March - Putnam Investments

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OTC CREDIT DEFAULT CONTRACTS OUTSTANDING at 3/31/14 (Unaudited) cont.Swap counterparty/Referenced debt*Rating***Upfrontpremiumreceived(paid)**NotionalamountTerminationdatePaymentsreceived(paid) by fundper annumUnrealizedappreciation/(depreciation)Credit Suisse International cont.CMBX NA — $(4,972 ) $88,000 1/17/47 (300 bp) $(1,784 )BBB– IndexCMBX NA — (5,355) 88,000 1/17/47 (300 bp) (2,168)BBB– IndexCMBX NA — (4,083) 87,000 1/17/47 (300 bp) (932)BBB– IndexCMBX NA — (5,096) 87,000 1/17/47 (300 bp) (1,946)BBB– IndexJPMorgan Chase Bank N.A.EM Series 19 Index BB+/P (66,400) 800,000 6/20/18 500 bp (6,987)Total $24,118 $76,499* Payments related to the referenced debt are made upon a credit default event.** Upfront premium is based on the difference between the original spread on issue and the market spread on dayof execution.*** Ratings are presented for credit default contracts in which the fund has sold protection on the underlyingreferenced debt. Ratings for an underlying index represent the average of the ratings of all the securities includedin that index. The Moody’s, Standard & Poor’s or Fitch ratings are believed to be the most recent ratings availableat March 31, 2014. Securities rated by Putnam are indicated by “/P.”CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING at 3/31/14 (Unaudited)Referenced debt*Rating***Upfrontpremiumreceived(paid)**NotionalamountTerminationdatePaymentsreceived(paid) by fundper annumUnrealizedappreciationNA IG Series 22 BBB+/P $(85,769 ) $5,980,000 6/20/19 100 bp $7,055IndexNA IG Series 22 BBB+/P (70,853) 4,940,000 6/20/19 100 bp 5,828IndexNA IG Series 22 BBB+/P (48,123) 3,400,000 6/20/19 100 bp 4,654IndexNA HY Series 22 B+/P (2,139,303) 30,120,000 6/20/19 500 bp 118,177IndexNA HY Series B+/P (3,031,564) 42,909,000 6/20/19 500 bp 184,44722 IndexNA HY Series B+/P (446,993) 6,206,000 6/20/19 500 bp 18,14422 IndexTotal $(5,822,605 ) $338,305* Payments related to the referenced debt are made upon a credit default event.** Upfront premium is based on the difference between the original spread on issue and the market spread on dayof execution.*** Ratings are presented for credit default contracts in which the fund has sold protection on the underlyingreferenced debt. Ratings for an underlying index represent the average of the ratings of all the securities includedin that index. The Moody’s, Standard & Poor’s or Fitch ratings are believed to be the most recent ratings availableat March 31, 2014. Securities rated by Putnam are indicated by “/P.”Dynamic Asset Allocation Growth Fund 91
ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchyis based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are definedas follows:Level 1: Valuations based on quoted prices for identical securities in active markets.Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs areobservable, either directly or indirectly.Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:Valuation inputsInvestments in securities: Level 1 Level 2 Level 3Common stocks*:Basic materials $66,936,823 $5,980,724 $51,140Capital goods 60,746,561 8,100,565 —Communication services 40,288,910 2,280,836 —Conglomerates 18,775,169 817,191 —Consumer cyclicals 132,569,841 17,871,086 —Consumer staples 76,239,549 5,760,718 124,255Energy 87,403,284 3,418,941 2,494Financials 177,627,659 30,277,507 188,206Health care 130,164,585 2,408,824 —Technology 159,993,378 17,833,319 —Transportation 22,211,925 3,984,464 —Utilities and power 30,682,647 3,825,215 —Total common stocks 1,003,640,331 102,559,390 366,095Convertible bonds and notes — 331,614 —Convertible preferred stocks 173,082 162,927 —Corporate bonds and notes — 252,994,897 5Foreign government and agency bonds and notes — 9,434,631 —Investment companies 4,499,329 — —Mortgage-backed securities — 50,871,432 —Municipal bonds and notes — 51,381 —Preferred stocks 240,240 1,080,524 —Purchased options outstanding — 176,526 —Senior loans — 3,277,431 —U.S. government and agency mortgage obligations — 99,390,798 —U.S. treasury obligations — 123,076 —Warrants — 1,723,277 —Short-term investments 341,870,032 39,545,809 —Totals by level $1,350,423,014 $561,723,713 $366,10092 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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Page 42 and 43: COMMON STOCKS (60.9%)* cont. Shares
Page 44 and 45: 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 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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