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0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Putnam Dynamic Asset Allocation Growth Fund seeks capital appreciation. </p> Fees and expenses <p id="xdx_A87_err--ExpenseNarrativeTextBlock_zXnmc9h3G18a" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90E_err--ExpenseBreakpointDiscounts_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member_zurh6KwQhFg3">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least <span id="xdx_908_err--ExpenseBreakpointMinimumInvestmentRequiredAmount_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member_zdklrWz0Yxl9">$50,000</span> in Putnam funds.</span> More information about these and other discounts is available from your financial professional and in<i> How do I buy fund shares?</i> beginning on page 32 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <i>How to buy shares</i> beginning on page II-1 of the fund’s statement of additional information (SAI). </p> 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. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0059 0.0025 0.0021 0.0105 0.0059 0.0100 0.0021 0.0180 0.0059 0.0100 0.0021 0.0180 0.0059 0 0.0007 0.0066 0.0059 0.0050 0.0021 0.0130 0.0059 0 0.0021 0.0080 0.0059 0 0.0011 0.0070 0.0059 0 0.0021 0.0080 Example <p id="xdx_A80_err--ExpenseExampleNarrativeTextBlock_z9ecH6z8N1zl" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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. Your actual costs may be higher or lower. </p> 676 890 1121 1784 683 866 1175 1919 183 566 975 1919 283 566 975 1919 183 566 975 1919 67 211 368 822 132 412 713 1568 82 255 444 990 72 224 390 871 82 255 444 990 Portfolio turnover <p id="xdx_A82_err--PortfolioTurnoverTextBlock_z9R70yjf0aN6" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">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 <span id="xdx_903_err--PortfolioTurnoverRate_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member_zfj5O8ZF8fu">191%</span>.</p> 1.91 Investments, risks, and performance <p id="xdx_A80_err--StrategyNarrativeTextBlock_zmAV3VnCSLDf" style="font: 600 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 15px 42px 0px; color: #000000"> <b>Investments</b> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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’s performance consistent with its goal. The strategic allocation and the range of allowable allocation for the fund are shown below. </p> <table style="font: 300 10pt Arial, Helvetica, Sans-Serif; margin-left: 42px; width: 90%"> <tr style="font-weight: 300; vertical-align: bottom"> <td style="width: 38%"><b>Class</b> </td> <td style="width: 31%"><b>Strategic Allocation</b> </td> <td style="width: 31%"><b>Range</b> </td> </tr> <tr style="background-color: rgb(209,211,212); vertical-align: bottom"> <td style="width: 38%">Equity </td> <td style="width: 31%">80% </td> <td style="width: 31%">65-95% </td> </tr> <tr style="background-color: rgb(230,231,232); vertical-align: bottom"> <td style="width: 38%">Fixed Income </td> <td style="width: 31%">20% </td> <td style="width: 31%">5-35% </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">We invest mainly in equity securities (growth or value stocks or both) of both U.S. and foreign companies of any size. We may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell equity investments. 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 typically use to a significant extent derivatives, such as futures, options, certain foreign currency transactions, warrants and interest rate and total return swap contracts, for both hedging and non-hedging purposes.</p> Risks <p id="xdx_A8D_err--RiskTextBlock_zZz59iPf327g" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> <span id="xdx_901_err--RiskTextBlock_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member__rr--RiskAxis__rr--RiskLoseMoneyMember_zNzRPflFNXwj">It is important to understand that you can lose money by investing in the fund.</span> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Our allocation of assets among asset classes may hurt performance, and our efforts to diversify risk through the use of leverage and allocation decisions may not be successful. If the quantitative models or data that are used in managing the fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. 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. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Bond investments are subject to interest rate risk, which is the risk that the value of the fund’s bond investments is 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. Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. 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 “junk bonds”), which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. We may have </p> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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), and may be or become illiquid. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">Our use of derivatives may increase the risks of investing in the fund 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 derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the fund has significant investment exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures), and legal risk (e.g., insufficient legal documentation or contract enforceability issues).</p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">Certain accounts or affiliates of Putnam Management, including other funds advised by Putnam Management or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs.</p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The fund may not achieve its goal, and it is not intended to be a complete investment program. <span id="xdx_904_err--RiskTextBlock_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member__rr--RiskAxis__rr--RiskNotInsuredDepositoryInstitutionMember_zXFlT3W0T7p6">An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> </p> 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. Performance <p id="xdx_A89_err--PerformanceNarrativeTextBlock_zt92nSVafTT9" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> <span id="xdx_902_err--PerformanceInformationIllustratesVariabilityOfReturns_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member_zIyCyoyuCUY5">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.</span> <span id="xdx_902_err--BarChartDoesNotReflectSalesLoads_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member_zXM3jQyln3Nj">The bar chart does not reflect the impact of sales charges.</span> If it did, </p> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> performance would be lower. <span id="xdx_906_err--PerformancePastDoesNotIndicateFuture_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member_zbz8DjCsIzbe">Please remember that past performance is not necessarily an indication of future results.</span> Monthly performance figures for the fund are available at <span id="xdx_900_err--PerformanceAvailabilityWebSiteAddress_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member_zrGkgVAqFHh">putnam.com</span>. </p> 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. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.0899 -0.0028 0.0784 0.1985 -0.0971 0.2079 0.1440 0.1675 -0.1698 0.2076 Best calendar quarter 2020-06-30 0.1716 Worst calendar quarter 2020-03-31 -0.1814 Average annual total returns after sales charges (for periods ended 12/31/23) 0.1382 0.0880 0.0682 0.1247 0.0750 0.0494 0.0870 0.0669 0.0483 0.1490 0.0899 0.0681 0.1889 0.0928 0.0680 0.2126 0.1050 0.0782 0.2047 0.0982 0.0718 0.2107 0.1037 0.0773 0.2121 0.1048 0.0783 0.2104 0.1036 0.0772 0.2596 0.1516 0.1148 0.2022 0.1111 0.0834 <div id="xdx_A87_err--PerformanceTableClosingTextBlock_za9WGleWoB5i"></div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td>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 Bloomberg 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).</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td>Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell ® is a trademark of Frank Russell Company.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td>All Bloomberg indices are provided by Bloomberg Index Services Limited.</td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td>BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td><span id="xdx_90A_err--PerformanceTableUsesHighestFederalRate_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member_z6H1hpQJwevd">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.</span> <span id="xdx_90C_err--PerformanceTableNotRelevantToTaxDeferred_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member_zxC3ve9vS9S7">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown</span>. <span id="xdx_908_err--PerformanceTableOneClassOfAfterTaxShown_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000780Member_zHHtoZBWTPvg">After-tax returns are shown for class A shares only and will vary for other classes.</span> 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.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> Class B and C share performance reflects conversion to class A shares after eight years. </td> </tr> </table> 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. Goal <p id="xdx_A85_err--ObjectivePrimaryTextBlock_zzqRZVM0AeO2" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Putnam Dynamic Asset Allocation Balanced Fund seeks total return. Total return is composed of capital appreciation and income. </p> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> Fees and expenses <p id="xdx_A8F_err--ExpenseNarrativeTextBlock_zlDYbMwclowf" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90D_err--ExpenseBreakpointDiscounts_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member_z8LZBsQT1177">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least <span id="xdx_90E_err--ExpenseBreakpointMinimumInvestmentRequiredAmount_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member_z0uOLb3YB4ul">$50,000</span> in Putnam funds.</span> More information about these and other discounts is available from your financial professional and in<i> How do I buy fund shares?</i> beginning on page 32 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <i>How to buy shares</i> beginning on page II-1 of the fund’s statement of additional information (SAI). </p> 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. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0052 0.0025 0.0019 0.0096 0.0052 0.0100 0.0019 0.0171 0.0052 0.0100 0.0019 0.0171 0.0052 0 0.0007 0.0059 0.0052 0.0050 0.0019 0.0121 0.0052 0 0.0021 0.0073 0.0052 0 0.0011 0.0063 0.0052 0 0.0019 0.0071 Example <p id="xdx_A80_err--ExpenseExampleNarrativeTextBlock_zTAgxSNeNj9d" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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. Your actual costs may be higher or lower. </p> 667 863 1075 1685 674 839 1128 1821 274 539 928 1821 60 189 329 738 123 384 665 1466 75 233 406 906 64 202 351 786 73 227 395 883 Portfolio turnover <p id="xdx_A81_err--PortfolioTurnoverTextBlock_zOBuZldHcbx" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">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 <span id="xdx_90A_err--PortfolioTurnoverRate_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member_zSpqSL4Biz4g">302%</span>.</p> 3.02 Investments, risks, and performance <p id="xdx_A8C_err--StrategyNarrativeTextBlock_zXnZxDgNXCy8" style="font: 600 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 15px 42px 0px; color: #000000"> <b>Investments</b> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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’s performance consistent with its goal. The strategic allocation and the range of allowable allocation for the fund are shown below. </p> <table style="font: 300 10pt Arial, Helvetica, Sans-Serif; margin-left: 42px; width: 90%"> <tr style="font-weight: 300; vertical-align: bottom"> <td style="width: 38%"><b>Class</b> </td> <td style="width: 31%"><b>Strategic Allocation</b> </td> <td style="width: 31%"><b>Range</b> </td> </tr> <tr style="background-color: rgb(209,211,212); vertical-align: bottom"> <td style="width: 38%">Equity </td> <td style="width: 31%">60% </td> <td style="width: 31%">45-75% </td> </tr> <tr style="background-color: rgb(230,231,232); vertical-align: bottom"> <td style="width: 38%">Fixed Income </td> <td style="width: 31%">40% </td> <td style="width: 31%">25-55% </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">We invest mainly in equity securities (growth or value stocks or both) of both U.S. and foreign companies of any size. We may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell equity investments. 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 typically use to a significant extent derivatives, such as futures, options, certain foreign currency transactions, warrants and interest rate and total return swap contracts, for both hedging and non-hedging purposes.</p> Risks <p id="xdx_A8A_err--RiskTextBlock_zWFGE114AwK" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> <span id="xdx_90B_err--RiskTextBlock_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member__rr--RiskAxis__rr--RiskLoseMoneyMember_zPvnzn6BcKng">It is important to understand that you can lose money by investing in the fund.</span> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Our allocation of assets among asset classes may hurt performance, and our efforts to diversify risk through the use of leverage and allocation decisions may not be successful. If the quantitative models or data that are used in managing the fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. 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. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Bond investments are subject to interest rate risk, which is the risk that the value of the fund’s bond investments is 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. Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. 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 “junk bonds”), which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. We may have </p> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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), and may be or become illiquid. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">Our use of derivatives may increase the risks of investing in the fund 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 derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the fund has significant investment exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures), and legal risk (e.g., insufficient legal documentation or contract enforceability issues).</p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">Certain accounts or affiliates of Putnam Management, including other funds advised by Putnam Management or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs.</p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The fund may not achieve its goal, and it is not intended to be a complete investment program. <span id="xdx_90F_err--RiskTextBlock_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member__rr--RiskAxis__rr--RiskNotInsuredDepositoryInstitutionMember_z1qfRWWQlOz8">An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> </p> 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. Performance <p id="xdx_A80_err--PerformanceNarrativeTextBlock_zstSuSla6Ev3" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> <span id="xdx_90C_err--PerformanceInformationIllustratesVariabilityOfReturns_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member_zTgw3T7yMvSc">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.</span> <span id="xdx_90B_err--BarChartDoesNotReflectSalesLoads_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member_zLUSvvqyb4Re">The bar chart does not reflect the impact of sales charges</span>. If it did, </p> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> performance would be lower. <span id="xdx_905_err--PerformancePastDoesNotIndicateFuture_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member_zaspN7MuPScg">Please remember that past performance is not necessarily an indication of future results.</span> Monthly performance figures for the fund are available at <span id="xdx_90B_err--PerformanceAvailabilityWebSiteAddress_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member_zhnCBXLFnTQ1">putnam.com</span>. </p> 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 Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.0944 0.0030 0.0669 0.1518 -0.0721 0.1730 0.1248 0.1332 -0.1572 0.1756 Best calendar quarter 2020-06-30 0.1338 Worst calendar quarter 2020-03-31 -0.1319 Average annual total returns after sales charges (for periods ended 12/31/23) 0.1080 0.0690 0.0574 0.0974 0.0544 0.0418 0.0674 0.0506 0.0411 0.1172 0.0709 0.0574 0.1570 0.0738 0.0574 0.1807 0.0858 0.0674 0.1729 0.0792 0.0611 0.1793 0.0846 0.0665 0.1796 0.0855 0.0675 0.1787 0.0845 0.0664 0.2596 0.1516 0.1148 0.1721 0.0924 0.0722 <div id="xdx_A89_err--PerformanceTableClosingTextBlock_z84ZStNN6SN"></div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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 Bloomberg 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell ® is a trademark of Frank Russell Company. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td>All Bloomberg indices are provided by Bloomberg Index Services Limited.</td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td>BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"></td> <td><span id="xdx_906_err--PerformanceTableUsesHighestFederalRate_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member_zE6IxzMS3Tjc">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.</span> <span id="xdx_90D_err--PerformanceTableNotRelevantToTaxDeferred_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member_zxAwG00hyFy3">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown</span>. <span id="xdx_908_err--PerformanceTableOneClassOfAfterTaxShown_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000778Member_zZCBQUSD75U">After-tax returns are shown for class A shares only and will vary for other classes.</span> 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.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> Class B and C share performance reflects conversion to class A shares after eight years. </td> </tr> </table> 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. Goal <p id="xdx_A8C_err--ObjectivePrimaryTextBlock_z6HTcp00pde" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Putnam Dynamic Asset Allocation Conservative Fund seeks total return consistent with preservation of capital. Total return is composed of capital appreciation and income. </p> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> Fees and expenses <p id="xdx_A8F_err--ExpenseNarrativeTextBlock_zJIxco0frQf6" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_90C_err--ExpenseBreakpointDiscounts_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member_zV6zl9AUuzS8">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least <span id="xdx_90E_err--ExpenseBreakpointMinimumInvestmentRequiredAmount_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member_zrCzs7Jfx656">$50,000</span> in Putnam funds.</span> More information about these and other discounts is available from your financial professional and in<i> How do I buy fund shares?</i> beginning on page 32 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <i>How to buy shares</i> beginning on page II-1 of the fund’s statement of additional information (SAI). </p> 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. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0052 0.0025 0.0026 0.0103 0.0052 0.0100 0.0026 0.0178 0.0052 0.0100 0.0026 0.0178 0.0052 0 0.0012 0.0064 0.0052 0.0050 0.0026 0.0128 0.0052 0 0.0023 0.0075 0.0052 0 0.0016 0.0068 0.0052 0 0.0026 0.0078 Example <p id="xdx_A83_err--ExpenseExampleNarrativeTextBlock_zFxWkRcSxXLj" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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. Your actual costs may be higher or lower. </p> 674 884 1111 1762 681 860 1164 1897 281 560 964 1897 65 205 357 798 130 406 702 1545 77 240 417 930 69 218 379 847 80 249 433 966 Portfolio turnover <p id="xdx_A85_err--PortfolioTurnoverTextBlock_zS3BYq21qTWd" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">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 <span id="xdx_90D_err--PortfolioTurnoverRate_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member_z1kpZaVifOhf">456%</span>.</p> 4.56 Investments, risks, and performance <p id="xdx_A83_err--StrategyNarrativeTextBlock_zKX18kxNylhh" style="font: 600 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 15px 42px 0px; color: #000000"> <b>Investments</b> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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’s performance consistent with its goal. The strategic allocation and the range of allowable allocation for the fund are shown below. </p> <table style="font: 300 10pt Arial, Helvetica, Sans-Serif; margin-left: 42px; width: 90%"> <tr style="font-weight: 300; vertical-align: bottom"> <td style="width: 38%"><b>Class</b> </td> <td style="width: 31%"><b>Strategic Allocation</b> </td> <td style="width: 31%"><b>Range</b> </td> </tr> <tr style="background-color: rgb(209,211,212); vertical-align: bottom"> <td style="width: 38%">Equity </td> <td style="width: 31%">30% </td> <td style="width: 31%">15-45% </td> </tr> <tr style="background-color: rgb(230,231,232); vertical-align: bottom"> <td style="width: 38%">Fixed Income </td> <td style="width: 31%">70% </td> <td style="width: 31%">55-85% </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">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’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 typically use to a significant extent derivatives, such as futures, options, certain foreign currency transactions, warrants and interest rate and total return swap contracts, for both hedging and non-hedging purposes.</p> Risks <p id="xdx_A8B_err--RiskTextBlock_z7wxpGRP8Me9" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> <span id="xdx_902_err--RiskTextBlock_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member__rr--RiskAxis__rr--RiskLoseMoneyMember_zDQXK0sCmFhc">It is important to understand that you can lose money by investing in the fund.</span> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Our allocation of assets among asset classes may hurt performance, and our efforts to diversify risk through the use of leverage and allocation decisions may not be successful. If the quantitative models or data that are used in managing the fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. 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. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Bond investments are subject to interest rate risk, which is the risk that the value of the fund’s bond investments is 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. Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. 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 “junk bonds”), which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. We may have </p> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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), and may be or become illiquid. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">Our use of derivatives may increase the risks of investing in the fund 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 derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the fund has significant investment exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures), and legal risk (e.g., insufficient legal documentation or contract enforceability issues).</p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">Certain accounts or affiliates of Putnam Management, including other funds advised by Putnam Management or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs.</p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The fund may not achieve its goal, and it is not intended to be a complete investment program. <span id="xdx_903_err--RiskTextBlock_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member__rr--RiskAxis__rr--RiskNotInsuredDepositoryInstitutionMember_zLfx8CiMtth8">An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> </p> 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. Performance <p id="xdx_A8F_err--PerformanceNarrativeTextBlock_zTh3TULp94Q8" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> <span id="xdx_90B_err--PerformanceInformationIllustratesVariabilityOfReturns_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member_zto6Fuwd7oq1">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.</span> <span id="xdx_905_err--BarChartDoesNotReflectSalesLoads_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member_z0XQpT3NCah1">The bar chart does not reflect the impact of sales charges.</span> If it did, </p> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> performance would be lower. <span id="xdx_90A_err--PerformancePastDoesNotIndicateFuture_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member_zwnDeZCHRH63">Please remember that past performance is not necessarily an indication of future results.</span> Monthly performance figures for the fund are available at <span id="xdx_907_err--PerformanceAvailabilityWebSiteAddress_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member_zY02QNHddWrb">putnam.com</span>. </p> 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. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.0821 0.0036 0.0460 0.0972 -0.0478 0.1181 0.1004 0.0565 -0.1465 0.1115 Best calendar quarter 2023-12-31 0.0848 Worst calendar quarter 2022-06-30 -0.0897 Average annual total returns after sales charges (for periods ended 12/31/23) 0.0476 0.0305 0.0327 0.0393 0.0185 0.0192 0.0288 0.0203 0.0214 0.0538 0.0316 0.0326 0.0929 0.0351 0.0326 0.1173 0.0470 0.0425 0.1089 0.0402 0.0362 0.1155 0.0459 0.0418 0.1150 0.0464 0.0425 0.1136 0.0453 0.0413 0.0553 0.0110 0.0181 0.1148 0.0535 0.0466 <div id="xdx_A81_err--PerformanceTableClosingTextBlock_zLOIrlPP5LMj"></div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> The Putnam Conservative Blended Benchmark is an unmanaged index administered by Putnam Management, 65% of which is the Bloomberg 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). </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td>All Bloomberg indices are provided by Bloomberg Index Services Limited.</td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td>BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors, own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td><span id="xdx_906_err--PerformanceTableUsesHighestFederalRate_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member_zP4MHYPmKUgb">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.</span> <span id="xdx_905_err--PerformanceTableNotRelevantToTaxDeferred_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member_zjLHOIrXXJT8">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.</span> <span id="xdx_905_err--PerformanceTableOneClassOfAfterTaxShown_dU_c20240130__20240130__dei--LegalEntityAxis__custom--S000000779Member_zcojtgZJ1xl7">After-tax returns are shown for class A shares only and will vary for other classes.</span> 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.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> Class B and C share performance reflects conversion to class A shares after eight years. </td> </tr> </table> 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. 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. Performance for class P shares prior to their inception (8/31/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class P shares; had it, returns would have been higher. 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. Performance for class P shares prior to their inception (8/31/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class P shares; had it, returns would have been higher. 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. Performance for class P shares prior to their inception (8/31/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class P shares; had it, returns would have been higher.