0000928816-14-000091.txt : 20140128 0000928816-14-000091.hdr.sgml : 20140128 20140128122443 ACCESSION NUMBER: 0000928816-14-000091 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20131130 FILED AS OF DATE: 20140128 DATE AS OF CHANGE: 20140128 EFFECTIVENESS DATE: 20140128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM FUNDS TRUST CENTRAL INDEX KEY: 0001005942 IRS NUMBER: 043299786 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07513 FILM NUMBER: 14551698 BUSINESS ADDRESS: STREET 1: ONE POST STREET 2: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921010 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 0001005942 S000024760 Putnam Dynamic Asset Allocation Equity Fund C000073568 Class A C000073569 Class Y N-CSRS 1 a_dynasalloneq.htm PUTNAM FUNDS TRUST a_dynamicassetallocationequity.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number: (811-07513)
Exact name of registrant as specified in charter: Putnam Funds Trust
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         John W. Gerstmayr, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199-3600
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: May 31, 2014
Date of reporting period: June 1, 2013 — November 30, 2013



Item 1. Report to Stockholders:

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:



Putnam Dynamic
Asset Allocation
Equity Fund

Semiannual report
11 | 30 | 13

Message from the Trustees  1 
Performance snapshot  2 
Interview with your fund’s portfolio manager  3 
Your fund’s performance  8 
Your fund’s expenses  10 
Terms and definitions  12 
Other information for shareholders  13 
Trustee approval of management contract  14 
Financial statements  21 

 

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.

 


Message from the Trustees

Dear Fellow Shareholder:

Now that 2013 has drawn to a close, a sigh of relief may be in order. The performance of financial markets in the United States and around the world has been better than many had anticipated at the start of the year, despite challenges such as fiscal woes, political wrangling, and geopolitical conflicts.

It appears that most developed economies are in recovery. The U.S. unemployment picture is improving, and economic growth has remained positive. Europe emerged from a multi-year recession in 2013, with growth in the 17-nation eurozone turning positive for the past two calendar quarters. The Japanese government’s aggressive stimulus policies have fostered growth, while China appears to have avoided a major slowdown.

Headwinds remain, however. The positive economic news makes it more likely that the Federal Reserve will taper its $85-billion-a-month bond-buying stimulus program. The end of this unprecedented initiative may test the stability of the recovery. Meanwhile, Washington lawmakers continue to assert different visions for the long-term federal budget, and may again resort to using the debt ceiling as a political instrument, which may unsettle markets.

With uncertainties still ahead, innovative and alternative investment ideas and approaches can be quite helpful to investors. In seeking returns for our shareholders, Putnam’s investment professionals employ fundamental research, active investing, and risk management strategies, and our diverse set of products is designed to address a wide range of financial goals.

It is also important to rely on the advice of your financial advisor, who can help guide you toward your investment goals, based on your time horizon and tolerance for risk.

We would like to welcome new shareholders of the fund and to thank you for investing with Putnam. We would also like to extend our thanks to Elizabeth Kennan, who has retired from the Board of Trustees, for her 20 years of dedicated service.




Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will fluctuate, and you may have a gain or a loss when you sell your shares. Performance of class A shares assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart do not reflect a sales charge of 5.75%; had they, returns would have been lower. See pages 3 and 8–9 for additional performance information. For a portion of the periods, the fund had expense limitations, without which returns would have been lower. To obtain the most recent month-end performance, visit putnam.com.

* Putnam Equity Blended Index is administered by Putnam Management and comprises 75% the Russell 3000 Index, 19% the MSCI EAFE Index (ND), and 6% the MSCI Emerging Markets Index (GD).

† Returns for the six-month period are not annualized, but cumulative.

2  Dynamic Asset Allocation Equity Fund 

 


Interview with your fund’s portfolio manager


How did the fund perform during the six months ended November 30, 2013?

During the period, markets in many parts of the world climbed a wall of worry, mostly generated by the Federal Reserve’s talk of tapering and fiscal discord in Washington. It turned out to be a very positive period for equities, however. Putnam Dynamic Asset Allocation Equity Fund’s class A shares returned 12.28% during the six months ended November 30, 2013, slightly underperforming the all-equity Russell 3000 Index, its primary benchmark, and finishing slightly better than its secondary benchmark, the Putnam Equity Blended Index, which reflects the fund’s strategic global allocations.

What was the investment environment like during the period?

At the beginning of the period, markets were rattled in June when Fed Chairman Ben Bernanke stated that the central bank might begin to reduce its asset-purchase program late in 2013 and end it by mid 2014. After Chairman Bernanke had clarified his comments, stating that no tapering would occur until the U.S. economy gained a solid footing, markets rallied in July and kept rising throughout the period, though not without bouts of volatility. There was a “good-news-is-bad-news” theme: Generally, whenever there was positive U.S. economic news, investors interpreted it as a sign that the Fed would begin reducing its bond-buying


This comparison shows your fund’s performance in the context of broad market indexes for the six months ended 11/30/13. See pages 2 and 8–9 for additional fund performance information. Index descriptions can be found on page 12.

Dynamic Asset Allocation Equity Fund  3 

 


program, and equities lost value. The inverse was also true: When negative economic news came out, investors interpreted it to mean that the Fed’s stimulus program would continue, and stocks generally rallied.

In August, the Syrian crisis — and its threat of U.S. military intervention — generated some market volatility. By September, however, the Syrian crisis had subsided, once again spurring a rally in equity markets. Also in September, the Fed announced that it would continue with its bond-buying program of $85 billion per month, citing a weaker economic environment — including a disappointing September unemployment report along with the potential for fiscal discord in Washington — and equity prices rallied even further.

How did the partial government shutdown in October 2013 impact equities?

Despite the 16-day partial government shutdown that began on October 1, U.S. stocks extended their winning streak. Toward the end of the month, the S&P 500 Index hit a then-record high, while the Nasdaq established a then-13-year peak. The Dow Jones Industrial Average posted gains, but remained shy of its mid-September highs. Investors appeared confident that Washington lawmakers would deliver a resolution to the shutdown. Additionally, as mentioned previously, investors seemed to interpret any negative economic news as a positive for equities, believing that it would delay the tapering of Fed stimulus. At its October meeting, the Fed decided to maintain its stimulus program until the economy, particularly the weak employment situation, improved. In November, with the shutdown at least temporarily resolved, U.S. equities posted another positive month of performance, with large-cap stocks marking their eighth straight week of gains.


This table shows the fund’s top 10 holdings by percentage of the fund’s net assets as of 11/30/13. Short-term holdings and derivatives, if any, are excluded. Holdings may vary over time.

4  Dynamic Asset Allocation Equity Fund 

 



Where did you find positive returns in the portfolio during the period, and how did you position the portfolio?

Within equities, positive security selection, as well as a slight overweight to small-cap stocks relative to the fund’s primary and secondary benchmarks, helped returns. The portfolio had greater exposure to developed markets versus emerging markets, and this helped performance. We also positioned the portfolio to be more overweight to Japan and underweight to Europe for most of the period. Toward the end of the period, however, we increased the portfolio’s exposure to the eurozone, where the economy is in the nascent stages of recovery, in our view, and where we believe there are good investing opportunities.

What was your strategy with respect to commodities?

We have been less bullish on commodities, which make up a smaller slice of the portfolio than equities. The portfolio had a small underweight to commodities during the period, and the biggest reason for this was a slackening of market demand in the past 18 months. This mostly has been the result of slowing demand from China as well as the market’s general move out of gold into riskier assets such as equities.

What is your opinion of Japan’s recent economic resurgence?

Over time, Japan has had so many false starts that it is hard to get overly enthusiastic. To be sure, Japan’s policy of monetary policy easing and increased government spending has depressed the value of the yen and injected new life into export companies and certain sectors of the domestic economy. The argument for investment in Japan is that its stock market has been devalued for so long


This chart shows how the fund’s top weightings have changed over the past six months. Allocations are shown as a percentage of the fund’s net assets. Current period summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings and allocations may vary over time.

Dynamic Asset Allocation Equity Fund  5 

 


and now it is finally experiencing some growth. But we believe Japan also has significant societal and structural problems, including an aging population and the “brain drain” that occurs when young people leave the country. If the government’s policies fail, we are aware of the magnitude of the potential downside.

What are your views on investing in emerging markets?

We are still not constructive on emerging markets, as they have underperformed in recent years. We believe China stands apart in emerging markets, although growth has slowed from previously high levels. Until the developed economies recover, China lacks the domestic demand to sustain its growth, in our view. We also believe that other emerging markets need the developed world to recover and to buy their goods in order to grow their economies.

What is your outlook?

Equity markets dislike uncertainty, and we believe this sentiment may increase as the year comes to a close. Equity prices are not overly expensive, in our view, but they are not cheap, either. On a global basis, given the uncertain fiscal, monetary, and macroeconomic picture, we believe in maintaining our neutral stance.

Still, equities maintain their appeal. Many companies have decent revenue growth and healthy profit margins, in our view. While not euphoric about the current environment by any stretch of the imagination, we believe companies generally are more hopeful about business conditions. I believe we will continue to experience a slow healing in the U.S. economy. For example, the nation’s unemployment rate has come down, and housing has improved. U.S. economic growth appears be on track and, in our view, could slowly gather strength in 2014, while Europe appears in the nascent, early-cycle phase of an economic recovery.

ABOUT DERIVATIVES

Derivatives are an increasingly common type of investment instrument, the performance of which is derived from an underlying security, index, currency, or other area of the capital markets. Derivatives employed by the fund’s managers generally serve one of two main purposes: to implement a strategy that may be difficult or more expensive to invest in through traditional securities, or to hedge unwanted risk associated with a particular position.

For example, the fund’s managers might use currency forward contracts to capitalize on an anticipated change in exchange rates between two currencies. This approach would require a significantly smaller outlay of capital than purchasing traditional bonds denominated in the underlying currencies. In another example, the managers may identify a bond that they believe is undervalued relative to its risk of default, but may seek to reduce the interest-rate risk of that bond by using interest-rate swaps, a derivative through which two parties “swap” payments based on the movement of certain rates. In other examples, the managers may use options and futures contracts to hedge against a variety of risks by establishing a combination of long and short exposures to specific equity markets or sectors.

Like any other investment, derivatives may not appreciate in value and may lose money. Derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities. And because derivatives typically represent contractual agreements between two financial institutions, derivatives entail “counterparty risk,” which is the risk that the other party is unable or unwilling to pay. Putnam monitors the counterparty risks we assume. For example, Putnam often enters into collateral agreements that require the counterparties to post collateral on a regular basis to cover their obligations to the fund.

6  Dynamic Asset Allocation Equity Fund 

 


Thank you, Bob, for your time and insights today.

The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice.

Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

Portfolio Manager Robert J. Kea is Co-Head of Global Asset Allocation at Putnam. He holds an M.B.A. from the Bentley University Graduate School of Business and a B.A. from the University of Massachusetts, Amherst. A CFA charterholder, he joined Putnam in 1989 and has been in the investment industry since 1988.

In addition to Bob, your fund’s portfolio managers are James A. Fetch; Joshua B. Kutin, CFA; Robert J. Schoen; and Jason R. Vaillancourt, CFA.

IN THE NEWS

The U.S. unemployment rate has been on a steady decline as of late, recently dipping to 7% for the first time in five years. In what was the first full assessment of the nation’s jobs picture since the 16-day partial government shutdown in early October, the lower unemployment rate is a clear indicator that the U.S. economy has measurably improved since the 2008 financial crisis that rattled markets and economies worldwide. The unemployment rate peaked at 10% in October 2009, according to the Labor Department. The improving job situation also means that the Federal Reserve may be more inclined to begin winding down its $85-billion-a-month asset purchase program in the near future. The Fed’s stimulus efforts have helped keep interest rates low with the goal of fostering economic growth and lowering unemployment. The central bank has stated that it would start tapering its quantitative-easing program when it sees “real and sustainable” progress in job gains.

Dynamic Asset Allocation Equity Fund  7 

 


Your fund’s performance

This section shows your fund’s performance, price, and distribution information for periods ended November 30, 2013, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance information as of the most recent calendar quarter-end and expense information taken from the fund’s current prospectus. Performance should always be considered in light of a fund’s investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance information does not reflect any deduction for taxes a shareholder may owe on fund distributions or on the redemption of fund shares. For the most recent month-end performance, please visit the Individual Investors section at putnam.com or call Putnam at 1-800-225-1581. Class Y shares are not available to all investors. See the Terms and Definitions section in this report for definitions of the share classes offered by your fund.

Fund performance Total return for periods ended 11/30/13

  Class A  Class Y 
(inception dates)  (1/23/09)  (1/23/09) 
  Before  After  Net 
  sales  sales  asset 
  charge  charge  value 
Life of fund  137.48%  123.82%  137.43% 
Annual average  19.50  18.05  19.50 
3 years  52.31  43.55  52.28 
Annual average  15.06  12.81  15.05 
1 year  29.96  22.49  29.95 
6 months  12.28  5.82  12.28 

 

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. After-sales-charge returns for class A shares reflect the deduction of the maximum 5.75% sales charge levied at the time of purchase. Class Y shares have no initial sales charge or CDSC.

For a portion of the periods, the fund had expense limitations, without which returns would have been lower.

8  Dynamic Asset Allocation Equity Fund 

 


Comparative index returns For periods ended 11/30/13

      Lipper Multi-Cap 
    Putnam Equity  Core Funds 
  Russell 3000 Index  Blended Index  category average* 
Life of fund  150.45%  139.69%  136.47% 
Annual average  20.82  19.73  19.26 
3 years  63.41  53.67  54.33 
Annual average  17.78  15.40  15.49 
1 year  31.71  28.67  31.42 
6 months  12.60  11.91  12.31 

 

Index and Lipper results should be compared with fund performance before sales charge, before CDSC, or at net asset value.

* Over the 6-month, 1-year, 3-year, and life-of-fund periods ended 11/30/13, there were 829, 805, 700, and 605 funds, respectively, in this Lipper category.

Fund price and distribution information For the six-month period ended 11/30/13

  Class A  Class Y 
  Before  After  Net 
  sales  sales  asset 
Share value  charge  charge  value 
5/31/13  $11.81  $12.53  $11.81 
11/30/13  13.26  14.07  13.26 

 

The classification of distributions, if any, is an estimate. Before-sales-charge share value and current dividend rate for class A shares, if applicable, do not take into account any sales charge levied at the time of purchase. After-sales-charge share value, current dividend rate, and current 30-day SEC yield, if applicable, are calculated assuming that the maximum sales charge (5.75% for class A shares) was levied at the time of purchase. Final distribution information will appear on your year-end tax forms.

The fund made no distributions during the period.

Fund performance as of most recent calendar quarter
Total return for periods ended 12/31/13

  Class A  Class Y 
(inception dates)  (1/23/09)  (1/23/09) 
  Before  After  Net 
  sales  sales  asset 
  charge  charge  value 
Life of fund  142.84%  128.88%  142.99% 
Annual average  19.67  18.24  19.69 
3 years  46.48  38.06  46.44 
Annual average  13.57  11.35  13.56 
1 year  30.63  23.12  30.61 
6 months  17.30  10.55  17.39 

 

See the discussion following the Fund performance table on page 8 for information about the calculation of fund performance.

 

Dynamic Asset Allocation Equity Fund  9 

 


Your fund’s expenses

As a mutual fund investor, you pay ongoing expenses, such as management fees, distribution fees (12b-1 fees), and other expenses. In the most recent six-month period, your fund’s expenses were limited; had expenses not been limited, they would have been higher. Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial representative.

Expense ratios

  Class A  Class Y 
Net expenses for the fiscal year ended 5/31/13* 1.31%†  1.06% 
Total annual operating expenses for the fiscal year ended 5/31/13 2.07%†  1.82% 
Annualized expense ratio for the six-month period ended 11/30/13 1.14%  1.14% 

 

Fiscal-year expense information in this table is taken from the most recent prospectus, is subject to change, and may differ from that shown for the annualized expense ratio and in the financial highlights of this report. Expenses are shown as a percentage of average net assets.

* Reflects Putnam Management’s contractual obligation to limit expenses through 9/30/14.

† No payments under the fund’s distribution and service (12b-1) plan have been authorized by the Trustees.

Expenses per $1,000

The following table shows the expenses you would have paid on a $1,000 investment in the fund from June 1, 2013, to November 30, 2013. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

  Class A  Class Y 
Expenses paid per $1,000*†  $6.07  $6.07 
Ending value (after expenses)  $1,122.80  $1,122.80 

 

* Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 11/30/13. The expense ratio may differ for each share class.

† Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period; and then dividing that result by the number of days in the year.

10  Dynamic Asset Allocation Equity Fund 

 


Estimate the expenses you paid

To estimate the ongoing expenses you paid for the six months ended November 30, 2013, use the following calculation method. To find the value of your investment on June 1, 2013, call Putnam at 1-800-225-1581.


Compare expenses using the SEC’s method

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the following table shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

  Class A  Class Y 
Expenses paid per $1,000*†  $5.77  $5.77 
Ending value (after expenses)  $1,019.35  $1,019.35 

 

* Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 11/30/13. The expense ratio may differ for each share class.

† Expenses are calculated by multiplying the expense ratio by the average account value for the six-month period; then multiplying the result by the number of days in the six-month period; and then dividing that result by the number of days in the year.

Dynamic Asset Allocation Equity Fund  11 

 


Terms and definitions

Important terms

Total return shows how the value of the fund’s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.

Before sales charge, or net asset value, is the price, or value, of one share of a mutual fund, without a sales charge. Before-sales-charge figures fluctuate with market conditions, and are calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.

After sales charge is the price of a mutual fund share plus the maximum sales charge levied at the time of purchase. After-sales-charge performance figures shown here assume the 5.75% maximum sales charge for class A shares.

Share classes

Class A shares are generally subject to an initial sales charge and no CDSC (except on certain redemptions of shares bought without an initial sales charge).

Class Y shares are not subject to an initial sales charge or CDSC, and carry no 12b-1 fee. They are generally only available to corporate and institutional clients and clients in other approved programs.

Comparative indexes

Barclays U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities.

BofA Merrill Lynch U.S. 3-Month Treasury Bill Index is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.

MSCI EAFE Index (ND) is an unmanaged index of equity securities from developed countries in Western Europe, the Far East, and Australasia.

MSCI Emerging Markets Index (ND) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

Putnam Equity Blended Index is an unmanaged index representing global stock market performance, and comprises 75% the Russell 3000 Index, 19% the MSCI EAFE Index (ND), and 6% the MSCI Emerging Markets Index (GD).

Russell 3000 Index is an unmanaged index of the 3,000 largest U.S. companies.

S&P 500 Index is an unmanaged index of common stock performance.

Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.

Lipper is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund’s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.

12  Dynamic Asset Allocation Equity Fund 

 


Other information for shareholders

Important notice regarding delivery of shareholder documents

In accordance with Securities and Exchange Commission (SEC) regulations, Putnam sends a single copy of annual and semiannual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within 30 days.

Proxy voting

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2013, are available in the Individual Investors section of putnam.com, and on the SEC’s website, www.sec.gov. If you have questions about finding forms on the SEC’s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581.

Fund portfolio holdings

The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund’s Forms N-Q on the SEC’s website at www.sec.gov. In addition, the fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC’s website or the operation of the Public Reference Room.

Trustee and employee fund ownership

Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of November 30, 2013, Putnam employees had approximately $427,000,000 and the Trustees had approximately $106,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees’ and employees’ immediate family members as well as investments through retirement and deferred compensation plans.

Dynamic Asset Allocation Equity Fund  13 

 


Trustee approval of management contract

General conclusions

The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund’s management contract with Putnam Investment Management (“Putnam Management”), the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited (“PIL”), and the sub-advisory contract among Putnam Management, PIL, and another affiliate, The Putnam Advisory Company (“PAC”). The Board of Trustees, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are not “interested persons” (as this term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Putnam funds (“Independent Trustees”).

At the outset of the review process, members of the Board’s independent staff and independent legal counsel met with representatives of Putnam Management to review the annual contract review materials furnished to the Contract Committee during the course of the previous year’s review and to discuss possible changes in these materials that might be necessary or desirable for the coming year. Following these discussions and in consultation with the Contract Committee, the Independent Trustees’ independent legal counsel requested that Putnam Management furnish specified information, together with any additional information that Putnam Management considered relevant, to the Contract Committee. Over the course of several months ending in June 2013, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam Management provided. Throughout this process, the Contract Committee was assisted by the members of the Board’s independent staff and by independent legal counsel for the Putnam funds and the Independent Trustees.

In May 2013, the Contract Committee met in executive session to discuss and consider its preliminary recommendations with respect to the continuance of the contracts. At the Trustees’ June 20, 2013 meeting, the Contract Committee met in executive session with the other Independent Trustees to review a summary of the key financial data that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its final recommendations. The Contract Committee then recommended, and the Independent Trustees approved, the continuance of your fund’s management, sub-management and sub-advisory contracts, effective July 1, 2013, subject to certain changes in these contracts noted below. (Because PIL and PAC are affiliates of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL and PAC, the Trustees have not evaluated PIL or PAC as separate entities, and all subsequent references to Putnam Management below should be deemed to include reference to PIL and PAC as necessary or appropriate in the context.)

The Independent Trustees’ approval was based on the following conclusions:

• That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, and the costs incurred by

14  Dynamic Asset Allocation Equity Fund 

 


Putnam Management in providing services to the fund, and

• That the fee schedule represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.

These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the management arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees’ conclusions may be based, in part, on their consideration of fee arrangements in previous years. For example, with some minor exceptions, the current fee arrangements in the management contracts for the Putnam funds were implemented at the beginning of 2010 following extensive review and discussion by the Trustees, as well as approval by shareholders.

As noted above, the Trustees considered changes to the management contracts of all funds that are organized as series of Putnam Funds Trust, including your fund, that were proposed by Putnam Management in an effort to consolidate the contracts of these funds into three separate contracts based on the structure of each fund’s management fee. The Independent Trustees’ approval of these consolidated management contracts was based on their conclusion that the changes were purely for administrative convenience and would not result in any substantive change to the terms of a fund’s existing management contract with Putnam Management or any reduction in the nature and quality of services provided to your fund.

The Trustees also considered administrative revisions to your fund’s sub-management and sub-advisory contracts. Putnam Management recommended that the sub-management contract be revised to reduce the sub-management fee that Putnam Management pays to PIL with respect to the portion of the portfolios of certain funds, but not your fund, that may be allocated to PIL from time to time. Putnam Management also recommended that the sub-advisory contract be revised to reflect the closure of PAC’s Tokyo office and the termination of PAC’s non-discretionary investment adviser’s license with respect to that office. The Independent Trustees’ approval of these recommendations was based on their conclusion that these changes would have no practical effect on Putnam Management’s continued responsibility for the management of these funds or the costs borne by fund shareholders and would not result in any reduction in the nature and quality of services provided to the funds.

Management fee schedules and total expenses

The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints. The Trustees also reviewed the total expenses of each Putnam fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to shareholders.

In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances — for example, changes in assets under management, changes in a fund’s investment style, changes in Putnam Management’s operating costs or profitability,

Dynamic Asset Allocation Equity Fund  15 

 


or changes in competitive practices in the mutual fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of your fund.

Under its management contract, your fund has the benefit of breakpoints in its management fee schedule that provide shareholders with economies of scale in the form of reduced fee levels as assets under management in the Putnam family of funds increase. The Trustees concluded that the fee schedule in effect for your fund represented an appropriate sharing of economies of scale between fund shareholders and Putnam Management.

As in the past, the Trustees also focused on the competitiveness of each fund’s total expense ratio. In order to ensure that expenses of the Putnam funds continue to meet competitive standards, the Trustees and Putnam Management have implemented certain expense limitations. These expense limitations were: (i) a contractual expense limitation applicable to all retail open-end funds of 32 basis points on investor servicing fees and expenses and (ii) a contractual expense limitation applicable to all open-end funds of 20 basis points on so-called “other expenses” (i.e., all expenses exclusive of management fees, investor servicing fees, distribution fees, investment-related expenses, interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses). These expense limitations serve in particular to maintain competitive expense levels for funds with large numbers of small shareholder accounts and funds with relatively small net assets. Most funds had sufficiently low expenses that these expense limitations did not apply. However, in the case of your fund, the second of the expense limitations applied during its fiscal year ending in 2012. Putnam Management’s support for these expense limitations was an important factor in the Trustees’ decision to approve the continuance of your fund’s management, sub-management and sub-advisory contracts.

The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by Lipper Inc. This comparative information included your fund’s percentile ranking for effective management fees and total expenses (excluding any applicable 12b-1 fee), which provides a general indication of your fund’s relative standing. In the custom peer group, your fund ranked in the first quintile in effective management fees (determined for your fund and the other funds in the custom peer group based on fund asset size and the applicable contractual management fee schedule) and in the third quintile in total expenses (excluding any applicable 12b-1 fees) as of December 31, 2012 (the first quintile representing the least expensive funds and the fifth quintile the most expensive funds). The fee and expense data reported by Lipper as of December 31, 2012 reflected the most recent fiscal year-end data available in Lipper’s database at that time.

In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services provided and the profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management, investor servicing and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management’s revenues, expenses and profitability, allocated on a fund-by-fund basis, with respect to the funds’ management, distribution, and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability for each of the agreements separately and for

16  Dynamic Asset Allocation Equity Fund 

 


the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place represented reasonable compensation for the services being provided and represented an appropriate sharing of such economies of scale as may exist in the management of the Putnam funds at that time.

The information examined by the Trustees as part of their annual contract review for the Putnam funds has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, and the like. This information included comparisons of those fees with fees charged to the funds, as well as an assessment of the differences in the services provided to these different types of clients. The Trustees observed that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients may reflect historical competitive forces operating in separate markets. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to its institutional clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

Investment performance

The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under your fund’s management contract. The Trustees were assisted in their review of the Putnam funds’ investment process and performance by the work of the investment oversight committees of the Trustees, which meet on a regular basis with the funds’ portfolio teams and with the Chief Investment Officer and other senior members of Putnam Management’s Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them, and in general Putnam Management’s ability to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period.

The Trustees considered that 2012 was a year of strong competitive performance for many of the Putnam funds, with only a relatively small number of exceptions. They noted that this strong performance was exemplified by the fact that the Putnam funds were recognized by Barron’s as the best performing mutual fund complex for 2012 — the second time in four years that Putnam Management has achieved this distinction for the Putnam funds. They also noted, however, the disappointing investment performance of some funds for periods ended December 31, 2012 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these efforts and to evaluate whether additional actions to address areas of underperformance are warranted.

For purposes of evaluating investment performance, the Trustees generally focus on competitive industry rankings for the one-year, three-year, and five-year periods. For a number of Putnam funds with relatively unique

Dynamic Asset Allocation Equity Fund  17 

 


investment mandates, the Trustees evaluated performance based on comparisons of their total returns with the returns of selected investment benchmarks or targeted returns. In the case of your fund, which commenced operations on January 23, 2009, the Trustees considered information about the total return of your fund and your fund’s performance relative to its internal benchmark over the one-year and three-year periods ended December 31, 2012. Your fund’s class A shares’ return net of fees and expenses was positive over the one-year and three-year periods, exceeded the return of its benchmark over the one-year period, and trailed the return of its benchmark over the three-year period. The Trustees did not find any evidence of underperformance that would suggest a need for concern regarding the investment process for your fund. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)

The Trustees also considered a number of other changes that Putnam Management had made in recent years in efforts to support and improve fund performance generally. These changes included Putnam Management’s efforts to increase accountability and to reduce complexity in the portfolio management process for the Putnam equity funds by moving generally from a portfolio management team structure to a decision-making process that vests full authority and responsibility with individual portfolio managers and by affirming its commitment to a fundamental-driven approach to investing. The Trustees noted that Putnam Management had also worked to strengthen its fundamental research capabilities by adding new investment personnel to the large-cap equities research team and by bringing U.S. and international research under common leadership. In addition, the Trustees recognized that Putnam Management has adjusted the compensation structure for portfolio managers and research analysts so that only those who achieve top-quartile returns over a rolling three-year basis are eligible for full bonuses.

Brokerage and soft-dollar allocations; investor servicing

The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to Putnam Management in managing the assets of the fund and of other clients. Subject to policies established by the Trustees, soft dollars generated by these means are used primarily to acquire brokerage and research services that enhance Putnam Management’s investment capabilities and supplement Putnam Management’s internal research efforts. However, the Trustees noted that a portion of available soft dollars continues to be used to pay fund expenses. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Brokerage Committee and also indicated their continued intent to monitor the allocation of the Putnam funds’ brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.

Putnam Management may also receive benefits from payments that the funds make to Putnam Management’s affiliates for investor or distribution services. In conjunction with the annual review of your fund’s management, sub-management and sub-advisory contracts, the Trustees reviewed your fund’s investor servicing agreement with Putnam Investor Services, Inc. (“PSERV”) and its distributor’s contracts and distribution plans with Putnam Retail Management Limited Partnership

18  Dynamic Asset Allocation Equity Fund 

 


(“PRM”), both of which are affiliates of Putnam Management. The Trustees concluded that the fees payable by the funds to PSERV and PRM, as applicable, for such services are reasonable in relation to the nature and quality of such services, the fees paid by competitive funds, and the costs incurred by PSERV and PRM, as applicable, in providing such services.

Consideration of your fund’s interim management contract and the continuance of the fund’s sub-management and sub-advisory contract

Following the Trustees’ approval of the continuance of your fund’s management, sub-management and sub-advisory contracts, on October 8, 2013, The Honourable Paul G. Desmarais passed away. Mr. Desmarais, both directly and through holding companies, controlled a majority of the voting shares of Power Corporation of Canada, the ultimate parent company of Putnam Management. Upon his death, Mr. Desmarais’ voting control of shares of Power Corporation of Canada was transferred to The Desmarais Family Residuary Trust (the “Transfer”). As a technical matter, the Transfer may have constituted an “assignment” within the meaning of the Investment Company Act of 1940, causing the fund’s existing management, sub-management and sub-advisory contracts to terminate automatically. On October 18, 2013, the Trustees approved your fund’s interim management contract and the continuance of your fund’s sub-management and sub-advisory contracts to address this possibility and to avoid disruption of investment advisory and other services provided to your fund. At a subsequent meeting on November 22, 2013, the Trustees, including all of the Independent Trustees, approved new definitive management contracts between the Putnam funds and Putnam Management and determined to recommend their approval to the shareholders of the Putnam funds at a shareholder meeting called for February 27, 2014. Further information regarding the proposed new management contract is included in a proxy statement filed with the SEC on December 20, 2013. The proxy statement was mailed to shareholders of record beginning on or about December 23, 2013.

In considering whether to approve your fund’s interim management contract and new definitive management contract and the continuance of your fund’s sub-management and sub-advisory contracts, the Trustees took into account that they had most recently approved the annual continuation of the fund’s previous management, sub-management and sub-advisory contracts at their meeting in June 2013, as described above. The Trustees considered that the terms of the interim management contract and new definitive management contract were identical to the previous management contract, except for the effective dates and initial terms and for certain non-substantive changes. They also considered that the sub-management and sub-advisory contracts were identical to the previous sub-management and sub-advisory contracts, respectively, except for the effective dates and initial terms. Because the proposed contracts were substantially identical to the previous versions of these contracts approved by the Trustees at their June 2013 meeting, the Trustees relied to a considerable extent on their prior approval of these contracts. In addition, the Trustees considered a number other factors relating to the Transfer, including, but not limited to, the following:

• Information about the operations of The  Desmarais Family Residuary Trust, including that Paul Desmarais, Jr. and André  Desmarais, Mr. Desmarais’ sons, were expected to exercise, jointly, voting control over the Power Corporation of Canada shares controlled by The Desmarais Family Residuary Trust.

Dynamic Asset Allocation Equity Fund  19 

 


• That Paul Desmarais, Jr. and André Desmarais had been playing active managerial roles at Power Corporation of Canada, with responsibility for the oversight of Power Corporation of Canada’s subsidiaries, including Putnam Investments, since Power Corporation of Canada had acquired Putnam Investments in 2007, including serving as Directors of Putnam Investments, and that the Transfer would not affect their responsibilities as officers of Power Corporation of Canada.

• The intention expressed by representatives of Power Corporation of Canada and its subsidiaries, Power Financial Corporation and Great-West Lifeco, that there would be no change to the operations or management of Putnam Investments, to Putnam Management’s management of the funds or to investment, advisory and other services provided to the funds by Putnam Management and its affiliates as a result of the Transfer.

• Putnam Management’s assurances that, following the Transfer, Putnam Management would continue to provide the same level of services to each fund and that the Transfer will not have an adverse impact on the ability of Putnam Management and its affiliates to continue to provide high quality investment advisory and other services to the funds.

• Putnam Management’s assurances that there are no current plans to make any changes to the operations of the funds, existing management fees, expense limitations, distribution arrangements, or the quality of any services provided to the funds or their shareholders, as a result of the Transfer.

• The benefits that the funds have received and may potentially receive as a result of Putnam Management being a member of the Power Corporation of Canada group of companies, which promotes the stability of the Putnam organization.

20  Dynamic Asset Allocation Equity Fund 

 


Financial statements

A guide to financial statements

These sections of the report, as well as the accompanying Notes, constitute the fund’s financial statements.

The fund’s portfolio lists all the fund’s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.

Statement of assets and liabilities shows how the fund’s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share, which is calculated separately for each class of shares. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)

Statement of operations shows the fund’s net investment gain or loss. This is done by first adding up all the fund’s earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal period.

Statement of changes in net assets shows how the fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal year.

Financial highlights provide an overview of the fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.

Dynamic Asset Allocation Equity Fund  21 

 


The fund’s portfolio 11/30/13 (Unaudited)

COMMON STOCKS (94.5%)*  Shares  Value 
 
Advertising and marketing services (—%)     
ValueClick, Inc. †  232  $4,965 
    4,965 
Aerospace and defense (3.5%)     
Alliant Techsystems, Inc.  77  9,335 
Astronics Corp. †  86  4,497 
Boeing Co. (The)  2,450  328,913 
Embraer SA ADR (Brazil)  251  7,784 
European Aeronautic Defence and Space Co. (France)  844  59,827 
General Dynamics Corp.  1,234  113,108 
HEICO Corp.  76  4,338 
IHI Corp. (Japan)  5,000  20,889 
Lockheed Martin Corp.  1,002  141,953 
Northrop Grumman Corp.  1,035  116,624 
Raytheon Co.  1,335  118,388 
    925,656 
Agriculture (—%)     
Andersons, Inc. (The)  61  5,189 
Archer Daniels-Midland Co.  104  4,186 
S&W Seed Co. †  385  2,210 
    11,585 
Airlines (1.0%)     
Delta Air Lines, Inc.  3,950  114,471 
Hawaiian Holdings, Inc. †  558  5,089 
International Consolidated Airlines Group SA (Spain) †  4,546  27,273 
Republic Airways Holdings, Inc. †  347  3,907 
SkyWest, Inc.  269  4,546 
Southwest Airlines Co.  3,649  67,835 
Spirit Airlines, Inc. †  287  13,165 
US Airways Group, Inc. †  553  12,984 
    249,270 
Automotive (1.0%)     
Bayerische Motoren Werke (BMW) AG (Germany)  204  23,436 
China ZhengTong Auto Services Holdings, Ltd. (China) †  13,000  8,837 
Daihatsu Motor Co., Ltd. (Japan)  1,000  18,293 
Fuji Heavy Industries, Ltd. (Japan)  1,500  42,345 
Hino Motors, Ltd. (Japan)  2,000  30,982 
Hyundai Motor Co. (South Korea)  33  7,858 
Kia Motors Corp. (South Korea)  251  14,325 
Lear Corp.  574  47,590 
Navistar International Corp. †  139  5,586 
Renault SA (France)  232  20,524 
Tata Motors, Ltd. (India)  1,948  12,429 
Toyota Motor Corp. (Japan)  600  37,366 
    269,571 
Banking (7.4%)     
Access National Corp.  158  2,490 
Associated Banc-Corp.  1,505  25,946 
Australia & New Zealand Banking Group, Ltd. (Australia)  726  21,081 
Banco Bilbao Vizcaya Argentaria SA (BBVA) (Spain)  1,762  21,044 

 

22  Dynamic Asset Allocation Equity Fund 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Banking cont.     
Banco Latinoamericano de Exportaciones SA Class E (Panama)  360  $9,698 
Banco Santander Central Hispano SA (Spain)  3,356  29,766 
Bangkok Bank PCL NVDR (Thailand)  2,400  14,052 
Bank Mandiri (Persero) Tbk PT (Indonesia)  13,000  8,313 
Bank Millennium SA (Poland) †  3,160  7,693 
Bank of Kentucky Financial Corp.  97  3,282 
Bank of Yokohama, Ltd. (The) (Japan)  4,000  21,904 
Barclays PLC (United Kingdom)  2,244  9,942 
BNP Paribas SA (France)  346  25,902 
BofI Holding, Inc. †  145  11,884 
Cardinal Financial Corp.  300  5,319 
China Construction Bank Corp. (China)  23,000  18,631 
Citizens & Northern Corp.  189  3,909 
City National Corp.  393  30,009 
Commonwealth Bank of Australia (Australia)  930  65,877 
Credicorp, Ltd. (Peru)  104  13,364 
Credit Agricole SA (France) †  2,295  28,694 
Credit Suisse Group AG (Switzerland)  421  12,490 
DBS Group Holdings, Ltd. (Singapore)  2,000  27,382 
Dubai Islamic Bank PJSC (United Arab Emirates) †  1,914  2,315 
Eagle Bancorp, Inc.  172  5,609 
East West Bancorp, Inc.  247  8,467 
Erste Group Bank AG (Czech Republic)  255  8,961 
Fifth Third Bancorp  5,220  106,070 
Financial Institutions, Inc.  199  5,114 
First Community Bancshares Inc.  194  3,381 
First Gulf Bank (United Arab Emirates)  823  3,809 
FirstMerit Corp.  237  5,442 
Flushing Financial Corp.  211  4,560 
Grupo Financiero Banorte SAB de CV (Mexico)  3,429  23,386 
Hang Seng Bank, Ltd. (Hong Kong)  1,400  22,844 
Hanmi Financial Corp.  404  8,306 
Heartland Financial USA, Inc.  130  3,875 
Heritage Financial Group, Inc.  191  3,375 
HSBC Holdings PLC (United Kingdom)  5,619  62,761 
Industrial and Commercial Bank of China, Ltd. (China)  17,000  12,214 
Itau Unibanco Holding SA ADR (Preference) (Brazil)  657  9,244 
Jammu & Kashmir Bank, Ltd. (India)  470  9,151 
Joyo Bank, Ltd. (The) (Japan)  4,000  20,421 
JPMorgan Chase & Co.  7,118  407,292 
Lloyds Banking Group PLC (United Kingdom) †  41,362  52,205 
MainSource Financial Group, Inc.  297  5,340 
Mitsubishi UFJ Financial Group (MUFG), Inc. (Japan)  4,400  28,304 
National Australia Bank, Ltd. (Australia)  752  23,670 
Northern Trust Corp.  1,043  61,527 
OFG Bancorp (Puerto Rico)  189  3,251 
Pacific Premier Bancorp, Inc. †  199  2,893 
PacWest Bancorp  171  7,035 

 

Dynamic Asset Allocation Equity Fund  23 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Banking cont.     
Peoples Bancorp, Inc.  188  $4,504 
Philippine National Bank (Philippines) †  4,820  9,205 
PNC Financial Services Group, Inc.  1,828  140,665 
Popular, Inc. (Puerto Rico) †  1,052  30,066 
Powszechna Kasa Oszczednosci Bank Polski SA (Poland)  787  10,447 
Qatar National Bank SAQ (Qatar) †  86  4,063 
Republic Bancorp, Inc. Class A  120  2,978 
Resona Holdings, Inc. (Japan)  6,800  33,720 
Sberbank of Russia ADR (Russia)  1,852  22,953 
Skandinaviska Enskilda Banken AB (Sweden)  1,875  22,686 
State Street Corp.  1,812  131,569 
Sumitomo Mitsui Financial Group, Inc. (Japan)  400  19,796 
Swedbank AB Class A (Sweden)  904  23,058 
Toronto-Dominion Bank (Canada)  510  46,619 
Wells Fargo & Co.  1,546  68,055 
Westpac Banking Corp. (Australia)  834  24,961 
    1,934,839 
Basic materials (0.1%)     
Sumitomo Metal Mining Co., Ltd. (Japan)  1,000  13,305 
    13,305 
Beverage (0.8%)     
AMBEV SA ADR (Brazil)  2,115  15,989 
Anheuser-Busch InBev NV (Belgium)  267  27,195 
Coca-Cola Co. (The)  955  38,381 
Constellation Brands, Inc. Class A †  619  43,584 
Diageo PLC (United Kingdom)  651  20,749 
Fomento Economico Mexicano SAB de CV ADR (Mexico)  106  10,065 
Heineken Holding NV (Netherlands)  335  21,076 
Molson Coors Brewing Co. Class B  542  28,547 
SABMiller PLC (United Kingdom)  294  15,148 
    220,734 
Biotechnology (1.7%)     
Aegerion Pharmaceuticals, Inc. †  27  1,915 
Amgen, Inc.  1,739  198,385 
Auxilium Pharmaceuticals, Inc. †  222  4,531 
Celgene Corp. †  1,114  180,212 
Cubist Pharmaceuticals, Inc. †  192  13,154 
Exact Sciences Corp. †  231  2,837 
Incyte Corp., Ltd. †  56  2,610 
Lexicon Pharmaceuticals, Inc. †  595  1,428 
Medicines Co. (The) †  170  6,224 
Nanosphere, Inc. †  1,055  2,427 
NewLink Genetics Corp. †  94  2,115 
NPS Pharmaceuticals, Inc. †  111  2,932 
PDL BioPharma, Inc.  128  1,251 
Repligen Corp. †  209  2,815 
Sequenom, Inc. †  695  1,828 
Spectrum Pharmaceuticals, Inc.  271  2,610 
United Therapeutics Corp. †  308  28,431 
    455,705 

 

24  Dynamic Asset Allocation Equity Fund 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Broadcasting (0.2%)     
Global Mediacom Tbk PT (Indonesia)  39,500  $6,439 
ITV PLC (United Kingdom)  9,559  29,713 
LIN Media, LLC Class A †  231  6,038 
Sinclair Broadcast Group, Inc. Class A  412  13,522 
Sun TV Network, Ltd. (India)  1,297  7,679 
    63,391 
Cable television (1.7%)     
Comcast Corp. Class A  6,305  314,430 
DISH Network Corp. Class A  1,003  54,322 
HSN, Inc.  83  4,764 
IAC/InterActiveCorp.  1,080  61,787 
    435,303 
Capital goods (—%)     
Stoneridge, Inc. †  462  5,964 
    5,964 
Chemicals (3.4%)     
Agrium, Inc. (Canada)  24  2,162 
American Vanguard Corp.  23  661 
Asahi Kasei Corp. (Japan)  4,000  31,549 
Axiall Corp.  286  12,956 
BASF SE (Germany)  295  31,497 
Cambrex Corp. †  474  9,243 
CF Industries Holdings, Inc.  240  52,171 
Chemtura Corp. †  539  14,230 
China BlueChemical, Ltd. (China)  10,000  6,785 
Cytec Industries, Inc.  216  19,328 
Eastman Chemical Co.  572  44,061 
Huntsman Corp.  837  19,192 
Innophos Holdings, Inc.  116  5,566 
Innospec, Inc.  149  7,258 
Intrepid Potash, Inc.  61  942 
Johnson Matthey PLC (United Kingdom)  841  43,568 
Koppers Holdings, Inc.  50  2,369 
Kraton Performance Polymers, Inc. †  146  3,400 
Landec Corp. †  367  4,309 
LG Chemical, Ltd. (South Korea)  39  10,705 
LSB Industries, Inc. †  250  8,020 
LyondellBasell Industries NV Class A  1,067  82,351 
Mexichem SAB de CV (Mexico)  1,670  7,051 
Minerals Technologies, Inc.  56  3,326 
Monsanto Co.  1,535  173,962 
Mosaic Co. (The)  38  1,820 
OM Group, Inc. †  131  4,315 
Potash Corp. of Saskatchewan, Inc. (Canada)  115  3,640 
PPG Industries, Inc.  418  76,937 
PTT Global Chemical PCL (Thailand)  4,700  11,161 
Sherwin-Williams Co. (The)  305  55,824 
Sumitomo Chemical Co., Ltd. (Japan)  8,000  32,173 
Syngenta AG (Switzerland)  75  29,399 

 

Dynamic Asset Allocation Equity Fund  25 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Chemicals cont.     
Tronox, Ltd. Class A  120  $2,550 
Ultrapar Participacoes SA (Brazil)  249  6,190 
Valspar Corp.  380  26,832 
W.R. Grace & Co. †  331  31,786 
Zep, Inc.  317  6,105 
    885,394 
Coal (0.2%)     
Alpha Natural Resources, Inc. †  3,262  21,790 
Coal India, Ltd. (India)  1,469  6,393 
Peabody Energy Corp.  1,115  20,293 
    48,476 
Commercial and consumer services (2.4%)     
ADT Corp. (The)  1,038  42,101 
Ascent Capital Group, Inc. Class A †  25  2,150 
Babcock International Group PLC (United Kingdom)  1,100  23,576 
Bureau Veritas SA (France)  638  18,927 
Compass Group PLC (United Kingdom)  1,376  20,733 
Corporate Executive Board Co. (The)  50  3,682 
Ctrip.com International, Ltd. ADR (China) †  136  6,498 
Deluxe Corp.  273  13,565 
Expedia, Inc.  479  30,508 
Experian Group, Ltd. (United Kingdom)  863  15,913 
Global Cash Access Holdings, Inc. †  415  4,046 
Grana y Montero SA ADR (Peru) †  245  4,827 
Green Dot Corp. Class A †  171  4,147 
Hana Tour Service, Inc. (South Korea)  159  9,766 
Harbinger Group, Inc. †  872  10,464 
LifeLock, Inc. †  136  2,342 
MAXIMUS, Inc.  67  3,049 
McGraw-Hill Cos., Inc. (The)  1,149  85,601 
Pitney Bowes, Inc.  262  6,071 
Priceline.com, Inc. †  176  209,850 
Randstad Holding NV (Netherlands)  118  7,333 
Total Systems Services, Inc.  2,138  66,385 
URS Corp.  423  21,983 
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento     
e Identificacao SA (Brazil)  386  6,052 
    619,569 
Communications equipment (0.9%)     
Cisco Systems, Inc.  10,120  215,050 
Plantronics, Inc.  44  1,968 
RF Micro Devices, Inc. †  1,673  8,833 
    225,851 
Computers (3.8%)     
Actuate Corp. †  1,032  8,112 
Anixter International, Inc. †  116  10,254 
Apple, Inc.  1,162  646,153 
Aspen Technology, Inc. †  177  6,997 
AVG Technologies NV (Netherlands) †  178  3,076 
Bottomline Technologies, Inc. †  68  2,351 

 

26  Dynamic Asset Allocation Equity Fund 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Computers cont.     
Brady Corp. Class A  229  $7,175 
Brocade Communications Systems, Inc. †  3,945  34,677 
Calix, Inc. †  167  1,710 
Commvault Systems, Inc. †  71  5,314 
Cornerstone OnDemand, Inc. †  103  5,193 
EMC Corp.  4,526  107,945 
HCL Technologies, Ltd. (India)  685  11,904 
inContact, Inc. †  279  2,093 
Infoblox, Inc. †  112  3,559 
Lexmark International, Inc. Class A  749  26,492 
MTS Systems Corp.  50  3,487 
Netscout Systems, Inc. †  129  3,925 
Procera Networks, Inc. †  223  3,405 
Quantum Corp. †  2,434  3,043 
Riverbed Technology, Inc. †  1,066  18,442 
Silicon Graphics International Corp. †  150  1,998 
SS&C Technologies Holdings, Inc. †  161  6,941 
Synaptics, Inc. †  123  6,213 
VeriFone Systems, Inc. †  169  4,328 
Verint Systems, Inc. †  109  4,133 
Western Digital Corp.  827  62,058 
    1,000,978 
Conglomerates (1.9%)     
AMETEK, Inc.  1,127  55,471 
Danaher Corp.  2,121  158,651 
Exor SpA (Italy)  294  11,516 
General Electric Co.  5,232  139,485 
Marubeni Corp. (Japan)  1,000  7,253 
Siemens AG (Germany)  376  49,674 
Tyco International, Ltd.  1,979  75,479 
    497,529 
Construction (0.7%)     
Cemex Latam Holdings SA (Colombia) †  824  6,107 
Cemex SAB de CV ADR (Mexico)  690  7,542 
Chicago Bridge & Iron Co., NV  537  41,177 
China Singyes Solar Technologies Holdings, Ltd. (China)  7,000  7,991 
China State Construction International Holdings, Ltd. (China)  4,000  7,027 
Fortune Brands Home & Security, Inc.  865  37,714 
Holcim, Ltd. (Switzerland)  114  8,239 
Koninklijke Boskalis Westminster NV (Netherlands)  339  16,888 
Mota-Engil SGPS SA (Portugal)  1,048  6,324 
Trex Co., Inc. †  165  11,944 
Wendel SA (France)  168  23,267 
    174,220 
Consumer (0.2%)     
Blyth, Inc.  142  1,774 
SodaStream International, Ltd. (Israel) †  35  2,012 
Swatch Group AG (The) (Switzerland)  182  20,278 
Swatch Group AG (The) (Switzerland)  27  17,665 
    41,729 

 

Dynamic Asset Allocation Equity Fund  27 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Consumer finance (0.7%)     
DFC Global Corp. †  341  $3,413 
Discover Financial Services  1,964  104,681 
Encore Capital Group, Inc. †  228  10,873 
Housing Development Finance Corp., Ltd. (HDFC) (India)  1,712  22,569 
Nelnet, Inc. Class A  183  8,235 
Ocwen Financial Corp. †  110  6,233 
PHH Corp. †  166  3,991 
Portfolio Recovery Associates, Inc. †  192  11,213 
Walter Investment Management Corp. †  79  3,012 
    174,220 
Consumer goods (2.1%)     
Colgate-Palmolive Co.  1,339  88,120 
Kao Corp. (Japan)  300  9,854 
L’Oreal SA (France)  187  31,253 
Prestige Brands Holdings, Inc. †  222  7,823 
Procter & Gamble Co. (The)  4,622  389,265 
Reckitt Benckiser Group PLC (United Kingdom)  233  18,673 
    544,988 
Consumer services (0.4%)     
Angie’s List, Inc. †  38  495 
Blue Nile, Inc. †  79  3,639 
Geo Group, Inc. (The)  148  4,854 
Liberty Interactive Corp. Class A †  2,526  70,930 
OpenTable, Inc. †  41  3,426 
Shutterfly, Inc. †  39  1,842 
TrueBlue, Inc. †  709  18,108 
zulily, Inc. Class A †  32  1,120 
    104,414 
Containers (0.1%)     
Ball Corp.  620  30,988 
    30,988 
Distribution (0.1%)     
Beacon Roofing Supply, Inc. †  103  3,830 
Core-Mark Holding Co., Inc.  87  6,422 
MWI Veterinary Supply, Inc. †  44  8,015 
Pool Corp.  57  3,194 
Spartan Stores, Inc.  156  3,619 
United Natural Foods, Inc. †  57  3,924 
    29,004 
Electric utilities (1.5%)     
AES Corp.  2,964  43,185 
American Electric Power Co., Inc.  1,784  83,955 
China Resources Power Holdings Co., Ltd. (China)  2,000  4,840 
Chubu Electric Power Co., Inc. (Japan)  400  5,404 
CMS Energy Corp.  668  17,729 
Enel SpA (Italy)  4,308  19,494 
Entergy Corp.  735  45,489 
GDF Suez (France)  1,008  23,333 
Kansai Electric Power, Inc. (Japan) †  2,400  27,246 
PG&E Corp.  1,324  53,450 

 

28  Dynamic Asset Allocation Equity Fund 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Electric utilities cont.     
PPL Corp.  800  $24,568 
Red Electrica Corporacion SA (Spain)  495  31,698 
Tenaga Nasional Bhd (Malaysia)  4,300  13,155 
    393,546 
Electrical equipment (0.2%)     
ABB, Ltd. (Switzerland)  1,202  30,732 
Hermes Microvision, Inc. (Taiwan)  75  2,334 
II-VI, Inc. †  438  7,161 
WESCO International, Inc. †  81  6,964 
    47,191 
Electronics (2.1%)     
Avnet, Inc.  772  30,803 
Broadcom Corp. Class A  1,543  41,183 
Casetek Holdings, Ltd. (Taiwan)  2,000  10,610 
Cavium, Inc. †  54  1,955 
Ceva, Inc. †  169  2,702 
Cirrus Logic, Inc. †  305  6,155 
EnerSys  203  14,484 
Fairchild Semiconductor International, Inc. †  194  2,470 
FEI Co.  85  7,739 
GenMark Diagnostics, Inc. †  701  8,342 
Inotera Memories, Inc. (Taiwan) †  13,000  9,269 
Integrated Silicon Solutions, Inc. †  630  7,459 
Keyence Corp. (Japan)  100  40,168 
L-3 Communications Holdings, Inc.  469  48,523 
Marvell Technology Group, Ltd.  2,560  36,429 
Mellanox Technologies, Ltd. (Israel) †  78  3,037 
Mentor Graphics Corp.  484  10,902 
Microsemi Corp. †  128  3,127 
NVIDIA Corp.  2,456  38,314 
Omnivision Technologies, Inc. †  365  5,851 
Omron Corp. (Japan)  800  32,915 
Radiant Opto-Electronics Corp. (Taiwan)  2,090  7,451 
Rockwell Automation, Inc.  634  72,010 
Samsung Electronics Co., Ltd. (South Korea)  55  77,643 
Semtech Corp. †  124  3,685 
Silicon Image, Inc. †  827  4,482 
SK Hynix, Inc. (South Korea) †  290  9,700 
Sparton Corp. †  181  4,663 
    542,071 
Energy (oil field) (1.4%)     
Helix Energy Solutions Group, Inc. †  187  4,153 
Key Energy Services, Inc. †  804  6,303 
Oceaneering International, Inc.  463  35,739 
Oil States International, Inc. †  260  26,611 
Schlumberger, Ltd.  3,165  279,849 
SPT Energy Group, Inc. (China)  12,000  8,266 
    360,921 

 

Dynamic Asset Allocation Equity Fund  29 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Energy (other) (0.1%)     
AMEC PLC (United Kingdom)  1,354  $25,029 
FutureFuel Corp.  559  9,346 
    34,375 
Engineering and construction (0.6%)     
Aecom Technology Corp. †  645  18,744 
China Railway Group, Ltd. (China)  21,000  12,108 
Daelim Industrial Co., Ltd. (South Korea)  153  14,529 
JGC Corp. (Japan)  1,000  37,239 
KBR, Inc.  797  26,963 
McDermott International, Inc. †  1,173  9,560 
Singapore Technologies Engineering, Ltd. (Singapore)  6,000  19,317 
Vinci SA (France)  401  25,736 
    164,196 
Entertainment (0.2%)     
Carmike Cinemas, Inc. †  230  5,506 
CJ CGV Co., Ltd. (South Korea)  229  10,419 
Panasonic Corp. (Japan) †  2,100  24,086 
TiVo, Inc. †  237  3,041 
Town Sports International Holdings, Inc.  328  4,510 
Vail Resorts, Inc.  44  3,335 
VOXX International Corp. †  563  10,044 
    60,941 
Environmental (0.1%)     
Coway Co., Ltd. (South Korea)  171  10,697 
Mine Safety Appliances Co.  75  3,737 
    14,434 
Financial (0.8%)     
3i Group PLC (United Kingdom)  3,458  20,908 
CIT Group, Inc.  1,298  65,523 
CoreLogic, Inc. †  1,594  56,157 
Credit Acceptance Corp. †  53  6,845 
Nasdaq OMX Group, Inc. (The)  1,058  41,569 
WageWorks, Inc. †  136  7,793 
    198,795 
Food (1.8%)     
Boulder Brands, Inc. †  100  1,531 
Bunge, Ltd.  18  1,442 
Calbee, Inc. (Japan)  1,000  25,360 
Carrefour SA (France)  673  26,471 
Chaoda Modern Agriculture Holdings, Ltd. (China) † F  2,000  129 
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR     
(Preference) (Brazil)  308  14,501 
Distribuidora Internacional de Alimentacion SA (Spain)  1,907  17,453 
General Mills, Inc.  1,718  86,639 
Hain Celestial Group, Inc. (The) †  28  2,315 
Ingredion, Inc.  32  2,213 
Jeronimo Martins SGPS SA (Portugal)  335  6,904 
JM Smucker Co. (The)  378  39,403 
Kraft Foods Group, Inc.  1,590  84,461 
Lindt & Spruengli AG (Switzerland)  7  30,215 

 

30  Dynamic Asset Allocation Equity Fund 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Food cont.     
Magnit OJSC (Russia)  48  $13,322 
Nestle SA (Switzerland)  1,034  75,462 
Shoprite Holdings, Ltd. (South Africa)  335  5,882 
Suedzucker AG (Germany)  523  13,184 
Unilever PLC (United Kingdom)  391  15,778 
    462,665 
Forest products and packaging (0.3%)     
Amcor, Ltd. (Australia)  1,444  14,511 
Bemis Co., Inc.  456  17,798 
Domtar Corp. (Canada)  175  14,964 
KapStone Paper and Packaging Corp.  130  6,926 
Louisiana-Pacific Corp. †  69  1,132 
Packaging Corp. of America  417  25,545 
    80,876 
Gaming and lottery (0.1%)     
OPAP SA (Greece)  1,214  16,130 
Penn National Gaming, Inc. †  610  8,808 
    24,938 
Health-care services (3.1%)     
Amedisys, Inc. †  178  2,898 
AmerisourceBergen Corp.  1,537  108,405 
AmSurg Corp. †  128  6,185 
athenahealth, Inc. †  20  2,623 
Bio-Reference Labs, Inc. †  52  1,518 
Centene Corp. †  39  2,329 
Chemed Corp.  158  12,313 
CIGNA Corp.  1,618  141,494 
Computer Programs & Systems, Inc.  34  2,092 
HCA Holdings, Inc.  1,143  53,058 
Health Net, Inc. †  120  3,666 
HealthSouth Corp.  181  6,478 
Isis Pharmaceuticals, Inc. †  70  2,713 
Kindred Healthcare, Inc.  265  4,463 
Magellan Health Services, Inc. †  46  2,815 
McKesson Corp.  1,227  203,547 
MedAssets, Inc. †  373  8,034 
Omega Healthcare Investors, Inc. R  110  3,596 
Providence Service Corp. (The) †  350  9,597 
Sinopharm Group Co. (China)  2,800  8,325 
Suzuken Co., Ltd. (Japan)  300  10,191 
Threshold Pharmaceuticals, Inc. †  495  2,440 
Triple-S Management Corp. Class B (Puerto Rico) †  97  1,965 
Ventas, Inc. R  829  47,112 
WellCare Health Plans, Inc. †  175  13,003 
WellPoint, Inc.  1,779  165,234 
    826,094 
Homebuilding (0.2%)     
PulteGroup, Inc.  1,852  34,744 
Ryland Group, Inc. (The)  241  9,524 
    44,268 

 

Dynamic Asset Allocation Equity Fund  31 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Household furniture and appliances (—%)     
La-Z-Boy, Inc.  137  $4,009 
Select Comfort Corp. †  246  5,193 
    9,202 
Insurance (4.3%)     
Ageas (Belgium)  668  28,100 
AIA Group, Ltd. (Hong Kong)  5,600  28,388 
Alleghany Corp. †  118  46,504 
Allianz SE (Germany)  225  38,977 
Allied World Assurance Co. Holdings AG  403  45,398 
American Equity Investment Life Holding Co.  379  8,986 
American Financial Group, Inc.  686  39,555 
American International Group, Inc.  3,479  173,080 
Amtrust Financial Services, Inc.  101  4,223 
Aon PLC  1,811  147,850 
Assicurazioni Generali SpA (Italy)  1,455  33,365 
AXA SA (France)  1,297  33,969 
Axis Capital Holdings, Ltd.  843  41,417 
Berkshire Hathaway, Inc. Class B †  508  59,197 
Cathay Financial Holding Co., Ltd. (Taiwan)  7,338  11,530 
China Pacific Insurance (Group) Co., Ltd. (China)  2,800  11,846 
CNO Financial Group, Inc.  403  6,819 
Fidelity National Financial, Inc. Class A  1,648  47,907 
Genworth Financial, Inc. Class A †  5,126  77,454 
Hanwha Life Insurance Co., Ltd. (South Korea)  1,830  12,537 
Insurance Australia Group, Ltd. (Australia)  5,301  29,193 
Legal & General Group PLC (United Kingdom)  6,228  21,790 
Maiden Holdings, Ltd. (Bermuda)  331  4,190 
Muenchener Rueckversicherungs AG (Germany)  84  18,370 
PartnerRe, Ltd.  471  48,466 
Porto Seguro SA (Brazil)  398  5,035 
ProAssurance Corp.  127  6,106 
Protective Life Corp.  848  40,687 
Prudential PLC (United Kingdom)  704  15,038 
Stewart Information Services Corp.  292  9,303 
Symetra Financial Corp.  331  6,345 
Validus Holdings, Ltd.  822  32,921 
    1,134,546 
Investment banking/Brokerage (1.3%)     
Deutsche Bank AG (Germany)  554  26,727 
Eaton Vance Corp.  871  36,417 
Goldman Sachs Group, Inc. (The)  1,428  241,246 
Greenhill & Co., Inc.  53  2,900 
Investor AB Class B (Sweden)  631  20,581 
UBS AG (Switzerland)  1,281  24,349 
    352,220 
Leisure (—%)     
Brunswick Corp.  216  9,871 
    9,871 

 

32  Dynamic Asset Allocation Equity Fund 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Lodging/Tourism (0.7%)     
Grand Korea Leisure Co., Ltd. (South Korea)  300  $11,410 
Marcus Corp.  378  5,515 
MGM China Holdings, Ltd. (Hong Kong)  5,200  18,513 
SJM Holdings, Ltd. (Hong Kong)  7,000  22,438 
Wyndham Worldwide Corp.  739  52,994 
Wynn Resorts, Ltd.  377  62,533 
    173,403 
Machinery (0.9%)     
AGCO Corp.  69  4,021 
Altra Industrial Motion Corp.  305  9,266 
Chart Industries, Inc. †  115  11,190 
CNH Industrial NV †  225  2,549 
Cummins, Inc.  763  100,991 
Deere & Co.  40  3,370 
DXP Enterprises, Inc. †  61  5,977 
Franklin Electric Co., Inc.  211  9,390 
Hyster-Yale Materials Holdings, Inc.  54  4,501 
Kadant, Inc.  172  7,124 
Lindsay Corp.  29  2,215 
NACCO Industries, Inc. Class A  27  1,748 
NSK, Ltd. (Japan)  3,000  35,434 
Terex Corp. †  638  23,172 
THK Co., Ltd. (Japan)  700  16,966 
    237,914 
Manufacturing (0.8%)     
AZZ, Inc.  152  7,430 
Chase Corp.  156  4,970 
Generac Holdings, Inc.  185  9,853 
Greenbrier Cos., Inc. (The) †  377  11,781 
IMI PLC (United Kingdom)  1,355  32,464 
Ingersoll-Rand PLC  1,272  90,845 
Leggett & Platt, Inc.  827  24,983 
Polypore International, Inc. †  46  1,747 
Standex International Corp.  81  4,773 
TriMas Corp. †  396  14,486 
    203,332 
Media (0.1%)     
Demand Media, Inc. †  282  1,554 
Naspers, Ltd. Class N (South Africa)  162  15,405 
    16,959 
Medical technology (1.3%)     
Abaxis, Inc.  48  1,727 
Accuray, Inc. †  453  3,615 
Alere, Inc. †  235  7,689 
Align Technology, Inc. †  74  4,043 
Coloplast A/S Class B (Denmark)  496  32,529 
Conmed Corp.  267  10,870 
Cyberonics, Inc. †  42  2,886 
DexCom, Inc. †  85  2,813 
Globus Medical, Inc. Class A †  189  3,640 

 

Dynamic Asset Allocation Equity Fund  33 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Medical technology cont.     
Greatbatch, Inc. †  340  $13,813 
Haemonetics Corp. †  88  3,719 
Hill-Rom Holdings, Inc.  204  8,448 
Insulet Corp. †  135  4,998 
NxStage Medical, Inc. †  204  2,083 
OraSure Technologies, Inc. †  648  3,985 
St. Jude Medical, Inc.  1,879  109,770 
STAAR Surgical Co. †  546  6,891 
Steris Corp.  93  4,291 
TearLab Corp. †  128  1,199 
Thoratec Corp. †  79  3,110 
Trinity Biotech PLC ADR (Ireland)  162  4,152 
Zimmer Holdings, Inc.  1,054  96,346 
    332,617 
Metals (0.8%)     
Assa Abloy AB Class B (Sweden)  604  30,486 
BHP Billiton PLC (United Kingdom)  731  22,186 
BHP Billiton, Ltd. (Australia)  1,237  42,100 
Horsehead Holding Corp. † S  567  8,488 
L.B. Foster Co. Class A  100  4,687 
NN, Inc.  400  7,980 
Rio Tinto PLC (United Kingdom)  312  16,572 
Rio Tinto, Ltd. (Australia)  406  24,412 
Vale SA ADR (Brazil)  425  6,511 
Vale SA ADR (Preference) (Brazil)  330  4,630 
voestalpine AG (Austria)  645  32,039 
    200,091 
Natural gas utilities (0.6%)     
Centrica PLC (United Kingdom)  4,477  24,777 
China Resources Gas Group, Ltd. (China)  4,000  12,280 
ENI SpA (Italy)  1,136  27,321 
Kinder Morgan, Inc.  1,684  59,849 
UGI Corp.  584  23,512 
    147,739 
Office equipment and supplies (0.3%)     
Avery Dennison Corp.  571  27,922 
Staples, Inc.  3,413  53,004 
    80,926 
Oil and gas (6.8%)     
BP PLC (United Kingdom)  6,153  48,445 
Cabot Oil & Gas Corp.  1,609  55,430 
Callon Petroleum Co. †  1,043  6,936 
Chevron Corp.  904  110,686 
CNOOC, Ltd. (China)  11,000  22,532 
ConocoPhillips  3,341  243,225 
Delek US Holdings, Inc.  358  10,833 
EPL Oil & Gas, Inc. †  264  7,564 
Exxon Mobil Corp.  3,266  305,305 
Ezion Holdings, Ltd. (Singapore)  6,000  10,041 
Gazprom Neft OAO ADR (Russia)  287  6,463 

 

34  Dynamic Asset Allocation Equity Fund 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Oil and gas cont.     
Genel Energy PLC (Jersey) †  321  $5,579 
Gulfport Energy Corp. †  65  3,798 
Helmerich & Payne, Inc.  422  32,494 
HollyFrontier Corp.  787  37,760 
Kodiak Oil & Gas Corp. †  446  5,058 
Lukoil OAO ADR (Russia)  402  24,837 
Marathon Petroleum Corp.  1,114  92,172 
Occidental Petroleum Corp.  2,199  208,816 
ONEOK, Inc.  900  52,263 
Pacific Rubiales Energy Corp. (Colombia)  533  9,907 
Petroleo Brasileiro SA ADR (Preference) (Brazil)  545  9,014 
Phillips 66  1,882  131,006 
Repsol YPF SA (Spain)  612  16,070 
Rosetta Resources, Inc. †  63  3,186 
Royal Dutch Shell PLC Class A (United Kingdom)  1,173  39,229 
Royal Dutch Shell PLC Class B (United Kingdom)  1,068  37,390 
Statoil ASA (Norway)  1,057  23,864 
Stone Energy Corp. †  175  5,789 
Surgutneftegas OAO (Preference) (Russia)  18,864  13,376 
Swift Energy Co. †  232  3,088 
Tesoro Corp.  609  35,706 
Total SA (France)  769  46,542 
Unit Corp. †  81  3,901 
Vaalco Energy, Inc. †  552  3,340 
Valero Energy Corp.  1,862  85,131 
W&T Offshore, Inc.  178  3,062 
Woodside Petroleum, Ltd. (Australia)  461  15,694 
    1,775,532 
Pharmaceuticals (6.1%)     
AbbVie, Inc.  2,722  131,881 
ACADIA Pharmaceuticals, Inc. †  156  3,633 
Actavis PLC †  2  326 
Actelion, Ltd. (Switzerland)  278  23,101 
Alkermes PLC †  131  5,290 
Array BioPharma, Inc. †  446  2,551 
Aspen Pharmacare Holdings, Ltd. (South Africa)  319  8,207 
AstraZeneca PLC (United Kingdom)  859  49,238 
Bayer AG (Germany)  388  51,759 
Biospecifics Technologies Corp. †  82  1,820 
Bristol-Myers Squibb Co.  3,957  203,311 
Conatus Pharmaceuticals, Inc. †  64  408 
Eli Lilly & Co.  2,427  121,884 
Endo Health Solutions, Inc. †  519  34,872 
Gentium SpA ADR (Italy) †  366  19,845 
GlaxoSmithKline PLC (United Kingdom)  1,757  46,426 
Hisamitsu Pharmaceutical Co., Inc. (Japan)  300  15,901 
Insys Therapeutics, Inc. †  232  10,231 
Jazz Pharmaceuticals PLC †  440  51,445 

 

Dynamic Asset Allocation Equity Fund  35 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Pharmaceuticals cont.     
Johnson & Johnson  1,135  $107,438 
Merck & Co., Inc.  560  27,905 
Novartis AG (Switzerland)  507  40,010 
Novo Nordisk A/S Class B (Denmark)  135  24,120 
Orion OYJ Class B (Finland)  556  14,638 
Pfizer, Inc.  12,665  401,860 
Questcor Pharmaceuticals, Inc.  147  8,527 
Receptos, Inc. †  53  1,226 
Richter Gedeon Nyrt (Hungary)  428  8,656 
Roche Holding AG-Genusschein (Switzerland)  298  82,893 
Salix Pharmaceuticals, Ltd. †  622  52,752 
Sanofi (France)  365  38,551 
Santarus, Inc. †  69  2,220 
Sucampo Pharmaceuticals, Inc. Class A †  303  2,254 
    1,595,179 
Photography/Imaging (0.1%)     
Konica Minolta Holdings, Inc. (Japan)  2,500  25,209 
    25,209 
Publishing (0.1%)     
Gannett Co., Inc.  1,392  37,668 
    37,668 
Railroads (0.1%)     
Central Japan Railway Co. (Japan)  300  36,078 
    36,078 
Real estate (2.5%)     
AG Mortgage Investment Trust, Inc. R  92  1,457 
Agree Realty Corp. R  172  5,040 
American Capital Agency Corp. R  1,094  22,296 
Arlington Asset Investment Corp. Class A  111  2,965 
ARMOUR Residential REIT, Inc. R  494  1,932 
Ashford Hospitality Prime, Inc. † R  117  2,394 
Ashford Hospitality Trust, Inc. R  586  4,811 
AvalonBay Communities, Inc. R  292  34,620 
Bekasi Fajar Industrial Estate Tbk PT (Indonesia)  103,500  3,331 
CBL & Associates Properties, Inc. R  225  4,064 
Chimera Investment Corp. R  4,004  11,812 
China Overseas Grand Oceans Group, Ltd. (China)  6,000  6,362 
China Overseas Land & Investment, Ltd. (China)  3,000  9,326 
CoreSite Realty Corp. R  63  2,039 
CYS Investments, Inc. R  305  2,440 
Dexus Property Group (Australia) R  19,583  18,628 
Education Realty Trust, Inc. R  646  5,620 
EPR Properties R  93  4,677 
Federal Realty Investment Trust R  225  23,292 
First Industrial Realty Trust R  193  3,370 
Glimcher Realty Trust R  371  3,602 
GPT Group (Australia) R  6,102  19,885 
Hammerson PLC (United Kingdom) R  1,173  9,776 
Hatteras Financial Corp. R  414  6,918 
Health Care REIT, Inc. R  786  44,008 

 

36  Dynamic Asset Allocation Equity Fund 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Real estate cont.     
Hemaraj Land and Development PCL (Thailand)  70,600  $8,883 
HFF, Inc. Class A  561  14,373 
Invesco Mortgage Capital, Inc. R  147  2,220 
Investors Real Estate Trust R  443  3,903 
iStar Financial, Inc. † R  365  4,701 
Lexington Realty Trust R  849  8,719 
LTC Properties, Inc. R  208  8,010 
MFA Financial, Inc. R  501  3,652 
National Health Investors, Inc. R  130  7,653 
One Liberty Properties, Inc. R  202  4,163 
PS Business Parks, Inc. R  128  10,025 
Public Storage R  412  62,912 
Ramco-Gershenson Properties Trust R  247  3,952 
Select Income REIT R  160  4,390 
Simon Property Group, Inc. R  753  112,837 
Sovran Self Storage, Inc. R  43  2,870 
St. Joe Co. (The) †  335  5,943 
Starwood Property Trust, Inc. R  112  3,121 
Summit Hotel Properties, Inc. R  542  4,921 
Tanger Factory Outlet Centers R  376  12,434 
Tokyu Fudosan Holdings Corp. (Japan) †  3,500  32,046 
Universal Health Realty Income Trust R  46  1,949 
Vornado Realty Trust R  558  49,065 
Westfield Group (Australia)  1,302  12,326 
Wheelock and Co., Ltd. (Hong Kong)  5,000  24,347 
    664,080 
Regional Bells (0.4%)     
AT&T, Inc.  2,498  87,955 
Frontier Communications Corp.  1,093  5,115 
    93,070 
Restaurants (0.1%)     
AFC Enterprises †  138  6,015 
Alsea SAB de CV (Mexico)  2,373  7,140 
Minor International PCL (Thailand)  11,300  8,552 
Papa John’s International, Inc.  92  7,809 
Ruby Tuesday, Inc. †  840  5,922 
    35,438 
Retail (7.4%)     
Adidas AG (Germany)  163  19,821 
Advance Auto Parts, Inc.  399  40,303 
American Eagle Outfitters, Inc.  1,183  19,247 
ANN, Inc. †  229  8,168 
Ascena Retail Group, Inc. †  191  4,068 
Bed Bath & Beyond, Inc. †  1,003  78,264 
Big Lots, Inc. †  680  26,064 
BR Malls Participacoes SA (Brazil)  768  6,301 
Brown Shoe Co., Inc.  127  3,268 
Buckle, Inc. (The)  72  3,820 
Chico’s FAS, Inc.  1,076  20,110 

 

Dynamic Asset Allocation Equity Fund  37 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Retail cont.     
Coach, Inc.  1,177  $68,148 
Compagnie Financiere Richemont SA (Switzerland)  178  18,022 
Compagnie Financiere Richemont SA ADR (Switzerland)  545  5,578 
Costco Wholesale Corp.  746  93,571 
CP ALL PCL (Thailand)  10,100  12,818 
Crocs, Inc. †  116  1,601 
CST Brands, Inc.  207  6,808 
CVS Caremark Corp.  2,924  195,791 
Deckers Outdoor Corp. †  43  3,554 
Destination Maternity Corp.  325  9,926 
Dillards, Inc. Class A  213  19,490 
Five Below, Inc. †  39  2,073 
Foot Locker, Inc.  828  32,201 
GameStop Corp. Class A  157  7,575 
Gap, Inc. (The)  1,431  58,628 
Genesco, Inc. †  86  6,442 
GS Home Shopping, Inc. (South Korea)  34  9,079 
Home Depot, Inc. (The)  3,659  295,172 
KAR Auction Services, Inc.  510  14,071 
Koninklijke Ahold NV (Netherlands)  1,092  19,880 
Lowe’s Cos., Inc.  4,007  190,252 
Lumber Liquidators Holdings, Inc. †  31  3,121 
Macy’s, Inc.  1,686  89,796 
Matahari Department Store Tbk PT (Indonesia) †  5,500  5,310 
Men’s Wearhouse, Inc. (The)  146  7,464 
Next PLC (United Kingdom)  528  47,403 
O’Reilly Automotive, Inc. †  537  67,104 
PetSmart, Inc.  532  39,427 
Pier 1 Imports, Inc.  96  2,140 
Puregold Price Club, Inc. (Philippines)  7,800  7,510 
Sears Hometown and Outlet Stores, Inc. †  122  3,902 
Sonic Automotive, Inc. Class A  738  17,505 
Steven Madden, Ltd. †  60  2,338 
Tile Shop Holdings, Inc. †  284  4,757 
TJX Cos., Inc. (The)  2,628  165,249 
USANA Health Sciences, Inc. †  37  2,705 
Wal-Mart Stores, Inc.  348  28,191 
Walgreen Co.  2,242  132,726 
Woolworths Holdings, Ltd. (South Africa)  1,106  8,033 
Woolworths, Ltd. (Australia)  340  10,427 
World Fuel Services Corp.  224  8,602 
    1,953,824 
Schools (0.2%)     
Bright Horizons Family Solutions, Inc. †  126  4,391 
Estacio Participacoes SA (Brazil)  855  7,329 
Grand Canyon Education, Inc. †  59  2,687 
ITT Educational Services, Inc. †  654  25,499 
New Oriental Education & Technology Group, Inc. ADR (China)  267  7,927 
    47,833 

 

38  Dynamic Asset Allocation Equity Fund 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Semiconductor (0.5%)     
ASML Holding NV (Netherlands)  287  $26,787 
Entegris, Inc. †  509  5,589 
Lam Research Corp. †  765  39,864 
Magnachip Semiconductor Corp. (South Korea) †  494  10,028 
Photronics, Inc. †  512  4,424 
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)  8,000  28,384 
Teradyne, Inc. †  1,185  20,181 
Ultra Clean Holdings, Inc. †  447  4,452 
    139,709 
Shipping (0.4%)     
Aegean Marine Petroleum Network, Inc. (Greece)  762  8,169 
Con-way, Inc.  280  11,589 
Diana Shipping, Inc. (Greece) †  352  4,030 
Quality Distribution, Inc. †  1,043  12,756 
StealthGas, Inc. (Greece) †  1,099  13,496 
Swift Transportation Co. †  647  14,978 
Wabtec Corp.  532  36,708 
Yamato Transport Co., Ltd. (Japan)  700  14,841 
    116,567 
Software (3.3%)     
Brightcove, Inc. †  318  4,525 
IntraLinks Holdings, Inc. †  543  5,924 
Manhattan Associates, Inc. †  89  10,703 
Microsoft Corp.  9,442  360,023 
NTT Data Corp. (Japan)  300  10,791 
Oracle Corp.  8,786  310,058 
PTC, Inc. †  159  5,174 
QLIK Technologies, Inc. †  54  1,354 
Rovi Corp. †  260  4,784 
Safeguard Scientifics, Inc. †  289  5,390 
SAP AG (Germany)  138  11,427 
SciQuest, Inc. †  88  2,460 
Symantec Corp.  4,426  99,541 
Tencent Holdings, Ltd. (China)  300  17,352 
Ultimate Software Group, Inc. †  75  11,752 
Zynga, Inc. Class A †  610  2,654 
    863,912 
Staffing (0.2%)     
Barrett Business Services, Inc.  87  7,353 
Kforce, Inc.  356  7,184 
On Assignment, Inc. †  231  7,861 
Robert Half International, Inc.  753  29,088 
    51,486 
Technology (0.2%)     
CACI International, Inc. Class A †  28  2,010 
SoftBank Corp. (Japan)  500  40,461 
Tech Data Corp. †  150  7,776 
    50,247 

 

Dynamic Asset Allocation Equity Fund  39 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Technology services (2.8%)     
Accenture PLC Class A  2,465  $190,964 
Acxiom Corp. †  363  12,081 
AOL, Inc. †  1,400  62,412 
Baidu, Inc. ADR (China) †  35  5,830 
Blucora, Inc. †  344  10,004 
Cap Gemini (France)  375  24,407 
CSG Systems International, Inc.  79  2,281 
Google, Inc. Class A †  244  258,540 
IBM Corp.  496  89,121 
Infosys, Ltd. (India)  122  6,549 
Naver Corp. (South Korea)  14  9,154 
NIC, Inc.  139  3,389 
Nomura Research Institute, Ltd. (Japan)  500  16,399 
Perficient, Inc. †  259  5,615 
SINA Corp. (China) †  67  5,164 
Tyler Technologies, Inc. †  88  9,030 
Unisys Corp. †  201  5,521 
United Internet AG (Germany)  385  15,444 
XO Group, Inc. †  346  5,422 
Yandex NV Class A (Russia) †  111  4,412 
    741,739 
Telecommunications (1.2%)     
Arris Group, Inc. †  102  2,093 
Aruba Networks, Inc. †  110  1,962 
BroadSoft, Inc. †  34  903 
BT Group PLC (United Kingdom)  5,219  31,856 
CalAmp Corp. †  323  8,056 
China Telecom Corp, Ltd. (China)  18,000  9,728 
EchoStar Corp. Class A †  595  29,780 
Inteliquent, Inc.  270  3,129 
Iridium Communications, Inc. †  450  2,768 
KCell JSC ADR (Kazakhstan)  408  7,037 
Loral Space & Communications, Inc.  71  5,604 
Mobile Telesystems OJSC (Russia) †  1,015  9,614 
MTN Group, Ltd. (South Africa)  834  16,227 
NTT DoCoMo, Inc. (Japan)  1,100  17,717 
Orange (France)  1,299  16,924 
RingCentral, Inc. Class A †  46  730 
Ruckus Wireless, Inc. †  278  3,625 
ShoreTel, Inc. †  302  2,440 
Tele2 AB Class B (Sweden)  784  9,542 
Telefonica SA (Spain)  1,349  22,140 
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)  52,500  9,545 
Telenor ASA (Norway)  878  21,078 
Telstra Corp., Ltd. (Australia)  5,453  25,116 
Turkcell Iletisim Hizmetleri AS (Turkey) †  768  4,640 
Ubiquiti Networks, Inc.  272  10,717 
USA Mobility, Inc.  223  3,276 
Vodafone Group PLC (United Kingdom)  7,332  27,181 
    303,428 

 

40  Dynamic Asset Allocation Equity Fund 

 


COMMON STOCKS (94.5%)* cont.  Shares  Value 
 
Telephone (1.3%)     
Deutsche Telekom AG (Germany)  1,613  $25,627 
TW telecom, inc. †  938  26,564 
Verizon Communications, Inc.  5,993  297,373 
    349,564 
Textiles (—%)     
G&K Services, Inc. Class A  50  3,011 
Perry Ellis International, Inc.  295  4,581 
    7,592 
Tire and rubber (0.2%)     
Continental AG (Germany)  228  47,579 
    47,579 
Tobacco (1.7%)     
British American Tobacco (BAT) PLC (United Kingdom)  590  31,403 
Japan Tobacco, Inc. (Japan)  800  27,019 
Lorillard, Inc.  2,388  122,576 
Philip Morris International, Inc.  3,211  274,669 
    455,667 
Toys (0.1%)     
Namco Bandai Holdings, Inc. (Japan)  900  18,282 
    18,282 
Transportation services (0.1%)     
ComfortDelgro Corp., Ltd. (Singapore)  9,000  14,093 
Matson, Inc.  78  1,952 
Universal Truckload Services, Inc.  193  5,556 
    21,601 
Trucks and parts (0.7%)     
Aisin Seiki Co., Ltd. (Japan)  700  28,152 
Delphi Automotive PLC (United Kingdom)  1,581  92,568 
Douglas Dynamics, Inc.  265  4,224 
Hyundai Mobis Co., Ltd. (South Korea)  57  16,535 
Miller Industries, Inc.  203  3,861 
Standard Motor Products, Inc.  298  10,347 
Tenneco, Inc. †  80  4,592 
WABCO Holdings, Inc. †  361  31,985 
    192,264 
Waste Management (—%)     
China Everbright International, Ltd. (China)  8,000  8,916 
    8,916 
Water Utilities (0.1%)     
Beijing Enterprises Water Group, Ltd. (China)  12,000  6,749 
United Utilities Group PLC (United Kingdom)  1,733  18,635 
    25,384 
 
Total common stocks (cost $17,281,396)    $24,779,627 
 
 
INVESTMENT COMPANIES (3.1%)*  Shares  Value 
 
iShares MSCI Emerging Markets ETF  642  $27,189 
iShares MSCI Taiwan ETF (Taiwan)  643  9,246 
SPDR S&P 500 ETF Trust  3,923  710,063 
SPDR S&P Midcap 400 ETF Trust  275  65,293 
Total investment companies (cost $649,072)    $811,791 

 

Dynamic Asset Allocation Equity Fund  41 

 


WARRANTS (—%)*†  Expiration  Strike     
  date  price  Warrants  Value 
 
Ecobank Transnational, Inc. 144A (Nigeria) ##  9/20/16  $0.00001  41,707  $3,920 
Guaranty Trust Bank PLC 144A (Nigeria)  9/20/16  0.00001  17,920  3,046 
Saudi Industrial Investment Group         
(Saudi Arabia)  10/28/15  0.00001  312  2,487 
Zenith Bank PLC 144A (Nigeria)  9/20/16  0.00001  22,422  3,005 
Total warrants (cost $12,073)        $12,458 
 
 
PURCHASED EQUITY OPTIONS  Expiration date/  Contract   
OUTSTANDING (—%)*  strike price    amount  Value 
 
iShares MSCI Emerging Markets Index (ETF) (Put)  Jan-14/$40.00    1,939  $1,086 
Total purchased equity options outstanding (cost $1,978)      $1,086 
 
 
SHORT-TERM INVESTMENTS (3.7%)*    Principal amount/shares  Value 
 
Putnam Short Term Investment Fund 0.08% L      810,295  $810,295 
Putnam Cash Collateral Pool, LLC 0.16% d      7,750  7,750 
U.S. Treasury Bills with an effective yield of 0.12%,       
November 13, 2014 #      $100,000  99,886 
U.S. Treasury Bills with an effective yield of 0.10%,       
August 21, 2014 #      11,000  10,992 
U.S. Treasury Bills with effective yields ranging from 0.10%       
to 0.11%, April 3, 2014 #      19,000  18,994 
U.S. Treasury Bills with an effective yield of 0.13%,       
January 9, 2014 #      11,000  10,998 
Total short-term investments (cost $958,908)        $958,915 
 
 
TOTAL INVESTMENTS         
Total investments (cost $18,903,427)        $26,563,877 

 

Key to holding’s abbreviations

 

ADR  American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank 
ETF  Exchange Traded Fund 
JSC  Joint Stock Company 
NVDR  Non-voting Depository Receipt 
OAO  Open Joint Stock Company 
OJSC  Open Joint Stock Company 
PJSC  Public Joint Stock Company 
SPDR  S&P Depository Receipts 

 

Notes to the fund’s portfolio

Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from June 1, 2013 through November 30, 2013 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to “OTC”, if any, represent over-the-counter.

* Percentages indicated are based on net assets of $26,226,033.

† Non-income-producing security.

# This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period.

## Forward commitment, in part or in entirety (Note 1).

42  Dynamic Asset Allocation Equity Fund 

 


d Affiliated company. See Note 1 to the financial statements regarding securities lending. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

F Is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities’ valuation inputs. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio (Note 1).

L Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

R Real Estate Investment Trust.

S Security on loan, in part or in entirety, at the close of the reporting period (Note 1).

At the close of the reporting period, the fund maintained liquid assets totaling $64,246 to cover certain derivatives contracts.

DIVERSIFICATION BY COUNTRY 

 

Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value):

 

United States  78.6%  Australia  1.3% 
  
United Kingdom  3.7  South Korea  0.9 
  
Japan  3.4  China  0.8 
  
France  1.7  Spain  0.6 
  
Switzerland  1.6  Other  6.0 
  
Germany  1.4  Total  100.0% 
  

 

FORWARD CURRENCY CONTRACTS at 11/30/13 (aggregate face value $11,587,465) (Unaudited)

 

            Unrealized 
    Contract  Delivery    Aggregate  appreciation/ 
Counterparty  Currency  type  date  Value  face value  (depreciation) 
Bank of America N.A.           
  Brazilian Real  Buy  1/3/14  $30,407  $32,218  $(1,811) 
  Brazilian Real  Sell  1/3/14  30,407  30,603  196 
  Canadian Dollar  Sell  1/16/14  371,240  381,664  10,424 
  Chilean Peso  Buy  1/16/14  65,148  68,836  (3,688) 
  Chilean Peso  Sell  1/16/14  65,148  66,588  1,440 
  Euro  Buy  12/18/13  412,121  400,190  11,931 
  Singapore Dollar  Sell  2/19/14  17,852  18,085  233 
  Swiss Franc  Sell  12/18/13  27,255  26,370  (885) 
Barclays Bank PLC           
  Australian Dollar  Buy  1/16/14  363  1,210  (847) 
  Brazilian Real  Buy  1/3/14  71,360  75,441  (4,081) 
  Brazilian Real  Sell  1/3/14  71,360  72,219  859 
  British Pound  Sell  12/18/13  22,743  22,133  (610) 
  Canadian Dollar  Buy  1/16/14  56,969  57,802  (833) 
  Czech Koruna  Buy  12/18/13  24,266  24,265  1 
  Czech Koruna  Sell  12/18/13  24,266  26,034  1,768 
  Euro  Buy  12/18/13  70,793  57,923  12,870 
  Hong Kong Dollar  Sell  2/19/14  33,774  33,777  3 
  Hungarian Forint  Buy  12/18/13  32,013  32,179  (166) 
  Hungarian Forint  Sell  12/18/13  32,013  32,023  10 
  Japanese Yen  Sell  2/19/14  49,729  52,163  2,434 

 

Dynamic Asset Allocation Equity Fund  43 

 


FORWARD CURRENCY CONTRACTS at 11/30/13 (aggregate face value $11,587,465) (Unaudited) cont.

            Unrealized 
    Contract  Delivery    Aggregate  appreciation/ 
Counterparty  Currency  type  date  Value  face value  (depreciation) 
Barclays Bank PLC cont.           
  Mexican Peso  Buy  1/16/14  $17,381  $16,760  $621 
  Norwegian Krone  Buy  12/18/13  52,901  53,706  (805) 
  Norwegian Krone  Sell  12/18/13  52,901  53,063  162 
  Polish Zloty  Buy  12/18/13  9,722  11,700  (1,978) 
  Singapore Dollar  Sell  2/19/14  62,642  63,495  853 
  Swiss Franc  Sell  12/18/13  27,365  33,245  5,880 
  Turkish Lira  Buy  12/18/13  14,554  14,897  (343) 
Citibank, N.A.             
  Australian Dollar  Sell  1/16/14  68,983  71,686  2,703 
  Brazilian Real  Buy  1/3/14  73,402  77,332  (3,930) 
  Brazilian Real  Sell  1/3/14  73,402  73,732  330 
  British Pound  Sell  12/18/13  26,014  26,915  901 
  Canadian Dollar  Buy  1/16/14  25,758  26,498  (740) 
  Canadian Dollar  Sell  1/16/14  25,758  26,180  422 
  Danish Krone  Sell  12/18/13  40,191  40,043  (148) 
  Euro  Buy  12/18/13  77,587  76,912  675 
  Euro  Sell  12/18/13  77,587  77,195  (392) 
  Japanese Yen  Buy  2/19/14  392  408  (16) 
  Japanese Yen  Sell  2/19/14  392  393  1 
  New Taiwan Dollar  Sell  2/19/14  15,318  15,487  169 
  New Zealand Dollar  Buy  1/16/14  25,549  25,576  (27) 
  New Zealand Dollar  Sell  1/16/14  25,549  25,543  (6) 
  Swiss Franc  Sell  12/18/13  48,551  46,913  (1,638) 
Credit Suisse International           
  Australian Dollar  Sell  1/16/14  94,216  96,835  2,619 
  British Pound  Sell  12/18/13  85,243  80,400  (4,843) 
  Canadian Dollar  Buy  1/16/14  47,662  49,067  (1,405) 
  Canadian Dollar  Sell  1/16/14  47,662  49,112  1,450 
  Czech Koruna  Buy  12/18/13  42,649  43,355  (706) 
  Czech Koruna  Sell  12/18/13  42,649  44,883  2,234 
  Euro  Buy  12/18/13  117,943  116,164  1,779 
  Euro  Sell  12/18/13  116,448  116,203  (245) 
  Japanese Yen  Buy  2/19/14  577,609  601,917  (24,308) 
  Mexican Peso  Buy  1/16/14  36,327  36,164  163 
  Mexican Peso  Sell  1/16/14  36,327  36,648  321 
  New Zealand Dollar  Buy  1/16/14  41,932  42,989  (1,057) 
  New Zealand Dollar  Sell  1/16/14  41,932  42,136  204 
  Norwegian Krone  Buy  12/18/13  26,165  27,005  (840) 
  Singapore Dollar  Sell  2/19/14  10,361  10,703  342 
  South Korean Won  Buy  2/19/14  45,100  45,008  92 
  Swedish Krona  Buy  12/18/13  26,061  25,772  289 
  Swedish Krona  Sell  12/18/13  26,061  25,880  (181) 
  Swiss Franc  Sell  12/18/13  64,551  62,082  (2,469) 

 

44  Dynamic Asset Allocation Equity Fund 

 


FORWARD CURRENCY CONTRACTS at 11/30/13 (aggregate face value $11,587,465) (Unaudited) cont.

          Unrealized 
  Contract  Delivery    Aggregate  appreciation/ 
Counterparty   Currency  type  date  Value  face value  (depreciation) 
Deutsche Bank AG           
Australian Dollar  Buy  1/16/14  $1,452  $2,136  $(684) 
Canadian Dollar  Buy  1/16/14  68,250  69,962  (1,712) 
Euro  Sell  12/18/13  101,366  102,031  665 
Japanese Yen  Sell  2/19/14  36,285  37,960  1,675 
Norwegian Krone  Buy  12/18/13  947  2,630  (1,683) 
Polish Zloty  Buy  12/18/13  19,121  20,318  (1,197) 
Swiss Franc  Sell  12/18/13  35,531  34,120  (1,411) 
Goldman Sachs International           
Australian Dollar  Buy  1/16/14  11,346  12,081  (735) 
British Pound  Buy  12/18/13  53,011  51,903  1,108 
British Pound  Sell  12/18/13  53,011  50,980  (2,031) 
Canadian Dollar  Buy  1/16/14  6,110  6,609  (499) 
Chilean Peso  Buy  1/16/14  61,298  64,762  (3,464) 
Chilean Peso  Sell  1/16/14  61,298  62,626  1,328 
Euro  Sell  12/18/13  138,325  137,177  (1,148) 
Japanese Yen  Buy  2/19/14  98,333  102,381  (4,048) 
HSBC Bank USA, National Association         
British Pound  Sell  12/18/13  307,756  299,384  (8,372) 
Canadian Dollar  Buy  1/16/14  24,912  25,233  (321) 
Euro  Buy  12/18/13  54,080  53,158  922 
Euro  Sell  12/18/13  54,080  53,162  (918) 
Japanese Yen  Sell  2/19/14  143,653  149,591  5,938 
New Taiwan Dollar  Sell  2/19/14  17,351  17,576  225 
Swedish Krona  Buy  12/18/13  23,333  23,910  (577) 
Swedish Krona  Sell  12/18/13  23,333  23,874  541 
JPMorgan Chase Bank N.A.           
Australian Dollar  Buy  1/16/14  47,653  48,762  (1,109) 
Australian Dollar  Sell  1/16/14  47,653  49,394  1,741 
Brazilian Real  Buy  1/3/14  79,908  83,975  (4,067) 
Brazilian Real  Sell  1/3/14  79,908  80,566  658 
British Pound  Buy  12/18/13  217,769  213,614  4,155 
British Pound  Sell  12/18/13  217,769  212,555  (5,214) 
Canadian Dollar  Buy  1/16/14  142,517  146,951  (4,434) 
Czech Koruna  Buy  12/18/13  15,424  16,135  (711) 
Czech Koruna  Sell  12/18/13  15,424  15,882  458 
Euro  Sell  12/18/13  1,305,391  1,271,810  (33,581) 
Hungarian Forint  Buy  12/18/13  26,618  27,453  (835) 
Hungarian Forint  Sell  12/18/13  26,618  26,593  (25) 
Japanese Yen  Sell  2/19/14  616,541  641,830  25,289 
Mexican Peso  Buy  1/16/14  12,839  12,221  618 
New Taiwan Dollar  Sell  2/19/14  32,097  32,704  607 
New Zealand Dollar  Buy  1/16/14  23,764  24,829  (1,065) 

 

Dynamic Asset Allocation Equity Fund  45 

 


FORWARD CURRENCY CONTRACTS at 11/30/13 (aggregate face value $11,587,465) (Unaudited) cont.

            Unrealized 
    Contract  Delivery    Aggregate  appreciation/ 
Counterparty  Currency  type  date  Value  face value  (depreciation) 
JPMorgan Chase Bank N.A. cont.           
  New Zealand Dollar  Sell  1/16/14  $23,764  $23,961  $197 
  Norwegian Krone  Buy  12/18/13  50,683  51,915  (1,232) 
  Norwegian Krone  Sell  12/18/13  50,683  50,714  31 
  Polish Zloty  Buy  12/18/13  77,580  78,137  (557) 
  Polish Zloty  Sell  12/18/13  77,580  76,922  (658) 
  Singapore Dollar  Sell  2/19/14  8,687  8,901  214 
  South Korean Won  Buy  2/19/14  34,381  34,364  17 
  Swedish Krona  Sell  12/18/13  45,569  45,688  119 
  Swiss Franc  Sell  12/18/13  13,131  12,402  (729) 
Royal Bank of Scotland PLC (The)           
  Australian Dollar  Buy  1/16/14  3,177  2,699  478 
  Brazilian Real  Buy  1/3/14  63,067  66,825  (3,758) 
  Brazilian Real  Sell  1/3/14  63,067  63,849  782 
  British Pound  Sell  12/18/13  25,851  25,263  (588) 
  Canadian Dollar  Buy  1/16/14  24,912  24,902  10 
  Euro  Buy  12/18/13  25,953  26,633  (680) 
  Hungarian Forint  Buy  12/18/13  25,704  25,897  (193) 
  Hungarian Forint  Sell  12/18/13  25,704  25,569  (135) 
  Japanese Yen  Sell  2/19/14  26,564  27,660  1,096 
  Mexican Peso  Buy  1/16/14  9,032  8,705  327 
  Swedish Krona  Buy  12/18/13  24,324  24,899  (575) 
  Swedish Krona  Sell  12/18/13  24,324  24,918  594 
State Street Bank and Trust Co.           
  Australian Dollar  Buy  1/16/14  26,867  27,616  (749) 
  Brazilian Real  Buy  1/3/14  61,707  65,462  (3,755) 
  Brazilian Real  Sell  1/3/14  61,707  62,637  930 
  British Pound  Sell  12/18/13  41,067  37,542  (3,525) 
  Canadian Dollar  Buy  1/16/14  85,645  88,447  (2,802) 
  Czech Koruna  Buy  12/18/13  15,424  16,136  (712) 
  Czech Koruna  Sell  12/18/13  15,424  15,892  468 
  Euro  Buy  12/18/13  66,717  62,691  4,026 
  Japanese Yen  Sell  2/19/14  149,947  156,168  6,221 
  Mexican Peso  Buy  1/16/14  7,490  6,965  525 
  New Taiwan Dollar  Sell  2/19/14  32,097  32,566  469 
  New Zealand Dollar  Buy  1/16/14  23,764  24,649  (885) 
  New Zealand Dollar  Sell  1/16/14  23,764  23,950  186 
  Norwegian Krone  Buy  12/18/13  25,953  25,867  86 
  Norwegian Krone  Sell  12/18/13  25,953  26,093  140 
  Polish Zloty  Buy  12/18/13  20,057  21,036  (979) 
  Singapore Dollar  Sell  2/19/14  19,286  19,623  337 
  South Korean Won  Buy  2/19/14  35,709  35,757  (48) 
  Swedish Krona  Buy  12/18/13  25,314  25,817  (503) 

 

46  Dynamic Asset Allocation Equity Fund 

 


FORWARD CURRENCY CONTRACTS at 11/30/13 (aggregate face value $11,587,465) (Unaudited) cont.

            Unrealized 
    Contract  Delivery    Aggregate  appreciation/ 
Counterparty  Currency  type  date  Value  face value  (depreciation) 
State Street Bank and Trust Co. cont.           
  Swedish Krona  Sell  12/18/13  $25,314  $25,533  $219 
  Swiss Franc  Sell  12/18/13  14,014  12,636  (1,378) 
UBS AG             
  Australian Dollar  Buy  1/16/14  23,418  24,066  (648) 
  Australian Dollar  Sell  1/16/14  23,418  24,046  628 
  British Pound  Sell  12/18/13  39,431  38,673  (758) 
  Canadian Dollar  Sell  1/16/14  296,972  305,597  8,625 
  Czech Koruna  Buy  12/18/13  48,537  48,539  (2) 
  Czech Koruna  Sell  12/18/13  48,537  51,671  3,134 
  Euro  Buy  12/18/13  70,521  69,369  1,152 
  Hungarian Forint  Buy  12/18/13  26,618  27,731  (1,113) 
  Hungarian Forint  Sell  12/18/13  26,618  26,514  (104) 
  Japanese Yen  Sell  2/19/14  163,688  170,457  6,769 
  Mexican Peso  Buy  1/16/14  10,210  9,430  780 
  New Zealand Dollar  Buy  1/16/14  23,845  24,734  (889) 
  New Zealand Dollar  Sell  1/16/14  23,845  23,829  (16) 
  Norwegian Krone  Buy  12/18/13  23,832  25,581  (1,749) 
  Singapore Dollar  Sell  2/19/14  11,317  11,621  304 
  Swedish Krona  Sell  12/18/13  21,200  20,484  (716) 
  Swiss Franc  Sell  12/18/13  234,700  223,578  (11,122) 
  Turkish Lira  Buy  12/18/13  24,569  25,132  (563) 
  Turkish Lira  Sell  12/18/13  24,569  24,656  87 
WestPac Banking Corp.           
  Australian Dollar  Buy  1/16/14  24,234  25,405  (1,171) 
  Canadian Dollar  Buy  1/16/14  192,435  197,968  (5,533) 
  Euro  Buy  12/18/13  370,542  358,826  11,716 
  Japanese Yen  Sell  2/19/14  52,134  55,089  2,955 
Total            $(23,735) 

 

FUTURES CONTRACTS OUTSTANDING at 11/30/13 (Unaudited)

 

        Unrealized 
  Number of    Expiration  appreciation/ 
  contracts  Value  date  (depreciation) 
Euro STOXX 50 Index (Short)  8  $335,352  Dec-13  $(18,008) 
MSCI EAFE Index Mini (Long)  5  468,300  Dec-13  10,546 
Russell 2000 Index Mini (Short)  2  228,340  Dec-13  (17,944) 
S&P 500 Index E-Mini (Short)  6  541,230  Dec-13  (76) 
S&P Mid Cap 400 Index         
E-Mini (Long)  2  260,620  Dec-13  7,129 
SPI 200 Index (Long)  6  727,609  Dec-13  980 
Total        $(17,373) 

 

Dynamic Asset Allocation Equity Fund  47 

 


WRITTEN EQUITY OPTIONS OUTSTANDING at 11/30/13 (premiums $737) (Unaudited)

  Expiration  Contract   
  date/strike price  amount  Value 
iShares MSCI Emerging Markets Index (ETF) (Put)  Jan-14/$36.00  1,939  $270 
Total      $270 

 

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:

Level 1: Valuations based on quoted prices for identical securities in active markets.

Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.

The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:

    Valuation inputs   
Investments in securities:  Level 1  Level 2  Level 3 
Common stocks*:       
Basic materials  $1,105,006  $260,465  $— 
Capital goods  1,763,022  148,759  — 
Communication services  999,113  182,252  — 
Conglomerates  436,339  61,190  — 
Consumer cyclicals  2,572,583  376,069  — 
Consumer staples  2,030,474  376,726  129 
Energy  1,945,856  273,448  — 
Financials  3,817,961  640,739  — 
Health care  2,789,467  420,128  — 
Technology  3,511,651  78,065  — 
Transportation  396,243  27,273  — 
Utilities and power  421,411  145,258  — 
Total common stocks  21,789,126  2,990,372  129 
 
Investment companies  $811,791  $—  $— 
Purchased equity options outstanding  —  1,086  — 
Warrants  —  12,458  — 
Short-term investments  810,295  148,620  — 
Totals by level  $23,411,212  $3,152,536  $129 
 
    Valuation inputs   
Other financial instruments:  Level 1  Level 2  Level 3 
Forward currency contracts  $—  $(23,735)  $— 
Futures contracts  (17,373)  —  — 
Written equity options outstanding  —  (270)  — 
Totals by level  $(17,373)  $(24,005)  $— 

 

* Common stock classifications are presented at the sector level, which may differ from the fund’s portfolio presentation.

At the start and close of the reporting period, Level 3 investments in securities were not considered a significant portion of the fund’s portfolio.

The accompanying notes are an integral part of these financial statements.

48  Dynamic Asset Allocation Equity Fund 

 


Statement of assets and liabilities 11/30/13 (Unaudited)

ASSETS   
Investment in securities, at value, including $7,485 of securities on loan (Note 1):   
Unaffiliated issuers (identified cost $18,085,382)  $25,745,832 
Affiliated issuers (identified cost $818,045) (Notes 1 and 5)  818,045 
Foreign currency (cost $7,206) (Note 1)  5,683 
Dividends, interest and other receivables  48,394 
Receivable for shares of the fund sold  321,713 
Receivable for investments sold  5,853 
Receivable from Manager (Note 2)  11,623 
Receivable for variation margin (Note 1)  10,231 
Unrealized appreciation on forward currency contracts (Note 1)  163,929 
Total assets  27,131,303 
 
LIABILITIES   
Payable to custodian  27 
Payable for investments purchased  8,508 
Payable for purchases of delayed delivery securities (Note 1)  170 
Payable for shares of the fund repurchased  585,122 
Payable for custodian fees (Note 2)  35,028 
Payable for investor servicing fees (Note 2)  10,169 
Payable for Trustee compensation and expenses (Note 2)  3,119 
Payable for administrative services (Note 2)  50 
Payable for variation margin (Note 1)  16,182 
Unrealized depreciation on forward currency contracts (Note 1)  187,664 
Written options outstanding, at value (premiums $737) (Notes 1 and 3)  270 
Collateral on securities loaned, at value (Note 1)  7,750 
Other accrued expenses  51,211 
Total liabilities  905,270 
 
Net assets  $26,226,033 
 
REPRESENTED BY   
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)  $16,779,013 
Undistributed net investment income (Note 1)  267,298 
Accumulated net realized gain on investments and foreign currency transactions (Note 1)  1,562,065 
Net unrealized appreciation of investments and assets and liabilities in foreign currencies  7,617,657 
Total — Representing net assets applicable to capital shares outstanding  $26,226,033 
 
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE   
Net asset value and redemption price per class A share ($36,689 divided by 2,768 shares)  $13.26** 
Offering price per class A share (100/94.25 of $13.26)*  $14.07 
Net asset value, offering price and redemption price per class Y share   
($26,189,344 divided by 1,975,366 shares)  $13.26 

 

* On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.

**Net asset value may not recalculate due to rounding of fractional shares.

The accompanying notes are an integral part of these financial statements.

Dynamic Asset Allocation Equity Fund  49 

 


Statement of operations Six months ended 11/30/13 (Unaudited)

INVESTMENT INCOME   
Dividends (net of foreign tax of $4,674)  $264,908 
Interest (including interest income of $230 from investments in affiliated issuers) (Note 5)  639 
Securities lending (Note 1)  12 
Total investment income  265,559 
 
EXPENSES   
Compensation of Manager (Note 2)  77,376 
Investor servicing fees (Note 2)  32,033 
Custodian fees (Note 2)  43,318 
Trustee compensation and expenses (Note 2)  894 
Administrative services (Note 2)  284 
Auditing and tax fees  50,154 
Reclaim expense  11,519 
Other  9,099 
Fees waived and reimbursed by Manager (Note 2)  (77,777) 
Total expenses  146,900 
 
Expense reduction (Note 2)  (488) 
Net expenses  146,412 
 
Net investment income  119,147 
 
Net realized gain on investments (Notes 1 and 3)  487,698 
Net realized gain on futures contracts (Note 1)  10,666 
Net realized loss on foreign currency transactions (Note 1)  (83,029) 
Net realized gain on written options (Notes 1 and 3)  959 
Net unrealized appreciation of assets and liabilities in foreign currencies during the period  45,574 
Net unrealized appreciation of investments, futures contracts, and written options   
during the period  2,367,565 
Net gain on investments  2,829,433 
 
Net increase in net assets resulting from operations  $2,948,580 

 

The accompanying notes are an integral part of these financial statements.

50  Dynamic Asset Allocation Equity Fund 

 


Statement of changes in net assets

INCREASE IN NET ASSETS  Six months ended 11/30/13*  Year ended 5/31/13 
Operations:     
Net investment income  $119,147  $307,111 
Net realized gain on investments     
and foreign currency transactions  416,294  1,568,395 
Net unrealized appreciation of investments and assets     
and liabilities in foreign currencies  2,413,139  3,539,640 
Net increase in net assets resulting from operations  2,948,580  5,415,146 
Distributions to shareholders (Note 1):     
From ordinary income     
Net investment income     
Class A  —  (329) 
Class Y  —  (237,066) 
Net realized short-term gain on investments     
Class A  —  (135) 
Class Y  —  (97,641) 
From net realized long-term gain on investments     
Class A  —  (2,205) 
Class Y  —  (1,585,741) 
Increase (decrease) from capital share transactions (Note 4)  (1,748,698)  2,807,535 
Total increase in net assets  1,199,882  6,299,564 
 
NET ASSETS     
Beginning of period  25,026,151  18,726,587 
End of period (including undistributed net investment     
income of $267,298 and $148,151, respectively)  $26,226,033  $25,026,151 

 

* Unaudited

The accompanying notes are an integral part of these financial statements.

Dynamic Asset Allocation Equity Fund  51 

 


Financial highlights (For a common share outstanding throughout the period)

INVESTMENT OPERATIONS:      LESS DISTRIBUTIONS:      RATIOS AND SUPPLEMENTAL DATA:   
                        Ratio of net   
                      Ratio  investment   
  Net asset    Net realized                of expenses  income (loss)   
  value,    and unrealized  Total from  From  From  Total  Net asset  Total return  Net assets,  to average  to average  Portfolio 
  beginning  Net investment  gain (loss)  investment  net investment  net realized gain  distribu-  value, end  at net asset  end of period  net assets  net assets  turnover 
Period ended  of period  income (loss) a  on investments  operations  income  on investments  tions  of period  value (%) b  (in thousands)  (%) c,d  (%) d  (%) 
Class A                           
November 30, 2013 **  $11.81  .06  1.39  1.45  —  —  —  $13.26  12.28 *  $37  .57 *  .46 *  24 * 
May 31, 2013  10.11  .16  2.60  2.76  (.13)  (.93)  (1.06)  11.81  28.69  33  1.06  1.42  73 
May 31, 2012  12.28  .13  (1.12)  (.99)  —  (1.18)  (1.18)  10.11  (7.40)  28  1.07  1.20  82 
May 31, 2011  11.53  .10  2.79  2.89  (.30)  (1.84)  (2.14)  12.28  26.57  31  1.06  .86  110 
May 31, 2010  11.85  .10  2.09  2.19  (.96)  (1.55)  (2.51)  11.53  18.34  23  1.05  .82  103 
May 31, 2009†  10.00  .06  1.79  1.85  —  —  —  11.85  18.50 *  15  .40 *  .61 *  46 * 
Class Y                           
November 30, 2013 **  $11.81  .06  1.39  1.45  —  —  —  $13.26  12.28 *  $26,189  .57 *  .46 *  24 * 
May 31, 2013  10.11  .16  2.60  2.76  (.13)  (.93)  (1.06)  11.81  28.68  24,993  1.06  1.43  73 
May 31, 2012  12.28  .13  (1.12)  (.99)  —  (1.18)  (1.18)  10.11  (7.41)  18,698  1.07  1.20  82 
May 31, 2011  11.53  .11  2.78  2.89  (.30)  (1.84)  (2.14)  12.28  26.57  33,597  1.06  .87  110 
May 31, 2010  11.85  .10  2.09  2.19  (.96)  (1.55)  (2.51)  11.53  18.34  33,803  1.05  .78  103 
May 31, 2009†  10.00  .06  1.79  1.85  —  —  —  11.85  18.50 *  38,262  .40 *  .61 *  46 * 

 

* Not annualized.

** Unaudited.

† For the period January 23, 2009 (commencement of operations) to May 31, 2009.

a Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

b Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

c Includes amounts paid through expense offset and brokerage/service arrangements (Note 2).

d Reflects an involuntary contractual expense limitation in effect during the period. As a result of such limitation, the expenses of each class reflect a reduction of the following amounts (Note 2):

  Percentage of 
  average net assets 
November 30, 2013  0.30% 
May 31, 2013  0.76 
May 31, 2012  0.75 
May 31, 2011  0.49 
May 31, 2010  0.41 
May 31, 2009  0.30 

 

The accompanying notes are an integral part of these financial statements.

52  Dynamic Asset Allocation Equity Fund  Dynamic Asset Allocation Equity Fund  53 

 


Notes to financial statements 11/30/13 (Unaudited)

Within the following Notes to financial statements, references to “State Street” represent State Street Bank and Trust Company, references to “the SEC” represent the Securities and Exchange Commission, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter. Unless otherwise noted, the “reporting period” represents the period from June 1, 2013 through November 30, 2013.

Putnam Dynamic Asset Allocation Equity Fund (the fund) is a diversified series of Putnam Funds Trust (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The investment objective of the fund is to seek long-term growth by investing mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide. While Putnam Management typically allocates approximately 75% of the fund’s assets to investments in U.S. companies, and 25% of the fund’s assets to investments in international companies, these allocations may vary. The fund invests mainly in developed countries, but may invest in emerging markets.

The fund offers class A and class Y shares. Class A shares are sold with a maximum front-end sales charge of 5.75%, and generally do not pay a contingent deferred sales charge. Class Y shares, which are sold at net asset value, are generally subject to the same expenses as class A, but do not bear a distribution fee. Class Y shares are generally only available to corporate and institutional clients and clients in other approved programs. As of the end of the reporting period, all of the class Y shares are held by the Putnam RetirementReady Funds.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.

Note 1: Significant accounting policies

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A short-term trading fee of 1.00% may have applied to redemptions (including exchanges into another fund) of shares purchased before June 24, 2013 and held for 7 days or less. The short-term trading fee was accounted for as an addition to paid-in-capital. No short-term trading fee applies to shares purchased on or after June 24, 2013.

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

Security valuation Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.

Investments in open-end investment companies (excluding exchange traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days,

54  Dynamic Asset Allocation Equity Fund 

 


the fund will fair value foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.

To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, is recorded on the accrual basis. Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain. All premiums/discounts are amortized/accreted on a yield-to-maturity basis.

Securities purchased or sold on a delayed delivery basis may be settled a month or more after the trade date; interest income is accrued based on the terms of the securities. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The market value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on closed forward currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of open forward currency contracts and assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

Options contracts The fund uses options contracts to enhance the return on securities owned and to manage downside risks.

The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.

Dynamic Asset Allocation Equity Fund  55 

 


Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers. Forward premium swap option contracts include premiums that do not settle until the expiration date of the contract. The delayed settlement of the premiums are factored into the daily valuation of the option contracts.

Written option contracts outstanding at period end, if any, are listed after the fund’s portfolio.

Futures contracts The fund uses futures contracts to manage exposure to market risk and to equitize cash.

The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin.”

Futures contracts outstanding at period end, if any, are listed after the fund’s portfolio.

Forward currency contracts The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used to hedge foreign exchange risk.

The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in market value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. Risks may exceed amounts recognized on the Statement of assets and liabilities.

Forward currency contracts outstanding at period end, if any, are listed after the fund’s portfolio.

Master agreements The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and with respect to those amounts which can be sold or repledged, are presented in the fund’s portfolio.

Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.

Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.

At the close of the reporting period, the fund had a net liability position of $69,139 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund for these agreements.

Securities lending The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the market value of the securities loaned.

56  Dynamic Asset Allocation Equity Fund 

 


The market value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. Income from securities lending is included in investment income on the Statement of operations. Cash collateral is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. At the close of the reporting period, the value of securities loaned amounted to $7,485 and the fund received cash collateral of $7,750.

Interfund lending The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

Line of credit The fund participates, along with other Putnam funds, in a $315 million unsecured committed line of credit and a $185 million unsecured uncommitted line of credit, both provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund’s borrowing at a rate equal to the Federal Funds rate plus 1.25% for the committed line of credit and the Federal Funds rate plus 1.30% for the uncommitted line of credit. A closing fee equal to 0.02% of the committed line of credit and $50,000 for the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.11% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the fund’s books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

The aggregate identified cost on a tax basis is $18,983,576, resulting in gross unrealized appreciation and depreciation of $7,832,959 and $252,658, respectively, or net unrealized appreciation of $7,580,301.

Distributions to shareholders Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal year. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.

Expenses of the Trust Expenses directly charged or attributable to any fund will be paid from the assets of that fund. Generally, expenses of the Trust will be allocated among and charged to the assets of each fund on a basis that the Trustees deem fair and equitable, which may be based on the relative assets of each fund or the nature of the services performed and relative applicability to each fund.

Dynamic Asset Allocation Equity Fund  57 

 


Note 2: Management fee, administrative services and other transactions

The fund pays Putnam Management a management fee (based on the fund’s average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of most open-end funds, as defined in the fund’s management contract, sponsored by Putnam Management. Such annual rates may vary as follows:

0.750%  of the first $5 billion,  0.550%  of the next $50 billion, 
  
0.700%  of the next $5 billion,  0.530%  of the next $50 billion, 
  
0.650%  of the next $10 billion,  0.520%  of the next $100 billion and 
  
0.600%  of the next $10 billion,  0.515%  of any excess thereafter. 
  

 

Following the death on October 8, 2013 of The Honourable Paul G. Desmarais, who controlled directly and indirectly a majority of the voting shares of Power Corporation of Canada, the ultimate parent company of Putnam Management, the Trustees of the fund approved an interim management contract with Putnam Management. Consistent with Rule 15a–4 under the Investment Company Act of 1940, the interim management contract will remain in effect until the earlier to occur of (i) approval by the fund’s shareholders of a new management contract and (ii) March 7, 2014. Except with respect to termination, the substantive terms of the interim management contract, including terms relating to fees payable to Putnam Management, are identical to the terms of the fund’s previous management contract with Putnam Management. The Trustees of the fund also approved the continuance, effective October 8, 2013, of the sub-management contract between Putnam Management and Putnam Investments Limited (PIL) and of the sub-advisory contract between Putnam Management, PIL and The Putnam Advisory Company, LLC (PAC) described below, for a term no longer than March 7, 2014. The Trustees of the fund have called a shareholder meeting for February 27, 2014, at which shareholders of the fund will consider approval of a proposed new management contract between the fund and Putnam Management. The substantive terms of the proposed new management contract, including terms relating to fees, are identical to the terms of the fund’s previous management contract. Further information regarding the proposed new management contract is included in a proxy statement filed with the SEC on December 20, 2013. The proxy statement was mailed to shareholders of record beginning on or about December 23, 2013.

Putnam Management has contractually agreed, through September 30, 2014, to waive fees or reimburse the fund’s expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund’s investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period. This expense limitation remains in place under the interim management contract described above. During the reporting period, the fund’s expenses were reduced by $77,777 as a result of this limit.

PIL, an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. Putnam Management pays a quarterly sub-management fee to PIL for its services at an annual rate of 0.35% of the average net assets of the portion of the fund managed by PIL.

PAC, an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund, as designated from time to time by Putnam Management or PIL. Putnam Management or PIL, as applicable, pays a quarterly sub-advisory fee to PAC for its services at the annual rate of 0.35% of the average net assets of the portion of the fund’s assets for which PAC is engaged as sub-adviser.

The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

Custodial functions for the fund’s assets are provided by State Street. Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.

Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. received fees for investor servicing based on the fund’s retail asset level, the number of shareholder accounts in the fund and the level of defined contribution plan assets in the fund.

58  Dynamic Asset Allocation Equity Fund 

 


Investor servicing fees will not exceed an annual rate of 0.32% of the fund’s average net assets. During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:

Class A  $42 
Class Y  31,991 
Total  $32,033 

 

The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.’s and State Street’s fees are reduced by credits allowed on cash balances. The fund also reduced expenses through brokerage/service arrangements. For the reporting period, the fund’s expenses were reduced by $40 under the expense offset arrangements and by $448 under the brokerage/service arrangements.

Each independent Trustee of the fund receives an annual Trustee fee, of which $19, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.

The fund has adopted a distribution plan (the Plan) pursuant to Rule 12b–1 under the Investment Company Act of 1940. The purpose of the Plan is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Putnam Investments, for services provided and expenses incurred in distributing shares of the fund. The Plan provides for payment by the fund to Putnam Retail Management Limited Partnership at an annual rate of up to 0.35% of the average net assets attributable to class A shares. The Trustees currently have not approved payments under the Plan.

A deferred sales charge of up to 1.00% is assessed on certain redemptions of class A shares. For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received no money on class A redemptions.

Note 3: Purchases and sales of securities

During the reporting period, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $5,961,726 and $7,307,095, respectively. There were no purchases or proceeds from sales of long-term U.S. government securities.

Written option transactions during the reporting period are summarized as follows:

  Written option   
  contract amounts/   
  number of contracts  Written option premiums 
Written options outstanding at the     
beginning of the reporting period  445  $1,160 
Options opened  1,939  737 
Options exercised  —  — 
Options expired  —  — 
Options closed  (445)  (1,160) 
Written options outstanding at the     
end of the reporting period  1,939  $737 

 

Dynamic Asset Allocation Equity Fund  59 

 


Note 4: Capital shares

At the close of the reporting period, there was an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:

  Six months ended 11/30/13  Year ended 5/31/13 
Class A  Shares  Amount  Shares  Amount 
Shares sold  —  $—  —  $— 
Shares issued in connection with         
reinvestment of distributions  —  —  256  2,669 
  —  —  256  2,669 
Shares repurchased  —  —  (290)  (3,277) 
Net decrease  —  $—  (34)  $(608) 
 
  Six months ended 11/30/13  Year ended 5/31/13 
Class Y  Shares  Amount  Shares  Amount 
Shares sold  940,912  $11,368,944  1,665,364  $18,604,592 
Shares issued in connection with         
reinvestment of distributions  —  —  183,599  1,920,448 
  940,912  11,368,944  1,848,963  20,525,040 
Shares repurchased  (1,081,728)  (13,117,642)  (1,582,129)  (17,716,897) 
Net increase (decrease)  (140,816)  $(1,748,698)  266,834  $2,808,143 

 

At the close of the reporting period, Putnam Investments, LLC owned 1,791 class A shares of the fund (64.7% of class A shares outstanding), valued at $23,749.

Note 5: Affiliated transactions

Transactions during the reporting period with Putnam Short Term Investment Fund, which is under common ownership and control, were as follows:

  Market value at        Market value 
  the beginning        at the end of 
  of the reporting      Investment  the reporting 
Name of affiliate  period  Purchase cost  Sale proceeds  income  period 
Putnam Short Term           
Investment Fund*  $929,346  $3,340,312  $3,459,363  $230  $810,295 

 

* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.

Note 6: Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default.

Note 7: Summary of derivative activity

The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was as follows based on an average of the holdings at the end of each fiscal quarter:

Purchased equity option contracts (contract amount)  900 
Written equity option contracts (contract amount) (Note 3)  900 
Futures contracts (number of contracts)  30 
Forward currency contracts (contract amount)  $24,500,000 
Warrants (number of warrants)  35,000 

 

60  Dynamic Asset Allocation Equity Fund 

 


The following is a summary of the market values of derivative instruments as of the close of the reporting period:

Market values of derivative instruments as of the close of the reporting period

  Asset derivatives  Liability derivatives 
Derivatives not         
accounted for as  Statement of    Statement of   
hedging instruments  assets and    assets and   
under ASC 815  liabilities location  Market value  liabilities location  Market value 
Foreign exchange         
contracts  Receivables  $163,929  Payables  $187,664 
  Investments,       
  Receivables, Net    Payables, Net   
  assets  — Unrealized    assets  — Unrealized   
Equity contracts  appreciation  32,199*  depreciation  36,298* 
Total    $196,128    $223,962 

 

* Includes cumulative appreciation/depreciation of futures contracts as reported in the fund’s portfolio. Only current day’s variation margin is reported within the Statement of assets and liabilities.

The following is a summary of realized and change in unrealized gains or losses of derivative instruments on the Statement of operations for the reporting period (see Note 1):

Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments

Derivatives not accounted for      Forward   
as hedging instruments under      currency   
ASC 815  Options  Futures  contracts  Total 
Foreign exchange contracts  $—  $—  $(80,825)  $(80,825) 
Equity contracts  2,703  10,666  —  13,369 
Total  $2,703  $10,666  $(80,825)  $(67,456) 

 

Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments

 

Derivatives not accounted        Forward   
for as hedging instruments        currency   
under ASC 815  Warrants  Options  Futures  contracts  Total 
Foreign exchange           
contracts  $—  $—  $—  $44,630  $44,630 
Equity contracts  385  (981)  4,040  —  3,444 
Total  $385  $(981)  $4,040  $44,630  $48,074 

 

Note 8: Offsetting of financial and derivative assets and liabilities

The following table summarizes any derivatives, repurchase agreements, reverse repurchase agreements, securities lending and borrowing transactions, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement.

Dynamic Asset Allocation Equity Fund  61 

 


  Bank of America N.A. Barclays Bank PLC Citibank, N.A. Credit Suisse International Deutsche Bank AG Goldman Sachs Bank USA Goldman Sachs International HSBC Bank USA, National Association JPMorgan Chase Bank N.A. Merrill Lynch, Pierce, Fenner & Smith, Inc. Royal Bank of Scotland PLC (The) State Street Bank and Trust Co. UBS AG WestPac Banking Corp. Total
Assets:                               
Futures contracts***  $—  $—  $—  $—  $—  $—  $—  $—  $—  $10,231  $—  $—  $—  $—  $10,231 
Forward currency contracts#  24,224  25,461  5,201  9,493  2,340  —  2,436  7,626  34,104  —  3,287  13,607  21,479  14,671  163,929 
Purchased equity options**#  1,086  —  —  —  —  —  —  —  —  —  —  —  —  —  1,086 
Securities on loan**  —  —  —  —  —  7,485  —  —  —  —  —  —  —  —  7,485 
Total Assets  $25,310  $25,461  $5,201  $9,493  $2,340  $7,485  $2,436  $7,626  $34,104  $10,231  $3,287  $13,607  $21,479  $14,671  $182,731 
Liabilities:                               
Futures contracts***  —  —  —  —  —  —  —  —  —  16,182  —  —  —  —  16,182 
Forward currency contracts#  6,384  9,663  6,897  36,054  6,687  —  11,925  10,188  54,217  —  5,929  15,336  17,680  6,704  187,664 
Written equity options#  270  —  —  —  —  —  —  —  —  —  —  —  —  —  270 
Total Liabilities  $6,654  $9,663  $6,897  $36,054  $6,687  $—  $11,925  $10,188  $54,217  $16,182  $5,929  $15,336  $17,680  $6,704  $204,116 
Total Financial and Derivative                               
Net Assets  $18,656  $15,798  $(1,696)  $(26,561)  $(4,347)  $7,485  $(9,489)  $(2,562)  $(20,113)  $(5,951)  $(2,642)  $(1,729)  $3,799  $7,967  $(21,385) 
Total collateral                               
received (pledged)##†  $—  $—  $—  $—  $—  $7,485  $—  $—  $—  $—  $—  $—  $—  $—  $7,485 
Net amount  $18,656  $15,798  $(1,696)  $(26,561)  $(4,347)  $—  $(9,489)  $(2,562)  $(20,113)  $(5,951)  $(2,642)  $(1,729)  $3,799  $7,967  $(28,870) 

 

**Included with Investments in securities on the Statement of assets and liabilities

#Covered by master netting agreement.

***Includes current day’s variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts and centrally cleared swap contracts is represented in the tables listed after the fund’s portfolio.

##Any over-collateralization of total financial and derivative net assets is not shown.

†Additional collateral may be required from certain brokers based on individual agreements.

62  Dynamic Asset Allocation Equity Fund  Dynamic Asset Allocation Equity Fund  63 

 


Services for shareholders

Investor services

Systematic investment plan Tell us how much you wish to invest regularly — weekly, semimonthly, or monthly — and the amount you choose will be transferred automatically from your checking or savings account. There’s no additional fee for this service, and you can suspend it at any time. This plan may be a great way to save for college expenses or to plan for your retirement.

Please note that regular investing does not guarantee a profit or protect against loss in a declining market. Before arranging a systematic investment plan, consider your financial ability to continue making purchases in periods when prices are low.

Systematic exchange You can make regular transfers from one Putnam fund to another Putnam fund. There are no additional fees for this service, and you can cancel or change your options at any time.

Dividends PLUS You can choose to have the dividend distributions from one of your Putnam funds automatically reinvested in another Putnam fund at no additional charge.

Free exchange privilege You can exchange money between Putnam funds free of charge, as long as they are the same class of shares. A signature guarantee is required if you are exchanging more than $500,000. The fund reserves the right to revise or terminate the exchange privilege.

Reinstatement privilege If you’ve sold Putnam shares or received a check for a dividend or capital gain, you may reinvest the proceeds with Putnam within 90 days of the transaction and they will be reinvested at the fund’s current net asset value — with no sales charge. However, reinstatement of class B shares may have special tax consequences. Ask your financial or tax representative for details.

Check-writing service You have ready access to many Putnam accounts. It’s as simple as writing a check, and there are no special fees or service charges. For more information about the check-writing service, call Putnam or visit our website.

Dollar cost averaging When you’re investing for long-term goals, it’s time, not timing, that counts. Investing on a systematic basis is a better strategy than trying to figure out when the markets will go up or down. This means investing the same amount of money regularly over a long period. This method of investing is called dollar cost averaging. When a fund’s share price declines, your investment dollars buy more shares at lower prices. When it increases, they buy fewer shares. Over time, you will pay a lower average price per share.

For more information

Visit the Individual Investors section at putnam.com A secure section of our website contains complete information on your account, including balances and transactions, updated daily. You may also conduct transactions, such as exchanges, additional investments, and address changes. Log on today to get your password.

Call us toll free at 1-800-225-1581 Ask a helpful Putnam representative or your financial advisor for details about any of these or other services, or see your prospectus.

64  Dynamic Asset Allocation Equity Fund 

 


Fund information

Founded over 75 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.

Investment Manager  Trustees  Robert R. Leveille 
Putnam Investment  Jameson A. Baxter, Chair  Vice President and 
Management, LLC  Liaquat Ahamed  Chief Compliance Officer 
One Post Office Square  Ravi Akhoury   
Boston, MA 02109  Barbara M. Baumann  Michael J. Higgins 
  Charles B. Curtis  Vice President, Treasurer, 
Investment Sub-Manager  Robert J. Darretta  and Clerk 
Putnam Investments Limited  Katinka Domotorffy   
57–59 St James’s Street  John A. Hill  Janet C. Smith 
London, England SW1A 1LD  Paul L. Joskow  Vice President, 
  Kenneth R. Leibler  Principal Accounting Officer, 
Investment Sub-Advisor  Robert E. Patterson  and Assistant Treasurer 
The Putnam Advisory  George Putnam, III   
Company, LLC  Robert L. Reynolds  Susan G. Malloy 
One Post Office Square  W. Thomas Stephens  Vice President and 
Boston, MA 02109    Assistant Treasurer 
  Officers   
Marketing Services  Robert L. Reynolds  James P. Pappas 
Putnam Retail Management  President  Vice President 
One Post Office Square     
Boston, MA 02109  Jonathan S. Horwitz  Mark C. Trenchard 
  Executive Vice President,  Vice President and 
Custodian  Principal Executive Officer, and  BSA Compliance Officer 
State Street Bank  Compliance Liaison   
and Trust Company    Nancy E. Florek 
  Steven D. Krichmar  Vice President, Director of 
Legal Counsel  Vice President and  Proxy Voting and Corporate 
Ropes & Gray LLP  Principal Financial Officer  Governance, Assistant Clerk, 
    and Associate Treasurer 
  Robert T. Burns   
  Vice President and   
  Chief Legal Officer   

 

This report is for the information of shareholders of Putnam Dynamic Asset Allocation Equity Fund. It may also be used as sales literature when preceded or accompanied by the current prospectus, the most recent copy of Putnam’s Quarterly Performance Summary, and Putnam’s Quarterly Ranking Summary. For more recent performance, please visit putnam.com. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund, which are described in its prospectus. For this and other information or to request a prospectus or summary prospectus, call 1-800-225-1581 toll free. Please read the prospectus carefully before investing. The fund’s Statement of Additional Information contains additional information about the fund’s Trustees and is available without charge upon request by calling 1-800-225-1581.



Item 2. Code of Ethics:
Not applicable
Item 3. Audit Committee Financial Expert:
Not applicable
Item 4. Principal Accountant Fees and Services:
Not applicable
Item 5. Audit Committee of Listed Registrants
Not applicable
Item 6. Schedule of Investments:
The registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:

Not applicable
Item 8. Portfolio Managers of Closed-End Investment Companies
Not Applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:

Not applicable
Item 10. Submission of Matters to a Vote of Security Holders:
Not applicable
Item 11. Controls and Procedures:
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) Changes in internal control over financial reporting: Not applicable
.
Item 12. Exhibits:
(a)(1) Not applicable
(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.

Putnam Funds Trust
By (Signature and Title):
/s/Janet C. Smith
Janet C. Smith
Principal Accounting Officer

Date: January 28, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):
/s/Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer

Date: January 28, 2014
By (Signature and Title):
/s/Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer

Date: January 28, 2014
EX-99.CERT 2 b_FL7certifications.htm EX-99.CERT b_FL7certifications.htm

Certifications

I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and


d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

Date: January 27, 2014

/s/ Jonathan S. Horwitz
_______________________
Jonathan S. Horwitz
Principal Executive Officer













Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:


a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;


b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and


d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and


b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.

Date: January 27, 2014

/s/ Steven D. Krichmar
_______________________
Steven D. Krichmar
Principal Financial Officer














Attachment A

Period (s) ended November 30, 2013
               Putnam Arizona Tax Exempt Income Fund
               Putnam Minnesota Tax Exempt Income Fund
               Putnam Massachusetts Tax Exempt Income Fund
               Putnam New York Tax Exempt Income Fund
               Putnam High Yield Advantage Fund
               Putnam Equity Income Fund
               Putnam Pennsylvania Tax Exempt Income Fund
               Putnam Ohio Tax Exempt Income Fund
               Putnam New Jersey Tax Exempt Income Fund
               Putnam Michigan Tax Exempt Income Fund
               Putnam Dynamic Asset Allocation Equity Fund
               Putnam Dynamic Risk Allocation Fund
               Putnam Short Term Municipal Income Fund
               Putnam Intermediate Term Municipal Income Fund
               Putnam Emerging Markets Income Fund
               Putnam Global Dividend Fund
 EX-99.906 CERT 3 c_FL7noscertification.htm EX-99.906 CERT c_FL7noscertification.htm

Section 906 Certifications

I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:

1. The form N-CSR of the Funds listed on Attachment A for the period ended November 30, 2013 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended November 30, 2013 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: January 27, 2014

/s/ Jonathan S. Horwitz
______________________
Jonathan S. Horwitz
Principal Executive Officer













Section 906 Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:

1. The form N-CSR of the Funds listed on Attachment A for the period ended November 30, 2013 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended November 30, 2013 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: January 27, 2014

/s/ Steven D. Krichmar
______________________
Steven D. Krichmar
Principal Financial Officer














Attachment A

N-CSR

Period (s) ended November 30, 2013
               Putnam Arizona Tax Exempt Income Fund
               Putnam Minnesota Tax Exempt Income Fund
               Putnam Massachusetts Tax Exempt Income Fund
               Putnam New York Tax Exempt Income Fund
               Putnam High Yield Advantage Fund
               Putnam Equity Income Fund
               Putnam Pennsylvania Tax Exempt Income Fund
               Putnam Ohio Tax Exempt Income Fund
               Putnam New Jersey Tax Exempt Income Fund
               Putnam Michigan Tax Exempt Income Fund
               Putnam Dynamic Asset Allocation Equity Fund
               Putnam Dynamic Risk Allocation Fund
               Putnam Short Term Municipal Income Fund
               Putnam Intermediate Term Municipal Income Fund
               Putnam Emerging Markets Income Fund
               Putnam Global Dividend Fund
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