March - Putnam Investments

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Shareholder meeting results (Unaudited)February 27, 2014 special meetingAt the meeting, each of the nominees for Trustees was elected, with all funds of the Trust voting together as a singleclass, as follows:Votes forVotes withheldLiaquat Ahamed 176,804,132 6,294,359Ravi Akhoury 176,905,841 6,192,649Barbara M. Baumann 177,716,173 5,382,317Jameson A. Baxter 177,651,443 5,447,047Charles B. Curtis 177,640,934 5,457,557Robert J. Darretta 177,728,771 5,369,719Katinka Domotorffy 177,481,553 5,616,937John A. Hill 177,758,170 5,340,320Paul L. Joskow 177,751,800 5,346,690Kenneth R. Leibler 177,821,901 5,276,589Robert E. Patterson 177,687,130 5,411,360George Putnam, III 177,756,853 5,341,637Robert L. Reynolds 177,861,329 5,237,161W. Thomas Stephens 177,702,507 5,395,983A proposal to approve a new management contract between the fund and Putnam Management was approvedas follows:VotesVotesBrokerforagainstAbstentionsnon-votes55,274,623 1,142,227 2,960,050 15,672,157A proposal to adopt an Amended and Restated Declaration of Trust was approved with all funds of the Trustvoting together as a single class, as follows:VotesVotesBrokerforagainstAbstentionsnon-votes137,678,659 3,199,261 8,004,299 34,216,272All tabulations are rounded to the nearest whole number.118 Dynamic Asset Allocation Growth Fund
The Putnam family of fundsThe following is a list of Putnam’s open-end mutual funds offered to the public. Investorsshould carefully consider the investment objective, risks, charges, and expenses of a fundbefore investing. For a prospectus, or a summary prospectus if available, containing this andother information for any Putnam fund or product, call your financial advisor at 1-800-225-1581and ask for a prospectus. Please read the prospectus carefully before investing.GrowthGrowth Opportunities FundInternational Growth FundMulti-Cap Growth FundSmall Cap Growth FundVoyager FundBlendAsia Pacific Equity FundCapital Opportunities FundCapital Spectrum FundEmerging Markets Equity FundEquity Spectrum FundEurope Equity FundGlobal Equity FundInternational Capital Opportunities FundInternational Equity FundInvestors FundLow Volatility Equity FundMulti-Cap Core FundResearch FundStrategic Volatility Equity FundValueConvertible Securities FundEquity Income FundGeorge Putnam Balanced FundGlobal Dividend FundThe Putnam Fund for Growth and IncomeInternational Value FundMulti-Cap Value FundSmall Cap Value FundIncomeAmerican Government Income FundDiversified Income TrustEmerging Markets Income FundFloating Rate Income FundGlobal Income TrustHigh Yield Advantage FundHigh Yield TrustIncome FundMoney Market Fund*Short Duration Income FundU.S. Government Income TrustTax-free incomeAMT-Free Municipal FundIntermediate-Term Municipal Income FundShort-Term Municipal Income FundTax Exempt Income FundTax Exempt Money Market Fund*Tax-Free High Yield FundState tax-free income funds:Arizona, California, Massachusetts, Michigan,Minnesota, New Jersey, New York, Ohio,and Pennsylvania.* An investment in a money market fund is not insured or guaranteed by the Federal DepositInsurance Corporation or any other government agency. Although the fund seeks to preservethe value of your investment at $1.00 per share, it is possible to lose money by investing inthe fund.Dynamic Asset Allocation Growth Fund 119
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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 66 and 67: 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 112 and 113: At the close of the reporting perio
Page 114 and 115: The following is a summary of reali
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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