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