Dynamic Risk Allocation Fund Q3 Portfolio Holdings
Putnam Dynamic Risk Allocation Fund The fund's portfolio 2/28/21 (Unaudited) U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (13.9%)(a) Principal amount Value U.S. Government Guaranteed Mortgage Obligations (1.3%) Government National Mortgage Association Pass- Through Certificates 3.00%, TBA, 3/1/51 $1,000,000 $1,040,313 1,040,313 U.S. Government Agency Mortgage Obligations (12.6%) Federal National Mortgage Association Pass-Through Certificates 4.00%, 1/1/57 56,840 63,648 4.00%, 5/1/49 445,145 479,130 Uniform Mortgage-Backed Securities 6.00%, TBA, 3/1/51 1,000,000 1,124,453 3.50%, TBA, 3/1/51 1,000,000 1,059,844 2.50%, TBA, 3/1/51 3,000,000 3,098,438 2.00%, TBA, 3/1/51 2,000,000 2,010,938 1.50%, TBA, 3/1/51 2,000,000 1,956,719 9,793,170 Total U.S. government and agency mortgage obligations (cost $10,925,404) $10,833,483 U.S. TREASURY OBLIGATIONS (0.2%)(a) Principal Value amount U.S. Treasury Notes 2.00%, 4/30/24(i) $116,000 $122,910 Total U.S. treasury obligations (cost $122,910) $122,910 COMMON STOCKS (11.8%)(a) Shares Value Basic materials (1.3%) Anglo American PLC (United Kingdom) 2,799 $107,695 BHP Billiton, Ltd. (Australia) 438 16,558 BHP Group PLC (United Kingdom) 2,150 67,954 Compagnie De Saint-Gobain (France)(NON) 1,992 106,724 Covestro AG (Germany) 1,509 109,200 CRH PLC (Ireland) 1,562 67,483 Eiffage SA (France)(NON) 425 43,652 Fortescue Metals Group, Ltd.
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