Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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CORPORATE BONDS AND NOTES (17.6%)* cont. Principal amount ValueCapital goods cont.Covidien International Finance SA company guaranty sr. unsec.unsub. notes 6s, 2017 (Luxembourg) $145,000 $166,645Crown Americas, LLC/Crown Americas Capital Corp.IV company guaranty sr. unsec. notes 4 1/2s, 2023 60,000 58,350Exide Technologies sr. notes 8 5/8s, 2018 (In default) † 30,000 17,400Legrand France SA sr. unsec. unsub. debs 8 1/2s, 2025 (France) 15,000 20,927Manitowoc Co., Inc. (The) company guaranty sr. unsec. notes5 7/8s, 2022 65,000 69,550MasTec, Inc. company guaranty sr. unsec. unsub. notes4 7/8s, 2023 107,000 102,988Oshkosh Corp. 144A company guaranty sr. unsec. notes5 3/8s, 2022 105,000 107,756Pittsburgh Glass Works, LLC 144A company guaranty sr.notes 8s, 2018 85,000 92,863Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. notes5 3/4s, 2020 270,000 280,800Tenneco, Inc. company guaranty sr. unsub. notes 6 7/8s, 2020 55,000 60,156Terex Corp. company guaranty sr. unsec. unsub. notes6 1/2s, 2020 90,000 97,538Terex Corp. company guaranty sr. unsec. unsub. notes 6s, 2021 93,000 99,278Titan International, Inc. 144A company guaranty sr. bonds6 7/8s, 2020 35,000 36,181TransDigm, Inc. company guaranty sr. unsec. sub. notes7 1/2s, 2021 60,000 66,150TransDigm, Inc. 144A sr. unsec. sub. notes 6 1/2s, 2024 10,000 10,150Vander Intermediate Holding II Corp. 144A sr. unsec. notes9 3/4s, 2019 ‡‡ 20,000 21,200Communication services (2.5%)1,731,695AT&T, Inc. sr. unsec. unsub. notes 1.7s, 2017 145,000 146,792CCO Holdings, LLC/CCO Holdings Capital Corp. companyguaranty sr. unsec. notes 6 1/2s, 2021 60,000 64,050CCO Holdings, LLC/CCO Holdings Capital Corp. companyguaranty sr. unsec. notes 5 1/4s, 2022 155,000 157,906CCO Holdings, LLC/CCO Holdings Capital Corp. companyguaranty sr. unsec. unsub. bonds 5 1/8s, 2023 25,000 25,219CenturyLink, Inc. sr. unsec. unsub. notes 6 3/4s, 2023 85,000 92,650CenturyLink, Inc. sr. unsec. unsub. notes 5 5/8s, 2020 15,000 15,863Comcast Corp. company guaranty sr. unsec. unsub. bonds6 1/2s, 2017 145,000 165,857Crown Castle International Corp. sr. unsec. notes 5 1/4s, 2023 R 35,000 36,400Crown Castle International Corp. sr. unsec. unsub. notes4 7/8s, 2022 R 25,000 25,750CSC Holdings, LLC sr. unsec. unsub. notes 6 3/4s, 2021 220,000 245,300CSC Holdings, LLC 144A sr. unsec. notes 5 1/4s, 2024 35,000 35,000DISH DBS Corp. company guaranty sr. unsec. notes 6 3/4s, 2021 165,000 186,656Frontier Communications Corp. sr. unsec. notes 8 1/8s, 2018 70,000 81,550Frontier Communications Corp. sr. unsec. unsub. notes7 5/8s, 2024 20,000 20,850Dynamic Risk Allocation Fund37
CORPORATE BONDS AND NOTES (17.6%)* cont. Principal amount ValueCommunication services cont.Intelsat Jackson Holdings SA company guaranty sr. unsec.bonds 6 5/8s, 2022 (Bermuda) $20,000 $20,850Intelsat Jackson Holdings SA company guaranty sr. unsec. notes7 1/2s, 2021 (Bermuda) 315,000 344,925Intelsat Luxembourg SA company guaranty sr. unsec. bonds8 1/8s, 2023 (Luxembourg) 110,000 118,250Intelsat Luxembourg SA company guaranty sr. unsec. bonds7 3/4s, 2021 (Luxembourg) 140,000 148,400Level 3 Financing, Inc. 144A company guaranty sr. unsec. notes6 1/8s, 2021 145,000 153,338Nil International Telecom SCA 144A company guaranty sr.unsec. notes 7 7/8s, 2019 (Luxembourg) 45,000 37,800Numericable Group SA 144A sr. notes 6s, 2022 (France) 200,000 207,500Quebecor Media, Inc. sr. unsec. unsub. notes 5 3/4s,2023 (Canada) 70,000 71,225Quebecor Media, Inc. 144A sr. unsec. notes 7 3/8s,2021 (Canada) CAD 295,000 295,898Qwest Corp. sr. unsec. notes 6 3/4s, 2021 $33,000 37,887Sprint Communications, Inc. sr. unsec. unsub. notes 7s, 2020 330,000 363,825Sprint Corp. 144A company guaranty sr. unsec. notes7 7/8s, 2023 120,000 135,600Sprint Corp. 144A company guaranty sr. unsec. notes7 1/4s, 2021 195,000 215,963T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6.836s, 2023 10,000 10,838T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6.633s, 2021 25,000 26,906T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6 5/8s, 2023 80,000 86,200T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6.464s, 2019 25,000 26,469T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6 1/4s, 2021 75,000 79,688T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes6 1/8s, 2022 25,000 26,438Telefonica Emisiones SAU company guaranty sr. unsec. unsub.notes 7.045s, 2036 (Spain) 220,000 277,799Verizon Communications, Inc. sr. unsec. unsub. notes4 1/2s, 2020 30,000 33,162Verizon Communications, Inc. sr. unsec. unsub. notes2.55s, 2019 145,000 147,854Vodafone Group PLC sr. unsec. unsub. notes 1 1/4s, 2017(United Kingdom) 251,000 249,884WideOpenWest Finance, LLC/WideOpenWest Capital Corp.company guaranty sr. unsec. notes 10 1/4s, 2019 95,000 106,638Windstream Corp. company guaranty sr. unsec. unsub. notes7 3/4s, 2021 90,000 97,650Windstream Corp. company guaranty sr. unsec. unsub. notes6 3/8s, 2023 25,000 24,8134,645,64338 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 37: CORPORATE BONDS AND NOTES (17.6%)*
Page 41 and 42: 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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Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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