Putnam Dynamic Risk Allocation Fund

Fees and expenses

The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 19 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).

Shareholder fees (fees paid directly from your investment)

Shareholder Fees	Putnam Dynamic Risk Allocation Fund Class T
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	2.50%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)	none

Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses	Putnam Dynamic Risk Allocation Fund Class T
Management fees	0.73%	[1]
Distribution and service (12b-1) fees	0.25%
Other expenses	0.36%	[2]
Acquired fund fees and expenses	0.01%
Total annual fund operating expenses	1.35%
Expense reimbursement	(0.21%)	[3]
Total annual fund operating expenses after expense reimbursement	1.14%

Example

The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.

Expense Example	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years
Putnam Dynamic Risk Allocation Fund | Class T | USD ($)	363	647	951	1,815

[1] Restated to reflect current fees.

[2] Other expenses are based on expenses of class A shares for the fund's last fiscal year.

[3] Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through September 30, 2017. This obligation may be modified or discontinued only with approval of the Board of Trustees.