Dynamic Risk Asset Allocation: Annual Report - Putnam Investments

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Paul L. JoskowBorn 1947, Trustee since 1997Principal occupations during past fiveyears: Economist and President of theAlfred P. Sloan Foundation, a philanthropicinstitution focused primarily on research and educationon issues related to science, technology, and economicperformance. Elizabeth and James Killian Professor ofEconomics, Emeritus at the Massachusetts Institute ofTechnology (MIT). Prior to 2007, served as the Directorof the Center for Energy and Environmental PolicyResearch at MIT.Other directorships: Yale University; ExelonCorporation, an energy company focused on powerservices; Boston Symphony Orchestra; Prior to April2013, served as Director of TransCanada Corporationand TransCanada Pipelines Ltd., energy companiesfocused on natural gas transmission, oil pipelines andpower servicesKenneth R. LeiblerBorn 1949, Trustee since 2006Principal occupations during past fiveyears: Founder and former Chairman ofBoston Options Exchange, an electronicmarketplace for the trading of derivative securities.Serves on the Board of Trustees of Beth IsraelDeaconess Hospital in Boston, Massachusetts. Directorof Beth Israel Deaconess Care Organization. UntilNovember 2010, director of Ruder Finn Group, a globalcommunications and advertising firm.Other directorships: Northeast Utilities, which operatesNew England’s largest energy delivery systemRobert E. PattersonBorn 1945, Trustee since 1984Principal occupations during past fiveyears: Co-Chairman of Cabot Properties,Inc., a private equity firm investing incommercial real estate, and Chairman of its InvestmentCommittee. Past Chairman and Trustee of the JoslinDiabetes Center.George Putnam, IIIBorn 1951, Trustee since 1984Principal occupations during past fiveyears: Chairman of New GenerationResearch, Inc., a publisher of financialadvisory and other research services. Founderand President of New Generation Advisors, LLC,a registered investment advisor to private funds.Director of The Boston Family Office, LLC, a registeredinvestment advisor.W. Thomas StephensBorn 1942, Trustee from 1997 to 2008and since 2009Principal occupations during past fiveyears: Retired as Chairman and ChiefExecutive Officer of Boise Cascade, LLC, a paper,forest products, and timberland assets company, inDecember 2008. Prior to 2010, Director of Boise Inc.,a manufacturer of paper and packaging products.Other directorships: TransCanada Pipelines Ltd., anenergy infrastructure companyInterested TrusteeRobert L. Reynolds*Born 1952, Trustee since 2008 andPresident of the Putnam Funds since 2009Principal occupations during past fiveyears: President and Chief ExecutiveOfficer of Putnam Investments since 2008 and,since 2014, President and Chief Executive Officer ofGreat‐West Financial, a financial services companythat provides retirement savings plans, life insurance,and annuity and executive benefits products, and ofGreat‐West Lifeco U.S. Inc., a holding company thatowns Putnam Investments and Great-West Financial.Prior to joining Putnam Investments, served as ViceChairman and Chief Operating Officer of FidelityInvestments from 2000 to 2007.* Mr. Reynolds is an “interested person” (as defined in the Investment Company Act of 1940) of the fund and PutnamInvestments. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fundand each of the other Putnam funds.The address of each Trustee is One Post Office Square, Boston, MA 02109.As of May 31, 2014, there were 116 Putnam funds. All Trustees serve as Trustees of all Putnam funds.Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.Dynamic Risk Allocation Fund 89
OfficersIn addition to Robert L. Reynolds, the other officers of the fund are shown below:Jonathan S. Horwitz (Born 1955)Executive Vice President, Principal ExecutiveOfficer, and Compliance LiaisonSince 2004Steven D. Krichmar (Born 1958)Vice President and Principal Financial OfficerSince 2002Chief of Operations, Putnam Investments andPutnam ManagementRobert T. Burns (Born 1961)Vice President and Chief Legal OfficerSince 2011General Counsel, Putnam Investments, PutnamManagement, and Putnam Retail ManagementRobert R. Leveille (Born 1969)Vice President and Chief Compliance OfficerSince 2007Chief Compliance Officer, Putnam Investments,Putnam Management, and Putnam RetailManagementMichael J. Higgins (Born 1976)Vice President, Treasurer, and ClerkSince 2010Manager of Finance, Dunkin’ Brands (2008–2010); Senior Financial Analyst, Old Mutual AssetManagement (2007–2008); Senior FinancialAnalyst, Putnam Investments (1999–2007)Janet C. Smith (Born 1965)Vice President, Principal Accounting Officer,and Assistant TreasurerSince 2007Director of Fund Administration Services,Putnam Investments and Putnam ManagementSusan G. Malloy (Born 1957)Vice President and Assistant TreasurerSince 2007Director of Accounting & Control Services,Putnam Investments and Putnam ManagementJames P. Pappas (Born 1953)Vice PresidentSince 2004Director of Trustee Relations,Putnam Investments and Putnam ManagementMark C. Trenchard (Born 1962)Vice President and BSA Compliance OfficerSince 2002Director of Operational Compliance,Putnam Investments and PutnamRetail ManagementNancy E. Florek (Born 1957)Vice President, Director of Proxy Votingand Corporate Governance, Assistant Clerk,and Associate TreasurerSince 2000The principal occupations of the officers for the past five years have been with the employers as shownabove, although in some cases they have held different positions with such employers. The address of eachOfficer is One Post Office Square, Boston, MA 02109.90 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 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 and 86: Federal tax information (Unaudited)
Page 87: About the TrusteesIndependent Trust
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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