March - Putnam Investments

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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 <strong>March</strong> 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
d Affiliated company. See Note 1 to the financial statements regarding securities lending. The rate quoted in thesecurity description is the annualized 7-day yield of the fund at the close of the reporting period.F Security is valued at fair value following procedures approved by the Trustees. Securities may be classifiedas Level 2 or Level 3 for ASC 820 based on the securities’ valuation inputs. At the close of the reporting period, fairvalue pricing was also used for certain foreign securities in the portfolio (Note 1).i Security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivativecontracts (Note 1).L Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fundat the close of the reporting period.P Security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivativecontracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of thereporting period (Note 1).R Real Estate Investment Trust.S Security on loan, in part or in entirety, at the close of the reporting period (Note 1).UR At the reporting period end, 1,800 shares owned by the fund were not formally entered on thecompany’s shareholder register, due to local restrictions on foreign ownership. While the fund has full titleto these unregistered shares, these shares do not carry voting rights and, until 2014, are not eligible forreceipt of dividends.At the close of the reporting period, the fund maintained liquid assets totaling $216,826,404 to cover certainderivatives contracts, delayed delivery securities and the settlement of certain securities.Debt obligations are considered secured unless otherwise indicated.144A after the name of an issuer represents securities exempt from registration under Rule 144A under theSecurities Act of 1933, as amended. These securities may be resold in transactions exempt from registration,normally to qualified institutional buyers.See Note 1 to the financial statements regarding TBA’s.The dates shown on debt obligations are the original maturity dates.FORWARD CURRENCY CONTRACTS at 3/31/14 (aggregate face value $309,280,393 ) (Unaudited)CounterpartyCurrencyContracttypeDeliverydateValueAggregateface valueUnrealizedappreciation/(depreciation)Bank of America N.A.Australian Dollar Buy 4/16/14 $283,419 $212,372 $71,047Canadian Dollar Sell 4/16/14 4,293,665 4,385,131 91,466Chilean Peso Buy 4/16/14 18,658 20,568 (1,910)Colombian Peso Buy 4/16/14 1,858,559 1,832,964 25,595Singapore Dollar Sell 5/21/14 532,329 525,083 (7,246)Swiss Franc Sell 6/18/14 1,762,643 1,754,882 (7,761)Barclays Bank PLCAustralian Dollar Buy 4/16/14 1,886,648 1,815,496 71,152Australian Dollar Sell 4/16/14 1,886,648 1,766,572 (120,076)British Pound Sell 6/18/14 10,699,922 10,703,981 4,059Canadian Dollar Sell 4/16/14 36,622 104,776 68,154Euro Sell 6/18/14 12,579,229 12,591,793 12,564Hong Kong Dollar Sell 5/21/14 1,856,070 1,854,082 (1,988)Japanese Yen Sell 5/21/14 3,253,845 3,319,377 65,532Mexican Peso Buy 4/16/14 1,066,374 1,055,301 11,073Mexican Peso Buy 7/17/14 1,651,745 1,647,755 3,990New Zealand Dollar Buy 4/16/14 3,671,456 3,634,368 37,08882 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
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COMMON STOCKS (60.9%)* cont. Shares
Page 32 and 33: 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 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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