Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

39116-Q3PH

1

Schedule

of

Investments

(unaudited)

Putnam

Global

Technology

Fund

2

Notes

to

Schedule

of

Investments

5

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited),

May

31,

2025

Putnam

Global

Technology

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.3%

Automobiles

0.4%

a

Tesla,

Inc.

.........................................

United

States

15,644

$

5,420,020

Broadline

Retail

3.7%

a

Amazon.com,

Inc.

...................................

United

States

148,275

30,397,858

JD.com,

Inc.,

A

.....................................

China

894,650

14,478,237

44,876,095

Communications

Equipment

2.4%

Cisco

Systems,

Inc.

.................................

United

States

464,695

29,294,373

Entertainment

1.9%

a

Sea

Ltd.,

ADR

......................................

Singapore

143,322

22,984,549

Financial

Services

1.0%

a

Toast,

Inc.,

A

.......................................

United

States

305,115

12,869,751

IT

Services

4.9%

Accenture

plc,

A

....................................

Ireland

189,166

59,931,572

Semiconductors

&

Semiconductor

Equipment

40.4%

ASML

Holding

NV

...................................

Netherlands

69,439

51,158,504

ASMPT

Ltd.

.......................................

Hong

Kong

1,273,000

8,547,988

Broadcom,

Inc.

.....................................

United

States

248,363

60,121,231

Kokusai

Electric

Corp.

................................

Japan

265,300

5,460,594

Marvell

Technology,

Inc.

..............................

United

States

525,404

31,624,067

NVIDIA

Corp.

......................................

United

States

1,591,518

215,061,827

Silergy

Corp.

.......................................

China

1,490,000

17,116,080

STMicroelectronics

NV

...............................

Singapore

1,082,962

27,187,411

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.............

Taiwan

2,075,000

66,180,134

Tokyo

Electron

Ltd.

..................................

Japan

110,300

17,357,363

499,815,199

Software

28.7%

a

Cadence

Design

Systems,

Inc.

.........................

United

States

144,424

41,459,798

a

Elastic

NV

.........................................

United

States

197,977

16,010,400

a

Gitlab,

Inc.,

A

......................................

United

States

476,495

21,685,287

a

HubSpot,

Inc.

......................................

United

States

27,037

15,949,126

Microsoft

Corp.

.....................................

United

States

443,566

204,200,044

Oracle

Corp.

.......................................

United

States

207,968

34,424,943

Salesforce,

Inc.

.....................................

United

States

82,575

21,912,928

355,642,526

Technology

Hardware,

Storage

&

Peripherals

15.9%

Apple,

Inc.

........................................

United

States

677,860

136,148,181

Seagate

Technology

Holdings

plc

.......................

United

States

355,029

41,872,120

Wiwynn

Corp.

......................................

Taiwan

234,000

18,409,792

196,430,093

Total

Common

Stocks

(Cost

$872,690,292)

...................................

1,227,264,178

Principal

Amount

*

U.S.

Government

and

Agency

Securities

0.0%

†

b

U.S.

Treasury

Notes

,

0.625

%,

8/15/30

....................

United

States

35,800

30,178

Total

U.S.

Government

and

Agency

Securities

(Cost

$30,178)

...................

30,178

Total

Long

Term

Investments

(Cost

$872,720,470)

.............................

1,227,294,356

a

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

Putnam

Global

Technology

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

At

May

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Short

Term

Investments

0.5%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.2%

c,d

U.S.

Treasury

Bills

,

4.18%,

10/02/25

...................................

United

States

2,000,000

$

1,971,598

4.18%,

11/06/25

...................................

United

States

800,000

785,482

2,757,080

Total

U.S.

Government

and

Agency

Securities

(Cost

$2,757,737)

................

2,757,080

Shares

Money

Market

Funds

0.3%

e,f

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

.......

United

States

3,457,941

3,457,941

Total

Money

Market

Funds

(Cost

$3,457,941)

.................................

3,457,941

Total

Short

Term

Investments

(Cost

$6,215,678

)

...............................

6,215,021

a

Total

Investments

(Cost

$878,936,148)

99.8%

.................................

$1,233,509,377

Other

Assets,

less

Liabilities

0.2%

...........................................

2,855,810

Net

Assets

100.0%

.........................................................

$1,236,365,187

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

c

The

rate

shown

represents

the

yield

at

period

end.

d

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

May

31,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$1,670,510,

representing

0.1%

of

net

assets.

e

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

British

Pound

......

TDOM

Buy

1,427,900

1,830,642

6/18/25

$

93,372

$

—

Euro

.............

CITI

Sell

6,548,600

7,050,718

6/18/25

—

(391,888)

Euro

.............

GSCO

Sell

13,069,700

14,292,481

6/18/25

—

(561,477)

Euro

.............

HSBK

Buy

2,885,700

3,258,398

6/18/25

21,254

—

Euro

.............

JPHQ

Sell

1,770,200

1,905,612

6/18/25

—

(106,253)

Euro

.............

MSCO

Buy

4,503,700

4,967,657

6/18/25

150,882

—

Euro

.............

MSCO

Sell

1,968,300

2,122,924

6/18/25

—

(114,086)

Euro

.............

SSBT

Buy

78,300

85,831

6/18/25

3,159

—

Euro

.............

WPAC

Sell

8,004,400

8,618,074

6/18/25

—

(479,077)

Swedish

Krona

.....

CITI

Buy

108,575,000

11,219,781

6/18/25

115,663

—

Swedish

Krona

.....

GSCO

Sell

100,674,900

10,022,113

6/18/25

—

(488,545)

Swedish

Krona

.....

MSCO

Buy

130,205,600

12,994,820

6/18/25

598,901

—

Swedish

Krona

.....

MSCO

Sell

82,201,200

8,183,501

6/18/25

—

(398,466)

Swedish

Krona

.....

SSBT

Buy

140,579,700

14,355,845

6/18/25

320,952

—

Swedish

Krona

.....

SSBT

Sell

63,741,100

6,344,649

6/18/25

—

(310,047)

Putnam

Funds

Trust

Schedule

of

Investments

(unaudited)

Putnam

Global

Technology

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

See

Abbreviations

on

page

8

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Swedish

Krona

.....

TDOM

Sell

106,480,100

10,599,992

6/18/25

$

—

$

(516,740)

Canadian

Dollar

....

BOFA

Buy

3,127,300

2,196,894

7/16/25

87,019

—

Canadian

Dollar

....

JPHQ

Buy

7,370,700

5,176,925

7/16/25

206,004

—

Canadian

Dollar

....

MSCO

Buy

2,625,000

1,843,673

7/16/25

73,402

—

Canadian

Dollar

....

SSBT

Buy

2,883,200

2,025,161

7/16/25

80,481

—

Canadian

Dollar

....

UBSW

Buy

3,486,900

2,449,130

7/16/25

97,404

—

Canadian

Dollar

....

WPAC

Buy

3,181,400

2,291,948

7/16/25

31,475

—

Israeli

New

Shekel

..

GSCO

Buy

4,934,900

1,339,213

7/16/25

66,129

—

Israeli

New

Shekel

..

HSBK

Buy

5,015,800

1,360,944

7/16/25

67,436

—

Israeli

New

Shekel

..

SSBT

Buy

6,230,100

1,690,252

7/16/25

83,931

—

Chinese

Yuan

......

BOFA

Sell

29,789,900

4,172,713

8/20/25

13,122

—

Chinese

Yuan

......

CITI

Sell

44,918,300

6,286,338

8/20/25

14,355

—

Chinese

Yuan

......

SSBT

Sell

54,591,000

7,638,095

8/20/25

15,504

—

Chinese

Yuan

......

TDOM

Sell

33,062,100

4,626,153

8/20/25

9,662

—

Hong

Kong

Dollar

...

HSBK

Sell

29,404,100

3,796,154

8/20/25

22,490

—

Hong

Kong

Dollar

...

MSCO

Sell

65,879,400

8,503,695

8/20/25

48,864

—

Hong

Kong

Dollar

...

SSBT

Buy

51,246,400

6,617,806

8/20/25

—

(40,945)

Hong

Kong

Dollar

...

TDOM

Sell

24,095,900

3,112,263

8/20/25

19,843

—

Indian

Rupee

......

GSCO

Buy

735,201,500

8,600,357

8/20/25

—

(45,330)

Japanese

Yen

......

CITI

Buy

198,243,900

1,353,573

8/20/25

36,599

—

Japanese

Yen

......

CITI

Sell

36,870,900

251,110

8/20/25

—

(7,445)

Japanese

Yen

......

HSBK

Buy

463,677,900

3,166,009

8/20/25

85,500

—

Japanese

Yen

......

JPHQ

Buy

451,323,600

3,080,976

8/20/25

83,899

—

Japanese

Yen

......

MSCO

Buy

447,505,500

3,077,522

8/20/25

60,580

—

New

Taiwan

Dollar

..

BZWS

Sell

299,064,200

10,105,799

8/20/25

—

(98,786)

Singapore

Dollar

....

BOFA

Buy

4,664,400

3,635,856

8/20/25

—

(1,067)

Singapore

Dollar

....

BOFA

Sell

7,148,700

5,538,309

8/20/25

—

(32,400)

Singapore

Dollar

....

MSCO

Sell

1,849,500

1,424,665

8/20/25

—

(16,580)

Singapore

Dollar

....

TDOM

Sell

13,742,600

10,586,296

8/20/25

—

(122,788)

Singapore

Dollar

....

UBSW

Sell

4,155,100

3,200,145

8/20/25

—

(37,766)

Singapore

Dollar

....

WPAC

Sell

8,096,000

6,236,327

8/20/25

—

(72,577)

South

Korean

Won

..

GSCO

Buy

15,712,336,100

11,156,953

8/20/25

277,292

—

South

Korean

Won

..

JPHQ

Buy

13,958,447,300

9,910,151

8/20/25

247,746

—

Total

Forward

Exchange

Contracts

...................................................

$3,032,920

$(3,842,263)

Net

unrealized

appreciation

(depreciation)

............................................

$(809,343)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Funds

Trust

5

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Putnam

Funds

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of sixteen

separate

funds,

one

of

which is

included

in

this

report

(Fund).

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Putnam

Funds

Trust

Notes

to

Schedule

of

Investments

(unaudited)

6

Quarterly

Schedule

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the Fund.

As

a

result,

differences

may

arise

between

the

value

of

the Fund’s

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences, an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At May

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

3.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

May

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

Global

Technology

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

......

$9,948,110

$224,164,209

$(230,654,378)

$—

$—

$3,457,941

3,457,941

$265,379

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.599%

.............

$—

$51,559,100

$(51,559,100)

$—

$—

$—

—

$88,927

Total

Affiliated

Securities

...

$9,948,110

$275,723,309

$(282,213,478)

$—

$—

$3,457,941

$354,306

2. Financial

Instrument

Valuation

(continued)

Putnam

Funds

Trust

Notes

to

Schedule

of

Investments

(unaudited)

7

Quarterly

Schedule

of

Investments

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

May

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Putnam

Global

Technology

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Automobiles

..........................

$

5,420,020

$

—

$

—

$

5,420,020

Broadline

Retail

.......................

30,397,858

14,478,237

—

44,876,095

Communications

Equipment

..............

29,294,373

—

—

29,294,373

Entertainment

.........................

22,984,549

—

—

22,984,549

Financial

Services

......................

12,869,751

—

—

12,869,751

IT

Services

...........................

59,931,572

—

—

59,931,572

Semiconductors

&

Semiconductor

Equipment

.

306,807,125

193,008,074

—

499,815,199

Software

.............................

355,642,526

—

—

355,642,526

Technology

Hardware,

Storage

&

Peripherals

.

178,020,301

18,409,792

—

196,430,093

U.S.

Government

and

Agency

Securities

.......

—

30,178

—

30,178

Short

Term

Investments

...................

3,457,941

2,757,080

—

6,215,021

Total

Investments

in

Securities

...........

$1,004,826,016

$228,683,361

a

$—

$1,233,509,377

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$3,032,920

$—

$3,032,920

Total

Other

Financial

Instruments

.........

$—

$3,032,920

$—

$3,032,920

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$

—

$

3,842,263

$

—

$

3,842,263

Total

Other

Financial

Instruments

.........

$—

$3,842,263

$—

$3,842,263

a

Includes

foreign

securities

valued

at

$225,896,103,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

4. Fair

Value

Measurements

(continued)

Putnam

Funds

Trust

Notes

to

Schedule

of

Investments

(unaudited)

8

Quarterly

Schedule

of

Investments

Abbreviations

Counterparty

BOFA

Bank

of

America

NA

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

SSBT

State

Street

Bank

and

Trust

Co.

TDOM

Toronto

Dominion

Bank

UBSW

UBS

AG

WPAC

Westpac

Banking

Corp.

Selected

Portfolio

ADR

American

Depositary

Receipt

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.