March - Putnam Investments

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MORTGAGE-BACKED SECURITIES (2.8%)* cont. Principal amount ValueCommercial mortgage-backed securities (1.8%)Banc of America Commercial Mortgage TrustFRB Ser. 07-2, Class A2, 5.611s, 2049 $39,393 $39,491Ser. 06-6, Class AJ, 5.421s, 2045 1,007,000 1,007,987Ser. 07-1, Class XW, IO, 0.316s, 2049 1,117,016 8,591Banc of America Commercial Mortgage Trust 144A Ser. 07-5,Class XW, IO, 0.42s, 2051 4,838,601 49,451Banc of America Merrill Lynch Commercial Mortgage, Inc. 144AFRB Ser. 04-5, Class F, 5.481s, 2041 F 347,000 352,657Ser. 04-5, Class XC, IO, 0.71s, 2041 2,252,180 6,570Ser. 04-4, Class XC, IO, 0.848s, 2042 1,025,648 2,248Ser. 02-PB2, Class XC, IO, 0.205s, 2035 615,961 310Ser. 05-1, Class XW, IO, 0.037s, 2042 8,975,719 862Bear Stearns Commercial Mortgage Securities TrustFRB Ser. 05-T18, Class D, 5.134s, 2042 280,000 288,050Ser. 04-PR3I, Class X1, IO, 0.701s, 2041 56,341 166Bear Stearns Commercial Mortgage Securities Trust 144AFRB Ser. 06-PW11, Class C, 5.44s, 2039 261,000 255,128Ser. 04-PWR5, Class E, 5.222s, 2042 406,000 409,276Ser. 06-PW14, Class X1, IO, 0.637s, 2038 6,466,281 102,555CFCRE Commercial Mortgage Trust 144A FRB Ser. 11-C2,Class E, 5.56s, 2047 331,000 334,578Citigroup Commercial Mortgage Trust Ser. 06-C5, Class AJ,5.482s, 2049 418,000 419,071Citigroup Commercial Mortgage Trust 144A Ser. 06-C5,Class XC, IO, 0.534s, 2049 42,821,219 595,215Citigroup/Deutsche Bank Commercial Mortgage Trust 144ASer. 07-CD4, Class XC, IO, 0.15s, 2049 8,322,818 68,247Ser. 07-CD4, Class XW, IO, zero %, 2049 2,488,380 22,893COMM Mortgage TrustSer. 07-C9, Class AJ, 5.65s, 2049 622,000 647,564Ser. 12-CR3, Class XA, IO, 2.193s, 2045 6,165,273 746,300Ser. 14-UBS2, Class XA, IO, 1.609s, 2047 4,557,000 435,763COMM Mortgage Trust 144AFRB Ser. 13-CR11, Class D, 5.172s, 2046 688,000 652,508FRB Ser. 07-C9, Class AJFL, 0.844s, 2049 113,000 100,796Ser. 06-C8, Class XS, IO, 0.509s, 2046 42,453,621 539,040Credit Suisse First Boston Mortgage Securities Corp. 144ASer. 98-C1, Class F, 6s, 2040 247,347 272,082Ser. 03-C3, Class AX, IO, 1.502s, 2038 168,365 2Ser. 02-CP3, Class AX, IO, 0.77s, 2035 185,349 2,193Credit Suisse Mortgage Capital Certificates 144ASer. 07-C1, Class AX, IO, 0.183s, 2040 32,857,968 345,009Ser. 07-C2, Class AX, IO, 0.022s, 2049 15,348,819 81,349DBRR Trust 144A FRB Ser. 13-EZ3, Class A, 1.636s, 2049 1,201,970 1,205,726FFCA Secured Lending Corp. 144A Ser. 00-1, Class X, IO,1.023s, 2020 183,709 3,125Dynamic Asset Allocation Growth Fund 75
MORTGAGE-BACKED SECURITIES (2.8%)* cont. Principal amount ValueCommercial mortgage-backed securities cont.GE Capital Commercial Mortgage Corp. FRB Ser. 05-C1, Class B,4.846s, 2048 $332,000 $339,670GE Capital Commercial Mortgage Corp. 144AFRB Ser. 04-C2, Class H, 5.856s, 2040 950,000 950,000Ser. 05-C3, Class XC, IO, 0.158s, 2045 77,889,155 182,462Ser. 07-C1, Class XC, IO, 0.071s, 2049 34,672,865 229,500GMAC Commercial Mortgage Securities, Inc. TrustSer. 97-C1, Class X, IO, 1.082s, 2029 154,253 3,694Ser. 05-C1, Class X1, IO, 0.575s, 2043 2,106,532 10,495Greenwich Capital Commercial Funding Corp.FRB Ser. 05-GG3, Class D, 4.986s, 2042 244,000 245,868FRB Ser. 05-GG3, Class B, 4.894s, 2042 592,000 606,800GS Mortgage Securities TrustSer. 06-GG6, Class A2, 5.506s, 2038 F 17,777 17,844Ser. 05-GG4, Class B, 4.841s, 2039 1,535,000 1,545,899Ser. 13-GC10, Class XA, IO, 1.758s, 2046 3,936,094 414,431GS Mortgage Securities Trust 144AFRB Ser. 11-GC3, Class D, 5.544s, 2044 1,181,000 1,211,105Ser. 06-GG6, Class XC, IO, 0.037s, 2038 1,985,805 1,549JPMorgan Chase Commercial Mortgage Securities TrustFRB Ser. 07-CB20, Class AJ, 6.101s, 2051 F 71,000 72,238FRB Ser. 04-CB9, Class B, 5.71s, 2041 226,000 229,345Ser. 06-LDP8, Class B, 5.52s, 2045 290,000 289,623Ser. 04-LN2, Class A2, 5.115s, 2041 704,121 712,523Ser. 04-C3, Class B, 4.961s, 2042 477,000 484,632FRB Ser. 05-LDP2, Class B, 4.882s, 2042 243,000 251,141FRB Ser. 13-C10, Class D, 4.16s, 2047 473,000 416,839Ser. 13-LC11, Class XA, IO, 1.583s, 2046 10,799,154 1,025,704Ser. 06-LDP8, Class X, IO, 0.543s, 2045 2,124,261 24,816Ser. 06-CB17, Class X, IO, 0.467s, 2043 12,053,091 146,891Ser. 07-LDPX, Class X, IO, 0.305s, 2049 10,630,688 97,186JPMorgan Chase Commercial Mortgage Securities Trust 144AFRB Ser. 07-CB20, Class C, 6.201s, 2051 260,000 243,123FRB Ser. 12-C6, Class E, 5.202s, 2045 172,000 170,024FRB Ser. 12-C8, Class D, 4.668s, 2045 364,000 359,286FRB Ser. 12_LC9, Class D, 4.427s, 2047 311,000 300,082Ser. 05-CB12, Class X1, IO, 0.34s, 2037 2,540,053 9,444Key Commercial Mortgage Ser. 07-SL1, Class A2, 5.549s, 2040 543,622 540,224LB-UBS Commercial Mortgage TrustSer. 06-C7, Class A2, 5.3s, 2038 370,741 383,402Ser. 07-C2, Class XW, IO, 0.54s, 2040 840,722 13,098LB-UBS Commercial Mortgage Trust 144ASer. 06-C6, Class XCL, IO, 0.681s, 2039 41,431,832 666,017Ser. 06-C7, Class XCL, IO, 0.635s, 2038 2,563,198 38,912Ser. 06-C7, Class XW, IO, 0.635s, 2038 1,360,889 20,907Ser. 05-C5, Class XCL, IO, 0.46s, 2040 7,811,463 56,727Ser. 05-C2, Class XCL, IO, 0.315s, 2040 8,562,933 19,772Ser. 05-C7, Class XCL, IO, 0.206s, 2040 8,696,231 26,40276 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 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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