March - Putnam Investments

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At the close of the reporting period, Putnam Investments, LLC owned the following shares of the fund:Shares owned Percentage of ownership ValueClass R5 806 0.21 % $13,855Class R6 807 0.05 13,897Note 5: Affiliated transactionsTransactions during the reporting period with Putnam Money Market Liquidity Fund and Putnam Short TermInvestment Fund, which are under common ownership or control, were as follows:Name of affiliateFair value at thebeginning ofthe reportingperiod Purchase cost Sale proceedsInvestmentincomeFair value atthe end ofthe reportingperiodPutnam Money MarketLiquidity Fund * $192,561,737 $2,108,379 $25,000,000 $51,394 $169,670,116Putnam Short TermInvestment Fund * 194,542,261 144,341,058 166,883,403 77,610 171,999,916Totals $387,103,998 $146,449,437 $191,883,403 $129,004 $341,670,032* Management fees charged to Putnam Money Market Liquidity Fund and Putnam Short Term Investment Fund havebeen waived by Putnam Management.Note 6: Senior loan commitmentsSenior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or moreafter the trade date, which from time to time can delay the actual investment of available cash balances; interestincome is accrued based on the terms of the securities. Senior loans can be acquired through an agent, by assignmentfrom another holder of the loan, or as a participation interest in another holder’s portion of the loan. When thefund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between thefund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under theloan may default on its obligations.Note 7: Market, credit and other risksIn the normal course of business, the fund trades financial instruments and enters into financial transactions whererisk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to thetransaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or otherentity with which the fund has unsettled or open transactions will default. Investments in foreign securities involvecertain risks, including those related to economic instability, unfavorable political developments, and currencyfluctuations. The fund may invest a significant portion of its assets in securitized debt instruments, including mortgage-backedand asset-backed investments. The yields and values of these investments are sensitive to changesin interest rates, the rate of principal payments on the underlying assets and the market’s perception of the issuers.The market for these investments may be volatile and limited, which may make them difficult to buy or sell.Dynamic Asset Allocation Growth Fund 113
Note 8: Summary of derivative activityThe volume of activity for the reporting period for any derivative type that was held during the period is listedbelow and was as follows based on an average of the holdings at the end of each fiscal quarter:Purchased equity option contracts (contract amount ) $100,000Written equity option contracts (contract amount ) (Note 3 ) $100,000Written swap option contracts (contract amount ) (Note 3 ) $1,300,000Futures contracts (number of contracts ) 7,000Forward currency contracts (contract amount ) $595,400,000OTC interest rate swap contracts (notional) $4,300,000Centrally cleared interest rate swap contracts (notional) $141,400,000OTC total return swap contracts (notional) $182,300,000OTC credit default contracts (notional) $14,300,000Centrally cleared credit default contracts (notional) $89,600,000Warrants (number of warrants ) 3,800,000The following is a summary of the fair value of derivative instruments as of the close of the reporting period:Fair value of derivative instruments as of the close of the reporting periodDerivatives notaccounted for ashedging instrumentsunder ASC 815Asset derivativesStatement ofassets andliabilities locationFair valueLiability derivativesStatement ofassets andliabilities locationFair valueCredit contractsReceivables,Net assets —Unrealizedappreciation $6,238,167 * Payables $24,876Foreignexchange contracts Receivables 2,651,642 Payables 1,619,023Equity contractsInvestments,Receivables,Net assets —Unrealizedappreciation 4,176,598 *Payables,Net assets —Unrealizeddepreciation 2,885,018 *Interest rate contracts Receivables 517,623 *Payables,Net assets —Unrealizeddepreciation 1,040,262 *Total $13,584,030 $5,569,179* Includes cumulative appreciation/depreciation of futures contracts and centrally cleared swaps as reported in thefund’s portfolio. Only current day’s variation margin is reported within the Statement of assets and liabilities.114 Dynamic Asset Allocation Growth Fund
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Putnam DynamicAsset AllocationGrowt
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Putnam Dynamic Asset Allocation Gro
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Interview withyour fund’sportfoli
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“The U.S. economy has been stucki
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of the fund positions us to take ad
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Your fund’s performanceThis secti
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Your fund’s expensesAs a mutual f
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Terms and definitionsImportant term
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Trustee approval of management cont
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necessary or desirable for the comi
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fees and total expenses (excluding
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of their Brokerage Committee and al
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The fund’s portfolio 3/31/14 (Una
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COMMON STOCKS (60.9%)* cont. Shares
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CORPORATE BONDS AND NOTES (13.9%)*
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Page 62 and 63: CORPORATE BONDS AND NOTES (13.9%)*
Page 76 and 77: MORTGAGE-BACKED SECURITIES (2.8%)*
Page 78 and 79: MORTGAGE-BACKED SECURITIES (2.8%)*
Page 80 and 81: FOREIGN GOVERNMENT AND AGENCYBONDS
Page 82 and 83: Key to holding’s currency abbrevi
Page 84 and 85: FORWARD CURRENCY CONTRACTS at 3/31/
Page 86 and 87: FORWARD CURRENCY CONTRACTS at 3/31/
Page 88 and 89: CENTRALLY CLEARED INTEREST RATE SWA
Page 90 and 91: OTC TOTAL RETURN SWAP CONTRACTS OUT
Page 92 and 93: OTC CREDIT DEFAULT CONTRACTS OUTSTA
Page 94 and 95: Valuation inputsOther financial ins
Page 96 and 97: Statement of assets and liabilities
Page 98 and 99: Statement of changes in net assetsI
Page 100 and 101: Financial highlights (Continued)Rat
Page 102 and 103: securities under Accounting Standar
Page 104 and 105: Futures contracts are valued at the
Page 106 and 107: the other party may elect to termin
Page 108 and 109: Note 2: Management fee, administrat
Page 110 and 111: Note 3: Purchases and sales of secu
Page 114 and 115: The following is a summary of reali
Page 116 and 117: Shareholder meeting results (Unaudi
Page 118 and 119: Absolute ReturnAbsolute Return 100
Page 120 and 121: Putnam’s commitmentto confidentia
Page 122: This report is for the information
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March - Putnam Investments

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