March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueFinancials cont.General Electric Capital Corp. sr. unsec. notesSer. GMTN, 3.1s, 2023 $50,000 $48,928General Electric Capital Corp. sr. unsec. notesSer. MTN, 5.4s, 2017 1,315,000 1,467,831Genworth Holdings, Inc. sr. unsec. unsub. notes 7.7s, 2020 325,000 395,977Goldman Sachs Group, Inc. (The) sr. notes 7 1/2s, 2019 335,000 405,082Goldman Sachs Group, Inc. (The) sr. unsec. unsub. notesSer. GLOB, 2 3/8s, 2018 444,000 446,950Goldman Sachs Group, Inc. (The) sub. notes 6 3/4s, 2037 122,000 138,885Hartford Financial Services Group, Inc. (The) sr. unsec. unsub.notes 5 1/8s, 2022 100,000 111,557HBOS PLC 144A unsec. sub. bonds 6s, 2033 (United Kingdom) 250,000 259,328HCP, Inc. sr. unsec. unsub. notes 3.15s, 2022 R 195,000 186,362Health Care REIT, Inc. sr. unsec. unsub. notes 3 3/4s, 2023 R 390,000 382,305Hockey Merger Sub 2, Inc. 144A sr. unsec. notes 7 7/8s, 2021 255,000 272,213HSBC Capital Funding LP 144A bank guaranty jr. unsec. sub.FRB bonds 10.176s, perpetual maturity (Jersey) 740,000 1,065,600HSBC Finance Corp. sr. unsec. sub. notes 6.676s, 2021 408,000 476,112HSBC Holdings PLC unsec. sub. notes 4 1/4s, 2024(United Kingdom) 400,000 399,206HSBC USA Capital Trust I 144A jr. bank guaranty unsec. notes7.808s, 2026 180,000 182,250Icahn Enterprises LP/Icahn Enterprises Finance Corp. 144Acompany guaranty sr. unsec. notes 6s, 2020 460,000 487,600Icahn Enterprises LP/Icahn Enterprises Finance Corp. 144Acompany guaranty sr. unsec. notes 5 7/8s, 2022 250,000 253,750ING Bank NV 144A unsec. sub. notes 5.8s, 2023 (Netherlands) 1,960,000 2,073,491International Lease Finance Corp. sr. unsec. notes 6 1/4s, 2019 65,000 71,825International Lease Finance Corp. sr. unsec. unsub. notes5 7/8s, 2022 210,000 222,075International Lease Finance Corp. sr. unsec. unsub. notes4 7/8s, 2015 300,000 310,500iStar Financial, Inc. sr. unsec. notes 7 1/8s, 2018 R 140,000 158,025JPMorgan Chase & Co. jr. unsec. sub. FRN notes 7.9s,perpetual maturity 363,000 410,190JPMorgan Chase & Co. sr. unsec. unsub. notes 2s, 2017 882,000 894,126KeyCorp sr. unsec. unsub. notes Ser. MTN, 2.3s, 2018 866,000 862,861LBG Capital No. 1 PLC 144A bank guaranty unsec. sub. bonds7 7/8s, 2020 (United Kingdom) 1,668,000 1,810,614Leucadia National Corp. sr. unsec. bonds 5 1/2s, 2023 725,000 755,330Liberty Mutual Group, Inc. 144A company guaranty jr. unsec.sub. bonds 7.8s, 2037 725,000 804,750Lloyds Bank PLC company guaranty sr. unsec. sub. notesSer. MTN, 6 1/2s, 2020 (United Kingdom) 230,000 262,787Lloyds Banking Group PLC 144A jr. unsec. sub. FRN notes6.657s, perpetual maturity (United Kingdom) 185,000 185,925Macquarie Bank, Ltd. 144A sr. unsec. notes 3.45s,2015 (Australia) 90,000 92,889Merrill Lynch & Co., Inc. unsec. sub. notes 6.11s, 2037 770,000 861,150MetLife, Inc. sr. unsec. unsub. notes 6 3/4s, 2016 885,000 992,493Dynamic Asset Allocation Growth Fund 65
CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueFinancials cont.Metropolitan Life Global Funding I 144A notes 3s, 2023 $155,000 $148,343Mid-America Apartments LP sr. unsec. notes 4.3s, 2023 R 385,000 386,659Morgan Stanley sr. unsec. notes 4 3/4s, 2017 870,000 949,456MPT Operating Partnership LP/MPT Finance Corp. companyguaranty sr. unsec. notes 6 7/8s, 2021 R 115,000 123,625MPT Operating Partnership LP/MPT Finance Corp. companyguaranty sr. unsec. unsub. notes 6 3/8s, 2022 R 260,000 278,200National Australia Bank of New York, Ltd. sr. unsec. notes 2.3s,2018 (Australia) 475,000 479,056National Money Mart Co. company guaranty sr. unsec. unsub.notes 10 3/8s, 2016 (Canada) 85,000 85,425Nationstar Mortgage, LLC/Nationstar Capital Corp. companyguaranty sr. unsec. notes 6 1/2s, 2018 85,000 85,425Nationstar Mortgage, LLC/Nationstar Capital Corp. companyguaranty sr. unsec. unsub. notes 6 1/2s, 2021 105,000 98,963Nationwide Mutual Insurance Co. 144A notes 9 3/8s, 2039 135,000 199,740Neuberger Berman Group, LLC/Neuberger Berman FinanceCorp. 144A sr. unsec. notes 5 7/8s, 2022 155,000 165,075Neuberger Berman Group, LLC/Neuberger Berman FinanceCorp. 144A sr. unsec. notes 5 5/8s, 2020 100,000 106,125Nuveen <strong>Investments</strong>, Inc. 144A sr. unsec. notes 9 1/2s, 2020 165,000 175,725Nuveen <strong>Investments</strong>, Inc. 144A sr. unsec. notes 9 1/8s, 2017 125,000 132,188USI, Inc./NY 144A sr. unsec. notes 7 3/4s, 2021 325,000 338,000PHH Corp. sr. unsec. unsub. notes 7 3/8s, 2019 160,000 177,200PHH Corp. sr. unsec. unsub. notes 6 3/8s, 2021 330,000 339,075PNC Bank, NA sr. unsec. unsub. notes Ser. BKNT, 1 1/8s, 2017 890,000 886,954Primerica, Inc. sr. unsec. unsub. notes 4 3/4s, 2022 234,000 245,847Progressive Corp. (The) jr. unsec. sub. FRN notes 6.7s, 2037 190,000 209,000Provident Funding Associates LP/PFG Finance Corp. 144Acompany guaranty sr. unsec. notes 6 3/4s, 2021 250,000 249,063Provident Funding Associates LP/PFG Finance Corp. 144A sr.notes 10 1/8s, 2019 140,000 152,950Prudential Financial, Inc. jr. unsec. sub. FRN notes 8 7/8s, 2038 140,000 170,800Prudential Financial, Inc. jr. unsec. sub. FRN notes 5 5/8s, 2043 388,000 399,155Prudential Financial, Inc. jr. unsec. sub. FRN notes 5.2s, 2044 144,000 143,100Prudential Holdings, LLC 144A sr. notes Ser. B, 7.245s, 2023 150,000 183,899Realty Income Corp. sr. unsec. notes 4.65s, 2023 R 75,000 78,556Royal Bank of Canada sr. unsec. unsub. notes Ser. GMTN, 2.2s,2018 (Canada) 885,000 890,756Royal Bank of Scotland Group PLC jr. sub. unsec. FRN notesSer. U, 7.64s, perpetual maturity (United Kingdom) 705,000 715,575Royal Bank of Scotland Group PLC unsec. sub. notes 6.1s, 2023(United Kingdom) 682,000 708,924Royal Bank of Scotland Group PLC unsec. sub. notes 6s, 2023(United Kingdom) 208,000 212,982Royal Bank of Scotland Group PLC unsec. sub. notes 4.7s, 2018(United Kingdom) 515,000 529,307Santander Holdings USA, Inc. sr. unsec. unsub. notes4 5/8s, 2016 63,000 67,35866 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
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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
Page 114 and 115: 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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