March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueHealth care cont.Jaguar Holding Co. I 144A sr. unsec. notes 9 3/8s, 2017 ‡‡ $105,000 $110,381Jaguar Holding Co. II/Jaguar Merger Sub, Inc. 144A sr. unsec.notes 9 1/2s, 2019 170,000 189,125JLL/Delta Dutch Newco BV 144A sr. unsec. notes 7 1/2s,2022 (Netherlands) 320,000 329,600Johnson & Johnson sr. unsec. notes 5.15s, 2018 554,000 632,338Kinetic Concepts, Inc./KCI USA, Inc. company guaranty notes10 1/2s, 2018 480,000 552,000Kinetic Concepts, Inc./KCI USA, Inc. company guaranty sr.unsec. notes 12 1/2s, 2019 130,000 151,125Merck & Co., Inc. sr. unsec. unsub. notes 1.3s, 2018 763,000 746,060MPH Acquisition Holdings, LLC 144A sr. unsec. notes6 5/8s, 2022 30,000 30,750Multiplan, Inc. 144A company guaranty sr. notes 9 7/8s, 2018 210,000 227,850Mylan, Inc./PA company guaranty sr. unsec. notes 2.6s, 2018 25,000 25,256Omega Healthcare Investors, Inc. company guaranty sr. unsec.notes 6 3/4s, 2022 R 155,000 168,950Omega Healthcare Investors, Inc. 144A sr. unsec. notes4.95s, 2024 R 175,000 171,285Par Pharmaceutical Cos., Inc. company guaranty sr. unsec.unsub. notes 7 3/8s, 2020 305,000 330,163Quest Diagnostics, Inc. company guaranty sr. unsec. notes6.95s, 2037 45,000 53,126Salix Pharmaceuticals, Ltd. 144A company guaranty sr. unsec.notes 6s, 2021 75,000 80,063Service Corp. International/US sr. notes 7s, 2019 115,000 121,756Service Corp. International/US sr. unsec. unsub. notes6 3/4s, 2016 625,000 679,688Service Corp. International/US 144A sr. unsec. notes5 3/8s, 2022 240,000 243,000Stewart Enterprises, Inc. company guaranty sr. unsec. notes6 1/2s, 2019 200,000 210,200Teleflex, Inc. company guaranty sr. unsec. sub. notes6 7/8s, 2019 200,000 213,250Tenet Healthcare Corp. company guaranty sr. bonds4 1/2s, 2021 105,000 102,638Tenet Healthcare Corp. company guaranty sr. bonds4 3/8s, 2021 190,000 183,350Tenet Healthcare Corp. company guaranty sr. notes 6 1/4s, 2018 435,000 480,131Tenet Healthcare Corp. company guaranty sr. notes 4 3/4s, 2020 45,000 45,338Tenet Healthcare Corp. 144A sr. notes 6s, 2020 250,000 267,500Teva Pharmaceutical Finance II BV/Teva PharmaceuticalFinance III, LLC company guaranty sr. unsec. unsub. notes 3s,2015 (Curacao) 135,000 138,752United Surgical Partners International, Inc. company guaranty sr.unsec. unsub. notes 9s, 2020 170,000 188,700UnitedHealth Group, Inc. sr. unsec. notes 6s, 2018 396,000 455,739UnitedHealth Group, Inc. sr. unsec. unsub. notes 4.7s, 2021 310,000 342,588UnitedHealth Group, Inc. sr. unsec. unsub. notes 4 5/8s, 2041 55,000 55,331UnitedHealth Group, Inc. sr. unsec. unsub. notes 3.95s, 2042 245,000 222,146Dynamic Asset Allocation Growth Fund 69
CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueHealth care cont.UnitedHealth Group, Inc. sr. unsec. unsub. notes 2 3/4s, 2023 $245,000 $231,012Valeant Pharmaceuticals International 144A company guarantysr. notes 7s, 2020 45,000 48,713Valeant Pharmaceuticals International 144A company guarantysr. unsec. notes 6 7/8s, 2018 105,000 111,563Valeant Pharmaceuticals International 144A company guarantysr. unsec. notes 6 3/8s, 2020 340,000 368,050Valeant Pharmaceuticals International 144A sr. notes6 3/4s, 2017 45,000 47,588Valeant Pharmaceuticals International 144A sr. unsec. notes6 3/4s, 2018 250,000 275,000WellCare Health Plans, Inc. sr. unsec. notes 5 3/4s, 2020 180,000 189,000Technology (0.7%)ACI Worldwide, Inc. 144A company guaranty sr. unsec. unsub.notes 6 3/8s, 2020 150,00018,452,343158,063Alcatel-Lucent USA, Inc. 144A company guaranty sr. unsec.notes 6 3/4s, 2020 450,000 473,625Apple, Inc. sr. unsec. unsub. notes 3.85s, 2043 125,000 111,219Avaya, Inc. 144A company guaranty notes 10 1/2s, 2021 130,000 120,575Avaya, Inc. 144A company guaranty sr. notes 7s, 2019 435,000 431,738Cisco Systems, Inc. company guaranty sr. unsec. unsub. notes3.15s, 2017 395,000 417,722Cisco Systems, Inc. sr. unsec. unsub. notes 1.1s, 2017 401,000 401,817eBay, Inc. sr. unsec. unsub. notes 1.35s, 2017 885,000 884,744Epicor Software Corp. company guaranty sr. unsec. notes8 5/8s, 2019 115,000 125,781Fidelity National Information Services, Inc. company guaranty sr.unsec. unsub. notes 5s, 2022 105,000 109,839First Data Corp. company guaranty sr. unsec. notes12 5/8s, 2021 290,000 345,100First Data Corp. company guaranty sr. unsec. notes11 1/4s, 2021 165,000 188,306First Data Corp. company guaranty sr. unsec. sub. notes11 3/4s, 2021 370,000 388,500First Data Corp. 144A company guaranty notes 8 1/4s, 2021 1,135,000 1,231,475First Data Corp. 144A company guaranty sr. notes 7 3/8s, 2019 140,000 150,500First Data Holdings, Inc. 144A sr. unsec. notes 14 1/2s, 2019 ‡‡ 135,000 127,913Freescale Semiconductor, Inc. company guaranty sr. unsec.notes 10 3/4s, 2020 136,000 157,760Freescale Semiconductor, Inc. 144A company guaranty sr.notes 5s, 2021 200,000 204,000Freescale Semiconductor, Inc. 144A sr. notes 6s, 2022 240,000 253,200Hewlett-Packard Co. sr. unsec. notes 5 1/2s, 2018 135,000 152,246Hewlett-Packard Co. sr. unsec. unsub. notes 2.6s, 2017 754,000 776,927Honeywell International, Inc. sr. unsec. unsub. notes5 3/8s, 2041 155,000 180,425Honeywell International, Inc. sr. unsec. unsub. notes4 1/4s, 2021 120,000 131,222IBM Corp. sr. unsec. unsub. notes 1 7/8s, 2022 390,000 351,29370 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
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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
Page 118 and 119: 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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