Putnam Short Term Investment Fund The fund's portfolio 10/31/22 (Unaudited) REPURCHASE AGREEMENTS (57.3%)(a) Principal amount Value

Putnam Short Term Investment Fund The fund's portfolio 10/31/22 (Unaudited) REPURCHASE AGREEMENTS (57.3%)(a) Principal amount Value

Document Metadata

Table of Contents

Document Metadata

   
Xxxxxx
Short Term Investment Fund

The
fund's portfolio

10/31/22
(Unaudited)

REPURCHASE
AGREEMENTS (57.3%)(a)

Principal
amount
Value

Interest
in $315,867,000 joint tri-party repurchase agreement dated 10/31/2022 with BofA Securities, Inc. due 11/1/2022 - maturity value of $31,188,642
for an effective yield of 3.050% (collateralized by Agency Mortgage-Backed Securities with a coupon rate of 4.500% and due dates ranging
from 7/20/2052 to 9/20/2052, valued at $322,184,341)

$31,186,000
$31,186,000

Interest
in $508,400,000 joint tri-party repurchase agreement dated 10/31/2022 with Royal Bank of Canada due 11/1/2022 - maturity value of $187,455,828
for an effective yield of 3.040% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.125% to 4.375%
and due dates ranging from 4/15/2023 to 10/31/2029, valued at $518,611,863)

187,440,000
187,440,000

Interest
in $44,000,000 tri-party repurchase agreement dated 10/31/2022 with Bank of Nova Scotia due 11/1/2022 - maturity value of $44,003,667
for an effective yield of 3.000% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.125% to 3.500%
and due dates ranging from 10/15/2025 to 2/15/2044, valued at $44,883,769)

44,000,000
44,000,000

Interest
in $300,000,000 tri-party repurchase agreement dated 10/31/2022 with Barclays Capital, Inc. due 11/1/2022 - maturity value of $300,025,000
for an effective yield of 3.000% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.750% to 2.375%
and due dates ranging from 1/31/2028 to 11/15/2049, valued at $306,025,512)

300,000,000
300,000,000

Interest
in $100,000,000 tri-party repurchase agreement dated 10/31/2022 with BMO Capital Markets due 11/1/2022 - maturity value of $100,008,306
for an effective yield of 2.990% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.125% to 7.625%
and due dates ranging from 11/15/2022 to 2/15/2052, valued at $102,008,479)

100,000,000
100,000,000

Interest
in $15,000,000 tri-party repurchase agreement dated 10/31/2022 with BNP Paribas due 11/1/2022 - maturity value of $15,001,250 for an
effective yield of 3.000% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.125% to 7.125% and due
dates ranging from 11/30/2022 to 11/15/2042, valued at $15,301,306)

15,000,000
15,000,000

Interest
in $145,400,000 tri-party repurchase agreement dated 10/31/2022 with Xxxxxxx, Xxxxx & Co. LLC due 11/1/2022 - maturity value of $145,412,278
for an effective yield of 3.040% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 2.440% to 5.500%
and due dates ranging from 3/1/2028 to 8/15/2057, valued at $148,308,000)

145,400,000
145,400,000

Interest
in $200,000,000 tri-party repurchase agreement dated 10/31/2022 with JPMorgan Securities, LLC due 11/1/2022 - maturity value of $200,016,667
for an effective yield of 3.000% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.250% to 2.375%
and due dates ranging from 3/15/2023 to 5/15/2027, valued at $204,017,055)

200,000,000
200,000,000

Interest
in $25,000,000 tri-party term repurchase agreement dated 10/31/2022 with BNP Paribas, 3.240% (collateralized by Corporate Debt Securities
with coupon rates ranging from 0.250% to 9.250% and due dates ranging from 5/1/2023 to perpetual maturity, valued at $26,252,547) (France)(IR)(EG)

25,000,000
25,000,000

Interest
in $25,000,000 tri-party term repurchase agreement dated 10/31/2022 with RBC Capital Markets, LLC, 3.290% (collateralized by Corporate
Debt Securities with coupon rates ranging from 1.450% to 6.600% and due dates ranging from 4/3/2023 to 1/15/2087, valued at $26,252,891)
(Canada)(IR)(EG)

25,000,000
25,000,000

Total
repurchase agreements (cost $1,073,026,000)

$1,073,026,000

COMMERCIAL
PAPER (18.8%)(a)

Yield
(%)
Maturity
date
 
Principal
amount
Value

ABN
AMRO Funding USA, LLC
2.833
12/8/22

$16,000,000
$15,935,197

Australia
and New Zealand Banking Group, Ltd. (Australia)
3.570
9/28/23

20,000,000
19,972,359

Australia
and New Zealand Banking Group, Ltd. (Australia)
3.440
12/1/22

21,000,000
21,004,061

Commonwealth
Bank of Australia (Australia)
3.590
9/25/23

16,000,000
15,977,889

Commonwealth
Bank of Australia (Australia)
0.331
11/7/22

17,000,000
16,988,563

DNB
Bank ASA (Norway)
3.490
1/27/23

21,000,000
21,003,653

ING
(U.S.) Funding, LLC
4.559
2/2/23

20,500,000
20,263,033

Lloyds
Bank PLC (United Kingdom)
3.520
4/11/23

20,000,000
19,982,960

National
Australia Bank, Ltd. (Australia)
3.360
2/24/23

20,000,000
19,992,866

National
Bank of Canada (Canada)
3.350
11/7/22

20,250,000
20,251,231

XXX.Xxxx
(Germany)
2.798
11/17/22

21,000,000
20,966,412

Skandinaviska
Enskilda Banken AB (Sweden)
3.550
2/21/23

21,000,000
20,997,134

Svenska
Handelsbanken AB (Sweden)
3.540
3/9/23

22,000,000
21,999,191

Svenska
Handelsbanken AB (Sweden)
0.341
11/1/22

25,000,000
24,997,868

Toronto-Dominion
Bank (The) (Canada)
3.702
7/3/23

15,000,000
14,474,067

Toyota
Credit de Puerto Rico Corp. (Puerto Rico)
3.600
1/31/23

19,000,000
19,000,950

Toyota
Motor Credit Corp.
3.350
3/7/23

18,000,000
17,989,827

Westpac
Banking Corp. (Australia)
3.460
3/20/23

20,000,000
19,996,332

Total
commercial paper (cost $352,078,009)

$351,793,593

CERTIFICATES
OF DEPOSIT (15.2%)(a)

Yield
(%)
Maturity
date
 
Principal
amount
Value

Bank
of America, NA
3.370
12/13/22

$20,000,000
$20,003,762

Bank
of Montreal/Chicago, IL (Canada)
5.000
10/6/23

10,000,000
9,957,590

Bank
of Montreal/Chicago, IL FRN (Canada)
3.740
9/15/23

20,000,000
19,987,093

Bank
of Nova Scotia/Houston FRN
3.590
12/23/22

20,000,000
20,005,337

BNP
Paribas/New York, NY (France)
3.540
2/21/23

16,000,000
16,000,163

Canadian
Imperial Bank of Commerce/New York, NY
4.060
8/17/23

10,000,000
9,893,492

Canadian
Imperial Bank of Commerce/New York, NY FRN
3.800
8/21/23

19,000,000
19,006,975

Citibank,
NA
4.100
8/7/23

21,000,000
20,796,461

Citibank,
NA
3.890
10/25/23

10,300,000
10,298,272

Credit
Agricole Corporate and Investment Bank/New York (France)
3.720
4/25/23

18,000,000
18,000,232

Mizuho
Bank, Ltd./New York, NY FRN
3.480
2/23/23

20,000,000
19,993,304

MUFG
Bank, Ltd./New York, NY FRN (Japan)
3.530
2/22/23

20,000,000
19,992,730

Nordea
Bank ABP/New York, NY FRN
3.550
2/14/23

18,000,000
17,999,484

Royal
Bank of Canada/New York, NY (Canada)
4.020
8/11/23

10,000,000
9,892,974

Sumitomo
Mitsui Banking Corp./New York FRN (Japan)
3.540
2/10/23

15,000,000
14,998,160

Sumitomo
Mitsui Trust Bank, Ltd./New York
3.250
11/10/22

20,000,000
19,998,737

Sumitomo
Mitsui Trust Bank, Ltd./New York FRN
3.560
1/10/23

18,000,000
18,002,260

Total
certificates of deposit (cost $285,301,218)

$284,827,026

ASSET-BACKED
COMMERCIAL PAPER (8.9%)(a)

Yield
(%)
Maturity
date
 
Principal
amount
Value

Atlantic
Asset Securitization, LLC
3.924
12/15/22

$20,500,000
$20,400,575

Bedford
Row Funding Corp.
3.159
11/4/22

21,000,000
20,992,377

CHARTA,
LLC
4.002
1/17/23

11,993,000
11,878,771

Collateralized
Commercial Paper FLEX Co., LLC
3.380
11/7/22

20,000,000
20,001,332

Collateralized
Commercial Paper FLEX Co., LLC
3.340
3/23/23

20,000,000
19,981,694

Collateralized
Commercial Paper V Co., LLC
3.340
3/22/23

20,000,000
19,981,739

CRC
Funding, LLC
3.103
12/2/22

11,000,000
10,962,972

Liberty
Street Funding, LLC (Canada)
3.684
12/27/22

25,000,000
24,839,925

Old
Line Funding, LLC
3.600
2/22/23

17,250,000
17,247,794

Total asset-backed commercial paper (cost $166,367,422)    
$166,287,179

TOTAL
INVESTMENTS

Total
investments (cost $1,876,772,649)

$1,875,933,798

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.

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, 2022
through October 31, 2022 (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 $1,872,511,119.

(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.

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
74.4%

Canada
6.6

Australia
6.1

Sweden
3.6

France
3.1

Japan
1.9

Norway
1.1

Germany
1.1

United
Kingdom
1.1

Puerto
Rico
1.0

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 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 $1,096,064,252 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
$—
$166,287,179
$—

Certificates
of deposit
—
284,827,026
—

Commercial
paper
—
351,793,593
—

Repurchase
agreements
—
1,073,026,000
—

Totals
by level
$—
$1,875,933,798
$—

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

10/31/22 (Unaudited)


REPURCHASE AGREEMENTS (57.3%)*^(a)*
	Principal amount	Value
Interest in $315,867,000 joint tri-party repurchase agreement dated 10/31/2022 with BofA Securities, Inc. due 11/1/2022 - maturity value of $31,188,642 for an effective yield of 3.050% (collateralized by Agency Mortgage-Backed Securities with a coupon rate of 4.500% and due dates ranging from 7/20/2052 to 9/20/2052, valued at $322,184,341)	$31,186,000	$31,186,000
Interest in $508,400,000 joint tri-party repurchase agreement dated 10/31/2022 with Royal Bank of Canada due 11/1/2022 - maturity value of $187,455,828 for an effective yield of 3.040% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.125% to 4.375% and due dates ranging from 4/15/2023 to 10/31/2029, valued at $518,611,863)	187,440,000	187,440,000
Interest in $44,000,000 tri-party repurchase agreement dated 10/31/2022 with Bank of Nova Scotia due 11/1/2022 - maturity value of $44,003,667 for an effective yield of 3.000% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.125% to 3.500% and due dates ranging from 10/15/2025 to 2/15/2044, valued at $44,883,769)	44,000,000	44,000,000
Interest in $300,000,000 tri-party repurchase agreement dated 10/31/2022 with Barclays Capital, Inc. due 11/1/2022 - maturity value of $300,025,000 for an effective yield of 3.000% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.750% to 2.375% and due dates ranging from 1/31/2028 to 11/15/2049, valued at $306,025,512)	300,000,000	300,000,000
Interest in $100,000,000 tri-party repurchase agreement dated 10/31/2022 with BMO Capital Markets due 11/1/2022 - maturity value of $100,008,306 for an effective yield of 2.990% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.125% to 7.625% and due dates ranging from 11/15/2022 to 2/15/2052, valued at $102,008,479)	100,000,000	100,000,000
Interest in $15,000,000 tri-party repurchase agreement dated 10/31/2022 with BNP Paribas due 11/1/2022 - maturity value of $15,001,250 for an effective yield of 3.000% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.125% to 7.125% and due dates ranging from 11/30/2022 to 11/15/2042, valued at $15,301,306)	15,000,000	15,000,000
Interest in $145,400,000 tri-party repurchase agreement dated 10/31/2022 with Xxxxxxx, Xxxxx & Co. LLC due 11/1/2022 - maturity value of $145,412,278 for an effective yield of 3.040% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 2.440% to 5.500% and due dates ranging from 3/1/2028 to 8/15/2057, valued at $148,308,000)	145,400,000	145,400,000
Interest in $200,000,000 tri-party repurchase agreement dated 10/31/2022 with JPMorgan Securities, LLC due 11/1/2022 - maturity value of $200,016,667 for an effective yield of 3.000% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.250% to 2.375% and due dates ranging from 3/15/2023 to 5/15/2027, valued at $204,017,055)	200,000,000	200,000,000
Interest in $25,000,000 tri-party term repurchase agreement dated 10/31/2022 with BNP Paribas, 3.240% (collateralized by Corporate Debt Securities with coupon rates ranging from 0.250% to 9.250% and due dates ranging from 5/1/2023 to perpetual maturity, valued at $26,252,547) (France)*^(IR)(EG)*	25,000,000	25,000,000
Interest in $25,000,000 tri-party term repurchase agreement dated 10/31/2022 with RBC Capital Markets, LLC, 3.290% (collateralized by Corporate Debt Securities with coupon rates ranging from 1.450% to 6.600% and due dates ranging from 4/3/2023 to 1/15/2087, valued at $26,252,891) (Canada)*^(IR)(EG)*	25,000,000	25,000,000

Total repurchase agreements (cost $1,073,026,000)		$1,073,026,000


COMMERCIAL PAPER (18.8%)*^(a)*
	Yield (%)	Maturity date	Principal amount	Value
ABN AMRO Funding USA, LLC	2.833	12/8/22	$16,000,000	$15,935,197
Australia and New Zealand Banking Group, Ltd. (Australia)	3.570	9/28/23	20,000,000	19,972,359
Australia and New Zealand Banking Group, Ltd. (Australia)	3.440	12/1/22	21,000,000	21,004,061
Commonwealth Bank of Australia (Australia)	3.590	9/25/23	16,000,000	15,977,889
Commonwealth Bank of Australia (Australia)	0.331	11/7/22	17,000,000	16,988,563
DNB Bank ASA (Norway)	3.490	1/27/23	21,000,000	21,003,653
ING (U.S.) Funding, LLC	4.559	2/2/23	20,500,000	20,263,033
Lloyds Bank PLC (United Kingdom)	3.520	4/11/23	20,000,000	19,982,960
National Australia Bank, Ltd. (Australia)	3.360	2/24/23	20,000,000	19,992,866
National Bank of Canada (Canada)	3.350	11/7/22	20,250,000	20,251,231
XXX.Xxxx (Germany)	2.798	11/17/22	21,000,000	20,966,412
Skandinaviska Enskilda Banken AB (Sweden)	3.550	2/21/23	21,000,000	20,997,134
Svenska Handelsbanken AB (Sweden)	3.540	3/9/23	22,000,000	21,999,191
Svenska Handelsbanken AB (Sweden)	0.341	11/1/22	25,000,000	24,997,868
Toronto-Dominion Bank (The) (Canada)	3.702	7/3/23	15,000,000	14,474,067
Toyota Credit de Puerto Rico Corp. (Puerto Rico)	3.600	1/31/23	19,000,000	19,000,950
Toyota Motor Credit Corp.	3.350	3/7/23	18,000,000	17,989,827
Westpac Banking Corp. (Australia)	3.460	3/20/23	20,000,000	19,996,332

Total commercial paper (cost $352,078,009)				$351,793,593


CERTIFICATES OF DEPOSIT (15.2%)*^(a)*
	Yield (%)	Maturity date	Principal amount	Value
Bank of America, NA	3.370	12/13/22	$20,000,000	$20,003,762
Bank of Montreal/Chicago, IL (Canada)	5.000	10/6/23	10,000,000	9,957,590
Bank of Montreal/Chicago, IL FRN (Canada)	3.740	9/15/23	20,000,000	19,987,093
Bank of Nova Scotia/Houston FRN	3.590	12/23/22	20,000,000	20,005,337
BNP Paribas/New York, NY (France)	3.540	2/21/23	16,000,000	16,000,163
Canadian Imperial Bank of Commerce/New York, NY	4.060	8/17/23	10,000,000	9,893,492
Canadian Imperial Bank of Commerce/New York, NY FRN	3.800	8/21/23	19,000,000	19,006,975
Citibank, NA	4.100	8/7/23	21,000,000	20,796,461
Citibank, NA	3.890	10/25/23	10,300,000	10,298,272
Credit Agricole Corporate and Investment Bank/New York (France)	3.720	4/25/23	18,000,000	18,000,232
Mizuho Bank, Ltd./New York, NY FRN	3.480	2/23/23	20,000,000	19,993,304
MUFG Bank, Ltd./New York, NY FRN (Japan)	3.530	2/22/23	20,000,000	19,992,730
Nordea Bank ABP/New York, NY FRN	3.550	2/14/23	18,000,000	17,999,484
Royal Bank of Canada/New York, NY (Canada)	4.020	8/11/23	10,000,000	9,892,974
Sumitomo Mitsui Banking Corp./New York FRN (Japan)	3.540	2/10/23	15,000,000	14,998,160
Sumitomo Mitsui Trust Bank, Ltd./New York	3.250	11/10/22	20,000,000	19,998,737
Sumitomo Mitsui Trust Bank, Ltd./New York FRN	3.560	1/10/23	18,000,000	18,002,260

Total certificates of deposit (cost $285,301,218)				$284,827,026


ASSET-BACKED COMMERCIAL PAPER (8.9%)*^(a)*
	Yield (%)	Maturity date	Principal amount	Value
Atlantic Asset Securitization, LLC	3.924	12/15/22	$20,500,000	$20,400,575
Bedford Row Funding Corp.	3.159	11/4/22	21,000,000	20,992,377
CHARTA, LLC	4.002	1/17/23	11,993,000	11,878,771
Collateralized Commercial Paper FLEX Co., LLC	3.380	11/7/22	20,000,000	20,001,332
Collateralized Commercial Paper FLEX Co., LLC	3.340	3/23/23	20,000,000	19,981,694
Collateralized Commercial Paper V Co., LLC	3.340	3/22/23	20,000,000	19,981,739
CRC Funding, LLC	3.103	12/2/22	11,000,000	10,962,972
Liberty Street Funding, LLC (Canada)	3.684	12/27/22	25,000,000	24,839,925
Old Line Funding, LLC	3.600	2/22/23	17,250,000	17,247,794

Total asset-backed commercial paper (cost $166,367,422)				$166,287,179
TOTAL INVESTMENTS

Total investments (cost $1,876,772,649)				$1,875,933,798


	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.
	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, 2022 through October 31, 2022 (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 $1,872,511,119.
*^(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.
	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	74.4%
	Canada	6.6
	Australia	6.1
	Sweden	3.6
	France	3.1
	Japan	1.9
	Norway	1.1
	Germany	1.1
	United Kingdom	1.1
	Puerto Rico	1.0

	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 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 $1,096,064,252 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	$—	$166,287,179	$—
Certificates of deposit	—	284,827,026	—
Commercial paper	—	351,793,593	—
Repurchase agreements	—	1,073,026,000	—

Totals by level	$—	$1,875,933,798	$—
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