March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueTechnology cont.Infor US, Inc. company guaranty sr. unsec. unsub. notes11 1/2s, 2018 $110,000 $127,325Intel Corp. sr. unsec. unsub. notes 1.35s, 2017 890,000 883,971Iron Mountain, Inc. company guaranty sr. sub. notes7 3/4s, 2019 105,000 115,763Iron Mountain, Inc. company guaranty sr. unsec. unsub.notes 6s, 2023 210,000 223,125Jabil Circuit, Inc. sr. unsec. notes 8 1/4s, 2018 84,000 100,380Micron Technology, Inc. 144A sr. unsec. notes 5 7/8s, 2022 180,000 188,550Microsoft Corp. sr. unsec. unsub. notes 5.3s, 2041 60,000 67,981Microsoft Corp. sr. unsec. unsub. notes 4.2s, 2019 250,000 276,408Oracle Corp. sr. unsec. unsub. notes 2 1/2s, 2022 355,000 333,915SoftBank Corp. 144A sr. unsec. notes 4 1/2s, 2020 (Japan) 765,000 761,175SunGard Data Systems, Inc. company guaranty sr. unsec. sub.notes 6 5/8s, 2019 145,000 153,338SunGard Data Systems, Inc. 144A sr. unsec. notes 7 5/8s, 2020 215,000 235,694Syniverse Holdings, Inc. company guaranty sr. unsec. notes9 1/8s, 2019 275,000 299,063Xerox Corp. sr. unsec. notes 6 3/4s, 2039 72,000 83,353Xerox Corp. sr. unsec. unsub. notes 5 5/8s, 2019 60,000 68,115Transportation (0.1%)Aguila 3 SA 144A company guaranty sr. notes 7 7/8s,2018 (Luxembourg) 340,00011,792,146361,250Air Medical Group Holdings, Inc. company guaranty sr. notes9 1/4s, 2018 232,000 250,560Burlington Northern Santa Fe, LLC sr. unsec. notes 5.4s, 2041 105,000 115,414Burlington Northern Santa Fe, LLC sr. unsec. unsub. notes5 3/4s, 2040 95,000 109,022CSX Corp. sr. unsec. unsub. notes 4.1s, 2044 240,000 218,916Delta Air Lines, Inc. sr. notes Ser. A, 7 3/4s, 2019 149,201 174,565FedEx Corp. company guaranty sr. unsec. unsub. notes2 5/8s, 2022 45,000 42,007Kansas City Southern de Mexico SA de CV sr. unsec. unsub.notes 2.35s, 2020 (Mexico) 53,000 49,800Kansas City Southern Railway Co. (The) 144A sr. unsec.notes 4.3s, 2043 97,000 87,327Swift Services Holdings, Inc. company guaranty sr.notes 10s, 2018 315,000 346,106Watco Cos., LLC/Watco Finance Corp. 144A company guarantysr. unsec. notes 6 3/8s, 2023 180,000 182,700Utilities and power (0.8%)1,937,667AES Corp. (VA) sr. unsec. unsub. notes 8s, 2017 725,000 858,219AES Corp. (VA) sr. unsec. unsub. notes 7 3/8s, 2021 325,000 370,500AES Corp. (VA) sr. unsec. unsub. notes 4 7/8s, 2023 85,000 81,494Arizona Public Services Co. sr. unsec. notes 4 1/2s, 2042 35,000 35,696Atmos Energy Corp. sr. unsec. sub. notes 8 1/2s, 2019 20,000 25,540Calpine Corp. 144A company guaranty sr. notes 7 7/8s, 2020 371,000 405,318Calpine Corp. 144A company guaranty sr. notes 6s, 2022 60,000 63,000Dynamic Asset Allocation Growth Fund 71
CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueUtilities and power cont.Calpine Corp. 144A company guaranty sr. notes 5 7/8s, 2024 $50,000 $50,500Colorado Interstate Gas Co., LLC sr. unsec. debs. 6.85s, 2037 30,000 33,961Consolidated Edison Co. of New York sr. unsec. notes7 1/8s, 2018 562,000 681,693Consolidated Edison Co. of New York sr. unsec. unsub.notes 4.2s, 2042 130,000 124,306DPL, Inc. sr. unsec. notes 6 1/2s, 2016 345,000 372,600Duke Energy Corp. sr. unsec. unsub. notes 2.15s, 2016 265,000 272,437Dynegy Holdings, LLC escrow bonds 7 3/4s, 2019 410,000 513EDP Finance BV 144A sr. unsec. notes 5 1/4s,2021 (Netherlands) 265,000 272,628El Paso, LLC company guaranty sr. notes 7s, 2017 670,000 755,985El Paso, LLC sr. notes Ser. GMTN, 7 3/4s, 2032 225,000 240,644Electricite de France (EDF) 144A jr. unsec. sub. FRN notes5 5/8s, perpetual maturity (France) 1,660,000 1,693,200Electricite de France (EDF) 144A sr. unsec. notes 6.95s,2039 (France) 115,000 145,873Electricite de France (EDF) 144A sr. unsec. notes 6 1/2s,2019 (France) 165,000 195,315Electricite de France (EDF) 144A unsec. sub. FRN notes 5 1/4s,perpetual maturity (France) 1,235,000 1,244,263Energy Future Intermediate Holding Co., LLC/EFIH Finance, Inc.sr. notes 10s, 2020 249,000 262,073Energy Future Intermediate Holding Co., LLC/EFIH Finance, Inc.144A sr. notes 10 1/4s, 2020 348,000 366,705Energy Transfer Equity LP company guaranty sr. unsec. notes7 1/2s, 2020 150,000 171,563Energy Transfer Partners LP sr. unsec. unsub. notes 6 1/2s, 2042 85,000 96,290Energy Transfer Partners LP sr. unsec. unsub. notes 5.2s, 2022 75,000 81,180Enterprise Products Operating, LLC company guaranty sr.unsec. unsub. notes 4.85s, 2042 230,000 228,024EP Energy, LLC/EP Energy Finance, Inc. sr. unsec. notes9 3/8s, 2020 375,000 433,125EP Energy, LLC/Everest Acquisition Finance, Inc. companyguaranty sr. notes 6 7/8s, 2019 150,000 162,000EP Energy, LLC/Everest Acquisition Finance, Inc. companyguaranty sr. unsec. unsub. notes 7 3/4s, 2022 60,000 67,350FirstEnergy Corp. sr. unsec. unsub. notes 4 1/4s, 2023 791,000 767,222FirstEnergy Corp. sr. unsec. unsub. notes 2 3/4s, 2018 118,000 117,642GenOn Energy, Inc. sr. unsec. notes 9 7/8s, 2020 275,000 280,500GenOn Energy, Inc. sr. unsec. notes 9 1/2s, 2018 65,000 66,463Kinder Morgan Energy Partners LP sr. unsec. unsub. notes3 1/2s, 2021 270,000 268,771Kinder Morgan, Inc./DE 144A sr. notes 5s, 2021 479,000 479,000MidAmerican Energy Holdings Co. bonds 6 1/8s, 2036 7,000 8,373MidAmerican Funding, LLC sr. bonds 6.927s, 2029 235,000 292,529Nevada Power Co. mtge. notes 7 1/8s, 2019 115,000 140,499NiSource Finance Corp. company guaranty sr. unsec. notes6 1/8s, 2022 75,000 86,40472 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
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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
Page 120 and 121: 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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