March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueBasic materials cont.Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes5 1/4s, 2023 $25,000 $25,438Taminco Global Chemical Corp. 144A sr. notes 9 3/4s,2020 (Belgium) 300,000 338,250TMS International Corp. 144A company guaranty sr. unsec.notes 7 5/8s, 2021 55,000 58,850Tronox Finance, LLC company guaranty sr. unsec. unsub. notes6 3/8s, 2020 175,000 179,813USG Corp. 144A company guaranty sr. unsec. notes5 7/8s, 2021 40,000 42,500Weekley Homes, LLC/Weekley Finance Corp. sr. unsec.bonds 6s, 2023 340,000 338,300Westvaco Corp. company guaranty sr. unsec. unsub. notes7.95s, 2031 210,000 257,730Weyerhaeuser Co. sr. unsec. unsub. notes 7 3/8s, 2032 R 355,000 456,297Capital goods (0.6%)ADS Waste Holdings, Inc. company guaranty sr. unsec. notes8 1/4s, 2020 355,00016,717,981386,063American Axle & Manufacturing, Inc. company guaranty sr.unsec. notes 7 3/4s, 2019 420,000 485,625American Axle & Manufacturing, Inc. company guaranty sr.unsec. notes 6 5/8s, 2022 260,000 281,775B/E Aerospace, Inc. sr. unsec. unsub. notes 6 7/8s, 2020 75,000 82,219B/E Aerospace, Inc. sr. unsec. unsub. notes 5 1/4s, 2022 175,000 180,031Berry Plastics Corp. company guaranty unsub. notes9 3/4s, 2021 285,000 330,956BlueLine Rental Finance Corp. 144A sr. notes 7s, 2019 190,000 200,925BOE Merger Corp. 144A sr. unsec. notes 9 1/2s, 2017 ‡‡ 250,000 263,125Boeing Capital Corp. sr. unsec. unsub. notes 4.7s, 2019 105,000 117,494Bombardier, Inc. 144A sr. notes 6 1/8s, 2023 (Canada) 130,000 131,300Bombardier, Inc. 144A sr. unsec. notes 7 3/4s, 2020 (Canada) 125,000 139,375Briggs & Stratton Corp. company guaranty sr. unsec. notes6 7/8s, 2020 305,000 338,550Covidien International Finance SA company guaranty sr. unsec.unsub. notes 6s, 2017 (Luxembourg) 885,000 1,016,311Crown Americas, LLC/Crown Americas Capital Corp.IV company guaranty sr. unsec. notes 4 1/2s, 2023 370,000 353,350Deere & Co. sr. unsec. unsub. notes 2.6s, 2022 235,000 224,681Delphi Corp. company guaranty sr. unsec. unsub. notes 5s, 2023 697,000 738,820Exide Technologies sr. notes 8 5/8s, 2018 (In default) † 225,000 171,000General Dynamics Corp. company guaranty sr. unsec. unsub.notes 3.6s, 2042 150,000 131,769General Dynamics Corp. company guaranty sr. unsec. unsub.notes 2 1/4s, 2022 100,000 92,361GrafTech International, Ltd. company guaranty sr. unsec. notes6 3/8s, 2020 215,000 221,450Kratos Defense & Security Solutions, Inc. company guaranty sr.notes 10s, 2017 110,000 116,325Legrand France SA sr. unsec. unsub. debs 8 1/2s, 2025 (France) 665,000 883,142Dynamic Asset Allocation Growth Fund 47
CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueCapital goods cont.Manitowoc Co., Inc. (The) company guaranty sr. unsec. notes5 7/8s, 2022 $85,000 $90,525MasTec, Inc. company guaranty sr. unsec. unsub. notes4 7/8s, 2023 395,000 387,100Oshkosh Corp. 144A company guaranty sr. unsec. notes5 3/8s, 2022 125,000 127,188Pittsburgh Glass Works, LLC 144A company guaranty sr.notes 8s, 2018 235,000 255,563Polypore International, Inc. company guaranty sr. unsec. notes7 1/2s, 2017 200,000 212,000Raytheon Co. sr. unsec. notes 4 7/8s, 2040 65,000 69,317Rexel SA 144A company guaranty sr. unsec. unsub. notes6 1/8s, 2019 (France) 200,000 211,000Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. notes7 7/8s, 2019 100,000 109,875Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. notes5 3/4s, 2020 245,000 256,638Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. unsec. unsub.notes 9 7/8s, 2019 200,000 223,500Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. unsec. unsub.notes 9s, 2019 105,000 112,350Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. unsec. unsub.notes 8 1/4s, 2021 (New Zealand) 200,000 218,250Tenneco, Inc. company guaranty sr. unsub. notes 6 7/8s, 2020 200,000 219,500Terex Corp. company guaranty sr. unsec. unsub. notes6 1/2s, 2020 55,000 59,813Terex Corp. company guaranty sr. unsec. unsub. notes 6s, 2021 325,000 347,750Thermadyne Holdings Corp. company guaranty sr.notes 9s, 2017 218,000 233,805Titan International, Inc. 144A company guaranty sr. bonds6 7/8s, 2020 110,000 116,600TransDigm, Inc. company guaranty sr. unsec. sub. notes7 1/2s, 2021 55,000 60,913TransDigm, Inc. company guaranty sr. unsec. sub. notes5 1/2s, 2020 40,000 40,700TransDigm, Inc. company guaranty unsec. sub. notes7 3/4s, 2018 285,000 305,663Triumph Group, Inc. company guaranty sr. unsec. notes4 7/8s, 2021 180,000 177,300United Technologies Corp. sr. unsec. unsub. notes 4 1/2s, 2042 130,000 132,375United Technologies Corp. sr. unsec. unsub. notes 3.1s, 2022 265,000 264,531Vander Intermediate Holding II Corp. 144A sr. unsec. notes9 3/4s, 2019 ‡‡ 105,000 110,775Waste Management, Inc. company guaranty sr. unsec. notes7 3/4s, 2032 170,000 235,17211,464,85048 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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March - Putnam Investments

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