Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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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
COMMON STOCKS (43.3%)* cont. Shares ValueConsumer staples (4.1%)Altria Group, Inc. 21,329 $886,433Anheuser-Busch InBev NV (Belgium) 1,491 163,633Barrett Business Services, Inc. 200 9,432Beacon Roofing Supply, Inc. † 108 3,726Blue Nile, Inc. † 185 5,702Boulder Brands, Inc. † 230 3,121Bright Horizons Family Solutions, Inc. † 392 15,280British American Tobacco (BAT) PLC (United Kingdom) 2,520 152,086Calbee, Inc. (Japan) 5,400 152,365Carrefour SA (France) 3,751 136,368Chegg, Inc. † 1,164 6,483Core-Mark Holding Co., Inc. 200 16,536Diageo PLC (United Kingdom) 3,541 113,901Distribuidora Internacional de Alimentacion SA (Spain) 10,728 99,106Dr. Pepper Snapple Group, Inc. 7,342 423,633General Mills, Inc. 4,057 222,851Geo Group, Inc. (The) R 5,856 199,163Grand Canyon Education, Inc. † 134 5,903Hain Celestial Group, Inc. (The) † 66 5,988Heineken Holding NV (Netherlands) 1,838 121,290Hershey Co. (The) 4,372 425,570ITT Educational Services, Inc. † S 1,373 23,643Japan Tobacco, Inc. (Japan) 4,300 145,994Kao Corp. (Japan) 3,800 150,729Kforce, Inc. 871 19,188Koninklijke Ahold NV (Netherlands) 8,845 160,721Korn/Ferry International † 470 14,274Krispy Kreme Doughnuts, Inc. † 585 11,021L’Oreal SA (France) 1,023 178,496Lorillard, Inc. 9,556 594,097McDonald’s Corp. 6,895 699,360MEIJI Holdings Co., Ltd. (Japan) 2,000 126,453MWI Veterinary Supply, Inc. † 103 14,370Nestle SA (Switzerland) 5,441 426,834Nutraceutical International Corp. † 293 6,976On Assignment, Inc. † 668 23,547Overstock.com, Inc. † 570 8,698Papa John’s International, Inc. 418 18,129PepsiCo, Inc. 9,374 828,005Popeyes Louisiana Kitchen, Inc. † 346 14,850Procter & Gamble Co. (The) 1,181 95,413Reckitt Benckiser Group PLC (United Kingdom) 1,275 108,995Red Robin Gourmet Burgers, Inc. † 111 8,001RetailMeNot, Inc. † 448 11,424SABMiller PLC (United Kingdom) 1,835 101,841Shutterfly, Inc. † 93 3,826SpartanNash Co. 417 10,125Starbucks Corp. 7,440 544,90626 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 and 20: Financial statementsThese sections
Page 21 and 22: The fund’s portfolio 5/31/14COMMO
Page 23 and 24: COMMON STOCKS (43.3%)* cont. Shares
Page 25: 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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