Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

COMMON STOCKS (43.3%)* cont. Shares ValueTechnology cont.Cap Gemini (France) 2,115 $153,783Cavium, Inc. † 124 6,074Ceva, Inc. † 653 10,219Cirrus Logic, Inc. † 383 8,476Commvault Systems, Inc. † 162 7,925Cornerstone OnDemand, Inc. † 285 11,454CSG Systems International, Inc. 182 4,781DST Systems, Inc. 1,979 180,386EnerSys 524 36,177Engility Holdings, Inc. † 354 13,682Entegris, Inc. † 1,381 15,840Extreme Networks, Inc. † 1,852 7,371Fairchild Semiconductor International, Inc. † 522 7,658FEI Co. 150 12,518Freescale Semiconductor, Ltd. † 593 13,159GenMark Diagnostics, Inc. † 1,567 17,253Google, Inc. Class A † 1,108 633,388Google, Inc. Class C † 1,108 621,566GT Advanced Technologies, Inc. † 295 4,974HomeAway, Inc. † 227 6,992inContact, Inc. † 638 5,404Infoblox, Inc. † 254 3,292Integrated Silicon Solutions, Inc. † 1,564 21,959IntraLinks Holdings, Inc. † 1,279 11,140Intuit, Inc. 5,263 417,303Keyence Corp. (Japan) 400 156,416Konica Minolta Holdings, Inc. (Japan) 12,400 107,421L-3 Communications Holdings, Inc. 1,577 191,085Lexmark International, Inc. Class A 285 12,423Magnachip Semiconductor Corp. (South Korea) † 329 4,086Manhattan Associates, Inc. † 838 27,201Maxim Integrated Products, Inc. 8,264 283,042MeetMe, Inc. † 2,729 5,594Mellanox Technologies, Ltd. (Israel) † 177 5,590Mentor Graphics Corp. 1,415 29,984MICROS Systems, Inc. † 3,480 185,902Microsemi Corp. † 312 7,591Microsoft Corp. 24,105 986,859MTS Systems Corp. 113 7,481Netscout Systems, Inc. † 297 11,544NIC, Inc. 331 5,485Nomura Research Institute, Ltd. (Japan) 2,800 94,403NTT Data Corp. (Japan) 1,700 62,178Omnivision Technologies, Inc. † 889 19,985Omron Corp. (Japan) 4,500 170,100Oracle Corp. 10,620 446,252Perficient, Inc. † 728 12,842Photronics, Inc. † 1,279 11,242Dynamic Risk Allocation Fund33