March - Putnam Investments

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COMMON STOCKS (60.9%)* cont. Shares ValueCapital goods cont.IMI PLC (United Kingdom) 47,678 $1,158,911Ingersoll-Rand PLC 82,000 4,693,680JGC Corp. (Japan) 29,000 1,007,483Kadant, Inc. 8,966 326,990Leggett & Platt, Inc. 48,400 1,579,776Miller Industries, Inc. 10,911 213,092MRC Global, Inc. † 27,500 741,400MSA Safety, Inc. 3,631 206,967NACCO Industries, Inc. Class A 1,641 88,959Northrop Grumman Corp. 60,200 7,427,476OSRAM Licht AG (Germany) † 13,616 882,849Polypore International, Inc. † 2,238 76,562Raytheon Co. 87,579 8,651,929Rheinmetall AG (Germany) 4,435 311,909Safran SA (France) 9,443 654,230Schneider Electric SA (France) 1,668 147,871Singapore Technologies Engineering, Ltd. (Singapore) 281,000 854,609SMC Corp. (Japan) 500 131,563Standard Motor Products, Inc. 15,482 553,791Standex International Corp. 4,240 227,179Stoneridge, Inc. † 24,331 273,237Tenneco, Inc. † 3,928 228,099THK Co., Ltd. (Japan) 33,900 759,298Tower International, Inc. † 11,905 324,054TriMas Corp. † 20,570 682,924US Ecology, Inc. 4,030 149,594Vinci SA (France) 21,987 1,632,954WABCO Holdings, Inc. † 17,300 1,826,188WESCO International, Inc. † 5,112 425,421Zodiac Aerospace (France) 18,505 653,906Communication services (2.3%)68,847,126Arris Group, Inc. † 4,848 136,617Aruba Networks, Inc. † 5,302 99,413BroadSoft, Inc. † 1,823 48,729BT Group PLC (United Kingdom) 266,260 1,684,583CalAmp Corp. † 15,711 437,866Comcast Corp. Class A 243,931 12,201,429Deutsche Telekom AG (Germany) 67,902 1,097,285EchoStar Corp. Class A † 21,818 1,037,664Frontier Communications Corp. 58,220 331,854HSN, Inc. 2,542 151,834IDT Corp. Class B 9,009 150,090Inteliquent, Inc. 13,175 191,433Iridium Communications, Inc. † 23,452 176,125KDDI Corp. (Japan) 2,600 151,302Liberty Global PLC Ser. C (United Kingdom) † 4,600 187,266Loral Space & Communications, Inc. † 4,297 303,927Dynamic Asset Allocation Growth Fund 29
COMMON STOCKS (60.9%)* cont. Shares ValueCommunication services cont.MTN Group, Ltd. (South Africa) 41,920 $858,269NTT DoCoMo, Inc. (Japan) 55,800 878,826Numericable Group SA (France) † S 11,045 434,116Orange (France) 59,885 884,406RingCentral, Inc. Class A † 2,169 39,259Ruckus Wireless, Inc. † 13,719 166,823ShoreTel, Inc. † 14,715 126,549T-Mobile US, Inc. † 69,100 2,282,373Tele2 AB Class B (Sweden) 31,760 394,037Telefonica SA (Spain) 56,794 898,612Telenor ASA (Norway) 36,984 819,629Telstra Corp., Ltd. (Australia) 265,152 1,250,708Turkcell Iletisim Hizmetleri AS (Turkey) † 31,563 176,276Ubiquiti Networks, Inc. † 8,639 392,815USA Mobility, Inc. 12,661 230,050Verizon Communications, Inc. 265,415 12,625,792Vodafone Group PLC (United Kingdom) 290,130 1,065,570Ziggo NV (Netherlands) 14,815 658,219Conglomerates (1.1%)42,569,746AMETEK, Inc. 67,354 3,468,057Danaher Corp. 113,254 8,494,050Exor SpA (Italy) 14,495 650,591General Electric Co. 122,056 3,160,030Marubeni Corp. (Japan) 45,000 301,662Mitsubishi Corp. (Japan) 27,800 515,529Siemens AG (Germany) 22,307 3,002,441Consumer cyclicals (8.3%)19,592,360Adidas AG (Germany) 6,867 743,014ADT Corp. (The) 61,041 1,828,097Advance Auto Parts, Inc. 19,250 2,435,125American Eagle Outfitters, Inc. 77,900 953,496ANN, Inc. † 11,763 487,929Ascena Retail Group, Inc. † 10,190 176,083Ascent Capital Group, Inc. Class A † 1,266 95,646Atresmedia Corporacion de Medios de Comunicacion SA (Spain) † 27,608 424,841Babcock International Group PLC (United Kingdom) 46,302 1,039,781Bayerische Motoren Werke (BMW) AG (Germany) 8,612 1,087,009Big Lots, Inc. † 10,308 390,364Blyth, Inc. 7,753 83,190Brown Shoe Co., Inc. 6,151 163,248Buckle, Inc. (The) 3,643 166,849Bureau Veritas SA (France) 26,885 824,283Carmike Cinemas, Inc. † 11,092 331,207Century Casinos, Inc. † 22,717 162,881China ZhengTong Auto Services Holdings, Ltd. (China) † 1,116,000 621,754CJ CGV Co., Ltd. (South Korea) 8,038 393,395Coach, Inc. 59,108 2,935,30330 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 28 and 29: 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/
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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
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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