March - Putnam Investments

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Putnam Dynamic Asset Allocation Growth FundA diversified portfoliopursuing growthworldwidePutnam Dynamic Asset Allocation Growth Fund is designed for investors seekingcapital appreciation. The fund’s target mix of 80% stocks and 20% bonds has beendeveloped to pursue this goal while moderating investment volatility.The managers believe that spreading fund holdings across a variety of asset classescan help to smooth performance compared with the more extreme market ups anddowns that can happen when investing in only one type of asset.Diversification can help to reduce volatility over timeWith today’s market volatility, investors should consider evaluating the effectivenessof a portfolio over a full market cycle. Recent history has demonstrated that a morediversified portfolio can outperform in the long run.Diversified portfolios outperformed the all-stock portfolioCumulative returns: 12/31/99–3/31/14120%25/75 Portfolio 60/40 Portfolio S&P 500 Index total return90%60%30%0%-30%-60%12/9912/0112/0312/0512/0712/0912/1112/133/14Note: 25/75 ➟ 25% S&P 500 Index, 75% Barclays U.S. Aggregate Bond Index; 60/40 ➟ 60% S&P 500 Index,40% Barclays U.S. Aggregate Bond Index. Past performance is not indicative of future results. Other assetallocations may have had different returns during those time periods.Active global research guidesour portfolio decisionsToday, trends can spread quickly fromone part of the world to affect marketseverywhere. The five portfolio managersof Putnam’s Global Asset Allocation grouphave an experienced awareness of howopportunities and risks are connectedacross borders. They follow a disciplinedprocess to adjust the portfolio as marketconditions change.Featuredfrom left to right:Joshua B. Kutin, CFA(industry since 1998)James A. Fetch(industry since 1994)Robert J. Kea, CFA(industry since 1988)Robert J. Schoen(industry since 1990)Jason R. Vaillancourt, CFA(industry since 1993)2 Dynamic Asset Allocation Growth Fund Dynamic Asset Allocation Growth Fund 3
PerformancesnapshotAnnualized total return (%) comparison as of 3/31/14The fund — class A shares before sales chargeDynamic Asset Allocation Growth Fund (PAEAX)Fund’s primary benchmarkRussell 3000 IndexFund’s secondary benchmarkPutnam Growth Blended Benchmark*Fund’s Lipper peer group averageMixed-Asset Target Allocation Growth Funds21.9322.6119.2818.1118.1815.5314.6116.3613.7612.2810.8010.8910.917.909.307.49 7.19 7.86 7.616.178.869.007.96LIFE OF FUND†(since 2/8/94)10 YEARS 5 YEARS 3 YEARS 1 YEAR 6 MONTHS‡Current performance may be lower or higher thanthe quoted past performance, which cannot guaranteefuture results. Share price, principal value,and return will fluctuate, and you may have a gainor a loss when you sell your shares. Performance ofclass A shares assumes reinvestment of distributionsand does not account for taxes. Fund returns in thebar chart do not reflect a sales charge of 5.75%; hadthey, returns would have been lower. See pages 5and 11–12 for additional performance information.For a portion of the periods, the fund had expenselimitations, without which returns would havebeen lower. To obtain the most recent month-endperformance, visit putnam.com.* Putnam Growth Blended Benchmark is a blendedbenchmark administered by Putnam Managementand comprises 60% the Russell 3000 Index, 15%the MSCI EAFE Index (ND), 15% the Barclays U.S.Aggregate Bond Index, 5% the JPMorgan DevelopedHigh Yield Index, and 5% the MSCI Emerging MarketsIndex (ND).† The fund’s secondary benchmark, the PutnamGrowth Blended Benchmark, was introduced on12/31/94, which post-dates the inception of thefund’s class A shares.‡ Returns for the six-month period are not annualized,but cumulative.4 Dynamic Asset Allocation Growth Fund
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Page 28 and 29: COMMON STOCKS (60.9%)* cont. Shares
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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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