March - Putnam Investments

COMMON STOCKS (60.9%)* cont. Shares ValueCapital goods cont.IMI PLC (United Kingdom) 47,678 $1,158,911Ingersoll-Rand PLC 82,000 4,693,680JGC Corp. (Japan) 29,000 1,007,483Kadant, Inc. 8,966 326,990Leggett & Platt, Inc. 48,400 1,579,776Miller Industries, Inc. 10,911 213,092MRC Global, Inc. † 27,500 741,400MSA Safety, Inc. 3,631 206,967NACCO Industries, Inc. Class A 1,641 88,959Northrop Grumman Corp. 60,200 7,427,476OSRAM Licht AG (Germany) † 13,616 882,849Polypore International, Inc. † 2,238 76,562Raytheon Co. 87,579 8,651,929Rheinmetall AG (Germany) 4,435 311,909Safran SA (France) 9,443 654,230Schneider Electric SA (France) 1,668 147,871Singapore Technologies Engineering, Ltd. (Singapore) 281,000 854,609SMC Corp. (Japan) 500 131,563Standard Motor Products, Inc. 15,482 553,791Standex International Corp. 4,240 227,179Stoneridge, Inc. † 24,331 273,237Tenneco, Inc. † 3,928 228,099THK Co., Ltd. (Japan) 33,900 759,298Tower International, Inc. † 11,905 324,054TriMas Corp. † 20,570 682,924US Ecology, Inc. 4,030 149,594Vinci SA (France) 21,987 1,632,954WABCO Holdings, Inc. † 17,300 1,826,188WESCO International, Inc. † 5,112 425,421Zodiac Aerospace (France) 18,505 653,906Communication services (2.3%)68,847,126Arris Group, Inc. † 4,848 136,617Aruba Networks, Inc. † 5,302 99,413BroadSoft, Inc. † 1,823 48,729BT Group PLC (United Kingdom) 266,260 1,684,583CalAmp Corp. † 15,711 437,866Comcast Corp. Class A 243,931 12,201,429Deutsche Telekom AG (Germany) 67,902 1,097,285EchoStar Corp. Class A † 21,818 1,037,664Frontier Communications Corp. 58,220 331,854HSN, Inc. 2,542 151,834IDT Corp. Class B 9,009 150,090Inteliquent, Inc. 13,175 191,433Iridium Communications, Inc. † 23,452 176,125KDDI Corp. (Japan) 2,600 151,302Liberty Global PLC Ser. C (United Kingdom) † 4,600 187,266Loral Space & Communications, Inc. † 4,297 303,927Dynamic Asset Allocation Growth Fund 29