March - Putnam Investments

CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueBasic materials cont.IAMGOLD Corp. 144A company guaranty sr. unsec. notes6 3/4s, 2020 (Canada) $150,000 $133,500Ineos Finance PLC 144A company guaranty sr. notes 7 1/2s,2020 (United Kingdom) 100,000 109,500INEOS Group Holdings SA 144A company guaranty sr. unsec.notes 6 1/8s, 2018 (Luxembourg) 220,000 227,425International Paper Co. sr. unsec. notes 7.95s, 2018 725,000 886,710JM Huber Corp. 144A sr. unsec. notes 9 7/8s, 2019 325,000 375,375Louisiana-Pacific Corp. company guaranty sr. unsec. unsub.notes 7 1/2s, 2020 250,000 276,875Lubrizol Corp. (The) sr. unsec. notes 8 7/8s, 2019 135,000 174,391LyondellBasell Industries NV sr. unsec. notes 6s, 2021 565,000 661,814LyondellBasell Industries NV sr. unsec. unsub. notes5 3/4s, 2024 285,000 328,316Methanex Corp. sr. unsec. unsub. notes 3 1/4s, 2019 (Canada) 19,000 18,986Momentive Performance Materials, Inc. company guaranty sr.notes 8 7/8s, 2020 10,000 10,825Mosaic Co. (The) sr. unsec. unsub. notes 5 5/8s, 2043 14,000 15,013Mosaic Co. (The) sr. unsec. unsub. notes 5.45s, 2033 6,000 6,479New Gold, Inc. 144A company guaranty sr. unsec. unsub. notes7s, 2020 (Canada) 135,000 142,088New Gold, Inc. 144A sr. unsec. notes 6 1/4s, 2022 (Canada) 130,000 132,389Novelis, Inc. company guaranty sr. unsec. notes 8 3/4s, 2020 225,000 251,438Packaging Corp. of America sr. unsec. unsub. notes 4 1/2s, 2023 145,000 150,783Perstorp Holding AB 144A company guaranty sr. notes 8 3/4s,2017 (Sweden) 210,000 224,700PQ Corp. 144A sr. notes 8 3/4s, 2018 230,000 251,275Rio Tinto Finance USA PLC company guaranty sr. unsec. unsub.notes 1 5/8s, 2017 (United Kingdom) 885,000 886,656Rio Tinto Finance USA, Ltd. company guaranty sr. unsec. unsub.notes 3 1/2s, 2020 (Australia) 10,000 10,241Rock-Tenn Co. company guaranty sr. unsec. unsub.notes 4.9s, 2022 239,000 255,893Rock-Tenn Co. company guaranty sr. unsec. unsub. notes4.45s, 2019 210,000 225,808Roofing Supply Group, LLC/Roofing Supply Finance, Inc. 144Acompany guaranty sr. unsec. notes 10s, 2020 180,000 201,150Ryerson, Inc./Joseph T Ryerson & Son, Inc. company guarantysr. notes 9s, 2017 175,000 188,781Sealed Air Corp. 144A sr. unsec. notes 6 1/2s, 2020 155,000 170,888Sealed Air Corp. 144A sr. unsec. notes 5 1/4s, 2023 135,000 136,013Smurfit Kappa Treasury Funding, Ltd. company guaranty sr.unsub. notes 7 1/2s, 2025 (Ireland) 55,000 62,150Steel Dynamics, Inc. company guaranty sr. unsec. notes7 5/8s, 2020 20,000 21,650Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes6 3/8s, 2022 40,000 43,500Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes6 1/8s, 2019 50,000 54,37546 Dynamic Asset Allocation Growth Fund