March - Putnam Investments

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Statement of changes in net assetsINCREASE IN NET ASSETS Six months ended 3/31/14* Year ended 9/30/13Operations:Net investment income $9,580,662 $20,793,797Net realized gain on investmentsand foreign currency transactions 139,446,379 160,351,696Net unrealized appreciation of investments and assetsand liabilities in foreign currencies 31,446,724 73,810,446Net increase in net assets resulting from operations 180,473,765 254,955,939Distributions to shareholders (Note 1):From ordinary incomeNet investment incomeClass A (17,944,564) (12,967,800)Class B (796,761) (455,577)Class C (1,222,615) (607,711)Class M (277,819) (166,083)Class R (195,116) (147,157)Class R5 (100,484) (134)Class R6 (451,660) (139)Class Y (2,123,577) (2,452,867)Decrease from capital share transactions (Note 4) (11,566,272) (143,626,162)Total increase in net assets 145,794,897 94,532,309NET ASSETSBeginning of period 1,671,640,573 1,577,108,264End of period (including distributions in excess of netinvestment income of $2,696,495 and undistributed netinvestment income of $10,835,439, respectively) $1,817,435,470 $1,671,640,573*UnauditedThe accompanying notes are an integral part of these financial statements.Dynamic Asset Allocation Growth Fund 97
Financial highlights (For a common share outstanding throughout the period)INVESTMENT OPERATIONS: LESS DISTRIBUTIONS: RATIOS AND SUPPLEMENTAL DATA:Period endedNet asset value,beginningof periodNet investmentincome (loss ) aSee notes to financial highlights at the end of this section.Net realizedand unrealizedgain (loss)on investmentsTotal frominvestmentoperationsFromnet investmentincomeTotaldistributionsRedemptionfeesNon-recurringreimbursementsNet asset value,end of periodTotal returnat net assetvalue (% ) bNet assets,end of period(in thousands )RatioRatioof expenses of net investmentto average income (loss)net assets to average(%) c net assets (%)Class AMarch 31, 2014 ** $15.60 .10 k 1.59 1.69 (.23) (.23) — — $17.06 10.91 * $1,327,766 .54* .59* k 56 *September 30, 2013 13.47 .20 2.09 2.29 (.16) (.16) — — 15.60 17.17 1,215,701 1.09 1.38 111September 30, 2012 10.79 .19 2.53 2.72 (.04) (.04) — — 13.47 25.24 1,111,789 1.13 1.51 120September 30, 2011 11.72 .19 (.67) (.48) (.45) (.45) — — e, f 10.79 (4.52) 1,004,060 1.14 1.53 98September 30, 2010 11.03 .20 .98 1.18 (.49) (.49) — e — e,g 11.72 10.98 1,160,684 1.20 1.79 116September 30, 2009 11.30 .19 (.07) .12 (.39) (.39) — e — e,h 11.03 2.31 1,127,303 1.22 i,j 2.09 i 130Class BMarch 31, 2014 ** $15.28 .03 k 1.57 1.60 (.11) (.11) — — $16.77 10.48 * $118,569 .91* .21* k 56 *September 30, 2013 13.19 .09 2.05 2.14 (.05) (.05) — — 15.28 16.28 118,464 1.84 .63 111September 30, 2012 10.60 .09 2.50 2.59 — — — — 13.19 24.43 126,620 1.88 .76 120September 30, 2011 11.52 .09 (.66) (.57) (.35) (.35) — — e, f 10.60 (5.27) 130,730 1.89 .77 98September 30, 2010 10.85 .11 .97 1.08 (.41) (.41) — e — e,g 11.52 10.18 175,341 1.95 1.03 116September 30, 2009 11.05 .12 (.04) .08 (.28) (.28) — e — e,h 10.85 1.64 201,795 1.97 i,j 1.34 i 130Class CMarch 31, 2014 ** $14.94 .03 k 1.54 1.57 (.13) (.13) — — $16.38 10.52 * $161,275 .91* .22* k 56 *September 30, 2013 12.91 .09 2.00 2.09 (.06) (.06) — — 14.94 16.28 144,081 1.84 .62 111September 30, 2012 10.38 .09 2.44 2.53 — — — — 12.91 24.37 127,912 1.88 .77 120September 30, 2011 11.29 .09 (.64) (.55) (.36) (.36) — — e, f 10.38 (5.22) 115,474 1.89 .78 98September 30, 2010 10.66 .11 .93 1.04 (.41) (.41) — e — e,g 11.29 10.05 134,498 1.95 1.04 116September 30, 2009 10.87 .12 (.04) .08 (.29) (.29) — e — e,h 10.66 1.63 134,572 1.97 i,j 1.34 i 130Class MMarch 31, 2014 ** $15.30 .06 k 1.56 1.62 (.16) (.16) — — $16.76 10.61 * $29,917 .78* .34* k 56 *September 30, 2013 13.21 .12 2.06 2.18 (.09) (.09) — — 15.30 16.59 27,200 1.59 .88 111September 30, 2012 10.59 .12 2.50 2.62 — — — — 13.21 24.74 25,303 1.63 1.01 120September 30, 2011 11.52 .13 (.67) (.54) (.39) (.39) — — e, f 10.59 (5.07) 23,402 1.64 1.03 98September 30, 2010 10.86 .14 .96 1.10 (.44) (.44) — e — e,g 11.52 10.41 29,272 1.70 1.28 116September 30, 2009 11.09 .14 (.05) .09 (.32) (.32) — e — e,h 10.86 1.84 29,912 1.72 i,j 1.58 i 130Class RMarch 31, 2014 ** $15.33 .08 k 1.56 1.64 (.19) (.19) — — $16.78 10.76 * $18,184 .66* .47* k 56 *September 30, 2013 13.24 .16 2.06 2.22 (.13) (.13) — — 15.33 16.89 16,026 1.34 1.13 111September 30, 2012 10.60 .15 2.50 2.65 (.01) (.01) — — 13.24 25.00 15,265 1.38 1.26 120September 30, 2011 11.53 .16 (.66) (.50) (.43) (.43) — — e, f 10.60 (4.79) 13,215 1.39 1.29 98September 30, 2010 10.88 .17 .95 1.12 (.47) (.47) — e — e,g 11.53 10.60 13,669 1.45 1.54 116September 30, 2009 11.16 .17 (.08) .09 (.37) (.37) — e — e,h 10.88 1.97 10,844 1.47 i,j 1.85 i 130Class R5March 31, 2014 ** $15.76 .13 k 1.60 1.73 (.30) (.30) — — $17.19 11.04 * $6,572 .41* .80* k 56 *September 30, 2013 13.58 .23 2.12 2.35 (.17) (.17) — — 15.76 17.50 64 .82 1.52 111September 30, 2012† 12.78 .06 .74 .80 — — — — 13.58 6.26 * 11 .21* .43* 120Class R6March 31, 2014 ** $15.77 .13 k 1.61 1.74 (.29) (.29) — — $17.22 11.12 * $28,509 .36* .78* k 56 *September 30, 2013 13.58 .25 2.12 2.37 (.18) (.18) — — 15.77 17.62 24,534 .72 1.62 111September 30, 2012† 12.78 .06 .74 .80 — — — — 13.58 6.26 * 11 .18* .45* 120Portfolioturnover(% ) dThe accompanying notes are an integral part of these financial statements.98 Dynamic Asset Allocation Growth Fund Dynamic Asset Allocation Growth Fund 99
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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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CORPORATE BONDS AND NOTES (13.9%)*
Page 48 and 49: 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 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 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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