March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueConsumer cyclicals cont.Chrysler Group, LLC/CG Co-Issuer, Inc. company guaranty notes8 1/4s, 2021 $175,000 $197,969Cinemark USA, Inc. company guaranty sr. unsec. notes5 1/8s, 2022 40,000 40,000Cinemark USA, Inc. company guaranty sr. unsec. notes4 7/8s, 2023 100,000 96,125Cinemark USA, Inc. company guaranty sr. unsec. sub. notes7 3/8s, 2021 25,000 27,719Clear Channel Communications, Inc. company guaranty sr.notes 9s, 2021 275,000 287,031Clear Channel Communications, Inc. company guaranty sr.notes 9s, 2019 250,000 262,500Clear Channel Worldwide Holdings, Inc. company guaranty sr.unsec. notes 7 5/8s, 2020 240,000 259,200Clear Channel Worldwide Holdings, Inc. company guaranty sr.unsec. unsub. notes 6 1/2s, 2022 800,000 855,000CST Brands, Inc. company guaranty sr. unsec. notes 5s, 2023 170,000 167,025Cumulus Media Holdings, Inc. company guaranty sr. unsec.unsub. notes 7 3/4s, 2019 190,000 202,350Dana Holding Corp. sr. unsec. unsub. notes 6s, 2023 225,000 234,281DH Services Luxembourg Sarl 144A company guaranty sr.unsec. notes 7 3/4s, 2020 (Luxembourg) 265,000 282,888Dollar General Corp. sr. unsec. notes 3 1/4s, 2023 70,000 66,080Entercom Radio, LLC company guaranty sr. unsec. sub. notes10 1/2s, 2019 245,000 281,750Expedia, Inc. company guaranty sr. unsec. unsub. notes5.95s, 2020 395,000 437,158FelCor Lodging LP company guaranty sr. notes 10s, 2014 R 167,000 173,680FelCor Lodging LP company guaranty sr. notes 6 3/4s, 2019 R 370,000 397,288FelCor Lodging LP company guaranty sr. notes 5 5/8s, 2023 R 60,000 60,750Ford Motor Co. sr. unsec. unsub. bonds 7.7s, 2097 146,000 171,081Ford Motor Co. sr. unsec. unsub. notes 7.4s, 2046 210,000 272,244Ford Motor Credit Co., LLC sr. unsec. notes 8 1/8s, 2020 825,000 1,040,737Gannett Co., Inc. 144A company guaranty sr. unsec. notes5 1/8s, 2020 115,000 118,306Gannett Co., Inc. 144A company guaranty sr. unsec. notes5 1/8s, 2019 155,000 162,750Garda World Security Corp. 144A company guaranty sr. unsec.unsub. notes 7 1/4s, 2021 (Canada) 295,000 314,980General Motors Financial Co., Inc. company guaranty sr. unsec.notes 3 1/4s, 2018 567,000 571,961General Motors Financial Co., Inc. company guaranty sr. unsec.notes 2 3/4s, 2016 318,000 322,166Gibson Brands, Inc. 144A sr. notes 8 7/8s, 2018 165,000 175,519GLP Capital LP/GLP Financing II, Inc. 144A company guarantysr. unsec. notes 4 7/8s, 2020 255,000 261,694GLP Capital LP/GLP Financing II, Inc. 144A company guarantysr. unsec. notes 4 3/8s, 2018 305,000 313,006Gray Television, Inc. company guaranty sr. unsec. notes7 1/2s, 2020 280,000 303,800Dynamic Asset Allocation Growth Fund 53
CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueConsumer cyclicals cont.Great Canadian Gaming Corp. 144A company guaranty sr.unsec. notes 6 5/8s, 2022 (Canada) CAD 325,000 $310,483Griffey Intermediate, Inc./Griffey Finance Sub, LLC 144A sr.unsec. notes 7s, 2020 $285,000 248,663Grupo Televisa, S.A.B. sr. unsec. unsub. notes 6 5/8s,2025 (Mexico) 460,000 533,250Hanesbrands, Inc. company guaranty sr. unsec. notes6 3/8s, 2020 190,000 207,575Home Depot, Inc. (The) sr. unsec. unsub. notes 5.4s, 2016 170,000 185,209Host Hotels & Resorts LP sr. unsec. unsub. notes 6s, 2021 R 89,000 100,555Host Hotels & Resorts LP sr. unsec. unsub. notes 5 1/4s, 2022 R 41,000 44,611Howard Hughes Corp. (The) 144A sr. unsec. notes 6 7/8s, 2021 220,000 237,600Hyatt Hotels Corp. sr. unsec. unsub. notes 3 3/8s, 2023 50,000 47,503Igloo Holdings Corp. 144A sr. unsec. unsub. notes8 1/4s, 2017 ‡‡ 300,000 307,125Interactive Data Corp. company guaranty sr. unsec. notes10 1/4s, 2018 160,000 173,000Isle of Capri Casinos, Inc. company guaranty sr. unsec. notes5 7/8s, 2021 130,000 131,950Isle of Capri Casinos, Inc. company guaranty sr. unsec. sub.notes 8 7/8s, 2020 160,000 173,800Isle of Capri Casinos, Inc. company guaranty sr. unsec. unsub.notes 7 3/4s, 2019 205,000 220,119Jeld-Wen, Inc. 144A sr. notes 12 1/4s, 2017 260,000 288,600Jo-Ann Stores Holdings, Inc. 144A sr. unsec. notes9 3/4s, 2019 ‡‡ 95,000 99,038Jo-Ann Stores, Inc. 144A sr. unsec. notes 8 1/8s, 2019 425,000 440,938Johnson Controls, Inc. sr. unsec. notes 5.7s, 2041 35,000 39,409K Hovnanian Enterprises, Inc. 144A sr. notes 7 1/4s, 2020 140,000 152,250L Brands, Inc. company guaranty sr. unsec. notes 6 5/8s, 2021 270,000 303,750L Brands, Inc. sr. unsec. notes 5 5/8s, 2022 105,000 111,038Lamar Media Corp. company guaranty sr. sub. notes5 7/8s, 2022 165,000 174,900Lamar Media Corp. 144A company guaranty sr. unsec. notes5 3/8s, 2024 85,000 87,125Lender Processing Services, Inc. company guaranty sr. unsec.unsub. notes 5 3/4s, 2023 250,000 266,250Lennar Corp. company guaranty sr. unsec. unsub. notes4 3/4s, 2022 295,000 286,888Lennar Corp. company guaranty sr. unsec. unsub. notes4 1/2s, 2019 115,000 117,013M/I Homes, Inc. company guaranty sr. unsec. notes 8 5/8s, 2018 380,000 409,925Macy’s Retail Holdings, Inc. company guaranty sr. unsec.notes 6.9s, 2029 275,000 333,771Macy’s Retail Holdings, Inc. company guaranty sr. unsec. notes5 1/8s, 2042 220,000 226,232Macy’s Retail Holdings, Inc. company guaranty sr. unsec.notes 4.3s, 2043 178,000 162,711Macy’s Retail Holdings, Inc. company guaranty sr. unsec. notes3 7/8s, 2022 70,000 72,18554 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
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At the close of the reporting perio
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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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