March - Putnam Investments

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COMMON STOCKS (60.9%)* cont. Shares ValueInsurance cont.American International Group, Inc. 5,600 $280,056Amtrust Financial Services, Inc. 10,792 405,887Aon PLC 97,442 8,212,412Assicurazioni Generali SpA (Italy) 58,508 1,304,165AXA SA (France) 65,042 1,690,400Axis Capital Holdings, Ltd. 45,400 2,081,590Berkshire Hathaway, Inc. Class B † 7,568 945,773Cathay Financial Holding Co., Ltd. (Taiwan) 369,599 540,289Challenger, Ltd. (Australia) 87,148 517,672China Life Insurance Co., Ltd. Class H (China) 229,000 648,745China Pacific Insurance (Group) Co., Ltd. (China) 171,600 613,354CNO Financial Group, Inc. 21,659 392,028Genworth Financial, Inc. Class A † 66,435 1,177,893Hanwha Life Insurance Co., Ltd. (South Korea) 75,620 496,460ING Groep NV GDR (Netherlands) † 48,758 690,187Insurance Australia Group, Ltd. (Australia) 223,055 1,154,412Intact Financial Corp. (Canada) 2,700 168,033Legal & General Group PLC (United Kingdom) 262,070 894,355Maiden Holdings, Ltd. (Bermuda) 18,526 231,204Meritz Fire & Marine Insurance Co., Ltd. (South Korea) 20,250 282,970MS&AD Insurance Group Holdings (Japan) 3,200 73,173Muenchener Rueckversicherungs AG (Germany) 3,446 752,935Porto Seguro SA (Brazil) 16,310 228,944ProAssurance Corp. 6,955 309,706Protective Life Corp. 8,645 454,641Prudential PLC (United Kingdom) 84,710 1,791,430SCOR SE (France) 6,078 212,683St James’s Place PLC (United Kingdom) 39,603 544,699Stewart Information Services Corp. 15,200 533,976Symetra Financial Corp. 18,582 368,295Third Point Reinsurance, Ltd. (Bermuda) † 19,503 309,123Tokio Marine Holdings, Inc. (Japan) 3,400 101,933Travelers Cos., Inc. (The) 93,300 7,939,830Investment banking/Brokerage (0.9%)45,945,228Deutsche Bank AG (Germany) 23,345 1,044,436Goldman Sachs Group, Inc. (The) 76,021 12,456,041Investor AB Class B (Sweden) 26,569 961,399UBS AG (Switzerland) 79,561 1,643,328Real estate (2.1%)16,105,204AG Mortgage Investment Trust, Inc. R 5,092 89,161Agree Realty Corp. R 8,609 261,800American Capital Agency Corp. R 65,700 1,411,893Arlington Asset Investment Corp. Class A 5,858 155,120ARMOUR Residential REIT, Inc. R 27,307 112,505Ashford Hospitality Prime, Inc. R 6,437 97,327Ashford Hospitality Trust, Inc. R 32,184 362,714AvalonBay Communities, Inc. R 21,705 2,850,301Dynamic Asset Allocation Growth Fund 39
COMMON STOCKS (60.9%)* cont. Shares ValueReal estate cont.Bekasi Fajar Industrial Estate Tbk PT (Indonesia) 4,087,000 $205,219Bellway PLC (United Kingdom) 10,673 295,372Beni Stabili SpA (Italy) R 153,121 131,842Cathay Real Estate Development Co., Ltd. (Taiwan) 359,000 219,765CBL & Associates Properties, Inc. R 11,539 204,817Chimera Investment Corp. R 180,531 552,425CYS <strong>Investments</strong>, Inc. R 16,544 136,653Dexus Property Group (Australia) R 824,023 810,187Education Realty Trust, Inc. R 46,797 461,886EPR Properties R 4,797 256,112Federal Realty Investment Trust R 11,000 1,261,920First Industrial Realty Trust R 10,326 199,498Glimcher Realty Trust R 20,061 201,212GPT Group (Australia) R 255,025 865,753Hammerson PLC (United Kingdom) R 65,160 601,819Hemaraj Land and Development PCL (Thailand) 2,888,200 277,780HFF, Inc. Class A 28,495 957,717Hibernia REIT PLC (Ireland) † R 389,505 567,724Hongkong Land Holdings, Ltd. (Hong Kong) 23,000 148,758Invesco Mortgage Capital, Inc. R 8,366 137,788Investors Real Estate Trust R 23,280 209,054iStar Financial, Inc. † R 19,780 291,953Kilroy Realty Corp. R 13,300 779,114Lexington Realty Trust R 46,132 503,300LTC Properties, Inc. R 12,178 458,258MFA Financial, Inc. R 27,453 212,761Mitsubishi Estate Co., Ltd. (Japan) 21,000 499,757National Health Investors, Inc. R 6,803 411,309Oberoi Realty, Ltd. (India) † 19,832 71,755One Liberty Properties, Inc. R 11,272 240,319Persimmon PLC (United Kingdom) 14,745 330,875PS Business Parks, Inc. R 6,561 548,631Public Storage R 23,595 3,975,522Ramco-Gershenson Properties Trust R 13,505 220,132Rayonier, Inc. R 21,500 987,065Regus PLC (United Kingdom) 137,004 503,407Robinsons Land Corp. (Philippines) 628,600 307,422Sekisui House, Ltd. (Japan) 9,600 118,946Select Income REIT R 8,524 258,021Shopping Centres Australasia Property Group (Australia) R 109,837 169,155Simon Property Group, Inc. R 51,724 8,482,736Sovran Self Storage, Inc. R 2,100 154,245Starwood Property Trust, Inc. R 6,487 153,028Starwood Waypoint Residential Trust † R 1,297 37,341Summit Hotel Properties, Inc. R 29,443 273,231Sun Hung Kai Properties, Ltd. (Hong Kong) 7,000 85,832Surya Semesta Internusa Tbk PT (Indonesia) 3,274,600 278,498Tokyu Fudosan Holdings Corp. (Japan) † 142,000 1,056,90440 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
Page 90 and 91:
OTC TOTAL RETURN SWAP CONTRACTS OUT
Page 92 and 93:
OTC CREDIT DEFAULT CONTRACTS OUTSTA
Page 94 and 95:
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
Page 104 and 105:
Futures contracts are valued at the
Page 106 and 107:
the other party may elect to termin
Page 108 and 109:
Note 2: Management fee, administrat
Page 110 and 111:
Note 3: Purchases and sales of secu
Page 112 and 113:
At the close of the reporting perio
Page 114 and 115:
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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