March - Putnam Investments

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COMMON STOCKS (60.9%)* cont. Shares ValueConsumer cyclicals cont.Compagnie Financiere Richemont SA (Switzerland) 13,025 $1,243,493Compagnie Financiere Richemont SA ADR (Switzerland) 23,084 221,412Compass Group PLC (United Kingdom) 93,801 1,430,880Continental AG (Germany) 9,192 2,202,157Conversant, Inc. † 12,149 341,994Cooper Tire & Rubber Co. 7,201 174,984Corporate Executive Board Co. (The) 2,597 192,775CP ALL PCL (Thailand) 238,800 320,216Crocs, Inc. † 5,595 87,282CST Brands, Inc. 32,369 1,011,208Ctrip.com International, Ltd. ADR (China) † 3,366 169,714Daimler AG (Registered Shares) (Germany) 8,590 811,695Dalata Hotel Group, Ltd. (Ireland) † 22,823 89,296Deckers Outdoor Corp. † 2,418 192,787Deluxe Corp. 15,109 792,769Demand Media, Inc. † 15,158 73,516Denso Corp. (Japan) 14,100 675,053Destination Maternity Corp. 17,039 466,869Ennis, Inc. 13,395 221,955Expedia, Inc. 29,598 2,145,855Experian PLC (United Kingdom) 55,309 996,773Fiat SpA (Italy) † 24,589 286,244Five Below, Inc. † 1,850 78,588Fuji Heavy Industries, Ltd. (Japan) 59,300 1,600,918G&K Services, Inc. Class A 5,587 341,757Gannett Co., Inc. 66,976 1,848,538Gap, Inc. (The) 63,500 2,543,810Genesco, Inc. † 4,238 316,028Gerry Weber International AG (Germany) 2,578 127,466Global Cash Access Holdings, Inc. † 20,000 137,200Global Mediacom Tbk PT (Indonesia) 3,565,000 743,084Graham Holdings Co. Class B 1,900 1,337,125Grana y Montero SA ADR (Peru) † 10,318 178,089Grand Korea Leisure Co., Ltd. (South Korea) 6,810 279,811Green Dot Corp. Class A † 9,175 179,188Haier Electronics Group Co., Ltd. (China) 40,000 108,396Hana Tour Service, Inc. (South Korea) 3,822 264,914Hanesbrands, Inc. 26,500 2,026,720Harbinger Group, Inc. † 43,855 536,347Hino Motors, Ltd. (Japan) 69,000 1,021,453Home Depot, Inc. (The) 146,481 11,591,042Home Inns & Hotels Management, Inc. ADR (China) † 10,585 341,790Hyundai Motor Co. (South Korea) 4,210 995,099Intrawest Resorts Holdings, Inc. † 8,799 114,739ITV PLC (United Kingdom) 380,752 1,215,586KAR Auction Services, Inc. 25,950 787,583Kimberly-Clark Corp. 115,300 12,711,825Kingfisher PLC (United Kingdom) 42,100 295,768Dynamic Asset Allocation Growth Fund 31
COMMON STOCKS (60.9%)* cont. Shares ValueConsumer cyclicals cont.Kolao Holdings (South Korea) 10,120 $236,066La-Z-Boy, Inc. 6,350 172,085Liberty Media Corp. Class A † 21,400 2,797,622LifeLock, Inc. † 6,648 113,747LIN Media, LLC Class A † 5,875 155,688Lowe’s Cos., Inc. 190,527 9,316,770Lumber Liquidators Holdings, Inc. † 1,566 146,891Luxottica Group SpA (Italy) 4,171 241,224Macy’s, Inc. 75,703 4,488,431Magazine Luiza SA (Brazil) † 92,700 264,740Marcus Corp. 19,455 324,899Matahari Department Store Tbk PT (Indonesia) † 510,000 625,932MAXIMUS, Inc. 3,557 159,567McGraw-Hill Financial, Inc. 82,097 6,264,001Mediaset SpA (Italy) † 56,346 315,002MGM China Holdings, Ltd. (Hong Kong) 300,000 1,058,897Moncler SpA (Italy) † 8,166 139,611Namco Bandai Holdings, Inc. (Japan) 37,200 878,553Naspers, Ltd. Class N (South Africa) 9,936 1,096,037Next PLC (United Kingdom) 17,554 1,931,500Nintendo Co., Ltd. (Japan) 1,100 131,019Nissan Motor Co., Ltd. (Japan) 81,000 720,892Nu Skin Enterprises, Inc. Class A 2,563 212,345Panasonic Corp. (Japan) 129,100 1,472,809Paradise Entertainment, Ltd. (Hong Kong) † 280,000 217,284Penn National Gaming, Inc. † 30,824 379,752Perry Ellis International, Inc. † 15,261 209,686Pets at Home Group PLC (United Kingdom) † 34,357 137,468PetSmart, Inc. 26,720 1,840,741Pitney Bowes, Inc. 72,838 1,893,060priceline.com, Inc. † 8,161 9,727,014Puregold Price Club, Inc. (Philippines) 818,900 805,570Randstad Holding NV (Netherlands) 6,061 354,914Renault SA (France) 9,798 952,164Ryland Group, Inc. (The) 12,328 492,257Scripps Networks Interactive Class A 27,700 2,102,707Sega Sammy Holdings, Inc. (Japan) 17,400 388,926Select Comfort Corp. † 12,659 228,875Serco Group PLC (United Kingdom) 37,330 262,008Sinclair Broadcast Group, Inc. Class A 21,443 580,891SJM Holdings, Ltd. (Hong Kong) 279,000 787,263Sonic Automotive, Inc. Class A 14,808 332,884Sports Direct International PLC (United Kingdom) † 22,621 321,311Steiner Leisure, Ltd. (Bahamas) † 11,658 539,183Steven Madden, Ltd. † 2,920 105,062Sun TV Network, Ltd. (India) 74,005 499,949Suzuki Motor Corp. (Japan) 27,700 721,600Swatch Group AG (The) (Switzerland) 1,344 842,23332 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/
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
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Statement of assets and liabilities
Page 98 and 99:
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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