March - Putnam Investments

CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueHealth care cont.UnitedHealth Group, Inc. sr. unsec. unsub. notes 2 3/4s, 2023 $245,000 $231,012Valeant Pharmaceuticals International 144A company guarantysr. notes 7s, 2020 45,000 48,713Valeant Pharmaceuticals International 144A company guarantysr. unsec. notes 6 7/8s, 2018 105,000 111,563Valeant Pharmaceuticals International 144A company guarantysr. unsec. notes 6 3/8s, 2020 340,000 368,050Valeant Pharmaceuticals International 144A sr. notes6 3/4s, 2017 45,000 47,588Valeant Pharmaceuticals International 144A sr. unsec. notes6 3/4s, 2018 250,000 275,000WellCare Health Plans, Inc. sr. unsec. notes 5 3/4s, 2020 180,000 189,000Technology (0.7%)ACI Worldwide, Inc. 144A company guaranty sr. unsec. unsub.notes 6 3/8s, 2020 150,00018,452,343158,063Alcatel-Lucent USA, Inc. 144A company guaranty sr. unsec.notes 6 3/4s, 2020 450,000 473,625Apple, Inc. sr. unsec. unsub. notes 3.85s, 2043 125,000 111,219Avaya, Inc. 144A company guaranty notes 10 1/2s, 2021 130,000 120,575Avaya, Inc. 144A company guaranty sr. notes 7s, 2019 435,000 431,738Cisco Systems, Inc. company guaranty sr. unsec. unsub. notes3.15s, 2017 395,000 417,722Cisco Systems, Inc. sr. unsec. unsub. notes 1.1s, 2017 401,000 401,817eBay, Inc. sr. unsec. unsub. notes 1.35s, 2017 885,000 884,744Epicor Software Corp. company guaranty sr. unsec. notes8 5/8s, 2019 115,000 125,781Fidelity National Information Services, Inc. company guaranty sr.unsec. unsub. notes 5s, 2022 105,000 109,839First Data Corp. company guaranty sr. unsec. notes12 5/8s, 2021 290,000 345,100First Data Corp. company guaranty sr. unsec. notes11 1/4s, 2021 165,000 188,306First Data Corp. company guaranty sr. unsec. sub. notes11 3/4s, 2021 370,000 388,500First Data Corp. 144A company guaranty notes 8 1/4s, 2021 1,135,000 1,231,475First Data Corp. 144A company guaranty sr. notes 7 3/8s, 2019 140,000 150,500First Data Holdings, Inc. 144A sr. unsec. notes 14 1/2s, 2019 ‡‡ 135,000 127,913Freescale Semiconductor, Inc. company guaranty sr. unsec.notes 10 3/4s, 2020 136,000 157,760Freescale Semiconductor, Inc. 144A company guaranty sr.notes 5s, 2021 200,000 204,000Freescale Semiconductor, Inc. 144A sr. notes 6s, 2022 240,000 253,200Hewlett-Packard Co. sr. unsec. notes 5 1/2s, 2018 135,000 152,246Hewlett-Packard Co. sr. unsec. unsub. notes 2.6s, 2017 754,000 776,927Honeywell International, Inc. sr. unsec. unsub. notes5 3/8s, 2041 155,000 180,425Honeywell International, Inc. sr. unsec. unsub. notes4 1/4s, 2021 120,000 131,222IBM Corp. sr. unsec. unsub. notes 1 7/8s, 2022 390,000 351,29370 Dynamic Asset Allocation Growth Fund