Putnam Retirement Income Fund Lifestyle 2

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 36.09 2.04 34.05
Stocks 19.54 0.0 19.54
Bonds 31.16 0.04 31.11
Other 2.14 0.4 1.74
Foreign Bonds 2.85 0.02 2.83
Foreign Stocks 6.11 0.0 6.11
Convertible 2.99 0.0 2.99
Preferred 1.63 0.0 1.63

Updated 12.31.2013

Top 10 Holdings

Performance as of 03.31.2014

Portfolio as of 12.31.2013

% Net Assets
Putnam Absolute Return 500 Y 19.85
Putnam Absolute Return 300 Y 11.73
Putnam Absolute Return 100 Y 4.86
Putnam Absolute Return 700 Y 3.01
US Treasury Note 2% 2.41
US Treasury Note 0.75% 2.38
US Treasury Note 1% 1.85
US Treasury Note 1.75% 1.02
US Treasury Bond 2.75% 0.79
US Treasury Note 1.125% 0.77