March - Putnam Investments

Statement of operations Six months ended 3/31/14 (Unaudited)INVESTMENT INCOMEDividends (net of foreign tax of $244,312) $11,835,219Interest (including interest income of $129,004 from investments in affiliated issuers) (Note 5) 8,044,654Securities lending (Note 1) 28,219Total investment income 19,908,092EXPENSESCompensation of Manager (Note 2) 5,237,788Investor servicing fees (Note 2) 1,297,512Custodian fees (Note 2) 120,136Trustee compensation and expenses (Note 2) 62,105Distribution fees (Note 2) 3,113,505Administrative services (Note 2) 27,143Other 493,052Total expenses 10,351,241Expense reduction (Note 2) (23,811)Net expenses 10,327,430Net investment income 9,580,662Net realized gain on investments (Notes 1 and 3) 103,406,729Net increase from payments by affiliates (Note 2) 3,854Net realized gain on swap contracts (Note 1) 5,466,898Net realized gain on futures contracts (Note 1) 36,591,331Net realized loss on foreign currency transactions (Note 1) (6,051,424)Net realized gain on written options (Notes 1 and 3) 28,991Net unrealized appreciation of assets and liabilities in foreign currencies during the period 4,846,995Net unrealized appreciation of investments, futures contracts, swap contracts, written options,and TBA sale commitments during the period 26,599,729Net gain on investments 170,893,103Net increase in net assets resulting from operations $180,473,765The accompanying notes are an integral part of these financial statements.96 Dynamic Asset Allocation Growth Fund