March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueEnergy cont.Halcon Resources Corp. company guaranty sr. unsec. unsub.notes 9 3/4s, 2020 $65,000 $70,038Halcon Resources Corp. company guaranty sr. unsec. unsub.notes 8 7/8s, 2021 560,000 581,000Hercules Offshore, Inc. 144A company guaranty sr. unsec. notes7 1/2s, 2021 80,000 81,400Hercules Offshore, Inc. 144A sr. unsec. notes 8 3/4s, 2021 85,000 92,438Hess Corp. sr. unsec. unsub. notes 7.3s, 2031 80,000 101,119Hiland Partners LP/Hiland Partners Finance Corp. 144Acompany guaranty sr. notes 7 1/4s, 2020 190,000 206,625Kerr-McGee Corp. company guaranty sr. unsec. unsub. notes7 7/8s, 2031 60,000 77,885Key Energy Services, Inc. company guaranty unsec. unsub.notes 6 3/4s, 2021 300,000 315,375Kodiak Oil & Gas Corp. company guaranty sr. unsec. unsub.notes 8 1/8s, 2019 375,000 415,781Kodiak Oil & Gas Corp. company guaranty sr. unsec. unsub.notes 5 1/2s, 2022 340,000 348,075Lightstream Resources, Ltd. 144A sr. unsec. notes 8 5/8s,2020 (Canada) 410,000 410,000Linn Energy, LLC/Linn Energy Finance Corp. 144A companyguaranty sr. unsec. notes 7 1/4s, 2019 480,000 500,400Lone Pine Resources Canada, Ltd. escrow company guaranty sr.unsec. unsub. notes 10 3/8s, 2017 (Canada) F 100,000 5MEG Energy Corp. 144A company guaranty sr. unsec. notes6 1/2s, 2021 (Canada) 175,000 184,188MEG Energy Corp. 144A company guaranty sr. unsec. notes6 3/8s, 2023 (Canada) 110,000 113,850Milagro Oil & Gas, Inc. company guaranty notes 10 1/2s, 2016(In default) † 275,000 214,500National JSC Naftogaz of Ukraine govt. guaranty unsec. notes9 1/2s, 2014 (Ukraine) 410,000 387,450Newfield Exploration Co. sr. unsec. notes 5 3/4s, 2022 210,000 223,650Noble Holding International, Ltd. company guaranty sr. unsec.notes 6.05s, 2041 245,000 264,301Oasis Petroleum, Inc. company guaranty sr. unsec. notes6 7/8s, 2023 135,000 146,475Oasis Petroleum, Inc. 144A company guaranty sr. unsec. unsub.notes 6 7/8s, 2022 195,000 211,088Offshore Group Investment, Ltd. company guaranty sr. notes7 1/2s, 2019 (Cayman Islands) 245,000 260,993Offshore Group Investment, Ltd. company guaranty sr. notes7 1/8s, 2023 (Cayman Islands) 180,000 183,150Peabody Energy Corp. company guaranty sr. unsec. notes7 3/8s, 2016 190,000 212,800Peabody Energy Corp. company guaranty sr. unsec. unsub.notes 6s, 2018 190,000 199,263Petrohawk Energy Corp. company guaranty sr. unsec. notes7 1/4s, 2018 215,000 228,115Petroleos de Venezuela SA sr. unsec. notes 4.9s,2014 (Venezuela) 1,920,000 1,835,597Dynamic Asset Allocation Growth Fund 61
CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueEnergy cont.Petroleos Mexicanos 144A company guaranty sr. unsec. unsub.notes 6 3/8s, 2045 (Mexico) $250,000 $270,436Petroleos Mexicanos 144A company guaranty sr. unsec. unsub.notes 4 7/8s, 2024 (Mexico) 250,000 257,697Phillips 66 company guaranty sr. unsec. unsub. notes2.95s, 2017 885,000 923,210Plains Exploration & Production Co. company guaranty sr.unsec. notes 6 3/4s, 2022 965,000 1,066,325Range Resources Corp. company guaranty sr. sub. notes6 3/4s, 2020 115,000 124,200Range Resources Corp. company guaranty sr. unsec. sub.notes 5s, 2022 95,000 96,900Rosetta Resources, Inc. company guaranty sr. unsec. notes9 1/2s, 2018 315,000 331,144Rosetta Resources, Inc. company guaranty sr. unsec. unsub.notes 5 5/8s, 2021 125,000 127,813Sabine Pass Liquefaction, LLC 144A sr. notes 6 1/4s, 2022 125,000 129,375Sabine Pass LNG LP company guaranty sr. notes 7 1/2s, 2016 995,000 1,099,475Sabine Pass LNG LP company guaranty sr. notes 6 1/2s, 2020 95,000 99,750Samson Investment Co. 144A sr. unsec. notes 10 3/4s, 2020 515,000 561,350SandRidge Energy, Inc. company guaranty sr. unsec. unsub.notes 7 1/2s, 2021 95,000 101,413Seven Generations Energy, Ltd. 144A sr. unsec. notes 8 1/4s,2020 (Canada) 200,000 219,066Shelf Drilling Holdings, Ltd. 144A sr. notes 8 5/8s, 2018 595,000 644,088Shell International Finance BV company guaranty sr. unsec.notes 3.1s, 2015 (Netherlands) 270,000 278,981Shell International Finance BV company guaranty sr. unsec.unsub. notes 5.2s, 2017 (Netherlands) 950,000 1,061,443SM Energy Co. sr. unsec. notes 6 5/8s, 2019 125,000 133,750SM Energy Co. sr. unsec. notes 6 1/2s, 2021 105,000 113,400SM Energy Co. sr. unsec. unsub. notes 6 1/2s, 2023 40,000 42,750Statoil ASA company guaranty sr. unsec. notes 5.1s,2040 (Norway) 110,000 121,282Tervita Corp. 144A sr. unsec. notes 10 7/8s, 2018 (Canada) 60,000 60,545Total Capital International SA company guaranty sr. unsec.unsub. notes 1.55s, 2017 (France) 871,000 879,565Trinidad Drilling, Ltd. 144A sr. unsec. notes 7 7/8s,2019 (Canada) 55,000 58,850Unit Corp. company guaranty sr. sub. notes 6 5/8s, 2021 210,000 222,600Weatherford International, Ltd. of Bermuda company guarantysr. unsec. notes 9 7/8s, 2039 (Bermuda) 685,000 1,037,274Whiting Petroleum Corp. company guaranty sr. unsec. unsub.notes 5 3/4s, 2021 460,000 493,925Williams Cos., Inc. (The) notes 7 3/4s, 2031 16,000 17,951Williams Cos., Inc. (The) sr. unsec. notes 7 7/8s, 2021 43,000 51,090Williams Partners LP sr. unsec. notes 5.4s, 2044 128,000 130,757Williams Partners LP sr. unsec. notes 4.3s, 2024 127,000 127,257WPX Energy, Inc. sr. unsec. unsub. notes 6s, 2022 85,000 87,125WPX Energy, Inc. sr. unsec. unsub. notes 5 1/4s, 2017 365,000 390,55031,515,94562 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
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“The U.S. economy has been stucki
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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
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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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