0001193125-13-018235.txt : 20130122 0001193125-13-018235.hdr.sgml : 20130121 20130122072928 ACCESSION NUMBER: 0001193125-13-018235 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130122 DATE AS OF CHANGE: 20130122 EFFECTIVENESS DATE: 20130122 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: 13538960 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: 13538961 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 S000023000 PUTNAM EMERGING MARKETS EQUITY FUND C000066853 CLASS A C000066854 CLASS B C000066855 CLASS C C000066856 CLASS M C000066857 CLASS R C000066858 CLASS Y 0001005942 S000024243 Putnam Global Consumer Fund C000071511 Class A C000071512 Class B C000071513 Class C C000071514 Class M C000071515 Class R C000071516 Class Y 0001005942 S000024244 Putnam Global Energy Fund C000071517 Class M C000071518 Class R C000071519 Class Y C000071520 Class A C000071521 Class B C000071522 Class C 0001005942 S000024245 Putnam Global Financial Fund C000071523 Class A C000071524 Class B C000071525 Class C C000071526 Class M C000071527 Class R C000071528 Class Y 0001005942 S000024246 Putnam Global Industrial Fund C000071529 Class A C000071530 Class B C000071531 Class C C000071532 Class M C000071533 Class R C000071534 Class Y 0001005942 S000024247 Putnam Global Technology Fund C000071535 Class A C000071536 Class B C000071537 Class C C000071538 Class M C000071539 Class R C000071540 Class Y 0001005942 S000024248 Putnam Global Telecommunication Fund C000071541 Class A C000071542 Class B C000071543 Class C C000071544 Class M C000071545 Class R C000071546 Class Y 0001005942 S000032935 Putnam Retirement Income Fund Lifestyle 2 C000101642 Class A C000101643 Class B C000101644 Class C C000101645 Class M C000101646 Class R C000101647 Class Y 485BPOS 1 d459390d485bpos.htm PUTNAM FUNDS TRUST PUTNAM FUNDS TRUST

As filed with the Securities and Exchange Commission on January 22, 2013

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. 159    x
   and   
  

REGISTRATION STATEMENT

UNDER

   
   THE INVESTMENT COMPANY ACT OF 1940    x
   Amendment No. 160    x
   (Check appropriate box or boxes)   

 

 

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 January 22, 2013 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 Emerging Markets Equity Fund, Putnam Global Consumer Fund, Putnam Global Energy Fund, Putnam Global Financials Fund, Putnam Global Industrials Fund, Putnam Global Technology Fund, Putnam Global Telecommunications Fund, Putnam Retirement Income Fund Lifestyle 2 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 22nd day of January, 2013.

 

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 Principal Accounting Officer, and

Assistant Treasurer

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

January 22, 2013

 

* Signed pursuant to power of attorney filed in Post-Effective Amendment No. 150 to the Registrant’s Registration Statement filed on September 28, 2012.

 

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

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pft1:C000071523Member 2011-12-31 2012-12-30 0001005942 pft1:S000024245Member rr:AfterTaxesOnDistributionsAndSalesMember pft1:C000071523Member 2011-12-31 2012-12-30 0001005942 pft1:S000024245Member pft1:MsciWorldFinancialIndexMember 2011-12-31 2012-12-30 0001005942 pft1:S000023000Member rr:AfterTaxesOnDistributionsMember pft1:C000066853Member 2011-12-31 2012-12-30 0001005942 pft1:S000023000Member rr:AfterTaxesOnDistributionsAndSalesMember pft1:C000066853Member 2011-12-31 2012-12-30 0001005942 pft1:S000023000Member pft1:MsciEmergingMarketsIndexMember 2011-12-31 2012-12-30 pure iso4217:USD <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPUTNAMEMERGINGMARKETSEQUITYFUND column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPUTNAMEMERGINGMARKETSEQUITYFUND column period compact * ~</div> 2012-12-30 485BPOS PUTNAM FUNDS TRUST 2012-08-31 0001005942 false 2012-12-27 2012-12-30 <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamGlobalConsumerFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamGlobalConsumerFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamGlobalConsumerFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamGlobalIndustrialFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamGlobalConsumerFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamGlobalIndustrialFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamGlobalIndustrialFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamGlobalConsumerFund column period compact * ~</div> <b>PUTNAM GLOBAL INDUSTRIALS FUND</b> <b>Goal</b> <b>Fees and expenses</b> <b>Shareholder fees</b> (fees paid directly from your investment) <b>Annual fund operating expenses</b><br />(expenses you pay each year as a percentage of the value of your investment) <b>Example</b> <b>Portfolio turnover</b> <b>Investments</b> <b>Risks</b> <b>PUTNAM GLOBAL TECHNOLOGY FUND</b> It is important to understand that you can lose money by investing in the fund.<br /><br />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. Industrial products, services and equipment industries may be affected by economic trends, commodity prices, technological obsolescence, labor relations, legislation, worldwide competition and liability for environmental damage. Our policy of concentrating on a limited group of industries and the fund's "non-diversified" status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a "diversified fund," can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. 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. Our use of short selling may result in losses if the securities appreciate in value.<br /><br />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. <b>Goal</b> <b>Performance</b> <b>Fees and expenses</b> <b>Shareholder fees </b> (fees paid directly from your investment) <b>Annual fund operating expenses</b><br/>(expenses you pay each year as a percentage of the value of your investment) <b>Annual total returns for class A shares before sales charges</b> <b>Example</b> <table style="BORDER-BOTTOM: 0px; BORDER-LEFT: 0px; BORDER-TOP: 0px; BORDER-RIGHT: 0px" cellspacing="0" cellpadding="0" width="100%"><tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date<br/>performance<br/><b>through 9/30/12</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">15.00%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q2 2009</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">21.43%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td width="20%">Worst calendar<br/>quarter<br/><b>Q3 2011</b></td> <td width="8%">-28.22%</td></tr></table> <b>Portfolio turnover</b> <b>Average annual total returns after sales charges</b><br />(for periods ending 12/31/11) 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 45%. <b>Investments</b> <b>Risks</b> It is important to understand that you can lose money by investing in the fund.<br/><br/>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 technology industries may be affected by technological obsolescence, short product cycles, falling prices and profits, competitive pressures and general market conditions. Our policy of concentrating on a limited group of industries and the fund's "non-diversified" status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a "diversified fund," can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. 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. Our use of short selling may result in losses if the securities appreciate in value.<br/><br/>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. <b>Performance</b> 12/30/2013 1.53 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. Monthly performance figures for the fund are available at putnam.com. <div style="sans-serif"><table><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date<br/>performance<br/><b>through 9/30/12</b> <p style="margin-top:6px;margin-bottom:0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 17.33%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q2 2009</b> <p style="margin-top:6px;margin-bottom:0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">21.85%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar<br/>quarter<br/><b>Q2 2010</b></td> <td width="8%">-11.26%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamGlobalConsumerFundBarChart column period compact * ~</div> For this non-diversified fund concentrating in the industrial products, services or equipment industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. <b>Annual total returns for class A shares before sales charges</b> <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamRetirementIncomeFundLifestyle2 column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamRetirementIncomeFundLifestyle2 column period compact * ~</div> It is important to understand that you can lose money by investing in the fund. <b>Average annual total returns after sales charges</b><br/>(for periods ending 12/31/11) Our policy of concentrating on a limited group of industries and the fund's "non-diversified" status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a "diversified fund," can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 12/30/2013 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. 50000 Please remember that past performance is not necessarily an indication of future results. 0.45 It is important to understand that you can lose money by investing in the fund. Putnam Global Consumer Fund seeks capital appreciation. Our policy of concentrating on a limited group of industries and the fund's "non-diversified" status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a "diversified fund," can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. putnam.com 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&#8217;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. 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. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;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. Monthly performance figures for the fund are available at putnam.com. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. 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&#8217;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. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. putnam.com After-tax returns are shown for class A shares only and will vary for other classes. Please remember that past performance is not necessarily an indication of future results. After-tax returns are shown for class A shares only and will vary for other classes. 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. 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 How do I buy fund shares? beginning on page 57 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). 0.0064 0.0064 0.0064 0.0064 0.0064 0.0064 0.0025 0.01 0.01 0.005 0.0075 0.0106 0.0106 0.0106 0.0106 0.0106 0.0106 0.0195 0.027 0.027 0.0245 0.022 <b>Fund summary</b> 0.017 <b>Goal</b> -0.0054 -0.0054 -0.0054 -0.0054 -0.0054 -0.0054 <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamGlobalTechnologyFund column period compact * ~</div> Putnam Retirement Income Fund Lifestyle 2 seeks current income consistent with what Putnam Investment Management, LLC believes to be prudent risk. 0.0141 0.0216 0.0216 0.0191 0.0166 0.0116 <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamGlobalFinancialFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamGlobalFinancialFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamGlobalFinancialFund column period compact * ~</div> <b>Fees and expenses</b> 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 $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 24 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). <b>Shareholder fees</b> (fees paid directly from your investment) <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamGlobalTechnologyFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamGlobalTechnologyFund column period compact * ~</div> 0.0575 0 0 0.035 0 0 0.01 0.05 0.01 0.0065 0 0 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 <b>Annual fund operating expenses</b><br /> (expenses you pay each year as a percentage of the value of your investment) <b>Example</b> 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. <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamGlobalTechnologyFund column period compact * ~</div> <b>Portfolio turnover</b> 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 36%. <b>Investments</b> <b>Risks</b> It is important to understand that you can lose money by investing in the fund. There is no guarantee that the fund will provide adequate income at and through an investor's retirement.<br /><br />The fund and the underlying funds bear the following risks. Our allocation of assets among asset classes and the underlying funds may hurt performance. 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 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. International investments, particularly emerging-market investments, can be illiquid. Our use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) 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.<br /><br />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.<br /><br /><b>Investor profile</b><br /><br />The fund is one of a suite of three Putnam Retirement Income Lifestyle Funds designed to offer a choice of potential risk/return profiles for investors in or near retirement or otherwise seeking an investment for use with a periodic withdrawal program. Investors are encouraged to seek the assistance of a financial advisor in selecting a Putnam Retirement Income Lifestyle Fund and in developing a periodic withdrawal program that is appropriate to their personal investment goals and financial circumstances. The fund makes no representations regarding its suitability for any particular investor or periodic withdrawal program. Investors should understand that pursuing higher returns may involve higher volatility and that a fund's performance results may not be sustainable. <b>Performance</b> Performance information will be available after the fund completes a full calendar year of operation. The fund's asset allocation strategy may be attractive to investors who are in or near retirement, or who otherwise intend to make periodic withdrawals of their investment in the near future. Using qualitative analysis and quantitative techniques, we adjust portfolio allocations between fixed-income and equity investments from time to time within a certain range to try to optimize the fund's performance consistent with its goal.<br /><br />The strategic allocation and the range of allowable allocations for the fund are shown below.<br /><br /><div align="left"><table border="0" cellspacing="0" style="width: 1254px;"><tr><td width="33%"></td><td width="33%"></td><td width="33%"></td></tr><tr valign="bottom"><td width="33%" nowrap="nowrap" align="left">Class&nbsp;</td><td width="33%" nowrap="nowrap" align="left">Strategic allocation&nbsp;</td><td width="33%" nowrap="nowrap" align="left">Range&nbsp;</td></tr><tr valign="bottom"><td width="33%" nowrap="nowrap" align="left">&nbsp;</td><td width="33%" nowrap="nowrap" align="left"></td><td width="33%" nowrap="nowrap" align="left"></td></tr><tr valign="bottom"><td width="33%" nowrap="nowrap" align="left">Equity&nbsp;</td><td width="33%" nowrap="nowrap" align="left">30%&nbsp;</td><td width="33%" nowrap="nowrap" align="left">0-40%&nbsp;</td></tr><tr valign="bottom"><td width="33%" nowrap="nowrap" align="left">Fixed-Income&nbsp;</td><td width="33%" nowrap="nowrap" align="left">70%&nbsp;</td><td width="33%" nowrap="nowrap" align="left">60-100%&nbsp;</td></tr></table></div><br /><br />We invest mainly in a combination of bonds and common stocks of U.S. and non-U.S. companies and in Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Absolute Return 500 Fund and Putnam Absolute Return 700 Fund, which are other Putnam mutual funds and referred to as underlying funds. We may invest without limit in bonds that are either investment-grade or below investment-grade in quality (sometimes referred to as "junk bonds") and have short- to long-term maturities. We also invest in other fixed-income securities, such as mortgage-backed investments, and invest in money market securities or affiliated money market or short-term fixed income funds for cash management. We also invest, to a lesser extent, in equity securities (growth or value stocks or both) of companies of any size. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell fixed-income investments, and, 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.<br /><br />We may also select other investments that do not fall within these asset classes. We may also use to a significant extent derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes.<br /><br />The typical allocation and the range of allowable allocations of the fund's assets in the underlying funds that we currently expect are shown below:<br /><br /><div align="left"><table border="0" cellspacing="0" style="width: 1254px;"><tr><td width="25%"></td><td width="25%"></td><td width="25%"></td><td width="25%"></td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left"></td><td width="25%" nowrap="nowrap" align="left"></td><td width="25%" nowrap="nowrap" align="left"><b></b></td><td width="25%" nowrap="nowrap" align="left"></td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left"></td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left">Typical&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">Underlying fund&nbsp;</td><td width="25%" nowrap="nowrap" align="left">Permitted investments&nbsp;</td><td width="25%" nowrap="nowrap" align="left">allocation&nbsp;</td><td width="25%" nowrap="nowrap" align="left">Range&nbsp;</td></tr><tr><td width="100%" colspan="4">&nbsp;</td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">Putnam Absolute Return&nbsp;</td><td width="25%" nowrap="nowrap" align="left">Fixed-income, derivatives&nbsp;</td><td width="25%" nowrap="nowrap" align="left">5%&nbsp;</td><td width="25%" nowrap="nowrap" align="left">0-20%&nbsp;</td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">100 Fund&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left"></td><td width="25%" nowrap="nowrap" align="left"></td><td width="25%" nowrap="nowrap" align="left"></td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">Putnam Absolute Return&nbsp;</td><td width="25%" nowrap="nowrap" align="left">Fixed-income, derivatives&nbsp;</td><td width="25%" nowrap="nowrap" align="left">12%&nbsp;</td><td width="25%" nowrap="nowrap" align="left">0-30%&nbsp;</td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">300 Fund&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left"></td><td width="25%" nowrap="nowrap" align="left"></td><td width="25%" nowrap="nowrap" align="left"></td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">Putnam Absolute Return&nbsp;</td><td width="25%" nowrap="nowrap" align="left">Equities, fixed-income,&nbsp;</td><td width="25%" nowrap="nowrap" align="left">20%&nbsp;</td><td width="25%" nowrap="nowrap" align="left">0-40%&nbsp;</td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">500 Fund&nbsp;</td><td width="25%" nowrap="nowrap" align="left">alternative investments,&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left">derivatives&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left"></td><td width="25%" nowrap="nowrap" align="left"></td><td width="25%" nowrap="nowrap" align="left"></td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">Putnam Absolute Return&nbsp;</td><td width="25%" nowrap="nowrap" align="left">Equities, fixed-income,&nbsp;</td><td width="25%" nowrap="nowrap" align="left">3%&nbsp;</td><td width="25%" nowrap="nowrap" align="left">0-20%&nbsp;</td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">700 Fund&nbsp;</td><td width="25%" nowrap="nowrap" align="left">alternative investments,&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td></tr><tr valign="bottom"><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left">derivatives&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td><td width="25%" nowrap="nowrap" align="left">&nbsp;</td></tr></table></div><br /><br />For purposes of measuring the fund's allocations to fixed-income and equity investments, we regard Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund as fixed income investments, Putnam Absolute Return 500 Fund as a 50% fixed-income and 50% equity investment, and Putnam Absolute Return 700 Fund as an equity investment. The fund's remaining assets are invested in other securities, as described above. <b>Fund summary</b> <strong>Goal</strong> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 24 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). 50000 December 30, 2013 0.36 It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>PUTNAM GLOBAL FINANCIALS FUND</b> <b>Goal</b> 0 0.0575 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamGlobalTechnologyFundBarChart column period compact * ~</div> 0 Putnam Global Financials Fund seeks capital appreciation. 0.035 0 0 <b>Fees and expenses </b> 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 How do I buy fund shares? beginning on page 57 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). <b>Shareholder fees</b> (fees paid directly from your investment) <b>Annual fund operating expenses </b><br/>(expenses you pay each year as a percentage of the value of your investment) 0.01 0.05 0.01 0.0065 <b>Example </b> 0 0 After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. 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. <br/><br/>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. 0.04 <b>Portfolio turnover </b> Actual after-tax returns depend on an investor's tax situation and may differ from those shown. -0.01 -0.01 -0.01 After-tax returns are shown for class A shares only and will vary for other classes. -0.01 -0.01 -0.01 Putnam Emerging Markets Equity Fund seeks long-term capital appreciation. 0 0 Year-to-date performance through 0.0325 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 68%. 0 0 <b>Investments</b> 2012-09-30 <b>PUTNAM GLOBAL TELECOMMUNICATIONS FUND</b> 0.163 <b>Goal</b> Best calendar quarter <b>Fees and expenses</b> For this non-diversified fund concentrating in the financial industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. Potential investments include commercial and investment banks, savings and loan organizations, brokerage and asset management firms, insurance companies and real estate investment trusts and real estate investment and development companies. We may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. We also consider other factors that we believe will cause the stock price to rise. 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, and may engage in short sales of securities. 0.01 2010-09-30 0.05 <b>Shareholder fees</b> (fees paid directly from your investment) <b>Risks </b> 0.01 0.004 <strong>Fees and expenses</strong> 0 0 It is important to understand that you can lose money by investing in the fund. <br /><br />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. Financial services companies may be affected by the availability and cost of capital; changes in interest rates, insurance claims activity, industry consolidation and general economic conditions; and reduced profitability from limitations on loans and interest rates and fees charged as a result of extensive government regulations. Our policy of concentrating on a limited group of industries and the fund's "non-diversified" status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a "diversified fund," can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. 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. Our use of short selling may result in losses if the securities appreciate in value. <br /><br />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. <b>Annual fund operating expenses</b><br/>(expenses you pay each year as a percentage of the value of your investment) <b>Performance </b> <b>Example</b> 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. Monthly performance figures for the fund are available at putnam.com. <b>Shareholder fees </b>(fees paid directly from your investment) <b>Portfolio turnover</b> <b>Investments</b> <b>Risks</b> <b>Annual fund operating expenses</b><br/> (expenses you pay each year as a percentage of the value of your investment) <b>Annual total returns for class A Shares before sales charges</b> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamGlobalTechnologyFund column period compact * ~</div> <table style="BORDER-BOTTOM: 0px; BORDER-LEFT: 0px; BORDER-TOP: 0px; BORDER-RIGHT: 0px" cellspacing="0" cellpadding="0" width="100%"><tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date<br/>performance<br/><b>through 9/30/12</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">19.84%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q3 2010</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">22.02%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td width="20%">Worst calendar<br/>quarter<br/><b>Q1 2009</b></td> <td width="8%">-14.45%</td></tr></table> <b>Annual total returns for class A shares before sales charges</b> 0.1816 <table style="BORDER-BOTTOM: 0px; BORDER-LEFT: 0px; BORDER-TOP: 0px; BORDER-RIGHT: 0px" cellspacing="0" cellpadding="0" width="100%"><tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date<br/>performance<br/><b>through 9/30/12</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">18.64%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q2 2009</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">37.18%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td width="20%">Worst calendar<br/>quarter<br/><b>Q3 2011</b></td> <td width="8%">-27.79%</td></tr></table> <strong>Example</strong> Worst calendar quarter 2011-09-30 <b>PUTNAM GLOBAL ENERGY FUND</b> 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. t 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. <b>Average annual total returns after sales charges </b><br/>(for periods ending 12/31/11) -0.1543 <b>Goal</b> <b>Fees and expenses</b> <b>Shareholder fees</b> (fees paid directly from your investment) The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. <b>Annual fund operating expenses</b><br/>(expenses you pay each year as a percentage of the value of your investment) <strong>Portfolio turnover</strong> <b>Portfolio turnover</b> 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 89%. <b>Example</b> Please remember that past performance is not necessarily an indication of future results. <b>Performance</b> putnam.com 0.003 0.003 0.003 0.003 0.003 <b>Average annual total returns after sales charges</b><br/>(for periods ending 12/31/11) 0.003 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. 0.0025 0.01 0.01 0.005 0.005 <strong>Investments</strong> 710 719 <b>Investments</b> 319 0.0218 537 0.0218 169 <b>Risks</b> 0.0218 118 0.0218 0.0218 It is important to understand that you can lose money by investing in the fund. <br /><br />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 energy industries may be affected by fluctuations in energy prices, energy conservation, exploration and production spending, government regulations, weather, world events and economic conditions. Our policy of concentrating on a limited group of industries and the fund's "non-diversified" status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a "diversified fund," can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. 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. Our use of short selling may result in losses if the securities appreciate in value. <br/><br/>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. 0.0218 0.0064 <strong>Risks</strong> 0.0064 0.0064 0.0064 0.0064 0.0064 <b>Annual total returns for class A shares before sales charges</b> 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. 0.0033 0.0033 0.0033 Our policy of concentrating on a limited group of industries and the fund&#8217;s &#8220;non-diversified&#8221; status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a &#8220;diversified fund,&#8221; can increase the fund&#8217;s vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. 0.0033 0.0033 It is important to understand that you can lose money by investing in the fund. <br /><br />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. <br /><br />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. 0.0033 <table style="BORDER-BOTTOM: 0px; BORDER-LEFT: 0px; BORDER-TOP: 0px; BORDER-RIGHT: 0px" cellspacing="0" cellpadding="0" width="100%"><tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date<br/>performance<br/><b>through 9/30/12</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">2.78%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q3 2010</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">16.92%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td width="20%">Worst calendar<br/>quarter<br/><b>Q3 2011</b></td> <td width="8%">-22.19%</td></tr></table> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0025 0.01 0.01 0.0075 0.005 1103 1087 0.0306 787 0.0381 1037 636 <b>Performance</b> 483 0.0381 0.0331 0.0331 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 How do I buy fund shares? beginning on page 57 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). <b>Average annual total returns after sales charges</b><br/>(for periods ending 12/31/11) 0.0281 50000 0.0124 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. Monthly performance figures for the fund are available at putnam.com. 0.0124 0.0124 1520 1582 0.0124 1382 1563 <strong>Performance</strong> 0.0124 1130 0.0124 872 -0.0203 -0.0203 -0.0203 -0.0203 -0.0203 -0.0203 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 How do I buy fund shares? beginning on page 57 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). 12/30/2013 50000 <b>Annual total returns for class A shares before sales charges</b> 0.38 12/30/2013 2678 2811 2992 <table style="BORDER-BOTTOM: 0px; BORDER-LEFT: 0px; BORDER-TOP: 0px; BORDER-RIGHT: 0px" cellspacing="0" cellpadding="0" width="100%"><tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date<br/>performance<br/><b>through 9/30/12</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">9.47%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q2 2009</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">33.33%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td width="20%">Worst calendar<br/>quarter<br/><b>Q3 2011</b></td> <td width="8%">-30.06%</td></tr></table> 0.0103 2999 0.0213 0.0178 1964 0.68 2492 0.0288 0.0178 0.0128 For this non-diversified fund concentrating in the telecommunications industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. 0.0288 0.0128 It is important to understand that you can lose money by investing in the fund. 0.0263 0.0078 0.0238 An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. 0.0188 Our policy of concentrating on a limited group of industries and the fund's "non-diversified" status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a "diversified fund," can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. Our policy of concentrating on a limited group of industries and the fund's "non-diversified" status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a "diversified fund," can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. 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. Year-to-date performance through An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. 2012-09-30 0.0278 Please remember that past performance is not necessarily an indication of future results. Best calendar quarter -0.0072 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. -0.0072 -0.0072 2010-09-30 -0.0072 -0.0072 0.1692 -0.0072 The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. putnam.com Worst calendar quarter After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Please remember that past performance is not necessarily an indication of future results. 0.0141 2011-09-30 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. 0.0216 0.0216 -0.2219 0.0191 After-tax returns are shown for class A shares only and will vary for other classes. 0.0166 0.0116 <b>Average annual total returns after sales charges</b><br/>(for periods ending 12/31/11) putnam.com 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. 12/30/2013 After-tax returns are shown for class A shares only and will vary for other classes. 0.63 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. 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 How do I buy fund shares? beginning on page 57 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). 50000 It is important to understand that you can lose money by investing in the fund. Year-to-date performance through 2012-09-30 It is important to understand that you can lose money by investing in the fund. 0.1984 An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Best calendar quarter 2010-09-30 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. 0.2202 Please remember that past performance is not necessarily an indication of future results. Worst calendar quarter The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. 2009-03-31 -0.1445 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. 219 219 787 787 1382 1382 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 How do I buy fund shares? beginning on page 57 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). 2811 2992 50000 12/30/2013 0.92 Year-to-date performance through 2012-09-30 0.1864 <b>Fund summaries</b><br/><br/><b>PUTNAM GLOBAL CONSUMER FUND</b> Best calendar quarter <b>Goal</b> 2009-06-30 0.0575 0 <b>Fees and expenses</b> 0 0.035 0 0.3718 0 Worst calendar quarter 2011-09-30 -0.2779 0.5349 0.1051 -0.0595 -0.01 -0.01 0.0575 -0.01 0 -0.01 -0.01 0 -0.01 0.035 0 0 0.01 0.05 0.01 0.0065 0 0 710 0 719 0 319 0.0065 0.01 537 0.05 0.01 169 118 501 681 281 451 130 80 1138 1124 824 1073 674 1124 521 1277 977 1127 829 678 1591 <b>Shareholder fees </b>(fees paid directly from your investment) 1771 1655 1992 1455 1792 <b>Annual fund operating expenses </b><br/>(expenses you pay each year as a percentage of the value of your investment) 1825 1634 1551 1205 1303 949 <b>Portfolio turnover</b> 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 92%. 3502 3751 3916 3678 3465 2842 2990 2974 3153 3159 2661 2142 <b>Example</b> <b>Investments</b> For this non-diversified fund concentrating in the consumer staples and consumer discretionary products and services industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. Potential investments include companies involved in the manufacture, sale or distribution of consumer staples and consumer discretionary products and services. We may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. We also consider other factors that we believe will cause the stock price to rise. 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, and may engage in short sales of securities. <b>Risks</b> It is important to understand that you can lose money by investing in the fund.<br/><br/>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. Consumer staples and consumer discretionary products and services industries may be affected by demographic and product trends, competition, economic trends and consumer confidence. Our policy of concentrating on a limited group of industries and the fund's "non-diversified" status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a "diversified fund," can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. 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. Our use of short selling may result in losses if the securities appreciate in value.<br/><br/>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. <b>Performance</b> <b>Annual total returns for class A shares before sales charges</b> Year-to-date performance through 0.0064 0.0064 0.0064 0.0064 2012-09-30 <table style="BORDER-BOTTOM: 0px; BORDER-LEFT: 0px; BORDER-TOP: 0px; BORDER-RIGHT: 0px" cellspacing="0" cellpadding="0" width="100%"><tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date<br/>performance<br/><b>through 9/30/12</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">16.30%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q3 2010</b> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">18.16%</td> <td width="40%"></td> <td width="35%"></td></tr> <tr> <td width="20%">Worst calendar<br/>quarter<br/><b>Q3 2011</b></td> <td width="8%">-15.43%</td></tr></table> 0.0064 0.0064 0.1733 <b>Average annual total returns after sales charges</b><br/>(for periods ending 12/31/11) 0.0575 0 0 Best calendar quarter 0.035 0 0 2009-06-30 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamGlobalEnergyFund column period compact * ~</div> 0.2185 0.0064 0.0064 0.0064 Worst calendar quarter 0.0064 0.0025 0.0064 0.01 0.0064 0.01 2010-06-30 0.0075 0.005 -0.1126 0.01 0.05 0.01 0.0065 0 0 0.0025 0.008 0.01 0.01 0.008 0.0075 0.008 0.005 0.008 0.008 0.008 0.0119 December 30, 2013 0.0119 0.0119 0.0119 0.0119 0.0119 0.0169 0.0244 0.0244 0.0219 0.0194 -0.01 0.0144 -0.01 -0.01 -0.01 -0.01 -0.01 0.89 0.0208 0.0283 0.0283 0.0258 0.0233 0.0183 -0.0028 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 How do I buy fund shares? beginning on page 14 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). -0.0028 -0.0028 50000 -0.0028 -0.0028 -0.0028 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamGlobalEnergyFund column period compact * ~</div> -0.1209 -0.0655 -0.1115 -0.0756 -0.0981 -0.0622 -0.0249 -0.0573 Restated to reflect current fees. -0.0067 -0.0067 0.0141 -0.0067 0.0216 -0.0067 It is important to understand that you can lose money by investing in the fund. 0.0216 -0.0067 -0.0067 0.0191 0.1341 0.1281 0.1528 0.0166 0.1604 0.1496 0.0116 0.1661 An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.172 0.1793 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. 2008-12-18 0.0141 2008-12-18 2008-12-18 2008-12-18 0.0216 2008-12-18 putnam.com 2008-12-18 2008-12-18 0.0216 2008-12-18 0.0191 0.0166 Please remember that past performance is not necessarily an indication of future results. 0.0116 181 181 The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. 977 977 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. Year-to-date performance through 1792 1792 2012-09-30 3751 0.0947 3916 Best calendar quarter 2009-06-30 0.3333 Worst calendar quarter <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamGlobalEnergyFund column period compact * ~</div> 2011-09-30 -0.3006 219 219 824 824 1455 1455 2974 3153 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamGlobalEnergyFundBarChart column period compact * ~</div> 0.2467 0.3253 -0.1467 710 719 319 537 169 118 -0.1136 0.1465 2008-12-18 0.0064 0.0064 1051 0.0064 0.0064 1034 0.0064 734 0.0064 985 582 428 0.0025 710 0.01 Year-to-date performance through 719 0.01 319 0.0075 1415 537 1475 169 0.005 1275 118 1459 2012-09-30 1021 760 0.15 0.013 1128 Best calendar quarter 0.013 2436 1114 2569 0.013 814 2755 1063 0.013 2764 <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamGlobalEnergyFund column period compact * ~</div> 663 2242 0.013 510 1700 0.013 2009-06-30 0.2143 1571 1635 1435 1615 1185 928 0.0219 0.0294 0.0294 0.0269 0.0244 Worst calendar quarter 0.0194 2797 2929 3109 3115 2011-09-30 2614 2093 -0.2822 -0.0078 -0.0078 -0.0078 -0.0078 -0.0078 -0.0078 0.0141 0.0216 0.0216 0.0191 0.0166 0.0116 -0.1956 -0.2029 -0.1176 -0.1931 -0.1608 -0.1799 -0.1485 -0.1442 -0.082 0.1098 0.0929 0.0881 0.1157 0.1237 0.1139 0.1296 0.1348 0.1301 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamGlobalEnergyFund column period compact * ~</div> 0.0076 2008-12-18 0.0076 2008-12-18 2008-12-18 0.0076 2008-12-18 2008-12-18 0.0076 2008-12-18 2008-12-18 0.0076 2008-12-18 2008-12-18 0.0076 0.0025 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamRetirementIncomeFundLifestyle2 column period compact * ~</div> 0.01 0.01 0.0075 0.005 219 219 219 219 814 814 0.007 734 734 0.007 0.007 0.007 1435 0.007 1435 0.007 2929 3109 1275 1275 2569 0.0171 2755 0.0246 0.0246 0.0221 0.0146 0.0196 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamRetirementIncomeFundLifestyle2 column period compact * ~</div> -0.0018 -0.0018 -0.0018 -0.0018 -0.0018 -0.0018 0.0153 Putnam Global Technology Fund seeks capital appreciation. 0.0228 0.0228 0.0203 0.0178 0.0128 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. For this non-diversified fund concentrating in the technology industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. Potential investments include companies that have, or will develop, products, processes or services that will provide advances and improvements through technology to consumers, enterprises and governments worldwide. We may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. We also consider other factors that we believe will cause the stock price to rise. 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, and may engage in short sales of securities. 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. 0.2626 0.1373 -0.0333 -0.0889 -0.0963 -0.0519 -0.087 -0.0497 -0.0716 -0.0354 -0.031 -0.1083 0.0017 -0.1195 -0.054 -0.1042 -0.0914 -0.07 -0.0562 -0.0518 0.0169 0.0984 0.0913 0.0836 0.1036 0.1117 0.1018 0.1174 0.1229 0.1209 0.1437 0.1291 0.1199 0.1501 0.1574 0.1634 0.1469 0.1691 0.1563 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 0.1324 0.2153 0.0397 -0.0199 -0.0259 -0.003 -0.0181 0.022 -0.0015 0.038 0.0421 0.0078 0.1097 0.1014 0.0937 0.123 0.1151 0.1128 0.1344 0.1289 0.0761 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 0.3367 0.244 -0.0541 710 719 537 319 169 118 1150 1136 836 1085 686 219 219 534 775 775 1615 1679 1357 1357 1479 1658 1230 975 2756 2938 2896 3028 3206 3211 2201 2717 0.0575 0 0 0.035 0 0 710 719 319 537 169 118 0.01 0.05 0.0065 0.01 0 0 1091 1075 775 1025 624 470 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 1496 1557 1357 1539 1105 847 Putnam Global Energy Fund seeks capital appreciation. 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. 2623 2756 2938 2946 1903 2435 For this non-diversified fund concentrating in the energy industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. Potential investments include companies engaged in the exploration, production, development and refinement of conventional and alternative sources of energy. We may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. We also consider other factors that we believe will cause the stock price to rise. 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, and may engage in short sales of securities. 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. Monthly performance figures for the fund are available at putnam.com. 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. Putnam Global Telecommunications Fund seeks capital appreciation. 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. 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 38%. 219 219 For this non-diversified fund concentrating in the telecommunications industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. Potential investments include companies that develop, manufacture or sell communications services or communications equipment, and companies that bundle video with communications services. We may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. We also consider other factors that we believe will cause the stock price to rise. 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. <br /><br />We may also use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes, and may engage in short sales of securities. <br /><br /> 836 836 It is important to understand that you can lose money by investing in the fund. <br /><br />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 telecommunications industry may be affected by government regulation, intense competition, equipment incompatibility, changing consumer preferences, technological obsolescence and large capital expenditures and debt burdens. Our policy of concentrating on a limited group of industries and the fund's "non-diversified" status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a "diversified fund," can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. 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. Our use of short selling may result in losses if the securities appreciate in value. <br /><br />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. <br /><br /> 1479 1479 3028 3206 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. Monthly performance figures for the fund are available at putnam.com. 0.0064 0.0064 0.0064 0.0064 0.0064 0.0064 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. 0.0025 0.01 0.01 0.0075 0.005 0.01 0.01 0.01 0.01 0.01 0.01 0.0189 0.0264 0.0239 0.0264 0.0214 0.3346 0.0164 0.0202 -0.2036 Putnam Global Industrials Fund seeks capital appreciation. -0.0048 -0.0048 -0.0048 -0.0048 -0.0048 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. -0.0048 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 153%. For this non-diversified fund concentrating in the industrial products, services or equipment industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. Potential investments include companies involved in the research, development, manufacture, distribution, supply or sale of industrial products, services or equipment. We may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. We also consider other factors that we believe will cause the stock price to rise. 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, and may engage in short sales of securities. 0.0141 0.0216 0.0216 0.0191 0.0166 0.0116 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. 722 731 331 549 181 130 1066 1049 749 1000 598 444 1434 1494 1294 1477 1041 780 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamGlobalIndustrialFund column period compact * ~</div> -0.2494 2464 -0.2542 2597 -0.161 2783 -0.2483 2271 -0.2162 -0.2352 2792 -0.2051 1731 -0.2011 -0.1849 0.0147 0.0019 0.0088 0.0181 0.0273 0.0175 0.0323 0.0375 0.0382 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 2008-12-18 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamGlobalIndustrialFundBarChart column period compact * ~</div> 0.0575 0 0 0 0.035 0 0.01 0.05 0.01 0.0065 0 0 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 231 231 749 749 <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamGlobalTelecommunicationFund column period compact * ~</div> 1294 1294 2597 2783 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamGlobalTelecommunicationFund column period compact * ~</div> -0.2641 0.1767 0.7393 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamGlobalTelecommunicationFund column period compact * ~</div> 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. Monthly performance figures for the fund are available at putnam.com. <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamGlobalTelecommunicationFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamGlobalIndustrialFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamGlobalTelecommunicationFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamGlobalTelecommunicationFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamGlobalFinancialFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamGlobalFinancialFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamGlobalFinancialFundBarChart column period compact * ~</div> -0.3061 -0.3221 -0.1887 -0.3017 -0.2762 -0.2938 -0.2657 -0.2617 -0.1842 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 How do I buy fund shares? beginning on page 57 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). -0.0068 -0.0223 -0.0107 -0.0032 -0.0043 0.009 0.0041 0.0144 0.0769 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 How do I buy fund shares? beginning on page 57 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). 2008-09-29 2008-09-29 2008-09-29 2008-09-29 2008-09-29 2008-09-29 2008-09-29 50000 2008-09-29 2008-09-29 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePUTNAMEMERGINGMARKETSEQUITYFUND column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPUTNAMEMERGINGMARKETSEQUITYFUND column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPUTNAMEMERGINGMARKETSEQUITYFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPUTNAMEMERGINGMARKETSEQUITYFUND column period compact * ~</div> We invest mainly in common stocks (growth or value stocks or both) of emerging market companies that we believe have favorable investment potential. For example, we may purchase stocks of companies with stock prices that reflect a value lower than that which we place on the company. We also consider other factors that we believe will cause the stock price to rise.<br/><br/> Emerging markets include countries in the MSCI Emerging Market Index or that we consider to be emerging markets based on our evaluation of their level of economic development or the size and experience of their securities markets. We invest significantly in small and midsize companies. 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. 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 63%. 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 How do I buy fund shares? beginning on page 57 of the fund&#8217;s prospectus and in How to buy shares beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). 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 How do I buy fund shares? beginning on page 57 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). Performance information will be available after the fund completes a full calendar year of operation. For this non-diversified fund concentrating in the consumer staples and consumer discretionary products and services industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 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 How do I buy fund shares? beginning on page 14 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). 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 How do I buy fund shares? beginning on page 57 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). Our policy of concentrating on a limited group of industries and the fund's "non-diversified" status, which means the fund has the ability to invest a greater percentage of its assets in fewer issuers than a "diversified fund," can increase the fund's vulnerability to adverse developments affecting a single industry or issuer, which may result in greater losses and volatility for the fund. For this non-diversified fund concentrating in the energy industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. For this non-diversified fund concentrating in the financial industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. For this non-diversified fund concentrating in the technology industries, we invest mainly in common stocks (growth or value stocks or both) of large and midsize companies worldwide that we believe have favorable investment potential. 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 How do I buy fund shares? beginning on page 57 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). 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. This fee applies only to shares purchased before 1/2/2013. Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through 12/30/2013. This obligation may be modified or discontinued only with approval of the Board of Trustees. Acquired fund fees and expenses are based on projected net expenses of the underlying funds and assume the fund's typical allocations to the underlying funds described in Investments, risks and performance - Investments and a 4% allocation to Putnam Money Market Fund. Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through December 30, 2013. This obligation may be modified or discontinued only with approval of the Board of Trustees. Management fees are subject to a performance adjustment. Restated to reflect current fees. Reflects Putnam Investment Management, LLC's contractual obligations to certain limit fund expenses through December 30, 2013. This obligation may be modified or discontinued only with approval of the Board of Trustees. Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through 12/30/2013. This obligation may be modified or discontinued only with approval of the Board of Trustees. Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through 12/30/2013. This obligation may be modified or discontinued only with approval of the Board of Trustees. 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