Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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