March - Putnam Investments

FORWARD CURRENCY CONTRACTS at 3/31/14 (aggregate face value $309,280,393 ) (Unaudited) cont.CounterpartyCurrencyContracttypeDeliverydateValueAggregateface valueUnrealizedappreciation/(depreciation)State Street Bank and Trust Co. cont.British Pound Buy 6/18/14 $3,611,795 $3,595,526 $16,269British Pound Sell 6/18/14 3,611,795 3,614,473 2,678Canadian Dollar Sell 4/16/14 3,626,869 3,660,054 33,185Euro Buy 6/18/14 4,895,733 4,894,974 759Japanese Yen Sell 5/21/14 1,688,204 1,706,820 18,616Mexican Peso Buy 4/16/14 1,305,226 1,291,404 13,822New Taiwan Dollar Sell 5/21/14 1,077,712 1,080,330 2,618New Zealand Dollar Buy 4/16/14 3,729,275 3,664,255 65,020Norwegian Krone Sell 6/18/14 263,552 264,442 890Singapore Dollar Sell 5/21/14 1,489,982 1,469,984 (19,998)Swedish Krona Buy 6/18/14 212,372 236,364 (23,992)Swiss Franc Sell 6/18/14 1,856,927 1,848,918 (8,009)UBS AGAustralian Dollar Sell 4/16/14 3,141,974 2,960,000 (181,974)British Pound Sell 6/18/14 9,349,645 9,373,893 24,248Canadian Dollar Sell 4/16/14 3,764,225 3,883,211 118,986Euro Sell 6/18/14 11,514,016 11,505,074 (8,942)Japanese Yen Sell 5/21/14 1,688,204 1,707,081 18,877Mexican Peso Buy 4/16/14 917,127 904,799 12,328Mexican Peso Sell 4/16/14 917,127 890,069 (27,058)Norwegian Krone Sell 6/18/14 1,648,217 1,645,494 (2,723)Singapore Dollar Sell 5/21/14 50,323 49,647 (676)South African Rand Buy 4/16/14 1,116,701 1,074,774 41,927South African Rand Sell 4/16/14 1,116,701 1,041,290 (75,411)Swedish Krona Buy 6/18/14 1,800,347 1,806,374 (6,027)Swiss Franc Sell 6/18/14 2,643,908 2,631,591 (12,317)WestPac Banking Corp.Australian Dollar Buy 4/16/14 1,897,210 1,811,743 85,467British Pound Sell 6/18/14 1,859,965 1,861,415 1,450Canadian Dollar Sell 4/16/14 1,613,187 1,671,986 58,799Euro Buy 6/18/14 3,076,070 3,088,424 (12,354)Japanese Yen Sell 5/21/14 5,667,694 5,744,244 76,550Total $1,032,619FUTURES CONTRACTS OUTSTANDING at 3/31/14 (Unaudited)Number ofcontractsValueExpirationdateUnrealizedappreciation/(depreciation)Euro STOXX 50 Index (Short) 762 $32,542,838 Jun-14 $(1,697,999 )FTSE 100 Index (Short) 146 15,927,136 Jun-14 (200,626)MSCI EAFE Index Mini (Long) 223 21,129,250 Jun-14 524,719OMXS 30 Index (Short) 73 1,524,334 Apr-14 (50,191)Russell 2000 Index Mini (Long) 390 45,649,500 Jun-14 (70,918)Russell 2000 Index Mini (Short) 46 5,384,300 Jun-14 77,878Dynamic Asset Allocation Growth Fund 85