Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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Note 4: Capital sharesAt the close of the reporting period, there was an unlimited number of shares of beneficial interest authorized.Transactions in capital shares were as follows:Year ended 5/31/14 Year ended 5/31/13Class A Shares Amount Shares AmountShares sold 804,548 $8,713,678 5,207,659 $56,257,334Shares issued in connection withreinvestment of distributions 20,972 228,803 146,665 1,563,450825,520 8,942,481 5,354,324 57,820,784Shares repurchased (4,336,778 ) (46,475,698 ) (2,694,196 ) (29,289,665 )Net increase (decrease ) (3,511,258 ) $(37,533,217 ) 2,660,128 $28,531,119Year ended 5/31/14 Year ended 5/31/13Class B Shares Amount Shares AmountShares sold 101,490 $1,096,016 220,294 $2,392,233Shares issued in connection withreinvestment of distributions 306 3,313 5,783 61,245101,796 1,099,329 226,077 2,453,478Shares repurchased (48,780 ) (526,630 ) (26,443 ) (285,389 )Net increase 53,016 $572,699 199,634 $2,168,089Year ended 5/31/14 Year ended 5/31/13Class C Shares Amount Shares AmountShares sold 366,562 $3,883,865 1,836,415 $19,797,087Shares issued in connection withreinvestment of distributions — — 35,063 370,964366,562 3,883,865 1,871,478 20,168,051Shares repurchased (937,842 ) (10,045,435 ) (181,926 ) (1,962,713 )Net increase (decrease ) (571,280 ) $(6,161,570 ) 1,689,552 $18,205,338Year ended 5/31/14 Year ended 5/31/13Class M Shares Amount Shares AmountShares sold 9,177 $98,335 26,983 $292,377Shares issued in connection withreinvestment of distributions 57 628 584 6,2549,234 98,963 27,567 298,631Shares repurchased (13,577 ) (145,979 ) (29,594 ) (316,630 )Net decrease (4,343 ) $(47,016 ) (2,027 ) $(17,999 )Year ended 5/31/14 Year ended 5/31/13Class R Shares Amount Shares AmountShares sold 6,331 $67,319 32,961 $360,733Shares issued in connection withreinvestment of distributions 170 1,846 940 9,9916,501 69,165 33,901 370,724Shares repurchased (7,736 ) (82,379 ) (692 ) (7,603 )Net increase (decrease ) (1,235 ) $(13,214 ) 33,209 $363,12180 Dynamic Risk Allocation Fund
Year ended 5/31/14For the period 7/3/12(commencement of operations)to 5/31/13Class R5 Shares Amount Shares AmountShares sold — $— 947 $10,000Shares issued in connection withreinvestment of distributions 10 109 39 41310 109 986 10,413Shares repurchased — — — —Net increase 10 $109 986 $10,413Year ended 5/31/14For the period 7/3/12(commencement of operations)to 5/31/13Class R6 Shares Amount Shares AmountShares sold 48,166 $526,412 267,359 $2,926,140Shares issued in connection withreinvestment of distributions 2,213 24,169 39 41850,379 550,581 267,398 2,926,558Shares repurchased (127,386 ) (1,378,922 ) (13,353 ) (146,519 )Net increase (decrease ) (77,007 ) $(828,341 ) 254,045 $2,780,039Year ended 5/31/14 Year ended 5/31/13Class Y Shares Amount Shares AmountShares sold 1,822,112 $19,827,758 8,608,034 $93,354,565Shares issued in connection withreinvestment of distributions 121,533 1,325,923 488,618 5,213,5501,943,645 21,153,681 9,096,652 98,568,115Shares repurchased (4,808,631 ) (52,262,193 ) (2,977,551 ) (32,230,661 )Net increase (decrease ) (2,864,986 ) $(31,108,512 ) 6,119,101 $66,337,454At the close of the reporting period, Putnam Investments, LLC owned the following class shares of the fund:Shares owned Percentage of ownership ValueClass R 10,000 23.8 % $115,200Class R5 996 100.0 % $11,567Class R6 997 0.6 % $11,575Dynamic Risk Allocation Fund81
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PutnamDynamic RiskAllocation FundFU
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Message from the TrusteesDear Fello
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PerformancesnapshotAnnualized total
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program late in 2013 and end it by
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In this shifting environment, where
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at the same rate as during the past
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Change in the value of a $10,000 in
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Expenses per $1,000The following ta
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S&P 500 Index is an unmanaged index
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Financial statementsThese sections
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The fund’s portfolio 5/31/14COMMO
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COMMON STOCKS (43.3%)* cont. Shares
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Page 29 and 30: COMMON STOCKS (43.3%)* cont. Shares
Page 37 and 38: 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: The fund has adopted an unfunded no
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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