March - Putnam Investments

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A BALANCED APPROACHSince 1937, when George <strong>Putnam</strong> created a diverse mixof stocks and bonds in a single, professionally managedportfolio, <strong>Putnam</strong> has championed the balanced approach.A WORLD OF INVESTINGToday, we offer investors a world of equity, fixed-income,multi-asset, and absolute-return portfolios to suit a rangeof financial goals.A COMMITMENT TO EXCELLENCEOur portfolio managers seek superior results over time,backed by original, fundamental research on a globalscale. We believe in the value of experienced financialadvice, in providing exemplary service, and in puttingclients first in all we do.One Post Office SquareBoston, MA 02109PRSRT STDU.S. POSTAGE PAIDBROCKTON, MAPERMIT NO. 600putnam.com1-800-225-1581Electronic service requestedGo paperless: Log on to putnam.com or scan this Microsoft Tag barcode to update your mailing options.SA058287159 5/14
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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 72 and 73: CORPORATE BONDS AND NOTES (13.9%)*
Page 74 and 75: 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 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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