March - Putnam Investments

COMMON STOCKS (60.9%)* cont. Shares ValueConsumer staples cont.Calbee, Inc. (Japan) 41,600 $981,770Carrefour SA (France) 28,341 1,096,940Chaoda Modern Agriculture Holdings, Ltd. (China) † F 72,000 4,641Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR(Preference) (Brazil) 14,746 645,285Colgate-Palmolive Co. 267,800 17,372,186Core-Mark Holding Co., Inc. 4,451 323,143CVS Caremark Corp. 273,638 20,484,541Diageo PLC (United Kingdom) 27,409 850,382Distribuidora Internacional de Alimentacion SA (Spain) 80,247 733,182Estacio Participacoes SA (Brazil) 41,300 416,094Geo Group, Inc. (The) R 3,715 119,772Gourmet Master Co., Ltd. (Taiwan) 20,000 155,325Grand Canyon Education, Inc. † 2,798 130,667Grape King Bio, Ltd. (Taiwan) 70,000 302,782Hain Celestial Group, Inc. (The) † 1,373 125,588Heineken Holding NV (Netherlands) 14,024 905,439Henkel AG & Co. KGaA (Preference) (Germany) 3,288 353,861ITOCHU Corp. (Japan) 10,700 124,817ITT Educational Services, Inc. † 39,675 1,137,879Japan Tobacco, Inc. (Japan) 64,300 2,016,209JBS SA (Brazil) 112,120 383,451Jeronimo Martins SGPS SA (Portugal) 13,800 231,561Kao Corp. (Japan) 15,400 544,953Kerry Group PLC Class A (Ireland) 8,307 634,120Kforce, Inc. 17,972 383,163Koninklijke Ahold NV (Netherlands) 42,434 852,332Korn/Ferry International † 9,711 289,096Krispy Kreme Doughnuts, Inc. † 13,060 231,554L’Oreal SA (France) 9,275 1,529,491Liberty Interactive Corp. Class A † 112,600 3,250,762Lindt & Spruengli AG (Switzerland) 301 1,491,977Magnit OJSC (Russia) 2,533 583,900ManpowerGroup, Inc. 22,700 1,789,441MEIJI Holdings Co., Ltd. (Japan) 15,200 957,674Molson Coors Brewing Co. Class B 20,034 1,179,201MWI Veterinary Supply, Inc. † 2,182 339,563Nestle SA (Switzerland) 48,905 3,681,497New Oriental Education & Technology Group, Inc. ADR (China) 5,500 161,425On Assignment, Inc. † 13,002 501,747Overstock.com, Inc. † 11,856 233,563Papa John’s International, Inc. 8,893 463,414Philip Morris International, Inc. 1,400 114,618Popeyes Louisiana Kitchen, Inc. † 7,134 289,926Procter & Gamble Co. (The) 18,668 1,504,641Reckitt Benckiser Group PLC (United Kingdom) 9,661 787,117Red Robin Gourmet Burgers, Inc. † 2,454 175,903RetailMeNot, Inc. † 9,686 309,95234 Dynamic Asset Allocation Growth Fund