March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueFinancials (3.8%)Abbey National Treasury Services PLC of Stamford, CT companyguaranty sr. unsec. unsub. notes 1 3/8s, 2017 $950,000 $951,259Abbey National Treasury Services PLC/London bank guarantysr. unsec. unsub. FRN notes 1.819s, 2014 (United Kingdom) 135,000 135,137ABN Amro Bank NV 144A sr. unsec. notes 4 1/4s,2017 (Netherlands) 610,000 655,194Aflac, Inc. sr. unsec. notes 8 1/2s, 2019 495,000 636,203Aflac, Inc. sr. unsec. notes 6.9s, 2039 220,000 285,602Ally Financial, Inc. company guaranty sr. notes 6 1/4s, 2017 210,000 234,413Ally Financial, Inc. company guaranty sr. unsec. unsub.notes 8.3s, 2015 160,000 169,200Ally Financial, Inc. company guaranty sr. unsec. unsub.notes 8s, 2020 145,000 174,725Ally Financial, Inc. company guaranty sr. unsec. unsub. notes7 1/2s, 2020 140,000 166,425Ally Financial, Inc. unsec. sub. notes 8s, 2018 155,000 184,838American Express Co. sr. unsec. notes 7s, 2018 555,000 658,269American Express Co. sr. unsec. notes 6.15s, 2017 337,000 388,440American International Group, Inc. jr. sub. FRB bonds8.175s, 2068 412,000 541,265American International Group, Inc. sr. unsec. Ser. MTN,5.85s, 2018 437,000 500,047American International Group, Inc. sr. unsec. unsub.notes 3.8s, 2017 885,000 946,862ARC Properties Operating Partnership LP/Clark Acquisition, LLC144A company guaranty sr. unsec. unsub. notes 4.6s, 2024 R 410,000 409,836Associates Corp. of North America sr. unsec. notes 6.95s, 2018 209,000 248,774AXA SA 144A jr. unsec. sub. FRN notes 6.463s, perpetualmaturity (France) 425,000 446,781AXA SA 144A jr. unsec. sub. FRN notes 6.379s, perpetualmaturity (France) 305,000 322,156Banco del Estado de Chile 144A sr. unsec. notes 2s, 2017 (Chile) 185,000 184,112Bank of America Corp. sr. unsec. unsub. notes 2s, 2018 871,000 869,369Bank of Montreal sr. unsec. unsub. notes Ser. MTN, 2 1/2s,2017 (Canada) 871,000 902,044Bank of New York Mellon Corp. (The) sr. unsec. unsub. notes1.969s, 2017 270,000 274,990Bank of New York Mellon Corp. (The) 144A sr. unsec. notesSer. MTN, 2 1/2s, 2016 20,000 20,640Bank of Nova Scotia sr. unsec. unsub. notes 1 3/8s,2017 (Canada) 885,000 875,995Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) 144A sr. unsec. notes1.2s, 2017 (Japan) 895,000 889,129Barclays Bank PLC jr. sub. stock FRB bonds 6.278s, perpetualmaturity (United Kingdom) 530,000 528,037Barclays Bank PLC 144A sub. notes 10.179s, 2021(United Kingdom) 353,000 473,136BBVA International Preferred SAU bank guaranty jr. unsec. sub.FRN notes 5.919s, perpetual maturity (Spain) 570,000 567,150Bear Stearns Cos., LLC (The) sr. unsec. unsub. notes 5.7s, 2014 640,000 660,535Dynamic Asset Allocation Growth Fund 63
CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueFinancials cont.Berkshire Hathaway Finance Corp. company guaranty sr. unsec.unsub. notes 4.3s, 2043 $90,000 $85,882Berkshire Hathaway Finance Corp. company guaranty sr. unsec.unsub. notes 1.6s, 2017 927,000 938,338BNP Paribas SA bank guaranty sr. unsec. unsub. notes Ser. MTN,1 3/8s, 2017 (France) 950,000 948,522BNP Paribas SA sr. unsec. notes Ser. MTN, 2 3/8s, 2017 (France) 110,000 112,554BNP Paribas SA 144A jr. unsec. sub. FRN notes 5.186s,perpetual maturity (France) 411,000 421,789BPCE SA 144A unsec. sub. notes 5.7s, 2023 (France) 450,000 467,762BPCE SA 144A unsec. sub. notes 5.15s, 2024 (France) 325,000 322,866Camden Property Trust sr. unsec. notes 4 7/8s, 2023 R 190,000 204,261CB Richard Ellis Services, Inc. company guaranty sr. unsec. notes6 5/8s, 2020 85,000 90,738CBL & Associates LP company guaranty sr. unsec. unsub. notes5 1/4s, 2023 R 725,000 746,025CBRE Services, Inc. company guaranty sr. unsec. unsub.notes 5s, 2023 100,000 100,125CIT Group, Inc. sr. unsec. notes 5s, 2023 125,000 127,813CIT Group, Inc. sr. unsec. notes 5s, 2022 210,000 217,875CIT Group, Inc. sr. unsec. unsub. notes 5 3/8s, 2020 170,000 182,325CIT Group, Inc. sr. unsec. unsub. notes 5 1/4s, 2018 155,000 166,625CIT Group, Inc. sr. unsec. unsub. notes 3 7/8s, 2019 90,000 90,985CIT Group, Inc. 144A company guaranty notes 6 5/8s, 2018 305,000 341,219CIT Group, Inc. 144A company guaranty notes 5 1/2s, 2019 210,000 226,275Citigroup, Inc. sr. unsec. notes 8 1/2s, 2019 11,000 14,015Citigroup, Inc. sr. unsec. unsub. notes 4.45s, 2017 885,000 955,824Commerzbank AG 144A unsec. sub. notes 8 1/8s,2023 (Germany) 815,000 932,156Commonwealth Bank of Australia of New York, NY sr. unsec.unsub. bonds 1 1/8s, 2017 1,210,000 1,205,333Community Choice Financial, Inc. company guaranty sr. notes10 3/4s, 2019 175,000 147,875Cooperatieve Centrale Raiffeisen-Boerenleenbank BA bankguaranty sr. unsec. notes 3 3/8s, 2017 (Netherlands) 792,000 839,666Credit Acceptance Corp. 144A company guaranty sr. unsec.notes 6 1/8s, 2021 205,000 213,200Credit Suisse Group AG 144A jr. unsec. sub. FRN notes 7 1/2s,perpetual maturity (Switzerland) 490,000 532,263DDR Corp. sr. unsec. unsub. notes 7 7/8s, 2020 R 150,000 186,302Deutsche Bank AG/London sr. unsec. notes 6s, 2017(United Kingdom) 871,000 991,525Duke Realty LP company guaranty sr. unsec. notes6 3/4s, 2020 R 110,000 128,333E*Trade Financial Corp. sr. unsec. unsub. notes 6 3/8s, 2019 385,000 418,688EPR Properties unsec. notes 5 1/4s, 2023 R 380,000 384,861Fifth Third Bancorp jr. unsec. sub. FRB bonds 5.1s,perpetual maturity 156,000 143,520Five Corners Funding Trust 144A unsec. bonds 4.419s, 2023 230,000 235,327General Electric Capital Corp. sr. unsec. notes 6 3/4s, 2032 750,000 964,29964 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
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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
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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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