March - Putnam Investments

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FOREIGN GOVERNMENT AND AGENCYBONDS AND NOTES (0.5%)* cont. Principal amount/units ValueIndonesia (Republic of) 144A sr. unsec. notes 3 3/8s,2023 (Indonesia) $485,000 $434,657Poland (Republic of) sr. unsec. bonds 5s, 2022 (Poland) 880,000 960,300Russia (Federation of) 144A sr. unsec. unsub. bonds 7 1/2s,2030 (Russia) 82,200 93,626South Africa (Republic of) sr. unsec. unsub. notes 4.665s, 2024(South Africa) 735,000 727,650Total foreign government and agency bonds and notes (cost $9,707,729) $9,434,631INVESTMENT COMPANIES (0.2%)* Shares ValueiShares MSCI Taiwan ETF (Taiwan) S 28,183 $405,272Market Vectors Vietnam ETF (Vietnam) 16,347 354,566SPDR S&P 500 ETF Trust 19,993 3,739,491Total investment companies (cost $4,002,582) $4,499,329SENIOR LOANS (0.2%)* c Principal amount ValueBurlington Coat Factory Warehouse Corp. bank term loan FRNSer. B2, 4 1/4s, 2017 $35,948 $36,072Caesars Entertainment Operating Co., Inc. bank term loan FRNSer. B6, 5.488s, 2018 914,912 862,734Dell, Inc. bank term loan FRN Ser. B, 4 1/2s, 2020 235,000 233,149Emergency Medical Services Corp. bank term loan FRNSer. B, 4s, 2018 179,923 179,923First Data Corp. bank term loan FRN 4.17s, 2018 560,071 561,068First Data Corp. bank term loan FRN 4.155s, 2021 59,603 59,677FTS International, Inc. bank term loan FRN Ser. B, 8 1/2s, 2016 143,244 145,264CCM Merger, Inc. bank term loan FRN Ser. B, 5s, 2017 315,857 316,646Neiman Marcus Group, Ltd., Inc. bank term loan FRN4 1/4s, 2020 85,000 85,279Pharmaceutical Product Development, Inc. bank term loan FRNSer. B, 4 1/4s, 2018 171,084 171,370Texas Competitive Electric Holdings Co., LLC bank term loanFRN 4.73s, 2017 799,610 575,719Travelport, LLC bank term loan FRN 8 3/8s, 2016 ‡‡ 49,398 50,530Total senior loans (cost $3,381,162) $3,277,431WARRANTS (0.1%)*†ExpirationdateStrikeprice Warrants ValueAI Tayyar Travel Group 144A (Saudi Arabia) 6/10/15 $0.00 4,133 $125,630Charter Communications, Inc. Class A 11/30/14 46.86 62 4,821Ecobank Transnational, Inc. 144A (Nigeria) 9/20/16 0.00 2,865,617 229,181Guaranty Trust Bank PLC 144A (Nigeria) 9/20/16 0.00 683,224 105,557Kuwait Foods (Americana) 144A (Kuwait) 2/24/16 0.00 14,169 127,812National Bank of Kuwait SAK 144A (Kuwait) 12/10/15 0.00 101,718 357,627Samba Financial Group 144A (Saudi Arabia) 8/3/16 0.00 23,846 272,769Saudi Basic Industries Corp. 144A(Saudi Arabia) 3/2/17 0.00 4,543 142,332Saudi Industrial Investment Group 144A(Saudi Arabia) 10/28/15 0.00 27,607 253,957Dynamic Asset Allocation Growth Fund 79
WARRANTS (0.1%)*† cont.ExpirationdateStrikeprice Warrants ValueTower Semiconductor, Ltd. 144A (Israel) F 6/30/15 $1.70 49,174 $—Zenith Bank PLC 144A (Nigeria) 9/20/16 0.00 854,890 103,591Total warrants (cost $1,704,525) $1,723,277PREFERRED STOCKS (0.1%)* Shares ValueAlly Financial, Inc. 144A 7.00% cum. pfd. 521 $514,585GMAC Capital Trust I Ser. 2, $2.031 cum. pfd. 8,800 240,240M/I Homes, Inc. $2.438 pfd. 4,607 115,405Samsung Electronics Co., Ltd. zero % cum. pfd. (South Korea) 454 450,534Total preferred stocks (cost $1,082,811) $1,320,764CONVERTIBLE PREFERRED STOCKS (—%)* Shares ValueEPR Properties Ser. C, $1.44 cv. pfd. 7,578 $162,927United Technologies Corp. $3.75 cv. pfd. 2,600 173,082Total convertible preferred stocks (cost $268,507) $336,009CONVERTIBLE BONDS AND NOTES (—%)* Principal amount ValueiStar Financial, Inc. cv. sr. unsec. unsub. notes 3s, 2016 R $125,000 $176,094Jazz Technologies, Inc. 144A cv. unsec. notes 8s, 2018 144,000 155,520Total convertible bonds and notes (cost $259,855) $331,614PURCHASED OPTIONSOUTSTANDING (—%)*Expiration date/strike priceContractamountValueiShares MSCI Emerging Markets Index (Put) May-14/$38.00 $76,741 $28,989MSCI Qatar Net TR USD (Call) May-14/1,479.36 2,300 147,537Total purchased options outstanding (cost $156,263) $176,526MUNICIPAL BONDS AND NOTES (—%)* Principal amount ValueIL State G.O. Bonds, 4.421s, 1/1/15 $50,000 $51,381Total municipal bonds and notes (cost $50,000) $51,381SHORT-TERM INVESTMENTS (21.0%)* Principal amount/shares ValuePutnam Cash Collateral Pool, LLC 0.18% d 1,171,243 $1,171,243Putnam Money Market Liquidity Fund 0.06% L 169,670,116 169,670,116Putnam Short Term Investment Fund 0.07% L 171,999,916 171,999,916SSgA Prime Money Market Fund zero % P 200,000 200,000U.S. Treasury Bills with an effective yield of 0.08%,January 8, 2015 # $719,000 718,493U.S. Treasury Bills with effective yields ranging from 0.09%to 0.12%, February 5, 2015 # Δ § 19,373,000 19,355,486U.S. Treasury Bills with effective yields ranging from 0.09%to 0.12%, October 16, 2014 # § 2,822,000 2,821,107U.S. Treasury Bills with effective yields ranging from 0.07%to 0.10%, August 21, 2014 # § 15,483,000 15,479,480Total short-term investments (cost $381,411,223) $381,415,841TOTAL INVESTMENTSTotal investments (cost $1,680,368,811) $1,912,512,82780 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
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of their Brokerage Committee and al
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The fund’s portfolio 3/31/14 (Una
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COMMON STOCKS (60.9%)* cont. Shares
Page 30 and 31: 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 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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