March - Putnam Investments

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Putnam’s commitmentto confidentialityIn order to conduct business with our shareholders,we must obtain certain personalinformation such as account holders’ names,addresses, Social Security numbers, anddates of birth. Using this information, we areable to maintain accurate records of accountsand transactions.It is our policy to protect the confidentiality ofour shareholder information, whether or nota shareholder currently owns shares of ourfunds. In particular, it is our policy not to sellinformation about you or your accounts tooutside marketing firms. We have safeguardsin place designed to prevent unauthorizedaccess to our computer systems and proceduresto protect personal information fromunauthorized use.Within the Putnam organization, your informationis shared with those who need it toservice your account or provide you withinformation about other Putnam productsor services. Under certain circumstances, wemust also share account information withoutside vendors who provide services tous, such as mailings and proxy solicitations.In these cases, the service providers enterinto confidentiality agreements with us, andwe provide only the information necessaryto process transactions and perform otherservices related to your account. It is alsoour policy to share account information withyour financial advisor, if you've provided uswith information about your advisor and thatperson is listed on your Putnam account.If you would like clarification about our confidentialitypolicies or have any questions orconcerns, please don't hesitate to contact usat 1-800-225-1581, Monday through Friday,8:00 a.m. to 8:00 p.m. Eastern Time.122 Dynamic Asset Allocation Growth Fund
Fund informationFounded over 75 years ago, Putnam Investments was built around the concept that a balancebetween risk and reward is the hallmark of a well-rounded financial program. We manage over100 funds across income, value, blend, growth, asset allocation, absolute return, and globalsector categories.Investment ManagerPutnam InvestmentManagement, LLCOne Post Office SquareBoston, MA 02109Investment Sub-ManagerPutnam Investments Limited57–59 St James’s StreetLondon, England SW1A 1LDInvestment Sub-AdvisorThe Putnam AdvisoryCompany, LLCOne Post Office SquareBoston, MA 02109Marketing ServicesPutnam Retail ManagementOne Post Office SquareBoston, MA 02109CustodianState Street Bankand Trust CompanyLegal CounselRopes & Gray LLPTrusteesJameson A. Baxter, ChairLiaquat AhamedRavi AkhouryBarbara M. BaumannCharles B. CurtisRobert J. DarrettaKatinka DomotorffyJohn A. HillPaul L. JoskowKenneth R. LeiblerRobert E. PattersonGeorge Putnam, IIIRobert L. ReynoldsW. Thomas StephensOfficersRobert L. ReynoldsPresidentJonathan S. HorwitzExecutive Vice President,Principal Executive Officer, andCompliance LiaisonSteven D. KrichmarVice President andPrincipal Financial OfficerRobert T. BurnsVice President andChief Legal OfficerRobert R. LeveilleVice President andChief Compliance OfficerMichael J. HigginsVice President, Treasurer,and ClerkJanet C. SmithVice President,Principal Accounting Officer,and Assistant TreasurerSusan G. MalloyVice President andAssistant TreasurerJames P. PappasVice PresidentMark C. TrenchardVice President andBSA Compliance OfficerNancy E. FlorekVice President, Director ofProxy Voting and CorporateGovernance, Assistant Clerk,and Associate TreasurerDynamic Asset Allocation Growth Fund 123
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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 70 and 71: 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 116 and 117: Shareholder meeting results (Unaudi
Page 118 and 119: Absolute ReturnAbsolute Return 100
Page 122: This report is for the information
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March - Putnam Investments

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