losses during the period. | ||||||
| # 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 $1,611,740, 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 $1,584,988. | ||||||
| ** Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | ||||||
| (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. Collateral at period end totaled $300,770. | |||||
| (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 $416,853 to cover certain derivative contracts and the settlement of certain securities. | ||||||
| Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
| 144A after the name of an issuer represents securities exempt from registration under Rule 144A of 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. | ||||||
DIVERSIFICATION BY COUNTRY | ||||||
| Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): | ||||||
| United States | 75.2 % | |||||
| Japan | 4.3 | |||||
| United Kingdom | 3.1 | |||||
| France | 2.2 | |||||
| China | 1.9 | |||||
| Germany | 1.9 | |||||
| South Korea | 1.3 | |||||
| Switzerland | 1.3 | |||||
| Spain | 1.0 | |||||
| Australia | 1.0 | |||||
| Hong Kong | 0.9 | |||||
| Taiwan | 0.7 | |||||
| India | 0.6 | |||||
| Sweden | 0.6 | |||||
| Brazil | 0.5 | |||||
| Netherlands | 0.5 | |||||
| Italy | 0.5 | |||||
| Other | 2.5 | |||||
| Total | 100.0% | |||||
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and 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. | ||||||
| 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. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities. | ||||||
| To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||
| To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
| Options contracts: The fund used options contracts to enhance the return on securities owned and to gain exposure to securities. | ||||||
| The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments. | ||||||
| Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers. | ||||||
| Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap options contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract. | ||||||
| For the fund's average contract amount on options contracts, see the appropriate table at the end of these footnotes. | ||||||
| Futures contracts: The fund used futures contracts to manage exposure to market risk, and to equitize cash. | ||||||
| The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | ||||||
| Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin". | ||||||
| For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. | ||||||
| Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used to hedge foreign exchange risk. | ||||||
| The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. | ||||||
| For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes. | ||||||
| Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, 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 $34,698 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these agreements. | ||||||
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ||||
| Level 1: Valuations based on quoted prices for identical securities in active markets. | ||||
| Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||||
| Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement. | ||||
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | ||||
Valuation inputs | ||||
|
| ||||
| Investments in securities: | Level 1 | Level 2 | Level 3 | |
| Common stocks*: | ||||
| Basic materials | $1,922,571 | $1,121,435 | $— | |
| Capital goods | 4,213,201 | 348,329 | — | |
| Communication services | 1,828,148 | 448,496 | — | |
| Conglomerates | 400,473 | 163,655 | — | |
| Consumer cyclicals | 9,431,743 | 905,862 | — | |
| Consumer staples | 6,619,557 | 822,226 | — | |
| Energy | 3,504,731 | 78,003 | — | |
| Financials | 12,414,905 | 2,814,944 | — | |
| Health care | 9,076,134 | 364,024 | — | |
| Technology | 13,251,523 | 1,326,193 | — | |
| Transportation | 1,783,951 | 404,574 | — | |
| Utilities and power | 2,641,954 | 201,313 | — | |
| Total common stocks | 67,088,891 | 8,999,054 | — | |
| Investment companies | 1,196,318 | — | — | |
| Purchased options outstanding | — | 25,440 | — | |
| Warrants | — | 150,026 | — | |
| Short-term investments | 7,803,623 | 1,912,573 | — | |
|
|
|
|
||
| Totals by level | $76,088,832 | $11,087,093 | $— | |
| Valuation inputs | ||||
|
| ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| Forward currency contracts | $— | $83,637 | $— | |
| Futures contracts | (3,936) | — | — | |
| Written options outstanding | — | (16,055) | — | |
|
|
|
|
||
| Totals by level | $(3,936) | $67,582 | $— | |
| * 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, 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. | ||||
Fair Value of Derivative Instruments as of the close of the reporting period | ||||
| Asset derivatives | Liability derivatives | |||
|
| ||||
| Derivatives not accounted for as hedging instruments under ASC 815 | Fair value | Fair value | ||
| Foreign exchange contracts | $263,232 | $164,579 | ||
| Equity contracts | 177,126 | 36,667 | ||
|
|
|
|||
| Total | $440,358 | $201,246 | ||
| 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: | ||||
| Purchased equity option contracts (contract amount) | $12,000 | |||
| Purchased currency option contracts (contract amount) | $1,600,000 | |||
| Written equity option contracts (contract amount) | $13,000 | |||
| Written currency option contracts (contract amount) | $1,600,000 | |||
| Futures contracts (number of contracts) | 100 | |||
| Forward currency contracts (contract amount) | $26,900,000 | |||
| Warrants (number of warrants) | 29,000 | |||
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | ||||
| Item 2. Controls and Procedures: |
| (a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. |
| (b) Changes in internal control over financial reporting: Not applicable |
Item 3. Exhibits: |
| Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith. |
| SIGNATURES |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| Putnam Funds Trust |
| By (Signature and Title): |
| /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer Date: October 27, 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: October 27, 2017 |
| By (Signature and Title): |
| /s/ Janet C. Smith Janet C. Smith Principal Financial Officer Date: October 27, 2017 |
| 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: October 26, 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: October 26, 2017 | |
| Janet C. Smith | |
| Principal Financial Officer | |
Attachment A | |
NQ | |
Period (s) ended August 31, 2017 | |
| Putnam Minnesota Tax Exempt Income Fund | |
| Putnam Massachusetts Tax Exempt Income Fund | |
| Putnam New York Tax Exempt Income Fund | |
| Putnam High Yield Fund | |
| Putnam Equity Income Fund | |
| Putnam Pennsylvania Tax Exempt Income Fund | |
| Putnam Ohio Tax Exempt Income Fund | |
| Putnam New Jersey Tax Exempt Income Fund | |
| Putnam Dynamic Asset Allocation Equity Fund | |
| Putnam Dynamic Risk Allocation Fund | |
| Putnam Short-Term Municipal Income Fund | |
| Putnam Intermediate-Term Municipal Income Fund | |
| Putnam Emerging Markets Income Fund | |
| Putnam Mortgage Opportunities Fund |