Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

COMMON STOCKS (43.3%)* cont. Shares ValueHealth care cont.ACADIA Pharmaceuticals, Inc. † 357 $7,372Accuray, Inc. † 917 8,088Actelion, Ltd. (Switzerland) 2,262 224,811Aegerion Pharmaceuticals, Inc. † 274 9,001Alere, Inc. † 570 20,389Align Technology, Inc. † 169 9,229Alkermes PLC † 303 13,880Amedisys, Inc. † 478 6,955AmSurg Corp. † 319 14,444Antares Pharma, Inc. † 1,755 5,177Ariad Pharmaceuticals, Inc. † 2,200 14,212Array BioPharma, Inc. † 1,026 4,309AstraZeneca PLC (United Kingdom) 3,373 242,181athenahealth, Inc. † 49 6,219AtriCure, Inc. † 443 7,318Auxilium Pharmaceuticals, Inc. † 344 7,699Bayer AG (Germany) 2,042 295,335Biospecifics Technologies Corp. † 192 5,180C.R. Bard, Inc. 1,173 173,498Cardinal Health, Inc. 3,529 249,253Celldex Therapeutics, Inc. † 146 2,133Centene Corp. † 86 6,409Chemed Corp. 387 34,087Coloplast A/S Class B (Denmark) 2,611 225,084Community Health Systems, Inc. † 514 21,470Computer Programs & Systems, Inc. 78 4,959Conatus Pharmaceuticals, Inc. † 147 910Conmed Corp. 689 30,936Cubist Pharmaceuticals, Inc. † 441 29,371Cyberonics, Inc. † 64 3,891DexCom, Inc. † 197 6,651Eli Lilly & Co. 8,080 483,669Enanta Pharmaceuticals, Inc. † 134 5,089Forest Laboratories, Inc. † 3,331 315,712GlaxoSmithKline PLC (United Kingdom) 9,241 247,991Globus Medical, Inc. Class A † 451 10,905Greatbatch, Inc. † 883 41,245Hanger, Inc. † 552 16,770Health Net, Inc. † 335 13,393HealthSouth Corp. 113 3,969Henry Schein, Inc. † 1,344 160,810Hill-Rom Holdings, Inc. 525 20,837Hisamitsu Pharmaceutical Co., Inc. (Japan) 1,700 69,336Impax Laboratories, Inc. † 665 18,460Insulet Corp. † 312 11,429Insys Therapeutics, Inc. † 609 15,737Intercept Pharmaceuticals, Inc. † 22 5,205InterMune, Inc. † 476 18,85928 Dynamic Risk Allocation Fund