March - Putnam Investments

MORTGAGE-BACKED SECURITIES (2.8%)* cont. Principal amount ValueCommercial mortgage-backed securities cont.Merrill Lynch Mortgage Investors Trust Ser. 96-C2, Class JS, IO,2.37s, 2028 $11,186 $1Merrill Lynch Mortgage Trust FRB Ser. 07-C1, Class A3,5.841s, 2050 177,878 182,464Merrill Lynch Mortgage Trust 144ASer. 04-KEY2, Class XC, IO, 0.942s, 2039 2,201,992 4,703Ser. 05-MCP1, Class XC, IO, 0.606s, 2043 2,896,021 15,340Mezz Cap Commercial Mortgage Trust 144ASer. 06-C4, Class X, IO, 5.311s, 2045 621,286 54,176Ser. 05-C3, Class X, IO, 5.226s, 2044 283,458 19,559ML-CFC Commercial Mortgage TrustSer. 06-3, Class AJ, 5.485s, 2046 930,000 926,838Ser. 06-4, Class AJ, 5.239s, 2049 164,000 161,950Morgan Stanley Bank of America Merrill Lynch Trust FRBSer. 13-C11, Class C, 4.419s, 2046 586,000 565,212Morgan Stanley Bank of America Merrill Lynch Trust 144A FRBSer. 13-C11, Class D, 4.419s, 2046 1,500,000 1,328,100Morgan Stanley Capital I TrustSer. 07-IQ14, Class A2, 5.61s, 2049 149,741 151,327FRB Ser. 07-HQ12, Class A2, 5.577s, 2049 193,644 193,838FRB Ser. 07-HQ12, Class A2FX, 5.577s, 2049 202,625 206,657Ser. 07-HQ11, Class C, 5.558s, 2044 312,000 303,420Morgan Stanley Capital I Trust 144A FRB Ser. 11-C3, Class E,5.183s, 2049 297,000 299,195Morgan Stanley ReREMIC Trust 144A FRB Ser. 10-C30A,Class A3B, 5.246s, 2043 1,305,094 1,305,159UBS-Barclays Commercial Mortgage Trust 144AFRB Ser. 12-C3, Class C, 4.959s, 2049 284,000 295,985Ser. 12-C4, Class XA, IO, 1.874s, 2045 4,591,737 505,683Wachovia Bank Commercial Mortgage TrustSer. 06-C29, IO, 0.376s, 2048 33,522,151 328,852Ser. 07-C34, IO, 0.307s, 2046 4,101,185 49,624Wachovia Bank Commercial Mortgage Trust 144ASer. 05-C18, Class XC, IO, 0.318s, 2042 9,083,684 24,435Ser. 06-C26, Class XC, IO, 0.047s, 2045 14,351,705 23,967Wells Fargo Commercial Mortgage Trust 144A FRBSer. 13-LC12, Class D, 4.304s, 2046 1,225,000 1,085,903WF-RBS Commercial Mortgage Trust Ser. 13-C17, Class XA, IO,1.616s, 2046 9,126,079 832,755WF-RBS Commercial Mortgage Trust 144AFRB Ser. 12-C6, Class D, 5.563s, 2045 314,000 313,608FRB Ser. 11-C2, Class D, 5.466s, 2044 762,000 778,688FRB Ser. 12-C9, Class D, 4.803s, 2045 282,000 265,306FRB Ser. 13-UBS1, Class D, 4.634s, 2046 915,000 832,989Ser. 14-C19, Class D, 4.306s, 2047 382,000 324,68732,732,899Dynamic Asset Allocation Growth Fund 77