March - Putnam Investments

CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueConsumer cyclicals cont.TRW Automotive, Inc. 144A company guaranty sr. unsec. notes4 1/2s, 2021 $60,000 $61,500TRW Automotive, Inc. 144A company guaranty sr. unsec. notes4.45s, 2023 85,000 85,425Univision Communications, Inc. 144A company guaranty sr.unsec. notes 8 1/2s, 2021 395,000 437,463Wal-Mart Stores, Inc. sr. unsec. unsub. notes 6 1/2s, 2037 540,000 699,210Walt Disney Co. (The) sr. unsec. notes 2 3/4s, 2021 80,000 79,658Walt Disney Co. (The) sr. unsec. unsub. notes 4 3/8s, 2041 30,000 30,329Walt Disney Co. (The) sr. unsec. unsub. notesSer. MTN, 1.1s, 2017 885,000 875,901Consumer staples (0.9%)Affinion Group, Inc. company guaranty sr. unsec. notes7 7/8s, 2018 315,00035,725,456294,525Affinion Investments, LLC 144A company guaranty sr. unsec.sub. notes 13 1/2s, 2018 96,900 98,354Altria Group, Inc. company guaranty sr. unsec. bonds 4s, 2024 138,000 138,358Altria Group, Inc. company guaranty sr. unsec. notes 9.7s, 2018 34,000 44,629Altria Group, Inc. company guaranty sr. unsec. notes9 1/4s, 2019 5,000 6,598Altria Group, Inc. company guaranty sr. unsec. unsub. notes2.85s, 2022 255,000 239,293Anheuser-Busch InBev Finance, Inc. company guaranty sr.unsec. notes 1 1/4s, 2018 885,000 871,033Anheuser-Busch InBev Worldwide, Inc. company guarantyunsec. unsub. notes 5 3/8s, 2020 315,000 361,615Ashtead Capital, Inc. 144A company guaranty sr. notes6 1/2s, 2022 500,000 543,750Avis Budget Car Rental, LLC/Avis Budget Finance, Inc. companyguaranty sr. unsec. unsub. notes 9 3/4s, 2020 80,000 92,000Avis Budget Car Rental, LLC/Avis Budget Finance, Inc. companyguaranty sr. unsec. unsub. notes 5 1/2s, 2023 220,000 221,650B&G Foods, Inc. company guaranty sr. unsec. notes4 5/8s, 2021 125,000 123,750Bunge, Ltd. Finance Corp. company guaranty sr. unsec. notes8 1/2s, 2019 13,000 16,043Bunge, Ltd. Finance Corp. company guaranty sr. unsec. unsub.notes 4.1s, 2016 122,000 128,895Burger King Corp. company guaranty sr. unsec. notes9 7/8s, 2018 180,000 196,425Cargill, Inc. 144A sr. unsec. notes 4.1s, 2042 185,000 171,309CEC Entertainment, Inc. 144A sr. unsec. notes 8s, 2022 110,000 113,850Claire’s Stores, Inc. 144A company guaranty sr. notes6 1/8s, 2020 60,000 56,250Claire’s Stores, Inc. 144A sr. notes 9s, 2019 280,000 290,850Coca-Cola Co. (The) sr. unsec. unsub. notes 5.35s, 2017 548,000 626,178Constellation Brands, Inc. company guaranty sr. unsec. notes4 1/4s, 2023 60,000 58,650Constellation Brands, Inc. company guaranty sr. unsec. unsub.notes 7 1/4s, 2016 350,000 394,625Dynamic Asset Allocation Growth Fund 57