March - Putnam Investments

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