March - Putnam Investments

CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueCommunication services cont.Intelsat Jackson Holdings SA company guaranty sr. unsec. notes7 1/2s, 2021 (Bermuda) $210,000 $230,475Intelsat Luxembourg SA 144A company guaranty sr. unsec.notes 8 1/8s, 2023 (Luxembourg) 430,000 455,800Intelsat Luxembourg SA 144A sr. unsec. notes 7 3/4s,2021 (Luxembourg) 1,005,000 1,057,763Koninklijke (Royal) KPN NV sr. unsec. unsub. bonds 8 3/8s,2030 (Netherlands) 90,000 121,314Level 3 Financing, Inc. company guaranty sr. unsec. unsub.notes 8 5/8s, 2020 185,000 207,431Level 3 Financing, Inc. company guaranty sr. unsec. unsub.notes 8 1/8s, 2019 45,000 49,388Level 3 Financing, Inc. company guaranty sr. unsec. unsub.notes 7s, 2020 210,000 227,588Level 3 Financing, Inc. 144A company guaranty sr. unsec. notes6 1/8s, 2021 85,000 89,675Mediacom, LLC/Mediacom Capital Corp. sr. unsec. unsub. notes7 1/4s, 2022 125,000 136,250Nil International Telecom SCA 144A company guaranty sr.unsec. notes 7 7/8s, 2019 (Luxembourg) 155,000 105,013Orange SA sr. unsec. unsub. notes 4 1/8s, 2021 (France) 132,000 136,801PAETEC Holding Corp. company guaranty sr. unsec. notes9 7/8s, 2018 230,000 252,425Quebecor Media, Inc. sr. unsec. unsub. notes 5 3/4s,2023 (Canada) 160,000 160,400Qwest Corp. sr. unsec. notes 6 3/4s, 2021 813,000 907,799Qwest Corp. sr. unsec. unsub. notes 7 1/4s, 2025 85,000 93,895Rogers Communications, Inc. company guaranty sr. unsec.bonds 8 3/4s, 2032 (Canada) 225,000 301,293SBA Telecommunications, Inc. company guaranty sr. unsec.notes 8 1/4s, 2019 13,000 13,796SBA Telecommunications, Inc. company guaranty sr. unsec.unsub. notes 5 3/4s, 2020 70,000 73,325SES SA 144A company guaranty sr. unsec. notes 3.6s,2023 (France) 222,000 215,207Sprint Capital Corp. company guaranty 6 7/8s, 2028 965,000 936,050Sprint Communications, Inc. sr. unsec. unsub. notes8 3/8s, 2017 225,000 264,656Sprint Communications, Inc. sr. unsec. unsub. notes 7s, 2020 125,000 135,938Sprint Communications, Inc. 144A company guaranty sr. unsec.notes 9s, 2018 485,000 592,913Sprint Corp. 144A company guaranty sr. unsec. notes7 7/8s, 2023 440,000 484,000Sprint Corp. 144A company guaranty sr. unsec. notes7 1/4s, 2021 250,000 272,500T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6.836s, 2023 35,000 37,538T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6.633s, 2021 90,000 96,638T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6 5/8s, 2023 290,000 308,12550 Dynamic Asset Allocation Growth Fund