March - Putnam Investments

CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueConsumer cyclicals cont.Regal Entertainment Group sr. unsec. notes 5 3/4s, 2023 $205,000 $207,050Regal Entertainment Group sr. unsec. notes 5 3/4s, 2022 45,000 46,350Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp.144A sr. notes 9 1/2s, 2019 180,000 197,100ROC Finance, LLC/ROC Finance 1 Corp. 144A notes12 1/8s, 2018 295,000 311,225Sabre Holdings Corp. sr. unsec. unsub. notes 8.35s, 2016 330,000 367,538Sabre, Inc. 144A sr. notes 8 1/2s, 2019 220,000 243,375Schaeffler Finance BV 144A company guaranty sr. notes 8 1/2s,2019 (Netherlands) 200,000 223,500Schaeffler Finance BV 144A company guaranty sr. notes 7 3/4s,2017 (Netherlands) 320,000 362,400Sinclair Television Group, Inc. company guaranty sr. unsec. notes6 3/8s, 2021 170,000 176,800Sinclair Television Group, Inc. company guaranty sr. unsec. notes5 3/8s, 2021 65,000 64,513Sinclair Television Group, Inc. sr. unsec. notes 6 1/8s, 2022 90,000 91,125Sirius XM Holdings, Inc. 144A sr. unsec. bonds 5 7/8s, 2020 510,000 538,050Sirius XM Holdings, Inc. 144A sr. unsec. notes 5 1/4s, 2022 55,000 56,650Six Flags Entertainment Corp. 144A company guaranty sr.unsec. unsub. notes 5 1/4s, 2021 395,000 397,963Spectrum Brands, Inc. company guaranty sr. unsec. notes6 5/8s, 2022 10,000 10,900Spectrum Brands, Inc. company guaranty sr. unsec. notes6 3/8s, 2020 15,000 16,238Spectrum Brands, Inc. company guaranty sr. unsec. unsub.notes 6 3/4s, 2020 200,000 216,750Standard Pacific Corp. company guaranty sr. unsec. notes6 1/4s, 2021 215,000 228,975SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse HSPGaming Finance Corp. 144A sr. notes 6 3/8s, 2021 100,000 98,500Taylor Morrison Communities, Inc./Monarch Communities, Inc.144A company guaranty sr. unsec. notes 7 3/4s, 2020 47,000 51,818Taylor Morrison Communities, Inc./Monarch Communities, Inc.144A company guaranty sr. unsec. notes 5 5/8s, 2024 95,000 93,813Taylor Morrison Communities, Inc./Monarch Communities, Inc.144A company guaranty sr. unsec. notes 5 1/4s, 2021 85,000 85,850Taylor Morrison Communities, Inc./Monarch Communities, Inc.144A sr. notes 7 3/4s, 2020 245,000 270,113Time Warner, Inc. company guaranty sr. unsec. notes3.15s, 2015 30,000 30,984Townsquare Radio, LLC/Townsquare Radio, Inc. 144A companyguaranty sr. unsec. notes 9s, 2019 130,000 143,000Toyota Motor Credit Corp. sr. unsec. unsub. notes Ser. MTN,1 1/4s, 2017 885,000 876,907Travelport, LLC company guaranty sr. unsec. sub. notes11 7/8s, 2016 50,000 51,000Travelport, LLC/Travelport Holdings, Inc. 144A companyguaranty sr. unsec. unsub. notes 13 7/8s, 2016 ‡‡ 192,266 202,841TRW Automotive, Inc. 144A company guaranty sr. notes7 1/4s, 2017 100,000 114,12556 Dynamic Asset Allocation Growth Fund