Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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Report of Independent Registered Public Accounting FirmThe Board of Trustees and ShareholdersPutnam Funds Trust:We have audited the accompanying statement of assets and liabilities ofPutnam Dynamic Risk Allocation Fund (the fund), a series of Putnam FundsTrust, including the fund’s portfolio, as of May 31, 2014, and the relatedstatement of operations for the year then ended, the statements of changesin net assets for each of the years in the two-year period then ended, andthe financial highlights for each of the years or periods in the period fromSeptember 19, 2011 (commencement of operations) through May 31, 2014.These financial statements and financial highlights are the responsibility ofthe fund’s management. Our responsibility is to express an opinion on thesefinancial statements and financial highlights based on our audits.We conducted our audits in accordance with the standards of the PublicCompany Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements and financial highlights arefree of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements. Our procedures included confirmation of securities owned asof May 31, 2014, by correspondence with the custodian and brokers or byother appropriate auditing procedures. An audit also includes assessing theaccounting principles used and significant estimates made by management,as well as evaluating the overall financial statement presentation. We believethat our audits provide a reasonable basis for our opinion.In our opinion, the financial statements and financial highlights referredto above present fairly, in all material respects, the financial position ofPutnam Dynamic Risk Allocation Fund as of May 31, 2014, the results ofits operations, the changes in its net assets and the financial highlights forthe periods specified in the first paragraph above, in conformity with U.S.generally accepted accounting principles.Boston, MassachusettsJuly 14, 2014Dynamic Risk Allocation Fund19
The fund’s portfolio 5/31/14COMMON STOCKS (43.3%)* Shares ValueBanking (2.4%)Access National Corp. 447 $6,687Australia & New Zealand Banking Group, Ltd. (Australia) 4,099 127,655Banco Bilbao Vizcaya Argentaria SA (BBVA) (Spain) 9,761 125,127Banco Latinoamericano de Exportaciones SA Class E (Panama) 978 26,152Banco Santander SA (Spain) 17,477 179,250Bank of Kentucky Financial Corp. 265 9,278Bank of Yokohama, Ltd. (The) (Japan) 19,000 106,361BankUnited, Inc. 5,562 180,987Barclays PLC (United Kingdom) 15,833 65,552BNP Paribas SA (France) 1,961 137,319BofI Holding, Inc. † 267 20,514Cardinal Financial Corp. 901 15,650Citizens & Northern Corp. 505 9,428Commonwealth Bank of Australia (Australia) 4,890 371,055Credit Agricole SA (France) † 11,951 186,451Credit Suisse Group AG (Switzerland) 2,668 79,310DBS Group Holdings, Ltd. (Singapore) 8,000 108,140East West Bancorp, Inc. 299 10,011Farmers Capital Bank Corp. † 391 7,472Financial Institutions, Inc. 538 12,406First Community Bancshares Inc. 526 7,680First NBC Bank Holding Co. † 328 11,119FirstMerit Corp. 640 11,949Flushing Financial Corp. 565 11,238Hang Seng Bank, Ltd. (Hong Kong) 7,700 127,156Hanmi Financial Corp. 1,082 23,057Heartland Financial USA, Inc. 349 8,456Heritage Financial Group, Inc. 447 8,180Joyo Bank, Ltd. (The) (Japan) 19,000 93,738JPMorgan Chase & Co. 8,229 457,286Lloyds Banking Group PLC (United Kingdom) † 217,413 283,743M&T Bank Corp. 3,571 433,412MainSource Financial Group, Inc. 810 13,487National Australia Bank, Ltd. (Australia) 4,195 130,649OFG Bancorp (Puerto Rico) 533 9,626Pacific Premier Bancorp, Inc. † 574 8,105PacWest Bancorp 433 17,502Peoples Bancorp, Inc. 538 13,235Popular, Inc. (Puerto Rico) † 423 12,766Republic Bancorp, Inc. Class A 363 8,440Resona Holdings, Inc. (Japan) 35,800 187,864Signature Bank † 2,226 257,815Skandinaviska Enskilda Banken AB (Sweden) 10,196 138,420Sumitomo Mitsui Financial Group, Inc. (Japan) 2,400 97,402Swedbank AB Class A (Sweden) 5,032 133,846United Community Banks, Inc. † 555 8,51420 Dynamic Risk Allocation Fund
Page 1 and 2: PutnamDynamic RiskAllocation FundFU
Page 3 and 4: Message from the TrusteesDear Fello
Page 5 and 6: PerformancesnapshotAnnualized total
Page 7 and 8: program late in 2013 and end it by
Page 9 and 10: In this shifting environment, where
Page 11 and 12: at the same rate as during the past
Page 13 and 14: Change in the value of a $10,000 in
Page 15 and 16: Expenses per $1,000The following ta
Page 17 and 18: S&P 500 Index is an unmanaged index
Page 19: Financial statementsThese sections
Page 23 and 24: COMMON STOCKS (43.3%)* cont. Shares
Page 37 and 38: CORPORATE BONDS AND NOTES (17.6%)*
Page 51 and 52: U.S. TREASURY OBLIGATIONS (0.2%)* P
Page 53 and 54: PURCHASED OPTIONSOUTSTANDING (0.3%)
Page 55 and 56: S Security on loan, in part or in e
Page 57 and 58: FORWARD CURRENCY CONTRACTS at 5/31/
Page 59 and 60: FORWARD CURRENCY CONTRACTS at 5/31/
Page 61 and 62: OTC TOTAL RETURN SWAP CONTRACTS OUT
Page 63 and 64: OTC CREDIT DEFAULT CONTRACTS OUTSTA
Page 65 and 66: Statement of assets and liabilities
Page 67 and 68: Statement of operations Year ended
Page 69 and 70: Financial highlights (For a common
Page 71 and 72:
Notes to financial statements 5/31/
Page 73 and 74:
eceive all of the interest and prin
Page 75 and 76:
OTC total return swap contracts out
Page 77 and 78:
Federal taxes It is the policy of t
Page 79 and 80:
The fund has adopted an unfunded no
Page 81 and 82:
Year ended 5/31/14For the period 7/
Page 83 and 84:
The following is a summary of the f
Page 85 and 86:
Federal tax information (Unaudited)
Page 87 and 88:
About the TrusteesIndependent Trust
Page 89 and 90:
OfficersIn addition to Robert L. Re
Page 91 and 92:
Absolute ReturnAbsolute Return 100
Page 93:
A BALANCED APPROACHSince 1937, when
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Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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