March - Putnam Investments

CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueCommunication services (1.4%)Adelphia Communications Corp. escrow bonds zero %, 2014 $200,000 $1,400America Movil SAB de CV company guaranty sr. unsec. unsub.notes 6 1/8s, 2040 (Mexico) 140,000 157,997America Movil SAB de CV company guaranty sr. unsec. unsub.notes 2 3/8s, 2016 (Mexico) 200,000 205,887American Tower Corp. sr. unsec. notes 7s, 2017 R 210,000 243,938AT&T, Inc. sr. unsec. unsub. notes 1.7s, 2017 885,000 892,659Cablevision Systems Corp. sr. unsec. unsub. notes 8 5/8s, 2017 525,000 623,438Cablevision Systems Corp. sr. unsec. unsub. notes 8s, 2020 80,000 93,300Cablevision Systems Corp. sr. unsec. unsub. notes 7 3/4s, 2018 150,000 171,375CCO Holdings, LLC/CCO Holdings Capital Corp. companyguaranty sr. unsec. notes 6 1/2s, 2021 185,000 196,100CCO Holdings, LLC/CCO Holdings Capital Corp. companyguaranty sr. unsec. notes 5 1/4s, 2022 110,000 108,900CCO Holdings, LLC/CCO Holdings Capital Corp. companyguaranty sr. unsec. unsub. notes 7 3/8s, 2020 150,000 164,063CCO Holdings, LLC/CCO Holdings Capital Corp. companyguaranty sr. unsec. unsub. notes 6 5/8s, 2022 165,000 176,344CCO Holdings, LLC/CCO Holdings Capital Corp. companyguaranty sr. unsec. unsub. notes 5 1/8s, 2023 85,000 82,238CCO Holdings, LLC/CCO Holdings Capital Corp. companyguaranty sr. unsub. notes 7s, 2019 235,000 248,513CenturyLink, Inc. sr. unsec. unsub. notes 6 3/4s, 2023 220,000 233,475CenturyLink, Inc. sr. unsec. unsub. notes 5 5/8s, 2020 50,000 52,563Comcast Corp. company guaranty sr. unsec. unsub. bonds6 1/2s, 2017 890,000 1,016,115Comcast Corp. company guaranty sr. unsec. unsub. notes6.95s, 2037 333,000 432,554Comcast Corp. company guaranty sr. unsec. unsub. notes6 1/2s, 2035 35,000 43,404Crown Castle International Corp. sr. unsec. notes 7 1/8s, 2019 75,000 79,781Crown Castle International Corp. sr. unsec. notes 5 1/4s, 2023 425,000 431,906CSC Holdings, LLC sr. unsec. unsub. notes 6 3/4s, 2021 145,000 162,038Deutsche Telekom International Finance BV company guaranty8 3/4s, 2030 (Netherlands) 195,000 281,418Digicel Group, Ltd. 144A sr. unsec. notes 8 1/4s, 2020 (Jamaica) 355,000 378,963Digicel, Ltd. 144A sr. unsec. notes 8 1/4s, 2017 (Jamaica) 225,000 234,000DISH DBS Corp. company guaranty sr. unsec. notes 7 7/8s, 2019 390,000 461,175DISH DBS Corp. company guaranty sr. unsec. notes 6 3/4s, 2021 165,000 184,800Frontier Communications Corp. sr. unsec. unsub. notes7 5/8s, 2024 60,000 62,700Hughes Satellite Systems Corp. company guaranty sr. notes6 1/2s, 2019 290,000 318,275Hughes Satellite Systems Corp. company guaranty sr. unsec.notes 7 5/8s, 2021 320,000 360,800Inmarsat Finance PLC 144A company guaranty sr. notes 7 3/8s,2017 (United Kingdom) 130,000 135,200Intelsat Jackson Holdings SA company guaranty sr. unsec.bonds 6 5/8s, 2022 (Bermuda) 105,000 109,200Dynamic Asset Allocation Growth Fund 49