March - Putnam Investments

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The fund’s portfolio 3/31/14 (Unaudited)COMMON STOCKS (60.9%)* Shares ValueBanking (4.8%)Access National Corp. 8,692 $140,897Associated Banc-Corp. 130,900 2,364,054Australia & New Zealand Banking Group, Ltd. (Australia) 47,692 1,465,726Banca Popolare di Milano Scarl (Italy) † 184,046 185,092Banco Bilbao Vizcaya Argentaria SA (Right) (Spain) † 85,683 20,067Banco Bilbao Vizcaya Argentaria SA (BBVA) (Spain) 85,683 1,029,083Banco Bradesco SA ADR (Brazil) 40,329 551,297Banco Espirito Santo SA (Portugal) † 209,181 391,634Banco Latinoamericano de Exportaciones SA Class E (Panama) 19,345 510,901Banco Santander SA (Spain) 133,682 1,274,619Bancolombia SA ADR (Colombia) 7,081 399,935Bank Mandiri (Persero) Tbk PT (Indonesia) 668,300 562,366Bank of Kentucky Financial Corp. 5,162 193,781Bank of Yokohama, Ltd. (The) (Japan) 150,000 747,670Barclays PLC (United Kingdom) 175,251 681,924BNP Paribas SA (France) 19,690 1,518,780BofI Holding, Inc. † 5,627 482,515Cardinal Financial Corp. 16,735 298,385China Construction Bank Corp. (China) 968,000 678,188Citizens & Northern Corp. 10,818 213,223City National Corp. 32,492 2,557,770Commonwealth Bank of Australia (Australia) 37,400 2,692,234Credicorp, Ltd. (Peru) 7,378 1,017,574Credit Agricole SA (France) † 91,410 1,441,280Credit Suisse Group AG (Switzerland) 19,481 630,012DBS Group Holdings, Ltd. (Singapore) 65,000 836,840Dubai Islamic Bank PJSC (United Arab Emirates) † 313,496 524,058East West Bancorp, Inc. 6,056 221,044Erste Group Bank AG (Czech Republic) 25,277 863,607Financial Institutions, Inc. 11,176 257,272First Community Bancshares Inc. 10,552 172,631First Niagara Financial Group, Inc. 234,100 2,212,245FirstMerit Corp. 13,147 273,852FirstRand, Ltd. (South Africa) 113,240 388,294Flushing Financial Corp. 11,074 233,329Grupo Financiero Banorte SAB de CV (Mexico) 176,591 1,194,226Hang Seng Bank, Ltd. (Hong Kong) 58,500 933,241Hanmi Financial Corp. 22,158 516,281Heartland Financial USA, Inc. 7,493 202,236Heritage Financial Group, Inc. 9,335 183,433Itau Unibanco Holding SA ADR (Preference) (Brazil) 47,319 703,160Jammu & Kashmir Bank, Ltd. (India) 19,882 512,870Joyo Bank, Ltd. (The) (Japan) 150,000 746,763JPMorgan Chase & Co. 312,077 18,946,195KeyCorp 168,000 2,392,320Lloyds Banking Group PLC (United Kingdom) † 1,792,063 2,230,272Dynamic Asset Allocation Growth Fund 25
COMMON STOCKS (60.9%)* cont. Shares ValueBanking cont.MainSource Financial Group, Inc. 16,637 $284,493Metro Bank PLC (acquired 1/15/14, cost $189,830) (Private)(United Kingdom) †ΔΔ F 8,918 188,206Metropolitan Bank & Trust Co. (Philippines) 164,060 283,524National Australia Bank, Ltd. (Australia) 31,436 1,036,058Natixis (France) 59,114 434,148OFG Bancorp (Puerto Rico) 9,829 168,961Pacific Premier Bancorp, Inc. † 10,475 169,067PacWest Bancorp 8,980 386,230Peoples Bancorp, Inc. 10,321 255,238Philippine National Bank (Philippines) † 232,534 426,507PNC Financial Services Group, Inc. 122,799 10,683,513Popular, Inc. (Puerto Rico) † 8,754 271,286Powszechna Kasa Oszczednosci Bank Polski SA (Poland) 33,199 466,398Qatar National Bank SAQ (Qatar) † 7,507 386,766Republic Bancorp, Inc. Class A 6,711 151,669Resona Holdings, Inc. (Japan) 273,500 1,320,172Skandinaviska Enskilda Banken AB (Sweden) 78,926 1,083,475State Street Corp. 109,300 7,601,815Sumitomo Mitsui Financial Group, Inc. (Japan) 38,300 1,632,594Swedbank AB Class A (Sweden) 38,047 1,021,084UniCredit SpA (Italy) 84,186 768,939United Community Banks, Inc. † 11,132 216,072Wells Fargo & Co. 21,782 1,083,437Westpac Banking Corp. (Australia) 35,093 1,125,469Basic materials (4.0%)88,038,297Aceto Corp. 7,668 154,050Akzo Nobel NV (Netherlands) 3,436 280,371Alrosa AO (Russia) † 338,266 347,167Amcor, Ltd. (Australia) 73,403 707,740Antofagasta PLC (United Kingdom) 48,211 671,533Archer Daniels-Midland Co. 249,600 10,830,144Arkema (France) 1,964 222,409Axiall Corp. 10,435 468,740BASF SE (Germany) 15,078 1,675,901BHP Billiton PLC (United Kingdom) 30,779 946,216BHP Billiton, Ltd. (Australia) 35,308 1,195,396Buzzi Unicem SpA (Italy) 3,757 70,081Cambrex Corp. † 27,194 513,151Cemex Latam Holdings SA (Colombia) † 53,111 442,246Cemex SAB de CV ADR (Mexico) 29,132 367,937CF Industries Holdings, Inc. 10,251 2,671,821Chemtura Corp. † 27,565 697,119China National Building Material Co., Ltd. (China) 240,000 240,913China Singyes Solar Technologies Holdings, Ltd. (China) 170,000 268,704Compagnie de Saint-Gobain (France) 3,217 194,339Domtar Corp. (Canada) 8,222 922,67326 Dynamic Asset Allocation Growth Fund
Page 2 and 3: Putnam DynamicAsset AllocationGrowt
Page 4 and 5: Putnam Dynamic Asset Allocation Gro
Page 6 and 7: Interview withyour fund’sportfoli
Page 8 and 9: “The U.S. economy has been stucki
Page 10 and 11: of the fund positions us to take ad
Page 12 and 13: Your fund’s performanceThis secti
Page 14 and 15: Your fund’s expensesAs a mutual f
Page 16 and 17: Terms and definitionsImportant term
Page 18 and 19: Trustee approval of management cont
Page 20 and 21: necessary or desirable for the comi
Page 22 and 23: fees and total expenses (excluding
Page 24 and 25: of their Brokerage Committee and al
Page 28 and 29: COMMON STOCKS (60.9%)* cont. Shares
Page 46 and 47: CORPORATE BONDS AND NOTES (13.9%)*
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MORTGAGE-BACKED SECURITIES (2.8%)*
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MORTGAGE-BACKED SECURITIES (2.8%)*
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FOREIGN GOVERNMENT AND AGENCYBONDS
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Key to holding’s currency abbrevi
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FORWARD CURRENCY CONTRACTS at 3/31/
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FORWARD CURRENCY CONTRACTS at 3/31/
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CENTRALLY CLEARED INTEREST RATE SWA
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OTC TOTAL RETURN SWAP CONTRACTS OUT
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OTC CREDIT DEFAULT CONTRACTS OUTSTA
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Valuation inputsOther financial ins
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Statement of assets and liabilities
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Statement of changes in net assetsI
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Financial highlights (Continued)Rat
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securities under Accounting Standar
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Futures contracts are valued at the
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the other party may elect to termin
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Note 2: Management fee, administrat
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Note 3: Purchases and sales of secu
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At the close of the reporting perio
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The following is a summary of reali
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Shareholder meeting results (Unaudi
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Absolute ReturnAbsolute Return 100
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Putnam’s commitmentto confidentia
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This report is for the information
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March - Putnam Investments

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