March - Putnam Investments

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COMMON STOCKS (60.9%)* cont. Shares ValueTechnology cont.SciQuest, Inc. † 4,304 $116,273Semtech Corp. † 6,518 165,166Silicon Graphics International Corp. † 6,929 85,088Silicon Image, Inc. † 40,422 278,912Skyworth Digital Holdings, Ltd. (China) 496,000 272,577SoftBank Corp. (Japan) 26,800 2,021,240SolarWinds, Inc. † 11,825 504,100Sparton Corp. † 9,042 264,750SS&C Technologies Holdings, Inc. † 5,435 217,509Symantec Corp. 227,368 4,540,539Synaptics, Inc. † 6,337 380,347Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) 331,350 1,294,704Tech Data Corp. † 7,651 466,405Tencent Holdings, Ltd. (China) 19,400 1,350,744Tokyo Electron, Ltd. (Japan) 16,300 1,000,743Toshiba Corp. (Japan) 43,000 181,750Tyler Technologies, Inc. † 4,311 360,744Ultimate Software Group, Inc. † 3,026 414,562Ultra Clean Holdings, Inc. † 23,697 311,616Unisys Corp. † 10,796 328,846United Internet AG (Germany) 18,967 890,637VeriFone Systems, Inc. † 12,286 415,513Verint Systems, Inc. † 5,364 251,733Vocus, Inc. † 14,866 198,164Western Digital Corp. 93,748 8,607,941XO Group, Inc. † 16,926 171,630Yandex NV Class A (Russia) † 18,471 557,639Zynga, Inc. Class A † 29,374 126,308Transportation (1.4%)177,826,697Aegean Marine Petroleum Network, Inc. (Greece) 40,847 402,751Aeroflot — Russian Airlines OJSC (Russia) † 115,182 180,943Alaska Air Group, Inc. 20,800 1,940,848Central Japan Railway Co. (Japan) 13,300 1,558,419China Southern Airlines Co., Ltd. (China) 436,000 141,652ComfortDelgro Corp., Ltd. (Singapore) 443,000 699,833Copa Holdings SA Class A (Panama) 800 116,152Delta Air Lines, Inc. 231,077 8,006,818Deutsche Post AG (Germany) 25,353 941,996Diana Shipping, Inc. (Greece) † 17,960 215,340Hawaiian Holdings, Inc. † 27,804 388,144International Consolidated Airlines Group SA (Spain) † 181,113 1,262,522Japan Airlines Co., Ltd. (Japan) UR 17,100 840,630Jaypee Infratech, Ltd. (India) † 130,757 46,376Matson, Inc. 3,889 96,019Quality Distribution, Inc. † 54,465 707,500Republic Airways Holdings, Inc. † 21,780 199,069SkyWest, Inc. 14,579 186,028Dynamic Asset Allocation Growth Fund 43
COMMON STOCKS (60.9%)* cont. Shares ValueTransportation cont.Southwest Airlines Co. 198,100 $4,677,141Spirit Airlines, Inc. † 14,511 861,953StealthGas, Inc. (Greece) † 67,544 767,975Swift Transportation Co. † 36,738 909,266Universal Truckload Services, Inc. 1,248 36,067XPO Logistics, Inc. † 10,724 315,393Yamato Transport Co., Ltd. (Japan) 32,400 697,554Utilities and power (1.9%)26,196,389Beijing Enterprises Water Group, Ltd. (China) 524,000 366,830Centrica PLC (United Kingdom) 245,711 1,350,574China Resources Gas Group, Ltd. (China) 194,000 618,294China Resources Power Holdings Co., Ltd. (China) 80,000 208,395China Water Affairs Group, Ltd. (China) 684,000 217,045China WindPower Group, Ltd. (China) † 3,630,000 296,896Chubu Electric Power Co., Inc. (Japan) 15,100 177,409CMS Energy Corp. 71,673 2,098,585Edison International 87,400 4,947,714Enel SpA (Italy) 204,201 1,155,652ENI SpA (Italy) 67,678 1,697,838Entergy Corp. 47,524 3,176,979GDF Suez (France) 42,450 1,161,437Origin Energy, Ltd. (Australia) 35,021 464,354PG&E Corp. 118,290 5,110,128Power Grid Corp. of India, Ltd. (India) 124,786 219,374PPL Corp. 168,800 5,594,032Red Electrica Corporacion SA (Spain) 19,942 1,620,912Tenaga Nasional Bhd (Malaysia) 182,600 668,459Tokyo Gas Co., Ltd. (Japan) 116,000 588,159UGI Corp. 30,100 1,372,861United Utilities Group PLC (United Kingdom) 72,956 958,433Veolia Environnement (France) 22,115 437,50234,507,862Total common stocks (cost $887,921,426) $1,106,565,816CORPORATE BONDS AND NOTES (13.9%)* Principal amount ValueBasic materials (0.9%)Ainsworth Lumber Co., Ltd. 144A sr. notes 7 1/2s,2017 (Canada) $76,000 $81,550Allegheny Technologies, Inc. sr. unsec. unsub. notes 5.95s, 2021 40,000 42,220ArcelorMittal SA sr. unsec. bonds 10.35s, 2019 (France) 705,000 892,706ArcelorMittal SA sr. unsec. unsub. notes 7 1/2s, 2039 (France) 90,000 93,038Archer Daniels-Midland Co. sr. unsec. notes 5.45s, 2018 871,000 985,227Ashland, Inc. company guaranty sr. unsec. unsub. notes4 3/4s, 2022 411,000 403,808Atkore International, Inc. company guaranty sr. notes9 7/8s, 2018 164,000 176,30044 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
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Statement of assets and liabilities
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Statement of changes in net assetsI
Page 100 and 101:
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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