March - Putnam Investments

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 3/31/14 (Unaudited) cont.Swap counterparty/Notional amountUpfrontpremiumreceived (paid)TerminationdatePaymentsreceived (paid) byfund per annumTotal returnreceived byor paid by fundUnrealizedappreciation/(depreciation)Goldman Sachs International$176,085 $— 1/12/39 6.00% (1 monthUSD-LIBOR)28,803 — 1/12/38 6.50% (1 monthUSD-LIBOR)209,441 — 1/12/42 4.00% (1 monthUSD-LIBOR)209,441 — 1/12/42 4.00% (1 monthUSD-LIBOR)2,138,128 — 1/12/41 4.00% (1 monthUSD-LIBOR)291,339 — 1/12/41 4.50% (1 monthUSD-LIBOR)1,068,013 — 1/12/40 4.00% (1 monthUSD-LIBOR)42,750 — 1/12/38 (6.50%) 1 monthUSD-LIBOR51,340 — 1/12/38 (6.50%) 1 monthUSD-LIBOR969,097 — 1/12/38 (6.50%) 1 monthUSD-LIBORJPMorgan Chase Bank N.A.269,521 — 1/12/41 4.50% (1 monthUSD-LIBOR)Synthetic TRS Index6.00% 30 year FannieMae poolsSynthetic TRS Index6.50% 30 year FannieMae poolsSynthetic TRS Index4.00% 30 year FannieMae poolsSynthetic TRS Index4.00% 30 year FannieMae poolsSynthetic TRS Index4.00% 30 year FannieMae poolsSynthetic TRS Index4.50% 30 year FannieMae poolsSynthetic TRS Index4.00% 30 year FannieMae poolsSynthetic MBX Index6.50% 30 year FannieMae poolsSynthetic MBX Index6.50% 30 year FannieMae poolsSynthetic MBX Index6.50% 30 year FannieMae poolsSynthetic TRS Index4.50% 30 year FannieMae pools$(188 )(118 )(86 )(86 )(1,879 )(134 )(938 )(129 )(155 )(2,927 )Total $— $113,653(124 )OTC CREDIT DEFAULT CONTRACTS OUTSTANDING at 3/31/14 (Unaudited)Swap counterparty/Referenced debt*Rating***Upfrontpremiumreceived(paid)**NotionalamountTerminationdatePaymentsreceived(paid) by fundper annumUnrealizedappreciation/(depreciation)Bank of America N.A.CMBX NA BBB–/P $1,367 $20,000 5/11/63 300 bp $1,101BBB– IndexCMBX NA BBB–/P 2,591 43,000 5/11/63 300 bp 2,019BBB– IndexCMBX NABBB– IndexBBB–/P 5,309 86,000 5/11/63 300 bp 4,164Dynamic Asset Allocation Growth Fund 89