March - Putnam Investments

COMMON STOCKS (60.9%)* cont. Shares ValueReal estate cont.Universal Health Realty Income Trust R 2,851 $120,426Westfield Group (Australia) 61,570 585,535Wheelock and Co., Ltd. (Hong Kong) 231,000 904,431WP Carey, Inc. R 9,800 588,686Technology (9.8%)37,652,717Activision Blizzard, Inc. 220,500 4,507,020Actuate Corp. † 43,378 261,136Acxiom Corp. † 18,700 643,187Advanced Energy Industries, Inc. † 7,687 188,332Advanced Semiconductor Engineering, Inc. (Taiwan) 579,000 640,374Agilent Technologies, Inc. 25,100 1,403,592Alcatel-Lucent (France) † 42,587 167,913Amber Road, Inc. † 3,806 58,612Anixter International, Inc. 7,209 731,858AOL, Inc. † 81,366 3,561,390Apple, Inc. 34,024 18,262,042ASML Holding NV (Netherlands) 12,090 1,119,768Aspen Technology, Inc. † 8,734 369,972ASUSTeK Computer, Inc. (Taiwan) 14,000 138,357AVG Technologies NV (Netherlands) † 8,884 186,209Baidu, Inc. ADR (China) † 4,040 615,615Bottomline Technologies, Inc. † 3,309 116,311Brightcove, Inc. † 15,488 152,247Broadcom Corp. Class A 256,274 8,067,506Brocade Communications Systems, Inc. † 321,829 3,414,606CA, Inc. 136,700 4,233,599CACI International, Inc. Class A † 1,516 111,881Cadence Design Systems, Inc. † 266,400 4,139,856Calix, Inc. † 8,030 67,693Cap Gemini (France) 15,421 1,167,398Cavium, Inc. † 2,659 116,278Ceva, Inc. † 14,580 256,025Cirrus Logic, Inc. † 7,654 152,085Commvault Systems, Inc. † 3,460 224,727Cornerstone OnDemand, Inc. † 6,161 294,927CSG Systems International, Inc. 3,879 101,009EMC Corp. 408,100 11,186,021EnerSys 11,496 796,558Entegris, Inc. † 25,863 313,201F5 Networks, Inc. † 45,400 4,841,002Fairchild Semiconductor International, Inc. † 9,613 132,563FEI Co. 3,059 315,138Fortinet, Inc. † 194,500 4,284,835Freescale Semiconductor, Ltd. † 12,289 299,974GenMark Diagnostics, Inc. † 35,818 356,031Gentex Corp. 48,100 1,516,593Google, Inc. Class A † 3,631 4,046,786Dynamic Asset Allocation Growth Fund 41