March - Putnam Investments

CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueConsumer staples cont.Constellation Brands, Inc. company guaranty sr. unsec. unsub.notes 6s, 2022 $120,000 $132,600Corrections Corp. of America company guaranty sr. unsec. notes4 5/8s, 2023 R 240,000 231,600Corrections Corp. of America company guaranty sr. unsec. notes4 1/8s, 2020 R 50,000 49,375CVS Caremark Corp. sr. unsec. unsub. notes 2 1/4s, 2018 885,000 885,704CVS Pass-Through Trust 144A sr. mtge. notes 4.704s, 2036 174,240 178,118Dave & Buster’s, Inc. company guaranty sr. unsec. unsub.notes 11s, 2018 295,000 315,650Dean Foods Co. company guaranty sr. unsec. unsub.notes 7s, 2016 290,000 319,000Delhaize Group SA company guaranty sr. unsec. notes 4 1/8s,2019 (Belgium) 52,000 53,892Diageo Capital PLC company guaranty sr. unsec. unsub. notes1 1/2s, 2017 (United Kingdom) 416,000 418,791DineEquity, Inc. company guaranty sr. unsec. notes 9 1/2s, 2018 285,000 310,650Elizabeth Arden, Inc. sr. unsec. unsub. notes 7 3/8s, 2021 420,000 451,500Erac USA Finance, LLC 144A company guaranty sr. unsec.notes 7s, 2037 145,000 182,361ESAL GmbH 144A company guaranty sr. unsec. notes 6 1/4s,2023 (Brazil) 200,000 189,030Hawk Acquisition Sub, Inc. 144A sr. notes 4 1/4s, 2020 400,000 393,500Hertz Corp. (The) company guaranty sr. unsec. notes7 1/2s, 2018 100,000 106,500Hertz Corp. (The) company guaranty sr. unsec. notes6 1/4s, 2022 230,000 246,100Hertz Corp. (The) company guaranty sr. unsec. notes5 7/8s, 2020 105,000 111,957JBS USA, LLC/JBS USA Finance, Inc. 144A sr. unsec. notes8 1/4s, 2020 (Brazil) 85,000 93,075JBS USA, LLC/JBS USA Finance, Inc. 144A sr. unsec. notes7 1/4s, 2021 (Brazil) 65,000 69,063JBS USA, LLC/JBS USA Finance, Inc. 144A sr. unsec. notes7 1/4s, 2021 (Brazil) 55,000 58,575Kerry Group Financial Services 144A company guaranty sr.unsec. notes 3.2s, 2023 (Ireland) 487,000 453,734Kraft Foods Group, Inc. sr. unsec. unsub. notes 6 1/2s, 2040 180,000 225,153Kraft Foods Group, Inc. sr. unsec. unsub. notes 5s, 2042 40,000 41,886Kroger Co. (The) company guaranty sr. unsec. unsub.notes 6.4s, 2017 74,000 84,942Landry’s Holdings II, Inc. 144A sr. unsec. notes 10 1/4s, 2018 70,000 74,900Landry’s, Inc. 144A sr. unsec. notes 9 3/8s, 2020 540,000 594,675Libbey Glass, Inc. company guaranty sr. notes 6 7/8s, 2020 301,000 328,466McDonald’s Corp. sr. unsec. bonds 6.3s, 2037 56,000 70,292McDonald’s Corp. sr. unsec. notes 5.7s, 2039 174,000 203,975Molson Coors Brewing Co. company guaranty sr. unsec. unsub.notes 5s, 2042 135,000 140,927PepsiCo, Inc. sr. unsec. notes 7.9s, 2018 185,000 232,225PepsiCo, Inc. sr. unsec. unsub. notes 1 1/4s, 2017 879,000 876,72558 Dynamic Asset Allocation Growth Fund