March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueCommunication services cont.T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6.464s, 2019 $85,000 $90,950T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6 1/4s, 2021 250,000 265,313T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6 1/8s, 2022 400,000 418,500TCI Communications, Inc. sr. unsec. unsub. notes 7 1/8s, 2028 205,000 258,967Telefonica Emisiones SAU company guaranty sr. unsec. notes4.57s, 2023 (Spain) 150,000 153,187Telefonica Emisiones SAU company guaranty sr. unsec. unsub.notes 7.045s, 2036 (Spain) 120,000 144,890Telefonica Emisiones SAU company guaranty sr. unsec. unsub.notes 3.192s, 2018 (Spain) 240,000 245,806Time Warner Cable, Inc. company guaranty sr. notes 7.3s, 2038 115,000 143,675Time Warner Cable, Inc. company guaranty sr. unsec. unsub.notes 6 3/4s, 2039 105,000 124,448Time Warner Entertainment Co. LP company guaranty sr. unsec.bonds 8 3/8s, 2033 688,000 948,123Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH144A company guaranty sr. notes 7 1/2s, 2019 (Germany) 150,000 162,750Verizon Communications, Inc. sr. unsec. unsub. notes 6.4s, 2033 1,120,000 1,325,024Verizon Communications, Inc. sr. unsec. unsub. notes4 1/2s, 2020 120,000 130,093Verizon Communications, Inc. sr. unsec. unsub. notes2.55s, 2019 885,000 888,314Videotron, Ltd. company guaranty sr. unsec. unsub. notes 5s,2022 (Canada) 260,000 260,650Vodafone Group PLC sr. unsec. unsub. notes 1 1/4s, 2017(United Kingdom) 869,000 859,358WideOpenWest Finance, LLC/WideOpenWest Capital Corp.company guaranty sr. unsec. notes 10 1/4s, 2019 385,000 436,975Wind Acquisition Finance SA 144A company guaranty sr. notes7 1/4s, 2018 (Luxembourg) 360,000 379,800Wind Acquisition Finance SA 144A sr. notes 11 3/4s,2017 (Luxembourg) 400,000 421,500Windstream Corp. company guaranty sr. unsec. unsub. notes7 7/8s, 2017 385,000 441,788Windstream Corp. company guaranty sr. unsec. unsub. notes7 3/4s, 2021 160,000 172,000Windstream Corp. company guaranty sr. unsec. unsub. notes6 3/8s, 2023 110,000 107,250Consumer cyclicals (2.0%)21st Century Fox America, Inc. company guaranty sr. unsec.unsub. debs. 7 3/4s, 2045 210,00024,687,876291,17521st Century Fox America, Inc. company guaranty sr. unsec.unsub. notes 6.2s, 2034 15,000 17,483Academy, Ltd./Academy Finance Corp. 144A companyguaranty sr. unsec. notes 9 1/4s, 2019 35,000 38,150Amazon.com, Inc. sr. unsec. notes 1.2s, 2017 871,000 862,384Dynamic Asset Allocation Growth Fund 51
CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueConsumer cyclicals cont.AMC Entertainment, Inc. company guaranty sr. sub. notes9 3/4s, 2020 $270,000 $311,175AMC Entertainment, Inc. 144A company guaranty sr. unsec.sub. notes 5 7/8s, 2022 145,000 147,538American Media, Inc. 144A notes 13 1/2s, 2018 11,246 12,146Autonation, Inc. company guaranty sr. unsec. notes6 3/4s, 2018 90,000 103,725Autonation, Inc. company guaranty sr. unsec. unsub. notes5 1/2s, 2020 210,000 228,375Beazer Homes USA, Inc. company guaranty sr. unsec. notes8 1/8s, 2016 95,000 105,450Beazer Homes USA, Inc. company guaranty sr. unsec. notes7 1/4s, 2023 95,000 99,275Bon-Ton Department Stores, Inc. (The) company guaranty notes10 5/8s, 2017 213,000 213,000Bon-Ton Department Stores, Inc. (The) company guarantynotes 8s, 2021 70,000 67,638Brookfield Residential Properties, Inc. 144A company guarantysr. unsec. notes 6 1/2s, 2020 (Canada) 265,000 282,225Brookfield Residential Properties, Inc./Brookfield ResidentialUS Corp. 144A company guaranty sr. unsec. notes 6 1/8s,2022 (Canada) 125,000 129,104Building Materials Corp. of America 144A company guaranty sr.notes 7 1/2s, 2020 240,000 258,600Building Materials Corp. of America 144A company guaranty sr.notes 7s, 2020 95,000 101,888Building Materials Corp. of America 144A sr. unsec. notes6 3/4s, 2021 105,000 113,925Burlington Coat Factory Warehouse Corp. company guaranty sr.unsec. notes 10s, 2019 205,000 228,831Caesars Entertainment Operating Co., Inc. company guaranty sr.notes 9s, 2020 187,000 167,833Caesars Entertainment Operating Co., Inc. sr. notes11 1/4s, 2017 350,000 336,875CBS Corp. company guaranty sr. unsec. debs. 7 7/8s, 2030 100,000 131,067CBS Corp. sr. unsec. unsub. notes 4 1/2s, 2021 210,000 226,202CBS Outdoor Americas Capital, LLC/CBS Outdoor AmericasCapital Corp. 144A company guaranty sr. unsec. notes5 5/8s, 2024 195,000 199,875CCM Merger, Inc. 144A company guaranty sr. unsec. notes9 1/8s, 2019 175,000 186,375Cedar Fair LP/Canada’s Wonderland Co./Magnum ManagementCorp. company guaranty sr. unsec. notes 9 1/8s, 2018 45,000 48,051Cedar Fair LP/Canada’s Wonderland Co./Magnum ManagementCorp. company guaranty sr. unsec. notes 5 1/4s, 2021 170,000 172,125Ceridian Corp. company guaranty sr. unsec. notes12 1/4s, 2015 ‡‡ 69,000 69,518Ceridian Corp. sr. unsec. notes 11 1/4s, 2015 130,000 130,975Ceridian HCM Holding, Inc. 144A sr. unsec. notes 11s, 2021 585,000 674,213Choice Hotels International, Inc. company guaranty sr. unsec.unsub. notes 5.7s, 2020 160,000 170,00052 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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