March - Putnam Investments

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COMMON STOCKS (60.9%)* cont. Shares ValueBasic materials cont.Dow Chemical Co. (The) 209,100 $10,160,169EMS-Chemie Holding AG (Switzerland) 1,812 684,073Fortescue Metals Group, Ltd. (Australia) 28,942 141,774Fortune Brands Home & Security, Inc. 46,637 1,962,485Glencore Xstrata PLC (United Kingdom) 239,232 1,231,605Glencore Xstrata PLC (United Kingdom) † 61,224 318,390Hi-Crush Partners LP (Units) 8,618 347,478Hitachi Metals, Ltd. (Japan) 119,000 1,689,848Holcim, Ltd. (Switzerland) 10,187 843,491Horsehead Holding Corp. † 29,079 489,109Innophos Holdings, Inc. 5,941 336,855Innospec, Inc. 7,381 333,843Johnson Matthey PLC (United Kingdom) 33,816 1,844,070KapStone Paper and Packaging Corp. † 5,799 167,243KCC Corp. (South Korea) 500 256,374Koninklijke Boskalis Westminster NV (Netherlands) 16,035 882,962Kraton Performance Polymers, Inc. † 8,023 209,721L.B. Foster Co. Class A 5,889 275,900Landec Corp. † 17,688 197,398LG Chemical, Ltd. (South Korea) 1,906 456,258LG Hausys, Ltd. (South Korea) 1,619 242,286LSB Industries, Inc. † 12,930 483,841LyondellBasell Industries NV Class A 71,607 6,368,727Mexichem SAB de CV (Mexico) 70,295 247,679Minerals Technologies, Inc. 3,285 212,080Monsanto Co. 2,300 261,671Mota-Engil Africa (Rights) (Portugal) † F 98,989 51,140Mota-Engil SGPS SA (Portugal) 110,354 896,972NN, Inc. 21,895 431,332Olin Corp. 12,380 341,812OM Group, Inc. 7,169 238,154Packaging Corp. of America 16,800 1,182,216PPG Industries, Inc. 24,793 4,796,454PTT Global Chemical PCL (Thailand) 170,600 379,958Reliance Steel & Aluminum Co. 13,600 960,976Rio Tinto PLC (United Kingdom) 16,025 891,649S&W Seed Co. † S 18,314 135,707Solvay SA (Belgium) 1,400 219,776Stillwater Mining Co. † 11,634 172,300Sumitomo Metal Mining Co., Ltd. (Japan) 54,000 676,811Syngenta AG (Switzerland) 2,804 1,060,321Total Bangun Persada Tbk PT (Indonesia) 1,395,000 104,620Trex Co., Inc. † 5,681 415,622Tronox, Ltd. Class A 6,959 165,415U.S. Silica Holdings, Inc. 15,846 604,842Ultrapar Participacoes SA (Brazil) 12,381 299,621UPM-Kymmene OYJ (Finland) 54,382 929,749Vale SA ADR (Brazil) 19,036 263,268Dynamic Asset Allocation Growth Fund 27
COMMON STOCKS (60.9%)* cont. Shares ValueBasic materials cont.Vale SA ADR (Preference) (Brazil) 12,085 $150,458Veidekke ASA (Norway) 27,901 288,898voestalpine AG (Austria) 26,443 1,162,273W.R. Grace & Co. † 1,454 144,193Wacker Chemie AG (Germany) 647 78,999Wendel SA (France) 7,075 1,099,934Zep, Inc. 16,454 291,236Capital goods (3.8%)72,968,687ABB, Ltd. (Switzerland) 47,961 1,236,933AGCO Corp. 28,800 1,588,608Airbus Group NV (France) 29,257 2,095,503Aisin Seiki Co., Ltd. (Japan) 29,800 1,073,344Alfa Laval AB (Sweden) 50,083 1,354,933Allegion PLC (Ireland) 32,733 1,707,681Alliant Techsystems, Inc. 4,094 581,962Altra Industrial Motion Corp. 15,876 566,773Astronics Corp. † 4,201 266,385AviChina Industry & Technology Co., Ltd. (China) 272,000 151,560AZZ, Inc. 7,336 327,772Ball Corp. 25,900 1,419,579Canadian Solar, Inc. (Canada) † 6,754 216,398Canon, Inc. (Japan) 50 1,547Chase Corp. 8,822 278,158China Everbright International, Ltd. (China) 214,000 295,741China Railway Group, Ltd. (China) 888,000 413,649Coway Co., Ltd. (South Korea) 11,700 820,836Cummins, Inc. 51,352 7,650,934Daikin Industries, Ltd. (Japan) 4,400 246,056Douglas Dynamics, Inc. 14,173 246,894DXP Enterprises, Inc. † 2,974 282,322Ebara Corp. (Japan) 24,000 150,053Embraer SA ADR (Brazil) 10,528 373,639Engility Holdings, Inc. † 7,492 337,515Exelis, Inc. 58,900 1,119,689Faurecia (France) † 10,527 444,937Franklin Electric Co., Inc. 6,837 290,709Gaztransport Et Technigaz SA (France) † 1,602 103,707Generac Holdings, Inc. 9,197 542,347Greenbrier Cos., Inc. (The) † 19,735 899,916HEICO Corp. 3,715 223,494Hitachi Construction Machinery Co., Ltd. (Japan) 10,100 194,251Hitachi, Ltd. (Japan) 57,000 419,890Hyster-Yale Materials Holdings, Inc. 3,282 319,995Hyundai Mobis Co., Ltd. (South Korea) 2,385 707,464IDEX Corp. 23,700 1,727,493IHI Corp. (Japan) 208,000 873,221II-VI, Inc. † 26,075 402,33728 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 26 and 27: The fund’s portfolio 3/31/14 (Una
Page 30 and 31: COMMON STOCKS (60.9%)* cont. Shares
Page 46 and 47: 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
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FORWARD CURRENCY CONTRACTS at 3/31/
Page 86 and 87:
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
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
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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
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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