0001193125-13-063936.txt : 20130219 0001193125-13-063936.hdr.sgml : 20130219 20130219061641 ACCESSION NUMBER: 0001193125-13-063936 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130219 DATE AS OF CHANGE: 20130219 EFFECTIVENESS DATE: 20130219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM ASSET ALLOCATION FUNDS CENTRAL INDEX KEY: 0000914209 IRS NUMBER: 046746612 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-51017 FILM NUMBER: 13621355 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM LIFE STAGES ASSET ALLOCATION TRUST DATE OF NAME CHANGE: 19931027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM ASSET ALLOCATION FUNDS CENTRAL INDEX KEY: 0000914209 IRS NUMBER: 046746612 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07121 FILM NUMBER: 13621356 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM LIFE STAGES ASSET ALLOCATION TRUST DATE OF NAME CHANGE: 19931027 0000914209 S000000778 Putnam Dynamic Asset Allocation Balanced Fund C000002307 Class A shares PABAX C000002308 Class B shares PABBX C000002309 Class C shares AABCX C000002310 Class M shares PABMX C000002311 Class R shares PAARX C000002312 Class Y shares PABYX C000117945 Class R5 C000117946 Class R6 0000914209 S000000779 Putnam Dynamic Asset Allocation Conservative Fund C000002313 Class A shares PACAX C000002314 Class B shares PACBX C000002315 Class C shares PACCX C000002316 Class M shares PACMX C000002317 Class R shares PACRX C000002318 Class Y shares PACYX C000117947 Class R5 C000117948 Class R6 0000914209 S000000780 Putnam Dynamic Asset Allocation Growth Fund C000002319 Class A shares PAEAX C000002320 Class B shares PAEBX C000002321 Class C shares PAECX C000002322 Class M shares PAGMX C000002323 Class R shares PASRX C000002324 Class Y shares PAGYX C000117949 Class R5 C000117950 Class R6 485BPOS 1 d476147d485bpos.htm PUTNAM ASSET ALLOCATION FUNDS Putnam Asset Allocation Funds

As filed with the Securities and Exchange Commission on February 19, 2013

Registration No. 33-51017

811-07121

 

 

 

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. 27    x

and/or

REGISTRATION STATEMENT

UNDER

  THE INVESTMENT COMPANY ACT OF 1940    x
  Amendment No. 28    x

(Check appropriate box or boxes)

 

 

PUTNAM ASSET ALLOCATION FUNDS

(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 30, 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 ASSET ALLOCATION FUNDS

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, Massachusetts 02199-3600

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts, on the 19th day of February, 2013.

 

Putnam Asset Allocation Funds
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 has been signed below by the following persons in the capacities and on the dates indicated:

 

Signature    Title

Jameson A. Baxter*

    Chair, Board of Trustees

Robert L. Reynolds*

    President and Trustee

Jonathan S. Horwitz*

    Executive Vice President, Principal Executive Officer and Compliance Liaison

Steven D. Krichmar*

    Vice President and Principal Financial Officer

Janet C. Smith*

    Vice President, Assistant Treasurer and Principal Accounting Officer

Michael J. Higgins*

    Vice President and Treasurer

Ravi Akhoury*

    Trustee

Barbara M. Baumann*

    Trustee

Charles B. Curtis*

    Trustee

Robert J. Darretta*

    Trustee

John A. Hill*    Trustee
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
   February 19, 2013
  

*  Signed pursuant to power of attorney filed in Post-

    Effective Amendment No. 26 to the Registrant’s Registration Statement on January 28, 2013.

  

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
 EX-101.INS 3 paaf2-20130128.xml XBRL INSTANCE DOCUMENT 0000914209 paaf2:S000000780Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member 2012-01-31 2013-01-30 0000914209 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member paaf2:C000002319Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member paaf2:C000002320Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member paaf2:C000002321Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member paaf2:C000002322Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member paaf2:C000002323Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member paaf2:C000117949Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member paaf2:C000117950Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member paaf2:C000002324Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member rr:AfterTaxesOnDistributionsMember paaf2:C000002319Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member rr:AfterTaxesOnDistributionsAndSalesMember paaf2:C000002319Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member paaf2:RussellThirtyHundredIndexMember 2012-01-31 2013-01-30 0000914209 paaf2:S000000780Member paaf2:PutnamGrowthBlendedBenchmarkMember 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member paaf2:C000002313Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member paaf2:C000002314Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member paaf2:C000002315Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member paaf2:C000002316Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member paaf2:C000002317Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member paaf2:C000117947Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member paaf2:C000117948Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member paaf2:C000002318Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member paaf2:C000002307Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member paaf2:C000002308Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member paaf2:C000002309Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member paaf2:C000002310Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member paaf2:C000002311Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member paaf2:C000117945Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member paaf2:C000117946Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member paaf2:C000002312Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member rr:AfterTaxesOnDistributionsMember paaf2:C000002307Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member rr:AfterTaxesOnDistributionsAndSalesMember paaf2:C000002307Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member paaf2:RussellThirtyHundredIndexMember 2012-01-31 2013-01-30 0000914209 paaf2:S000000778Member paaf2:PutnamBalancedBlendedBenchmarkMember 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member rr:AfterTaxesOnDistributionsMember paaf2:C000002313Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member rr:AfterTaxesOnDistributionsAndSalesMember paaf2:C000002313Member 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member paaf2:BarclaysUsAggregateBondIndexMember 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member paaf2:PutnamConservativeBlendedBenchmarkMember 2012-01-31 2013-01-30 0000914209 paaf2:S000000779Member 2012-01-31 2013-01-30 pure iso4217:USD <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamDynamicAssetAllocationGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamDynamicAssetAllocationGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamDynamicAssetAllocationBalancedFund column period compact * ~</div> 485BPOS 2012-09-30 PUTNAM ASSET ALLOCATION FUNDS 0000914209 false 2013-01-28 2013-01-30 2013-01-30 0.0575 0 0 0.035 0 0 0 0 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0025 0.01 0.01 0.0075 0.005 0.0028 0.0028 0.0028 0.0028 0.0028 0.0024 0.0014 0.0028 0.0114 0.0189 0.0189 0.0164 0.0139 0.0085 0.0075 0.0089 685 692 292 511 142 87 77 91 916 894 594 849 440 271 240 284 1167 1221 1021 1211 761 471 417 493 1881 2016 2212 2226 1669 1049 930 1096 192 192 594 594 1021 1021 2016 2212 0.2943 0.1183 0.1062 0.1682 0.0358 -0.3822 0.3688 0.1493 -0.0424 0.1686 0.1011 0.0992 0.0683 0.1102 0.1503 0.1218 0.1659 0.1719 0.1724 0.1722 0.1642 0.1491 0.0049 -0.0024 0.0003 0.0059 0.0094 0.0047 0.0194 0.0193 0.0139 0.0193 0.0204 0.0242 0.071 0.066 0.0602 0.0695 0.0694 0.0682 0.0744 0.0799 0.08 0.08 0.0768 0.0826 0.0575 0 0 0.035 0 0 0 0.01 0.05 0.01 0.0065 0 0 0 0 0 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamDynamicAssetAllocationGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamDynamicAssetAllocationGrowthFundBarChart column period compact * ~</div> 0.0575 0 0 0.035 0 0 0 0 0.0054 0.0054 0.0054 0.0054 0.01 0.05 0.0054 0.01 0.0065 0.0054 0 0 0.0054 0 0 0.0054 0.0025 0.01 0.01 0.0075 0.005 0.0029 0.0054 0.0054 0.0029 0.0054 0.0029 0.0054 0.0029 0.0054 0.0029 0.0054 0.0024 0.0054 0.0054 0.0017 0.0029 0.0108 0.0183 0.0183 0.0025 0.01 0.0158 0.01 0.0075 0.0133 0.005 0.0078 0.0071 0.0083 0.0028 0.0028 0.0028 0.0028 0.0028 0.0024 0.0014 0.0028 0.0107 0.0182 0.0182 0.0157 0.0132 0.0078 0.0068 0.0082 678 685 285 504 134 69 80 84 896 873 573 828 418 249 218 262 1131 1185 985 1175 723 433 379 455 1806 1940 2137 2152 1590 966 847 1014 185 185 573 573 985 985 1940 2137 <b>Putnam Dynamic Asset Allocation Balanced Fund</b> <b>Goal</b> Putnam Dynamic Asset Allocation Balanced Fund seeks total return. Total return is composed of capital appreciation and income. 0.2136 0.0887 <b>Fees and expenses</b> 0.0699 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 28 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). 679 0.1262 686 286 505 <b>Shareholder fees</b> (fees paid directly from your investment) 135 80 0.0188 73 85 <b>Annual fund operating expenses</b><br/>(expenses you pay each year as a percentage of the value of your investment) -0.3321 <b>Example</b> 0.352 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. Your actual costs may be higher or lower. 899 876 576 831 421 <b>Portfolio turnover</b> 249 227 265 1136 1190 990 1180 729 433 395 0.1436 460 -0.0062 1816 0.1414 1951 2148 2163 1601 966 The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;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&#8217;s turnover rate in the most recent fiscal year was 182%. 883 1025 <b>Investments</b> <b>Fund summaries<br/><br/>Putnam Dynamic Asset Allocation Growth Fund</b> 0.0758 0.072 0.0515 0.0843 0.1229 0.0958 0.1386 0.1449 0.1455 0.1449 0.1642 0.1227 <b>Goal </b> Putnam Dynamic Asset Allocation Growth Fund seeks capital appreciation. <b>Fees and expenses </b> <b>Risks</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 28 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). <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> 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. Your actual costs may be higher or lower. It is important to understand that you can lose money by investing in the fund.<br/><br/>Our allocation of assets among asset classes 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&#8217;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 (sometimes referred to as &#8220;junk bonds&#8221;), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. Our 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. <b>Portfolio turnover</b> 0.02 0.009 0.0108 0.0213 0.0244 0.0196 0.0293 0.0349 0.035 The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;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&#8217;s turnover rate in the most recent fiscal year was 120%. 0.0349 <b>Investments</b> 0.0204 0.0373 The fund is one of three Putnam Dynamic Asset Allocation Funds, each of which has a unique strategic, or typical, allocation between equity and fixed-income investments. Using qualitative analysis and quantitative techniques, we adjust portfolio allocations from time to time within a certain range for each fund to try to optimize a fund&#8217;s performance consistent with its goal. <br/><br/>The strategic allocation and the range of allowable allocation for the fund are shown below.<br/><br/><div align="left"> <table style="WIDTH: 80%" border="0" cellspacing="0"> <tr> <td width="33%"></td> <td width="33%"></td> <td width="33%"></td></tr> <tr valign="bottom"> <td width="33%" nowrap="nowrap" align="left"><b>Class</b>&nbsp;</td> <td width="33%" nowrap="nowrap" align="left"><b>Strategic Allocation</b>&nbsp;</td> <td width="33%" nowrap="nowrap" align="left"><b>Range</b>&nbsp;</td></tr> <tr valign="bottom"> <td width="33%" nowrap="nowrap" align="left"><b>&nbsp;</b></td> <td width="33%" nowrap="nowrap" align="left"><b></b></td> <td width="33%" nowrap="nowrap" align="left"><b></b></td></tr> <tr valign="bottom"> <td width="33%" nowrap="nowrap" align="left">Equity&nbsp;</td> <td width="33%" nowrap="nowrap" align="left">80%&nbsp;</td> <td width="33%" nowrap="nowrap" align="left">65&#150;95%&nbsp;</td></tr> <tr valign="bottom"> <td width="33%" nowrap="nowrap" align="left">Fixed-Income&nbsp;</td> <td width="33%" nowrap="nowrap" align="left">20%&nbsp;</td> <td width="33%" nowrap="nowrap" align="left">5&#150;35%&nbsp;</td></tr></table></div><br/>We invest mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. We may consider, among other factors, a company&#8217;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. We also invest, to a lesser extent, in fixed-income investments, including U.S. and foreign government obligations, corporate obligations and securitized debt instruments (such as mortgage-backed investments). 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. 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. <b>Performance</b> <b>Risks</b> It is important to understand that you can lose money by investing in the fund.<br/><br/>Our allocation of assets among asset classes 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&#8217;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 (sometimes referred to as &#8220;junk bonds&#8221;), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. Our 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. 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. <b>Performance </b> 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. <b>Annual total returns for class A shares before sales charges</b> <b>Annual total returns for class A shares before sales charges</b> <b>Average annual total returns after sales charges </b><br/>(for periods ending 12/31/12) <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q2 2009</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">19.54%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar<br/>quarter<br/><b>Q4 2008</b></td> <td width="8%">-21.44%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> <b>Average annual total returns after sales charges</b><br/>(for periods ending 12/31/12) 0.0734 0.0768 0.069 0.069 0.069 The Putnam Growth Blended Benchmark is an unmanaged index administered by Putnam Management, 60% of which is the Russell 3000 Index, 15% of which is the MSCI EAFE Index (ND), 15% of which is the Barclays U.S. Aggregate Bond Index, 5% of which is the JPMorgan Developed High Yield Index and 5% of which is the MSCI Emerging Markets Index (GD).<br/><br/>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.<br/><br/>Class B share performance does not reflect conversion to class A shares. 0.0633 0.0572 0.0582 0.0586 0.0482 0.0521 0.06 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 28 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). 50000 1.2 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. 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. 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&#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. Best calendar quarter 2009-06-30 0.1954 Worst calendar quarter 186 186 2008-12-31 -0.2144 576 576 990 990 1951 2148 0.01 0.05 0.01 0.0065 0 0 0 0 0.1609 0.0591 0.0498 0.0801 0.0237 -0.2409 0.3047 0.1075 0.0147 0.1052 The fund is one of three Putnam Dynamic Asset Allocation Funds, each of which has a unique strategic, or typical, allocation between equity and fixed-income investments. Using qualitative analysis and quantitative techniques, we adjust portfolio allocations from time to time within a certain range for each fund to try to optimize a fund&#8217;s performance consistent with its goal. The strategic allocation and the range of allowable allocation for the fund are shown below.<br/><br/><div align="left"> <table style="WIDTH: 80%" border="0" cellspacing="0"> <tr> <td width="33%"></td> <td width="33%"></td> <td width="33%"></td></tr> <tr valign="bottom"> <td width="33%" nowrap="nowrap" align="left"><b>Class</b>&nbsp;</td> <td width="33%" nowrap="nowrap" align="left"><b>Strategic Allocation</b>&nbsp;</td> <td width="33%" nowrap="nowrap" align="left"><b>Range</b>&nbsp;</td></tr> <tr valign="bottom"> <td width="33%" nowrap="nowrap" align="left"><b>&nbsp;</b></td> <td width="33%" nowrap="nowrap" align="left"><b></b></td> <td width="33%" nowrap="nowrap" align="left"><b></b></td></tr> <tr valign="bottom"> <td width="33%" nowrap="nowrap" align="left">Equity&nbsp;</td> <td width="33%" nowrap="nowrap" align="left">60%&nbsp;</td> <td width="33%" nowrap="nowrap" align="left">45&#150;75%&nbsp;</td></tr> <tr valign="bottom"> <td width="33%" nowrap="nowrap" align="left">Fixed-Income&nbsp;</td> <td width="33%" nowrap="nowrap" align="left">40%&nbsp;</td> <td width="33%" nowrap="nowrap" align="left">25&#150;55%&nbsp;</td></tr></table></div><br/>We invest mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. We may consider, among other factors, a company&#8217;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. We also invest in fixed-income investments, including U.S. and foreign government obligations, corporate obligations and securitized debt instruments (such as mortgage-backed investments). 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. 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. <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q2 2009</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">16.13%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar<br/>quarter<br/><b>Q4 2008</b></td> <td width="8%">-19.13%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> The Putnam Balanced Blended Benchmark is an unmanaged index administered by Putnam Management, 50% of which is the Russell 3000 Index, 35% of which is the Barclays U.S. Aggregate Bond Index, 10% of which is the MSCI EAFE Index (ND) and 5% of which is the JPMorgan Developed High Yield Index.<br/><br/>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.<br/><br/>Class B share performance does not reflect conversion to class A shares. 0.0415 0.0374 0.0286 0.0475 0.0867 0.0609 0.1023 0.1078 0.1082 0.1077 0.0422 0.0853 0.0301 0.0185 0.019 0.0317 0.0345 0.03 0.0413 0.0456 0.0457 0.0456 0.0595 0.0516 0.0517 0.0408 0.0385 0.05 0.05 0.0486 0.0573 0.0609 0.0609 0.0609 0.0518 0.0653 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamDynamicAssetAllocationBalancedFundBarChart column period compact * ~</div> 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 28 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). 50000 1.82 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. 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. 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&#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. The Putnam Balanced Blended Benchmark is an unmanaged index administered by Putnam Management, 50% of which is the Russell 3000 Index, 35% of which is the Barclays U.S. Aggregate Bond Index, 10% of which is the MSCI EAFE Index (ND) and 5% of which is the JPMorgan Developed High Yield Index. <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamDynamicAssetAllocationConservativeFund column period compact * ~</div> Putnam Dynamic Asset Allocation Conservative Fund seeks total return consistent with preservation of capital. Total return is composed of capital appreciation and income. <b>Putnam Dynamic Asset Allocation Conservative Fund</b> <b>Goal</b> <b>Fees and expenses</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&#8217;s operating expenses remain the same. Your actual costs may be higher or lower. <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamDynamicAssetAllocationConservativeFund column period compact * ~</div> <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> 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. <b>Performance</b> <b>Annual total returns for class A shares before sales charges </b> The Putnam Conservative Blended Benchmark is an unmanaged index administered by Putnam Management, 65% of which is the Barclays U.S. Aggregate Bond Index, 25% of which is the Russell 3000 Index, 5% of which is the JPMorgan Developed High Yield Index and 5% of which is the MSCI EAFE Index (ND). <br/><br/>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.<br/><br/>Class B share performance does not reflect conversion to class A shares. <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamDynamicAssetAllocationConservativeFund column period compact * ~</div> <b>Portfolio turnover </b> The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;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&#8217;s turnover rate in the most recent fiscal year was 278%. <b>Investments </b> The fund is one of three Putnam Dynamic Asset Allocation Funds, each of which has a unique strategic, or typical, allocation between equity and fixed-income investments. Using qualitative analysis and quantitative techniques, we adjust portfolio allocations from time to time within a certain range for each fund to try to optimize a fund&#8217;s performance consistent with its goal. The strategic allocation and the range of allowable allocation for the fund are shown below.<br/><br/><div align="left"> <table style="WIDTH: 80%" border="0" cellspacing="0"> <tr> <td width="33%"></td> <td width="33%"></td> <td width="33%"></td></tr> <tr valign="bottom"> <td width="33%" nowrap="nowrap" align="left"><b>Class</b>&nbsp;</td> <td width="33%" nowrap="nowrap" align="left"><b>Strategic Allocation</b>&nbsp;</td> <td width="33%" nowrap="nowrap" align="left"><b>Range</b>&nbsp;</td></tr> <tr valign="bottom"> <td width="33%" nowrap="nowrap" align="left"><b>&nbsp;</b></td> <td width="33%" nowrap="nowrap" align="left"><b></b></td> <td width="33%" nowrap="nowrap" align="left"><b></b></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">15&#150;45%&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">55&#150;85%&nbsp;</td></tr></table></div><br/>We invest mainly in fixed-income investments, including U.S. and foreign government obligations, corporate obligations and securitized debt instruments (such as mortgage-backed investments). 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. We also invest, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. We may consider, among other factors, a company&#8217;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. 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. <b>Risks</b> It is important to understand that you can lose money by investing in the fund. <br/><br/>Our allocation of assets among asset classes 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&#8217;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 (sometimes referred to as &#8220;junk bonds&#8221;), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. Our 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. 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 28 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). 50000 2.78 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. 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. 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&#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. <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamDynamicAssetAllocationConservativeFund column period compact * ~</div> 2009-06-30 0.1613 Worst calendar quarter Best calendar quarter <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar<br/>quarter<br/><b>Q2 2009</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">12.15%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar<br/>quarter<br/><b>Q4 2008</b></td> <td width="8%">-14.13%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> 2008-12-31 -0.1913 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamDynamicAssetAllocationConservativeFundBarChart column period compact * ~</div> Best calender quarter 2009-06-30 0.1215 Worst calender quarter 2008-12-31 -0.1413 <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamDynamicAssetAllocationConservativeFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamDynamicAssetAllocationBalancedFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamDynamicAssetAllocationBalancedFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamDynamicAssetAllocationBalancedFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamDynamicAssetAllocationBalancedFund column period compact * ~</div> <b>Average annual total returns after sales charges</b><br/>(for periods ending 12/31/12) 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 28 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). <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamDynamicAssetAllocationGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamDynamicAssetAllocationGrowthFund column period compact * ~</div> Applies only to certain redemptions of shares bought with no initial sales charge. This charge is phased out over six years. This charge is eliminated after one year. Other expenses shown for class R5 and R6 shares have been annualized. Performance for class R5 and class R6 shares prior to their inception (7/2/12) is derived from the historical performance of class Y shares, and has not been adjusted for the lower investor servicing fees applicable to class R5 and class R6 shares; had it, returns would have been higher. EX-101.SCH 4 paaf2-20130128.xsd XBRL TAXONOMY EXTENSION SCHEMA 000000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 000011 - Document - Risk/Return Summary {Unlabeled} - Putnam Dynamic Asset Allocation Growth Fund link:presentationLink link:calculationLink link:definitionLink 000012 - Schedule - Shareholder Fees {- Putnam Dynamic Asset Allocation Growth Fund} link:presentationLink link:calculationLink link:definitionLink 000013 - Schedule - Annual Fund Operating Expenses {- Putnam Dynamic Asset Allocation Growth Fund} link:presentationLink link:calculationLink link:definitionLink 000014 - Schedule - Expense Example {- Putnam Dynamic Asset Allocation Growth Fund} link:presentationLink link:calculationLink link:definitionLink 000015 - Schedule - Expense Example, No Redemption {- Putnam Dynamic Asset Allocation Growth Fund} link:presentationLink link:calculationLink link:definitionLink 000016 - Schedule - Annual Total Returns - Putnam Dynamic Asset Allocation Growth Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000017 - Schedule - Average Annual Total Returns {Transposed} {- Putnam Dynamic Asset Allocation Growth Fund} link:presentationLink link:calculationLink link:definitionLink 000018 - Document - Risk/Return Detail {Unlabeled} - Putnam Dynamic Asset Allocation Growth Fund link:presentationLink link:calculationLink link:definitionLink 000019 - Disclosure - Risk/Return Detail Data {Elements} - Putnam Dynamic Asset Allocation Growth Fund link:presentationLink link:calculationLink link:definitionLink 000021 - Document - Risk/Return Summary {Unlabeled} - Putnam Dynamic Asset Allocation Balanced Fund link:presentationLink link:calculationLink link:definitionLink 000022 - Schedule - Shareholder Fees {- Putnam Dynamic Asset Allocation Balanced Fund} link:presentationLink link:calculationLink link:definitionLink 000023 - Schedule - Annual Fund Operating Expenses {- Putnam Dynamic Asset Allocation Balanced Fund} link:presentationLink link:calculationLink link:definitionLink 000024 - Schedule - Expense Example {- Putnam Dynamic Asset Allocation Balanced Fund} link:presentationLink link:calculationLink link:definitionLink 000025 - Schedule - Expense Example, No Redemption {- Putnam Dynamic Asset Allocation Balanced Fund} link:presentationLink link:calculationLink link:definitionLink 000026 - Schedule - Annual Total Returns - Putnam Dynamic Asset Allocation Balanced Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000027 - Schedule - Average Annual Total Returns {Transposed} {- Putnam Dynamic Asset Allocation Balanced Fund} link:presentationLink link:calculationLink link:definitionLink 000028 - Document - Risk/Return Detail {Unlabeled} - Putnam Dynamic Asset Allocation Balanced Fund link:presentationLink link:calculationLink link:definitionLink 000029 - Disclosure - Risk/Return Detail Data {Elements} - Putnam Dynamic Asset Allocation Balanced Fund link:presentationLink link:calculationLink link:definitionLink 000031 - Document - Risk/Return Summary {Unlabeled} - Putnam Dynamic Asset Allocation Conservative Fund link:presentationLink link:calculationLink link:definitionLink 000032 - Schedule - Shareholder Fees {- Putnam Dynamic Asset Allocation Conservative Fund} link:presentationLink link:calculationLink link:definitionLink 000033 - Schedule - Annual Fund Operating Expenses {- Putnam Dynamic Asset Allocation Conservative Fund} link:presentationLink link:calculationLink link:definitionLink 000034 - Schedule - Expense Example {- Putnam Dynamic Asset Allocation Conservative Fund} link:presentationLink link:calculationLink link:definitionLink 000035 - Schedule - Expense Example, No Redemption {- Putnam Dynamic Asset Allocation Conservative Fund} link:presentationLink link:calculationLink link:definitionLink 000036 - Schedule - Annual Total Returns - Putnam Dynamic Asset Allocation Conservative Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000037 - Schedule - Average Annual Total Returns {Transposed} {- Putnam Dynamic Asset Allocation Conservative Fund} link:presentationLink link:calculationLink link:definitionLink 000038 - Document - Risk/Return Detail {Unlabeled} - Putnam Dynamic Asset Allocation Conservative Fund link:presentationLink link:calculationLink link:definitionLink 000039 - Disclosure - Risk/Return Detail Data {Elements} - Putnam Dynamic Asset Allocation Conservative Fund link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 5 paaf2-20130128_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 6 paaf2-20130128_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 7 paaf2-20130128_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE