0001193125-12-427825.txt : 20121019 0001193125-12-427825.hdr.sgml : 20121019 20121019061035 ACCESSION NUMBER: 0001193125-12-427825 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121019 DATE AS OF CHANGE: 20121019 EFFECTIVENESS DATE: 20121019 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-00515 FILM NUMBER: 121151398 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 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07513 FILM NUMBER: 121151399 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 S000024277 Putnam Dynamic Risk Allocation Fund C000071723 Class A C000071724 Class B C000071725 Class C C000071726 Class M C000071727 Class R C000071728 Class Y C000118009 Class R6 C000118010 Class R5 0001005942 S000024760 Putnam Dynamic Asset Allocation Equity Fund C000073568 Class A C000073569 Class Y 485BPOS 1 d418607d485bpos.htm PUTNAM FUNDS TRUST Putnam Funds Trust

As filed with the Securities and Exchange Commission on October 19, 2012

Registration No. 333-515

811-07513

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

   THE SECURITIES ACT OF 1933   x
   Pre-Effective Amendment No.   ¨
   Post-Effective Amendment No. 151   x

and

REGISTRATION STATEMENT

UNDER

   THE INVESTMENT COMPANY ACT OF 1940   x
  

Amendment No. 152

(Check appropriate box or boxes)

  x

 

PUTNAM FUNDS TRUST

(Exact Name of Registrant as Specified in Charter)

 

 

One Post Office Square,

Boston, Massachusetts 02109

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code

(617) 292-1000

 

 

It is proposed that this filing will become effective (check appropriate box)

  ¨ immediately upon filing pursuant to paragraph (b)
  x on September 30, 2012 pursuant to paragraph (b)
  ¨ 60 days after filing pursuant to paragraph (a)(1)
  ¨ on (date) pursuant to paragraph (a)(1)
  ¨ 75 days after filing pursuant to paragraph (a)(2)
  ¨ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

  ¨ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

ROBERT T. BURNS, Vice President

PUTNAM FUNDS TRUST

One Post Office Square

Boston, Massachusetts 02109

(Name and address of agent for service)

 

 

Copy to:

JOHN W. GERSTMAYR, Esquire

ROPES & GRAY LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199-3600

 

 

This Post-Effective Amendment relates solely to the Registrant’s Putnam Dynamic Asset Allocation Equity Fund and Putnam Dynamic Risk Allocation Fund series. Information contained in the Registrant’s Registration Statement relating to any other series of the Registrant is neither amended nor superseded hereby.

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts, on the 19th day of October, 2012.

Putnam Funds Trust

By: /s/ Jonathan S. Horwitz, Executive Vice President,

Principal Executive Officer and Compliance Liaison

Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement of Putnam Funds Trust has been signed below by the following persons in the capacities and on the dates indicated:

 

Signature    Title
Jameson A. Baxter *    Chair, Board of Trustees
Robert L. Reynolds*    President and Trustee
Jonathan S. Horwitz*    Executive Vice President, Principal Executive Officer and Compliance Liaison
Steven D. Krichmar*    Vice President and Principal Financial Officer
Janet C. Smith*    Vice President, Assistant Treasurer and Principal Accounting Officer
Liaquat Ahamed*    Trustee
Ravi Akhoury*    Trustee
Barbara M. Baumann*    Trustee
Charles B. Curtis*    Trustee
Robert J. Darretta*    Trustee
Katinka Domotorffy*    Trustee
John A. Hill*    Trustee

 

C-1


Paul L. Joskow*    Trustee
Elizabeth T. Kennan*    Trustee
Kenneth R. Leibler*    Trustee
Robert E. Patterson*    Trustee
George Putnam, III*    Trustee
W. Thomas Stephens*    Trustee

By: /s/ Jonathan S. Horwitz, as Attorney-in-Fact

October 19, 2012

*Signed pursuant to power of attorney filed herewith.

 

C-2


EXHIBIT INDEX

 

XBRL Instance Document    Ex-101.ins
XBRL Taxonomy Extension Schema Document    Ex-101.sch
XBRL Taxonomy Extension Calculation Linkbase Document    Ex-101.cal
XBRL Taxonomy Extension Labels Linkbase    Ex-101.lab
XBRL Taxonomy Extension Presentation Linkbase Document    Ex-101.pre
XBRL Taxonomy Extension Definition Linkbase    Ex-101.def

 

C-3

EX-101.INS 3 pft6-20120928.xml XBRL INSTANCE DOCUMENT 0001005942 pft6:S000024277Member pft6:C000071724Member 2011-10-01 2012-09-30 0001005942 pft6:S000024277Member pft6:C000071725Member 2011-10-01 2012-09-30 0001005942 pft6:S000024760Member 2011-10-01 2012-09-30 0001005942 pft6:S000024277Member 2011-10-01 2012-09-30 0001005942 pft6:S000024760Member pft6:C000073568Member 2011-10-01 2012-09-30 0001005942 pft6:S000024760Member pft6:C000073569Member 2011-10-01 2012-09-30 0001005942 pft6:S000024277Member pft6:C000071723Member 2011-10-01 2012-09-30 0001005942 pft6:S000024277Member pft6:C000071726Member 2011-10-01 2012-09-30 0001005942 pft6:S000024277Member pft6:C000071727Member 2011-10-01 2012-09-30 0001005942 pft6:S000024277Member pft6:C000118010Member 2011-10-01 2012-09-30 0001005942 pft6:S000024277Member pft6:C000118009Member 2011-10-01 2012-09-30 0001005942 pft6:S000024277Member pft6:C000071728Member 2011-10-01 2012-09-30 0001005942 pft6:S000024760Member rr:AfterTaxesOnDistributionsMember pft6:C000073568Member 2011-10-01 2012-09-30 0001005942 pft6:S000024760Member rr:AfterTaxesOnDistributionsAndSalesMember pft6:C000073568Member 2011-10-01 2012-09-30 0001005942 pft6:S000024760Member pft6:RussellThirtyHundredIndexMember 2011-10-01 2012-09-30 0001005942 pft6:S000024760Member pft6:PutnamEquityBlendedIndexMember 2011-10-01 2012-09-30 0001005942 2011-10-01 2012-09-30 pure iso4217:USD 1345 1345 <font style="FONT-FAMILY: arial" size="2"><b>Example</b></font> 2012-06-30 <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamDynamicAssetAllocationEquityFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamDynamicRiskAllocationFund column period compact * ~</div> 1564 920 1484 1545 1345 1527 1093 <font style="FONT-FAMILY: arial" size="2"><b>Example</b></font> <font style="FONT-FAMILY: arial" size="4"><b>Fund summary</b></font> <font style="FONT-FAMILY: arial" size="2">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in <em>How do I buy fund shares? </em>beginning on page 13 of the fund's prospectus and in <em>How to buy shares </em>beginning on page II-1 of the fund's statement of additional information (SAI). </font> <font style="FONT-FAMILY: arial" size="2"><b>Shareholder fees </b></font><font style="FONT-FAMILY: arial" size="1"><i>(fees paid directly from your investment)</i></font> <font style="FONT-FAMILY: arial" size="2">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund's shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund's turnover rate in the most recent fiscal year was 82%.</font> 0.0791 0.0575 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamDynamicAssetAllocationEquityFund column period compact * ~</div> 821 778 834 <font style="FONT-FAMILY: arial" size="4"><b>Fund summary</b></font> <font style="FONT-FAMILY: arial" size="2"><b>Shareholder fees</b></font> <font style="FONT-FAMILY: arial" size="1"><i>(fees paid directly from your investment)</i></font> <font style="FONT-FAMILY: arial" size="2">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund's shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund's turnover rate for the period September 19, 2011 through May 31, 2012 was 41%. </font> <font style="FONT-FAMILY: arial" size="2">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in <em>How do I buy fund shares? </em>beginning on page 20 of the fund's prospectus and in <em>How to buy shares </em>beginning on page II-1 of the fund's statement of additional information (SAI). </font> <font style="FONT-FAMILY: arial" size="1">Other expenses are based on expenses of class A shares for the fund's last fiscal year, adjusted to reflect the lower investor servicing fees applicable to class R5 and class R6 shares.</font> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamDynamicRiskAllocationFund column period compact * ~</div> <font style="FONT-FAMILY: arial" size="2">The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in <em>How do I buy fund shares? </em>beginning on page 13 of the fund's prospectus and in <em>How to buy shares </em>beginning on page II-1 of the fund's statement of additional information (SAI).</font> 50000 <font style="FONT-FAMILY: arial" size="2"><b>Annual fund operating expenses</b></font><br/><font style="FONT-FAMILY: arial" size="1"><i>(expenses you pay each year as a percentage of the value of your investment)</i></font> <font style="FONT-FAMILY: arial" size="2">The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time.</font> <font style="FONT-FAMILY: arial" size="1">Year- to-date<br/>performance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.91%<br/>through 6/30/12<br/><br/>Best calendar <br/>quarter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.98%<br/>Q3 2010 <br/><br/>Worst calendar <br/>quarter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-18.48%<br/>Q3 2011</font> 0 703 110 2009-01-23 2009-01-23 2009-01-23 2009-01-23 2009-01-23 2009-01-23 0.0575 0 0 0.035 0 0 0 0 710 719 319 537 169 118 118 118 <font style="FONT-FAMILY: arial" size="2"><b>Annual fund operating expenses</b></font><br/><font style="FONT-FAMILY: arial" size="1"><i>(expenses you pay each year as a percentage of the value of your investment)</i></font> 50000 485BPOS PUTNAM FUNDS TRUST 2012-09-28 2012-05-31 <font style="FONT-FAMILY: arial" size="2"><b>Goal</b></font> <font style="FONT-FAMILY: arial" size="2">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.</font> <font style="FONT-FAMILY: arial" size="2"><b>Investments</b></font> <font style="FONT-FAMILY: arial" size="2">It is important to understand that you can lose money by investing in the fund.</font> <font style="FONT-FAMILY: arial" size="2"><b>Average annual total returns after sales charges<br/>(for periods ending 12/31/11)</b></font> <font style="FONT-FAMILY: arial" size="1">The Putnam Equity Blended Index is an unmanaged index administered by Putnam Management, 75% of which is the Russell 3000 Index, 19% of which is the MSCI EAFE Index (ND), and 6% of which is the MSCI Emerging Markets Index (GD).</font><br/><br/><font style="FONT-FAMILY: arial" size="1">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.</font> <font style="FONT-FAMILY: arial" size="1">Actual after-tax returns depend on an investor's tax situation and may differ from those shown.</font> 2010-09-30 0.1298 2011-09-30 0.01 0 0.0208 0.0183 -0.0075 -0.0075 1121 503 -0.0449 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamDynamicAssetAllocationEquityFundBarChart column period compact * ~</div> 0.01 0.05 0.01 0.0065 0 0 0 0 0.0186 0.0261 0.0261 0.0236 0.0211 0.0158 0.0148 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0042 -0.0032 -0.0045 1085 1069 769 1019 618 458 437 464 219 219 2728 2911 <font style="FONT-FAMILY: arial" size="2"><b>Goal</b></font> <font style="FONT-FAMILY: arial" size="2">The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in <em>How do I buy fund shares? </em>beginning on page 20 of the fund's prospectus and in <em>How to buy shares </em>beginning on page II-1 of the fund's statement of additional information (SAI). </font> <font style="FONT-FAMILY: arial" size="2">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: arial" size="2"><b>Investments</b></font> <font style="FONT-FAMILY: arial" size="2">It is important to understand that you can lose money by investing in the fund.</font> 2012-09-30 0001005942 2012-09-30 false <font style="FONT-FAMILY: arial" size="2">Putnam Dynamic Asset Allocation Equity Fund seeks long-term growth.</font> <font style="FONT-FAMILY: arial" size="2"><b>Fees and expenses</b></font> September 30, 2013 <font style="FONT-FAMILY: arial" size="2"><b>Portfolio turnover</b></font> 0.82 <font style="FONT-FAMILY: arial" size="2">We invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide. While we typically allocate 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. We invest mainly in developed countries, but may invest in emerging markets. We may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. We may also use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes.</font> <font style="FONT-FAMILY: arial" size="2"><b>Risks</b></font> <font style="FONT-FAMILY: arial" size="2">It is important to understand that you can lose money by investing in the fund.</font><br/><br/><font style="FONT-FAMILY: arial" size="2">The prices of stocks in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific company or industry. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. Our use of derivatives may increase these risks by increasing investment exposure or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b>Investor profile</b> The fund serves as an underlying equity investment of other funds that allocate their portfolios among the Putnam funds to obtain varying exposures to equity and fixed-income investments. The fund also is designed for investors seeking long-term growth and who are willing to wait out short-term market fluctuations.</font> <font style="FONT-FAMILY: arial" size="2">An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font> <font style="FONT-FAMILY: arial" size="2"><b>Performance</b></font> <font style="FONT-FAMILY: arial" size="2">The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. </font> <font style="FONT-FAMILY: arial" size="2">The bar chart does not reflect the impact of sales charges. If it did, performance would be lower.</font> <font style="FONT-FAMILY: arial" size="2">Please remember that past performance is not necessarily an indication of future results.</font> <font style="FONT-FAMILY: arial" size="2"><b>Annual total returns for class A shares before sales charges</b></font> <font style="FONT-FAMILY: arial" size="1">The Putnam Equity Blended Index is an unmanaged index administered by Putnam Management, 75% of which is the Russell 3000 Index, 19% of which is the MSCI EAFE Index (ND), and 6% of which is the MSCI Emerging Markets Index (GD).</font> <font style="FONT-FAMILY: arial" size="1">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.</font> <font style="FONT-FAMILY: arial" size="1">After-tax returns are shown for class A shares only and will vary for other classes.</font> <font style="FONT-FAMILY: arial" size="1">Year- to-date performance through</font> <font style="FONT-FAMILY: arial" size="1">Best calendar quarter</font> <font style="FONT-FAMILY: arial" size="1">Worst calendar quarter</font> -0.1848 -0.01 -0.01 0.006 0.006 0.0025 0.0122 0.0122 0.0001 0.0001 0.0133 0.0108 2791 2086 0.1503 -0.0998 -0.1192 -0.0501 -0.0458 0.0103 -0.0276 0.1458 0.0998 0.1052 0.1691 0.1865 0.1792 <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamDynamicAssetAllocationEquityFund column period compact * ~</div> 0.0056 0.0066 0.0091 0.0091 0.0091 0.0091 0.0091 0.0091 0.0091 0.0091 0.0025 0.01 0.01 0.0075 0.005 0.0069 0.0069 0.0069 0.0069 0.0069 0.0069 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0161 0.0141 0.0216 0.0216 0.0191 0.0166 0.0116 0.0116 0.0116 2595 2728 2911 2919 2406 1843 1741 1873 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamDynamicAssetAllocationEquityFund column period compact * ~</div> 769 769 <font style="FONT-FAMILY: arial" size="2">Putnam Dynamic Risk Allocation Fund seeks total return. Total return is composed of capital appreciation and income.</font> <font style="FONT-FAMILY: arial" size="2"><b>Fees and expenses</b></font> <font style="FONT-FAMILY: arial" size="2"><b>Portfolio turnover</b></font> <font style="FONT-FAMILY: arial" size="2">The fund invests in a diversified set of asset classes. By investing in a broader set of asset classes than a traditional balanced fund, and by using leverage to increase the fund's exposures to asset classes, we believe that the fund may achieve a higher total return than a traditional balanced fund with approximately the same amount of risk as a traditional balanced fund. Risk is measured by the volatility of the fund's investment portfolio.</font><br/><br/> <font style="FONT-FAMILY: arial" size="2">The fund may invest without limit in U.S., international, and emerging markets equity securities (growth or value stocks or both) of companies of any size and fixed-income securities (including in high yield securities, which are sometimes referred to as "junk bonds"); mortgage- and asset-backed securities; inflation-protected securities; commodities; and real estate investment trusts. These asset classes offer different return potential and exposure to different investment risks. </font><br/><br/> <font style="FONT-FAMILY: arial" size="2">We allocate the fund's assets among asset classes in a manner intended to diversify the fund's exposure to these different types of risk. We typically use leverage to adjust or to increase the fund's exposure to certain asset classes in order to diversify, or balance, risk exposure. We expect that, on average, net notional investment exposure of approximately 150% of the net assets of the fund will result from the fund's allocation strategy under normal market conditions, although the amounts of leverage may be significantly higher or lower at any given time. We believe that better risk diversification creates the potential for the fund to perform well in a variety of market environments. Because the potential risks and returns of asset classes, the costs of leverage, and the benefits of diversification vary over time and with market conditions, we make dynamic adjustments to the fund's asset allocations as the market environment changes. We use qualitative analysis, which includes evaluation of the business cycle environment and its impact on different asset classes, and quantitative techniques, which incorporate individual valuation and relative valuation measures, to establish asset class allocations that we believe will enable the fund to perform well in a variety of environments. We also use active trading strategies, such as active security selection, tactical asset allocation, currency transactions and options transactions. Certain of these strategies may introduce additional investment leverage. </font><br/><br/> <font style="FONT-FAMILY: arial" size="2">When making particular investments within an asset class, we may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell equity investments, and, among other factors, credit, interest rate and prepayment risks when deciding whether to buy or sell fixed income investments. We may also take into account general market conditions when making investment decisions. We typically use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts to a significant extent, for hedging purposes, to obtain leverage, and to adjust the return and volatility characteristics of the fund's investments. We may also engage in short sales of securities. </font> <font style="FONT-FAMILY: arial" size="2"><b>Risks</b></font> <font style="FONT-FAMILY: arial" size="2">It is important to understand that you can lose money by investing in the fund.</font><br/><br/> <font style="FONT-FAMILY: arial" size="2">Our allocation of assets among asset classes may hurt performance, and our efforts to diversify risk through the use of leverage and allocation decisions may not be successful. The prices of stocks and bonds may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. These risks are generally greater for small and midsize companies. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest rate risk, which means the prices of the fund's bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuer of the bond may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments (particularly investments in emerging markets) may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. Our active trading strategies may lose money or not earn a return sufficient to cover trading and other costs. REITs are subject to the risk of economic downturns that have an adverse impact on real estate markets. Commodity-linked notes are subject to the same risks as commodities, such as weather, disease, political, tax and other regulatory developments and other factors affecting the value of commodities. Our use of leverage obtained through derivatives increases these risks by increasing investment exposure. Derivatives also involve the risk, in the case of over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Our use of short selling may result in losses if the securities appreciate in value.</font><br/><br/> <font style="FONT-FAMILY: arial" size="2">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </font> <font style="FONT-FAMILY: arial" size="2"><b>Performance</b></font> <font style="FONT-FAMILY: arial" size="2">Performance information will be available after the fund completes a full calendar year of operation.</font> September 30, 2013 0.41 <font style="FONT-FAMILY: arial" size="2">An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </font> <font style="FONT-FAMILY: arial" size="2">Performance information will be available after the fund completes a full calendar year of operation.</font> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamDynamicRiskAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamDynamicRiskAllocationFund column period compact * ~</div> Applies only to certain redemptions of shares bought with no initial sales charge. This charge is phased out over six years. This charge is eliminated after one year. Other expenses are based on expenses of class A shares for the fund's last fiscal year, adjusted to reflect the lower investor servicing fees applicable to class R5 and class R6 shares. Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through September 30, 2013. This obligation may be modified or discontinued only with approval of the Board of Trustees. No payments under the fund's distribution and service (12b-1) plan have been authorized by the Trustees. Should the Trustees decide in the future to approve payments under the plan, this prospectus will be revised. Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through at least September 30, 2013. This obligation may be modified or discontinued only with the approval of the Board of Trustees. 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