Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

COMMON STOCKS (43.3%)* cont. Shares ValueBasic materials cont.Wendel SA (France) 915 $138,199Zep, Inc. 791 13,843Capital goods (1.9%)4,140,424ABB, Ltd. (Switzerland) 6,270 148,926Airbus Group NV (France) 2,857 204,891Aisin Seiki Co., Ltd. (Japan) 4,000 146,065Alfa Laval AB (Sweden) 6,752 176,872Alliant Techsystems, Inc. 216 27,279Altra Industrial Motion Corp. 791 27,044Astronics Corp. † 199 10,917AZZ, Inc. 346 15,400Boeing Co. (The) 1,795 242,774Chase Corp. 470 14,354Douglas Dynamics, Inc. 690 12,054DXP Enterprises, Inc. † 146 10,157Franklin Electric Co., Inc. 307 11,758Generac Holdings, Inc. 435 21,176General Dynamics Corp. 4,252 502,246Greenbrier Cos., Inc. (The) † 937 52,004HD Supply Holdings, Inc. † 383 10,061HEICO Corp. 89 4,636Hyster-Yale Materials Holdings, Inc. 163 13,705IHI Corp. (Japan) 28,000 118,137II-VI, Inc. † 1,049 14,120IMI PLC (United Kingdom) 6,446 172,552JGC Corp. (Japan) 4,000 115,461Kadant, Inc. 445 16,866Miller Industries, Inc. 569 11,556MRC Global, Inc. † 2,382 68,578MSA Safety, Inc. 174 9,511NACCO Industries, Inc. Class A 70 3,798OSRAM Licht AG (Germany) † 1,790 90,830Polypore International, Inc. † 107 4,756Roper Industries, Inc. 1,599 226,546Safran SA (France) 1,239 84,084Singapore Technologies Engineering, Ltd. (Singapore) 37,000 114,217Standard Motor Products, Inc. 785 32,593Standex International Corp. 195 14,399Stericycle, Inc. † 1,455 166,408Stoneridge, Inc. † 1,323 12,714Tenneco, Inc. † 187 11,921THK Co., Ltd. (Japan) 4,600 101,935Tower International, Inc. † 839 25,707TriMas Corp. † 989 34,724US Ecology, Inc. 200 9,880Vinci SA (France) 2,183 161,58422 Dynamic Risk Allocation Fund