March - Putnam Investments

CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueTechnology cont.Infor US, Inc. company guaranty sr. unsec. unsub. notes11 1/2s, 2018 $110,000 $127,325Intel Corp. sr. unsec. unsub. notes 1.35s, 2017 890,000 883,971Iron Mountain, Inc. company guaranty sr. sub. notes7 3/4s, 2019 105,000 115,763Iron Mountain, Inc. company guaranty sr. unsec. unsub.notes 6s, 2023 210,000 223,125Jabil Circuit, Inc. sr. unsec. notes 8 1/4s, 2018 84,000 100,380Micron Technology, Inc. 144A sr. unsec. notes 5 7/8s, 2022 180,000 188,550Microsoft Corp. sr. unsec. unsub. notes 5.3s, 2041 60,000 67,981Microsoft Corp. sr. unsec. unsub. notes 4.2s, 2019 250,000 276,408Oracle Corp. sr. unsec. unsub. notes 2 1/2s, 2022 355,000 333,915SoftBank Corp. 144A sr. unsec. notes 4 1/2s, 2020 (Japan) 765,000 761,175SunGard Data Systems, Inc. company guaranty sr. unsec. sub.notes 6 5/8s, 2019 145,000 153,338SunGard Data Systems, Inc. 144A sr. unsec. notes 7 5/8s, 2020 215,000 235,694Syniverse Holdings, Inc. company guaranty sr. unsec. notes9 1/8s, 2019 275,000 299,063Xerox Corp. sr. unsec. notes 6 3/4s, 2039 72,000 83,353Xerox Corp. sr. unsec. unsub. notes 5 5/8s, 2019 60,000 68,115Transportation (0.1%)Aguila 3 SA 144A company guaranty sr. notes 7 7/8s,2018 (Luxembourg) 340,00011,792,146361,250Air Medical Group Holdings, Inc. company guaranty sr. notes9 1/4s, 2018 232,000 250,560Burlington Northern Santa Fe, LLC sr. unsec. notes 5.4s, 2041 105,000 115,414Burlington Northern Santa Fe, LLC sr. unsec. unsub. notes5 3/4s, 2040 95,000 109,022CSX Corp. sr. unsec. unsub. notes 4.1s, 2044 240,000 218,916Delta Air Lines, Inc. sr. notes Ser. A, 7 3/4s, 2019 149,201 174,565FedEx Corp. company guaranty sr. unsec. unsub. notes2 5/8s, 2022 45,000 42,007Kansas City Southern de Mexico SA de CV sr. unsec. unsub.notes 2.35s, 2020 (Mexico) 53,000 49,800Kansas City Southern Railway Co. (The) 144A sr. unsec.notes 4.3s, 2043 97,000 87,327Swift Services Holdings, Inc. company guaranty sr.notes 10s, 2018 315,000 346,106Watco Cos., LLC/Watco Finance Corp. 144A company guarantysr. unsec. notes 6 3/8s, 2023 180,000 182,700Utilities and power (0.8%)1,937,667AES Corp. (VA) sr. unsec. unsub. notes 8s, 2017 725,000 858,219AES Corp. (VA) sr. unsec. unsub. notes 7 3/8s, 2021 325,000 370,500AES Corp. (VA) sr. unsec. unsub. notes 4 7/8s, 2023 85,000 81,494Arizona Public Services Co. sr. unsec. notes 4 1/2s, 2042 35,000 35,696Atmos Energy Corp. sr. unsec. sub. notes 8 1/2s, 2019 20,000 25,540Calpine Corp. 144A company guaranty sr. notes 7 7/8s, 2020 371,000 405,318Calpine Corp. 144A company guaranty sr. notes 6s, 2022 60,000 63,000Dynamic Asset Allocation Growth Fund 71