March - Putnam Investments

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CORPORATE BONDS AND NOTES (13.9%)* cont. Principal amount ValueUtilities and power cont.NRG Energy, Inc. company guaranty sr. unsec. notes7 7/8s, 2021 $735,000 $808,500NSTAR Electric Co. sr. unsec. unsub. notes 2 3/8s,2022 (Canada) 205,000 191,369Oncor Electric Delivery Co., LLC sr. notes 4.1s, 2022 80,000 83,817Pacific Gas & Electric Co. sr. unsec. notes 6.05s, 2034 112,000 132,277PPL Capital Funding, Inc. company guaranty sr. unsec. unsub.notes 4.2s, 2022 425,000 440,673PPL Capital Funding, Inc. company guaranty sr. unsec. unsub.notes 3.4s, 2023 15,000 14,511PSEG Power, LLC company guaranty sr. unsec. notes5.32s, 2016 144,000 158,612Public Service Electric & Gas Co. sr. notes Ser. MTN, 5 1/2s, 2040 75,000 88,244Puget Sound Energy, Inc. jr. sub. FRN notes Ser. A, 6.974s, 2067 240,000 246,000Regency Energy Partners LP/Regency Energy Finance Corp.company guaranty sr. unsec. unsub. notes 5 7/8s, 2022 225,000 233,438Regency Energy Partners LP/Regency Energy Finance Corp.company guaranty sr. unsec. unsub. notes 5 1/2s, 2023 155,000 156,163Regency Energy Partners LP/Regency Energy Finance Corp.company guaranty sr. unsec. unsub. notes 4 1/2s, 2023 190,000 176,700Teco Finance, Inc. company guaranty sr. unsec. unsub. notes6 3/4s, 2015 10,000 10,646Texas Competitive/Texas Competitive Electric Holdings Co., LLC144A company guaranty sr. notes 11 1/2s, 2020 130,000 99,775Toledo Edison Co. (The) sr. mtge. bonds 7 1/4s, 2020 20,000 23,700Union Electric Co. sr. notes 6.4s, 2017 140,000 160,41015,324,233Total corporate bonds and notes (cost $242,621,477) $252,994,902U.S. GOVERNMENT AND AGENCYMORTGAGE OBLIGATIONS (5.5%)* Principal amount ValueU.S. Government Guaranteed Mortgage Obligations (0.6%)Government National Mortgage Association Pass-Through Certificates3s, TBA, April 1, 2044 $10,000,000 $9,833,594U.S. Government Agency Mortgage Obligations (4.9%)Federal National Mortgage Association Pass-Through Certificates6s, October 1, 2016 150,6159,833,594156,8626s, TBA, April 1, 2044 15,000,000 16,722,6574 1/2s, with due dates from February 1, 2039 to April 1, 2039 166,272 177,5674 1/2s, TBA, May 1, 2044 1,000,000 1,063,4774 1/2s, TBA, April 1, 2044 1,000,000 1,066,8754s, TBA, May 1, 2044 27,000,000 27,968,2044s, TBA, April 1, 2044 27,000,000 28,065,2343 1/2s, TBA, April 1, 2029 10,000,000 10,480,4693s, TBA, May 1, 2044 2,000,000 1,925,0783s, TBA, April 1, 2044 2,000,000 1,930,78189,557,204Total U.S. government and agency mortgage obligations (cost $99,450,751) $99,390,798Dynamic Asset Allocation Growth Fund 73
U.S. TREASURY OBLIGATIONS (—%)* Principal amount ValueU.S. Treasury Notes 1s, May 31, 2018 i $125,000 $123,076Total U.S. treasury obligations (cost $123,076) $123,076MORTGAGE-BACKED SECURITIES (2.8%)* Principal amount ValueAgency collateralized mortgage obligations (0.4%)Federal Home Loan Mortgage Corp.IFB Ser. 3182, Class SP, 27.98s, 2032 $100,234 $149,610IFB Ser. 3072, Class SM, 23.228s, 2035 128,302 182,295IFB Ser. 3072, Class SB, 23.082s, 2035 114,782 161,954IFB Ser. 3249, Class PS, 21.764s, 2036 90,540 122,617IFB Ser. 3065, Class DC, 19.395s, 2035 88,982 125,782IFB Ser. 2990, Class LB, 16.55s, 2034 133,852 174,605IFB Ser. 310, Class S4, IO, 5.795s, 2043 808,191 202,355IFB Ser. 311, Class S1, IO, 5.795s, 2043 2,721,636 598,771IFB Ser. 308, Class S1, IO, 5.795s, 2043 1,005,283 244,002IFB Ser. 14-326, Class S2, IO, 5.792s, 2044 1,303,000 303,739Ser. T-56, Class A, IO, 0.524s, 2043 111,775 1,908Ser. T-56, Class 1, IO, zero %, 2043 116,569 9Ser. T-56, Class 2, IO, zero %, 2043 111,727 349Ser. T-56, Class 3, IO, zero %, 2043 91,152 7Ser. 1208, Class F, PO, zero %, 2022 1,585 1,466FRB Ser. 3326, Class WF, zero %, 2035 2,825 2,430Federal National Mortgage AssociationIFB Ser. 06-62, Class PS, 38.975s, 2036 45,746 86,207IFB Ser. 06-8, Class HP, 24.001s, 2036 68,068 104,088IFB Ser. 07-53, Class SP, 23.634s, 2037 110,267 162,049IFB Ser. 05-75, Class GS, 19.787s, 2035 103,273 137,495IFB Ser. 13-102, Class SH, IO, 5.746s, 2043 3,102,048 672,524Ser. 418, Class C15, IO, 3 1/2s, 2043 1,784,720 412,856Ser. 03-W10, Class 1, IO, 1.102s, 2043 143,916 4,261Ser. 01-50, Class B1, IO, 0.419s, 2041 1,101,136 14,797Ser. 02-W8, Class 1, IO, 0.319s, 2042 619,361 7,355Ser. 01-79, Class BI, IO, 0.308s, 2045 418,531 4,104Ser. 03-34, Class P1, PO, zero %, 2043 19,974 17,377Government National Mortgage AssociationIFB Ser. 10-85, Class SE, IO, 6.393s, 2040 1,516,179 291,955IFB Ser. 10-56, Class SC, IO, 6.343s, 2040 1,409,906 266,430IFB Ser. 13-129, Class CS, IO, 5.993s, 2042 2,654,124 453,590IFB Ser. 10-20, Class SC, IO, 5.993s, 2040 45,975 8,338Ser. 10-9, Class UI, IO, 5s, 2040 1,622,411 349,418Ser. 11-18, Class PI, IO, 4 1/2s, 2040 66,439 12,079Ser. 10-9, Class QI, IO, 4 1/2s, 2040 1,179,386 249,103Ser. 10-107, Class NI, IO, 4 1/2s, 2039 1,631,194 255,380Ser. 10-103, Class DI, IO, 4 1/2s, 2038 1,024,923 143,490Ser. 10-85, Class MI, IO, 4 1/2s, 2036 2,126,130 167,837Ser. 12-141, Class WI, IO, 3 1/2s, 2041 4,627,366 727,376Structured Asset Securities Corp. 144A IFB Ser. 07-4, Class 1A3,IO, 6.023s, 2045 1,195,527 209,2177,029,22574 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
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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
Page 122: This report is for the information
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March - Putnam Investments

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