March - Putnam Investments

COMMON STOCKS (60.9%)* cont. Shares ValueHealth care cont.Nektar Therapeutics † 14,881 $180,358NewLink Genetics Corp. † 2,789 79,208Novartis AG (Switzerland) 20,421 1,732,453Novo Nordisk A/S Class B (Denmark) 27,521 1,253,321NPS Pharmaceuticals, Inc. † 7,384 221,003NxStage Medical, Inc. † 9,968 126,992Omega Healthcare Investors, Inc. R 5,838 195,690OraSure Technologies, Inc. † 33,009 263,082Orion OYJ Class B (Finland) 28,622 863,935Pfizer, Inc. 443,381 14,241,398Prestige Brands Holdings, Inc. † 10,930 297,843Providence Service Corp. (The) † 17,372 491,280Questcor Pharmaceuticals, Inc. 7,599 493,403Receptos, Inc. † 4,190 175,729Repligen Corp. † 10,167 130,748Retrophin, Inc. † 8,864 188,537Roche Holding AG-Genusschein (Switzerland) 8,984 2,693,015Salix Pharmaceuticals, Ltd. † 7,655 793,135Sanofi (France) 28,559 2,977,576Sequenom, Inc. † S 33,416 81,869Shire PLC (United Kingdom) 6,970 342,210SIGA Technologies, Inc. † 46,940 145,514Sinopharm Group Co. (China) 114,000 314,505STAAR Surgical Co. † 26,454 497,335Stada Arzneimittel AG (Germany) 2,459 105,237Steris Corp. 4,651 222,085Sucampo Pharmaceuticals, Inc. Class A † 14,670 104,891Sunesis Pharmaceuticals, Inc. † 12,951 85,606Suzuken Co., Ltd. (Japan) 10,200 394,192Takeda Pharmaceutical Co., Ltd. (Japan) 9,800 463,944Thoratec Corp. † 3,873 138,692Threshold Pharmaceuticals, Inc. † 24,106 114,745Trevena, Inc. † 5,670 44,566Trinity Biotech PLC ADR (Ireland) 8,158 197,668Triple-S Management Corp. Class B (Puerto Rico) † 5,672 91,546VCA Antech, Inc. † 20,200 651,046WellCare Health Plans, Inc. † 9,110 578,667WellPoint, Inc. 66,700 6,639,985Insurance (2.5%)132,573,409ACE, Ltd. 3,396 336,408Admiral Group PLC (United Kingdom) 2,858 68,040Ageas (Belgium) 27,435 1,222,506AIA Group, Ltd. (Hong Kong) 417,600 1,984,080Allianz SE (Germany) 9,994 1,689,362Allied World Assurance Co. Holdings AG 19,903 2,053,791American Equity Investment Life Holding Co. 20,215 477,478American Financial Group, Inc. 30,572 1,764,31038 Dynamic Asset Allocation Growth Fund