Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

COMMON STOCKS (43.3%)* cont. Shares ValueHealth care cont.Isis Pharmaceuticals, Inc. † 159 $4,646Jazz Pharmaceuticals PLC † 608 86,251Johnson & Johnson 11,531 1,169,935Kindred Healthcare, Inc. 689 17,101Laboratory Corp. of America Holdings † 1,495 153,357Lexicon Pharmaceuticals, Inc. † 1,359 1,794McKesson Corp. 2,017 382,504MedAssets, Inc. † 967 22,647Medicines Co. (The) † 730 20,367Medidata Solutions, Inc. † 150 5,801Mednax, Inc. † 2,244 129,322Merck & Co., Inc. 16,836 974,131Merrimack Pharmaceuticals, Inc. † 1,473 11,445Nanosphere, Inc. † 2,417 3,263Nektar Therapeutics † 694 8,141NewLink Genetics Corp. † 130 2,666Novartis AG (Switzerland) 2,670 239,420Novo Nordisk A/S Class B (Denmark) 3,690 156,220NPS Pharmaceuticals, Inc. † 343 10,678NxStage Medical, Inc. † 460 6,316Omega Healthcare Investors, Inc. R 7,651 282,245OraSure Technologies, Inc. † 1,607 10,156Orion OYJ Class B (Finland) 3,849 121,305Patterson Cos., Inc. 2,675 104,753Perrigo Co. PLC 1,172 161,970Pfizer, Inc. 30,751 911,152Prestige Brands Holdings, Inc. † 494 16,895Providence Service Corp. (The) † 582 23,396Questcor Pharmaceuticals, Inc. 162 14,601Receptos, Inc. † 195 5,803Repligen Corp. † 479 9,216Retrophin, Inc. † 409 5,980Roche Holding AG-Genusschein (Switzerland) 1,109 326,322Sabra Health Care REIT, Inc. R 2,114 61,898Salix Pharmaceuticals, Ltd. † 90 10,267Sanofi (France) 1,922 205,511Sequenom, Inc. † 1,557 4,780SIGA Technologies, Inc. † 2,276 6,077STAAR Surgical Co. † 1,246 19,226Steris Corp. 215 11,507Stryker Corp. 1,670 141,098Sucampo Pharmaceuticals, Inc. Class A † 687 4,994Sunesis Pharmaceuticals, Inc. † 583 2,985Suzuken Co., Ltd. (Japan) 1,300 46,152TESARO, Inc. † 195 5,195Thoratec Corp. † 183 6,061Threshold Pharmaceuticals, Inc. † 1,136 4,385Trevena, Inc. † 564 2,476Dynamic Risk Allocation Fund29