Putnam RetirementReady Funds

0001193125-12-506129.txt : 20121218 0001193125-12-506129.hdr.sgml : 20121218 20121218123807 ACCESSION NUMBER: 0001193125-12-506129 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121218 DATE AS OF CHANGE: 20121218 EFFECTIVENESS DATE: 20121218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Putnam RetirementReady Funds CENTRAL INDEX KEY: 0001295293 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-117134 FILM NUMBER: 121270628 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617 760-4623 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Putnam RetirementReady Funds CENTRAL INDEX KEY: 0001295293 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21598 FILM NUMBER: 121270629 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617 760-4623 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109

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485BPOS 1 d446446d485bpos.htm PUTNAM RETIREMENTREADY FUNDS Putnam RetirementReady Funds

As filed with the Securities and Exchange Commission on December 18, 2012

Registration No. 333-117134

811-21598

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

UNDER


		*THE SECURITIES ACT OF 1933*		x
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 13		x
		and
		REGISTRATION STATEMENT *UNDER* *THE INVESTMENT COMPANY ACT OF 1940*		x
		Amendment No. 14		x
		(Check appropriate box or boxes)

PUTNAM RETIREMENTREADY FUNDS

(Exact name of registrant as specified in charter)

One Post Office Square, Boston, Massachusetts 02109

(Address of principal executive offices)

Registrant’s Telephone Number, including Area Code

(617) 292-1000

It is proposed that this filing will become effective (check appropriate box)

immediately upon filing pursuant to paragraph (b)

on November 30, 2012 pursuant to paragraph (b)

60 days after filing pursuant to paragraph (a)(1)

on (date) pursuant to paragraph (a)(1)

75 days after filing pursuant to paragraph (a)(2)

on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

ROBERT T. BURNS, Vice President

PUTNAM RETIREMENTREADY FUNDS

One Post Office Square

Boston, Massachusetts 02109

(Name and address of agent for service)

Copy to:

JOHN W. GERSTMAYR, Esquire

ROPES & GRAY LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199-3600

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts, on the 18^th day of December, 2012.


		PUTNAM RETIREMENTREADY FUNDS

By:		/s/ Jonathan S. Horwitz, Executive Vice President,
		Principal Executive Officer and Compliance Liaison

Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:


Signature		Title
Jameson A. Baxter *		Chair, Board of Trustees

Robert L. Reynolds*		President and Trustee

Jonathan S. Horwitz*		Executive Vice President, Principal Executive Officer, and Compliance Liaison

Steven D. Krichmar*		Vice President and Principal Financial Officer

Janet C. Smith*		Vice President, Principal Accounting Officer, and Assistant Treasurer

Liaquat Ahamed*		Trustee

Ravi Akhoury*		Trustee

Barbara M. Baumann*		Trustee

Charles B. Curtis*		Trustee

Robert J. Darretta*		Trustee

Katinka Domotorffy*		Trustee

John A. Hill*		Trustee

Paul L. Joskow*		Trustee

Elizabeth T. Kennan*		Trustee


Kenneth R. Leibler*		Trustee

Robert E. Patterson*		Trustee

George Putnam, III*		Trustee

W. Thomas Stephens*		Trustee


		By: /s/ Jonathan S. Horwitz, as Attorney-in-Fact
		November 28, 2012

*	Signed pursuant to power of attorney incorporated by reference to Post-Effective Amendment No. 12 to the Registrant’s Registration Statement filed on November 28, 2012.

EXHIBIT INDEX


XBRL Instance Document		Ex-101.ins
XBRL Taxonomy Extension Schema Document		Ex-101.sch
XBRL Taxonomy Extension Calculation Linkbase Document		Ex-101.cal
XBRL Taxonomy Extension Labels Linkbase		Ex-101.lab
XBRL Taxonomy Extension Presentation Linkbase Document		Ex-101.pre
XBRL Taxonomy Extension Definition Linkbase		Ex-101.def

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prrf:BarclaysUsAggregateBondIndexMember 2011-12-01 2012-11-30 0001295293 prrf:S000004003Member rr:AfterTaxesOnDistributionsMember prrf:C000011189Member 2011-12-01 2012-11-30 0001295293 prrf:S000004003Member rr:AfterTaxesOnDistributionsAndSalesMember prrf:C000011189Member 2011-12-01 2012-11-30 0001295293 prrf:S000004003Member prrf:SandpFiveHundredIndexMember 2011-12-01 2012-11-30 0001295293 prrf:S000004003Member prrf:BarclaysUsAggregateBondIndexMember 2011-12-01 2012-11-30 pure iso4217:USD Putnam RetirementReady 2040 Fund Goal Putnam RetirementReady 2040 Fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. Shareholder fees (fees paid directly from your investment) Putnam RetirementReady 2035 Fund Goal Putnam RetirementReady 2035 Fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. 0.0575 0 0 0.035 0 0 0.01 0.05 0.01 0.0065 0 0 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0575 0 0 0.035 0 0 0.01 0.05 0.01 0.0065 0 0 0 0 0 0 0 0 0.0025 Putnam RetirementReady 2050 Fund 0.01 0.01 0.0075 0.005 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0012 0.0012 0.0012 0.0012 0.0012 0.0012 Goal 0.0095 0.0095 0.0095 0.0095 0.0095 0.0095 0.0132 0.0207 0.0207 0.0182 0.0157 0.0107 Putnam RetirementReady 2050 Fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. -0.0012 -0.0012 -0.0012 -0.0012 -0.0012 -0.0012 0.012 0.0195 0.0195 0.017 0.0145 0.0095 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 83 of the fund’s prospectus and in How to buy shares beginning on page II-1 of the fund’s SAI. Putnam RetirementReady 2045 Fund Shareholder fees (fees paid directly from your investment) Goal Putnam RetirementReady 2045 Fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. 485BPOS Putnam RetirementReady Funds 0001295293 2012-11-30 0 0 0 0 0 0 2012-11-30 Fees and expenses 0.0025 0.01 0.01 0.0075 0.005 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. 0.0575 0 0 0.035 0 0 2012-07-31 false 2012-11-28 0.0011 0.01 0.0011 0.0011 0.05 0.01 0.0011 0.0065 0.0011 0 0 0.0011 0.0089 0.0089 0.0089 0.0089 0.0089 0.0089 0.0125 0.02 0.02 0.0175 0.015 0 0.01 0.0575 0 0 0.035 0 0.01 0.05 0.01 0.0065 0 0 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 0.0114 0.0189 0.0189 0.0164 0.0139 0.0089 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) Example Shareholder fees (fees paid directly from your investment) The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 0 0 0 0 0 0 0.0025 0.01 0.01 0.0075 0.005 0.0012 0.0012 0.0012 0.0012 0.0012 0.0012 690 697 297 516 147 96 0.0099 0.0099 0.0099 0.0099 0.0099 936 0.0099 957 636 890 482 327 Example 0.0136 0.0211 0.0211 0.0186 0.0161 The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 0.0111 1244 1300 1100 1287 841 576 -0.0012 -0.0012 -0.0012 -0.0012 2059 -0.0012 2193 -0.0012 2385 2398 1852 1289 0 0 0 0 0 0 0.0124 0.0199 0.0199 0.0174 0.0149 0.0099 0.0025 0.01 0.01 0.0075 0.005 197 197 0.0015 0.0015 0.0015 0.0015 0.0015 0.0015 636 636 1100 1100 2193 2385 0.0102 0.0102 0.0102 0.0102 0.0102 0.0102 0.0575 0 0 0.035 0 0 0.0142 0.0217 0.01 0.05 0.01 0.0065 0 0.0217 0 0.0192 0.0167 0.0117 -0.0015 -0.0015 -0.0015 -0.0015 -0.0015 -0.0015 Goal 0.0127 0.0202 0.0202 0.0177 0.0152 0.0102 Putnam RetirementReady 2025 Fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. Fees and expenses 0 0 0 0 0 0 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. 0.0025 0.01 0.01 0.0075 0.005 Shareholder fees (fees paid directly from your investment) 685 692 292 511 142 91 Portfolio turnover 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 43%. 939 917 617 0.0048 0.0048 871 0.0048 463 0.0048 307 0.0048 0.0048 1212 1268 1068 1256 808 542 0.0103 0.0103 0.0103 0.0575 0.0103 0 0.0103 0 0.0103 1990 0.035 2125 0 0 2318 2331 1781 1215 0.01 0.05 0.01 0.0065 0 0 0.0176 0.0251 0.0251 0.0226 0.0201 0.0151 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. -0.0048 -0.0048 -0.0048 -0.0048 -0.0048 -0.0048 50000 Investments 11/30/13 0.0128 0.0203 0.0203 0.0178 Putnam RetirementReady 2020 Fund 0.0153 0.0103 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. Goal Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) Putnam RetirementReady 2020 Fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. Fees and expenses 694 702 302 520 151 101 969 948 648 902 495 340 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. 1264 1321 1121 1308 863 598 2102 2236 2428 2440 1897 1336 Shareholder fees (fees paid directly from your investment) 0 0 0 0 0 0 192 192 0.0025 0.01 0.01 0.0075 0.005 617 617 1068 1068 0.001 0.001 0.001 0.001 0.001 0.001 2125 2318 0.0082 0.0082 0.0082 0.0082 0.0082 0.0082 0.0575 0 0 0.035 0 0 -0.001 -0.001 -0.001 -0.001 -0.001 -0.001 0.0107 0.0182 0.0182 0.0157 0.0132 0.0082 0.01 0.05 0.01 0.0065 0 0 0.04 0 0 0.0325 0 0 0.01 0.05 0.01 0.004 0 0 202 202 648 648 Example 1121 1121 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. 2236 2428 698 706 306 525 156 105 1054 1036 736 987 584 430 Portfolio turnover 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 47%. 1432 1492 1292 1476 1039 778 0.47 2492 2625 2810 2818 2299 1761 Investments The fund's asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2045 (the target date). The fund is designed to provide diversification among different asset classes by investing a majority of its assets in other Putnam mutual funds, referred to as underlying funds. The fund's target allocations will become increasingly conservative over time and will change gradually based on the number of remaining years until the fund's target date. The following table presents your fund's approximate asset allocations as of November 30, 2012 and compares it with the approximate asset allocations as of that date of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. This is intended to illustrate how a fund's allocations may change over time to increasingly emphasize capital preservation and income.<div style="font-family: sans-serif"><table style="width: 80%;" border="0" cellspacing="0" cellpadding="0"><tr><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td colspan="4" align="center" width="36%">Putnam RetirementReady® Funds </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr><td colspan="11" width="99%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Underlying fund* </td><td align="right" width="9%">2055 </td><td align="right" width="9%">2050 </td><td align="right" width="9%">2045 </td><td align="right" width="9%">2040 </td><td align="right" width="9%">2035 </td><td align="right" width="9%">2030 </td><td align="right" width="9%">2025 </td><td align="right" width="9%">2020 </td><td align="right" width="9%">2015 </td><td align="right" width="9%">Lifestyle 1 </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity Fund </td><td align="right" width="9%">73.2% </td><td align="right" width="9%">68.5% </td><td align="right" width="9%">52.3% </td><td align="right" width="9%">33.2% </td><td align="right" width="9%">10.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Growth Fund </td><td align="right" width="9%">16.0% </td><td align="right" width="9%">20.5% </td><td align="right" width="9%">36.0% </td><td align="right" width="9%">53.9% </td><td align="right" width="9%">68.0% </td><td align="right" width="9%">52.9% </td><td align="right" width="9%">17.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Balanced Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">3.8% </td><td align="right" width="9%">21.7% </td><td align="right" width="9%">46.9% </td><td align="right" width="9%">41.8% </td><td align="right" width="9%">14.3% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Conservative </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">1.0% </td><td align="right" width="9%">12.1% </td><td align="right" width="9%">27.4% </td><td align="right" width="9%">34.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Money </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Market Fund </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">1.8% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">6.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 700 Fund </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">9.0% </td><td align="right" width="9%">11.8% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">12.3% </td><td align="right" width="9%">5.9% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 500 Fund </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.4% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.3% </td><td align="right" width="9%">7.4% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">23.6% </td><td align="right" width="9%">30.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 300 Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.4% </td><td align="right" width="9%">2.3% </td><td align="right" width="9%">5.7% </td><td align="right" width="9%">9.9% </td><td align="right" width="9%">15.6% </td><td align="right" width="9%">21.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 100 Fund </td><td align="right" width="9%">0.6% </td><td align="right" width="9%">0.8% </td><td align="right" width="9%">1.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">7.2% </td><td align="right" width="9%">9.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity** </td><td align="right" width="9%">95.0% </td><td align="right" width="9%">94.0% </td><td align="right" width="9%">90.0% </td><td align="right" width="9%">85.0% </td><td align="right" width="9%">78.0% </td><td align="right" width="9%">70.0% </td><td align="right" width="9%">60.0% </td><td align="right" width="9%">48.0% </td><td align="right" width="9%">35.0% </td><td align="right" width="9%">25.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Fixed Income** </td><td align="right" width="9%">5.0% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">10.0% </td><td align="right" width="9%">15.0% </td><td align="right" width="9%">22.0% </td><td align="right" width="9%">30.0% </td><td align="right" width="9%">40.0% </td><td align="right" width="9%">52.0% </td><td align="right" width="9%">65.0% </td><td align="right" width="9%">75.0%</td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr></table><div> </div>* Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.** Equity and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s strategic allocation to equity and fixed income investments as set forth in its prospectus and assumption that Putnam Money Market Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund are equivalent to fixed income investments, Putnam Absolute Return 500 Fund is equivalent to a 50% fixed income and 50% equity investment, and Putnam Absolute Return 700 Fund is equivalent to an equity investment. Actual allocations will vary.</div>The fund's target allocations may differ from this illustration. We may change the fund's target allocations and the underlying funds in which it invests at any time, although we do not expect to make changes frequently. We assume investors will begin gradual withdrawals from the fund at around the target date. Putnam Management will periodically rebalance your fund's investments towards its target allocations then in effect. Near the end of the target year, the fund's target allocations will correspond to those of Lifestyle 1, a fund that seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital, and the fund will be merged into Lifestyle 1. More information about Lifestyle 1 and the underlying funds is available in each of those funds' prospectuses. 697 705 305 524 155 104 985 965 665 918 0 512 0 357 0 0 0 0 1293 1351 1151 1337 893 629 0.0025 0.01 2167 2301 0.01 2491 0.005 2503 1964 0.005 1407 0.0012 0.0012 0.0012 0.0012 0.0012 0.0012 206 206 0.0092 736 0.0142 736 0.0167 0.0192 0.0192 0.0072 0.0072 0.0072 0.0117 0.0072 0.0072 0.0072 1292 1292 0.0109 0.0184 0.0184 0.0134 0.0134 0.0084 2625 2810 -0.0012 -0.0012 -0.0012 -0.0012 -0.0012 -0.0012 0.0097 0.0172 0.0172 0.0122 0.0122 0.0072 Portfolio turnover 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 61%. Investments 0 0 0 0 0 0 0.0025 0.01 0.01 0.0075 0.005 0.001 0.001 0.001 0.001 0.001 0.001 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079 0.0114 0.0189 0.0189 0.0164 Example 0.0139 0.0089 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. Goal -0.001 -0.001 Putnam RetirementReady 2055 Fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. -0.001 -0.001 -0.001 -0.001 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). 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. 0.0104 0.0179 0.0179 0.0154 0.0129 Portfolio turnover 0.0079 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 167%. Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. 495 675 275 445 124 74 722 867 567 725 413 256 It is important to understand that you can lose money by investing in the fund. Losses may occur near, at or after the target date. There is no guarantee that the fund will provide adequate income at and through an investor's retirement. Our allocation of assets among the underlying funds may hurt performance. The fund also bears the following risks associated with the underlying funds. The prices of stocks and bonds in the underlying funds' portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. These risks are generally greater for small and midsize companies. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest rate risk, which means the prices of the underlying funds' bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the underlying funds' investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as "junk bonds"), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation) and may be illiquid. An underlying fund's active trading strategies may lose money or not earn a return sufficient to cover associated trading and other costs, and an underlying fund's allocation of assets among permitted asset categories may hurt performance. An underlying fund's use of leverage obtained through derivatives increases these risks by increasing investment exposure. The efforts of some underlying funds to produce lower volatility returns may not be successful and may make it more difficult at times for these funds to achieve their targeted returns. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case, in order to seek their targeted returns. Derivatives also involve the risk, in the case of over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 678 685 285 966 504 1185 134 985 84 1025 723 455 Risks 916 893 593 The fund's asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2040 (the target date). The fund is designed to provide diversification among different asset classes by investing a majority of its assets in other Putnam mutual funds, referred to as underlying funds. The fund's target allocations will become increasingly conservative over time and will change gradually based on the number of remaining years until the fund's target date. The following table presents your fund's approximate asset allocations as of November 30, 2012 and compares it with the approximate asset allocations as of that date of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. This is intended to illustrate how a fund's allocations may change over time to increasingly emphasize capital preservation and income.<div style="font-family: sans-serif"><table style="width: 80%;" border="0" cellspacing="0" cellpadding="0"><tr><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td colspan="4" align="center" width="36%">Putnam RetirementReady® Funds </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr><td colspan="11" width="99%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Underlying fund* </td><td align="right" width="9%">2055 </td><td align="right" width="9%">2050 </td><td align="right" width="9%">2045 </td><td align="right" width="9%">2040 </td><td align="right" width="9%">2035 </td><td align="right" width="9%">2030 </td><td align="right" width="9%">2025 </td><td align="right" width="9%">2020 </td><td align="right" width="9%">2015 </td><td align="right" width="9%">Lifestyle 1 </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity Fund </td><td align="right" width="9%">73.2% </td><td align="right" width="9%">68.5% </td><td align="right" width="9%">52.3% </td><td align="right" width="9%">33.2% </td><td align="right" width="9%">10.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Growth Fund </td><td align="right" width="9%">16.0% </td><td align="right" width="9%">20.5% </td><td align="right" width="9%">36.0% </td><td align="right" width="9%">53.9% </td><td align="right" width="9%">68.0% </td><td align="right" width="9%">52.9% </td><td align="right" width="9%">17.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Balanced Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">3.8% </td><td align="right" width="9%">21.7% </td><td align="right" width="9%">46.9% </td><td align="right" width="9%">41.8% </td><td align="right" width="9%">14.3% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Conservative </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">1.0% </td><td align="right" width="9%">12.1% </td><td align="right" width="9%">27.4% </td><td align="right" width="9%">34.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Money </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Market Fund </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">1.8% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">6.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 700 Fund </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">9.0% </td><td align="right" width="9%">11.8% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">12.3% </td><td align="right" width="9%">5.9% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 500 Fund </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.4% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.3% </td><td align="right" width="9%">7.4% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">23.6% </td><td align="right" width="9%">30.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 300 Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.4% </td><td align="right" width="9%">2.3% </td><td align="right" width="9%">5.7% </td><td align="right" width="9%">9.9% </td><td align="right" width="9%">15.6% </td><td align="right" width="9%">21.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 100 Fund </td><td align="right" width="9%">0.6% </td><td align="right" width="9%">0.8% </td><td align="right" width="9%">1.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">7.2% </td><td align="right" width="9%">9.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity** </td><td align="right" width="9%">95.0% </td><td align="right" width="9%">94.0% </td><td align="right" width="9%">90.0% </td><td align="right" width="9%">85.0% </td><td align="right" width="9%">78.0% </td><td align="right" width="9%">70.0% </td><td align="right" width="9%">60.0% </td><td align="right" width="9%">48.0% </td><td align="right" width="9%">35.0% </td><td align="right" width="9%">25.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Fixed Income** </td><td align="right" width="9%">5.0% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">10.0% </td><td align="right" width="9%">15.0% </td><td align="right" width="9%">22.0% </td><td align="right" width="9%">30.0% </td><td align="right" width="9%">40.0% </td><td align="right" width="9%">52.0% </td><td align="right" width="9%">65.0% </td><td align="right" width="9%">75.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr></table><div> </div>* Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.** Equity and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund's strategic allocation to equity and fixed income investments as set forth in its prospectus and assumption that Putnam Money Market Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund are equivalent to fixed income investments, Putnam Absolute Return 500 Fund is equivalent to 50% fixed income and 50% equity investment, and Putnam Absolute Return 700 Fund is equivalent to an equity investment. Actual allocations will vary.</div>The fund's target allocations may differ from this illustration. We may change the fund's target allocations and the underlying funds in which it invests at any time, although we do not expect to make changes frequently. We assume investors will begin gradual withdrawals from the fund at around the target date. Putnam Management will periodically rebalance your fund's investments towards its target allocations then in effect. Near the end of the target year, the fund's target allocations will correspond to those of Lifestyle 1, a fund that seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital, and the fund will be merged into Lifestyle 1. More information about Lifestyle 1 and the underlying funds is available in each of those funds' prospectuses. 849 440 283 1666 1953 2150 1876 1603 1027 1173 1227 1027 1217 767 Putnam RetirementReady 2030 Fund 500 Risks 175 Goal 175 Putnam RetirementReady 2030 Fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. 567 567 1905 2040 Fees and expenses 2235 2249 1693 1122 985 985 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. Shareholder fees (fees paid directly from your investment) 1953 2150 0.0575 0 0 0.035 0 0 0.01 0.05 0.01 0.0065 0 0 Shareholder fees (fees paid directly from your investment) It is important to understand that you can lose money by investing in the fund. Losses may occur near, at or after the target date. There is no guarantee that the fund will provide adequate income at and through an investor's retirement. Our allocation of assets among the underlying funds may hurt performance. The fund also bears the following risks associated with the underlying funds. The prices of stocks and bonds in the underlying funds' portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. These risks are generally greater for small and midsize companies. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest rate risk, which means the prices of the underlying funds' bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the underlying funds' investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as "junk bonds"), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. An underlying fund's active trading strategies may lose money or not earn a return sufficient to cover associated trading and other costs, and an underlying fund's allocation of assets among permitted asset categories may hurt performance. An underlying fund's use of leverage obtained through derivatives increases these risks by increasing investment exposure. The efforts of some underlying funds to produce lower volatility returns may not be successful and may make it more difficult at times for these funds to achieve their targeted returns. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case, in order to seek their targeted returns. Derivatives also involve the risk, in the case of over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Portfolio turnover 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 42%. Investments The fund's asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2035 (the target date). The fund is designed to provide diversification among different asset classes by investing a majority of its assets in other Putnam mutual funds, referred to as underlying funds. The fund's target allocations will become increasingly conservative over time and will change gradually based on the number of remaining years until the fund's target date. The following table presents your fund's approximate asset allocations as of November 30, 2012 and compares it with the approximate asset allocations as of that date of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. This is intended to illustrate how a fund's allocations may change over time to increasingly emphasize capital preservation and income.<div style="font-family: sans-serif"><table style="width: 80%;" border="0" cellspacing="0" cellpadding="0"><tr><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td colspan="4" align="center" width="36%">Putnam RetirementReady® Funds </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr><td colspan="11" width="99%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Underlying fund* </td><td align="right" width="9%">2055 </td><td align="right" width="9%">2050 </td><td align="right" width="9%">2045 </td><td align="right" width="9%">2040 </td><td align="right" width="9%">2035 </td><td align="right" width="9%">2030 </td><td align="right" width="9%">2025 </td><td align="right" width="9%">2020 </td><td align="right" width="9%">2015 </td><td align="right" width="9%">Lifestyle 1 </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity Fund </td><td align="right" width="9%">73.2% </td><td align="right" width="9%">68.5% </td><td align="right" width="9%">52.3% </td><td align="right" width="9%">33.2% </td><td align="right" width="9%">10.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Growth Fund </td><td align="right" width="9%">16.0% </td><td align="right" width="9%">20.5% </td><td align="right" width="9%">36.0% </td><td align="right" width="9%">53.9% </td><td align="right" width="9%">68.0% </td><td align="right" width="9%">52.9% </td><td align="right" width="9%">17.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Balanced Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">3.8% </td><td align="right" width="9%">21.7% </td><td align="right" width="9%">46.9% </td><td align="right" width="9%">41.8% </td><td align="right" width="9%">14.3% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Conservative </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">1.0% </td><td align="right" width="9%">12.1% </td><td align="right" width="9%">27.4% </td><td align="right" width="9%">34.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Money </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Market Fund </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">1.8% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">6.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 700 Fund </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">9.0% </td><td align="right" width="9%">11.8% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">12.3% </td><td align="right" width="9%">5.9% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 500 Fund </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.4% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.3% </td><td align="right" width="9%">7.4% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">23.6% </td><td align="right" width="9%">30.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 300 Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.4% </td><td align="right" width="9%">2.3% </td><td align="right" width="9%">5.7% </td><td align="right" width="9%">9.9% </td><td align="right" width="9%">15.6% </td><td align="right" width="9%">21.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 100 Fund </td><td align="right" width="9%">0.6% </td><td align="right" width="9%">0.8% </td><td align="right" width="9%">1.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">7.2% </td><td align="right" width="9%">9.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity** </td><td align="right" width="9%">95.0% </td><td align="right" width="9%">94.0% </td><td align="right" width="9%">90.0% </td><td align="right" width="9%">85.0% </td><td align="right" width="9%">78.0% </td><td align="right" width="9%">70.0% </td><td align="right" width="9%">60.0% </td><td align="right" width="9%">48.0% </td><td align="right" width="9%">35.0% </td><td align="right" width="9%">25.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Fixed Income** </td><td align="right" width="9%">5.0% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">10.0% </td><td align="right" width="9%">15.0% </td><td align="right" width="9%">22.0% </td><td align="right" width="9%">30.0% </td><td align="right" width="9%">40.0% </td><td align="right" width="9%">52.0% </td><td align="right" width="9%">65.0% </td><td align="right" width="9%">75.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr></table><div> </div>* Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.** Equity and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund's strategic allocation to equity and fixed income investments as set forth in its prospectus and assumption that Putnam Money Market Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund are equivalent to fixed income investments, Putnam Absolute Return 500 Fund is equivalent to 50% fixed income and 50% equity investment, and Putnam Absolute Return 700 Fund is equivalent to an equity investment. Actual allocations will vary.</div>The fund's target allocations may differ from this illustration. We may change the fund's target allocations and the underlying funds in which it invests at any time, although we do not expect to make changes frequently. We assume investors will begin gradual withdrawals from the fund at around the target date. Putnam Management will periodically rebalance your fund's investments towards its target allocations then in effect. Near the end of the target year, the fund's target allocations will correspond to those of Lifestyle 1, a fund that seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital, and the fund will be merged into Lifestyle 1. More information about Lifestyle 1 and the underlying funds is available in each of those funds' prospectuses. Risks It is important to understand that you can lose money by investing in the fund. Losses may occur near, at or after the target date. There is no guarantee that the fund will provide adequate income at and through an investor's retirement. Our allocation of assets among the underlying funds may hurt performance. The fund also bears the following risks associated with the underlying funds. The prices of stocks and bonds in the underlying funds' portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. These risks are generally greater for small and midsize companies. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest rate risk, which means the prices of the underlying funds' bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the underlying funds' investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as "junk bonds"), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. An underlying fund's active trading strategies may lose money or not earn a return sufficient to cover associated trading and other costs, and an underlying fund's allocation of assets among permitted asset categories may hurt performance. An underlying fund's use of leverage obtained through derivatives increases these risks by increasing investment exposure. The efforts of some underlying funds to produce lower volatility returns may not be successful and may make it more difficult at times for these funds to achieve their targeted returns. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case, in order to seek their targeted returns. Derivatives also involve the risk, in the case of over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. Annual total returns for class A shares before sales charges Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. 0.0761 -0.0372 0.1462 0.0168 Putnam RetirementReady 2015 Fund -0.3724 0.326 0.1323 Goal Fees and expenses Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) Average annual total returns after sales charges (for periods ending 12/31/11) Example 0.0326 185 185 0.06 Portfolio turnover 0.0266 593 593 Investments -0.2438 1027 1027 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamRetirementIncomeFundLifestyle1BarChart column period compact * ~</div> Risks 0.2872 Performance 0.0527 Annual total returns for class A shares before sales charges -0.0039 2040 Average annual total returns after sales charges (for periods ending 12/31/11) <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date performance through 9/30/12</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 7.83%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar quarter Q2 2009</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">12.72%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar quarter Q4 2008</td> <td width="8%">-18.19%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> Putnam RetirementReady 2015 Fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. 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. Annual total returns for class A shares before sales charges 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 40%. The fund's asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2015 (the target date). The fund is designed to provide diversification among different asset classes by investing a majority of its assets in other Putnam mutual funds, referred to as underlying funds. The fund's target allocations will become increasingly conservative over time and will change gradually based on the number of remaining years until the fund's target date. The following table presents your fund's approximate asset allocations as of November 30, 2012 and compares it with the approximate asset allocations as of that date of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. This is intended to illustrate how a fund's allocations may change over time to increasingly emphasize capital preservation and income.<div style="font-family: sans-serif"><table style="width: 80%;" border="0" cellspacing="0" cellpadding="0"><tr><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td colspan="4" align="center" width="36%">Putnam RetirementReady® Funds </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr><td colspan="11" width="99%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Underlying fund* </td><td align="right" width="9%">2055 </td><td align="right" width="9%">2050 </td><td align="right" width="9%">2045 </td><td align="right" width="9%">2040 </td><td align="right" width="9%">2035 </td><td align="right" width="9%">2030 </td><td align="right" width="9%">2025 </td><td align="right" width="9%">2020 </td><td align="right" width="9%">2015 </td><td align="right" width="9%">Lifestyle 1 </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity Fund </td><td align="right" width="9%">73.2% </td><td align="right" width="9%">68.5% </td><td align="right" width="9%">52.3% </td><td align="right" width="9%">33.2% </td><td align="right" width="9%">10.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Growth Fund </td><td align="right" width="9%">16.0% </td><td align="right" width="9%">20.5% </td><td align="right" width="9%">36.0% </td><td align="right" width="9%">53.9% </td><td align="right" width="9%">68.0% </td><td align="right" width="9%">52.9% </td><td align="right" width="9%">17.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Balanced Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">3.8% </td><td align="right" width="9%">21.7% </td><td align="right" width="9%">46.9% </td><td align="right" width="9%">41.8% </td><td align="right" width="9%">14.3% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Conservative </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">1.0% </td><td align="right" width="9%">12.1% </td><td align="right" width="9%">27.4% </td><td align="right" width="9%">34.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Money </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Market Fund </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">1.8% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">6.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 700 Fund </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">9.0% </td><td align="right" width="9%">11.8% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">12.3% </td><td align="right" width="9%">5.9% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 500 Fund </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.4% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.3% </td><td align="right" width="9%">7.4% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">23.6% </td><td align="right" width="9%">30.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 300 Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.4% </td><td align="right" width="9%">2.3% </td><td align="right" width="9%">5.7% </td><td align="right" width="9%">9.9% </td><td align="right" width="9%">15.6% </td><td align="right" width="9%">21.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 100 Fund </td><td align="right" width="9%">0.6% </td><td align="right" width="9%">0.8% </td><td align="right" width="9%">1.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">7.2% </td><td align="right" width="9%">9.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity** </td><td align="right" width="9%">95.0% </td><td align="right" width="9%">94.0% </td><td align="right" width="9%">90.0% </td><td align="right" width="9%">85.0% </td><td align="right" width="9%">78.0% </td><td align="right" width="9%">70.0% </td><td align="right" width="9%">60.0% </td><td align="right" width="9%">48.0% </td><td align="right" width="9%">35.0% </td><td align="right" width="9%">25.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Fixed Income** </td><td align="right" width="9%">5.0% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">10.0% </td><td align="right" width="9%">15.0% </td><td align="right" width="9%">22.0% </td><td align="right" width="9%">30.0% </td><td align="right" width="9%">40.0% </td><td align="right" width="9%">52.0% </td><td align="right" width="9%">65.0% </td><td align="right" width="9%">75.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr></table><div> </div>* Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.** Equity and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund's strategic allocation to equity and fixed income investments as set forth in its prospectus and assumption that Putnam Money Market Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund are equivalent to fixed income investments, Putnam Absolute Return 500 Fund is equivalent to 50% fixed income and 50% equity investment, and Putnam Absolute Return 700 Fund is equivalent to an equity investment. Actual allocations will vary.</div> The fund's target allocations may differ from this illustration. We may change the fund's target allocations and the underlying funds in which it invests at any time, although we do not expect to make changes frequently. We assume investors will begin gradual withdrawals from the fund at around the target date. Putnam Management will periodically rebalance your fund's investments towards its target allocations then in effect. Near the end of the target year, the fund's target allocations will correspond to those of Lifestyle 1, a fund that seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital, and the fund will be merged into Lifestyle 1. More information about Lifestyle 1 and the underlying funds is available in each of those funds' prospectuses. It is important to understand that you can lose money by investing in the fund. Losses may occur near, at or after the target date. There is no guarantee that the fund will provide adequate income at and through an investor's retirement. Our allocation of assets among the underlying funds may hurt performance. The fund also bears the following risks associated with the underlying funds. The prices of stocks and bonds in the underlying funds' portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. These risks are generally greater for small and midsize companies. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest rate risk, which means the prices of the underlying funds' bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the underlying funds' investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as "junk bonds"), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. An underlying fund's active trading strategies may lose money or not earn a return sufficient to cover associated trading and other costs, and an underlying fund's allocation of assets among permitted asset categories may hurt performance. An underlying fund's use of leverage obtained through derivatives increases these risks by increasing investment exposure. The efforts of some underlying funds to produce lower volatility returns may not be successful and may make it more difficult at times for these funds to achieve their targeted returns. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case, in order to seek their targeted returns. Derivatives also involve the risk, in the case of over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Average annual total returns after sales charges (for periods ending 12/31/11) The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) Portfolio turnover 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. Class B share performance does not reflect conversion to class A shares. 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 43%. Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) Investments 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. 0.0797 50000 0.4 0.154 It is important to understand that you can lose money by investing in the fund. 0.0158 An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. -0.3792 The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. 0.3184 The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. 0.1365 putnam.com -0.039 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. 11/30/13 Year-to-date performance through 2012-09-30 -0.044 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. -0.0494 0.0783 -0.0278 -0.0603 Best calendar quarter -0.0208 -0.0399 2009-06-30 -0.0064 0.1272 -0.0009 50000 0.0784 0.0211 Worst calendar quarter 2008-12-31 -0.1819 0.0012 -0.0134 -0.0066 -0.0015 0.0019 -0.002 0.0068 0.0119 0.065 -0.0025 0 0 0 -0.0926 -0.0999 0 -0.0586 0.0165 0 0.0022 -0.0915 0 0.0066 -0.0536 0.0147 -0.0764 0.0146 0.0127 -0.0397 0.0197 -0.0348 0.0248 0.0548 0.0211 0.0362 0.0784 50000 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's statement of additional information (SAI). The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 0.0025 0.01 2004-11-01 0.01 2004-11-01 2004-11-01 2004-11-01 0.0075 2004-11-01 2004-11-01 2004-11-01 0.005 2004-11-01 2004-11-01 2004-11-01 11/30/13 -0.0276 -0.0454 1.67 -0.0288 -0.026 -0.0234 It is important to understand that you can lose money by investing in the fund. -0.028 -0.0185 -0.0136 -0.0025 0.065 0.0011 0.0011 0.0011 0.0011 0.0011 0.0011 An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0085 0.0085 0.0085 0.0085 0.0085 0.0085 0.0211 0.004 0.0127 0.0218 0.022 0.0121 0.0193 0.0269 0.0321 0.0196 0.0362 0.0548 0.0196 0.0171 0.0146 0.0096 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 0.011 0.0185 0.0185 0.016 0.0135 0.0085 -0.0945 -0.0994 -0.059 -0.0936 -0.0555 -0.0769 -0.0415 -0.0368 2004-11-01 0.0211 2004-11-01 0.0784 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 -0.0307 -0.0511 -0.0326 -0.029 -0.0264 -0.1071 -0.0216 -0.0167 -0.1142 -0.0025 -0.0645 0.065 -0.1053 -0.031 -0.0685 -0.0899 -0.0549 -0.05 0.0211 0.0784 0.0209 0.002 0.0115 0.0217 0.0218 0.0191 0.0269 0.0319 0.0362 0.0548 -0.0517 -0.0779 -0.0555 -0.039 -0.0056 <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamRetirementIncomeFundLifestyle1 column period compact * ~</div> -0.0347 -0.0008 0.0043 0.0822 0.0615 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 675 682 282 501 131 81 907 884 584 840 430 274 1157 1212 1012 1201 751 483 1873 2008 2203 2218 1660 1087 Example 182 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. 584 584 1012 1012 Putnam Retirement Income Fund Lifestyle 1 Goal 2008 2203 Putnam Retirement Income Fund Lifestyle 1 seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital. 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 $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. 681 688 288 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. Class B share performance does not reflect conversion to class A shares. 507 137 87 927 905 605 860 451 295 Portfolio turnover Shareholder fees (fees paid directly from your investment) 1192 1247 1047 1236 787 520 2010-11-30 2010-11-30 2010-11-30 2010-11-30 2010-11-30 2010-11-30 2010-11-30 The fund's asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2025 (the target date). The fund is designed to provide diversification among different asset classes by investing a majority of its assets in other Putnam mutual funds, referred to as underlying funds. The fund's target allocations will become increasingly conservative over time and will change gradually based on the number of remaining years until the fund's target date. The following table presents your fund's approximate asset allocations as of November 30, 2012 and compares it with the approximate asset allocations as of that date of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. This is intended to illustrate how a fund's allocations may change over time to increasingly emphasize capital preservation and income. <div style="font-family: sans-serif"><table style="width: 80%;" border="0" cellspacing="0" cellpadding="0"><tr><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td colspan="4" align="center" width="36%">Putnam RetirementReady® Funds </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr><td colspan="11" width="99%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Underlying fund* </td><td align="right" width="9%">2055 </td><td align="right" width="9%">2050 </td><td align="right" width="9%">2045 </td><td align="right" width="9%">2040 </td><td align="right" width="9%">2035 </td><td align="right" width="9%">2030 </td><td align="right" width="9%">2025 </td><td align="right" width="9%">2020 </td><td align="right" width="9%">2015 </td><td align="right" width="9%">Lifestyle 1 </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity Fund </td><td align="right" width="9%">73.2% </td><td align="right" width="9%">68.5% </td><td align="right" width="9%">52.3% </td><td align="right" width="9%">33.2% </td><td align="right" width="9%">10.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Growth Fund </td><td align="right" width="9%">16.0% </td><td align="right" width="9%">20.5% </td><td align="right" width="9%">36.0% </td><td align="right" width="9%">53.9% </td><td align="right" width="9%">68.0% </td><td align="right" width="9%">52.9% </td><td align="right" width="9%">17.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Balanced Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">3.8% </td><td align="right" width="9%">21.7% </td><td align="right" width="9%">46.9% </td><td align="right" width="9%">41.8% </td><td align="right" width="9%">14.3% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Conservative </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">1.0% </td><td align="right" width="9%">12.1% </td><td align="right" width="9%">27.4% </td><td align="right" width="9%">34.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Money </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Market Fund </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">1.8% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">6.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 700 Fund </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">9.0% </td><td align="right" width="9%">11.8% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">12.3% </td><td align="right" width="9%">5.9% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 500 Fund </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.4% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.3% </td><td align="right" width="9%">7.4% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">23.6% </td><td align="right" width="9%">30.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 300 Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.4% </td><td align="right" width="9%">2.3% </td><td align="right" width="9%">5.7% </td><td align="right" width="9%">9.9% </td><td align="right" width="9%">15.6% </td><td align="right" width="9%">21.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 100 Fund </td><td align="right" width="9%">0.6% </td><td align="right" width="9%">0.8% </td><td align="right" width="9%">1.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">7.2% </td><td align="right" width="9%">9.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity** </td><td align="right" width="9%">95.0% </td><td align="right" width="9%">94.0% </td><td align="right" width="9%">90.0% </td><td align="right" width="9%">85.0% </td><td align="right" width="9%">78.0% </td><td align="right" width="9%">70.0% </td><td align="right" width="9%">60.0% </td><td align="right" width="9%">48.0% </td><td align="right" width="9%">35.0% </td><td align="right" width="9%">25.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Fixed Income** </td><td align="right" width="9%">5.0% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">10.0% </td><td align="right" width="9%">15.0% </td><td align="right" width="9%">22.0% </td><td align="right" width="9%">30.0% </td><td align="right" width="9%">40.0% </td><td align="right" width="9%">52.0% </td><td align="right" width="9%">65.0% </td><td align="right" width="9%">75.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr></table><div> </div>* Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.** Equity and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund's strategic allocation to equity and fixed income investments as set forth in its prospectus and assumption that Putnam Money Market Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund are equivalent to fixed income investments, Putnam Absolute Return 500 Fund is equivalent to 50% fixed income and 50% equity investment, and Putnam Absolute Return 700 Fund is equivalent to an equity investment. Actual allocations will vary.</div>The fund's target allocations may differ from this illustration. We may change the fund's target allocations and the underlying funds in which it invests at any time, although we do not expect to make changes frequently. We assume investors will begin gradual withdrawals from the fund at around the target date. Putnam Management will periodically rebalance your fund's investments towards its target allocations then in effect. Near the end of the target year, the fund's target allocations will correspond to those of Lifestyle 1, a fund that seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital, and the fund will be merged into Lifestyle 1. More information about Lifestyle 1 and the underlying funds is available in each of those funds' prospectuses. 2010-11-30 2010-11-30 2010-11-30 1947 2082 2276 2290 1737 1168 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 39%. 0.39 Risks You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 80 of the fund?s prospectus and in How to buy shares beginning on page II-1 of the fund?s SAI. Risks 188 188 Investments 605 605 1047 1047 2082 2276 It is important to understand that you can lose money by investing in the fund. Losses may occur near, at or after the target date. There is no guarantee that the fund will provide adequate income at and through an investor's retirement. Our allocation of assets among the underlying funds may hurt performance. The fund also bears the following risks associated with the underlying funds. The prices of stocks and bonds in the underlying funds' portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. These risks are generally greater for small and midsize companies. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest rate risk, which means the prices of the underlying funds' bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the underlying funds' investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as "junk bonds"), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. An underlying fund's active trading strategies may lose money or not earn a return sufficient to cover associated trading and other costs, and an underlying fund's allocation of assets among permitted asset categories may hurt performance. An underlying fund's use of leverage obtained through derivatives increases these risks by increasing investment exposure. The efforts of some underlying funds to produce lower volatility returns may not be successful and may make it more difficult at times for these funds to achieve their targeted returns. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case, in order to seek their targeted returns. Derivatives also involve the risk, in the case of over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. Losses may occur near, at or after the target date. There is no guarantee that the fund will provide adequate income at and through an investor's retirement. Our allocation of assets among the underlying funds may hurt performance. The fund also bears the following risks associated with the underlying funds. The prices of stocks and bonds in the underlying funds' portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. These risks are generally greater for small and midsize companies. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest rate risk, which means the prices of the underlying funds' bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the underlying funds' investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as "junk bonds"), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. An underlying fund's active trading strategies may lose money or not earn a return sufficient to cover associated trading and other costs, and an underlying fund's allocation of assets among permitted asset categories may hurt performance. An underlying fund's use of leverage obtained through derivatives increases these risks by increasing investment exposure. The efforts of some underlying funds to produce lower volatility returns may not be successful and may make it more difficult at times for these funds to achieve their targeted returns. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case, in order to seek their targeted returns. Derivatives also involve the risk, in the case of over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) It is important to understand that you can lose money by investing in the fund. Performance An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. 50000 11/30/13 Performance 0.43 The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. putnam.com The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. 0.0692 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. Class B share performance does not reflect conversion to class A shares. 0.1327 0.021 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. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. After-tax returns are shown for class A shares only and will vary for other classes. -0.3504 Risks Example Please remember that past performance is not necessarily an indication of future results. The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 0.3187 Portfolio turnover 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 40%. 0.4 0.1108 Portfolio turnover putnam.com -0.0177 It is important to understand that you can lose money by investing in the fund. Losses may occur near, at or after the target date. There is no guarantee that the fund will provide adequate income at and through an investor’s retirement. Our allocation of assets among the underlying funds may hurt performance. The fund also bears the following risks associated with the underlying funds. The prices of stocks and bonds in the underlying funds’ portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. These risks are generally greater for small and midsize companies. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest rate risk, which means the prices of the underlying funds’ bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the underlying funds’ investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as “junk bonds”), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. An underlying fund’s active trading strategies may lose money or not earn a return sufficient to cover associated trading and other costs, and an underlying fund’s allocation of assets among permitted asset categories may hurt performance. An underlying fund’s use of leverage obtained through derivatives increases these risks by increasing investment exposure. The efforts of some underlying funds to produce lower volatility returns may not be successful and may make it more difficult at times for these funds to achieve their targeted returns. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case, in order to seek their targeted returns. Derivatives also involve the risk, in the case of over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0804 Investments 0.1601 Performance 0.0157 -0.3855 0.3113 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 41%. 0.1375 -0.0403 The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. Annual total returns for class A shares before sales charges Annual total returns for class A shares before sales charges Investments -0.0742 -0.0837 -0.0467 -0.0719 -0.0342 -0.0562 -0.0148 -0.0199 0.0211 0.0784 0.1577 -0.021 -0.0369 -0.0225 -0.0194 -0.0166 -0.0213 -0.0118 -0.0068 -0.0025 0.065 0.0131 -0.3893 0.022 0.0064 0.014 0.0228 0.0228 0.0203 0.028 0.0331 0.0362 0.0548 0.3102 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 Year-to-date performance through Year-to-date performance through Best calendar quarter 2012-09-30 Worst calendar quarter 2012-09-30 2009-06-30 2008-12-31 0.1398 0.1941 0.1382 -0.2083 -0.041 0.0575 0 0 0.035 0 0 0 0.01 0.05 0.01 0.0065 0 Year-to-date performance through Best calendar quarter 2009-06-30 0.1913 Worst calendar quarter 2008-12-31 Year-to-date performance through -0.2071 2012-09-30 <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date performance through 9/30/12</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 13.51%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar quarter Q2 2009</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">19.13%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar quarter Q4 2008</td> <td width="8%">-20.71%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> 0.1426 0 0 0 0 0 0 0.0025 0.01 0.01 0.0075 0.005 <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date performance through 9/30/12</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 13.98%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar quarter Q2 2009</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">19.41%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar quarter Q4 2008</td> <td width="8%">-20.83%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> 0.1415 Best calendar quarter Best calendar quarter 2009-06-30 0.1973 2009-06-30 Worst calendar quarter 2008-12-31 -0.2105 0.2002 0.0011 Worst calendar quarter <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date performance through 9/30/12</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 14.15%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar quarter Q2 2009</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">19.73%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar quarter Q4 2008</td> <td width="8%">-21.05%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> 0.0011 0.0011 Risks 0.0011 0.0011 0.0011 2008-12-31 0.0075 0.0075 0.0075 0.0075 0.0075 0.0075 -0.212 0.0111 0.0186 0.0186 0.0161 0.0136 0.0086 It is important to understand that you can lose money by investing in the fund. Losses may occur near, at or after the target date. There is no guarantee that the fund will provide adequate income at and through an investor's retirement. Our allocation of assets among the underlying funds may hurt performance. The fund also bears the following risks associated with the underlying funds. The prices of stocks and bonds in the underlying funds' portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. These risks are generally greater for small and midsize companies. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest rate risk, which means the prices of the underlying funds' bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the underlying funds' investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as "junk bonds"), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. An underlying fund's active trading strategies may lose money or not earn a return sufficient to cover associated trading and other costs, and an underlying fund's allocation of assets among permitted asset categories may hurt performance. An underlying fund's use of leverage obtained through derivatives increases these risks by increasing investment exposure. The efforts of some underlying funds to produce lower volatility returns may not be successful and may make it more difficult at times for these funds to achieve their targeted returns. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case, in order to seek their targeted returns. Derivatives also involve the risk, in the case of over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 0.01 0.0175 0.0175 0.015 0.0125 Average annual total returns after sales charges (for periods ending 12/31/11) 0.0075 Year-to-date performance through Performance 2012-09-30 Average annual total returns after sales charges (for periods ending 12/31/11) 0.1106 Best calendar quarter 2009-06-30 0.1752 Worst calendar quarter 2008-12-31 The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. -0.1994 The fund employs an asset allocation strategy designed for investors who are already in retirement or who plan to retire (or otherwise begin withdrawing the invested funds) in the near future. The fund is designed to provide diversification among different asset classes by investing a majority of its assets in other Putnam mutual funds, referred to as underlying funds. The following table presents your fund's approximate asset allocations as of November 30, 2012. <table width="80%" border="0" cellspacing="0"><tr><td width="70%"></td><td width="29%"></td></tr><tr valign="bottom"><td align="left">Underlying fund* </td><td align="left"> </td></tr><tr><td align="left"> </td><td align="left"></td></tr><tr valign="bottom"><td align="left">Putnam Dynamic Asset Allocation Conservative Fund </td><td align="right">34.0% </td></tr><tr valign="bottom"><td align="left">Putnam Money Market Fund </td> <td align="right">6.0% </td></tr><tr valign="bottom"><td align="left">Putnam Absolute Return 500 Fund </td><td align="right">30.0% </td></tr><tr valign="bottom"><td align="left">Putnam Absolute Return 300 Fund </td><td align="right">21.0% </td></tr><tr valign="bottom"><td align="left">Putnam Absolute Return 100 Fund </td><td align="right">9.0% </td></tr><tr><td colspan="2" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="2" style="font-size:5pt"> </td></tr><tr valign="bottom"><td align="left">Equity** </td><td align="right">25.0% </td></tr><tr valign="bottom"><td align="left">Fixed Income** </td><td align="right">75.0% </td></tr><tr><td align="left"> </td><td align="right"></td></tr><tr><td colspan="2" style="font-size:5pt; border-bottom:1px solid #000000"></td></tr></table> * Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages. ** Equity and fixed income allocations are hypothetical estimates based on Putnam Dynamic Asset Allocation Conservative Fund's strategic allocation to equity and fixed income investments as set forth in its prospectus and assumptions that Putnam Money Market Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund are equivalent to fixed income investments, and Putnam Absolute Return 500 Fund is equivalent to a 50% fixed income and 50% equity investment. Actual allocations will vary. The fund's target allocations may differ from this illustration. We may change the fund's target allocations and the underlying funds in which it invests at any time, although we do not expect to make changes frequently. We assume investors will make gradual withdrawals from the fund. More information about the underlying funds is available in each of those funds' prospectuses. 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. Class B share performance does not reflect conversion to class A shares. Average annual total returns after sales charges (for periods ending 12/31/11) Risks Annual total returns for class A shares before sales charges Annual total returns for class A shares before sales charges <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date performance through 9/30/12</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 14.26%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar quarter Q2 2009</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">20.02%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar quarter Q4 2008</td> <td width="8%">-21.20%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> Average annual total returns after sales charges (for periods ending 12/31/11) -0.0953 -0.1022 -0.0588 -0.0937 -0.0562 -0.0781 -0.0423 -0.0374 0.0211 0.0784 -0.0338 -0.0582 -0.0369 -0.0317 -0.0295 -0.0339 -0.0246 -0.0198 -0.0025 0.065 0.0196 -0.0022 0.0092 0.0205 0.0204 0.018 0.0256 0.0307 0.0362 0.0548 It is important to understand that you can lose money by investing in the fund. There is no guarantee that the fund will provide adequate income at and through an investor's retirement. Our allocation of assets among the underlying funds may hurt performance. The fund also bears the following risks associated with the underlying funds. The prices of stocks and bonds in the underlying funds' portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. These risks are generally greater for small and midsize companies. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest rate risk, which means the prices of the underlying funds' bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the underlying funds' investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as "junk bonds"), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. An underlying fund's active trading strategies may lose money or not earn a return sufficient to cover associated trading and other costs, and an underlying fund's allocation of assets among permitted asset categories may hurt performance. An underlying fund's use of leverage obtained through derivatives increases these risks by increasing investment exposure. The efforts of some underlying funds to produce lower volatility returns may not be successful and may make it more difficult at times for these funds to achieve their targeted returns. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case, in order to seek their targeted returns. Derivatives also involve the risk, in the case of over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Investor profile The fund is one of a suite of three Putnam Retirement Income Lifestyle Funds designed to offer a choice of potential risk/return profiles for investors in or near retirement or otherwise seeking an investment for use with a periodic withdrawal program. Investors are encouraged to seek the assistance of a financial advisor in selecting a Putnam Retirement Income Lifestyle Fund and in developing a periodic withdrawal program that is appropriate to their personal investment goals and financial circumstances. The fund makes no representations regarding its suitability for any particular investor or periodic withdrawal program. Investors should understand that pursuing higher returns may involve higher volatility and that a fund's performance results may not be sustainable. 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. 50000 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. 671 678 278 497 127 77 0.43 897 874 574 830 420 263 Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. 1141 1196 996 1185 734 putnam.com 466 0.0618 -0.0958 -0.104 -0.0587 -0.0939 -0.0579 It is important to understand that you can lose money by investing in the fund. -0.079 -0.0431 -0.0387 0.0211 0.114 0.0784 The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. 0.0209 -0.3287 -0.0357 -0.0592 -0.0406 -0.034 -0.0316 1840 -0.036 -0.0267 1975 An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. -0.0218 0.3006 2171 -0.0025 0.065 2185 1626 1051 0.0949 The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. -0.0075 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. Please remember that past performance is not necessarily an indication of future results. 0.0138 -0.0073 0.0021 0.0151 0.0152 0.0122 0.0201 0.0253 0.034 0.0574 The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. 2005-05-02 2005-05-02 2005-05-02 2005-05-02 2005-05-02 2005-05-02 2005-05-02 2005-05-02 2005-05-02 2005-05-02 Please remember that past performance is not necessarily an indication of future results. putnam.com After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Fund summaries Putnam RetirementReady 2055 Fund <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamRetirementReady2050FundBarChart column period compact * ~</div> 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. 2012-09-30 0.1351 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. Class B share performance does not reflect conversion to class A shares. <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date performance through 9/30/12</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 6.51%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar quarter Q2 2009</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">14.77%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar quarter Q4 2008</td> <td width="8%">-16.26%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamRetirementReady2025Fund column period compact * ~</div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamRetirementReady2050Fund column period compact * ~</div> Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The fund's asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2030 (the target date). The fund is designed to provide diversification among different asset classes by investing a majority of its assets in other Putnam mutual funds, referred to as underlying funds. The fund's target allocations will become increasingly conservative over time and will change gradually based on the number of remaining years until the fund's target date. The following table presents your fund's approximate asset allocations as of November 30, 2012 and compares it with the approximate asset allocations as of that date of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. This is intended to illustrate how a fund's allocations may change over time to increasingly emphasize capital preservation and income.<div style="font-family: sans-serif"><table style="width: 80%;" border="0" cellspacing="0" cellpadding="0"><tr><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td colspan="4" align="center" width="36%">Putnam RetirementReady® Funds </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr><td colspan="11" width="99%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Underlying fund* </td><td align="right" width="9%">2055 </td><td align="right" width="9%">2050 </td><td align="right" width="9%">2045 </td><td align="right" width="9%">2040 </td><td align="right" width="9%">2035 </td><td align="right" width="9%">2030 </td><td align="right" width="9%">2025 </td><td align="right" width="9%">2020 </td><td align="right" width="9%">2015 </td><td align="right" width="9%">Lifestyle 1 </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity Fund </td><td align="right" width="9%">73.2% </td><td align="right" width="9%">68.5% </td><td align="right" width="9%">52.3% </td><td align="right" width="9%">33.2% </td><td align="right" width="9%">10.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Growth Fund </td><td align="right" width="9%">16.0% </td><td align="right" width="9%">20.5% </td><td align="right" width="9%">36.0% </td><td align="right" width="9%">53.9% </td><td align="right" width="9%">68.0% </td><td align="right" width="9%">52.9% </td><td align="right" width="9%">17.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Balanced Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">3.8% </td><td align="right" width="9%">21.7% </td><td align="right" width="9%">46.9% </td><td align="right" width="9%">41.8% </td><td align="right" width="9%">14.3% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Conservative </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">1.0% </td><td align="right" width="9%">12.1% </td><td align="right" width="9%">27.4% </td><td align="right" width="9%">34.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Money </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Market Fund </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">1.8% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">6.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 700 Fund </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">9.0% </td><td align="right" width="9%">11.8% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">12.3% </td><td align="right" width="9%">5.9% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 500 Fund </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.4% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.3% </td><td align="right" width="9%">7.4% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">23.6% </td><td align="right" width="9%">30.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 300 Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.4% </td><td align="right" width="9%">2.3% </td><td align="right" width="9%">5.7% </td><td align="right" width="9%">9.9% </td><td align="right" width="9%">15.6% </td><td align="right" width="9%">21.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 100 Fund </td><td align="right" width="9%">0.6% </td><td align="right" width="9%">0.8% </td><td align="right" width="9%">1.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">7.2% </td><td align="right" width="9%">9.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity** </td><td align="right" width="9%">95.0% </td><td align="right" width="9%">94.0% </td><td align="right" width="9%">90.0% </td><td align="right" width="9%">85.0% </td><td align="right" width="9%">78.0% </td><td align="right" width="9%">70.0% </td><td align="right" width="9%">60.0% </td><td align="right" width="9%">48.0% </td><td align="right" width="9%">35.0% </td><td align="right" width="9%">25.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Fixed Income** </td><td align="right" width="9%">5.0% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">10.0% </td><td align="right" width="9%">15.0% </td><td align="right" width="9%">22.0% </td><td align="right" width="9%">30.0% </td><td align="right" width="9%">40.0% </td><td align="right" width="9%">52.0% </td><td align="right" width="9%">65.0% </td><td align="right" width="9%">75.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr></table><div> </div>* Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.** Equity and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund's strategic allocation to equity and fixed income investments as set forth in its prospectus and assumption that Putnam Money Market Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund are equivalent to fixed income investments, Putnam Absolute Return 500 Fund is equivalent to 50% fixed income and 50% equity investment, and Putnam Absolute Return 700 Fund is equivalent to an equity investment. Actual allocations will vary.</div>The fund's target allocations may differ from this illustration. We may change the fund's target allocations and the underlying funds in which it invests at any time, although we do not expect to make changes frequently. We assume investors will begin gradual withdrawals from the fund at around the target date. Putnam Management will periodically rebalance your fund's investments towards its target allocations then in effect. Near the end of the target year, the fund's target allocations will correspond to those of Lifestyle 1, a fund that seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital, and the fund will be merged into Lifestyle 1. More information about Lifestyle 1 and the underlying funds is available in each of those funds' prospectuses. After-tax returns are shown for class A shares only and will vary for other classes. Risks Year-to-date performance through It is important to understand that you can lose money by investing in the fund. Losses may occur near, at or after the target date. There is no guarantee that the fund will provide adequate income at and through an investor's retirement. Our allocation of assets among the underlying funds may hurt performance. The fund also bears the following risks associated with the underlying funds. The prices of stocks and bonds in the underlying funds' portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including both general financial market conditions and factors related to a specific issuer or industry. These risks are generally greater for small and midsize companies. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest rate risk, which means the prices of the underlying funds' bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the underlying funds' investments may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as "junk bonds"), which may be considered speculative. Mortgage-backed investments carry the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation or deflation), and may be illiquid. An underlying fund's active trading strategies may lose money or not earn a return sufficient to cover associated trading and other costs, and an underlying fund's allocation of assets among permitted asset categories may hurt performance. An underlying fund's use of leverage obtained through derivatives increases these risks by increasing investment exposure. The efforts of some underlying funds to produce lower volatility returns may not be successful and may make it more difficult at times for these funds to achieve their targeted returns. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case, in order to seek their targeted returns. Derivatives also involve the risk, in the case of over-the-counter instruments, of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Class B share performance does not reflect conversion to class A shares. <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamRetirementReady2025FundBarChart column period compact * ~</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 83 of the fund’s prospectus and in How to buy shares beginning on page II-1 of the fund’s SAI. Annual total returns for class A shares before sales charges 2012-09-30 0.0651 Best calendar quarter 2009-06-30 0.1477 Worst calendar quarter 2008-12-31 -0.1626 <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamRetirementReady2025Fund column period compact * ~</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. 50000 <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date performance through 9/30/12</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 12.53%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar quarter Q2 2009</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">18.80%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar quarter Q4 2008</td> <td width="8%">-20.41%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> Average annual total returns after sales charges (for periods ending 12/31/11) <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date performance through 9/30/12</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 14.30%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar quarter Q4 2011</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">9.69%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar quarter Q3 2011</td> <td width="8%">-17.57%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> -0.0526 50000 Average annual total returns after sales charges (for periods ending 12/31/11) 11/30/13 11/30/13 Annual total returns for class A shares before sales charges It is important to understand that you can lose money by investing in the fund. 0.61 An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. 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. Class B share performance does not reflect conversion to class A shares. After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Annual total returns for class A shares before sales charges Actual after-tax returns depend on an investor's tax situation and may differ from those shown. <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamRetirementReady2050Fund column period compact * ~</div> putnam.com After-tax returns are shown for class A shares only and will vary for other classes. It is important to understand that you can lose money by investing in the fund. Please remember that past performance is not necessarily an indication of future results. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Average annual total returns after sales charges (for periods ending 12/31/11) After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamRetirementReady2050Fund column period compact * ~</div> Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. -0.0868 -0.093 -0.0553 -0.0855 -0.0481 -0.0695 -0.0336 -0.0281 0.0211 0.0784 After-tax returns are shown for class A shares only and will vary for other classes. <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamRetirementReady2050Fund column period compact * ~</div> -0.0241 -0.04 -0.0248 -0.0225 -0.0199 -0.0244 -0.0149 -0.01 -0.0025 0.065 0.0218 0.0062 0.0141 0.0226 0.0225 0.02 0.0277 0.0329 0.0362 0.0548 Please remember that past performance is not necessarily an indication of future results. 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 putnam.com After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamRetirementIncomeFundLifestyle1 column period compact * ~</div> 0.42 <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamRetirementReady2055Fund column period compact * ~</div> The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamRetirementReady2045Fund column period compact * ~</div> <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date performance through 9/30/12</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 11.06%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar quarter Q2 2009</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">17.52%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar quarter Q4 2008</td> <td width="8%">-19.94%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamRetirementReady2055Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamRetirementReady2045Fund column period compact * ~</div> 178 178 574 574 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamRetirementReady2045Fund column period compact * ~</div> 996 996 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamRetirementReady2045Fund column period compact * ~</div> 1975 2171 Best calendar quarter 2011-12-31 0.0969 Worst calendar quarter -0.1757 2011-09-30 Year-to-date performance through 0.143 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamRetirementReady2045FundBarChart column period compact * ~</div> 2012-09-30 -0.0643 -0.077 -0.04 -0.0617 -0.0235 -0.0467 -0.0099 -0.0043 0.0211 0.0784 0.053 -0.0181 0.0921 -0.0342 -0.0211 -0.0165 -0.0137 -0.0183 0.0239 -0.0089 -0.0038 -0.0025 0.065 -0.2931 0.27 0.074 -0.005 0.0195 0.0039 0.011 0.0203 0.0178 0.0204 0.0255 0.0306 0.0362 0.0548 2004-11-01 2004-11-01 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamRetirementIncomeFundLifestyle1 column period compact * ~</div> 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamRetirementReady2045Fund column period compact * ~</div> The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. putnam.com 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 83 of the fund's prospectus and in How to buy shares beginning on page II-1 of the fund's SAI. 50000 11/30/13 0.41 <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamRetirementReady2055Fund column period compact * ~</div> 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. -0.0625 -0.0772 -0.0392 -0.0596 -0.022 -0.0448 -0.0071 -0.0024 0.0211 0.0784 -0.0153 -0.0319 -0.0201 -0.014 -0.0111 -0.0155 -0.0061 -0.001 -0.0025 0.065 The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. 0.0158 -0.0008 0.0063 0.0166 0.0166 0.0142 0.0218 0.0268 0.0548 0.0362 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 2004-11-01 The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. putnam.com The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamRetirementReady2040Fund column period compact * ~</div> putnam.com <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamRetirementReady2040Fund column period compact * ~</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. Class B share performance does not reflect conversion to class A shares. 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. 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. Class B share performance does not reflect conversion to class A shares. <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamRetirementReady2040Fund column period compact * ~</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. <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamRetirementReady2055FundBarChart column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamRetirementReady2040Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamRetirementReady2040FundBarChart column period compact * ~</div> Year-to-date performance through 2012-09-30 0.1253 Best calendar quarter The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2050 (the target date). The fund is designed to provide diversification among different asset classes by investing a majority of its assets in other Putnam mutual funds, referred to as underlying funds. The fund’s target allocations will increasingly emphasize capital preservation and income as the target date approaches. The following table presents your fund’s approximate asset allocations as of November 30, 2012 and compares it with the approximate asset allocations as of that date of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. This is intended to illustrate how a fund’s allocations may change over time to increasingly emphasize capital preservation and income.<div style="font-family: sans-serif"><table style="width: 80%;" border="0" cellspacing="0" cellpadding="0"><tr><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td colspan="4" align="center" width="36%">Putnam RetirementReady® Funds </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr><td colspan="11" width="99%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Underlying fund* </td><td align="right" width="9%">2055 </td><td align="right" width="9%">2050 </td><td align="right" width="9%">2045 </td><td align="right" width="9%">2040 </td><td align="right" width="9%">2035 </td><td align="right" width="9%">2030 </td><td align="right" width="9%">2025 </td><td align="right" width="9%">2020 </td><td align="right" width="9%">2015 </td><td align="right" width="9%">Lifestyle 1 </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity Fund </td><td align="right" width="9%">73.2% </td><td align="right" width="9%">68.5% </td><td align="right" width="9%">52.3% </td><td align="right" width="9%">33.2% </td><td align="right" width="9%">10.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Growth Fund </td><td align="right" width="9%">16.0% </td><td align="right" width="9%">20.5% </td><td align="right" width="9%">36.0% </td><td align="right" width="9%">53.9% </td><td align="right" width="9%">68.0% </td><td align="right" width="9%">52.9% </td><td align="right" width="9%">17.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Balanced Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">3.8% </td><td align="right" width="9%">21.7% </td><td align="right" width="9%">46.9% </td><td align="right" width="9%">41.8% </td><td align="right" width="9%">14.3% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Conservative </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">1.0% </td><td align="right" width="9%">12.1% </td><td align="right" width="9%">27.4% </td><td align="right" width="9%">34.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Money </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Market Fund </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">1.8% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">6.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 700 Fund </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">9.0% </td><td align="right" width="9%">11.8% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">12.3% </td><td align="right" width="9%">5.9% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 500 Fund </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.4% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.3% </td><td align="right" width="9%">7.4% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">23.6% </td><td align="right" width="9%">30.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 300 Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.4% </td><td align="right" width="9%">2.3% </td><td align="right" width="9%">5.7% </td><td align="right" width="9%">9.9% </td><td align="right" width="9%">15.6% </td><td align="right" width="9%">21.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 100 Fund </td><td align="right" width="9%">0.6% </td><td align="right" width="9%">0.8% </td><td align="right" width="9%">1.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">7.2% </td><td align="right" width="9%">9.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity** </td><td align="right" width="9%">95.0% </td><td align="right" width="9%">94.0% </td><td align="right" width="9%">90.0% </td><td align="right" width="9%">85.0% </td><td align="right" width="9%">78.0% </td><td align="right" width="9%">70.0% </td><td align="right" width="9%">60.0% </td><td align="right" width="9%">48.0% </td><td align="right" width="9%">35.0% </td><td align="right" width="9%">25.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Fixed Income** </td><td align="right" width="9%">5.0% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">10.0% </td><td align="right" width="9%">15.0% </td><td align="right" width="9%">22.0% </td><td align="right" width="9%">30.0% </td><td align="right" width="9%">40.0% </td><td align="right" width="9%">52.0% </td><td align="right" width="9%">65.0% </td><td align="right" width="9%">75.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr></table><div> </div>* Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.** Equity and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s strategic allocation to equity and fixed income investments as set forth in its prospectus and assumption that Putnam Money Market Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund are equivalent to fixed income investments, Putnam Absolute Return 500 Fund is equivalent to 50% fixed income and 50% equity investment, and Putnam Absolute Return 700 Fund is equivalent to an equity investment. Actual allocations will vary. </div>The fund’s target allocations may differ from this illustration. We may change the fund’s target allocations and the underlying funds in which it invests at any time, although we do not expect to make changes frequently. We assume investors will begin gradual withdrawals from the fund at around the target date. Putnam Management will periodically rebalance your fund’s investments towards its target allocations then in effect. Near the end of the target year, the fund’s target allocations will correspond to those of Lifestyle 1, a fund that seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital, and the fund will be merged into Lifestyle 1. More information about Lifestyle 1 and the underlying funds is available in each of those funds’ prospectuses. 2009-06-30 0.188 Worst calendar quarter 2008-12-31 -0.2041 <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamRetirementReady2040Fund column period compact * ~</div> Investments 0.0727 0.1399 Year-to-date performance through 0.0185 2012-09-30 -0.3638 0.0943 0.3308 Best calendar quarter 0.1244 2009-06-30 -0.0312 0.1531 Worst calendar quarter 2008-12-31 -0.193 <div style="sans-serif"><table style="font-size:10pt" cellspacing="0" border="0" cellpadding="0" width="100%"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Year-to-date performance through 9/30/12</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%"> 9.43%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="20%">Best calendar quarter Q2 2009</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid" width="5%">15.31%</td><td width="40%"></td><td width="35%"></td> </tr> <tr><td width="20%">Worst calendar quarter Q4 2008</td> <td width="8%">-19.30%</td><td width="40%"></td><td width="35%"></td> </tr></table></div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamRetirementReady2025Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamRetirementIncomeFundLifestyle1 column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamRetirementIncomeFundLifestyle1 column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamRetirementReady2025Fund column period compact * ~</div> It is important to understand that you can lose money by investing in the fund. <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamRetirementReady2015Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamRetirementReady2015Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamRetirementReady2015Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamRetirementReady2015Fund column period compact * ~</div> The fund's asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2055 (the target date). The fund is designed to provide diversification among different asset classes by investing a majority of its assets in other Putnam mutual funds, referred to as underlying funds.The fund's target allocations will increasingly emphasize capital preservation and income as the target date approaches. The following table presents your fund's approximate asset allocations as of November 30, 2012 and compares it with the approximate asset allocations as of that date of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. This is intended to illustrate how a fund's allocations may change over time to increasingly emphasize capital preservation and income. <div style="font-family: sans-serif"><table style="width: 80%;" border="0" cellspacing="0" cellpadding="0"><tr><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td colspan="4" align="center" width="36%">Putnam RetirementReady® Funds </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr><td colspan="11" width="99%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Underlying fund* </td><td align="right" width="9%">2055 </td><td align="right" width="9%">2050 </td><td align="right" width="9%">2045 </td><td align="right" width="9%">2040 </td><td align="right" width="9%">2035 </td><td align="right" width="9%">2030 </td><td align="right" width="9%">2025 </td><td align="right" width="9%">2020 </td><td align="right" width="9%">2015 </td><td align="right" width="9%">Lifestyle 1 </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity Fund </td><td align="right" width="9%">73.2% </td><td align="right" width="9%">68.5% </td><td align="right" width="9%">52.3% </td><td align="right" width="9%">33.2% </td><td align="right" width="9%">10.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Growth Fund </td><td align="right" width="9%">16.0% </td><td align="right" width="9%">20.5% </td><td align="right" width="9%">36.0% </td><td align="right" width="9%">53.9% </td><td align="right" width="9%">68.0% </td><td align="right" width="9%">52.9% </td><td align="right" width="9%">17.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Balanced Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">3.8% </td><td align="right" width="9%">21.7% </td><td align="right" width="9%">46.9% </td><td align="right" width="9%">41.8% </td><td align="right" width="9%">14.3% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Conservative </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">1.0% </td><td align="right" width="9%">12.1% </td><td align="right" width="9%">27.4% </td><td align="right" width="9%">34.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Money </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Market Fund </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">1.8% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">6.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 700 Fund </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">9.0% </td><td align="right" width="9%">11.8% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">12.3% </td><td align="right" width="9%">5.9% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 500 Fund </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.4% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.3% </td><td align="right" width="9%">7.4% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">23.6% </td><td align="right" width="9%">30.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 300 Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.4% </td><td align="right" width="9%">2.3% </td><td align="right" width="9%">5.7% </td><td align="right" width="9%">9.9% </td><td align="right" width="9%">15.6% </td><td align="right" width="9%">21.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 100 Fund </td><td align="right" width="9%">0.6% </td><td align="right" width="9%">0.8% </td><td align="right" width="9%">1.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">7.2% </td><td align="right" width="9%">9.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity** </td><td align="right" width="9%">95.0% </td><td align="right" width="9%">94.0% </td><td align="right" width="9%">90.0% </td><td align="right" width="9%">85.0% </td><td align="right" width="9%">78.0% </td><td align="right" width="9%">70.0% </td><td align="right" width="9%">60.0% </td><td align="right" width="9%">48.0% </td><td align="right" width="9%">35.0% </td><td align="right" width="9%">25.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Fixed Income** </td><td align="right" width="9%">5.0% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">10.0% </td><td align="right" width="9%">15.0% </td><td align="right" width="9%">22.0% </td><td align="right" width="9%">30.0% </td><td align="right" width="9%">40.0% </td><td align="right" width="9%">52.0% </td><td align="right" width="9%">65.0% </td><td align="right" width="9%">75.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr></table><div> </div>* Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.** Equity and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund's strategic allocation to equity and fixed income investments as set forth in its prospectus and assumptions that Putnam Money Market Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund are equivalent to fixed income investments, Putnam Absolute Return 500 Fund is equivalent to a 50% fixed income and 50% equity investment, and Putnam Absolute Return 700 Fund is equivalent to an equity investment. Actual allocations will vary. </div>The fund's target allocations may differ from this illustration. We may change the fund's target allocations and the underlying funds in which it invests at any time, although we do not expect to make changes frequently. We assume investors will begin gradual withdrawals from the fund at around the target date. Putnam Investment Management, LLC (Putnam Management) will periodically rebalance your fund's investments towards its target allocations then in effect. Near the end of the target year, the fund's target allocations will correspond to those of Putnam Retirement Income Fund Lifestyle 1 (Lifestyle 1), a fund that seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital, and the fund will be merged into Lifestyle 1. More information about Lifestyle 1 and the underlying funds is available in each of those funds' prospectuses. <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamRetirementReady2015FundBarChart column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamRetirementReady2015Fund column period compact * ~</div> Putnam RetirementReady 2025 Fund <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamRetirementReady2025Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamRetirementReady2055Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamRetirementReady2020Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamRetirementReady2050Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamRetirementReady2030FundBarChart column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamRetirementReady2030Fund column period compact * ~</div> 205 205 665 665 1151 1151 2301 2491 <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamRetirementReady2020FundBarChart column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamRetirementReady2020Fund column period compact * ~</div> 50000 11/30/13 11/30/13 182 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. After-tax returns are shown for class A shares only and will vary for other classes. 2235 <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamRetirementReady2055Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamRetirementReady2020Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamRetirementReady2030Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamRetirementReady2020Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamRetirementReady2030Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamRetirementReady2020Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamRetirementReady2030Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamRetirementReady2030Fund column period compact * ~</div> The fund's asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2020 (the target date). The fund is designed to provide diversification among different asset classes by investing a majority of its assets in other Putnam mutual funds, referred to as underlying funds. The fund's target allocations will become increasingly conservative over time and will change gradually based on the number of remaining years until the fund's target date. The following table presents your fund's approximate asset allocations as of November 30, 2012 and compares it with the approximate asset allocations as of that date of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. This is intended to illustrate how a fund's allocations may change over time to increasingly emphasize capital preservation and income.<div style="font-family: sans-serif"><table style="width: 80%;" border="0" cellspacing="0" cellpadding="0"><tr><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td><td width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td colspan="4" align="center" width="36%">Putnam RetirementReady® Funds </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr><td colspan="11" width="99%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Underlying fund* </td><td align="right" width="9%">2055 </td><td align="right" width="9%">2050 </td><td align="right" width="9%">2045 </td><td align="right" width="9%">2040 </td><td align="right" width="9%">2035 </td><td align="right" width="9%">2030 </td><td align="right" width="9%">2025 </td><td align="right" width="9%">2020 </td><td align="right" width="9%">2015 </td><td align="right" width="9%">Lifestyle 1 </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity Fund </td><td align="right" width="9%">73.2% </td><td align="right" width="9%">68.5% </td><td align="right" width="9%">52.3% </td><td align="right" width="9%">33.2% </td><td align="right" width="9%">10.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Growth Fund </td><td align="right" width="9%">16.0% </td><td align="right" width="9%">20.5% </td><td align="right" width="9%">36.0% </td><td align="right" width="9%">53.9% </td><td align="right" width="9%">68.0% </td><td align="right" width="9%">52.9% </td><td align="right" width="9%">17.5% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Balanced Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">3.8% </td><td align="right" width="9%">21.7% </td><td align="right" width="9%">46.9% </td><td align="right" width="9%">41.8% </td><td align="right" width="9%">14.3% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Dynamic </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Asset Allocation </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Conservative </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">1.0% </td><td align="right" width="9%">12.1% </td><td align="right" width="9%">27.4% </td><td align="right" width="9%">34.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Money </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Market Fund </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">0.5% </td><td align="right" width="9%">1.8% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">6.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 700 Fund </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">7.5% </td><td align="right" width="9%">9.0% </td><td align="right" width="9%">11.8% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">12.3% </td><td align="right" width="9%">5.9% </td><td align="right" width="9%">0.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 500 Fund </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.2% </td><td align="right" width="9%">2.4% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.3% </td><td align="right" width="9%">7.4% </td><td align="right" width="9%">13.5% </td><td align="right" width="9%">23.6% </td><td align="right" width="9%">30.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 300 Fund </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.0% </td><td align="right" width="9%">0.4% </td><td align="right" width="9%">2.3% </td><td align="right" width="9%">5.7% </td><td align="right" width="9%">9.9% </td><td align="right" width="9%">15.6% </td><td align="right" width="9%">21.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Putnam Absolute </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td><td align="left" width="9%"> </td></tr><tr valign="bottom"><td align="left" width="9%">Return 100 Fund </td><td align="right" width="9%">0.6% </td><td align="right" width="9%">0.8% </td><td align="right" width="9%">1.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">2.5% </td><td align="right" width="9%">3.0% </td><td align="right" width="9%">4.0% </td><td align="right" width="9%">5.2% </td><td align="right" width="9%">7.2% </td><td align="right" width="9%">9.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr><tr valign="bottom"><td align="left" width="9%">Equity** </td><td align="right" width="9%">95.0% </td><td align="right" width="9%">94.0% </td><td align="right" width="9%">90.0% </td><td align="right" width="9%">85.0% </td><td align="right" width="9%">78.0% </td><td align="right" width="9%">70.0% </td><td align="right" width="9%">60.0% </td><td align="right" width="9%">48.0% </td><td align="right" width="9%">35.0% </td><td align="right" width="9%">25.0% </td></tr><tr valign="bottom"><td align="left" width="9%">Fixed Income** </td><td align="right" width="9%">5.0% </td><td align="right" width="9%">6.0% </td><td align="right" width="9%">10.0% </td><td align="right" width="9%">15.0% </td><td align="right" width="9%">22.0% </td><td align="right" width="9%">30.0% </td><td align="right" width="9%">40.0% </td><td align="right" width="9%">52.0% </td><td align="right" width="9%">65.0% </td><td align="right" width="9%">75.0% </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt; border-bottom:1px solid #000000"> </td></tr><tr><td colspan="11" width="99%" style="font-size:5pt"> </td></tr></table><div> </div>* Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.** Equity and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s strategic allocation to equity and fixed income investments as set forth in its prospectus and assumption that Putnam Money Market Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund are equivalent to fixed income investments, Putnam Absolute Return 500 Fund is equivalent to 50% fixed income and 50% equity investment, and Putnam Absolute Return 700 Fund is equivalent to an equity investment. Actual allocations will vary.</div>The fund's target allocations may differ from this illustration. We may change the fund's target allocations and the underlying funds in which it invests at any time, although we do not expect to make changes frequently. We assume investors will begin gradual withdrawals from the fund at around the target date. Putnam Management will periodically rebalance your fund's investments towards its target allocations then in effect. Near the end of the target year, the fund's target allocations will correspond to those of Lifestyle 1, a fund that seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital, and the fund will be merged into Lifestyle 1. More information about Lifestyle 1 and the underlying funds is available in each of those funds' prospectuses. <div style="display:none">~ http://www.putnam.com/role/ScheduleShareholderFeesPutnamRetirementReady2035Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualFundOperatingExpensesPutnamRetirementReady2035Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExamplePutnamRetirementReady2035Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleExpenseExampleNoRedemptionPutnamRetirementReady2035Fund column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAnnualTotalReturnsPutnamRetirementReady2035FundBarChart column period compact * ~</div> <div style="display:none">~ http://www.putnam.com/role/ScheduleAverageAnnualTotalReturnsTransposedPutnamRetirementReady2035Fund column period compact * ~</div> Restated to reflect current fees. 11/30/13 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. Reflects Putnam Investment Management, LLC's contractual obligation to limit certain fund expenses through 11/30/13. This obligation may be modified or discontinued only with approval of the Board of Trustees. Restated to reflect current fees. 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