Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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CORPORATE BONDS AND NOTES (17.6%)* cont. Principal amount ValueFinancials cont.TMX Finance, LLC/TitleMax Finance Corp. 144A sr. notes8 1/2s, 2018 $20,000 $21,250UBS AG of Stamford, CT sr. unsec. unsub. notes Ser. BKNT,5 7/8s, 2017 130,000 148,989Walter Investment Management Corp. 144A company guarantysr. unsec. notes 7 7/8s, 2021 45,000 45,394Wells Fargo & Co. sr. unsec. notes 2.1s, 2017 143,000 147,076Westpac Banking Corp. sr. unsec. unsub. notes 2 1/4s,2018 (Australia) 26,000 26,532Health care (1.5%)7,822,640AbbVie, Inc. sr. unsec. unsub. notes 1 3/4s, 2017 130,000 131,133Acadia Healthcare Co., Inc. company guaranty sr. unsec. notes6 1/8s, 2021 60,000 62,700Amgen, Inc. sr. unsec. unsub. notes 2 1/8s, 2017 145,000 148,754AmSurg Corp. company guaranty sr. unsec. unsub. notes5 5/8s, 2020 65,000 65,000AstraZeneca PLC sr. unsub. notes 5.9s, 2017 (United Kingdom) 145,000 166,412Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp.company guaranty sr. unsec. notes 6s, 2021 60,000 63,300Capsugel SA 144A sr. unsec. notes 7s, 2019 (Luxembourg) ‡‡ 50,000 51,375Catamaran Corp. company guaranty sr. unsec. bonds4 3/4s, 2021 50,000 50,750Centene Corp. sr. unsec. unsub. notes 4 3/4s, 2022 25,000 25,313CHS/Community Health Systems, Inc. 144A company guarantysr. notes 5 1/8s, 2021 10,000 10,150CHS/Community Health Systems, Inc. 144A company guarantysr. unsec. notes 6 7/8s, 2022 15,000 15,788Crimson Merger Sub, Inc. 144A sr. unsec. notes 6 5/8s, 2022 65,000 64,513Endo Finance, LLC 144A company guaranty sr. unsec. notes5 3/4s, 2022 25,000 25,688Envision Healthcare Corp. company guaranty sr. unsec. notes8 1/8s, 2019 45,000 47,813HCA, Inc. company guaranty sr. notes 3 3/4s, 2019 50,000 50,875HCA, Inc. sr. notes 6 1/2s, 2020 210,000 238,613IASIS Healthcare, LLC/IASIS Capital Corp. company guaranty sr.unsec. notes 8 3/8s, 2019 55,000 58,644IMS Health, Inc. 144A sr. unsec. notes 6s, 2020 20,000 21,100Jaguar Holding Co. I 144A sr. unsec. notes 9 3/8s, 2017 ‡‡ 20,000 20,800JLL/Delta Dutch Newco BV 144A sr. unsec. notes 7 1/2s,2022 (Netherlands) 75,000 76,875Johnson & Johnson sr. unsec. notes 5.15s, 2018 91,000 104,487Kinetic Concepts, Inc./KCI USA, Inc. company guaranty notes10 1/2s, 2018 125,000 142,344Merck & Co., Inc. sr. unsec. unsub. notes 1.3s, 2018 125,000 123,676Omega Healthcare Investors, Inc. 144A sr. unsec. notes4.95s, 2024 R 40,000 40,283Par Pharmaceutical Cos., Inc. company guaranty sr. unsec.unsub. notes 7 3/8s, 2020 80,000 86,800Salix Pharmaceuticals, Ltd. 144A company guaranty sr. unsec.notes 6s, 2021 20,000 21,450Dynamic Risk Allocation Fund47
CORPORATE BONDS AND NOTES (17.6%)* cont. Principal amount ValueHealth care cont.Service Corp. International sr. unsec. unsub. notes 5 3/8s, 2022 $50,000 $51,625Service Corp. International 144A sr. unsec. unsub. notes5 3/8s, 2024 240,000 243,312Teleflex, Inc. 144A company guaranty sr. unsec. notes5 1/4s, 2024 15,000 15,206Tenet Healthcare Corp. company guaranty sr. bonds4 1/2s, 2021 30,000 29,775Tenet Healthcare Corp. company guaranty sr. bonds4 3/8s, 2021 55,000 54,038Tenet Healthcare Corp. company guaranty sr. notes 6 1/4s, 2018 100,000 110,250Tenet Healthcare Corp. company guaranty sr. notes 6s, 2020 55,000 59,125Tenet Healthcare Corp. company guaranty sr. notes 4 3/4s, 2020 10,000 10,125UnitedHealth Group, Inc. sr. unsec. notes 6s, 2018 65,000 75,081Valeant Pharmaceuticals International 144A company guarantysr. unsec. notes 6 7/8s, 2018 90,000 94,725Valeant Pharmaceuticals International 144A company guarantysr. unsec. notes 6 3/8s, 2020 5,000 5,338Valeant Pharmaceuticals International 144A sr. unsec. notes6 3/4s, 2018 45,000 48,600Valeant Pharmaceuticals International, Inc. 144A companyguaranty sr. unsec. notes 5 5/8s, 2021 5,000 5,188WellCare Health Plans, Inc. sr. unsec. notes 5 3/4s, 2020 60,000 63,900Technology (0.8%)2,780,924ACI Worldwide, Inc. 144A company guaranty sr. unsec. unsub.notes 6 3/8s, 2020 40,000 42,200Avaya, Inc. 144A company guaranty notes 10 1/2s, 2021 15,000 13,575Avaya, Inc. 144A company guaranty sr. notes 7s, 2019 300,000 297,000Cisco Systems, Inc. sr. unsec. unsub. notes 1.1s, 2017 66,000 66,326eBay, Inc. sr. unsec. unsub. notes 1.35s, 2017 145,000 145,673First Data Corp. company guaranty sr. unsec. notes11 1/4s, 2021 45,000 51,750First Data Corp. company guaranty sr. unsec. sub. notes11 3/4s, 2021 105,000 116,550First Data Corp. 144A company guaranty notes 8 1/4s, 2021 215,000 233,275First Data Holdings, Inc. 144A sr. unsec. notes 14 1/2s, 2019 ‡‡ 36,677 36,677Freescale Semiconductor, Inc. 144A company guaranty sr.notes 5s, 2021 45,000 45,844Freescale Semiconductor, Inc. 144A sr. notes 6s, 2022 60,000 63,900Hewlett-Packard Co. sr. unsec. unsub. notes 2.6s, 2017 124,000 128,480Infor US, Inc. company guaranty sr. unsec. unsub. notes11 1/2s, 2018 50,000 57,500Intel Corp. sr. unsec. unsub. notes 1.35s, 2017 145,000 145,211Iron Mountain, Inc. company guaranty sr. unsec. unsub.notes 6s, 2023 60,000 63,750Jabil Circuit, Inc. sr. unsec. notes 8 1/4s, 2018 14,000 16,660Micron Technology, Inc. 144A sr. unsec. notes 5 7/8s, 2022 55,000 58,713SunGard Data Systems, Inc. company guaranty sr. unsec. sub.notes 6 5/8s, 2019 30,000 31,7251,614,80948 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 47: 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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