March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueFinancials cont.Santander Issuances SAU 144A bank guaranty unsec. sub. notes5.911s, 2016 (Spain) $500,000 $531,042Sberbank of Russia Via SB Capital SA 144A sr. notes 6 1/8s,2022 (Russia) 220,000 228,493Sberbank of Russia Via SB Capital SA 144A sr. notes 4.95s,2017 (Russia) 320,000 329,920Simon Property Group LP sr. unsec. unsub. notes 5 1/4s, 2016 R 100,000 110,061Simon Property Group LP 144A sr. unsec. unsub. notes1 1/2s, 2018 802,000 790,745SLM Corp. sr. unsec. unsub. notes Ser. MTN, 8.45s, 2018 140,000 164,850Societe Generale SA bank guaranty sr. unsec. notes 2 3/4s,2017 (France) 375,000 385,950Societe Generale SA 144A jr. unsec. sub. FRB bonds 7 7/8s,perpetual maturity (France) 350,000 365,925Springleaf Finance Corp. sr. unsec. unsub. notes 7 3/4s, 2021 50,000 55,375Springleaf Finance Corp. sr. unsec. unsub. notes 6s, 2020 750,000 763,125Standard Chartered PLC 144A unsec. sub. notes 3.95s, 2023(United Kingdom) 650,000 620,907Svenska Handelsbanken AB bank guaranty sr. unsec. notes2 7/8s, 2017 (Sweden) 458,000 477,125Swiss Re Treasury US Corp. 144A company guaranty sr. unsec.notes 4 1/4s, 2042 255,000 237,925TMX Finance, LLC/TitleMax Finance Corp. 144A sr. notes8 1/2s, 2018 50,000 54,750Travelers Property Casuality Corp. sr. unsec. unsub. bonds7 3/4s, 2026 110,000 146,907UBS AG of Stamford, CT sr. unsec. unsub. notes Ser. BKNT,5 7/8s, 2017 783,000 897,139US Bank of NA of Cincinnati, OH sr. unsec. notesSer. BKNT, 1.1s, 2017 900,000 901,725Vnesheconombank Via VEB Finance PLC 144A sr. unsec. unsub.notes 6.8s, 2025 (Russia) 2,000,000 1,980,000VTB Bank OJSC Via VTB Capital SA 144A sr. unsec. notes6 7/8s, 2018 (Russia) 1,976,000 2,099,500Wachovia Corp. sr. unsec. notes 5 3/4s, 2017 95,000 107,953Walter Investment Management Corp. 144A company guarantysr. unsec. notes 7 7/8s, 2021 175,000 174,563Wells Fargo & Co. sr. unsec. notes 2.1s, 2017 871,000 891,844Westpac Banking Corp. sr. unsec. bonds 3s, 2015 (Australia) 45,000 46,775Westpac Banking Corp. sr. unsec. notes 4 7/8s, 2019 (Australia) 220,000 244,663Westpac Banking Corp. sr. unsec. unsub. notes 2 1/4s,2018 (Australia) 160,000 160,975WP Carey, Inc. sr. unsec. unsub. notes 4.6s, 2024 95,000 94,962ZFS Finance USA Trust V 144A FRB bonds 6 1/2s, 2037 290,000 310,663Health care (1.0%)69,421,064AbbVie, Inc. sr. unsec. unsub. notes 2.9s, 2022 240,000 230,697AbbVie, Inc. sr. unsec. unsub. notes 1 3/4s, 2017 793,000 795,506Acadia Healthcare Co., Inc. 144A company guaranty sr. unsec.notes 6 1/8s, 2021 220,000 229,625Actavis, Inc. sr. unsec. unsub. notes 4 5/8s, 2042 95,000 90,227Dynamic Asset Allocation Growth Fund 67
CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueHealth care cont.Actavis, Inc. sr. unsec. unsub. notes 3 1/4s, 2022 $80,000 $76,975Actavis, Inc. sr. unsec. unsub. notes 1 7/8s, 2017 20,000 19,950Amgen, Inc. sr. unsec. notes 3.45s, 2020 345,000 354,856Amgen, Inc. sr. unsec. unsub. notes 2 1/8s, 2017 885,000 902,349AmSurg Corp. company guaranty sr. unsec. unsub. notes5 5/8s, 2020 220,000 228,800AstraZeneca PLC sr. unsec. unsub. notes 6.45s, 2037(United Kingdom) 270,000 339,119AstraZeneca PLC sr. unsub. notes 5.9s, 2017 (United Kingdom) 885,000 1,017,412Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.company guaranty sr. unsec. notes 7 3/4s, 2019 215,000 232,200Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.company guaranty sr. unsec. notes 6s, 2021 215,000 223,063Biomet, Inc. company guaranty sr. unsec. sub. notes6 1/2s, 2020 170,000 180,625Biomet, Inc. company guaranty sr. unsec. unsub. notes6 1/2s, 2020 275,000 296,175Capsugel FinanceCo SCA 144A company guaranty sr. unsec.notes 9 7/8s, 2019 EUR 250,000 378,099Capsugel SA 144A sr. unsec. notes 7s, 2019 (Luxembourg) ‡‡ $200,000 206,000Catamaran Corp. company guaranty sr. unsec. bonds4 3/4s, 2021 120,000 121,650CHS/Community Health Systems, Inc. company guaranty sr.notes 5 1/8s, 2018 40,000 42,150CHS/Community Health Systems, Inc. company guaranty sr.unsec. unsub. notes 8s, 2019 85,000 93,394CHS/Community Health Systems, Inc. 144A company guarantysr. notes 5 1/8s, 2021 40,000 41,000CHS/Community Health Systems, Inc. 144A company guarantysr. unsec. notes 6 7/8s, 2022 50,000 52,250CIGNA Corp. sr. unsec. unsub. notes 4 1/2s, 2021 235,000 253,832ConvaTec Healthcare D Sarl 144A sr. notes 7 3/8s,2017 (Luxembourg) EUR 105,000 153,001ConvaTec Healthcare E SA 144A sr. unsec. notes 10 1/2s,2018 (Luxembourg) $200,000 222,000Endo Finance, LLC 144A company guaranty sr. unsec. notes5 3/4s, 2022 100,000 102,625Envision Healthcare Corp. company guaranty sr. unsec. notes8 1/8s, 2019 143,000 152,831Fresenius Medical Care US Finance II, Inc. 144A companyguaranty sr. unsec. notes 5 5/8s, 2019 205,000 220,888HCA, Inc. company guaranty sr. notes 3 3/4s, 2019 350,000 351,313HCA, Inc. sr. notes 6 1/2s, 2020 795,000 890,400HCA, Inc. sr. unsec. notes 7 1/2s, 2022 70,000 79,975Health Net, Inc. sr. unsec. bonds 6 3/8s, 2017 400,000 435,000Healthcare Technology Intermediate, Inc. 144A sr. unsec. notes7 3/8s, 2018 ‡‡ 130,000 132,600IASIS Healthcare, LLC/IASIS Capital Corp. company guaranty sr.unsec. notes 8 3/8s, 2019 165,000 176,138IMS Health, Inc. 144A sr. unsec. notes 6s, 2020 105,000 110,51368 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
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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
Page 116 and 117: 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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