March - Putnam Investments

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING at 3/31/14 (Unaudited) cont.Swap counterparty/Referenced debt*Rating***Upfrontpremiumreceived(paid)**NotionalamountTerminationdatePaymentsreceived(paid) by fundper annumUnrealizedappreciation/(depreciation)Bank of America N.A. cont.CMBX NA BBB–/P $5,073 $89,000 5/11/63 300 bp $3,888BBB– IndexBarclays Bank PLCCMBX NA BBB–/P 8,980 81,000 5/11/63 300 bp 7,901BBB– IndexCredit Suisse InternationalCMBX NA BBB–/P 132 17,000 5/11/63 300 bp (95)BBB– IndexCMBX NA BBB–/P 4,776 60,000 5/11/63 300 bp 3,977BBB– IndexCMBX NA BBB–/P 813 70,000 5/11/63 300 bp (119)BBB– IndexCMBX NA BBB–/P 8,474 75,000 5/11/63 300 bp 7,474BBB– IndexCMBX NA BBB–/P 5,962 77,000 5/11/63 300 bp 4,936BBB– IndexCMBX NA BBB–/P 5,065 77,000 5/11/63 300 bp 4,040BBB– IndexCMBX NA BBB–/P 6,224 78,000 5/11/63 300 bp 5,185BBB– IndexCMBX NA BBB–/P 2,373 78,000 5/11/63 300 bp 1,335BBB– IndexCMBX NA BBB–/P 1,198 78,000 5/11/63 300 bp 160BBB– IndexCMBX NA BBB–/P 1,374 78,000 5/11/63 300 bp 336BBB– IndexCMBX NA BBB–/P 6,338 87,000 5/11/63 300 bp 5,179BBB– IndexCMBX NA BBB–/P 9,656 126,000 5/11/63 300 bp 7,978BBB– IndexCMBX NA BBB–/P 6,320 154,000 5/11/63 300 bp 4,269BBB– IndexCMBX NA BB Index — (559) 107,000 5/11/63 (500 bp) 1,284CMBX NA BB Index — (1,380) 79,000 5/11/63 (500 bp) (19)CMBX NA BB Index — (328) 36,000 5/11/63 (500 bp) 292CMBX NA BB Index — (1,513) 78,000 5/11/63 (500 bp) (169)CMBX NA BBB–/P 7,753 80,000 5/11/63 300 bp 6,687BBB– IndexCMBX NA BBB–/P 4,020 84,000 5/11/63 300 bp 2,902BBB– IndexCMBX NA BBB–/P 2,427 102,000 5/11/63 300 bp 1,069BBB– IndexCMBX NA BBB–/P 4,579 106,000 5/11/63 300 bp 3,168BBB– IndexCMBX NABBB– IndexBBB–/P 13,000 122,000 5/11/63 300 bp 11,37490 Dynamic Asset Allocation Growth Fund