Putnam Short Term Investment Fund The fund's portfolio 10/31/20 (Unaudited) REPURCHASE AGREEMENTS (46.5%)(a) Principal amount Value
| Xxxxxx Short Term Investment Fund | ||||||
| The fund's portfolio | ||||||
| 10/31/20 (Unaudited) | ||||||
| REPURCHASE AGREEMENTS (46.5%)(a) | ||||||
| Principal amount | Value | |||||
| Interest in $35,000,000 tri-party repurchase agreement dated 10/30/2020 with Bank of Nova Scotia due 11/2/2020 - maturity value of $35,000,204 for an effective yield of 0.070% (collateralized by various U.S. Treasury notes and a U.S. Treasury bond with coupon rates ranging from 0.250% to 3.125% and due dates ranging from 12/15/2021 to 2/15/2050, valued at $35,700,236) | $35,000,000 | $35,000,000 | ||||
| Interest in $200,000,000 tri-party repurchase agreement dated 10/30/2020 with Barclays Capital, Inc. due 11/2/2020 - maturity value of $200,001,167 for an effective yield of 0.070% (collateralized by various U.S. Treasury bonds with coupon rates ranging from 0.145% to 2.500% and due dates ranging from 10/31/2020 to 1/15/2029, valued at $204,001,279) | 200,000,000 | 200,000,000 | ||||
| Interest in $100,000,000 tri-party repurchase agreement dated 10/30/2020 with BMO Capital Markets due 11/2/2020 - maturity value of $100,000,750 for an effective yield of 0.090% (collateralized by various mortgage backed securities with coupon rates ranging from 2.500% to 4.000% and due dates ranging from 7/20/2050 to 10/20/2050, valued at $102,000,765) | 100,000,000 | 100,000,000 | ||||
| Interest in $54,000,000 tri-party term repurchase agreement dated 10/30/2020 with BNP Paribas, 0.280% (collateralized by various corporate bonds and notes with coupon rates ranging from 2.200% to 10.750% and due dates ranging from 10/2/2023 to 8/1/2069, valued at $56,701,324)(IR)(EG) (France) | 54,000,000 | 54,000,000 | ||||
| Interest in $50,000,000 tri-party term repurchase agreement dated 9/23/2020 with BNP Paribas due 1/25/2021 - maturity value of $50,020,667 for an effective yield of 0.120% (collateralized by various U.S. Treasury notes, various mortgage backed securities and a U.S. Treasury bond with coupon rates ranging from 0.375% to 6.500% and due dates ranging from 5/15/2023 to 10/1/2050, valued at $51,007,146)(IR) | 50,000,000 | 50,000,000 | ||||
| Interest in $75,000,000 tri-party term repurchase agreement dated 10/21/2020 with BNP Paribas due 1/21/2021 - maturity value of $75,019,167 for an effective yield of 0.100% (collateralized by various U.S. Treasury notes and bonds with coupon rates ranging from 0.125% to 2.500% and due dates ranging from 4/30/2021 to 5/15/2030, valued at $76,503,047)(IR) | 75,000,000 | 75,000,000 | ||||
| Interest in $200,000,000 tri-party repurchase agreement dated 10/30/2020 with BNP Paribas due 11/2/2020 - maturity value of $200,001,167 for an effective yield of 0.070% (collateralized by various U.S. Treasury notes and bonds with coupon rates ranging from 0.250% to 3.125% and due dates ranging from 1/15/2021 to 2/15/2050, valued at $204,001,232) | 200,000,000 | 200,000,000 | ||||
| Interest in $13,750,000 tri-party repurchase agreement dated 10/30/2020 with BNP Paribas due 11/2/2020 - maturity value of $13,750,103 for an effective yield of 0.090% (collateralized by various mortgage backed securities with coupon rates ranging from 0.375% to 6.000% and due dates ranging from 8/25/2025 to 7/1/2050, valued at $14,025,429) | 13,750,000 | 13,750,000 | ||||
| Interest in $75,000,000 tri-party term repurchase agreement dated 10/21/2020 with BofA Securities, Inc. due 11/24/2020 - maturity value of $75,006,875 for an effective yield of 0.100% (collateralized by various mortgage backed securities with coupon rates ranging from 1.500% to 2.000% and due dates ranging from 11/1/2035 to 10/1/2050, valued at $76,500,001)(IR) | 75,000,000 | 75,000,000 | ||||
| Interest in $242,436,000 joint tri-party repurchase agreement dated 10/30/2020 with BofA Securities, Inc. due 11/2/2020 - maturity value of $89,737,673 for an effective yield of 0.090% (collateralized by various mortgage backed securities with coupon rates ranging from 2.000% to 4.000% and due dates ranging from 6/1/2046 to 11/1/2050, valued at $247,284,721) | 89,737,000 | 89,737,000 | ||||
| Interest in $439,838,000 joint tri-party repurchase agreement dated 10/30/2020 with Citigroup Global Markets, Inc. due 11/2/2020 - maturity value of $153,690,153 for an effective yield of 0.090% (collateralized by various mortgage backed securities with coupon rates ranging from 2.500% to 5.500% and due dates ranging from 3/1/2050 to 4/1/2050, valued at $448,634,760) | 153,689,000 | 153,689,000 | ||||
| Interest in $137,100,000 tri-party repurchase agreement dated 10/30/2020 with Xxxxxxx, Xxxxx & Co. LLC due 11/2/2020 - maturity value of $137,100,800 for an effective yield of 0.070% (collateralized by a mortgage backed security and a U.S. Treasury note with coupon rates ranging from 1.500% to 2.090% and due dates ranging from 8/15/2022 to 6/18/2040, valued at $139,842,013) | 137,100,000 | 137,100,000 | ||||
| Interest in $200,000,000 tri-party repurchase agreement dated 10/30/2020 with HSBC Bank USA, National Association due 11/2/2020 - maturity value of $200,001,167 for an effective yield of 0.070% (collateralized by various U.S. Treasury bonds and a U.S. Treasury note with coupon rates ranging from 0.215% to 8.125% and due dates ranging from 1/31/2021 to 8/15/2047, valued at $204,001,258) | 200,000,000 | 200,000,000 | ||||
| Interest in $84,300,000 joint tri-party repurchase agreement dated 10/30/2020 with HSBC Bank USA, National Association due 11/2/2020 - maturity value of $9,397,070 for an effective yield of 0.090% (collateralized by various mortgage backed securities with coupon rates ranging from 2.500% to 5.500% and due dates ranging from 7/1/2037 to 10/1/2050, valued at $85,986,645) | 9,397,000 | 9,397,000 | ||||
| Interest in $300,000,000 joint tri-party repurchase agreement dated 10/30/2020 with JPMorgan Securities, LLC due 11/2/2020 - maturity value of $192,472,123 for an effective yield of 0.070% (collateralized by a U.S. Treasury note with a coupon rate of 0.250% and a due date of 6/30/2025, valued at $306,001,805) | 192,471,000 | 192,471,000 | ||||
| Interest in $50,000,000 tri-party repurchase agreement dated 10/30/2020 with JPMorgan Securities, LLC due 11/2/2020 - maturity value of $50,000,375 for an effective yield of 0.090% (collateralized by various mortgage backed securities and a U.S. Treasury note with coupon rates ranging from 1.875% to 8.500% and due dates ranging from 8/31/2024 to 10/20/2050, valued at $51,000,383) | 50,000,000 | 50,000,000 | ||||
| Interest in $25,000,000 tri-party term repurchase agreement dated 10/30/2020 with RBC Capital Markets, LLC, 0.330% (collateralized by various corporate bonds and notes with coupon rates ranging from 0.550% to 10.000% and due dates ranging from 12/1/2020 to 11/15/2050, valued at $26,250,723)(IR)(EG) (Canada) | 25,000,000 | 25,000,000 | ||||
| Interest in $314,850,000 joint tri-party repurchase agreement dated 10/30/2020 with Royal Bank of Canada due 11/2/2020 - maturity value of $33,750,253 for an effective yield of 0.090% (collateralized by various mortgage backed securities with coupon rates ranging from 1.950% to 6.000% and due dates ranging from 9/1/2035 to 6/20/2063, valued at $321,149,409) | 33,750,000 | 33,750,000 | ||||
| Total repurchase agreements (cost $1,693,894,000) | $1,693,894,000 | |||||
| COMMERCIAL PAPER (20.2%)(a) | ||||||
| Yield (%) | Maturity date | Principal amount | Value | |||
| ABN AMRO Funding USA, LLC | 0.230 | 2/22/21 | $15,000,000 | $14,986,871 | ||
| ABN AMRO Funding USA, LLC | 0.230 | 2/10/21 | 37,000,000 | 36,971,206 | ||
| American Honda Finance Corp. | 0.350 | 11/24/20 | 5,750,000 | 5,749,281 | ||
| American Honda Finance Corp. | 0.300 | 11/19/20 | 5,000,000 | 4,999,547 | ||
| American Honda Finance Corp. | 0.200 | 12/8/20 | 15,000,000 | 14,996,701 | ||
| Xxxxx Xxxxxx Holdings, LLC | 0.250 | 12/10/20 | 18,000,000 | 17,996,638 | ||
| Bank of America, NA | 0.200 | 3/12/21 | 20,750,000 | 20,751,328 | ||
| BP Capital Markets PLC (United Kingdom) | 1.287 | 11/2/20 | 8,000,000 | 7,999,884 | ||
| BPCE SA (France) | 0.955 | 11/17/20 | 5,650,000 | 5,649,709 | ||
| BPCE SA (France) | 0.603 | 2/8/21 | 14,000,000 | 13,992,380 | ||
| BPCE SA (France) | 0.501 | 12/11/20 | 7,000,000 | 6,998,963 | ||
| BPCE SA (France) | 0.160 | 12/3/20 | 15,000,000 | 14,998,314 | ||
| Canada (Government of) (Canada) | 0.301 | 1/25/21 | 25,000,000 | 24,993,475 | ||
| Xxxxxxx Xxxxxx Corp. (The) | 0.160 | 12/14/20 | 15,250,000 | 15,247,808 | ||
| Coca-Cola Co. (The) | 2.137 | 1/15/21 | 12,000,000 | 11,997,613 | ||
| ENGIE SA (France) | 0.300 | 11/12/20 | 5,000,000 | 4,999,738 | ||
| ENGIE SA (France) | 0.300 | 11/5/20 | 7,000,000 | 6,999,848 | ||
| FMS Wertmanagement (Germany) | 0.250 | 11/17/20 | 18,000,000 | 17,999,334 | ||
| FMS Wertmanagement (Germany) | 0.225 | 1/22/21 | 18,000,000 | 17,995,128 | ||
| GTA Funding, LLC | 0.220 | 4/1/21 | 15,250,000 | 15,233,084 | ||
| HSBC USA, Inc. | 0.602 | 11/2/20 | 15,000,000 | 14,999,850 | ||
| ING (U.S.) Funding, LLC | 0.502 | 2/1/21 | 15,000,000 | 14,994,438 | ||
| Lloyds Bank PLC (United Kingdom) | 0.240 | 4/26/21 | 36,000,000 | 35,962,798 | ||
| LVMH Moet Xxxxxxxx Xxxxx Vuitton, Inc. | 0.401 | 1/4/21 | 15,000,000 | 14,996,315 | ||
| Mitsubishi UFJ Trust & Banking Corp./NY | 0.250 | 4/23/21 | 21,500,000 | 21,476,275 | ||
| Mitsubishi UFJ Trust & Banking Corp./NY | 0.190 | 12/14/20 | 14,000,000 | 13,997,463 | ||
| National Australia Bank, Ltd. (Australia) | 0.397 | 7/8/21 | 15,000,000 | 15,010,723 | ||
| National Australia Bank, Ltd. (Australia) | 0.352 | 2/19/21 | 15,000,000 | 15,006,834 | ||
| National Bank of Canada (Canada) | 0.180 | 2/4/21 | 20,000,000 | 19,992,240 | ||
| Nationwide Building Society (United Kingdom) | 0.180 | 11/2/20 | 17,500,000 | 17,499,796 | ||
| Royal Bank of Canada (Canada) | 1.840 | 3/3/21 | 20,000,000 | 20,011,009 | ||
| Schlumberger Holdings Corp. | 0.472 | 8/13/21 | 11,000,000 | 10,975,007 | ||
| Schlumberger Holdings Corp. | 0.401 | 11/10/20 | 7,000,000 | 6,999,914 | ||
| Shell International Finance BV (Netherlands) | 0.553 | 6/14/21 | 12,500,000 | 12,478,876 | ||
| Shell International Finance BV (Netherlands) | 0.523 | 6/11/21 | 10,000,000 | 9,983,387 | ||
| Skandinaviska Enskilda Xxxxxx XX (Sweden) | 0.220 | 5/7/21 | 43,000,000 | 42,950,109 | ||
| Societe Generale SA (France) | 1.673 | 12/9/20 | 15,000,000 | 15,003,090 | ||
| Societe Generale SA (France) | 0.667 | 6/2/21 | 11,000,000 | 11,014,883 | ||
| Svenska Handelsbanken AB (Sweden) | 1.573 | 12/2/20 | 31,500,000 | 31,503,549 | ||
| Toronto-Dominion Bank (The) (Canada) | 1.665 | 2/5/21 | 15,000,000 | 15,005,928 | ||
| Toronto-Dominion Bank (The) (Canada) | 1.603 | 11/12/20 | 15,000,000 | 15,000,524 | ||
| Total Capital Canada, Ltd. (Canada) | 0.552 | 11/23/20 | 15,000,000 | 14,999,180 | ||
| Total Capital Canada, Ltd. (Canada) | 0.220 | 2/3/21 | 14,000,000 | 13,994,213 | ||
| Toyota Motor Credit Corp. | 1.731 | 11/27/20 | 16,000,000 | 16,001,472 | ||
| Toyota Motor Credit Corp. | 0.230 | 12/16/20 | 15,000,000 | 14,997,630 | ||
| UBS AG/London (United Kingdom) | 0.282 | 9/22/21 | 14,000,000 | 14,000,000 | ||
| Xxxx Disney Co. (The) | 0.501 | 12/15/20 | 6,000,000 | 5,998,398 | ||
| Total commercial paper (cost $736,176,615) | $736,410,751 | |||||
| CERTIFICATES OF DEPOSIT (11.2%)(a) | ||||||
| Yield (%) | Maturity date | Principal amount | Value | |||
| Bank of Montreal/Chicago, IL FRN (Canada) | 0.410 | 11/18/20 | $16,000,000 | $16,001,199 | ||
| Bank of Montreal/Chicago, IL FRN (Canada) | 0.330 | 3/2/21 | 15,000,000 | 15,008,190 | ||
| Bank of Montreal/Chicago, IL FRN (Canada) | 0.257 | 10/27/21 | 18,500,000 | 18,500,000 | ||
| Bank of Nova Scotia/Houston FRN | 0.379 | 11/4/20 | 16,000,000 | 16,000,080 | ||
| Bank of Nova Scotia/Houston FRN | 0.370 | 2/16/21 | 15,000,000 | 15,005,147 | ||
| Bank of Nova Scotia/Houston FRN | 0.347 | 2/12/21 | 16,000,000 | 16,005,277 | ||
| Bank of Nova Scotia/Houston FRN | 0.298 | 7/20/21 | 18,000,000 | 18,010,309 | ||
| Canadian Imperial Bank of Commerce/New York, NY FRN | 0.409 | 8/6/21 | 14,000,000 | 14,014,846 | ||
| Canadian Imperial Bank of Commerce/New York, NY FRN | 0.358 | 7/19/21 | 14,000,000 | 14,012,978 | ||
| Canadian Imperial Bank of Commerce/New York, NY FRN | 0.357 | 6/16/21 | 14,000,000 | 14,010,396 | ||
| Canadian Imperial Bank of Commerce/New York, NY FRN | 0.330 | 3/3/21 | 16,000,000 | 16,008,810 | ||
| Citibank, NA | 0.230 | 8/5/21 | 15,000,000 | 14,998,719 | ||
| Cooperatieve Rabobank UA/NY FRN (Netherlands) | 0.340 | 2/3/21 | 14,000,000 | 14,006,577 | ||
| DNB Bank ASA/New York FRN (Norway) | 0.289 | 2/5/21 | 15,000,000 | 15,001,532 | ||
| Xxxxxxx Xxxxx Bank USA/New York, NY FRN | 0.484 | 12/10/20 | 15,000,000 | 15,005,682 | ||
| Mitsubishi UFJ Trust & Banking Corp./NY | 0.340 | 2/3/21 | 15,000,000 | 15,007,191 | ||
| Mizuho Bank, Ltd./New York, NY | 0.220 | 11/27/20 | 18,000,000 | 18,001,287 | ||
| Mizuho Bank, Ltd./New York, NY FRN | 0.317 | 1/15/21 | 1,500,000 | 1,500,300 | ||
| Natixis SA/New York, NY FRN (France) | 0.510 | 12/11/20 | 15,000,000 | 15,006,330 | ||
| Royal Bank of Canada/New York, NY FRN (Canada) | 0.513 | 4/29/21 | 9,000,000 | 9,013,707 | ||
| Royal Bank of Canada/New York, NY FRN (Canada) | 0.361 | 12/3/20 | 7,000,000 | 7,000,816 | ||
| Royal Bank of Canada/New York, NY FRN (Canada) | 0.293 | 8/6/21 | 13,000,000 | 13,000,537 | ||
| Royal Bank of Canada/New York, NY FRN (Canada) | 0.283 | 7/29/21 | 18,000,000 | 18,008,001 | ||
| Sumitomo Mitsui Banking Corp./New York FRN (Japan) | 0.323 | 1/21/21 | 18,000,000 | 18,006,765 | ||
| Svenska Handelsbanken/New York, NY FRN (Sweden) | 0.353 | 6/18/21 | 15,000,000 | 15,011,238 | ||
| Toronto-Dominion Bank/NY FRN (Canada) | 0.395 | 8/20/21 | 14,000,000 | 14,010,103 | ||
| Toronto-Dominion Bank/NY FRN (Canada) | 0.384 | 8/24/21 | 18,000,000 | 18,013,078 | ||
| Toronto-Dominion Bank/NY FRN (Canada) | 0.360 | 6/10/21 | 14,000,000 | 14,010,117 | ||
| Total certificates of deposit (cost $407,000,006) | $407,179,212 | |||||
| ASSET-BACKED COMMERCIAL PAPER (10.9%)(a) | ||||||
| Yield (%) | Maturity date | Principal amount | Value | |||
| Atlantic Asset Securitization, LLC | 0.210 | 2/16/21 | $23,700,000 | $23,687,801 | ||
| Atlantic Asset Securitization, LLC | 0.190 | 2/17/21 | 26,000,000 | 25,986,256 | ||
| Barclays Bank PLC CCP (United Kingdom) | 0.985 | 11/2/20 | 14,000,000 | 13,999,830 | ||
| Barclays Bank PLC CCP (United Kingdom) | 0.361 | 2/8/21 | 20,500,000 | 20,488,210 | ||
| CAFCO, LLC | 0.200 | 3/22/21 | 15,000,000 | 14,990,526 | ||
| Chariot Funding, LLC | 0.250 | 11/18/20 | 10,000,000 | 9,999,493 | ||
| Chariot Funding, LLC | 0.250 | 11/5/20 | 30,000,000 | 29,999,270 | ||
| CHARTA, LLC | 0.240 | 11/16/20 | 16,000,000 | 15,998,957 | ||
| CHARTA, LLC | 0.200 | 4/8/21 | 15,000,000 | 14,988,867 | ||
| Collateralized Commercial Paper FLEX Co., LLC | 0.323 | 12/2/20 | 15,000,000 | 15,000,675 | ||
| Collateralized Commercial Paper FLEX Co., LLC | 0.260 | 3/8/21 | 17,000,000 | 16,987,025 | ||
| Collateralized Commercial Paper V Co., LLC | 0.271 | 7/22/21 | 15,500,000 | 15,475,469 | ||
| Collateralized Commercial Paper V Co., LLC | 0.261 | 7/19/21 | 23,000,000 | 22,964,514 | ||
| Collateralized Commercial Paper V Co., LLC | 0.250 | 4/12/21 | 15,000,000 | 14,984,625 | ||
| CRC Funding, LLC | 0.190 | 11/17/20 | 9,000,000 | 8,999,361 | ||
| Gotham Funding Corp. (Japan) | 0.240 | 11/17/20 | 18,000,000 | 17,998,947 | ||
| Manhattan Asset Funding Co., LLC (Japan) | 0.351 | 11/19/20 | 15,000,000 | 14,999,100 | ||
| Manhattan Asset Funding Co., LLC (Japan) | 0.331 | 12/9/20 | 11,155,000 | 11,153,017 | ||
| Manhattan Asset Funding Co., LLC (Japan) | 0.190 | 11/9/20 | 12,000,000 | 11,999,713 | ||
| Manhattan Asset Funding Co., LLC (Japan) | 0.180 | 11/6/20 | 12,000,000 | 11,999,720 | ||
| MetLife Short Term Funding, LLC | 0.321 | 11/6/20 | 14,000,000 | 13,999,728 | ||
| MetLife Short Term Funding, LLC | 0.311 | 11/13/20 | 10,000,000 | 9,999,576 | ||
| MetLife Short Term Funding, LLC | 0.250 | 1/20/21 | 10,000,000 | 9,996,583 | ||
| Old Line Funding, LLC | 0.240 | 2/11/21 | 17,000,000 | 16,992,388 | ||
| Thunder Bay Funding, LLC | 0.270 | 2/4/21 | 14,000,000 | 13,992,188 | ||
| Total asset-backed commercial paper (cost $397,631,205) | $397,681,839 | |||||
| U.S. TREASURY OBLIGATIONS (7.0%)(a) | ||||||
| Yield (%) | Maturity date | Principal amount | Value | |||
| U.S. Treasury Bills | 0.176 | 12/24/20 | $30,000,000 | $29,995,995 | ||
| U.S. Treasury Bills | 0.175 | 11/24/20 | 15,000,000 | 14,999,244 | ||
| U.S. Treasury Bills | 0.173 | 11/3/20 | 15,000,000 | 14,999,975 | ||
| U.S. Treasury Bills | 0.140 | 7/15/21 | 30,000,000 | 29,977,688 | ||
| U.S. Treasury Bills | 0.119 | 11/12/20 | 30,000,000 | 29,999,396 | ||
| U.S. Treasury Bills | 0.117 | 11/19/20 | 40,000,000 | 39,998,489 | ||
| U.S. Treasury Notes | 0.400 | 10/31/21 | 35,000,000 | 35,099,318 | ||
| U.S. Treasury Notes | 0.320 | 7/31/21 | 30,000,000 | 30,045,069 | ||
| U.S. Treasury Notes | 0.239 | 4/30/21 | 29,250,000 | 29,269,594 | ||
| Total U.S. treasury obligations (cost $254,216,263) | $254,384,768 | |||||
| CORPORATE BONDS AND NOTES (2.0%)(a) | ||||||
| Principal amount | Value | |||||
| Australia & New Zealand Banking Group, Ltd. 144A sr. unsec. unsub. FRN (BBA LIBOR USD 3 Month + 0.87%), 1.126%, 11/23/21 (Australia) | $30,500,000 | $30,758,024 | ||||
| Mizuho Securities USA LLC 144A sr. unsec. unsub. notes Ser. MTN, 0.33%, 11/23/20 | 15,000,000 | 15,000,515 | ||||
| Xxxxx Fargo Bank NA sr. unsec. FRN Ser. BKNT, ( + 0.31%), 0.547%, 1/15/21 | 25,530,000 | 25,544,198 | ||||
| Total corporate bonds and notes (cost $71,277,931) | $71,302,737 | |||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS (1.6%)(a) | ||||||
| Yield (%) | Maturity date | Principal amount | Value | |||
| Federal National Mortgage Association unsec. FRN(M) | 0.250 | 3/9/22 | $30,000,000 | $30,041,789 | ||
| Federal National Mortgage Association unsec. FRN(M) | 0.180 | 12/3/21 | 30,000,000 | 30,013,670 | ||
| Total U.S. government agency obligations (cost $60,000,000) | $60,055,459 | |||||
| TIME DEPOSITS (0.5%)(a) | ||||||
| Yield (%) | Maturity date | Principal amount | Value | |||
| Australia & New Zealand Banking Group, Ltd./Cayman Islands (Cayman Islands) | 0.080 | 11/2/20 | $10,000,000 | $10,000,000 | ||
| Svenska Handelsbanken/New York, NY (Sweden) | 0.040 | 11/2/20 | 10,000,000 | 10,000,000 | ||
| Total time deposits (cost $20,000,000) | $20,000,000 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $3,640,196,020) | $3,640,908,766 | |||||
| Key to holding's abbreviations | ||||||
| BKNT | Bank Note | |||||
| 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, 2020 through October 31, 2020 (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 $3,640,475,970. | |||||
| (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. | ||||||
| 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||||||
| The dates shown on debt obligations are the original maturity dates. | ||||||
| DIVERSIFICATION BY COUNTRY | ||||||
| Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): | ||||||
| United States | 75.4% | |||||
| Canada | 8.0 | |||||
| France | 4.1 | |||||
| United Kingdom | 3.0 | |||||
| Sweden | 2.7 | |||||
| Japan | 2.4 | |||||
| Australia | 1.7 | |||||
| Netherlands | 1.0 | |||||
| Germany | 1.0 | |||||
| Norway | 0.4 | |||||
| Cayman Islands | 0.3 | |||||
| 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 $1,730,161,203 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 | $— | $397,681,839 | $— | |
| Certificates of deposit | — | 407,179,212 | — | |
| Commercial paper | — | 736,410,751 | — | |
| Corporate bonds and notes | — | 71,302,737 | — | |
| Repurchase agreements | — | 1,693,894,000 | — | |
| Time deposits | — | 20,000,000 | — | |
| U.S. government agency obligations | — | 60,055,459 | — | |
| U.S. treasury obligations | — | 254,384,768 | — | |
| Totals by level | $— | $3,640,908,766 | $— | |
| 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 | ||||
