Putnam Short Term Investment Fund The fund's portfolio 10/31/19 (Unaudited) REPURCHASE AGREEMENTS (46.4%)(a) Principal amount Value

Putnam Short Term Investment Fund The fund's portfolio 10/31/19 (Unaudited) REPURCHASE AGREEMENTS (46.4%)(a) Principal amount Value

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Xxxxxx
Short Term Investment Fund

The
fund's portfolio

10/31/19
(Unaudited)

REPURCHASE
AGREEMENTS (46.4%)(a)

Principal
amount
Value

Interest
in $84,000,000 tri-party repurchase agreement dated 10/31/19 with Bank of Nova Scotia due 11/1/19 - maturity value of $84,004,013
for an effective yield of 1.720% (collateralized by various U.S. Treasury notes with coupon rates ranging from 1.125% to 2.375%
and due dates ranging from 3/31/20 to 5/15/27, valued at $85,684,118)

$84,000,000
$84,000,000

Interest
in $375,000,000 joint tri-party repurchase agreement dated 10/31/19 with Barclays Capital, Inc. due 11/1/19 - maturity value of
$225,010,750 for an effective yield of 1.720% (collateralized by a U.S. Treasury bond with a coupon rate of 1.000% and a due date
of 2/15/46, valued at $382,518,307)

225,000,000
225,000,000

Interest
in $100,000,000 tri-party repurchase agreement dated 10/31/19 with BMO Capital Markets Corp. due 11/1/19 - maturity value of $100,004,833
for an effective yield of 1.740% (collateralized by various mortgage backed securities and a U.S. Treasury note with coupon rates
ranging from 2.500% to 5.000% and due dates ranging from 10/31/23 to 4/20/69, valued at $102,004,951)

100,000,000
100,000,000

Interest
in $31,000,000 tri-party term repurchase agreement dated 11/1/19 with BNP Paribas, 2.020% (collateralized by various corporate
bonds and notes with coupon rates ranging from zero % to 9.250% and due dates ranging from 9/20/21 to 4/8/68, valued at $32,551,827)(IR)(EG)
(France)

31,000,000
31,000,000

Interest
in $111,000,000 joint tri-party repurchase agreement dated 10/31/19 with BNP Paribas due 11/1/19 - maturity value of $91,004,398
for an effective yield of 1.740% (collateralized by various U.S. Treasury notes and bonds and various mortgage backed securities
with coupon rates ranging from 1.625% to 4.500% and due dates ranging from 6/2/22 to 10/1/49, valued at $113,225,472)

91,000,000
91,000,000

Interest
in $259,329,000 joint tri-party repurchase agreement dated 10/31/19 with BofA Securities, Inc. due 11/1/19 - maturity value of
$113,862,535 for an effective yield of 1.750% (collateralized by various mortgage backed securities with coupon rates ranging
from 2.450% to 5.000% and due dates ranging from 9/1/29 to 10/1/49, valued at $264,515,580)

113,857,000
113,857,000

Interest
in $395,305,000 joint tri-party repurchase agreement dated 10/31/19 with Citigroup Global Markets, Inc. due 11/1/19 - maturity
value of $73,307,543 for an effective yield of 1.740% (collateralized by various mortgage backed securities and a U.S. Treasury
note with coupon rates ranging from 2.250% to 8.000% and due dates ranging from 1/31/24 to 1/1/59, valued at $403,211,101)

73,304,000
73,304,000

Interest
in $175,000,000 tri-party repurchase agreement dated 10/31/19 with Xxxxxxx, Xxxxx & Co. LLC due 11/1/19 - maturity value of
$175,008,264 for an effective yield of 1.700% (collateralized by various mortgage backed securities with coupon rates ranging
from 3.000% to 5.000% and due dates ranging from 12/1/40 to 10/1/49, valued at $178,500,000)

175,000,000
175,000,000

Interest
in $209,508,000 joint tri-party repurchase agreement dated 10/31/19 with HSBC Bank USA, National Association due 11/1/19 - maturity
value of $88,012,254 for an effective yield of 1.740% (collateralized by various mortgage backed securities with coupon rates
ranging from 3.057% to 4.000% and due dates ranging from 7/1/34 to 10/1/49, valued at $213,708,489)

88,008,000
88,008,000

Interest
in $200,000,000 tri-party repurchase agreement dated 10/31/19 with JPMorgan Securities, LLC due 11/1/19 - maturity value of $200,009,611
for an effective yield of 1.730% (collateralized by a U.S. Treasury bond with a coupon rate of 0.750% and a due date of 2/15/42,
valued at $204,009,909)

200,000,000
200,000,000

Interest
in $50,000,000 tri-party repurchase agreement dated 10/31/19 with JPMorgan Securities, LLC due 11/1/19 - maturity value of $50,002,431
for an effective yield of 1.750% (collateralized by various mortgage backed securities with coupon rates ranging from 2.922% to
6.000% and due dates ranging from 10/1/26 to 3/1/50, valued at $51,002,479)

50,000,000
50,000,000

Interest
in $25,000,000 tri-party term repurchase agreement dated 11/1/19 with RBC Capital Markets, LLC, 2.050% (collateralized by various
corporate bonds and notes with coupon rates ranging from 2.840% to 9.400% and due dates ranging from 2/1/21 to 2/15/47, valued
at $26,251,496)(IR)(EG) (Canada)

25,000,000
25,000,000

Interest
in $161,602,000 joint tri-party repurchase agreement dated 10/31/19 with Royal Bank of Canada due 11/1/19 - maturity value of
$153,857,393 for an effective yield of 1.730% (collateralized by various mortgage backed securities with coupon rates ranging
from 2.900% to 5.500% and due dates ranging from 7/1/29 to 6/1/49, valued at $164,841,961)

153,850,000
153,850,000

Total repurchase agreements (cost $1,410,019,000)   

$1,410,019,000

COMMERCIAL
PAPER (19.7%)(a)

Yield
(%)
Maturity
date
 
Principal
amount
Value

ABN
AMRO Funding USA, LLC
2.110
11/1/19

$5,900,000
$5,899,735

ABN
AMRO Funding USA, LLC
2.016
1/10/20

16,000,000
15,941,338

American
Honda Finance Corp.
2.011
11/25/19

15,392,000
15,374,684

Bank
of Nova Scotia (The) (Canada)
2.580
6/18/20

15,000,000
15,005,340

Bank
of Nova Scotia (The) (Canada)
2.226
7/17/20

15,000,000
14,990,829

Bank
of Nova Scotia (The) (Canada)
2.156
1/24/20

15,000,000
15,003,359

Berkshire
Hathaway Energy Co.
2.084
11/20/19

8,000,000
7,990,813

Berkshire
Hathaway Energy Co.
2.052
11/13/19

10,000,000
9,992,464

Boeing
Co. (The)
2.212
11/20/19

9,478,000
9,469,470

BPCE
SA (France)
2.657
12/20/19

15,000,000
14,965,417

Coca-Cola
Co. (The)
2.468
11/14/19

15,000,000
14,990,737

Commonwealth
Bank of Australia (Australia)
2.196
3/16/20

20,000,000
20,007,554

Commonwealth
Bank of Australia (Australia)
2.125
4/3/20

15,000,000
14,999,956

DNB
Bank ASA (Norway)
2.216
7/22/20

15,000,000
14,997,838

DNB
Bank ASA (Norway)
2.135
1/23/20

25,500,000
25,502,187

ENGIE
SA (France)
2.057
12/11/19

10,000,000
9,980,377

ENGIE
SA (France)
2.023
2/14/20

5,000,000
4,973,794

ENGIE
SA (France)
1.931
2/11/20

7,500,000
7,461,482

Export
Development Canada (Canada)
2.347
11/29/19

15,000,000
14,980,667

Export
Development Canada (Canada)
1.868
4/21/20

15,000,000
14,875,512

ING
(U.S.) Funding LLC
2.286
6/25/20

15,000,000
14,998,406

ING
(U.S.) Funding LLC
2.256
4/2/20

15,000,000
15,003,374

International
Business Machines Corp.
2.551
11/18/19

7,500,000
7,494,000

Lloyds
Bank PLC (United Kingdom)
2.286
5/7/20

16,000,000
15,996,360

Nationwide
Building Society (United Kingdom)
2.317
1/16/20

5,500,000
5,479,801

Nestle
Finance International, Ltd. (Switzerland)
1.969
2/10/20

14,414,000
14,344,695

XXX.Xxxx
(Germany)
2.019
2/20/20

16,000,000
15,910,649

XXX.Xxxx
(Germany)
1.863
3/16/20

14,000,000
13,904,100

Pfizer,
Inc.
2.302
11/14/19

15,000,000
14,990,678

Roche
Holdings, Inc. (Switzerland)
2.296
12/13/19

13,000,000
12,974,286

Shell
International Finance BV (Netherlands)
2.033
6/5/20

19,500,000
19,282,845

Simon
Property Group LP
2.114
12/4/19

16,000,000
15,974,870

Simon
Property Group LP
2.094
12/11/19

14,000,000
13,973,102

Societe
Generale SA (France)
2.546
12/16/19

15,000,000
15,009,778

Societe
Generale SA (France)
2.356
6/3/20

10,000,000
10,000,000

Xxxxxxx
Xxxxx & Xxxxxx, Inc.
1.972
11/1/19

15,000,000
14,999,199

Toronto-Dominion
Bank (The) (Canada)
2.136
12/6/19

15,000,000
15,001,545

Total
Capital Canada, Ltd. (Canada)
1.898
4/23/20

29,000,000
28,739,906

Toyota
Motor Credit Corp.
2.216
3/2/20

16,000,000
16,005,974

UnitedHealth
Group, Inc.
2.055
11/25/19

9,000,000
8,989,213

UnitedHealth
Group, Inc.
2.053
11/13/19

7,000,000
6,995,657

UnitedHealth
Group, Inc.
2.043
11/20/19

5,500,000
5,494,845

Westpac
Banking Corp. (Australia)
2.250
10/19/20

14,000,000
14,000,000

Westpac
Banking Corp. (Australia)
2.240
8/28/20

16,000,000
15,999,913

Total commercial paper (cost $598,812,699)   

$598,966,749

CERTIFICATES
OF DEPOSIT (16.8%)(a)

Yield
(%)
Maturity
date
 
Principal
amount
Value

Banco
Bilbao Vizcaya Argentaria/New York, NY
2.040
12/13/19

$12,000,000
$11,999,906

Bank
of America, NA FRN
2.560
11/4/19

17,000,000
17,001,982

Bank
of America, NA FRN
2.220
6/9/20

15,000,000
15,000,890

Bank
of America, NA FRN
2.106
11/12/19

25,000,000
25,000,000

Bank
of Montreal/Chicago, IL FRN (Canada)
2.240
8/7/20

17,500,000
17,499,857

Bank
of Montreal/Chicago, IL FRN (Canada)
2.191
4/3/20

15,000,000
14,999,628

Bank
of Montreal/Chicago, IL FRN (Canada)
2.133
10/23/20

15,000,000
15,000,000

Bank
of Nova Scotia/Houston FRN
2.547
11/4/19

12,120,000
12,120,000

Canadian
Imperial Bank of Commerce FRN (Canada)
2.170
4/6/20

15,000,000
14,999,817

Canadian
Imperial Bank of Commerce/New York, NY FRN
2.380
12/6/19

15,000,000
15,003,593

Canadian
Imperial Bank of Commerce/New York, NY FRN
2.180
9/30/20

15,000,000
15,000,000

Canadian
Imperial Bank of Commerce/New York, NY FRN
2.020
6/12/20

15,000,000
14,991,609

Citibank,
NA
2.560
11/5/19

15,000,000
15,001,657

Credit
Suisse AG/New York, NY FRN
2.198
12/9/19

5,525,000
5,526,243

Xxxxxxx
Xxxxx Bank USA/New York, NY FRN(M)
2.338
12/10/20

15,000,000
15,000,000

HSBC
Bank USA, NA FRN
2.210
3/5/20

16,000,000
16,003,731

HSBC
Bank USA, NA FRN
2.158
11/8/19

15,000,000
15,001,231

Mizuho
Bank, Ltd./New York, NY
2.240
12/16/19

12,000,000
12,005,244

MUFG
Bank, Ltd./New York, NY (Japan)
2.050
2/18/20

16,000,000
16,006,886

MUFG
Bank, Ltd./New York, NY FRN (Japan)
2.026
2/20/20

17,000,000
17,004,831

Natixis
SA/New York, NY FRN (France)(M)
2.240
12/11/20

15,000,000
15,000,000

Royal
Bank of Canada/New York, NY FRN (Canada)
2.124
7/15/20

15,000,000
15,000,000

Skandinaviska
Enskilda Xxxxxx XX/New York, NY FRN
2.046
7/20/20

15,000,000
14,995,815

State
Street Bank & Trust Co. FRN
2.096
7/20/20

20,250,000
20,248,753

Svenska
Handelsbanken/New York, NY FRN (Sweden)
2.104
7/15/20

15,000,000
14,992,568

Svenska
Handelsbanken/New York, NY FRN (Sweden)
1.998
2/18/20

12,750,000
12,750,499

Toronto-Dominion
Bank/NY FRN (Canada)
2.062
7/24/20

15,000,000
14,997,552

Toronto-Dominion
Bank/NY FRN (Canada)
2.033
7/22/20

17,000,000
17,001,181

US
Bank NA/Cincinnati, OH FRN
2.126
3/30/20

15,000,000
14,996,607

US
Bank NA/Cincinnati, OH
2.016
4/1/20

17,500,000
17,495,616

Xxxxx
Fargo Bank, NA FRN
2.314
12/16/19

15,000,000
15,006,441

Xxxxx
Fargo Bank, NA FRN
2.151
9/16/20

16,000,000
16,001,371

Xxxxx
Fargo Bank, NA FRN
2.101
12/3/19

15,000,000
15,000,867

Xxxxx
Fargo Bank, NA
2.000
2/12/20

8,000,000
8,004,091

Total certificates of deposit (cost $511,645,356)   

$511,658,466

ASSET-BACKED
COMMERCIAL PAPER (12.9%)(a)

Yield
(%)
Maturity
date
 
Principal
amount
Value

Alpine
Securitization, LLC
2.162
11/21/19

$16,000,000
$15,983,741

Barclays
Bank PLC CCP (United Kingdom)
2.054
2/21/20

12,000,000
11,926,437

Bedford
Row Funding Corp.
2.196
3/27/20

15,000,000
15,000,205

Bedford
Row Funding Corp.
2.061
2/6/20

7,000,000
6,967,472

CAFCO,
LLC
2.011
3/9/20

13,000,000
12,919,256

Chariot
Funding, LLC
2.108
12/6/19

16,000,000
15,971,904

Chariot
Funding, LLC
2.107
11/21/19

14,500,000
14,485,350

Chariot
Funding, LLC
1.953
11/13/19

15,000,000
14,990,738

CHARTA,
LLC
2.317
12/12/19

13,000,000
12,973,428

CHARTA,
LLC
2.020
2/14/20

13,000,000
12,931,980

Collateralized
Commercial Paper Co., LLC
2.048
1/28/20

16,000,000
15,928,444

Collateralized
Commercial Paper FLEX Co., LLC
2.210
1/13/20

27,550,000
27,448,405

Collateralized
Commercial Paper V Co., LLC
1.919
4/27/20

15,000,000
14,859,783

CRC
Funding, LLC
1.936
12/6/19

15,000,000
14,972,910

CRC
Funding, LLC
1.883
11/26/19

15,000,000
14,980,587

Gotham
Funding Corp. (Japan)
2.150
12/11/19

10,000,000
9,979,375

LMA-Americas,
LLC (France)
2.074
11/8/19

15,000,000
14,994,383

LMA-Americas,
LLC (France)
1.926
3/24/20

15,000,000
14,889,619

LMA-Americas,
LLC (France)
1.918
4/27/20

15,500,000
15,362,662

Manhattan
Asset Funding Co., LLC (Japan)
2.161
11/5/19

18,000,000
17,995,370

Manhattan
Asset Funding Co., LLC (Japan)
2.131
12/6/19

15,000,000
14,973,510

Manhattan
Asset Funding Co., LLC (Japan)
2.121
12/13/19

8,000,000
7,983,058

MetLife
Short Term Funding, LLC
2.099
11/1/19

8,500,000
8,499,587

MetLife
Short Term Funding, LLC
1.868
5/6/20

15,500,000
15,360,776

MetLife
Short Term Funding, LLC
1.857
4/20/20

21,000,000
20,827,728

Old
Line Funding, LLC
1.928
4/23/20

17,500,000
17,334,732

Sheffield
Receivables Co., LLC (United Kingdom)
2.755
12/18/19

12,000,000
11,971,296

Total asset-backed commercial paper (cost $392,383,033)   

$392,512,736

U.S.
TREASURY OBLIGATIONS (1.9%)(a)

Yield
(%)
Maturity
date
 
Principal
amount
Value

U.S.
Treasury Notes(M)
1.857
7/31/21

$30,000,000
$29,993,499

U.S.
Treasury Notes(M)
1.776
4/30/21

29,250,000
29,213,569

Total U.S. treasury obligations (cost $59,235,896)   

$59,207,068

CORPORATE
BONDS AND NOTES (1.3%)(a)

Interest
rate (%)
Maturity
date
 
Principal
amount
Value

Toyota
Motor Credit Corp. sr. unsec. unsub. FRN Ser. MTN
(BBA
LIBOR USD 3 Month + 0.09%), 2.222
9/14/20

$17,000,000
$17,001,394

Toyota
Motor Credit Corp. sr. unsec. FRN Ser. MTN
(Secured
Overnight Funding Rate + 0.40%), 2.220
10/23/20

15,000,000
15,007,515

Xxxxx
Fargo Bank, NA FRN
2.300
3/25/20

9,000,000
9,006,499

Total corporate bonds and notes (cost $41,000,000)   

$41,015,408

TIME
DEPOSITS (1.1%)(a)

Yield
(%)
Maturity
date
 
Principal
amount
Value

Australia
& New Zealand Banking Group, Ltd./Cayman Islands (Cayman Islands)
1.580
11/1/19

$20,000,000
$20,000,000

Svenska
Handelsbanken/New York, NY (Sweden)
1.530
11/1/19

12,000,000
12,000,000

Total
time deposits (cost $32,000,000)

$32,000,000

TOTAL
INVESTMENTS

Total
investments (cost $3,045,095,984)

$3,045,379,427

Key
to holding's abbreviations

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.

MTN
Medium
Term Notes

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, 2019
through October 31, 2019 (the reporting period). Within the following notes to the portfolio, references to "Xxxxxx Management"
represent Xxxxxx Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Xxxxxx Investments, LLC,
references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references
to "OTC", if any, represent over-the-counter.

(a)
Percentages
indicated are based on net assets of $3,041,878,391.

(M)
This
security's effective maturity date is less than one year.

(IR)
Repurchase
agreements with a maturity of more than seven days are considered to be illiquid investments.

(EG)
Maturity
date of the repurchase agreement is thirty-five days from the purchase date unless both parties agree to roll the transaction.
Maturity value of the repurchase agreement will equal the principal amount of the repurchase agreement plus interest.

Debt
obligations are considered secured unless otherwise indicated.

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
74.5%

Canada
8.3

France
5.0

Japan
2.8

Australia
2.1

United
Kingdom
1.5

Norway
1.3

Sweden
1.3

Germany
1.0

Switzerland
0.9

Cayman
Islands
0.7

Netherlands
0.6

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 Xxxxxx Management. Xxxxxx 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 Xxxxxx 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 Xxxxxx Management does not believe
accurately reflects the security's fair value, the security will be valued at fair value by Xxxxxx Management in accordance with
policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and
derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors
as significant market or specific security events such as interest rate or credit quality changes, various relationships with
other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates,
sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority
of the significant inputs.

To
assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such
valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures
are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could
reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a
fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price,
which may be different by a material amount.

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 $1,439,951,511 at the end of the reporting period,
is held at the counterparty’s custodian in a segregated account for the benefit of the fund and the counterparty. Xxxxxx
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.

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
$—
$392,512,736
$—

Certificates
of deposit
—
511,658,466
—

Commercial
paper
—
598,966,749
—

Corporate
bonds and notes
—
41,015,408
—

Repurchase
agreements
—
1,410,019,000
—

Time
deposits
—
32,000,000
—

U.S.
treasury obligations
—
59,207,068
—

Totals
by level
$—
$3,045,379,427
$—

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, xxx.xxx.xxx, or visit Xxxxxx'x Individual Investor Web site at xxx.xxxxxxxxxxxxxxxxx.xxx

Xxxxxx Short Term Investment Fund

The fund's portfolio

10/31/19 (Unaudited)


REPURCHASE AGREEMENTS (46.4%)*^(a)*
	Principal amount	Value
Interest in $84,000,000 tri-party repurchase agreement dated 10/31/19 with Bank of Nova Scotia due 11/1/19 - maturity value of $84,004,013 for an effective yield of 1.720% (collateralized by various U.S. Treasury notes with coupon rates ranging from 1.125% to 2.375% and due dates ranging from 3/31/20 to 5/15/27, valued at $85,684,118)	$84,000,000	$84,000,000
Interest in $375,000,000 joint tri-party repurchase agreement dated 10/31/19 with Barclays Capital, Inc. due 11/1/19 - maturity value of $225,010,750 for an effective yield of 1.720% (collateralized by a U.S. Treasury bond with a coupon rate of 1.000% and a due date of 2/15/46, valued at $382,518,307)	225,000,000	225,000,000
Interest in $100,000,000 tri-party repurchase agreement dated 10/31/19 with BMO Capital Markets Corp. due 11/1/19 - maturity value of $100,004,833 for an effective yield of 1.740% (collateralized by various mortgage backed securities and a U.S. Treasury note with coupon rates ranging from 2.500% to 5.000% and due dates ranging from 10/31/23 to 4/20/69, valued at $102,004,951)	100,000,000	100,000,000
Interest in $31,000,000 tri-party term repurchase agreement dated 11/1/19 with BNP Paribas, 2.020% (collateralized by various corporate bonds and notes with coupon rates ranging from zero % to 9.250% and due dates ranging from 9/20/21 to 4/8/68, valued at $32,551,827)*^(IR)(EG)*(France)	31,000,000	31,000,000
Interest in $111,000,000 joint tri-party repurchase agreement dated 10/31/19 with BNP Paribas due 11/1/19 - maturity value of $91,004,398 for an effective yield of 1.740% (collateralized by various U.S. Treasury notes and bonds and various mortgage backed securities with coupon rates ranging from 1.625% to 4.500% and due dates ranging from 6/2/22 to 10/1/49, valued at $113,225,472)	91,000,000	91,000,000
Interest in $259,329,000 joint tri-party repurchase agreement dated 10/31/19 with BofA Securities, Inc. due 11/1/19 - maturity value of $113,862,535 for an effective yield of 1.750% (collateralized by various mortgage backed securities with coupon rates ranging from 2.450% to 5.000% and due dates ranging from 9/1/29 to 10/1/49, valued at $264,515,580)	113,857,000	113,857,000
Interest in $395,305,000 joint tri-party repurchase agreement dated 10/31/19 with Citigroup Global Markets, Inc. due 11/1/19 - maturity value of $73,307,543 for an effective yield of 1.740% (collateralized by various mortgage backed securities and a U.S. Treasury note with coupon rates ranging from 2.250% to 8.000% and due dates ranging from 1/31/24 to 1/1/59, valued at $403,211,101)	73,304,000	73,304,000
Interest in $175,000,000 tri-party repurchase agreement dated 10/31/19 with Xxxxxxx, Xxxxx & Co. LLC due 11/1/19 - maturity value of $175,008,264 for an effective yield of 1.700% (collateralized by various mortgage backed securities with coupon rates ranging from 3.000% to 5.000% and due dates ranging from 12/1/40 to 10/1/49, valued at $178,500,000)	175,000,000	175,000,000
Interest in $209,508,000 joint tri-party repurchase agreement dated 10/31/19 with HSBC Bank USA, National Association due 11/1/19 - maturity value of $88,012,254 for an effective yield of 1.740% (collateralized by various mortgage backed securities with coupon rates ranging from 3.057% to 4.000% and due dates ranging from 7/1/34 to 10/1/49, valued at $213,708,489)	88,008,000	88,008,000
Interest in $200,000,000 tri-party repurchase agreement dated 10/31/19 with JPMorgan Securities, LLC due 11/1/19 - maturity value of $200,009,611 for an effective yield of 1.730% (collateralized by a U.S. Treasury bond with a coupon rate of 0.750% and a due date of 2/15/42, valued at $204,009,909)	200,000,000	200,000,000
Interest in $50,000,000 tri-party repurchase agreement dated 10/31/19 with JPMorgan Securities, LLC due 11/1/19 - maturity value of $50,002,431 for an effective yield of 1.750% (collateralized by various mortgage backed securities with coupon rates ranging from 2.922% to 6.000% and due dates ranging from 10/1/26 to 3/1/50, valued at $51,002,479)	50,000,000	50,000,000
Interest in $25,000,000 tri-party term repurchase agreement dated 11/1/19 with RBC Capital Markets, LLC, 2.050% (collateralized by various corporate bonds and notes with coupon rates ranging from 2.840% to 9.400% and due dates ranging from 2/1/21 to 2/15/47, valued at $26,251,496)*^(IR)(EG)* (Canada)	25,000,000	25,000,000
Interest in $161,602,000 joint tri-party repurchase agreement dated 10/31/19 with Royal Bank of Canada due 11/1/19 - maturity value of $153,857,393 for an effective yield of 1.730% (collateralized by various mortgage backed securities with coupon rates ranging from 2.900% to 5.500% and due dates ranging from 7/1/29 to 6/1/49, valued at $164,841,961)	153,850,000	153,850,000

Total repurchase agreements (cost $1,410,019,000)		$1,410,019,000


COMMERCIAL PAPER (19.7%)*^(a)*
	Yield (%)	Maturity date	Principal amount	Value
ABN AMRO Funding USA, LLC	2.110	11/1/19	$5,900,000	$5,899,735
ABN AMRO Funding USA, LLC	2.016	1/10/20	16,000,000	15,941,338
American Honda Finance Corp.	2.011	11/25/19	15,392,000	15,374,684
Bank of Nova Scotia (The) (Canada)	2.580	6/18/20	15,000,000	15,005,340
Bank of Nova Scotia (The) (Canada)	2.226	7/17/20	15,000,000	14,990,829
Bank of Nova Scotia (The) (Canada)	2.156	1/24/20	15,000,000	15,003,359
Berkshire Hathaway Energy Co.	2.084	11/20/19	8,000,000	7,990,813
Berkshire Hathaway Energy Co.	2.052	11/13/19	10,000,000	9,992,464
Boeing Co. (The)	2.212	11/20/19	9,478,000	9,469,470
BPCE SA (France)	2.657	12/20/19	15,000,000	14,965,417
Coca-Cola Co. (The)	2.468	11/14/19	15,000,000	14,990,737
Commonwealth Bank of Australia (Australia)	2.196	3/16/20	20,000,000	20,007,554
Commonwealth Bank of Australia (Australia)	2.125	4/3/20	15,000,000	14,999,956
DNB Bank ASA (Norway)	2.216	7/22/20	15,000,000	14,997,838
DNB Bank ASA (Norway)	2.135	1/23/20	25,500,000	25,502,187
ENGIE SA (France)	2.057	12/11/19	10,000,000	9,980,377
ENGIE SA (France)	2.023	2/14/20	5,000,000	4,973,794
ENGIE SA (France)	1.931	2/11/20	7,500,000	7,461,482
Export Development Canada (Canada)	2.347	11/29/19	15,000,000	14,980,667
Export Development Canada (Canada)	1.868	4/21/20	15,000,000	14,875,512
ING (U.S.) Funding LLC	2.286	6/25/20	15,000,000	14,998,406
ING (U.S.) Funding LLC	2.256	4/2/20	15,000,000	15,003,374
International Business Machines Corp.	2.551	11/18/19	7,500,000	7,494,000
Lloyds Bank PLC (United Kingdom)	2.286	5/7/20	16,000,000	15,996,360
Nationwide Building Society (United Kingdom)	2.317	1/16/20	5,500,000	5,479,801
Nestle Finance International, Ltd. (Switzerland)	1.969	2/10/20	14,414,000	14,344,695
XXX.Xxxx (Germany)	2.019	2/20/20	16,000,000	15,910,649
XXX.Xxxx (Germany)	1.863	3/16/20	14,000,000	13,904,100
Pfizer, Inc.	2.302	11/14/19	15,000,000	14,990,678
Roche Holdings, Inc. (Switzerland)	2.296	12/13/19	13,000,000	12,974,286
Shell International Finance BV (Netherlands)	2.033	6/5/20	19,500,000	19,282,845
Simon Property Group LP	2.114	12/4/19	16,000,000	15,974,870
Simon Property Group LP	2.094	12/11/19	14,000,000	13,973,102
Societe Generale SA (France)	2.546	12/16/19	15,000,000	15,009,778
Societe Generale SA (France)	2.356	6/3/20	10,000,000	10,000,000
Xxxxxxx Xxxxx & Xxxxxx, Inc.	1.972	11/1/19	15,000,000	14,999,199
Toronto-Dominion Bank (The) (Canada)	2.136	12/6/19	15,000,000	15,001,545
Total Capital Canada, Ltd. (Canada)	1.898	4/23/20	29,000,000	28,739,906
Toyota Motor Credit Corp.	2.216	3/2/20	16,000,000	16,005,974
UnitedHealth Group, Inc.	2.055	11/25/19	9,000,000	8,989,213
UnitedHealth Group, Inc.	2.053	11/13/19	7,000,000	6,995,657
UnitedHealth Group, Inc.	2.043	11/20/19	5,500,000	5,494,845
Westpac Banking Corp. (Australia)	2.250	10/19/20	14,000,000	14,000,000
Westpac Banking Corp. (Australia)	2.240	8/28/20	16,000,000	15,999,913

Total commercial paper (cost $598,812,699)				$598,966,749


CERTIFICATES OF DEPOSIT (16.8%)*^(a)*
	Yield (%)	Maturity date	Principal amount	Value
Banco Bilbao Vizcaya Argentaria/New York, NY	2.040	12/13/19	$12,000,000	$11,999,906
Bank of America, NA FRN	2.560	11/4/19	17,000,000	17,001,982
Bank of America, NA FRN	2.220	6/9/20	15,000,000	15,000,890
Bank of America, NA FRN	2.106	11/12/19	25,000,000	25,000,000
Bank of Montreal/Chicago, IL FRN (Canada)	2.240	8/7/20	17,500,000	17,499,857
Bank of Montreal/Chicago, IL FRN (Canada)	2.191	4/3/20	15,000,000	14,999,628
Bank of Montreal/Chicago, IL FRN (Canada)	2.133	10/23/20	15,000,000	15,000,000
Bank of Nova Scotia/Houston FRN	2.547	11/4/19	12,120,000	12,120,000
Canadian Imperial Bank of Commerce FRN (Canada)	2.170	4/6/20	15,000,000	14,999,817
Canadian Imperial Bank of Commerce/New York, NY FRN	2.380	12/6/19	15,000,000	15,003,593
Canadian Imperial Bank of Commerce/New York, NY FRN	2.180	9/30/20	15,000,000	15,000,000
Canadian Imperial Bank of Commerce/New York, NY FRN	2.020	6/12/20	15,000,000	14,991,609
Citibank, NA	2.560	11/5/19	15,000,000	15,001,657
Credit Suisse AG/New York, NY FRN	2.198	12/9/19	5,525,000	5,526,243
Xxxxxxx Xxxxx Bank USA/New York, NY FRN^(M)	2.338	12/10/20	15,000,000	15,000,000
HSBC Bank USA, NA FRN	2.210	3/5/20	16,000,000	16,003,731
HSBC Bank USA, NA FRN	2.158	11/8/19	15,000,000	15,001,231
Mizuho Bank, Ltd./New York, NY	2.240	12/16/19	12,000,000	12,005,244
MUFG Bank, Ltd./New York, NY (Japan)	2.050	2/18/20	16,000,000	16,006,886
MUFG Bank, Ltd./New York, NY FRN (Japan)	2.026	2/20/20	17,000,000	17,004,831
Natixis SA/New York, NY FRN (France)*^(M)*	2.240	12/11/20	15,000,000	15,000,000
Royal Bank of Canada/New York, NY FRN (Canada)	2.124	7/15/20	15,000,000	15,000,000
Skandinaviska Enskilda Xxxxxx XX/New York, NY FRN	2.046	7/20/20	15,000,000	14,995,815
State Street Bank & Trust Co. FRN	2.096	7/20/20	20,250,000	20,248,753
Svenska Handelsbanken/New York, NY FRN (Sweden)	2.104	7/15/20	15,000,000	14,992,568
Svenska Handelsbanken/New York, NY FRN (Sweden)	1.998	2/18/20	12,750,000	12,750,499
Toronto-Dominion Bank/NY FRN (Canada)	2.062	7/24/20	15,000,000	14,997,552
Toronto-Dominion Bank/NY FRN (Canada)	2.033	7/22/20	17,000,000	17,001,181
US Bank NA/Cincinnati, OH FRN	2.126	3/30/20	15,000,000	14,996,607
US Bank NA/Cincinnati, OH	2.016	4/1/20	17,500,000	17,495,616
Xxxxx Fargo Bank, NA FRN	2.314	12/16/19	15,000,000	15,006,441
Xxxxx Fargo Bank, NA FRN	2.151	9/16/20	16,000,000	16,001,371
Xxxxx Fargo Bank, NA FRN	2.101	12/3/19	15,000,000	15,000,867
Xxxxx Fargo Bank, NA	2.000	2/12/20	8,000,000	8,004,091

Total certificates of deposit (cost $511,645,356)				$511,658,466


ASSET-BACKED COMMERCIAL PAPER (12.9%)*^(a)*
	Yield (%)	Maturity date	Principal amount	Value
Alpine Securitization, LLC	2.162	11/21/19	$16,000,000	$15,983,741
Barclays Bank PLC CCP (United Kingdom)	2.054	2/21/20	12,000,000	11,926,437
Bedford Row Funding Corp.	2.196	3/27/20	15,000,000	15,000,205
Bedford Row Funding Corp.	2.061	2/6/20	7,000,000	6,967,472
CAFCO, LLC	2.011	3/9/20	13,000,000	12,919,256
Chariot Funding, LLC	2.108	12/6/19	16,000,000	15,971,904
Chariot Funding, LLC	2.107	11/21/19	14,500,000	14,485,350
Chariot Funding, LLC	1.953	11/13/19	15,000,000	14,990,738
CHARTA, LLC	2.317	12/12/19	13,000,000	12,973,428
CHARTA, LLC	2.020	2/14/20	13,000,000	12,931,980
Collateralized Commercial Paper Co., LLC	2.048	1/28/20	16,000,000	15,928,444
Collateralized Commercial Paper FLEX Co., LLC	2.210	1/13/20	27,550,000	27,448,405
Collateralized Commercial Paper V Co., LLC	1.919	4/27/20	15,000,000	14,859,783
CRC Funding, LLC	1.936	12/6/19	15,000,000	14,972,910
CRC Funding, LLC	1.883	11/26/19	15,000,000	14,980,587
Gotham Funding Corp. (Japan)	2.150	12/11/19	10,000,000	9,979,375
LMA-Americas, LLC (France)	2.074	11/8/19	15,000,000	14,994,383
LMA-Americas, LLC (France)	1.926	3/24/20	15,000,000	14,889,619
LMA-Americas, LLC (France)	1.918	4/27/20	15,500,000	15,362,662
Manhattan Asset Funding Co., LLC (Japan)	2.161	11/5/19	18,000,000	17,995,370
Manhattan Asset Funding Co., LLC (Japan)	2.131	12/6/19	15,000,000	14,973,510
Manhattan Asset Funding Co., LLC (Japan)	2.121	12/13/19	8,000,000	7,983,058
MetLife Short Term Funding, LLC	2.099	11/1/19	8,500,000	8,499,587
MetLife Short Term Funding, LLC	1.868	5/6/20	15,500,000	15,360,776
MetLife Short Term Funding, LLC	1.857	4/20/20	21,000,000	20,827,728
Old Line Funding, LLC	1.928	4/23/20	17,500,000	17,334,732
Sheffield Receivables Co., LLC (United Kingdom)	2.755	12/18/19	12,000,000	11,971,296

Total asset-backed commercial paper (cost $392,383,033)				$392,512,736


U.S. TREASURY OBLIGATIONS (1.9%)*^(a)*
	Yield (%)	Maturity date	Principal amount	Value
U.S. Treasury Notes^(M)	1.857	7/31/21	$30,000,000	$29,993,499
U.S. Treasury Notes^(M)	1.776	4/30/21	29,250,000	29,213,569

Total U.S. treasury obligations (cost $59,235,896)				$59,207,068


CORPORATE BONDS AND NOTES (1.3%)*^(a)*
	Interest rate (%)	Maturity date	Principal amount	Value
Toyota Motor Credit Corp. sr. unsec. unsub. FRN Ser. MTN	(BBA LIBOR USD 3 Month + 0.09%), 2.222	9/14/20	$17,000,000	$17,001,394
Toyota Motor Credit Corp. sr. unsec. FRN Ser. MTN	(Secured Overnight Funding Rate + 0.40%), 2.220	10/23/20	15,000,000	15,007,515
Xxxxx Fargo Bank, NA FRN	2.300	3/25/20	9,000,000	9,006,499

Total corporate bonds and notes (cost $41,000,000)				$41,015,408


TIME DEPOSITS (1.1%)*^(a)*
	Yield (%)	Maturity date	Principal amount	Value
Australia & New Zealand Banking Group, Ltd./Cayman Islands (Cayman Islands)	1.580	11/1/19	$20,000,000	$20,000,000
Svenska Handelsbanken/New York, NY (Sweden)	1.530	11/1/19	12,000,000	12,000,000

Total time deposits (cost $32,000,000)				$32,000,000
TOTAL INVESTMENTS

Total investments (cost $3,045,095,984)				$3,045,379,427


	Key to holding's abbreviations
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.
MTN	Medium Term Notes
	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, 2019 through October 31, 2019 (the reporting period). Within the following notes to the portfolio, references to "Xxxxxx Management" represent Xxxxxx Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Xxxxxx Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
*^(a)*	Percentages indicated are based on net assets of $3,041,878,391.
*^(M)*	This security's effective maturity date is less than one year.
*^(IR)*	Repurchase agreements with a maturity of more than seven days are considered to be illiquid investments.
*^(EG)*	Maturity date of the repurchase agreement is thirty-five days from the purchase date unless both parties agree to roll the transaction. Maturity value of the repurchase agreement will equal the principal amount of the repurchase agreement plus interest.
	Debt obligations are considered secured unless otherwise indicated.
	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	74.5%
	Canada	8.3
	France	5.0
	Japan	2.8
	Australia	2.1
	United Kingdom	1.5
	Norway	1.3
	Sweden	1.3
	Germany	1.0
	Switzerland	0.9
	Cayman Islands	0.7
	Netherlands	0.6

	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 Xxxxxx Management. Xxxxxx 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 Xxxxxx 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 Xxxxxx Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Xxxxxx Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
	To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
	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 $1,439,951,511 at the end of the reporting period, is held at the counterparty’s custodian in a segregated account for the benefit of the fund and the counterparty. Xxxxxx 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.


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	$—	$392,512,736	$—
Certificates of deposit	—	511,658,466	—
Commercial paper	—	598,966,749	—
Corporate bonds and notes	—	41,015,408	—
Repurchase agreements	—	1,410,019,000	—
Time deposits	—	32,000,000	—
U.S. treasury obligations	—	59,207,068	—

Totals by level	$—	$3,045,379,427	$—
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, xxx.xxx.xxx, or visit Xxxxxx'x Individual Investor Web site at xxx.xxxxxxxxxxxxxxxxx.xxx