March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueConsumer cyclicals cont.Marriott International, Inc. sr. unsec. unsub. notes 3s, 2019 $695,000 $708,272Masonite International Corp. 144A company guaranty sr. notes8 1/4s, 2021 (Canada) 300,000 331,125Mattamy Group Corp. 144A sr. unsec. notes 6 1/2s,2020 (Canada) 260,000 263,250MGM Resorts International company guaranty sr. unsec. notes7 5/8s, 2017 215,000 245,369MGM Resorts International company guaranty sr. unsec. notes6 7/8s, 2016 95,000 103,788MGM Resorts International company guaranty sr. unsec. notes6 3/4s, 2020 150,000 166,313MGM Resorts International company guaranty sr. unsec. unsub.notes 8 5/8s, 2019 145,000 173,638MGM Resorts International company guaranty sr. unsec. unsub.notes 7 3/4s, 2022 135,000 156,263MGM Resorts International company guaranty sr. unsec. unsub.notes 6 5/8s, 2021 200,000 219,500MTR Gaming Group, Inc. company guaranty notes 11 1/2s, 2019 666,616 753,276Navistar International Corp. sr. notes 8 1/4s, 2021 347,000 354,374Neiman Marcus Group, Inc. 144A company guaranty sr. unsec.notes 8 3/4s, 2021 ‡‡ 165,000 182,325Neiman Marcus Group, Inc. 144A company guaranty sr. unsec.notes 8s, 2021 120,000 131,850Neiman Marcus Group, LLC (The) company guaranty sr. notes7 1/8s, 2028 180,000 180,675Nexstar Broadcasting, Inc. company guaranty sr. unsec. unsub.notes 6 7/8s, 2020 110,000 118,250Nielsen Co. Luxembourg S.a.r.l. (The) 144A company guarantysr. unsec. notes 5 1/2s, 2021 (Luxembourg) 125,000 130,625Nielsen Finance, LLC/Nielsen Finance Co. company guaranty sr.unsec. notes 4 1/2s, 2020 95,000 95,713Nortek, Inc. company guaranty sr. unsec. notes 10s, 2018 280,000 307,300Nortek, Inc. company guaranty sr. unsec. notes 8 1/2s, 2021 190,000 212,325O’Reilly Automotive, Inc. company guaranty sr. unsec. unsub.notes 3.85s, 2023 55,000 54,349Owens Corning company guaranty sr. unsec. notes 9s, 2019 113,000 139,988Penn National Gaming, Inc. 144A sr. unsec. notes 5 7/8s, 2021 325,000 319,313Penske Automotive Group, Inc. company guaranty sr. unsec.sub. notes 5 3/4s, 2022 195,000 203,775PETCO Animal Supplies, Inc. 144A company guaranty sr. notes9 1/4s, 2018 145,000 156,238Petco Holdings, Inc. 144A sr. unsec. notes 8 1/2s, 2017 ‡‡ 125,000 128,125Pulte Group, Inc. company guaranty sr. unsec. notes7 5/8s, 2017 285,000 331,313PulteGroup, Inc. company guaranty sr. unsec. unsub. notes7 7/8s, 2032 145,000 162,038Quiksilver, Inc./QS Wholesale, Inc. 144A sr. notes 7 7/8s, 2018 25,000 27,250QVC, Inc. 144A company guaranty sr. notes 4.85s, 2024 200,000 200,709Realogy Corp. 144A company guaranty sr. notes 7 7/8s, 2019 80,000 86,300Realogy Corp. 144A company guaranty sr. notes 7 5/8s, 2020 55,000 61,188Dynamic Asset Allocation Growth Fund 55
CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueConsumer cyclicals cont.Regal Entertainment Group sr. unsec. notes 5 3/4s, 2023 $205,000 $207,050Regal Entertainment Group sr. unsec. notes 5 3/4s, 2022 45,000 46,350Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp.144A sr. notes 9 1/2s, 2019 180,000 197,100ROC Finance, LLC/ROC Finance 1 Corp. 144A notes12 1/8s, 2018 295,000 311,225Sabre Holdings Corp. sr. unsec. unsub. notes 8.35s, 2016 330,000 367,538Sabre, Inc. 144A sr. notes 8 1/2s, 2019 220,000 243,375Schaeffler Finance BV 144A company guaranty sr. notes 8 1/2s,2019 (Netherlands) 200,000 223,500Schaeffler Finance BV 144A company guaranty sr. notes 7 3/4s,2017 (Netherlands) 320,000 362,400Sinclair Television Group, Inc. company guaranty sr. unsec. notes6 3/8s, 2021 170,000 176,800Sinclair Television Group, Inc. company guaranty sr. unsec. notes5 3/8s, 2021 65,000 64,513Sinclair Television Group, Inc. sr. unsec. notes 6 1/8s, 2022 90,000 91,125Sirius XM Holdings, Inc. 144A sr. unsec. bonds 5 7/8s, 2020 510,000 538,050Sirius XM Holdings, Inc. 144A sr. unsec. notes 5 1/4s, 2022 55,000 56,650Six Flags Entertainment Corp. 144A company guaranty sr.unsec. unsub. notes 5 1/4s, 2021 395,000 397,963Spectrum Brands, Inc. company guaranty sr. unsec. notes6 5/8s, 2022 10,000 10,900Spectrum Brands, Inc. company guaranty sr. unsec. notes6 3/8s, 2020 15,000 16,238Spectrum Brands, Inc. company guaranty sr. unsec. unsub.notes 6 3/4s, 2020 200,000 216,750Standard Pacific Corp. company guaranty sr. unsec. notes6 1/4s, 2021 215,000 228,975SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse HSPGaming Finance Corp. 144A sr. notes 6 3/8s, 2021 100,000 98,500Taylor Morrison Communities, Inc./Monarch Communities, Inc.144A company guaranty sr. unsec. notes 7 3/4s, 2020 47,000 51,818Taylor Morrison Communities, Inc./Monarch Communities, Inc.144A company guaranty sr. unsec. notes 5 5/8s, 2024 95,000 93,813Taylor Morrison Communities, Inc./Monarch Communities, Inc.144A company guaranty sr. unsec. notes 5 1/4s, 2021 85,000 85,850Taylor Morrison Communities, Inc./Monarch Communities, Inc.144A sr. notes 7 3/4s, 2020 245,000 270,113Time Warner, Inc. company guaranty sr. unsec. notes3.15s, 2015 30,000 30,984Townsquare Radio, LLC/Townsquare Radio, Inc. 144A companyguaranty sr. unsec. notes 9s, 2019 130,000 143,000Toyota Motor Credit Corp. sr. unsec. unsub. notes Ser. MTN,1 1/4s, 2017 885,000 876,907Travelport, LLC company guaranty sr. unsec. sub. notes11 7/8s, 2016 50,000 51,000Travelport, LLC/Travelport Holdings, Inc. 144A companyguaranty sr. unsec. unsub. notes 13 7/8s, 2016 ‡‡ 192,266 202,841TRW Automotive, Inc. 144A company guaranty sr. notes7 1/4s, 2017 100,000 114,12556 Dynamic Asset Allocation Growth Fund
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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
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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
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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