March - Putnam Investments

COMMON STOCKS (60.9%)* cont. Shares ValueBasic materials cont.Vale SA ADR (Preference) (Brazil) 12,085 $150,458Veidekke ASA (Norway) 27,901 288,898voestalpine AG (Austria) 26,443 1,162,273W.R. Grace & Co. † 1,454 144,193Wacker Chemie AG (Germany) 647 78,999Wendel SA (France) 7,075 1,099,934Zep, Inc. 16,454 291,236Capital goods (3.8%)72,968,687ABB, Ltd. (Switzerland) 47,961 1,236,933AGCO Corp. 28,800 1,588,608Airbus Group NV (France) 29,257 2,095,503Aisin Seiki Co., Ltd. (Japan) 29,800 1,073,344Alfa Laval AB (Sweden) 50,083 1,354,933Allegion PLC (Ireland) 32,733 1,707,681Alliant Techsystems, Inc. 4,094 581,962Altra Industrial Motion Corp. 15,876 566,773Astronics Corp. † 4,201 266,385AviChina Industry & Technology Co., Ltd. (China) 272,000 151,560AZZ, Inc. 7,336 327,772Ball Corp. 25,900 1,419,579Canadian Solar, Inc. (Canada) † 6,754 216,398Canon, Inc. (Japan) 50 1,547Chase Corp. 8,822 278,158China Everbright International, Ltd. (China) 214,000 295,741China Railway Group, Ltd. (China) 888,000 413,649Coway Co., Ltd. (South Korea) 11,700 820,836Cummins, Inc. 51,352 7,650,934Daikin Industries, Ltd. (Japan) 4,400 246,056Douglas Dynamics, Inc. 14,173 246,894DXP Enterprises, Inc. † 2,974 282,322Ebara Corp. (Japan) 24,000 150,053Embraer SA ADR (Brazil) 10,528 373,639Engility Holdings, Inc. † 7,492 337,515Exelis, Inc. 58,900 1,119,689Faurecia (France) † 10,527 444,937Franklin Electric Co., Inc. 6,837 290,709Gaztransport Et Technigaz SA (France) † 1,602 103,707Generac Holdings, Inc. 9,197 542,347Greenbrier Cos., Inc. (The) † 19,735 899,916HEICO Corp. 3,715 223,494Hitachi Construction Machinery Co., Ltd. (Japan) 10,100 194,251Hitachi, Ltd. (Japan) 57,000 419,890Hyster-Yale Materials Holdings, Inc. 3,282 319,995Hyundai Mobis Co., Ltd. (South Korea) 2,385 707,464IDEX Corp. 23,700 1,727,493IHI Corp. (Japan) 208,000 873,221II-VI, Inc. † 26,075 402,33728 Dynamic Asset Allocation Growth Fund