March - Putnam Investments

COMMON STOCKS (60.9%)* cont. Shares ValueHealth care cont.athenahealth, Inc. † 989 $158,477AtriCure, Inc. † 9,439 177,548Auxilium Pharmaceuticals, Inc. † 10,783 293,082Bayer AG (Germany) 19,585 2,649,021Biospecifics Technologies Corp. † 4,031 104,484Cardinal Health, Inc. 75,900 5,311,482Celgene Corp. † 28,168 3,932,253Celldex Therapeutics, Inc. † 3,110 54,954Centene Corp. † 2,047 127,426Chemed Corp. 7,855 702,630Coloplast A/S Class B (Denmark) 19,968 1,615,686Community Health Systems, Inc. † 10,664 417,709Computer Programs & Systems, Inc. 1,744 112,662Conatus Pharmaceuticals, Inc. † 3,065 24,934Conmed Corp. 14,609 634,761Cubist Pharmaceuticals, Inc. † 9,463 692,218Cyberonics, Inc. † 2,143 139,831DexCom, Inc. † 4,198 173,629Eli Lilly & Co. 67,347 3,964,044Enanta Pharmaceuticals, Inc. † 2,990 119,570Endo International PLC † 2,957 202,998GlaxoSmithKline PLC (United Kingdom) 79,727 2,115,372Globus Medical, Inc. Class A † 9,250 245,958Greatbatch, Inc. † 17,917 822,749Grifols SA ADR (Spain) 9,805 404,947Haemonetics Corp. † 2,606 84,930Hanger, Inc. † 11,512 387,724Health Net, Inc. † 24,793 843,210HealthSouth Corp. 2,408 86,519Hill-Rom Holdings, Inc. 10,439 402,319Hisamitsu Pharmaceutical Co., Inc. (Japan) 12,700 572,779Impax Laboratories, Inc. † 13,707 362,139Insulet Corp. † 6,584 312,213Insys Therapeutics, Inc. † 12,823 531,236Intercept Pharmaceuticals, Inc. † 573 188,970InterMune, Inc. † 10,600 354,782Intuitive Surgical, Inc. † 8,400 3,679,116Isis Pharmaceuticals, Inc. † 3,371 145,661Jazz Pharmaceuticals PLC † 18,260 2,532,297Johnson & Johnson 173,682 17,060,783Kindred Healthcare, Inc. 13,660 319,917Lexicon Pharmaceuticals, Inc. † 28,874 49,952McKesson Corp. 49,651 8,766,877MedAssets, Inc. † 19,231 475,198Medicines Co. (The) † 15,223 432,638Merck & Co., Inc. 201,171 11,420,478Merrimack Pharmaceuticals, Inc. † S 31,630 159,415Nanosphere, Inc. † 51,327 110,353Dynamic Asset Allocation Growth Fund 37