Putnam Retirement Income Fund Lifestyle 2

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 34.36 2.1 32.26
Stocks 19.74 0.0 19.74
Bonds 30.51 0.08 30.43
Other 3.76 0.47 3.29
Foreign Bonds 3.6 0.01 3.59
Foreign Stocks 5.97 0.0 5.97
Convertible 3.08 0.0 3.08
Preferred 1.64 0.0 1.64

Updated 03.31.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 03.31.2014

% Net Assets
Putnam Absolute Return 500 Y 19.75
Putnam Absolute Return 300 Y 11.72
Putnam Absolute Return 100 Y 4.81
Putnam Absolute Return 700 Y 3.0
US Treasury Note 0.75% 2.31
US Treasury Note 1% 1.79
US Treasury Note 2% 1.62
US Treasury Note 1.75% 0.99
US Treasury Note 1.125% 0.99
Spdr S&P 500 Etf Trust Sedol 2840215 0.81