Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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CORPORATE BONDS AND NOTES (17.6%)* cont. Principal amount ValueConsumer cyclicals (2.5%)Amazon.com, Inc. sr. unsec. notes 1.2s, 2017 $143,000 $142,428AMC Entertainment, Inc. company guaranty sr. sub. notes9 3/4s, 2020 170,000 194,650AMC Entertainment, Inc. company guaranty sr. unsec. sub.notes 5 7/8s, 2022 35,000 36,225Autonation, Inc. company guaranty sr. unsec. unsub. notes5 1/2s, 2020 50,000 54,250Bon-Ton Department Stores, Inc. (The) company guarantynotes 8s, 2021 15,000 14,325Brookfield Residential Properties, Inc. 144A company guarantysr. unsec. notes 6 1/2s, 2020 (Canada) 120,000 126,600Brookfield Residential Properties, Inc./Brookfield ResidentialUS Corp. 144A company guaranty sr. unsec. notes 6 1/8s,2022 (Canada) 35,000 36,145Building Materials Corp. of America 144A sr. unsec. notes6 3/4s, 2021 25,000 27,000Caesars Entertainment Operating Co., Inc. company guaranty sr.notes 9s, 2020 49,000 39,078CBS Outdoor Americas Capital, LLC/CBS Outdoor AmericasCapital Corp. 144A company guaranty sr. unsec. notes5 5/8s, 2024 55,000 56,513Cedar Fair LP/Canada’s Wonderland Co./Magnum ManagementCorp. company guaranty sr. unsec. notes 5 1/4s, 2021 45,000 46,125Cedar Fair LP/Canada’s Wonderland Co./Magnum ManagementCorp. 144A company guaranty sr. unsec. notes 5 3/8s, 2024 10,000 10,075Ceridian HCM Holding, Inc. 144A sr. unsec. notes 11s, 2021 35,000 40,338Ceridian, LLC 144A sr. notes 8 7/8s, 2019 70,000 79,100Ceridian, LLC/Comdata, Inc. 144A company guaranty sr. unsec.unsub. notes 8 1/8s, 2017 15,000 15,131Cinemark USA, Inc. company guaranty sr. unsec. notes5 1/8s, 2022 15,000 15,206Cinemark USA, Inc. company guaranty sr. unsec. notes4 7/8s, 2023 25,000 24,625Clear Channel Communications, Inc. company guaranty sr.notes 9s, 2019 30,000 31,950Clear Channel Worldwide Holdings, Inc. company guaranty sr.unsec. notes 7 5/8s, 2020 50,000 53,750Clear Channel Worldwide Holdings, Inc. company guaranty sr.unsec. unsub. notes 6 1/2s, 2022 35,000 37,450Dana Holding Corp. sr. unsec. unsub. notes 6s, 2023 55,000 58,163Dana Holding Corp. sr. unsec. unsub. notes 5 3/8s, 2021 15,000 15,563DH Services Luxembourg Sarl 144A company guaranty sr.unsec. notes 7 3/4s, 2020 (Luxembourg) 65,000 69,388FelCor Lodging LP company guaranty sr. notes 5 5/8s, 2023 R 15,000 15,469First Cash Financial Services, Inc. 144A sr. unsec. notes 6 3/4s,2021 (Mexico) 25,000 26,469Ford Motor Co. sr. unsec. unsub. notes 9.98s, 2047 115,000 177,340Ford Motor Co. sr. unsec. unsub. notes 7.45s, 2031 30,000 39,996Gannett Co., Inc. 144A company guaranty sr. unsec. notes5 1/8s, 2020 35,000 36,050Dynamic Risk Allocation Fund39
CORPORATE BONDS AND NOTES (17.6%)* cont. Principal amount ValueConsumer cyclicals cont.Gannett Co., Inc. 144A company guaranty sr. unsec. notes5 1/8s, 2019 $40,000 $41,600Garda World Security Corp. 144A company guaranty sr. unsec.unsub. notes 7 1/4s, 2021 (Canada) 80,000 84,116Gibson Brands, Inc. 144A sr. notes 8 7/8s, 2018 40,000 41,300GLP Capital LP/GLP Financing II, Inc. 144A company guarantysr. unsec. notes 4 7/8s, 2020 60,000 62,100GLP Capital LP/GLP Financing II, Inc. 144A company guarantysr. unsec. notes 4 3/8s, 2018 35,000 36,313Gray Television, Inc. company guaranty sr. unsec. notes7 1/2s, 2020 60,000 64,350Griffey Intermediate, Inc./Griffey Finance Sub, LLC 144A sr.unsec. notes 7s, 2020 55,000 50,738Howard Hughes Corp. (The) 144A sr. unsec. notes 6 7/8s, 2021 65,000 69,550Igloo Holdings Corp. 144A sr. unsec. unsub. notes8 1/4s, 2017 ‡‡ 70,000 71,750Isle of Capri Casinos, Inc. company guaranty sr. unsec. notes5 7/8s, 2021 35,000 35,525Jo-Ann Stores Holdings, Inc. 144A sr. unsec. notes9 3/4s, 2019 ‡‡ 20,000 20,750Jo-Ann Stores, Inc. 144A sr. unsec. notes 8 1/8s, 2019 60,000 62,100K Hovnanian Enterprises, Inc. 144A sr. notes 7 1/4s, 2020 25,000 26,938L Brands, Inc. company guaranty sr. unsec. notes 6 5/8s, 2021 55,000 61,875Lamar Media Corp. company guaranty sr. sub. notes5 7/8s, 2022 50,000 53,625Lamar Media Corp. 144A company guaranty sr. unsec. notes5 3/8s, 2024 20,000 20,750Lender Processing Services, Inc. company guaranty sr. unsec.unsub. notes 5 3/4s, 2023 45,000 48,375Lennar Corp. company guaranty sr. unsec. unsub. notes4 3/4s, 2022 110,000 108,213Lennar Corp. company guaranty sr. unsec. unsub. notes4 1/2s, 2019 25,000 25,375Masonite International Corp. 144A company guaranty sr. notes8 1/4s, 2021 5,000 5,450Mattamy Group Corp. 144A sr. unsec. notes 6 1/2s,2020 (Canada) 60,000 60,750MGM Resorts International company guaranty sr. unsec. notes6 3/4s, 2020 40,000 44,350MGM Resorts International company guaranty sr. unsec. notes5 1/4s, 2020 55,000 57,131MGM Resorts International company guaranty sr. unsec. unsub.notes 8 5/8s, 2019 125,000 149,063MGM Resorts International company guaranty sr. unsec. unsub.notes 6 5/8s, 2021 10,000 11,100MTR Gaming Group, Inc. company guaranty notes 11 1/2s, 2019 95,000 106,756Navistar International Corp. sr. notes 8 1/4s, 2021 80,000 83,000Neiman Marcus Group, Inc. 144A company guaranty sr. unsec.notes 8 3/4s, 2021 ‡‡ 40,000 44,100Neiman Marcus Group, Inc. 144A company guaranty sr. unsec.notes 8s, 2021 30,000 33,00040 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 and 38: CORPORATE BONDS AND NOTES (17.6%)*
Page 39: 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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