Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

COMMON STOCKS (43.3%)* cont. Shares ValueConsumer cyclicals cont.MGM China Holdings, Ltd. (Hong Kong) 39,600 $137,559MSC Industrial Direct Co., Inc. Class A 1,118 102,822Namco Bandai Holdings, Inc. (Japan) 5,100 111,713National CineMedia, Inc. 1,106 17,331Next PLC (United Kingdom) 2,295 255,433Nu Skin Enterprises, Inc. Class A 121 8,935Omnicom Group, Inc. 3,027 215,371Panasonic Corp. (Japan) 11,200 121,125Penn National Gaming, Inc. † 1,511 17,618PetSmart, Inc. 1,485 85,343Pitney Bowes, Inc. 682 18,844Priceline Group, Inc. (The) † 491 627,807Randstad Holding NV (Netherlands) 769 44,740Remy International, Inc. 452 10,753Renault SA (France) 1,292 121,628Ryman Hospitality Properties R 2,419 111,588Scotts Miracle-Gro Co. (The) Class A 1,657 99,337Scripps Networks Interactive Class A 1,141 87,241Select Comfort Corp. † 621 11,513Sinclair Broadcast Group, Inc. Class A 582 17,216SJM Holdings, Ltd. (Hong Kong) 37,000 106,626Sonic Automotive, Inc. Class A 749 19,714Sotheby’s Class A 502 19,819Steven Madden, Ltd. † 223 7,105Suzuki Motor Corp. (Japan) 3,600 107,515Swatch Group AG (The) (Switzerland) 174 102,690Target Corp. 6,771 384,322Thomson Reuters Corp. (Canada) 4,601 159,609TiVo, Inc. † 1,903 22,646TJX Cos., Inc. (The) 1,627 88,590Toyota Motor Corp. (Japan) 3,000 169,458Vail Resorts, Inc. 94 6,551Verisk Analytics, Inc. Class A † 2,585 153,006VF Corp. 5,382 339,174Viacom, Inc. Class B 6,094 520,001VOXX International Corp. † 1,448 12,547World Fuel Services Corp. 539 24,988Consumer finance (0.1%)11,259,832Encore Capital Group, Inc. † 555 24,026Federal Agricultural Mortgage Corp. Class C 389 12,067MicroFinancial, Inc. 630 4,908Nelnet, Inc. Class A 470 19,350Ocwen Financial Corp. † 314 11,012Performant Financial Corp. † 1,043 9,898PHH Corp. † 466 11,869Portfolio Recovery Associates, Inc. † 493 27,504120,634Dynamic Risk Allocation Fund25