March - Putnam Investments

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COMMON STOCKS (60.9%)* cont. Shares ValueConsumer staples cont.SABMiller PLC (United Kingdom) 13,402 $669,177Seven & I Holdings Co., Ltd. (Japan) 3,400 129,680Shutterfly, Inc. † 1,972 84,165Spartan Stores, Inc. 8,935 207,381Suedzucker AG (Germany) 22,035 627,621TrueBlue, Inc. † 35,945 1,051,751Unilever PLC (United Kingdom) 16,516 705,162United Natural Foods, Inc. † 2,718 192,761USANA Health Sciences, Inc. † 2,202 165,899WM Morrison Supermarkets PLC (United Kingdom) 16,466 58,471Wolseley PLC (United Kingdom) 5,084 289,109Woolworths, Ltd. (Australia) 16,521 547,508Zalando AG (acquired 9/30/13, cost $89,678) (Private)(Germany) †ΔΔ F 2 89,968Energy (5.0%)82,124,522AMEC PLC (United Kingdom) 56,594 1,058,615Baker Hughes, Inc. 64,800 4,213,296BG Group PLC (United Kingdom) 65,560 1,221,409BP PLC (United Kingdom) 290,647 2,325,851Cabot Oil & Gas Corp. 67,500 2,286,900Callon Petroleum Co. † 53,961 451,654Canadian Natural Resources, Ltd. (Canada) 9,300 356,437Chevron Corp. 15,037 1,788,050China Petroleum & Chemical Corp. (China) 508,000 453,768Coal India, Ltd. (India) 60,204 291,625ConocoPhillips 143,423 10,089,808Delek US Holdings, Inc. 18,297 531,345Dril-Quip, Inc. † 9,200 1,031,320Exxon Mobil Corp. 90,035 8,794,619Ezion Holdings, Ltd. (Singapore) 534,800 920,746FutureFuel Corp. 28,875 586,163Genel Energy PLC (United Kingdom) † 13,478 220,654Gulfport Energy Corp. † 3,450 245,571Halliburton Co. 3,200 188,448Key Energy Services, Inc. † 40,807 377,057Kodiak Oil & Gas Corp. † 21,210 257,489Lone Pine Resources Canada, Ltd. (Canada) † F 12,473 1,247Lone Pine Resources, Inc. Class A (Canada)† F 12,473 1,247Lukoil OAO ADR (Russia) 16,999 944,464Occidental Petroleum Corp. 104,353 9,943,797Oceaneering International, Inc. 19,564 1,405,869Oil & Natural Gas Corp., Ltd. (India) 85,744 457,233Oil States International, Inc. † 11,700 1,153,620PBF Energy, Inc. Class A 19,400 500,520Petrofac, Ltd. (United Kingdom) 11,967 286,892Petroleo Brasileiro SA ADR (Preference) (Brazil) 23,838 330,633Phillips 66 85,862 6,616,526Dynamic Asset Allocation Growth Fund 35
COMMON STOCKS (60.9%)* cont. Shares ValueEnergy cont.Repsol YPF SA (Spain) 27,675 $706,293Rosetta Resources, Inc. † 3,961 184,503Royal Dutch Shell PLC Class A (United Kingdom) 55,671 2,033,509Royal Dutch Shell PLC Class A (United Kingdom) 29,652 1,083,344Royal Dutch Shell PLC Class B (United Kingdom) 42,981 1,677,104Schlumberger, Ltd. 128,537 12,532,358SPT Energy Group, Inc. (China) 956,000 471,937Statoil ASA (Norway) 56,927 1,606,711Stone Energy Corp. † 10,218 428,849Suncor Energy, Inc. (Canada) 13,100 457,522Superior Energy Services, Inc. 39,000 1,199,640Tesoro Corp. 25,445 1,287,263Total SA (France) 30,928 2,028,138Unit Corp. † 4,877 318,858Vaalco Energy, Inc. † 28,509 243,752Valero Energy Corp. 80,122 4,254,478W&T Offshore, Inc. 8,894 153,955Woodside Petroleum, Ltd. (Australia) 22,752 823,632Financial (0.5%)90,824,719Carlyle Group LP (The) (Partnership shares) 7,009 246,296CoreLogic, Inc. † 101,100 3,037,044Credit Acceptance Corp. † 2,496 354,806Eurazeo SA (France) 2,479 222,739HSBC Holdings PLC (United Kingdom) 286,311 2,899,740KKR & Co. LP 9,700 221,548Mitsubishi UFJ Financial Group (MUFG), Inc. (Japan) 184,500 1,012,106WageWorks, Inc. † 6,665 373,973Health care (7.3%)8,368,252Abaxis, Inc. † 2,345 91,174AbbVie, Inc. 106,800 5,489,520ACADIA Pharmaceuticals, Inc. † 7,678 186,806Accuray, Inc. † 20,943 201,053Actavis PLC † 1,500 308,775Actelion, Ltd. (Switzerland) 11,720 1,109,625Aegerion Pharmaceuticals, Inc. † 6,015 277,412Aetna, Inc. 84,100 6,304,977Alere, Inc. † 11,714 402,376Align Technology, Inc. † 3,606 186,755Alkermes PLC † 6,406 282,441Amedisys, Inc. † 9,851 146,681AmSurg Corp. † 7,237 340,718Antares Pharma, Inc. † 37,701 131,954Ariad Pharmaceuticals, Inc. † 45,921 370,123Array BioPharma, Inc. † 21,612 101,576Aspen Pharmacare Holdings, Ltd. (South Africa) 17,222 460,158Astellas Pharma, Inc. (Japan) 56,000 663,404AstraZeneca PLC (United Kingdom) 37,553 2,426,94136 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
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
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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
Page 122:
This report is for the information
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March - Putnam Investments

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