March - Putnam Investments

MORTGAGE-BACKED SECURITIES (2.8%)* cont. Principal amount ValueCommercial mortgage-backed securities cont.GE Capital Commercial Mortgage Corp. FRB Ser. 05-C1, Class B,4.846s, 2048 $332,000 $339,670GE Capital Commercial Mortgage Corp. 144AFRB Ser. 04-C2, Class H, 5.856s, 2040 950,000 950,000Ser. 05-C3, Class XC, IO, 0.158s, 2045 77,889,155 182,462Ser. 07-C1, Class XC, IO, 0.071s, 2049 34,672,865 229,500GMAC Commercial Mortgage Securities, Inc. TrustSer. 97-C1, Class X, IO, 1.082s, 2029 154,253 3,694Ser. 05-C1, Class X1, IO, 0.575s, 2043 2,106,532 10,495Greenwich Capital Commercial Funding Corp.FRB Ser. 05-GG3, Class D, 4.986s, 2042 244,000 245,868FRB Ser. 05-GG3, Class B, 4.894s, 2042 592,000 606,800GS Mortgage Securities TrustSer. 06-GG6, Class A2, 5.506s, 2038 F 17,777 17,844Ser. 05-GG4, Class B, 4.841s, 2039 1,535,000 1,545,899Ser. 13-GC10, Class XA, IO, 1.758s, 2046 3,936,094 414,431GS Mortgage Securities Trust 144AFRB Ser. 11-GC3, Class D, 5.544s, 2044 1,181,000 1,211,105Ser. 06-GG6, Class XC, IO, 0.037s, 2038 1,985,805 1,549JPMorgan Chase Commercial Mortgage Securities TrustFRB Ser. 07-CB20, Class AJ, 6.101s, 2051 F 71,000 72,238FRB Ser. 04-CB9, Class B, 5.71s, 2041 226,000 229,345Ser. 06-LDP8, Class B, 5.52s, 2045 290,000 289,623Ser. 04-LN2, Class A2, 5.115s, 2041 704,121 712,523Ser. 04-C3, Class B, 4.961s, 2042 477,000 484,632FRB Ser. 05-LDP2, Class B, 4.882s, 2042 243,000 251,141FRB Ser. 13-C10, Class D, 4.16s, 2047 473,000 416,839Ser. 13-LC11, Class XA, IO, 1.583s, 2046 10,799,154 1,025,704Ser. 06-LDP8, Class X, IO, 0.543s, 2045 2,124,261 24,816Ser. 06-CB17, Class X, IO, 0.467s, 2043 12,053,091 146,891Ser. 07-LDPX, Class X, IO, 0.305s, 2049 10,630,688 97,186JPMorgan Chase Commercial Mortgage Securities Trust 144AFRB Ser. 07-CB20, Class C, 6.201s, 2051 260,000 243,123FRB Ser. 12-C6, Class E, 5.202s, 2045 172,000 170,024FRB Ser. 12-C8, Class D, 4.668s, 2045 364,000 359,286FRB Ser. 12_LC9, Class D, 4.427s, 2047 311,000 300,082Ser. 05-CB12, Class X1, IO, 0.34s, 2037 2,540,053 9,444Key Commercial Mortgage Ser. 07-SL1, Class A2, 5.549s, 2040 543,622 540,224LB-UBS Commercial Mortgage TrustSer. 06-C7, Class A2, 5.3s, 2038 370,741 383,402Ser. 07-C2, Class XW, IO, 0.54s, 2040 840,722 13,098LB-UBS Commercial Mortgage Trust 144ASer. 06-C6, Class XCL, IO, 0.681s, 2039 41,431,832 666,017Ser. 06-C7, Class XCL, IO, 0.635s, 2038 2,563,198 38,912Ser. 06-C7, Class XW, IO, 0.635s, 2038 1,360,889 20,907Ser. 05-C5, Class XCL, IO, 0.46s, 2040 7,811,463 56,727Ser. 05-C2, Class XCL, IO, 0.315s, 2040 8,562,933 19,772Ser. 05-C7, Class XCL, IO, 0.206s, 2040 8,696,231 26,40276 Dynamic Asset Allocation Growth Fund