March - Putnam Investments

U.S. TREASURY OBLIGATIONS (—%)* Principal amount ValueU.S. Treasury Notes 1s, May 31, 2018 i $125,000 $123,076Total U.S. treasury obligations (cost $123,076) $123,076MORTGAGE-BACKED SECURITIES (2.8%)* Principal amount ValueAgency collateralized mortgage obligations (0.4%)Federal Home Loan Mortgage Corp.IFB Ser. 3182, Class SP, 27.98s, 2032 $100,234 $149,610IFB Ser. 3072, Class SM, 23.228s, 2035 128,302 182,295IFB Ser. 3072, Class SB, 23.082s, 2035 114,782 161,954IFB Ser. 3249, Class PS, 21.764s, 2036 90,540 122,617IFB Ser. 3065, Class DC, 19.395s, 2035 88,982 125,782IFB Ser. 2990, Class LB, 16.55s, 2034 133,852 174,605IFB Ser. 310, Class S4, IO, 5.795s, 2043 808,191 202,355IFB Ser. 311, Class S1, IO, 5.795s, 2043 2,721,636 598,771IFB Ser. 308, Class S1, IO, 5.795s, 2043 1,005,283 244,002IFB Ser. 14-326, Class S2, IO, 5.792s, 2044 1,303,000 303,739Ser. T-56, Class A, IO, 0.524s, 2043 111,775 1,908Ser. T-56, Class 1, IO, zero %, 2043 116,569 9Ser. T-56, Class 2, IO, zero %, 2043 111,727 349Ser. T-56, Class 3, IO, zero %, 2043 91,152 7Ser. 1208, Class F, PO, zero %, 2022 1,585 1,466FRB Ser. 3326, Class WF, zero %, 2035 2,825 2,430Federal National Mortgage AssociationIFB Ser. 06-62, Class PS, 38.975s, 2036 45,746 86,207IFB Ser. 06-8, Class HP, 24.001s, 2036 68,068 104,088IFB Ser. 07-53, Class SP, 23.634s, 2037 110,267 162,049IFB Ser. 05-75, Class GS, 19.787s, 2035 103,273 137,495IFB Ser. 13-102, Class SH, IO, 5.746s, 2043 3,102,048 672,524Ser. 418, Class C15, IO, 3 1/2s, 2043 1,784,720 412,856Ser. 03-W10, Class 1, IO, 1.102s, 2043 143,916 4,261Ser. 01-50, Class B1, IO, 0.419s, 2041 1,101,136 14,797Ser. 02-W8, Class 1, IO, 0.319s, 2042 619,361 7,355Ser. 01-79, Class BI, IO, 0.308s, 2045 418,531 4,104Ser. 03-34, Class P1, PO, zero %, 2043 19,974 17,377Government National Mortgage AssociationIFB Ser. 10-85, Class SE, IO, 6.393s, 2040 1,516,179 291,955IFB Ser. 10-56, Class SC, IO, 6.343s, 2040 1,409,906 266,430IFB Ser. 13-129, Class CS, IO, 5.993s, 2042 2,654,124 453,590IFB Ser. 10-20, Class SC, IO, 5.993s, 2040 45,975 8,338Ser. 10-9, Class UI, IO, 5s, 2040 1,622,411 349,418Ser. 11-18, Class PI, IO, 4 1/2s, 2040 66,439 12,079Ser. 10-9, Class QI, IO, 4 1/2s, 2040 1,179,386 249,103Ser. 10-107, Class NI, IO, 4 1/2s, 2039 1,631,194 255,380Ser. 10-103, Class DI, IO, 4 1/2s, 2038 1,024,923 143,490Ser. 10-85, Class MI, IO, 4 1/2s, 2036 2,126,130 167,837Ser. 12-141, Class WI, IO, 3 1/2s, 2041 4,627,366 727,376Structured Asset Securities Corp. 144A IFB Ser. 07-4, Class 1A3,IO, 6.023s, 2045 1,195,527 209,2177,029,22574 Dynamic Asset Allocation Growth Fund