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: July 31, 2018

Date of reporting period: October 31, 2017

Item 1. Schedule of Investments:

Putnam Short Duration Income Fund
The fund's portfolio
10/31/17 (Unaudited)
CORPORATE BONDS AND NOTES (52.0%)(a)
			Principal amount	Value
Banking (30.3%)
ABN AMRO Bank NV 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.64%, 1.994%, 1/18/19 (Netherlands)			$64,555,000	$64,880,099
Australia & New Zealand Banking Group, Ltd. 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.66%, 1.988%, 9/23/19 (Australia)			28,940,000	29,174,374
Australia & New Zealand Banking Group, Ltd. 144A sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.75%, 2.064%, 11/16/18 (Australia)			11,770,000	11,842,887
Australia & New Zealand Banking Group, Ltd. 144A unsec. FRN BBA LIBOR USD 3 Month + 0.50%, 1.816%, 8/19/20 (Australia)			19,950,000	20,033,931
Australia & New Zealand Banking Group, Ltd./New York, NY sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.56%, 1.875%, 5/15/18			9,000,000	9,021,211
Bank of America Corp. sr. unsec. notes 6.875%, 11/15/18			6,410,000	6,734,351
Bank of America Corp. sr. unsec. notes 5.75%, 12/1/17			11,050,000	11,087,681
Bank of America Corp. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.04%, 2.399%, 1/15/19			20,684,000	20,886,852
Bank of America Corp. sr. unsec. unsub. FRN Ser. GMTN, BBA LIBOR USD 3 Month + 1.42%, 2.777%, 4/19/21			8,100,000	8,342,157
Bank of America Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.87%, 2.205%, 4/1/19			18,751,000	18,916,022
Bank of America Corp. sr. unsec. unsub. notes 2.00%, 1/11/18			9,290,000	9,297,153
Bank of Montreal sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.65%, 2.004%, 7/18/19 (Canada)			5,000,000	5,035,793
Bank of Montreal sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.60%, 1.91%, 12/12/19 (Canada)			11,650,000	11,733,579
Bank of Montreal sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.44%, 1.76%, 6/15/20 (Canada)			24,600,000	24,703,074
Bank of New York Mellon Corp. (The) sr. unsec. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.56%, 1.937%, 8/1/18			645,000	647,522
Bank of New York Mellon Corp. (The) sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.38%, 1.695%, 5/22/18			7,715,000	7,727,838
Bank of New York Mellon Corp. (The) sr. unsec. unsub. FRN Ser. 1, BBA LIBOR USD 3 Month + 0.44%, 1.756%, 3/6/18			4,062,000	4,068,236
Bank of Nova Scotia (The) sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.83%, 2.189%, 1/15/19 (Canada)			5,000,000	5,037,009
Bank of Nova Scotia (The) sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.66%, 1.979%, 6/14/19 (Canada)			10,000,000	10,062,070
Bank of Nova Scotia (The) sr. unsec. unsub. FRN Ser. BKNT, BBA LIBOR USD 3 Month + 0.39%, 1.749%, 7/14/20 (Canada)			14,000,000	14,036,694
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) 144A sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.55%, 1.866%, 3/5/18 (Japan)			5,000,000	5,007,005
Banque Federative du Credit Mutuel SA 144A sr. unsec. notes 1.90%, 3/28/19 (France)			19,255,000	19,237,365
Banque Federative du Credit Mutuel SA 144A sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.49%, 1.853%, 7/20/20 (France)			52,900,000	53,025,267
Barclays Bank PLC sr. unsec. unsub. FRN Ser. GMTN, BBA LIBOR USD 3 Month + 0.65%, 1.962%, 8/7/20 (United Kingdom)			25,000,000	25,123,540
Barclays Bank PLC 144A unsec. sub. notes 6.05%, 12/4/17 (United Kingdom)			50,041,000	50,230,655
BB&T Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.72%, 2.074%, 1/15/20			20,957,000	21,117,728
BB&T Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.66%, 2.037%, 2/1/19			11,313,000	11,382,800
BB&T Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.57%, 1.89%, 6/15/20			13,945,000	14,015,966
BPCE SA company guaranty sr. unsec. notes Ser. MTN, 1.625%, 1/26/18 (France)			9,400,000	9,398,665
Branch Banking & Trust Co. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.45%, 1.809%, 1/15/20			10,000,000	10,054,307
Branch Banking & Trust Co. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.53%, 1.907%, 5/1/19			16,250,000	16,341,142
Capital One NA/Mclean, VA sr. unsec. FRN BBA LIBOR USD 3 Month + 1.15%, 2.464%, 8/17/18			18,015,000	18,127,190
Capital One NA/Mclean, VA sr. unsec. FRN BBA LIBOR USD 3 Month + 0.77%, 2.082%, 9/13/19			22,000,000	22,151,228
Capital One NA/Mclean, VA sr. unsec. FRN Ser. BKNT, BBA LIBOR USD 3 Month + 0.68%, 2.071%, 2/5/18			18,790,000	18,806,065
Citigroup, Inc. sr. unsec. FRN BBA LIBOR USD 3 Month + 1.31%, 2.681%, 10/26/20			18,205,000	18,649,011
Citigroup, Inc. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.93%, 2.247%, 6/7/19			22,057,000	22,269,652
Citigroup, Inc. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.79%, 2.14%, 1/10/20			10,447,000	10,542,362
Citigroup, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.38%, 2.713%, 3/30/21			28,504,000	29,216,841
Citigroup, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.88%, 2.258%, 7/30/18			1,643,000	1,651,388
Citizens Bank NA/Providence RI sr. unsec. FRN BBA LIBOR USD 3 Month + 0.54%, 1.856%, 3/2/20			26,400,000	26,465,413
Citizens Bank NA/Providence RI sr. unsec. FRN Ser. BKNT, BBA LIBOR USD 3 Month + 0.57%, 1.887%, 5/26/20			40,951,000	41,068,940
Citizens Bank NA/Providence RI sr. unsec. notes Ser. MTN, 1.60%, 12/4/17			3,800,000	3,799,802
Commonwealth Bank of Australia 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.64%, 1.952%, 11/7/19 (Australia)			19,627,000	19,772,279
Commonwealth Bank of Australia 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.45%, 1.767%, 3/10/20 (Australia)			14,900,000	14,939,239
Commonwealth Bank of Australia 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.40%, 1.721%, 9/18/20 (Australia)			19,600,000	19,618,083
Commonwealth Bank of Australia 144A sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.06%, 2.38%, 3/15/19 (Australia)			6,550,000	6,623,707
Credit Agricole SA/London 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.97%, 2.287%, 6/10/20 (United Kingdom)			3,000,000	3,048,486
Credit Agricole SA/London 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.80%, 2.159%, 4/15/19 (United Kingdom)			12,750,000	12,863,400
Credit Suisse AG/New York NY unsec. sub. notes 6.00%, 2/15/18			19,368,000	19,597,877
Credit Suisse AG/New York, NY sr. unsec. FRN BBA LIBOR USD 3 Month + 0.69%, 2.068%, 1/29/18			21,307,000	21,336,404
Credit Suisse AG/New York, NY sr. unsec. FRN BBA LIBOR USD 3 Month + 0.68%, 2.054%, 4/27/18			11,600,000	11,630,253
Credit Suisse AG/New York, NY sr. unsec. notes 1.75%, 1/29/18			9,600,000	9,604,845
Credit Suisse Group Funding Guernsey, Ltd. company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 2.29%, 3.644%, 4/16/21 (United Kingdom)			2,250,000	2,364,946
Danske Bank A/S 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.58%, 1.896%, 9/6/19 (Denmark)			37,453,000	37,636,258
Danske Bank A/S 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.51%, 1.826%, 3/2/20 (Denmark)			23,000,000	23,086,690
DnB Bank ASA 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.37%, 1.705%, 10/2/20 (Norway)			43,305,000	43,376,930
Fifth Third Bancorp unsec. sub. notes 4.50%, 6/1/18			12,475,000	12,664,433
Fifth Third Bank/Cincinnati, OH sr. unsec. FRN Ser. BKNT, BBA LIBOR USD 3 Month + 0.25%, 1.628%, 10/30/20			19,200,000	19,194,144
Fifth Third Bank/Cincinnati, OH sr. unsec. FRN BBA LIBOR USD 3 Month + 0.59%, 1.92%, 9/27/19			13,335,000	13,391,927
Firth Third Bank/Cincinnati, OH sr. unsec. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.91%, 2.226%, 8/20/18			13,500,000	13,574,306
HBOS PLC 144A unsec. sub. notes Ser. GMTN, 6.75%, 5/21/18 (United Kingdom)			21,915,000	22,480,364
HSBC Bank PLC 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.64%, 1.955%, 5/15/18 (United Kingdom)			5,945,000	5,962,755
HSBC USA, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.88%, 2.208%, 9/24/18			25,110,000	25,284,982
HSBC USA, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.77%, 2.082%, 8/7/18			13,250,000	13,310,598
HSBC USA, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.61%, 1.919%, 11/13/19			13,350,000	13,437,485
Huntington National Bank (The) sr. unsec. FRN BBA LIBOR USD 3 Month + 0.51%, 1.827%, 3/10/20			25,415,000	25,553,096
Huntington National Bank (The) sr. unsec. notes 1.70%, 2/26/18			21,860,000	21,865,250
ING Bank NV 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 1.13%, 2.453%, 3/22/19 (Netherlands)			13,130,000	13,296,352
ING Bank NV 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.97%, 2.284%, 8/17/20 (Netherlands)			3,850,000	3,900,152
ING Bank NV 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.78%, 2.094%, 8/17/18 (Netherlands)			7,400,000	7,437,386
ING Bank NV 144A sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.69%, 2.025%, 10/1/19 (Netherlands)			14,455,000	14,539,861
ING Bank NV 144A unsec. FRN BBA LIBOR USD 3 Month + 0.55%, 1.871%, 3/16/18 (Netherlands)			20,050,000	20,085,271
JPMorgan Chase & Co. sr. unsec. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.51%, 1.826%, 3/1/18			5,000,000	5,006,421
JPMorgan Chase & Co. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.48%, 2.796%, 3/1/21			12,517,000	12,944,223
JPMorgan Chase & Co. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.21%, 2.583%, 10/29/20			16,152,000	16,552,900
JPMorgan Chase & Co. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.96%, 2.318%, 1/23/20			23,528,000	23,882,466
JPMorgan Chase & Co. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.90%, 2.267%, 1/25/18			11,033,000	11,055,176
JPMorgan Chase & Co. sr. unsec. unsub. FRN Ser. 1, BBA LIBOR USD 3 Month + 0.63%, 2.008%, 1/28/19			10,665,000	10,722,058
KeyBank NA/Cleveland, OH sr. unsec. notes 1.70%, 6/1/18			15,910,000	15,913,017
KeyBank NA/Cleveland, OH sr. unsec. unsub. notes Ser. BKNT, 1.65%, 2/1/18			29,637,000	29,639,203
KeyCorp sr. unsec. unsub. notes Ser. MTN, 2.30%, 12/13/18			10,949,000	10,996,182
Manufacturers & Traders Trust Co. unsec. sub. notes 6.625%, 12/4/17			8,960,000	8,999,397
Mitsubishi UFJ Financial Group, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.88%, 3.196%, 3/1/21 (Japan)			2,720,000	2,828,699
Mizuho Bank, Ltd. 144A company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.19%, 2.553%, 10/20/18 (Japan)			13,334,000	13,453,566
Mizuho Bank, Ltd. 144A company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.64%, 1.969%, 3/26/18 (Japan)			16,000,000	16,024,849
Mizuho Bank, Ltd. 144A company guaranty sr. unsec. unsub. notes 2.15%, 10/20/18 (Japan)			3,675,000	3,684,666
National Australia Bank, Ltd. 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.69%, 2.007%, 12/9/19 (Australia)			2,600,000	2,623,047
National Australia Bank, Ltd. 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.59%, 1.94%, 1/10/20 (Australia)			17,750,000	17,858,139
National Australia Bank, Ltd. 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.51%, 1.825%, 5/22/20 (Australia)			25,700,000	25,796,349
National Australia Bank, Ltd. 144A sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.78%, 2.139%, 1/14/19 (Australia)			26,770,000	26,954,397
National Bank of Canada company guaranty sr. unsec. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.56%, 1.87%, 6/12/20 (Canada)			14,750,000	14,811,911
National Bank of Canada sr. unsec. FRN BBA LIBOR USD 3 Month + 0.33%, 1.711%, 11/2/20 (Canada)			18,700,000	18,699,963
National Bank of Canada sr. unsec. FRN Ser. BKNT, BBA LIBOR USD 3 Month + 0.84%, 2.159%, 12/14/18 (Canada)			5,070,000	5,112,172
Nordea Bank AB 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.47%, 1.787%, 5/29/20 (Sweden)			28,075,000	28,216,610
Nordea Bank AB 144A sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.84%, 2.161%, 9/17/18 (Sweden)			15,800,000	15,907,600
Northern Trust Co. (The) unsec. sub. notes Ser. MTN, 5.85%, 11/9/17			10,800,000	10,809,021
PNC Bank NA sr. unsec. FRN BBA LIBOR USD 3 Month + 0.40%, 1.717%, 12/7/18			11,400,000	11,440,881
PNC Bank NA sr. unsec. FRN Ser. BKNT, BBA LIBOR USD 3 Month + 0.36%, 1.676%, 5/19/20			13,650,000	13,699,140
PNC Bank NA sr. unsec. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.42%, 1.736%, 6/1/18			5,500,000	5,513,486
PNC Bank NA sr. unsec. notes Ser. MTN, 1.60%, 6/1/18			21,000,000	20,998,822
PNC Financial Services Group, Inc. (The) sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.25%, 1.562%, 8/7/18			10,000,000	10,019,608
Rabobank Nederland NV/NY sr. unsec. FRN Ser. BKNT, BBA LIBOR USD 3 Month + 0.51%, 1.821%, 8/9/19 (Netherlands)			48,300,000	48,601,223
Regions Bank sr. unsec. notes Ser. BKNT, 2.25%, 9/14/18			10,200,000	10,230,736
Regions Bank unsec. sub. notes Ser. BKNT, 7.50%, 5/15/18			5,913,000	6,085,640
Royal Bank of Canada sr. unsec. FRN Ser. GMTN, BBA LIBOR USD 3 Month + 0.38%, 1.696%, 3/2/20 (Canada)			20,000,000	20,051,281
Royal Bank of Canada sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.70%, 2.017%, 12/10/18 (Canada)			12,000,000	12,068,757
Royal Bank of Canada sr. unsec. unsub. FRN Ser. GMTN, BBA LIBOR USD 3 Month + 0.48%, 1.858%, 7/29/19 (Canada)			13,875,000	13,941,014
Santander Holdings USA, Inc. sr. unsec. FRN BBA LIBOR USD 3 Month + 1.00%, 2.359%, 7/15/19			5,500,000	5,541,525
Santander Holdings USA, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.45%, 2.767%, 11/24/17			25,871,000	25,894,040
Santander UK PLC sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.30%, 1.685%, 11/3/20 (United Kingdom)			14,200,000	14,199,972
Santander UK PLC sr. unsec. unsub. FRN Ser. GMTN, BBA LIBOR USD 3 Month + 0.85%, 2.167%, 8/24/18 (United Kingdom)			12,800,000	12,868,527
Skandinaviska Enskilda Banken AB 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.57%, 1.887%, 9/13/19 (Sweden)			39,450,000	39,681,335
Societe Generale SA company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.08%, 2.415%, 10/1/18 (France)			14,625,000	14,732,333
Standard Chartered PLC 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 1.13%, 2.446%, 8/19/19 (United Kingdom)			18,645,000	18,886,781
State Street Corp. jr. unsec. sub. notes 4.956%, 3/15/18			33,750,000	34,149,108
State Street Corp. sr. unsec. unsub. notes 1.35%, 5/15/18			16,000,000	15,977,104
Sumitomo Mitsui Banking Corp. company guaranty sr. unsec. unsub. FRB BBA LIBOR USD 3 Month + 0.58%, 1.939%, 1/16/18 (Japan)			6,600,000	6,605,830
Sumitomo Mitsui Banking Corp. company guaranty sr. unsec. unsub. FRN Ser. GMTN, BBA LIBOR USD 3 Month + 0.74%, 2.103%, 7/23/18 (Japan)			12,900,000	12,953,846
Sumitomo Mitsui Banking Corp. 144A company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.67%, 2.027%, 10/19/18 (Japan)			11,400,000	11,445,611
SunTrust Bank/Atlanta, GA sr. unsec. FRN BBA LIBOR USD 3 Month + 0.53%, 1.91%, 1/31/20			28,550,000	28,740,713
SunTrust Bank/Atlanta, GA unsec. sub. notes Ser. BKNT, 7.25%, 3/15/18			1,400,000	1,428,855
SunTrust Banks, Inc. sr. unsec. notes 2.35%, 11/1/18			3,400,000	3,416,293
Svenska Handelsbanken AB company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.36%, 1.677%, 9/8/20 (Sweden)			15,000,000	15,032,805
Svenska Handelsbanken AB company guaranty sr. unsec. FRN Ser. BKNT, BBA LIBOR USD 3 Month + 0.49%, 1.806%, 9/6/19 (Sweden)			6,000,000	6,031,212
Swedbank AB 144A sr. unsec. notes 1.75%, 3/12/18 (Sweden)			24,600,000	24,614,022
Toronto-Dominion Bank (The) sr. unsec. FRN Ser. GMTN, BBA LIBOR USD 3 Month + 0.54%, 1.903%, 7/23/18 (Canada)			10,000,000	10,031,675
Toronto-Dominion Bank (The) sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.65%, 1.959%, 8/13/19 (Canada)			6,000,000	6,050,606
Toronto-Dominion Bank (The) sr. unsec. unsub. FRN Ser. GMTN, BBA LIBOR USD 3 Month + 0.93%, 2.249%, 12/14/20 (Canada)			1,700,000	1,733,828
Toronto-Dominion Bank (The) sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 1.00%, 2.35%, 4/7/21 (Canada)			3,000,000	3,058,778
Toronto-Dominion Bank (The) sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.56%, 1.951%, 11/5/19 (Canada)			7,300,000	7,353,962
Toronto-Dominion Bank (The) sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.42%, 1.774%, 1/18/19 (Canada)			4,950,000	4,968,335
Toronto-Dominion Bank (The) sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.30%, 1.617%, 3/13/18 (Canada)			10,000,000	10,011,391
Toronto-Dominion Bank (The) sr. unsec. unsub. notes Ser. MTN, 1.625%, 3/13/18 (Canada)			9,800,000	9,803,898
U.S. Bancorp sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.49%, 1.805%, 11/15/18			16,700,000	16,773,147
U.S. Bancorp sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.40%, 1.767%, 4/25/19			3,600,000	3,614,457
U.S. Bank, NA/Cincinnati, OH sr. unsec. FRN Ser. BKNT, BBA LIBOR USD 3 Month + 0.12%, 1.429%, 3/14/19			27,400,000	27,398,418
U.S. Bank, NA/Cincinnati, OH sr. unsec. FRN Ser. BKNT, BBA LIBOR USD 3 Month + 0.48%, 1.858%, 10/28/19			19,400,000	19,521,697
U.S. Bank, NA/Cincinnati, OH sr.unsec. FRN BBA LIBOR USD 3 Month + 0.32%, 1.685%, 1/24/20			9,900,000	9,928,760
UBS AG/Stamford, CT sr. unsec. FRN Ser. GMTN, BBA LIBOR USD 3 Month + 0.64%, 1.949%, 8/14/19			32,400,000	32,636,830
Wells Fargo & Co. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.46%, 1.823%, 4/22/19			4,839,000	4,854,765
Wells Fargo & Co. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.34%, 2.656%, 3/4/21			17,246,000	17,767,058
Wells Fargo & Co. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.88%, 2.243%, 7/22/20			29,847,000	30,319,418
Wells Fargo & Co. sr. unsec. unsub. FRN Ser. N, BBA LIBOR USD 3 Month + 0.68%, 2.058%, 1/30/20			20,953,000	21,171,088
Wells Fargo & Co. sr. unsec. unsub. notes Ser. MTN, BBA LIBOR USD 3 Month + 1.01%, 2.327%, 12/7/20			6,472,000	6,604,280
Westpac Banking Corp. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.74%, 2.054%, 11/23/18 (Australia)			10,000,000	10,067,845
Westpac Banking Corp. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.56%, 1.876%, 8/19/19 (Australia)			12,950,000	13,021,955
Westpac Banking Corp. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.43%, 1.747%, 5/25/18 (Australia)			11,000,000	11,019,611
Westpac Banking Corp. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.43%, 1.746%, 3/6/20 (Australia)			14,900,000	14,950,183
				2,338,433,141
Basic materials (0.2%)
E. I. du Pont de Nemours & Co. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.53%, 1.907%, 5/1/20			11,725,000	11,830,403
				11,830,403
Capital goods (0.7%)
John Deere Capital Corp. sr. unsec. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.22%, 1.54%, 12/15/17			10,000,000	10,001,400
John Deere Capital Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.31%, 1.649%, 1/16/18			6,000,000	6,002,430
John Deere Capital Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.29%, 1.635%, 10/9/19			10,000,000	10,034,100
Johnson Controls International PLC sr. unsec. notes 1.40%, 11/2/17			2,181,000	2,180,980
Textron, Inc. sr. unsec. unsub. notes 5.60%, 12/1/17			14,000,000	14,040,475
United Technologies Corp. jr. unsec. sub. notes 1.778%, 5/4/18			6,000,000	5,999,139
United Technologies Corp. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.35%, 1.727%, 11/1/19			10,000,000	10,049,896
				58,308,420
Communication services (1.3%)
AT&T, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.91%, 2.227%, 11/27/18			12,300,000	12,396,354
AT&T, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.65%, 2.009%, 1/15/20			34,100,000	34,279,882
British Telecommunications PLC sr. unsec. unsub. notes 5.95%, 1/15/18 (United Kingdom)			2,680,000	2,704,196
Deutsche Telekom International Finance BV 144A company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.58%, 1.933%, 1/17/20 (Netherlands)			22,550,000	22,623,754
Deutsche Telekom International Finance BV 144A company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.45%, 1.774%, 9/19/19 (Netherlands)			3,095,000	3,102,174
Verizon Communications, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.37%, 1.685%, 8/15/19			23,331,000	23,332,572
				98,438,932
Conglomerates (0.7%)
General Electric Capital Corp. company guaranty sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.27%, 1.582%, 8/7/18			4,062,000	4,066,025
Siemens Financieringsmaatschappij NV 144A company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.34%, 1.661%, 3/16/20 (Netherlands)			25,150,000	25,238,251
Siemens Financieringsmaatschappij NV 144A company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.32%, 1.637%, 9/13/19 (Netherlands)			15,000,000	15,053,827
Siemens Financieringsmaatschappij NV 144A company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.28%, 1.597%, 5/25/18 (Netherlands)			10,000,000	10,015,360
				54,373,463
Consumer cyclicals (2.6%)
Amazon.com, Inc. sr. unsec. notes 1.20%, 11/29/17			3,000,000	2,999,437
Amazon.com, Inc. 144A sr. unsec. notes 1.90%, 8/21/20			19,300,000	19,267,025
BMW US Capital, LLC 144A company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.41%, 1.73%, 9/13/19			8,800,000	8,850,933
BMW US Capital, LLC 144A company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.38%, 1.727%, 4/6/20			9,800,000	9,847,527
Daimler Finance North America, LLC 144A company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.25%, 1.641%, 11/5/18			4,730,000	4,733,014
Ford Motor Credit Co., LLC sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.57%, 1.886%, 12/6/17			15,000,000	15,005,246
Ford Motor Credit Co., LLC sr. unsec. unsub. FRN Ser. 1, BBA LIBOR USD 3 Month + 0.83%, 2.14%, 3/12/19			8,700,000	8,748,870
General Motors Financial Co., Inc. company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 1.27%, 2.606%, 10/4/19			4,950,000	5,014,301
General Motors Financial Co., Inc. company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.36%, 2.71%, 4/10/18			16,790,000	16,857,871
Moody's Corp. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.35%, 1.666%, 9/4/18			22,950,000	22,995,418
Nissan Motor Acceptance Corp. 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.80%, 2.147%, 4/6/18			5,000,000	5,011,196
Nissan Motor Acceptance Corp. 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.58%, 1.939%, 1/13/20			10,250,000	10,316,307
Nissan Motor Acceptance Corp. 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.52%, 1.837%, 9/13/19			15,000,000	15,064,650
Nissan Motor Acceptance Corp. 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.39%, 1.749%, 7/13/20			19,500,000	19,504,212
Nissan Motor Acceptance Corp. 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.39%, 1.721%, 9/28/20			9,500,000	9,513,897
Toyota Motor Credit Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.44%, 1.794%, 10/18/19			8,500,000	8,553,907
Toyota Motor Credit Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.39%, 1.743%, 1/17/19			2,105,000	2,110,542
Walt Disney Co. (The) sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.32%, 1.67%, 1/8/19			15,000,000	15,051,599
				199,445,952
Consumer finance (1.7%)
American Express Co. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.33%, 1.708%, 10/30/20			28,400,000	28,372,679
American Express Co. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.59%, 1.905%, 5/22/18			7,860,000	7,875,830
American Express Credit Corp. sr. unsec. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.33%, 1.715%, 5/3/19			6,835,000	6,855,555
American Express Credit Corp. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.55%, 1.871%, 3/18/19			10,921,000	10,988,962
American Express Credit Corp. sr. unsec. unsub. FRN Ser. GMTN, BBA LIBOR USD 3 Month + 0.49%, 1.805%, 8/15/19			1,900,000	1,910,245
American Express Credit Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.57%, 1.948%, 10/30/19			5,000,000	5,032,252
American Honda Finance Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.46%, 1.819%, 7/13/18			7,000,000	7,020,335
American Honda Finance Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.34%, 1.649%, 2/14/20			14,700,000	14,751,132
American Honda Finance Corp. sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.31%, 1.627%, 12/11/17			15,000,000	15,003,795
Synchrony Financial sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.40%, 2.711%, 11/9/17			30,192,000	30,199,555
				128,010,340
Consumer staples (2.7%)
Anheuser-Busch InBev Finance, Inc. company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.26%, 2.637%, 2/1/21			31,025,000	32,071,392
BAT International Finance PLC 144A company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.51%, 1.83%, 6/15/18 (United Kingdom)			6,000,000	6,007,362
Conagra Brands, Inc. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.50%, 1.857%, 10/9/20			14,020,000	14,048,110
Kraft Heinz Co. (The) company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.57%, 1.879%, 2/10/21			34,362,000	34,416,315
Kraft Heinz Co. (The) company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.42%, 1.729%, 8/9/19			29,038,000	29,074,298
Molson Coors Brewing Co. company guaranty sr. unsec. unsub. notes 1.45%, 7/15/19			10,340,000	10,256,697
Mondelez International Holdings Netherlands BV 144A company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.61%, 1.988%, 10/28/19 (Netherlands)			31,100,000	31,229,968
Mondelez International, Inc. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.52%, 1.897%, 2/1/19			11,750,000	11,781,036
PepsiCo, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.59%, 1.905%, 2/22/19			4,230,000	4,262,252
Tyson Foods, Inc. sr. unsec. sub. FRN BBA LIBOR USD 3 Month + 0.45%, 1.768%, 5/30/19			8,700,000	8,715,302
Tyson Foods, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.45%, 1.764%, 8/21/20			24,000,000	24,045,805
				205,908,537
Energy (2.2%)
BP Capital Markets PLC company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.54%, 1.849%, 5/10/19 (United Kingdom)			2,000,000	2,011,454
BP Capital Markets PLC company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.51%, 1.819%, 5/10/18 (United Kingdom)			18,800,000	18,839,912
BP Capital Markets PLC company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.43%, 1.734%, 2/13/18 (United Kingdom)			1,715,000	1,716,756
BP Capital Markets PLC company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.35%, 1.659%, 8/14/18 (United Kingdom)			16,010,000	16,050,826
BP Capital Markets PLC company guaranty sr. unsec. unsub. notes 1.768%, 9/19/19 (United Kingdom)			10,500,000	10,491,622
Chevron Corp. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.41%, 1.725%, 11/15/19			9,800,000	9,867,016
Chevron Corp. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.21%, 1.526%, 3/3/20			24,950,000	25,042,782
EQT Corp. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.77%, 2.106%, 10/1/20			38,000,000	38,262,580
Exxon Mobil Corp. sr. unsec. unsub. notes 1.439%, 3/1/18			9,000,000	9,001,301
Halliburton Co. sr. unsec. unsub. notes 2.00%, 8/1/18			6,680,000	6,692,132
Phillips 66 144A company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.75%, 2.109%, 4/15/20			3,649,000	3,656,059
Phillips 66 144A company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 0.65%, 2.009%, 4/15/19			22,250,000	22,278,134
Schlumberger Holdings Corp. 144A sr. unsec. notes 1.90%, 12/21/17			3,100,000	3,100,952
Total Capital International SA company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.35%, 1.674%, 6/19/19 (France)			4,525,000	4,542,100
				171,553,626
Financial (1.4%)
Berkshire Hathaway Finance Corp. company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.55%, 1.867%, 3/7/18			10,000,000	10,019,450
Berkshire Hathaway Finance Corp. company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.32%, 1.67%, 1/10/20			19,750,000	19,831,766
Berkshire Hathaway Finance Corp. company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.30%, 1.657%, 1/12/18			10,000,000	10,006,032
HSBC Holdings PLC sr. unsec. FRN BBA LIBOR USD 3 Month + 2.24%, 3.557%, 3/8/21 (United Kingdom)			1,300,000	1,369,973
Mizuho Financial Group, Inc. 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 1.48%, 2.837%, 4/12/21 (Japan)			6,750,000	6,938,224
Sumitomo Mitsui Financial Group, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.68%, 2.997%, 3/9/21 (Japan)			8,460,000	8,726,347
UBS AG/London 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.58%, 1.897%, 6/8/20 (United Kingdom)			20,400,000	20,492,963
UBS Group Funding Switzerland AG 144A company guaranty sr. unsec. FRN BBA LIBOR USD 3 Month + 1.44%, 2.768%, 9/24/20 (Switzerland)			10,700,000	10,906,587
UBS Group Funding Switzerland AG 144A company guaranty sr. unsec. notes BBA LIBOR USD 3 Month + 1.78%, 3.139%, 4/14/21 (Switzerland)			17,482,000	18,125,172
				106,416,514
Health care (1.2%)
Aetna, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.65%, 1.967%, 12/8/17			36,750,000	36,767,298
Aetna, Inc. sr. unsec. unsub. notes 1.50%, 11/15/17			3,100,000	3,099,815
Allergan Funding SCS company guaranty sr. unsec. notes 2.35%, 3/12/18 (Luxembourg)			2,000,000	2,004,591
Allergan Funding SCS company guaranty sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.08%, 2.39%, 3/12/18 (Luxembourg)			23,100,000	23,172,034
AstraZeneca PLC sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.53%, 1.844%, 11/16/18 (United Kingdom)			10,000,000	10,034,994
Becton Dickinson and Co. sr. unsec. unsub. notes 2.133%, 6/6/19			14,750,000	14,755,883
UnitedHealth Group, Inc. sr. unsec. notes 6.00%, 2/15/18			3,026,000	3,064,039
				92,898,654
Insurance (1.8%)
AIG Global Funding 144A sr. FRN BBA LIBOR USD 3 Month + 0.48%, 1.815%, 7/2/20			27,350,000	27,411,839
CNA Financial Corp. sr. unsec. unsub. notes 6.95%, 1/15/18			9,208,000	9,304,286
Metropolitan Life Global Funding I 144A FRN BBA LIBOR USD 3 Month + 0.43%, 1.754%, 12/19/18			10,000,000	10,044,414
Metropolitan Life Global Funding I 144A FRN BBA LIBOR USD 3 Month + 0.34%, 1.659%, 9/14/18			25,000,000	25,046,754
Metropolitan Life Global Funding I 144A sr. FRN BBA LIBOR USD 3 Month + 0.22%, 1.544%, 9/19/19			10,300,000	10,314,463
Metropolitan Life Global Funding I 144A sr. notes 1.75%, 9/19/19			3,194,000	3,181,778
New York Life Global Funding 144A FRN BBA LIBOR USD 3 Month + 0.39%, 1.755%, 10/24/19			15,000,000	15,075,942
New York Life Global Funding 144A FRN BBA LIBOR USD 3 Month + 0.40%, 1.747%, 4/6/18			10,600,000	10,617,202
New York Life Global Funding 144A FRN BBA LIBOR USD 3 Month + 0.28%, 1.60%, 12/15/17			10,000,000	10,001,990
Principal Life Global Funding II 144A FRN BBA LIBOR USD 3 Month + 0.30%, 1.615%, 2/22/19			10,000,000	10,021,340
Principal Life Global Funding II 144A sr. FRN BBA LIBOR USD 3 Month + 0.50%, 1.816%, 12/1/17			10,000,000	10,003,560
				141,023,568
Investment banking/Brokerage (1.5%)
Discover Bank sr. unsec. unsub. notes 2.00%, 2/21/18			4,750,000	4,754,517
Goldman Sachs Group, Inc. (The) sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 1.16%, 2.523%, 4/23/20			4,795,000	4,878,371
Goldman Sachs Group, Inc. (The) sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.80%, 2.117%, 12/13/19			7,505,000	7,562,789
Goldman Sachs Group, Inc. (The) sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 1.10%, 2.415%, 11/15/18			15,211,000	15,342,423
Goldman Sachs Group, Inc. (The) sr. unsec. unsub. FRN Ser. MTN, BBA LIBOR USD 3 Month + 0.80%, 2.12%, 12/15/17			11,719,000	11,728,024
Morgan Stanley sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.98%, 2.301%, 6/16/20			6,742,000	6,827,808
Morgan Stanley sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.85%, 2.215%, 1/24/19			31,620,000	31,826,514
Morgan Stanley sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.74%, 2.083%, 1/5/18			2,226,000	2,228,321
Morgan Stanley sr. unsec. unsub. FRN Ser. 3NC2, BBA LIBOR USD 3 Month + 0.80%, 2.109%, 2/14/20			24,600,000	24,711,418
Morgan Stanley sr. unsec. unsub. FRN Ser. GMTN, BBA LIBOR USD 3 Month + 1.40%, 2.763%, 4/21/21			4,350,000	4,474,134
				114,334,319
Real estate (0.5%)
Boston Properties LP sr. unsec. unsub. notes 3.70%, 11/15/18(R)			36,800,000	37,372,103
Realty Income Corp. sr. unsec. notes 2.00%, 1/31/18(R)			3,750,000	3,751,196
Welltower, Inc. sr. unsec. unsub. notes 2.25%, 3/15/18(R)			1,200,000	1,202,764
				42,326,063
Technology (2.0%)
Alibaba Group Holding, Ltd. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.52%, 1.837%, 11/28/17 (China)			16,700,000	16,699,198
Apple, Inc. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.20%, 1.512%, 2/7/20			25,000,000	25,072,036
Broadcom Corp./Broadcom Cayman Finance, Ltd. 144A company guaranty sr. unsec. notes 2.20%, 1/15/21			29,150,000	29,023,372
Cisco Systems, Inc. sr. unsec. FRN BBA LIBOR USD 3 Month + 0.31%, 1.63%, 6/15/18			10,000,000	10,019,584
Cisco Systems, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.60%, 1.916%, 2/21/18			5,000,000	5,009,694
IBM Credit, LLC sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.26%, 1.623%, 1/20/21			28,865,000	28,892,827
IBM Credit, LLC sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.15%, 1.467%, 9/6/19			28,865,000	28,902,664
Qualcomm, Inc. sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.27%, 1.586%, 5/18/18			10,000,000	10,014,223
				153,633,598
Transportation (—%)
Continental Airlines, Inc. Pass-Through Trust pass-through certificates Ser. 97-4, Class A, 6.90%, 1/2/18			397,891	398,886
				398,886
Utilities and power (1.2%)
Dominion Energy, Inc. 144A sr. unsec. FRN BBA LIBOR USD 3 Month + 0.55%, 1.866%, 6/1/19			30,150,000	30,249,348
DTE Energy Co. sr. unsec. notes 1.50%, 10/1/19			7,000,000	6,915,383
Edison International sr. unsec. notes 2.125%, 4/15/20			10,000,000	10,001,211
NextEra Energy Capital Holdings, Inc. company guaranty sr. unsec. notes 1.649%, 9/1/18			7,000,000	6,990,287
Sempra Energy sr. unsec. unsub. notes 1.625%, 10/7/19			10,000,000	9,928,986
Southern Co. (The) 144A sr. unsec. unsub. FRN BBA LIBOR USD 3 Month + 0.70%, 2.035%, 9/30/20			29,600,000	29,798,447
				93,883,662
Total corporate bonds and notes (cost $4,002,057,419)				$4,011,218,078
COMMERCIAL PAPER (38.7%)(a)
	Yield (%)	Maturity date	Principal amount	Value
Aegon NV (Netherlands)	1.506	12/21/17	$18,500,000	$18,462,391
Aegon NV (Netherlands)	1.506	12/18/17	34,000,000	33,935,172
Agrium, Inc. (Canada)	1.534	12/27/17	9,000,000	8,979,409
Agrium, Inc. (Canada)	1.474	12/12/17	13,500,000	13,477,635
Agrium, Inc. (Canada)	1.534	11/30/17	24,000,000	23,972,000
Agrium, Inc. (Canada)	1.402	11/27/17	5,800,000	5,793,914
Air Liquide US, LLC	1.464	12/22/17	25,800,000	25,756,323
Air Liquide US, LLC	1.463	12/19/17	21,000,000	20,966,586
Albermarle Corp.	1.672	11/16/17	6,000,000	5,995,331
Albermarle Corp.	1.692	11/15/17	8,600,000	8,593,729
Albermarle Corp.	1.702	11/9/17	16,350,000	16,342,876
Amcor, Ltd./Australia (Australia)	1.434	11/29/17	19,000,000	18,978,434
Amcor, Ltd./Australia (Australia)	1.403	11/17/17	28,800,000	28,781,055
Amcor, Ltd./Australia (Australia)	1.393	11/13/17	9,000,000	8,995,499
Amgen, Inc.	1.321	11/8/17	18,750,000	18,743,996
Amphenol Corp.	1.505	12/11/17	6,000,000	5,990,310
Amphenol Corp.	1.464	11/3/17	19,250,000	19,247,818
Anheuser-Busch InBev Worldwide, Inc.	1.415	12/12/17	18,800,000	18,770,565
Anthem, Inc.	1.403	11/6/17	24,900,000	24,894,028
Arrow Electronics, Inc.	1.823	11/29/17	25,000,000	24,964,374
Arrow Electronics, Inc.	1.752	11/20/17	19,500,000	19,480,966
Arrow Electronics, Inc.	1.803	11/2/17	8,000,000	7,999,229
Assa Abloy Financial Services AB (Sweden)	1.453	11/27/17	17,000,000	16,982,176
Autonation, Inc.	1.600	11/1/17	50,000,000	49,997,593
AXA Financial, Inc.	1.455	1/22/18	25,000,000	24,910,429
Bank of Nova Scotia (The) 144A (Canada)	1.260	2/2/18	10,000,000	10,011,150
Bell Canada, Inc. (Canada)	1.506	12/4/17	29,000,000	28,959,629
Bell Canada, Inc. (Canada)	1.402	12/1/17	6,300,000	6,292,020
Bell Canada, Inc. (Canada)	1.402	11/20/17	29,250,000	29,226,325
Boston Scientific Corp.	1.602	11/28/17	19,650,000	19,628,603
Boston Scientific Corp.	1.602	11/15/17	16,830,000	16,820,253
Boston Scientific Corp.	1.602	11/14/17	19,000,000	18,989,744
BPCE SA (France)	1.441	2/5/18	28,800,000	28,697,335
BPCE SA (France)	1.365	12/4/17	19,500,000	19,478,047
Canadian Natural Resources, Ltd. (Canada)	1.592	11/22/17	38,500,000	38,460,968
Canadian Natural Resources, Ltd. (Canada)	1.562	11/21/17	16,500,000	16,484,042
Caterpillar Financial Services	1.455	12/20/17	29,263,000	29,201,223
CBS Corp.	1.403	12/5/17	19,200,000	19,173,717
CBS Corp.	1.423	12/4/17	4,900,000	4,893,489
CBS Corp.	1.403	11/7/17	14,500,000	14,496,137
CenterPoint Energy Resources Corp.	1.494	12/26/17	19,500,000	19,456,229
CenterPoint Energy Resources Corp.	1.463	12/21/17	24,000,000	23,951,210
Commonwealth Bank of Australia 144A (Australia)	1.187	2/15/18	10,000,000	10,010,280
Constellation Brands, Inc.	1.593	11/14/17	18,000,000	17,987,757
Constellation Brands, Inc.	1.602	11/10/17	9,000,000	8,995,640
Darden Restaurants, Inc.	1.500	11/1/17	42,000,000	41,998,250
Deutsche Telekom AG (Germany)	1.423	11/6/17	7,725,000	7,723,019
Diageo Capital PLC (United Kingdom)	1.403	12/13/17	26,500,000	26,454,990
Diageo Capital PLC (United Kingdom)	1.403	12/7/17	29,000,000	28,957,915
DnB Bank ASA (Norway)	1.386	6/20/18	18,500,000	18,500,463
DnB Bank ASA 144A (Norway)	1.269	1/19/18	10,000,000	10,010,470
Dollar General Corp.	1.421	11/9/17	14,500,000	14,494,519
Dollar General Corp.	1.401	11/3/17	19,750,000	19,747,523
Dominion Energy Gas Holdings, LLC	1.403	12/11/17	2,390,000	2,385,969
Dominion Energy Gas Holdings, LLC	1.413	11/8/17	14,000,000	13,995,517
Duke Energy Corp.	1.465	1/5/18	14,800,000	14,751,982
Duke Energy Corp.	1.475	1/4/18	17,000,000	16,954,971
E. I. du Pont de Nemours & Co.	1.403	11/21/17	18,700,000	18,684,794
E. I. du Pont de Nemours & Co.	1.413	11/20/17	25,000,000	24,980,653
Eastman Chemical Co.	1.402	11/10/17	24,000,000	23,990,813
Eastman Chemical Co.	1.401	11/8/17	24,030,000	24,022,673
Enbridge Energy Partners LP	1.953	11/27/17	19,600,000	19,575,510
Enbridge US, Inc.	1.534	12/20/17	31,000,000	30,938,301
Enbridge US, Inc.	1.421	11/15/17	2,500,000	2,498,552
Energy Transfer Partners LP	1.750	11/1/17	57,000,000	56,997,256
Eni Finance USA, Inc.	1.432	11/21/17	30,000,000	29,975,010
Entergy Corp.	1.464	12/12/17	23,000,000	22,954,866
Entergy Corp.	1.401	11/6/17	17,000,000	16,995,356
Enterprise Products Operating, LLC	1.412	11/29/17	34,080,000	34,041,565
Enterprise Products Operating, LLC	1.402	11/14/17	18,000,000	17,990,284
Equifax, Inc.	1.434	11/1/17	19,000,000	18,999,286
ERAC USA Finance, LLC	1.422	11/8/17	24,000,000	23,992,682
ERAC USA Finance, LLC	1.401	11/2/17	19,000,000	18,998,567
ERP Operating LP	1.402	11/14/17	14,500,000	14,492,173
Experian Finance PLC (United Kingdom)	1.413	11/1/17	12,000,000	11,999,523
Florida Power & Light Co.	1.363	12/19/17	6,000,000	5,987,840
Florida Power & Light Co.	1.404	12/11/17	24,200,000	24,159,182
FMC Corp.	1.450	11/2/17	39,000,000	38,997,058
FMC Technologies, Inc.	1.504	12/5/17	38,000,000	37,947,982
Ford Motor Credit Co., LLC	1.464	11/17/17	15,000,000	14,989,694
Fortive Corp.	1.452	11/29/17	24,000,000	23,972,933
Fortive Corp.	1.432	11/28/17	29,000,000	28,968,422
Fortive Corp.	1.431	11/17/17	2,000,000	1,998,684
Hawaiian Electric Co., Inc.	1.560	11/1/17	27,000,000	26,998,776
Hawaiian Electric Industries	1.651	11/1/17	6,200,000	6,199,719
Humana, Inc.	1.482	11/27/17	3,200,000	3,196,002
Humana, Inc.	1.502	11/20/17	20,000,000	19,981,588
Humana, Inc.	1.504	11/16/17	34,000,000	33,975,051
International Flavors & Fragrances, Inc.	1.442	11/27/17	28,500,000	28,470,098
Interpublic Group of Cos., Inc. (The)	1.412	11/29/17	16,325,000	16,306,602
Interpublic Group of Cos., Inc. (The)	1.412	11/24/17	3,675,000	3,671,580
Interpublic Group of Cos., Inc. (The)	1.401	11/13/17	10,000,000	9,994,999
Interpublic Group of Cos., Inc. (The)	1.401	11/6/17	1,000,000	999,772
Interpublic Group of Cos., Inc. (The)	1.390	11/1/17	17,800,000	17,799,330
Intesa Sanpaolo Funding, LLC (Spain)	1.585	12/28/17	22,200,000	22,141,057
Kansas City Southern	1.570	11/3/17	18,500,000	18,497,325
LMA-Americas, LLC (France)	1.355	11/21/17	14,000,000	13,989,825
LMA-Americas, LLC (France)	1.354	11/2/17	9,700,000	9,699,388
Macquarie Bank, Ltd. (Australia)	1.497	2/12/18	19,000,000	18,919,149
Macquarie Bank, Ltd. (Australia)	1.364	11/13/17	10,300,000	10,295,228
Macquarie Bank, Ltd. (Australia)	1.365	11/7/17	25,000,000	24,993,827
Macquarie Bank, Ltd. (Australia)	1.344	11/3/17	3,400,000	3,399,643
Marriott International, Inc./MD	1.431	11/17/17	3,500,000	3,497,698
Marriott International, Inc./MD	1.431	11/15/17	22,000,000	21,987,258
Marriott International, Inc./MD	1.483	11/9/17	9,000,000	8,996,906
Matchpoint Finance PLC (Ireland)	1.353	12/12/17	20,500,000	20,467,139
Mattel, Inc.	1.702	11/16/17	19,000,000	18,988,254
McDonald's Corp.	1.362	12/1/17	22,000,000	21,973,439
Molson Coors Brewing Co.	1.551	11/9/17	12,000,000	11,995,876
Molson Coors Brewing Co.	1.562	11/7/17	20,500,000	20,494,539
Molson Coors Brewing Co.	1.541	11/3/17	15,900,000	15,898,198
Monsanto Co.	1.482	11/22/17	41,000,000	40,964,974
Moody's Corp.	1.380	11/1/17	12,000,000	11,999,549
Nationwide Building Society (United Kingdom)	1.437	1/22/18	22,350,000	22,277,653
Newell Brands, Inc.	1.589	11/13/17	22,820,000	22,805,596
Newell Brands, Inc.	1.571	11/6/17	30,000,000	29,991,306
NiSource Finance Corp.	1.442	12/1/17	16,000,000	15,980,684
NiSource Finance Corp.	1.492	11/13/17	20,200,000	20,189,897
NiSource Finance Corp.	1.451	11/8/17	25,000,000	24,992,378
NRW.Bank (Germany)	1.294	12/8/17	33,000,000	32,954,543
NRW.Bank (Germany)	1.309	11/16/17	20,000,000	19,988,952
Omnicom Capital, Inc.	1.453	11/30/17	32,000,000	31,962,667
Omnicom Capital, Inc.	1.443	11/15/17	24,000,000	23,986,099
ONEOK, Inc.	1.873	11/28/17	8,000,000	7,989,628
ONEOK, Inc.	1.881	11/2/17	6,200,000	6,199,437
ONEOK, Inc.	1.881	11/1/17	11,800,000	11,799,465
Reckitt Benckiser Treasury Services PLC (United Kingdom)	1.403	11/30/17	24,000,000	23,975,599
Rogers Communications, Inc. (Canada)	1.411	11/21/17	31,000,000	30,974,720
Rogers Communications, Inc. (Canada)	1.412	11/1/17	17,300,000	17,299,374
Schlumberger Holdings Corp.	1.403	12/14/17	22,500,000	22,459,190
Schlumberger Holdings Corp.	1.403	11/6/17	19,300,000	19,295,371
Societe Generale SA (France)	1.399	1/31/18	31,000,000	30,889,643
South Carolina Fuel Co., Inc.	1.602	11/15/17	17,200,000	17,190,038
South Carolina Fuel Co., Inc.	1.552	11/2/17	10,000,000	9,999,246
South Carolina Fuel Co., Inc.	1.552	11/3/17	24,375,000	24,372,238
Suncor Energy, Inc. (Canada)	1.464	11/22/17	23,500,000	23,479,923
Suncor Energy, Inc. (Canada)	1.422	11/10/17	11,500,000	11,495,598
Suncor Energy, Inc. (Canada)	1.442	11/8/17	14,000,000	13,995,732
Swedbank AB (Sweden)	1.315	11/17/17	24,000,000	23,986,933
Thomson Reuters Corp. (Canada)	1.454	11/13/17	36,000,000	35,981,176
TransCanada American Investments, Ltd.	1.465	12/18/17	5,000,000	4,990,467
TransCanada PipeLines, Ltd. (Canada)	1.412	12/18/17	26,200,000	26,150,045
UDR, Inc.	1.401	11/10/17	56,800,000	56,778,257
United Technologies Corp.	1.402	11/6/17	3,000,000	2,999,316
Viacom, Inc.	1.783	11/6/17	37,100,000	37,091,541
Westar Energy, Inc.	1.431	11/2/17	25,200,000	25,198,099
Westpac Banking Corp. 144A (Australia)	1.321	11/2/17	5,000,000	5,000,175
Whirlpool Corp.	1.424	11/27/17	48,000,000	47,949,636
WPP CP Finance PLC (United Kingdom)	1.701	2/12/18	19,250,000	19,161,467
WPP CP Finance PLC (United Kingdom)	1.502	11/13/17	7,250,000	7,246,374
WPP CP Finance PLC (United Kingdom)	1.502	11/10/17	9,500,000	9,496,364
WPP CP Finance PLC (United Kingdom)	1.471	11/7/17	20,965,000	20,959,415
Total commercial paper (cost $2,983,711,498)				$2,983,677,914
MORTGAGE-BACKED SECURITIES (3.9%)(a)
			Principal amount	Value
Agency collateralized mortgage obligations (1.8%)
Bellemeade Re, Ltd. 144A FRB Ser. 17-1, Class M1, 1 Month US LIBOR + 1.70%, 2.738%, 10/25/27 (Bermuda)			$22,200,000	$22,241,625
Federal Home Loan Mortgage Corporation
Ser. 1619, Class PZ, 6.50%, 11/15/23			105,878	113,840
Ser. 3724, Class CM, 5.50%, 6/15/37			185,763	205,216
Ser. 3316, Class CD, 5.50%, 5/15/37			72,515	81,000
Ser. 2561, Class BD, 5.00%, 2/15/18			12,536	12,566
Ser. 2541, Class JC, 5.00%, 12/15/17			2,716	2,718
Ser. 2542, Class ES, 5.00%, 12/15/17			491	491
Ser. 2519, Class AH, 5.00%, 11/15/17			2,152	2,151
Structured Agency Credit Risk Debt FRN Ser. 13-DN1, Class M1, 1 Month US LIBOR + 3.40%, 4.638%, 7/25/23			34,837	35,237
Ser. 3539, Class PM, 4.50%, 5/15/37			21,160	22,021
Ser. 2958, Class QD, 4.50%, 4/15/20			5,502	5,526
Structured Agency Credit Risk Debt FRN Ser. 16-DNA1, Class M2, 1 Month US LIBOR + 2.90%, 4.138%, 7/25/28			12,589,000	13,019,292
Structured Agency Credit Risk Debt FRN Ser. 15-DNA3, Class M2, 1 Month US LIBOR + 2.85%, 4.088%, 4/25/28			7,288,444	7,540,325
Structured Agency Credit Risk Debt FRN Ser. 15-HQA2, Class M2, 1 Month US LIBOR + 2.80%, 4.038%, 5/25/28			7,857,577	8,115,698
Ser. 2854, Class DL, 4.00%, 9/15/19			35,038	35,292
Ser. 2864, Class GB, 4.00%, 9/15/19			30,504	30,841
Ser. 2783, Class AY, 4.00%, 4/15/19			20,763	20,897
Structured Agency Credit Risk Debt FRN Ser. 15-HQA1, Class M2, 1 Month US LIBOR + 2.65%, 3.888%, 3/25/28			13,726,209	14,086,522
Structured Agency Credit Risk Debt FRN Ser. 14-HQ3, Class M2, IO, 1 Month US LIBOR + 2.65%, 3.888%, 10/25/24			656,086	658,054
Structured Agency Credit Risk Debt FRN Ser. 15-DNA2, Class M2, 1 Month US LIBOR + 2.60%, 3.838%, 12/25/27			24,239,231	24,762,798
Structured Agency Credit Risk Debt FRN Ser. 15-DN1, Class M2, 1 Month US LIBOR + 2.40%, 3.638%, 1/25/25			919,561	921,051
Structured Agency Credit Risk Debt FRN Ser. 16-DNA2, Class M2, 1 Month US LIBOR + 2.20%, 3.438%, 10/25/28			11,152,000	11,301,007
Structured Agency Credit Risk Debt FRN Ser. 15-HQ1, Class M2, 1 Month US LIBOR + 2.20%, 3.438%, 3/25/25			10,189,511	10,251,465
Structured Agency Credit Risk Debt FRN Ser. 14-DN1, Class M2, 1 Month US LIBOR + 2.20%, 3.438%, 2/25/24			2,881,133	2,966,067
Structured Agency Credit Risk Debt FRN Ser. 16-DNA3, Class M2, 1 Month US LIBOR + 2.00%, 3.238%, 12/25/28			186,000	189,523
Structured Agency Credit Risk Debt FRN Ser. 15-HQ2, Class M2, 1 Month US LIBOR + 1.95%, 3.188%, 5/25/25			1,089,000	1,111,107
Structured Agency Credit Risk Debt FRN Ser. 14-DN2, Class M2, 1 Month US LIBOR + 1.65%, 2.888%, 4/25/24			5,758,461	5,836,684
Structured Agency Credit Risk Debt FRN Ser. 17-HQA1, Class M1, 1 Month US LIBOR + 1.20%, 2.438%, 8/25/29			4,565,893	4,609,470
Structured Agency Credit Risk Debt FRN Ser. 16-DNA3, Class M1, 1 Month US LIBOR + 1.10%, 2.338%, 12/25/28			2,068,356	2,072,512
Ser. 3611, PO, zero %, 7/15/34			57,066	49,697
Federal National Mortgage Association
Ser. 11-15, Class AB, 9.75%, 8/25/19			22,732	23,247
Ser. 10-110, Class AE, 9.75%, 11/25/18			18,926	19,416
Ser. 05-48, Class AR, 5.50%, 2/25/35			48,015	49,441
Ser. 08-8, Class PA, 5.00%, 2/25/38			62,623	64,282
Ser. 09-15, Class MC, 5.00%, 3/25/24			8,291	8,421
Ser. 02-73, Class OE, 5.00%, 11/25/17			11	11
Ser. 09-100, Class PA, 4.50%, 4/25/39			3,428	3,443
Ser. 11-60, Class PA, 4.00%, 10/25/39			17,211	17,650
Ser. 11-36, Class PA, 4.00%, 2/25/39			81,511	81,914
Ser. 03-43, Class YA, 4.00%, 3/25/33			198,540	200,295
Ser. 04-27, Class HB, 4.00%, 5/25/19			12,496	12,613
Ser. 03-128, Class NG, 4.00%, 1/25/19			18,636	18,748
Ser. 11-20, Class PC, 3.50%, 3/25/39			38,429	38,867
Ser. 10-155, Class A, 3.50%, 9/25/25			13,498	13,663
Connecticut Avenue Securities FRB Ser. 16-C03, Class 2M1, 1 Month US LIBOR + 2.20%, 3.438%, 10/25/28			271,854	274,572
Connecticut Avenue Securities FRB Ser. 16-C02, Class 1M1, 1 Month US LIBOR + 2.15%, 3.388%, 9/25/28			433,492	437,892
Connecticut Avenue Securities FRB Ser. 16-C01, Class 2M1, 1 Month US LIBOR + 2.10%, 3.338%, 8/25/28			299,063	301,247
Connecticut Avenue Securities FRB Ser. 16-C03, Class 1M1, 1 Month US LIBOR + 2.00%, 3.238%, 10/25/28			181,141	184,205
Connecticut Avenue Securities FRB Ser. 13-C01, Class M1, 1 Month US LIBOR + 2.00%, 3.238%, 10/25/23			47,393	47,745
Connecticut Avenue Securities FRB Ser. 16-C01, Class 1M1, 1 Month US LIBOR + 1.95%, 3.188%, 8/25/28			347,339	350,511
Ser. 11-42, Class BJ, 3.00%, 8/25/25			122,484	122,781
Ser. 10-43, Class KG, 3.00%, 1/25/21			31,243	31,453
Connecticut Avenue Securities FRB Ser. 14-C01, Class M1, 1 Month US LIBOR + 1.60%, 2.838%, 1/25/24			311,097	313,498
Ser. 11-23, Class AB, 2.75%, 6/25/20			15,206	15,232
Connecticut Avenue Securities FRB Ser. 16-C05, Class 2M1, 1 Month US LIBOR + 1.35%, 2.588%, 1/25/29			5,839,171	5,872,503
Ser. 10-81, Class AP, 2.50%, 7/25/40			83,960	83,530
Connecticut Avenue Securities FRB Ser. 14-C02, Class 2M1, 1 Month US LIBOR + 0.95%, 2.188%, 5/25/24			2,857	2,858
FRB Ser. 17-C06, Class 2M1, 1 Month US LIBOR + 0.75%, 1.988%, 2/25/30			1,792,017	1,796,694
FRB Ser. 10-90, Class GF, 1 Month US LIBOR + 0.50%, 1.738%, 8/25/40			1,498,682	1,490,461
FRB Ser. 06-74, Class FL, 1 Month US LIBOR + 0.35%, 1.588%, 8/25/36			256,475	255,587
FRB Ser. 05-63, Class FC, 1 Month US LIBOR + 0.25%, 1.488%, 10/25/31			818,639	815,890
Ser. 92-96, Class B, PO, zero %, 5/25/22			4,385	4,303
Government National Mortgage Association
Ser. 10-39, Class PH, 4.50%, 11/20/38			41,721	42,207
Ser. 09-32, Class AB, 4.00%, 5/16/39			20,367	21,431
				143,317,304
Commercial mortgage-backed securities (—%)
JPMorgan Chase Commercial Mortgage Securities Trust Ser. 04-LN2, Class A2, 5.115%, 7/15/41			29,436	29,436
				29,436
Residential mortgage-backed securities (non-agency) (2.1%)
Banc of America Funding Trust FRB Ser. 05-B, Class 3A1, 1 Month US LIBOR + 0.23%, 1.469%, 4/20/35			1,157,134	1,151,348
Banc of America Funding Trust 144A FRB Ser. 15-R4, Class 6A1, 1 Month US LIBOR + 0.14%, 1.377%, 8/27/36			10,790,729	10,736,776
BCAP, LLC Trust 144A FRB Ser. 15-RR6, Class 3A1, 1 Month US LIBOR + 0.94%, 1.829%, 5/26/46			875,489	866,758
Bear Stearns Asset Backed Securities I Trust
FRB Ser. 07-HE7, Class 1A1, 1 Month US LIBOR + 1.00%, 2.238%, 10/25/37			11,955,911	12,002,043
FRB Ser. 05-FR1, Class M1, 1 Month US LIBOR + 0.75%, 1.988%, 6/25/35			1,674,501	1,676,204
FRB Ser. 05-TC1, Class M1, 1 Month US LIBOR + 0.66%, 1.898%, 5/25/35			1,688,575	1,675,911
FRB Ser. 06-HE1, Class 1M1, 1 Month US LIBOR + 0.41%, 1.648%, 12/25/35			1,148,100	1,146,814
Bear Stearns Asset Backed Securities Trust
FRB Ser. 05-SD3, Class 1A, 1 Month US LIBOR + 0.49%, 1.728%, 7/25/35			2,829,328	2,816,627
FRB Ser. 05-SD2, Class 1A3, 1 Month US LIBOR + 0.40%, 1.638%, 3/25/35			491,282	490,503
CIT Mortgage Loan Trust 144A FRB Ser. 07-1, Class 2A3, 1 Month US LIBOR + 1.45%, 2.688%, 10/25/37			5,317,143	5,357,969
Citigroup Mortgage Loan Trust, Inc.
FRB Ser. 06-WFH3, Class M1, 1 Month US LIBOR + 0.29%, 1.528%, 10/25/36			22,568,000	22,459,317
FRB Ser. 06-WFH3, Class A4, 1 Month US LIBOR + 0.24%, 1.478%, 10/25/36			554,828	549,280
Countrywide Asset-Backed Certificates Trust
FRB Ser. 05-4, Class MV3, 1 Month US LIBOR + 0.50%, 1.738%, 10/25/35			719,931	719,746
FRB Ser. 05-16, Class 3AV, 1 Month US LIBOR + 0.23%, 1.468%, 5/25/36			10,033,926	9,833,247
FRB Ser. 06-2, Class 1A1, 1 Month US LIBOR + 0.20%, 1.438%, 6/25/36			5,279,209	5,273,226
Credit-Based Asset Servicing & Securitization, LLC 144A FRB Ser. 07-SP2, Class A3, 1 Month US LIBOR + 0.45%, 1.688%, 3/25/46			5,229,768	5,236,924
CSMC Trust 144A FRB Ser. 14-5R, Class 6A1, 1 Month US LIBOR + 0.15%, 1.387%, 10/27/36			3,312,042	3,319,215
EquiFirst Mortgage Loan Trust FRB Ser. 05-1, Class M3, 1 Month US LIBOR + 0.72%, 1.958%, 4/25/35			3,617,613	3,618,744
First Franklin Mortgage Loan Trust FRB Ser. 06-FF1, Class 1A, 1 Month US LIBOR + 0.22%, 1.458%, 1/25/36			2,006,097	2,002,650
GE-WMC Asset-Backed Pass-Through Certificates FRB Ser. 05-2, Class A1, 1 Month US LIBOR + 0.23%, 1.463%, 12/25/35			5,925,039	5,912,217
GSAA Home Equity Trust FRB Ser. 05-6, Class A3, 1 Month US LIBOR + 0.37%, 1.608%, 6/25/35			3,926,754	3,926,754
GSAMP Trust FRB Ser. 06-HE7, Class A2D, 1 Month US LIBOR + 0.23%, 1.468%, 10/25/46			1,917,844	1,899,241
GSMSC Resecuritization Trust 144A FRB Ser. 09-6R, Class 3A1, 3.04%, 2/26/36(WAC)			2,064,491	2,090,211
JPMorgan Mortgage Acquisition Trust FRB Ser. 06-CH1, Class A5, 1 Month US LIBOR + 0.23%, 1.468%, 7/25/36			1,485,534	1,483,514
Lehman XS Trust FRB Ser. 06-1, Class 1A2, 1 Month US LIBOR + 0.31%, 1.548%, 2/25/36			2,285,631	2,272,384
Long Beach Mortgage Loan Trust FRB Ser. 06-WL3, Class 2A3, 1 Month US LIBOR + 0.20%, 1.438%, 1/25/36			1,659,705	1,684,723
Merrill Lynch Mortgage Investors Trust FRB Ser. 06-FF1, Class M2, 1 Month US LIBOR + 0.29%, 1.528%, 8/25/36			10,000,000	9,992,848
Morgan Stanley Home Equity Loan Trust 144A FRB Ser. 06-1, Class A1, 1 Month US LIBOR + 0.23%, 1.468%, 12/25/35			1,317,074	1,315,633
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates
FRB Ser. 05-1, Class M3, 1 Month US LIBOR + 0.86%, 2.093%, 2/25/35			652,181	652,589
FRB Ser. 05-2, Class M2, 1 Month US LIBOR + 0.68%, 1.913%, 4/25/35			2,368,803	2,376,303
Opteum Mortgage Acceptance Corp. Trust FRB Ser. 05-4, Class 1A1C, 1 Month US LIBOR + 0.41%, 1.648%, 11/25/35			519,029	518,251
Park Place Securities, Inc. FRB Ser. 05-WHQ2, Class M1, 1 Month US LIBOR + 0.63%, 1.868%, 5/25/35			1,031,395	1,032,617
Residential Asset Mortgage Products Trust FRB Ser. 05-EFC2, Class M3, 1 Month US LIBOR + 0.74%, 1.973%, 7/25/35			518,816	518,925
Residential Asset Mortgage Products, Inc. Trust FRB Ser. 06-RZ4, Class A2, 1 Month US LIBOR + 0.18%, 1.418%, 10/25/36			2,965,713	2,966,561
Residential Asset Securities Corp., Trust
FRB Ser. 04-KS10, Class M1, 1 Month US LIBOR + 0.90%, 2.138%, 11/25/34			5,892,453	5,942,806
FRB Ser. 05-KS11, Class M1, 1 Month US LIBOR + 0.40%, 1.638%, 12/25/35			2,374,591	2,372,359
Soundview Home Loan Trust FRB Ser. 06-2, Class M1, 1 Month US LIBOR + 0.33%, 1.568%, 3/25/36			5,000,000	4,994,070
Structured Asset Investment Loan Trust
FRB Ser. 04-7, Class A7, 1 Month US LIBOR + 0.84%, 2.078%, 8/25/34			5,067,683	5,070,279
FRB Ser. 05-8, Class A4, 1 Month US LIBOR + 0.72%, 1.958%, 10/25/35			1,233,728	1,234,910
FRB Ser. 05-HE1, Class M1, 1 Month US LIBOR + 0.71%, 1.943%, 7/25/35			2,045,442	2,030,643
FRB Ser. 05-3, Class M2, 1 Month US LIBOR + 0.66%, 1.898%, 4/25/35			1,821,485	1,821,197
Structured Asset Securities Corp Mortgage Loan Trust
FRB Ser. 06-WF1, Class M1, 1 Month US LIBOR + 0.32%, 1.558%, 2/25/36			2,692,477	2,686,061
FRB Ser. 06-OPT1, Class A5, 1 Month US LIBOR + 0.26%, 1.498%, 4/25/36			3,141,639	3,094,515
FRB Ser. 06-NC1, Class A4, 1 Month US LIBOR + 0.15%, 1.388%, 5/25/36			1,026,532	1,019,707
				159,842,620
Total mortgage-backed securities (cost $302,596,715)				$303,189,360
CERTIFICATES OF DEPOSIT (3.4%)(a)
	Yield (%)	Maturity date	Principal amount	Value
Bank of Nova Scotia/Houston	1.827	11/1/18	$5,000,000	$4,999,005
Bank of Nova Scotia/Houston FRN	1.511	11/9/18	9,500,000	9,498,081
Bank of Tokyo-Mitsubishi UFJ, Ltd./New York, NY FRN (Japan)	1.965	2/22/19	10,000,000	10,032,030
Canadian Imperial Bank of Commerce/New York, NY	1.543	2/4/19	19,500,000	19,497,563
Canadian Imperial Bank of Commerce/New York, NY FRN	1.725	2/2/18	24,500,000	24,528,420
Canadian Imperial Bank of Commerce/New York, NY FRN	1.647	5/29/19	16,300,000	16,294,914
Intesa Sanpaolo SpA/New York, NY (Italy)	1.600	11/28/17	19,000,000	19,003,055
National Bank of Canada/New York, NY FRN	1.750	5/8/19	19,500,000	19,506,045
Nordea Bank AB/New York, NY FRN	1.696	2/21/19	6,000,000	5,998,446
Nordea Bank AB/New York, NY FRN	1.657	3/7/19	10,000,000	9,997,320
Royal Bank of Canada/New York, NY FRN (Canada)	1.617	12/8/17	5,000,000	5,002,155
Skandinaviska Enskilda Banken AB/New York, NY FRN	1.669	2/21/18	2,000,000	2,002,256
Skandinaviska Enskilda Banken AB/New York, NY FRN	1.561	5/3/19	19,750,000	19,747,077
Skandinaviska Enskilda Banken AB/New York, NY FRN	1.525	2/22/18	10,000,000	10,008,360
Sumitomo Mitsui Banking Corp/New York FRN (Japan)	1.776	6/5/19	19,650,000	19,668,412
Svenska Handelsbanken/New York, NY FRN (Sweden)	1.597	6/7/19	9,750,000	9,748,450
Svenska Handelsbanken/New York, NY FRN (Sweden)	1.439	2/12/19	20,000,000	19,997,440
Swedbank AB/New York	1.642	8/24/20	28,500,000	28,492,134
Toronto-Dominion Bank/NY (Canada)	1.757	11/20/17	10,000,000	10,003,200
Total certificates of deposit (cost $263,923,369)				$264,024,363
ASSET-BACKED COMMERCIAL PAPER (1.0%)(a)
	Yield (%)	Maturity date	Principal amount	Value
Atlantic Asset Securitization, LLC	1.334	12/8/17	$23,300,000	$23,268,494
MetLife Short Term Funding, LLC	1.306	12/19/17	29,000,000	28,952,713
Victory Receivables Corp. (Japan)	1.325	12/15/17	24,000,000	23,961,000
Total asset-backed commercial paper (cost $76,179,163)				$76,182,207
ASSET-BACKED SECURITIES (0.9%)(a)
			Principal amount	Value
Mortgage Repurchase Agreement Financing Trust 144A
FRB Ser. 16-4, Class A1, 1 Month US LIBOR + 1.20%, 2.435%, 5/10/19			$3,898,000	$3,898,000
FRB Ser. 16-5, Class A, 1 Month US LIBOR + 1.17%, 2.405%, 6/10/19			25,000,000	25,000,000
Station Place Securitization Trust 144A
FRB Ser. 17-1, Class A, 1 Month US LIBOR + 0.90%, 2.138%, 2/25/49			7,817,000	7,817,000
FRB Ser. 17-6, Class A, 1 Month US LIBOR + 0.70%, 1.938%, 11/24/18			32,563,000	32,563,000
Total asset-backed securities (cost $69,278,609)				$69,278,000
REPURCHASE AGREEMENTS (0.5%)(a)
			Principal amount	Value
Interest in $35,000,000 tri-party term repurchase agreement dated 10/31/17 with BNP Paribas due 12/5/17 - maturity value of $35,046,958 for an effective yield of 1.380% (collateralized by various corporate bonds and notes with coupon rates ranging from 1.700% to 8.500% and due dates ranging from 4/15/18 to 8/15/47, valued at $36,752,243)(IR)			$35,000,000	$35,000,000
Total repurchase agreements (cost $35,000,000)				$35,000,000
U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (—%)(a)
			Principal amount	Value
U.S. Government Guaranteed Mortgage Obligations (—%)
Government National Mortgage Association Pass-Through Certificates
4.50%, 10/15/19			$23,596	$23,987
4.50%, 5/15/18			8,744	8,790
				32,777
U.S. Government Agency Mortgage Obligations (—%)
Federal Home Loan Mortgage Corporation 4.50%, 10/1/18			2,947	2,968
Federal Home Loan Mortgage Corporation Pass-Through Certificates
6.50%, 3/1/19			17,185	17,575
6.00%, 2/1/19			80	80
5.50%, with due dates from 4/1/18 to 11/1/18			9,953	10,006
5.00%, with due dates from to 2/1/18 to 5/1/21			61,523	62,818
4.50%, 8/1/18			9,222	9,301
Federal National Mortgage Association Pass-Through Certificates
6.50%, 12/1/19			2,099	2,150
6.00%, with due dates from 12/1/17 to 5/1/23			25,267	26,322
5.50%, with due dates from 4/1/18 to 11/1/23			56,963	58,167
5.00%, 11/1/19			27,618	28,180
				217,567
Total U.S. government and agency mortgage obligations (cost $262,636)				$250,344
TOTAL INVESTMENTS
Total investments (cost $7,733,009,409)				$7,742,820,266

Key to holding's abbreviations
BKNT	Bank Note
FRB	Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place 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. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.
GMTN	Global Medium Term Notes
IO	Interest Only
MTN	Medium Term Notes
PO	Principal Only

	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 August 1, 2017 through October 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 $7,714,950,160.
(R)	Real Estate Investment Trust.
(IR)	Repurchase agreements with a maturity of more than seven days are considered to be illiquid investments.
(WAC)	The rate shown represents the weighted average coupon associated with the underlying mortgage pools. Rates may be subject to a cap or floor.
	Debt obligations are considered secured unless otherwise indicated.
	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	66.1%
	Canada	7.3
	United Kingdom	5.5
	Australia	4.8
	Netherlands	4.3
	France	3.1
	Sweden	2.6
	Japan	1.8
	Norway	0.9
	Denmark	0.8
	Germany	0.8
	Other	2.0
	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.
	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. 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.
	Repurchase agreements: The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $36,752,243, is held at the counterparty's custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.
	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.

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
Asset-backed commercial paper	$—	$76,182,207	$—
Asset-backed securities	—	36,715,000	32,563,000
Certificates of deposit	—	264,024,363	—
Commercial paper	—	2,983,677,914	—
Corporate bonds and notes	—	4,011,218,078	—
Mortgage-backed securities	—	303,189,360	—
Repurchase agreements	—	35,000,000	—
U.S. government and agency mortgage obligations	—	250,344	—
Totals by level	$—	$7,710,257,266	$32,563,000
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.
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.
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: December 28, 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: December 28, 2017

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: December 28, 2017