March - Putnam Investments

FORWARD CURRENCY CONTRACTS at 3/31/14 (aggregate face value $309,280,393 ) (Unaudited) cont.CounterpartyCurrencyContracttypeDeliverydateValueAggregateface valueUnrealizedappreciation/(depreciation)Deutsche Bank AG cont.Japanese Yen Sell 5/21/14 $223,453 $226,480 $3,027New Zealand Dollar Buy 4/16/14 1,847,691 1,817,914 29,777Norwegian Krone Sell 6/18/14 1,648,217 1,645,636 (2,581)Swedish Krona Buy 6/18/14 1,830,702 1,848,887 (18,185)Swiss Franc Sell 6/18/14 2,669,941 2,655,560 (14,381)Goldman Sachs InternationalAustralian Dollar Buy 4/16/14 37,801 3,453 34,348British Pound Sell 6/18/14 3,654,116 3,650,658 (3,458)Canadian Dollar Sell 4/16/14 1,691,496 1,749,754 58,258Euro Buy 6/18/14 3,664,396 3,672,614 (8,218)Japanese Yen Sell 5/21/14 9,179,637 9,289,409 109,772HSBC Bank USA, National AssociationAustralian Dollar Buy 4/16/14 1,708,203 1,631,145 77,058Australian Dollar Sell 4/16/14 1,708,203 1,627,540 (80,663)British Pound Sell 6/18/14 1,830,974 1,824,729 (6,245)Canadian Dollar Sell 4/16/14 811,296 854,017 42,721Japanese Yen Sell 5/21/14 7,403,839 7,505,668 101,829Swedish Krona Buy 6/18/14 1,800,347 1,806,239 (5,892)JPMorgan Chase Bank N.A.Australian Dollar Sell 4/16/14 1,810,952 1,742,360 (68,592)British Pound Sell 6/18/14 2,526,108 2,529,315 3,207Canadian Dollar Sell 4/16/14 1,785,177 1,798,117 12,940Euro Sell 6/18/14 7,249,173 7,212,292 (36,881)Hungarian Forint Sell 6/18/14 1,081,841 1,066,610 (15,231)Indian Rupee Buy 5/21/14 1,114,337 1,067,396 46,941Mexican Peso Buy 4/16/14 701,673 697,402 4,271New Taiwan Dollar Sell 5/21/14 1,077,712 1,080,793 3,081New Zealand Dollar Buy 4/16/14 1,884,791 1,817,390 67,401Norwegian Krone Sell 6/18/14 317,784 322,617 4,833Singapore Dollar Sell 5/21/14 90,391 89,170 (1,221)Swedish Krona Buy 6/18/14 288,235 304,896 (16,661)Swiss Franc Sell 6/18/14 1,799,655 1,791,812 (7,843)Thai Baht Sell 5/21/14 1,800,734 1,796,897 (3,837)Royal Bank of Scotland PLC (The)Canadian Dollar Buy 4/16/14 5,253,892 5,245,999 7,893Canadian Dollar Sell 4/16/14 5,253,892 5,318,581 64,689Japanese Yen Sell 5/21/14 3,418,261 3,464,797 46,536Mexican Peso Buy 4/16/14 1,663,499 1,647,505 15,994Mexican Peso Sell 4/16/14 1,663,499 1,659,173 (4,326)State Street Bank and Trust Co.Australian Dollar Sell 4/16/14 1,972,535 1,890,125 (82,410)Brazilian Real Buy 4/2/14 1,135,654 1,049,452 86,202Brazilian Real Sell 4/2/14 1,135,654 1,062,204 (73,450)84 Dynamic Asset Allocation Growth Fund