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paaf:S000000780Russell3000IndexMember 2016-01-01 2025-12-31 iso4217:USD pure 0000914209 false 485BPOS 2025-09-30 0.1905 0.1841 0.0784 0.1985 -0.0971 0.2079 0.1440 0.1675 -0.1698 0.2076 -0.1572 0.1756 0.1603 0.1488 0.0669 0.1518 -0.0721 0.1730 0.1248 0.1332 0.1004 0.0565 -0.1465 0.1115 0.0957 0.1084 0.0460 0.0972 -0.0478 0.1181 N-1A PUTNAM ASSET ALLOCATION FUNDS 2026-02-01 Fund summary Putnam Dynamic Asset Allocation Growth Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund seeks capital appreciation. </div> Fees and expenses <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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> 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 professional and in <span style="font-style:italic">How do I buy fund shares?</span> beginning on page 44 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-style:italic">How to buy shares</span> beginning on page 28 of the fund’s statement of additional information (“SAI”). </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. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 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) 0.0057 0.0025 0.0016 0.0098 0.0057 0.0100 0.0016 0.0173 0.0057 0 0.0006 0.0063 0.0057 0.0050 0.0016 0.0123 0.0057 0 0.0020 0.0077 0.0057 0 0.0010 0.0067 0.0057 0 0.0016 0.0073 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 669 869 1085 1706 276 546 940 1844 176 546 940 1844 64 201 350 786 125 390 675 1487 79 246 428 955 68 214 373 834 75 234 407 908 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 100%. </div> 1 Investments, risks, and performance Investments <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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, the Investment Manager adjusts 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. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:32%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial narrow;font-weight:bold;">Class</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">Strategic Allocation</span></span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">        Range        </span></span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="height:1.5pt;"></td> <td colspan="2" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial narrow;font-weight:bold;">Equity</div> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">80%</span></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">65-95%</span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="2" style="height:1.5pt;"></td> <td colspan="2" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="padding-bottom:2pt ;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial narrow;font-weight:bold;">Fixed Income</div> </td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">20%</span></td> <td style="vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5-35%</span></td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund invests mainly in equity securities (growth or value stocks or both) of both U.S. and foreign companies of any size. The Investment Manager 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. The fund also invests, 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). The Investment Manager 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. The Investment Manager may also select other investments that do not fall within these asset classes. The fund typically uses 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. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund may invest directly or indirectly through its wholly-owned and controlled Subsidiary, which like the fund, is advised by the Investment Manager. The fund may invest no more than 25% of its assets in the Subsidiary. Currently, the fund does not expect to invest significantly in the Subsidiary. The Subsidiary will invest primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity-related instruments (such as financial futures, option and swap contracts) or other asset classes (including through derivatives). Unlike the fund, the Subsidiary may invest without limitation in commodity-related instruments. Unless indicated otherwise, references to the fund’s investments, investment exposures or risks include its indirect investments, investment exposures and risks through the Subsidiary. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>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, asset class, 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.<span style="font-weight:bold"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Common stock risk: </span>Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. 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.<span style="font-weight:bold"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Bond investments risk: </span>The risks associated with bond investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that issuers of the fund’s investments 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- and asset-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. The fund 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 fund’s investments in mortgage- and asset-backed securities, and in certain other securities and derivatives, may be or become illiquid. <span style="font-weight:bold"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk: </span>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, <span style="font-weight:bold"> </span></div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span><span style="font-weight:bold">Derivatives risk: </span>The fund’s 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 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).<span style="font-weight:bold"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span><span style="font-weight:bold">Large shareholder transaction risk: </span>The fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs.<span style="font-weight:bold"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund.<span style="font-weight:bold"> </span></div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and the Putnam Growth Blended Benchmark, which was comprised of 60% Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index, 15% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Bond Index, 5% JPMorgan Developed High Yield Index and 5% MSCI Emerging Markets Index-GD through January 31, 2026 and is comprised of 60% Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index, 20% MSCI All Country World Ex-U.S. Index-NR, 16% Bloomberg U.S. Aggregate Bond Index, 3% Bloomberg Global Aggregate ex-USD Index Hedged USD and 1% Bloomberg U.S. Corporate High Yield Index thereafter. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performancefrom year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and the Putnam Growth Blended Benchmark, which was comprised of 60% Russell 3000® Index, 15% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Bond Index, 5% JPMorgan Developed High Yield Index and 5% MSCI Emerging Markets Index-GD through January 31, 2026 and is comprised of 60% Russell 3000® Index, 20% MSCI All Country World Ex-U.S. Index-NR, 16% Bloomberg U.S. Aggregate Bond Index, 3% Bloomberg Global Aggregate ex-USD Index Hedged USD and 1% Bloomberg U.S. Corporate High Yield Index thereafter. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:81%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #999999;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;text-align:right;"><span style="font-family:arial narrow">Q2 2020</span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:top;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:top;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial narrow">    </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:top;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">17.16%</span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;text-align:right;"><span style="font-family:arial narrow">Q1 2020</span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:top;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #999999;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">-18.14%</span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #999999;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> </table> Best Quarter: 2020-06-30 0.1716 Worst Quarter: 2020-03-31 -0.1814 Average annual total returns after sales charges (for periods ended 12/31/25) 0.1160 0.0923 0.0963 0.0947 0.0697 0.0778 0.0764 0.0657 0.0716 0.1653 0.0972 0.0962 0.1878 0.1092 0.1069 0.1816 0.1027 0.1001 0.1865 0.1079 0.1056 0.1882 0.1091 0.1067 0.1870 0.1082 0.1056 0.1715 0.1315 0.1429 0.1815 0.0975 0.1102 Effective February 1, 2026, the Putnam Growth Blended Benchmark composition changed from 60% Russell 3000® Index, 15% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Bond Index, 5% JPMorgan Developed High Yield Index and 5% MSCI Emerging Markets Index-GD (the “Prior Composition”) to 60% Russell 3000® Index, 20% MSCI All Country World Ex-U.S. Index-NR, 16% Bloomberg U.S. Aggregate Bond Index, 3% Bloomberg Global Aggregate ex-USD Index Hedged USD and 1% Bloomberg U.S. Corporate High Yield Index (the “New Composition”). The fund’s Investment Manager believes the New Composition better reflects the fund’s current portfolio. <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </div><div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;">Class C share performance reflects conversion to class A shares after eight years. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:9pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. 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.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. Fund summary Putnam Dynamic Asset Allocation Balanced Fund Goal <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund seeks total return. Total return is composed of capital appreciation and income. </div> Fees and expenses <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold"></span>The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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> 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 professional and in <span style="font-weight:bold"></span><span style="font-style:italic">How do I buy fund shares?</span><span style="font-weight:bold"></span> beginning on page 44 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-weight:bold"></span><span style="font-style:italic">How to buy shares</span><span style="font-weight:bold"></span> beginning on page 28 of the fund’s statement of additional information (“SAI”).<span style="font-weight:bold"> </span></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. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 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) 0.0050 0.0025 0.0015 0.0090 0.0050 0.0100 0.0015 0.0165 0.0050 0 0.0005 0.0055 0.0050 0.0050 0.0015 0.0115 0.0050 0 0.0019 0.0069 0.0050 0 0.0009 0.0059 0.0050 0 0.0015 0.0065 Example <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 662 846 1046 1620 268 520 896 1753 168 520 896 1753 56 176 307 689 117 365 632 1398 70 221 384 859 60 189 330 739 66 207 361 808 Portfolio turnover <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 158%. </div> 1.58 Investments, risks, and performance Investments <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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, the Investment Manager adjusts 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. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:9pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:32%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:31%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:bottom;"><span style="font-family:arial narrow"><span style="font-weight:bold">Class</span></span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">Strategic Allocation</span></span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">Range</span></span></td> </tr> <tr style="font-size:1pt"> <td style="height:3.75pt;"></td> <td colspan="2" style="height:3.75pt;"></td> <td colspan="2" style="height:3.75pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial narrow;font-weight:bold;">Equity</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">60%</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">45-75%</span></td> </tr> <tr style="font-size:1pt"> <td style="height:3.75pt;"></td> <td colspan="2" style="height:3.75pt;"></td> <td colspan="2" style="height:3.75pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial narrow;font-weight:bold;">Fixed Income</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">40%</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25-55%</span></td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund invests mainly in equity securities (growth or value stocks or both) of both U.S. and foreign companies of any size. The Investment Manager 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. The fund also invests in fixed-income investments, including U.S. and foreign government obligations, corporate obligations and securitized debt instruments (such as mortgage-backed investments). The Investment Manager 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. The Investment Manager may also select other investments that do not fall within these asset classes. The fund typically uses 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. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund may invest directly or indirectly through its wholly-owned and controlled Subsidiary, which like the fund, is advised by the Investment Manager. The fund may invest no more than 25% of its assets in the Subsidiary. Currently, the fund does not expect to invest significantly in the Subsidiary. The Subsidiary will invest primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity-related instruments (such as financial futures, option and swap contracts) or other asset classes (including through derivatives). Unlike the fund, the Subsidiary may invest without limitation in commodity-related instruments. Unless indicated otherwise, references to the fund’s investments, investment exposures or risks include its indirect investments, investment exposures and risks through the Subsidiary. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk:</span> 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, asset class, 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. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk:</span> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. 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. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Bond investments risk:</span> The risks associated with bond investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that issuers of the fund’s investments 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- and asset-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. The fund 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 fund’s investments in mortgage- and asset-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk:</span> 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, </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Derivatives risk:</span> The fund’s 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 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). </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Large shareholder transaction risk:</span> The fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk:</span> There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and the Putnam Balanced Blended Benchmark, which was comprised of 50% Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index, 35% Bloomberg U.S. Aggregate Bond Index, 10% MSCI EAFE Index-NR and 5% JPMorgan Developed High Yield Index through January 31, 2026 and is comprised of 48% Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index, 32% Bloomberg U.S. Aggregate Bond Index, 12% MSCI All Country World Ex-U.S. Index-NR, 6% Bloomberg Global Aggregate ex-USD Index Hedged USD and 2% Bloomberg U.S. Corporate High Yield Index thereafter. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performancefrom year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and the Putnam Balanced Blended Benchmark, which was comprised of 50% Russell 3000® Index, 35% Bloomberg U.S. Aggregate Bond Index, 10% MSCI EAFE Index-NR and 5% JPMorgan Developed High Yield Index through January 31, 2026 and is comprised of 48% Russell 3000® Index, 32% Bloomberg U.S. Aggregate Bond Index, 12% MSCI All Country World Ex-U.S. Index-NR, 6% Bloomberg Global Aggregate ex-USD Index Hedged USD and 2% Bloomberg U.S. Corporate High Yield Index thereafter. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:81%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q2 2020</span></td> <td style="BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">     </span></td> <td style="BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">13.38</span></td> <td style="BORDER-TOP:0.75pt solid #b2b2b2; BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow">% </span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q1 2020</span></td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">-13.19</span></td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow">% </span></td> </tr> </table> Best Quarter: 2020-06-30 0.1338 Worst Quarter: 2020-03-31 -0.1319 Average annual total returns after sales charges (for periods ended 12/31/25) 0.0827 0.0712 0.0782 0.0550 0.0462 0.0593 0.0532 0.0470 0.0560 0.1303 0.0759 0.0781 0.1528 0.0880 0.0886 0.1463 0.0813 0.0819 0.1507 0.0864 0.0872 0.1518 0.0875 0.0882 0.1514 0.0867 0.0873 0.1715 0.1315 0.1429 0.1467 0.0763 0.0914 Effective February 1, 2026, the Putnam Balanced Blended Benchmark composition changed from 50% Russell 3000® Index, 35% Bloomberg U.S. Aggregate Bond Index, 10% MSCI EAFE Index-NR and 5% JPMorgan Developed High Yield Index (the “Prior Composition”) to 48% Russell 3000® Index, 32% Bloomberg U.S. Aggregate Bond Index, 12% MSCI All Country World Ex-U.S. Index-NR, 6% Bloomberg Global Aggregate ex-USD Index Hedged USD and 2% Bloomberg U.S. Corporate High Yield Index (the “New Composition”). The fund’s Investment Manager believes the New Composition better reflects the fund’s current portfolio. <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Class C share performance reflects conversion to class A shares after eight years. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:9pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. 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.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. Fund summary Putnam Dynamic Asset Allocation Conservative Fund Goal <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund seeks total return consistent with preservation of capital. Total return is composed of capital appreciation and income. </div> Fees and expenses <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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>. 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 professional and in <span style="font-style:italic">How do I buy fund shares?</span> beginning on page 44 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-style:italic">How to buy shares</span> beginning on page 28 of the fund’s statement of additional information (“SAI”). </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. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 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) 0.0050 0.0025 0.0021 0.0096 0.0050 0.0100 0.0021 0.0171 0.0050 0 0.0010 0.0060 0.0050 0.0050 0.0021 0.0121 0.0050 0 0.0020 0.0070 0.0050 0 0.0014 0.0064 0.0050 0 0.0021 0.0071 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 667 863 1075 1686 274 539 929 1821 174 539 929 1821 61 192 335 750 123 384 665 1465 72 225 391 871 65 204 356 797 73 228 396 882 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 243%. </div> 2.43 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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, the Investment Manager adjusts 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. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:9pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:32%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:31%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:bottom;"><span style="font-family:arial"><span style="font-weight:bold">Class</span></span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">Strategic Allocation</span></span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">Range  </span></span></td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;">Equity</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">30%</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">15-45%  </span></td> </tr> <tr style="font-size:1pt"> <td style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> <td colspan="2" style="height:6pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;">Fixed Income</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">70%</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">55-85%  </span></td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund invests mainly in fixed-income investments, including U.S. and foreign government obligations, corporate obligations and securitized debt instruments (such as mortgage-backed investments). The Investment Manager 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. The fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. The Investment Manager 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. The Investment Manager may also select other investments that do not fall within these asset classes. The fund typically uses 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. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund may invest directly or indirectly through its wholly-owned and controlled Subsidiary, which like the fund, is advised by the Investment Manager. The fund may invest no more than 25% of its assets in the Subsidiary. Currently, the fund does not expect to invest significantly in the Subsidiary. The Subsidiary will invest primarily in commodity futures and swaps on commodity futures, but it may also invest in other commodity-related instruments (such as financial futures, option and swap contracts) or other asset classes (including through derivatives). Unlike the fund, the Subsidiary may invest without limitation in commodity-related instruments. Unless indicated otherwise, references to the fund’s investments, investment exposures or risks include its indirect investments, investment exposures and risks through the Subsidiary. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>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, asset class, 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.<span style="font-weight:bold"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Bond investments risk: </span>The risks associated with bond investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that issuers of the fund’s investments 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- and asset-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. The fund 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 fund’s investments in mortgage- and asset-backed securities, and in certain other securities and derivatives, may be or become illiquid. <span style="font-weight:bold"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Common stock risk: </span>Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. 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.<span style="font-weight:bold"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk: </span>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, <span style="font-weight:bold"> </span></div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold"></span><span style="font-weight:bold">Derivatives risk: </span>The fund’s 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 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).<span style="font-weight:bold"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold"></span><span style="font-weight:bold">Large shareholder transaction risk: </span>The fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs.<span style="font-weight:bold"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund.<span style="font-weight:bold"> </span></div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and the Putnam Conservative Blended Benchmark, which was comprised of 65% Bloomberg U.S. Aggregate Bond Index, 25% Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index, 5% MSCI EAFE Index-NR and 5% JPMorgan Developed High Yield Index through January 31, 2026 and is comprised of 56% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index, 10.5% Bloomberg Global Aggregate ex-USD Index Hedged USD, 6% MSCI All Country World Ex-U.S. Index-NR and 3.5% Bloomberg U.S. Corporate High Yield Index thereafter. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performancefrom year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance and the Putnam Conservative Blended Benchmark, which was comprised of 65% Bloomberg U.S. Aggregate Bond Index, 25% Russell 3000® Index, 5% MSCI EAFE Index-NR and 5% JPMorgan Developed High Yield Index through January 31, 2026 and is comprised of 56% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000® Index, 10.5% Bloomberg Global Aggregate ex-USD Index Hedged USD, 6% MSCI All Country World Ex-U.S. Index-NR and 3.5% Bloomberg U.S. Corporate High Yield Index thereafter. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:84%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #b2b2b2;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #b2b2b2;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #b2b2b2;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #b2b2b2;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q4 2023</span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">   </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">8.48</span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow">% </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q2 2022</span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">-8.97</span></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #b2b2b2;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow">% </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0848 Worst Quarter: 2022-06-30 -0.0897 Average annual total returns after sales charges (for periods ended 12/31/25) 0.0447 0.0278 0.0443 0.0233 0.0123 0.0314 0.0267 0.0157 0.0301 0.0906 0.0325 0.0442 0.1129 0.0441 0.0545 0.1059 0.0376 0.0479 0.1122 0.0432 0.0536 0.1124 0.0436 0.0541 0.1115 0.0427 0.0531 0.0730 -0.0036 0.0201 0.1101 0.0376 0.0573 Effective February 1, 2026, the Putnam Conservative Blended Benchmark composition changed from 65% Bloomberg U.S. Aggregate Bond Index, 25% Russell 3000® Index, 5% MSCI EAFE Index-NR and 5% JPMorgan Developed High Yield Index (the “Prior Composition”) to 56% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000® Index, 10.5% Bloomberg Global Aggregate ex-USD Index Hedged USD, 6% MSCI All Country World Ex-U.S. Index-NR and 3.5% Bloomberg U.S. Corporate High Yield Index (the “New Composition”). The fund’s Investment Manager believes the New Composition better reflects the fund’s current portfolio. <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;">Class C share performance reflects conversion to class A shares after eight years. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at <span style="text-decoration:underline"><span style="font-family:arial;color:#467886">www.franklintempletondatasources.com</span><span style="font-family:arial">. Such information is subject to change. </span></span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. 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.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. 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 been adjusted, returns would have been higher. Effective February 1, 2026, the Putnam Growth Blended Benchmark composition changed from 60% Russell 3000® Index, 15% MSCI EAFE Index-NR, 15% Bloomberg U.S. Aggregate Bond Index, 5% JPMorgan Developed High Yield Index and 5% MSCI Emerging Markets Index-GD (the “Prior Composition”) to 60% Russell 3000® Index, 20% MSCI All Country World Ex-U.S. Index-NR, 16% Bloomberg U.S. Aggregate Bond Index, 3% Bloomberg Global Aggregate ex-USD Index Hedged USD and 1% Bloomberg U.S. Corporate High Yield Index (the “New Composition”). The fund’s Investment Manager believes the New Composition better reflects the fund’s current portfolio. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. The Investment Manager, as defined below, has contractually agreed to waive the management fee it receives from the fund in an amount equal to the management fee paid by the Cayman Islands-based company that is wholly owned by the fund (“Subsidiary”). This waiver may not be terminated and will remain in effect for as long as the investment manager’s contract with the Subsidiary is in place. The Investment Manager, as defined below, has contractually agreed to waive the management fee it receives from the fund in an amount equal to the management fee paid by the Cayman Islands-based company that is wholly owned by the fund (“Subsidiary”). This waiver may not be terminated and will remain in effect for as long as the investment manager’s contract with the Subsidiary is in place. 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 been adjusted, returns would have been higher. Effective February 1, 2026, the Putnam Balanced Blended Benchmark composition changed from 50% Russell 3000® Index, 35% Bloomberg U.S. Aggregate Bond Index, 10% MSCI EAFE Index-NR and 5% JPMorgan Developed High Yield Index (the “Prior Composition”) to 48% Russell 3000® Index, 32% Bloomberg U.S. Aggregate Bond Index, 12% MSCI All Country World Ex-U.S. Index-NR, 6% Bloomberg Global Aggregate ex-USD Index Hedged USD and 2% Bloomberg U.S. Corporate High Yield Index (the “New Composition”). The fund’s Investment Manager believes the New Composition better reflects the fund’s current portfolio. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. The Investment Manager, as defined below, has contractually agreed to waive the management fee it receives from the fund in an amount equal to the management fee paid by the Cayman Islands-based company that is wholly owned by the fund (“Subsidiary”). This waiver may not be terminated and will remain in effect for as long as the investment manager’s contract with the Subsidiary is in place. Applies only to certain redemptions of shares bought with no initial sales charge. 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 been adjusted, returns would have been higher. Effective February 1, 2026, the Putnam Conservative Blended Benchmark composition changed from 65% Bloomberg U.S. Aggregate Bond Index, 25% Russell 3000® Index, 5% MSCI EAFE Index-NR and 5% JPMorgan Developed High Yield Index (the “Prior Composition”) to 56% Bloomberg U.S. Aggregate Bond Index, 24% Russell 3000® Index, 10.5% Bloomberg Global Aggregate ex-USD Index Hedged USD, 6% MSCI All Country World Ex-U.S. Index-NR and 3.5% Bloomberg U.S. Corporate High Yield Index (the “New Composition”). The fund’s Investment Manager believes the New Composition better reflects the fund’s current portfolio. This charge is eliminated after one year.