Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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CORPORATE BONDS AND NOTES (17.6%)* cont. Principal amount ValueEnergy (2.1%)Access Midstream Partners LP/ACMP Finance Corp. companyguaranty sr. unsec. unsub. notes 4 7/8s, 2023 $135,000 $141,075Anadarko Petroleum Corp. sr. unsec. notes 6.45s, 2036 130,000 163,652Antero Resources Corp. 144A company guaranty sr. unsec.notes 5 1/8s, 2022 35,000 35,963Antero Resources Finance Corp. company guaranty sr. unsec.notes 5 3/8s, 2021 45,000 46,856Athlon Holdings LP/Athlon Finance Corp. 144A companyguaranty sr. unsec. notes 7 3/8s, 2021 73,000 79,205Athlon Holdings LP/Athlon Finance Corp. 144A companyguaranty sr. unsec. notes 6s, 2022 25,000 25,563Baytex Energy Corp. 144A company guaranty sr. unsec. notes5 5/8s, 2024 (Canada) 35,000 34,893Baytex Energy Corp. 144A company guaranty sr. unsec. notes5 1/8s, 2021 (Canada) 30,000 29,821BP Capital Markets PLC company guaranty sr. unsec. unsub.notes 1.846s, 2017 (United Kingdom) 145,000 148,151Calfrac Holdings LP 144A company guaranty sr. unsec. unsub.notes 7 1/2s, 2020 40,000 42,700Canadian Natural Resources, Ltd. sr. unsec. unsub. notes 5.7s,2017 (Canada) 145,000 163,488Carrizo Oil & Gas, Inc. company guaranty sr. unsec. notes8 5/8s, 2018 75,000 79,688Chesapeake Energy Corp. company guaranty sr. unsec. notes5 3/4s, 2023 20,000 22,300Chesapeake Energy Corp. company guaranty sr. unsec. notes4 7/8s, 2022 25,000 25,906Chesapeake Energy Corp. company guaranty sr. unsec. unsub.notes 6 1/8s, 2021 80,000 89,900Chevron Corp. sr. unsec. unsub. notes 1.104s, 2017 143,000 142,542Cimarex Energy Co. company guaranty sr. unsec. notes4 3/8s, 2024 30,000 30,525Concho Resources, Inc. company guaranty sr. unsec. unsub.notes 5 1/2s, 2023 55,000 58,850Concho Resources, Inc. company guaranty sr. unsec. unsub.notes 5 1/2s, 2022 55,000 58,988ConocoPhillips Co. company guaranty sr. unsec. notes1.05s, 2017 145,000 144,212CONSOL Energy, Inc. 144A company guaranty sr. unsec. notes5 7/8s, 2022 30,000 31,125Denbury Resources, Inc. company guaranty sr. unsec. sub. notes5 1/2s, 2022 85,000 87,550EXCO Resources, Inc. company guaranty sr. unsec. notes7 1/2s, 2018 35,000 35,788Exterran Partners LP/EXLP Finance Corp. 144A companyguaranty sr. unsec. notes 6s, 2022 55,000 55,550Forum Energy Technologies, Inc. 144A sr. unsec. notes6 1/4s, 2021 55,000 58,438FTS International, Inc. 144A company guaranty sr. notes6 1/4s, 2022 30,000 30,600Dynamic Risk Allocation Fund43
CORPORATE BONDS AND NOTES (17.6%)* cont. Principal amount ValueEnergy cont.Gulfport Energy Corp. company guaranty sr. unsec. unsub.notes 7 3/4s, 2020 $70,000 $75,600Halcon Resources Corp. company guaranty sr. unsec. unsub.notes 9 3/4s, 2020 15,000 16,425Halcon Resources Corp. company guaranty sr. unsec. unsub.notes 8 7/8s, 2021 150,000 159,750Hercules Offshore, Inc. 144A company guaranty sr. unsec. notes7 1/2s, 2021 20,000 20,200Hercules Offshore, Inc. 144A sr. unsec. notes 8 3/4s, 2021 25,000 26,875Hiland Partners LP/Hiland Partners Finance Corp. 144Acompany guaranty sr. notes 7 1/4s, 2020 40,000 43,700Hiland Partners LP/Hiland Partners Finance Corp. 144Acompany guaranty sr. unsec. notes 5 1/2s, 2022 10,000 10,125Kodiak Oil & Gas Corp. company guaranty sr. unsec. unsub.notes 5 1/2s, 2022 115,000 117,588Linn Energy, LLC/Linn Energy Finance Corp. 144A companyguaranty sr. unsec. notes 7 1/4s, 2019 135,000 141,750Newfield Exploration Co. sr. unsec. notes 5 3/4s, 2022 60,000 64,950Oasis Petroleum, Inc. 144A company guaranty sr. unsec. unsub.notes 6 7/8s, 2022 85,000 92,438Offshore Group Investment, Ltd. company guaranty sr. notes7 1/2s, 2019 (Cayman Islands) 50,000 52,500Offshore Group Investment, Ltd. company guaranty sr. notes7 1/8s, 2023 (Cayman Islands) 55,000 55,550Phillips 66 company guaranty sr. unsec. unsub. notes2.95s, 2017 145,000 151,858Plains Exploration & Production Co. company guaranty sr.unsec. notes 6 3/4s, 2022 35,000 39,288Plains Exploration & Production Co. company guaranty sr.unsec. unsub. notes 6 7/8s, 2023 20,000 22,725Rosetta Resources, Inc. company guaranty sr. unsec. unsub.notes 5 7/8s, 2024 50,000 50,875Rosetta Resources, Inc. company guaranty sr. unsec. unsub.notes 5 5/8s, 2021 60,000 61,650Sabine Pass Liquefaction, LLC company guaranty sr. notes5 5/8s, 2023 145,000 148,988Sabine Pass LNG LP company guaranty sr. notes 6 1/2s, 2020 20,000 21,350Samson Investment Co. 144A sr. unsec. notes 10 3/4s, 2020 110,000 114,950Seven Generations Energy, Ltd. 144A sr. unsec. notes 8 1/4s,2020 (Canada) 55,000 60,225Shelf Drilling Holdings, Ltd. 144A sr. notes 8 5/8s, 2018 40,000 43,000Shell International Finance BV company guaranty sr. unsec.unsub. notes 5.2s, 2017 (Netherlands) 156,000 174,377Tervita Corp. 144A sr. unsec. notes 10 7/8s, 2018 (Canada) 15,000 14,741Total Capital International SA company guaranty sr. unsec.unsub. notes 1.55s, 2017 (France) 143,000 145,075Unit Corp. company guaranty sr. sub. notes 6 5/8s, 2021 25,000 26,625Whiting Petroleum Corp. company guaranty sr. unsec. unsub.notes 5 3/4s, 2021 125,000 135,000WPX Energy, Inc. sr. unsec. unsub. notes 6s, 2022 35,000 36,6633,988,17044 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 43: 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

Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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