March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueConsumer staples cont.Post Holdings, Inc. company guaranty sr. unsec. notes7 3/8s, 2022 $30,000 $32,250Prestige Brands, Inc. 144A sr. unsec. notes 5 3/8s, 2021 180,000 184,500Revlon Consumer Products Corp. company guaranty sr. unsec.notes 5 3/4s, 2021 280,000 281,400Rite Aid Corp. company guaranty sr. unsec. unsub. notes9 1/4s, 2020 210,000 239,663Rite Aid Corp. company guaranty sr. unsub. notes 8s, 2020 80,000 88,800SABMiller Holdings, Inc. 144A company guaranty sr. unsec.notes 4.95s, 2042 250,000 261,773Smithfield Foods, Inc. sr. unsec. unsub. notes 6 5/8s, 2022 185,000 199,800Smithfield Foods, Inc. 144A sr. unsec. notes 5 7/8s, 2021 50,000 51,875Smithfield Foods, Inc. 144A sr. unsec. notes 5 1/4s, 2018 35,000 36,400Tyson Foods, Inc. company guaranty sr. unsec. unsub.notes 6.6s, 2016 95,000 104,921United Rentals North America, Inc. company guaranty sr. unsec.notes 7 5/8s, 2022 160,000 179,600United Rentals North America, Inc. company guaranty sr. unsec.notes 5 3/4s, 2024 45,000 45,338United Rentals North America, Inc. company guaranty sr. unsec.unsub. notes 6 1/8s, 2023 240,000 254,400Walgreen Co. sr. unsec. unsub. notes 1.8s, 2017 663,000 667,457WPP Finance UK company guaranty sr. unsec. notes 8s, 2014(United Kingdom) 110,000 113,593Energy (1.7%)Access Midstream Partners LP/ACMP Finance Corp. companyguaranty sr. unsec. notes 5 7/8s, 2021 100,00015,955,341106,500Access Midstream Partners LP/ACMP Finance Corp. companyguaranty sr. unsec. unsub. notes 6 1/8s, 2022 80,000 86,100Access Midstream Partners LP/ACMP Finance Corp. companyguaranty sr. unsec. unsub. notes 4 7/8s, 2023 365,000 367,281Alpha Natural Resources, Inc. company guaranty sr. unsec.notes 6 1/4s, 2021 190,000 143,450Anadarko Finance Co. company guaranty sr. unsec. unsub.notes Ser. B, 7 1/2s, 2031 410,000 522,037Anadarko Petroleum Corp. sr. notes 5.95s, 2016 93,000 103,442Anadarko Petroleum Corp. sr. unsec. notes 6.45s, 2036 225,000 266,128Antero Resources Finance Corp. 144A company guaranty sr.unsec. notes 5 3/8s, 2021 180,000 182,700Apache Corp. sr. unsec. unsub. notes 5.1s, 2040 15,000 15,817Apache Corp. sr. unsec. unsub. notes 3 1/4s, 2022 124,000 125,071Athlon Holdings LP/Athlon Finance Corp. 144A companyguaranty sr. unsec. notes 7 3/8s, 2021 257,000 273,705Atwood Oceanics, Inc. sr. unsec. unsub. notes 6 1/2s, 2020 125,000 134,375Aurora USA Oil & Gas Inc. 144A company guaranty sr. unsec.notes 9 7/8s, 2017 195,000 214,988BP Capital Markets PLC company guaranty sr. unsec. unsub.notes 3.2s, 2016 (United Kingdom) 430,000 450,665BP Capital Markets PLC company guaranty sr. unsec. unsub.notes 1.846s, 2017 (United Kingdom) 885,000 898,802Dynamic Asset Allocation Growth Fund 59
CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueEnergy cont.Calfrac Holdings LP 144A company guaranty sr. unsec. unsub.notes 7 1/2s, 2020 $155,000 $162,750Canadian Natural Resources, Ltd. sr. unsec. unsub. notes 5.7s,2017 (Canada) 1,185,000 1,333,699Carrizo Oil & Gas, Inc. company guaranty sr. unsec. notes8 5/8s, 2018 390,000 418,275Chaparral Energy, Inc. company guaranty sr. unsec. notes9 7/8s, 2020 200,000 227,500Chaparral Energy, Inc. company guaranty sr. unsec. notes8 1/4s, 2021 230,000 253,000Chesapeake Energy Corp. company guaranty notes6 1/2s, 2017 95,000 106,638Chesapeake Energy Corp. company guaranty sr. unsec. bonds6 1/4s, 2017 EUR 50,000 75,436Chesapeake Energy Corp. company guaranty sr. unsec. notes5 3/4s, 2023 $60,000 63,525Chesapeake Oilfield Operating, LLC/Chesapeake OilfieldFinance, Inc. company guaranty sr. unsec. unsub. notes6 5/8s, 2019 255,000 264,563Chevron Corp. sr. unsec. unsub. notes 1.104s, 2017 871,000 863,380Concho Resources, Inc. company guaranty sr. unsec. notes6 1/2s, 2022 275,000 299,750Concho Resources, Inc. company guaranty sr. unsec. unsub.notes 5 1/2s, 2023 150,000 156,000Concho Resources, Inc. company guaranty sr. unsec. unsub.notes 5 1/2s, 2022 110,000 114,675Connacher Oil and Gas, Ltd. 144A notes 8 1/2s, 2019 (Canada) 105,000 84,000ConocoPhillips Co. company guaranty sr. unsec. notes1.05s, 2017 885,000 874,533CONSOL Energy, Inc. company guaranty sr. unsec. notes8 1/4s, 2020 380,000 412,775CONSOL Energy, Inc. company guaranty sr. unsec.notes 8s, 2017 310,000 323,563Continental Resources, Inc. company guaranty sr. unsec.notes 5s, 2022 430,000 451,500Denbury Resources, Inc. company guaranty sr. unsec. sub. notes8 1/4s, 2020 339,000 369,510Denbury Resources, Inc. company guaranty sr. unsec. sub. notes6 3/8s, 2021 50,000 53,500EXCO Resources, Inc. company guaranty sr. unsec. notes7 1/2s, 2018 150,000 150,750Exterran Partners LP/EXLP Finance Corp. 144A companyguaranty sr. unsec. notes 6s, 2022 175,000 172,149Forum Energy Technologies, Inc. 144A sr. unsec. notes6 1/4s, 2021 225,000 238,500Gazprom OAO Via Gaz Capital SA 144A sr. unsec. unsub. notes8.146s, 2018 (Russia) 158,000 177,940Goodrich Petroleum Corp. company guaranty sr. unsec. unsub.notes 8 7/8s, 2019 420,000 434,700Gulfport Energy Corp. company guaranty sr. unsec. unsub.notes 7 3/4s, 2020 290,000 315,37560 Dynamic Asset Allocation Growth Fund
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Putnam DynamicAsset AllocationGrowt
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Putnam Dynamic Asset Allocation Gro
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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
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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
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Absolute ReturnAbsolute Return 100
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Putnam’s commitmentto confidentia
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This report is for the information
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March - Putnam Investments

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