|
|
|
|
|
|
|
|
Putnam Low Volatility Equity Fund
|
|
|
The fund's portfolio
|
|
4/30/13 (Unaudited)
|
|
|
COMMON STOCKS (91.8%)
(a)
|
|
|
|
|
|
Shares
|
Value
|
|
|
|
Aerospace and defense (4.2%)
|
|
|
Boeing Co. (The)
|
|
|
|
655
|
$59,874
|
|
|
General Dynamics Corp.
|
|
|
|
878
|
64,937
|
|
|
Honeywell International, Inc.
|
|
|
|
1,891
|
139,064
|
|
|
L-3 Communications Holdings, Inc.
|
|
|
|
347
|
28,194
|
|
|
Lockheed Martin Corp.
|
|
|
|
415
|
41,122
|
|
|
Northrop Grumman Corp.
|
|
|
|
737
|
55,820
|
|
|
Raytheon Co.
|
|
|
|
959
|
58,863
|
|
|
Rockwell Collins, Inc.
|
|
|
|
375
|
23,595
|
|
|
United Technologies Corp.
|
|
|
|
605
|
55,230
|
|
|
|
|
526,699
|
|
Air freight and logistics (1.5%)
|
|
|
C.H. Robinson Worldwide, Inc.
|
|
|
|
527
|
31,299
|
|
|
United Parcel Service, Inc. Class B
|
|
|
|
1,749
|
150,134
|
|
|
|
|
181,433
|
|
Airlines (0.4%)
|
|
|
Copa Holdings SA Class A (Panama)
|
|
|
|
140
|
17,581
|
|
|
Southwest Airlines Co.
|
|
|
|
2,698
|
36,963
|
|
|
|
|
54,544
|
|
Beverages (1.0%)
|
|
|
Coca-Cola Co. (The)
|
|
|
|
703
|
29,758
|
|
|
PepsiCo, Inc.
|
|
|
|
1,215
|
100,201
|
|
|
|
|
129,959
|
|
Biotechnology (0.9%)
|
|
|
Amgen, Inc.
|
|
|
|
1,107
|
115,360
|
|
|
|
|
115,360
|
|
Capital markets (1.9%)
|
|
|
BlackRock, Inc.
|
|
|
|
192
|
51,168
|
|
|
Northern Trust Corp.
|
|
|
|
1,460
|
78,723
|
|
|
T. Rowe Price Group, Inc.
|
|
|
|
1,519
|
110,128
|
|
|
|
|
240,019
|
|
Chemicals (2.7%)
|
|
|
Ecolab, Inc.
|
|
|
|
1,242
|
105,098
|
|
|
International Flavors & Fragrances, Inc.
|
|
|
|
523
|
40,370
|
|
|
PPG Industries, Inc.
|
|
|
|
613
|
90,197
|
|
|
Sherwin-Williams Co. (The)
|
|
|
|
451
|
82,583
|
|
|
Sigma-Aldrich Corp.
|
|
|
|
312
|
24,551
|
|
|
|
|
342,799
|
|
Commercial banks (1.7%)
|
|
|
Bank of Hawaii Corp.
|
|
|
|
1,504
|
71,726
|
|
|
Cullen/Frost Bankers, Inc.
|
|
|
|
1,597
|
96,475
|
|
|
Wells Fargo & Co.
|
|
|
|
1,176
|
44,664
|
|
|
|
|
212,865
|
|
Communications equipment (0.7%)
|
|
|
Harris Corp.
|
|
|
|
514
|
23,747
|
|
|
Motorola Solutions, Inc.
|
|
|
|
1,205
|
68,926
|
|
|
|
|
92,673
|
|
Computers and peripherals (3.2%)
|
|
|
Apple, Inc.
|
|
|
|
915
|
405,116
|
|
|
|
|
405,116
|
|
Consumer finance (1.6%)
|
|
|
American Express Co.
|
|
|
|
1,054
|
72,104
|
|
|
Discover Financial Services
|
|
|
|
2,965
|
129,689
|
|
|
|
|
201,793
|
|
Containers and packaging (0.9%)
|
|
|
Ball Corp.
|
|
|
|
969
|
42,752
|
|
|
Bemis Co., Inc.
|
|
|
|
709
|
27,899
|
|
|
Packaging Corp. of America
|
|
|
|
786
|
37,382
|
|
|
|
|
108,033
|
|
Diversified financial services (1.4%)
|
|
|
IntercontinentalExchange, Inc.
(NON)
|
|
|
|
491
|
79,999
|
|
|
JPMorgan Chase & Co.
|
|
|
|
890
|
43,619
|
|
|
McGraw-Hill Cos., Inc. (The)
|
|
|
|
900
|
48,699
|
|
|
|
|
172,317
|
|
Diversified telecommunication services (2.8%)
|
|
|
AT&T, Inc.
|
|
|
|
2,881
|
107,922
|
|
|
CenturyLink, Inc.
|
|
|
|
1,185
|
44,520
|
|
|
Verizon Communications, Inc.
|
|
|
|
3,572
|
192,567
|
|
|
|
|
345,009
|
|
Electric utilities (0.4%)
|
|
|
Pinnacle West Capital Corp.
|
|
|
|
852
|
51,887
|
|
|
|
|
51,887
|
|
Electrical equipment (0.3%)
|
|
|
Roper Industries, Inc.
|
|
|
|
318
|
38,049
|
|
|
|
|
38,049
|
|
Energy equipment and services (0.5%)
|
|
|
Diamond Offshore Drilling, Inc.
|
|
|
|
413
|
28,538
|
|
|
Oceaneering International, Inc.
|
|
|
|
482
|
33,822
|
|
|
|
|
62,360
|
|
Food and staples retail (0.1%)
|
|
|
Wal-Mart Stores, Inc.
|
|
|
|
129
|
10,026
|
|
|
|
|
10,026
|
|
Food products (3.3%)
|
|
|
General Mills, Inc.
|
|
|
|
2,327
|
117,327
|
|
|
H.J. Heinz Co.
|
|
|
|
1,281
|
92,770
|
|
|
Hershey Co. (The)
|
|
|
|
742
|
66,157
|
|
|
JM Smucker Co. (The)
|
|
|
|
353
|
36,440
|
|
|
Kellogg Co.
|
|
|
|
1,067
|
69,398
|
|
|
Kraft Foods Group, Inc.
|
|
|
|
692
|
35,631
|
|
|
|
|
417,723
|
|
Health-care equipment and supplies (1.4%)
|
|
|
Abbott Laboratories
|
|
|
|
2,088
|
77,089
|
|
|
Becton, Dickinson and Co.
|
|
|
|
548
|
51,676
|
|
|
C.R. Bard, Inc.
|
|
|
|
483
|
47,991
|
|
|
|
|
176,756
|
|
Health-care providers and services (2.9%)
|
|
|
AmerisourceBergen Corp.
|
|
|
|
1,406
|
76,093
|
|
|
Cardinal Health, Inc.
|
|
|
|
1,790
|
79,154
|
|
|
Henry Schein, Inc.
(NON)
|
|
|
|
535
|
48,364
|
|
|
McKesson Corp.
|
|
|
|
1,104
|
116,825
|
|
|
Quest Diagnostics, Inc.
|
|
|
|
887
|
49,965
|
|
|
|
|
370,401
|
|
Hotels, restaurants, and leisure (1.7%)
|
|
|
Dunkin' Brands Group, Inc.
|
|
|
|
390
|
15,136
|
|
|
McDonald's Corp.
|
|
|
|
569
|
58,118
|
|
|
Panera Bread Co. Class A
(NON)
|
|
|
|
131
|
23,217
|
|
|
Starbucks Corp.
|
|
|
|
1,927
|
117,239
|
|
|
|
|
213,710
|
|
Household products (2.9%)
|
|
|
Church & Dwight Co., Inc.
|
|
|
|
551
|
35,203
|
|
|
Colgate-Palmolive Co.
|
|
|
|
1,031
|
123,112
|
|
|
Kimberly-Clark Corp.
|
|
|
|
1,306
|
134,766
|
|
|
Procter & Gamble Co. (The)
|
|
|
|
855
|
65,638
|
|
|
|
|
358,719
|
|
Industrial conglomerates (2.6%)
|
|
|
3M Co.
|
|
|
|
1,619
|
169,525
|
|
|
Danaher Corp.
|
|
|
|
1,547
|
94,274
|
|
|
General Electric Co.
|
|
|
|
2,782
|
62,011
|
|
|
|
|
325,810
|
|
Insurance (4.2%)
|
|
|
Alleghany Corp.
(NON)
|
|
|
|
148
|
58,274
|
|
|
Allied World Assurance Co. Holdings AG
|
|
|
|
390
|
35,416
|
|
|
Arch Capital Group, Ltd.
(NON)
|
|
|
|
680
|
36,081
|
|
|
Arthur J Gallagher & Co.
|
|
|
|
1,132
|
48,053
|
|
|
Berkshire Hathaway, Inc. Class B
(NON)
|
|
|
|
387
|
41,146
|
|
|
Chubb Corp. (The)
|
|
|
|
1,173
|
103,306
|
|
|
Everest Re Group, Ltd.
|
|
|
|
467
|
63,040
|
|
|
PartnerRe, Ltd.
|
|
|
|
588
|
55,472
|
|
|
RenaissanceRe Holdings, Ltd.
|
|
|
|
516
|
48,447
|
|
|
Validus Holdings, Ltd.
|
|
|
|
1,064
|
41,081
|
|
|
|
|
530,316
|
|
Internet and catalog retail (2.1%)
|
|
|
Amazon.com, Inc.
(NON)
|
|
|
|
677
|
171,829
|
|
|
Priceline.com, Inc.
(NON)
|
|
|
|
136
|
94,655
|
|
|
|
|
266,484
|
|
Internet software and services (1.8%)
|
|
|
Google, Inc. Class A
(NON)
|
|
|
|
218
|
179,756
|
|
|
IAC/InterActiveCorp.
|
|
|
|
1,079
|
50,789
|
|
|
|
|
230,545
|
|
IT Services (5.7%)
|
|
|
IBM Corp.
|
|
|
|
1,479
|
299,557
|
|
|
MasterCard, Inc. Class A
|
|
|
|
341
|
188,549
|
|
|
Paychex, Inc.
|
|
|
|
2,097
|
76,352
|
|
|
Visa, Inc. Class A
|
|
|
|
881
|
148,413
|
|
|
|
|
712,871
|
|
Media (2.5%)
|
|
|
Omnicom Group, Inc.
|
|
|
|
903
|
53,972
|
|
|
Scripps Networks Interactive Class A
|
|
|
|
373
|
24,834
|
|
|
Time Warner, Inc.
|
|
|
|
2,411
|
144,130
|
|
|
Viacom, Inc. Class B
|
|
|
|
1,454
|
93,041
|
|
|
|
|
315,977
|
|
Multi-utilities (2.2%)
|
|
|
Consolidated Edison, Inc.
|
|
|
|
1,737
|
110,560
|
|
|
DTE Energy Co.
|
|
|
|
1,383
|
100,793
|
|
|
SCANA Corp.
|
|
|
|
1,145
|
62,059
|
|
|
|
|
273,412
|
|
Multiline retail (2.0%)
|
|
|
Dillards, Inc. Class A
|
|
|
|
432
|
35,601
|
|
|
Dollar General Corp.
(NON)
|
|
|
|
702
|
36,567
|
|
|
Dollar Tree, Inc.
(NON)
|
|
|
|
828
|
39,380
|
|
|
Macy's, Inc.
|
|
|
|
539
|
24,039
|
|
|
Target Corp.
|
|
|
|
1,666
|
117,553
|
|
|
|
|
253,140
|
|
Oil, gas, and consumable fuels (8.4%)
|
|
|
Chevron Corp.
|
|
|
|
2,491
|
303,927
|
|
|
ConocoPhillips
|
|
|
|
1,237
|
74,777
|
|
|
EQT Corp.
|
|
|
|
525
|
39,438
|
|
|
Exxon Mobil Corp.
|
|
|
|
4,680
|
416,473
|
|
|
Kinder Morgan, Inc.
|
|
|
|
1,293
|
50,556
|
|
|
Noble Energy, Inc.
|
|
|
|
299
|
33,874
|
|
|
Phillips 66
|
|
|
|
1,341
|
81,734
|
|
|
Spectra Energy Corp.
|
|
|
|
1,669
|
52,624
|
|
|
|
|
1,053,403
|
|
Pharmaceuticals (6.5%)
|
|
|
AbbVie, Inc.
|
|
|
|
2,131
|
98,133
|
|
|
Bristol-Myers Squibb Co.
|
|
|
|
2,443
|
97,036
|
|
|
Eli Lilly & Co.
|
|
|
|
1,468
|
81,298
|
|
|
Johnson & Johnson
|
|
|
|
866
|
73,809
|
|
|
Merck & Co., Inc.
|
|
|
|
3,924
|
184,428
|
|
|
Perrigo Co.
|
|
|
|
173
|
20,658
|
|
|
Pfizer, Inc.
|
|
|
|
9,144
|
265,816
|
|
|
|
|
821,178
|
|
Professional services (0.6%)
|
|
|
Equifax, Inc.
|
|
|
|
426
|
26,071
|
|
|
Towers Watson & Co. Class A
|
|
|
|
249
|
18,157
|
|
|
Verisk Analytics, Inc. Class A
(NON)
|
|
|
|
516
|
31,626
|
|
|
|
|
75,854
|
|
Real estate investment trusts (REITs) (3.2%)
|
|
|
Essex Property Trust, Inc.
(R)
|
|
|
|
140
|
21,987
|
|
|
Federal Realty Investment Trust
(R)
|
|
|
|
217
|
25,391
|
|
|
Health Care REIT, Inc.
(R)
|
|
|
|
733
|
54,953
|
|
|
Public Storage
(R)
|
|
|
|
398
|
65,670
|
|
|
Rayonier, Inc.
(R)
|
|
|
|
438
|
26,026
|
|
|
Simon Property Group, Inc.
(R)
|
|
|
|
709
|
126,252
|
|
|
Tanger Factory Outlet Centers
(R)
|
|
|
|
371
|
13,772
|
|
|
Ventas, Inc.
(R)
|
|
|
|
818
|
65,137
|
|
|
|
|
399,188
|
|
Road and rail (0.2%)
|
|
|
J. B. Hunt Transport Services, Inc.
|
|
|
|
341
|
24,235
|
|
|
|
|
24,235
|
|
Semiconductors and semiconductor equipment (3.1%)
|
|
|
Analog Devices, Inc.
|
|
|
|
1,432
|
62,994
|
|
|
Avago Technologies, Ltd.
|
|
|
|
1,443
|
46,118
|
|
|
Linear Technology Corp.
|
|
|
|
1,438
|
52,487
|
|
|
Maxim Integrated Products, Inc.
|
|
|
|
1,748
|
54,066
|
|
|
Texas Instruments, Inc.
|
|
|
|
3,285
|
118,950
|
|
|
Xilinx, Inc.
|
|
|
|
1,517
|
57,509
|
|
|
|
|
392,124
|
|
Software (1.4%)
|
|
|
Intuit, Inc.
|
|
|
|
1,495
|
89,162
|
|
|
Microsoft Corp.
|
|
|
|
2,610
|
86,391
|
|
|
|
|
175,553
|
|
Specialty retail (3.4%)
|
|
|
Advance Auto Parts, Inc.
|
|
|
|
302
|
25,332
|
|
|
AutoZone, Inc.
(NON)
|
|
|
|
124
|
50,727
|
|
|
Home Depot, Inc. (The)
|
|
|
|
2,754
|
202,006
|
|
|
O'Reilly Automotive, Inc.
(NON)
|
|
|
|
406
|
43,572
|
|
|
PetSmart, Inc.
|
|
|
|
419
|
28,593
|
|
|
Ross Stores, Inc.
|
|
|
|
693
|
45,787
|
|
|
Tractor Supply Co.
|
|
|
|
285
|
30,543
|
|
|
|
|
426,560
|
|
Thrifts and mortgage finance (0.9%)
|
|
|
People's United Financial, Inc.
|
|
|
|
8,959
|
117,900
|
|
|
|
|
117,900
|
|
Tobacco (2.3%)
|
|
|
Altria Group, Inc.
|
|
|
|
3,436
|
125,448
|
|
|
Philip Morris International, Inc.
|
|
|
|
937
|
89,568
|
|
|
Reynolds American, Inc.
|
|
|
|
1,431
|
67,858
|
|
|
|
|
282,874
|
|
Trading companies and distributors (0.1%)
|
|
|
MSC Industrial Direct Co., Inc. Class A
|
|
|
|
192
|
15,130
|
|
|
|
|
15,130
|
|
Wireless telecommunication services (0.2%)
|
|
|
SBA Communications Corp. Class A
(NON)
|
|
|
|
318
|
25,119
|
|
|
|
|
25,119
|
|
|
|
Total common stocks (cost $11,344,299)
|
$11,545,923
|
|
|
PURCHASED EQUITY OPTIONS OUTSTANDING (0.6%)
(a)
|
|
|
|
Expiration
|
|
Contract
|
|
|
|
|
date/strike price
|
|
amount
|
Value
|
|
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
Apr-14/$133.00
|
|
$6,574
|
$20,461
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
Mar-14/130.00
|
|
6,574
|
15,976
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
Feb-14/130.00
|
|
6,574
|
13,444
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
Jan-14/125.00
|
|
6,574
|
8,376
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
Dec-13/120.00
|
|
6,574
|
5,351
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
Nov-13/115.00
|
|
6,574
|
2,893
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
Oct-13/123.00
|
|
6,574
|
3,603
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
Sep-13/125.00
|
|
6,574
|
2,940
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
Aug-13/115.00
|
|
6,574
|
870
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
Jul-13/115.00
|
|
6,574
|
394
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
Jun-13/110.00
|
|
6,574
|
78
|
|
|
SPDR S&P 500 ETF Trust (Put)
|
|
May-13/108.00
|
|
6,574
|
2
|
|
|
|
Total purchased equity options outstanding (cost $109,421)
|
$74,388
|
|
|
INVESTMENT COMPANIES (0.3%)
(a)
|
|
|
|
|
|
Shares
|
Value
|
|
|
|
|
Ares Capital Corp.
|
|
|
|
2,103
|
$38,190
|
|
|
|
Total investment Companies (cost $37,881)
|
$38,190
|
|
|
SHORT-TERM INVESTMENTS (35.8%)
(a)
|
|
|
|
|
|
Shares
|
Value
|
|
|
|
|
Putnam Short Term Investment Fund 0.04%
(AFF)
|
|
|
|
4,504,047
|
$4,504,047
|
|
|
|
Total short-term investments (cost $4,504,047)
|
$4,504,047
|
|
|
TOTAL INVESTMENTS
|
|
|
|
Total investments (cost $15,995,648)
(b)
|
$16,162,548
|
|