Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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Shareholder meeting results (Unaudited)February 27, 2014 special meetingAt the meeting, each of the nominees for Trustees was elected, with all funds of the Trust voting together as a singleclass, as follows:Votes forVotes withheldLiaquat Ahamed 5,415,154,963 14,207,845Ravi Akhoury 5,415,184,974 14,177,833Barbara M. Baumann 5,415,851,291 13,511,517Jameson A. Baxter 5,415,767,570 13,595,238Charles B. Curtis 5,415,854,394 13,508,413Robert J. Darretta 5,416,022,043 13,340,765Katinka Domotorffy 5,415,419,173 13,943,635John A. Hill 5,415,885,634 13,477,174Paul L. Joskow 5,416,010,424 13,352,383Kenneth R. Leibler 5,415,817,292 13,545,516Robert E. Patterson 5,415,985,292 13,377,516George Putnam, III 5,415,959,400 13,403,408Robert L. Reynolds 5,416,108,530 13,254,278W. Thomas Stephens 5,415,918,406 13,444,402A proposal to approve a new management contract between the fund and Putnam Management was approvedas follows:VotesforVotesagainstAbstentionsBrokernon-votes11,558,721 65,943 160,912 2,196,894A proposal to adopt an Amended and Restated Declaration of Trust was approved, with all funds of the Trust votingtogether as a single class, as follows:VotesforVotesagainstAbstentionsBrokernon-votes5,234,359,081 33,570,449 18,267,087 143,166,192All tabulations are rounded to the nearest whole number.Dynamic Risk Allocation Fund87
About the TrusteesIndependent TrusteesLiaquat AhamedBorn 1952, Trustee since 2012Principal occupations during past fiveyears: Pulitzer Prize-winning author ofLords of Finance: The Bankers Who Brokethe World, whose articles on economics have appearedin such publications as the New York Times, ForeignAffairs, and the Financial Times. Director of AspenInsurance Co., a New York Stock Exchange company,and Chair of the Aspen Board’s Investment Committee.Trustee of the Brookings Institution and Chair of itsInvestment Committee.Other directorships: The Rohatyn Group, anemerging-market fund complex that manages moneyfor institutionsRavi AkhouryBorn 1947, Trustee since 2009Principal occupations during pastfive years: Trustee of American IndiaFoundation and of the Rubin Museum.From 1992 to 2007, was Chairman and CEO of MacKayShields, a multi-product investment management firm.Other directorships: RAGE Frameworks, Inc., a privatesoftware company; English Helper, Inc., a privatesoftware companyBarbara M. BaumannBorn 1955, Trustee since 2010Principal occupations during past fiveyears: President and Owner of Cross CreekEnergy Corporation, a strategic consultantto domestic energy firms and direct investor in energyprojects. Current Board member of The DenverFoundation. Former Chair and current Board memberof Girls Incorporated of Metro Denver. Member of theFinance Committee, the Children’s Hospital of Colorado.Other directorships: Devon Energy Corporation,a leading independent natural gas and oil explorationand production company; UNS Energy Corporation, anArizona utility; Cody Resources Management, a privatecompany in the energy and ranching businessesJameson A. BaxterBorn 1943, Trustee since 1994, Vice Chairfrom 2005 to 2011, and Chair since 2011Principal occupations during past fiveyears: President of Baxter Associates,Inc., a private investment firm. Chair of Mutual FundDirectors Forum. Chair Emeritus of the Board ofTrustees of Mount Holyoke College. Director of theAdirondack Land Trust and Trustee of the NatureConservancy’s Adirondack Chapter.Charles B. CurtisBorn 1940, Trustee since 2001Principal occupations during past fiveyears: Senior Advisor to the Center forStrategic and International Studies.President Emeritus and former President and ChiefOperating Officer of the Nuclear Threat Initiative,a private foundation dealing with national securityissues. Member of the Council on Foreign Relationsand U.S. State Department International SecurityAdvisory Board.Robert J. DarrettaBorn 1946, Trustee since 2007Principal occupations during past fiveyears: From 2009 until 2012, served asHealth Care Industry Advisor to Permira,a global private equity firm. Until April 2007, wasVice Chairman of the Board of Directors of Johnson &Johnson. Served as Johnson & Johnson’s Chief FinancialOfficer for a decade.Other directorships: UnitedHealth Group, a diversifiedhealth-care companyKatinka DomotorffyBorn 1975, Trustee since 2012Principal occupations during past fiveyears: Voting member of the InvestmentCommittees of the Anne Ray CharitableTrust and Margaret A. Cargill Foundation, part ofthe Margaret A. Cargill Philanthropies. Until 2011,Partner, Chief Investment Officer, and Global Head ofQuantitative Investment Strategies at Goldman SachsAsset Management.Other directorships: Reach Out and Read of GreaterNew York, an organization dedicated to promotingchildhood literacyJohn A. HillBorn 1942, Trustee since 1985 andChairman from 2000 to 2011Principal occupations during past fiveyears: Founder and Vice-Chairman ofFirst Reserve Corporation, the leading private equitybuyout firm focused on the worldwide energy industry.Trustee and Chairman of the Board of Trustees of SarahLawrence College. Member of the Advisory Board ofthe Millstein Center for Global Markets and CorporateOwnership at The Columbia University Law School.Other directorships: Devon Energy Corporation,a leading independent natural gas and oil explorationand production company88 Dynamic Risk Allocation Fund
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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 35 and 36: 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 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: Federal tax information (Unaudited)
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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