March - Putnam Investments

Key to holding’s currency abbreviationsBRL Brazilian RealCAD Canadian DollarEUR EuroKey to holding’s abbreviationsADR American Depository Receipts: represents ownership of foreign securities on deposit with acustodian bankBKNT Bank Notebp Basis PointsETF Exchange Traded FundFRB Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting periodFRN Floating Rate Notes: the rate shown is the current interest rate at the close of the reporting periodGDR Global Depository Receipts: represents ownership of foreign securities on deposit with acustodian bankGMTN Global Medium Term NotesG.O. Bonds General Obligation BondsIFB Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely tochanges in the market interest rates. As interest rates rise, inverse floaters produce less currentincome. The rate shown is the current interest rate at the close of the reporting period.IO Interest OnlyMTN Medium Term NotesOAO Open Joint Stock CompanyOJSC Open Joint Stock CompanyPJSC Public Joint Stock CompanyPO Principal OnlySPDR S&P Depository ReceiptsTBA To Be Announced CommitmentsNotes to the fund’s portfolioUnless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, whichran from October 1, 2013 through March 31, 2014 (the reporting period). Within the following notes to theportfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements andDisclosures and references to “OTC”, if any, represent over-the-counter.* Percentages indicated are based on net assets of $1,817,435,470.† Non-income-producing security.ΔΔ Security is restricted with regard to public resale. The total fair value of this security and any other restrictedsecurities (excluding 144A securities), if any, held at the close of the reporting period was $307,820, or less than0.1% of net assets.‡‡ Income may be received in cash or additional securities at the discretion of the issuer.# This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements forfutures contracts at the close of the reporting period.Δ This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certainderivative contracts at the close of the reporting period.§ This security, in part or in entirety, was pledged and segregated with the custodian for collateral on the initialmargin on certain centrally cleared derivative contracts at the close of the reporting period.c Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certainrestrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. Theinterest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loansare also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remainingmaturity may be substantially less than the stated maturity shown (Notes 1 and 6).Dynamic Asset Allocation Growth Fund 81