March - Putnam Investments

CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueConsumer cyclicals cont.Great Canadian Gaming Corp. 144A company guaranty sr.unsec. notes 6 5/8s, 2022 (Canada) CAD 325,000 $310,483Griffey Intermediate, Inc./Griffey Finance Sub, LLC 144A sr.unsec. notes 7s, 2020 $285,000 248,663Grupo Televisa, S.A.B. sr. unsec. unsub. notes 6 5/8s,2025 (Mexico) 460,000 533,250Hanesbrands, Inc. company guaranty sr. unsec. notes6 3/8s, 2020 190,000 207,575Home Depot, Inc. (The) sr. unsec. unsub. notes 5.4s, 2016 170,000 185,209Host Hotels & Resorts LP sr. unsec. unsub. notes 6s, 2021 R 89,000 100,555Host Hotels & Resorts LP sr. unsec. unsub. notes 5 1/4s, 2022 R 41,000 44,611Howard Hughes Corp. (The) 144A sr. unsec. notes 6 7/8s, 2021 220,000 237,600Hyatt Hotels Corp. sr. unsec. unsub. notes 3 3/8s, 2023 50,000 47,503Igloo Holdings Corp. 144A sr. unsec. unsub. notes8 1/4s, 2017 ‡‡ 300,000 307,125Interactive Data Corp. company guaranty sr. unsec. notes10 1/4s, 2018 160,000 173,000Isle of Capri Casinos, Inc. company guaranty sr. unsec. notes5 7/8s, 2021 130,000 131,950Isle of Capri Casinos, Inc. company guaranty sr. unsec. sub.notes 8 7/8s, 2020 160,000 173,800Isle of Capri Casinos, Inc. company guaranty sr. unsec. unsub.notes 7 3/4s, 2019 205,000 220,119Jeld-Wen, Inc. 144A sr. notes 12 1/4s, 2017 260,000 288,600Jo-Ann Stores Holdings, Inc. 144A sr. unsec. notes9 3/4s, 2019 ‡‡ 95,000 99,038Jo-Ann Stores, Inc. 144A sr. unsec. notes 8 1/8s, 2019 425,000 440,938Johnson Controls, Inc. sr. unsec. notes 5.7s, 2041 35,000 39,409K Hovnanian Enterprises, Inc. 144A sr. notes 7 1/4s, 2020 140,000 152,250L Brands, Inc. company guaranty sr. unsec. notes 6 5/8s, 2021 270,000 303,750L Brands, Inc. sr. unsec. notes 5 5/8s, 2022 105,000 111,038Lamar Media Corp. company guaranty sr. sub. notes5 7/8s, 2022 165,000 174,900Lamar Media Corp. 144A company guaranty sr. unsec. notes5 3/8s, 2024 85,000 87,125Lender Processing Services, Inc. company guaranty sr. unsec.unsub. notes 5 3/4s, 2023 250,000 266,250Lennar Corp. company guaranty sr. unsec. unsub. notes4 3/4s, 2022 295,000 286,888Lennar Corp. company guaranty sr. unsec. unsub. notes4 1/2s, 2019 115,000 117,013M/I Homes, Inc. company guaranty sr. unsec. notes 8 5/8s, 2018 380,000 409,925Macy’s Retail Holdings, Inc. company guaranty sr. unsec.notes 6.9s, 2029 275,000 333,771Macy’s Retail Holdings, Inc. company guaranty sr. unsec. notes5 1/8s, 2042 220,000 226,232Macy’s Retail Holdings, Inc. company guaranty sr. unsec.notes 4.3s, 2043 178,000 162,711Macy’s Retail Holdings, Inc. company guaranty sr. unsec. notes3 7/8s, 2022 70,000 72,18554 Dynamic Asset Allocation Growth Fund