Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

Federal tax information (Unaudited)Pursuant to §852 of the Internal Revenue Code, as amended, the fund hereby designates $626,162as a capital gain dividend with respect to the taxable year ended May 31, 2014, or, if subsequentlydetermined to be different, the net capital gain of such year.The fund designated 34.59% of ordinary income distributions as qualifying for the dividendsreceived deduction for corporations.For the reporting period, the fund hereby designates 64.79%, or the maximum amount allowable,of its taxable ordinary income distributions as qualified dividends taxed at the individual netcapital gain rates.The Form 1099 that will be mailed to you in January 2015 will show the tax status of all distributionspaid to your account in calendar 2014.86 Dynamic Risk Allocation Fund