Goal

Fees and expenses

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.

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)

Annual Fund Operating Expenses - Putnam RetirementReady 2065 Fund		Class A 2065	Class C 2065	Class R 2065	Class R3 2065	Class R4 2065	Class R5 2065	Class R6 2065	Class Y 2065
Management Fees (as a percentage of Assets)		0.55%	0.55%	0.55%	0.55%	0.55%	0.55%	0.55%	0.55%
Distribution and Service (12b-1) Fees		0.25%	1.00%	0.50%	0.25%	none	none	none	none
Other Expenses (as a percentage of Assets):	^[1]	20.81%	20.81%	20.96%	20.96%	20.96%	20.81%	20.71%	20.81%
Acquired Fund Fees and Expenses		0.60%	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%
Expenses (as a percentage of Assets)		22.21%	22.96%	22.61%	22.36%	22.11%	21.96%	21.86%	21.96%
Fee Waiver or Reimbursement	^[2]	(21.31%)	(21.31%)	(21.31%)	(21.31%)	(21.31%)	(21.31%)	(21.31%)	(21.31%)
Net Expenses (as a percentage of Assets)		0.90%	1.65%	1.30%	1.05%	0.80%	0.65%	0.55%	0.65%

[1]	Restated to reflect current fees.
[2]	Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through November 30, 2025. This obligation may be modified or discontinued only with approval of the Board of Trustees.

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 three years of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.

Portfolio turnover

13.00%

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 2065 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in other Putnam mutual funds, referred to as underlying funds.

The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” Putnam Investment Management, LLC (Putnam Management) adjusts these allocations at the end of each calendar quarter based on the glide path.

The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2022 and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2023. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on September 30, 2022. The table also shows the approximate allocations of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income.

Underlying Fund*	Year	2065 (your fund)	2060	2055	2050	2045	2040	2035	2030	2025	Maturity Fund
Putnam Dynamic Asset Allocation Equity Fund	2022	73.2%	68.5%	52.3%	33.2%	10.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Equity Fund	2023	73.2%	65.6%	48.8%	28.2%	7.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Growth Fund	2022	16.0%	20.5%	36.0%	53.9%	68.0%	52.9%	17.5%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Growth Fund	2023	16.0%	23.3%	39.4%	58.3%	68.0%	45.1%	11.6%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Balanced Fund	2022	0.0%	0.0%	0.0%	0.0%	3.8%	21.7%	46.9%	41.8%	14.3%	0.0%
Putnam Dynamic Asset Allocation Balanced Fund	2023	0.0%	0.0%	0.0%	0.0%	5.8%	27.8%	49.5%	36.1%	9.3%	0.0%
Putnam Dynamic Asset Allocation Conservative Fund	2022	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.0%	12.1%	27.4%	34.0%
Putnam Dynamic Asset Allocation Conservative Fund	2023	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.0%	15.4%	29.8%	34.0%
Putnam Government Money Market Fund	2022	0.5%	0.5%	0.5%	0.5%	1.8%	3.0%	4.0%	5.2%	6.0%	6.0%
Putnam Government Money Market Fund	2023	0.5%	0.5%	0.5%	0.7%	2.1%	3.2%	4.3%	5.5%	6.0%	6.0%
Putnam Fixed Income Absolute Return Fund	2022	0.6%	0.8%	1.5%	2.5%	2.9%	5.3%	9.7%	15.1%	22.8%	30.0%
Putnam Fixed Income Absolute Return Fund	2023	0.6%	0.9%	1.6%	2.5%	3.2%	6.1%	10.8%	16.2%	25.1%	30.0%
Putnam Multi-Asset Absolute Return Fund	2022	9.7%	9.7%	9.7%	9.9%	13.0%	17.1%	20.9%	25.8%	29.5%	30.0%
Putnam Multi-Asset Absolute Return Fund	2023	9.7%	9.7%	9.7%	10.3%	13.8%	17.8%	21.8%	26.8%	29.8%	30.0%
Equity**	2022	86.0%	84.9%	81.1%	76.3%	67.2%	55.3%	42.4%	28.7%	16.8%	10.2%
Equity**	2023	86.0%	84.2%	80.3%	74.8%	65.0%	52.8%	39.6%	26.3%	14.5%	10.2%
Fixed Income**	2022	3.7%	4.6%	7.7%	11.3%	16.9%	22.3%	27.0%	30.4%	30.9%	29.8%
Fixed Income**	2023	3.7%	5.2%	8.4%	12.4%	18.0%	23.3%	27.8%	30.7%	30.6%	29.8%
Absolute Return**	2022	10.3%	10.5%	11.2%	12.4%	15.9%	22.4%	30.6%	40.9%	52.3%	60.0%
Absolute Return**	2023	10.3%	10.6%	11.3%	12.8%	17.0%	23.9%	32.6%	43.0%	54.9%	60.0%

*	Due to rounding, allocations shown in the table above may not total 100%. In addition, 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, fixed income and absolute return allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s current strategic allocation to equity and fixed income investments; an assumption that Putnam Government Money Market Fund is equivalent to a fixed income investment; and assumptions that Putnam Multi-Asset Absolute Return Fund and Putnam Fixed Income Absolute Return Fund are equivalent to an absolute return investment. Putnam Multi-Asset Absolute Return Fund and Putnam Fixed Income Absolute Return Fund follow an “absolute return” strategy that seeks to earn a positive total return over a reasonable period of time, regardless of market conditions or general market direction. The managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and, consequently, actual allocations will vary.

The fund’s target allocations may differ from the allocations shown in the table. We may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although we expect these changes to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. We assume investors will begin gradual withdrawals from the fund at around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam RetirementReady Maturity Fund (Maturity Fund), 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 Maturity Fund. More information about Maturity Fund is available in the prospectus beginning on page 81 and more information about the underlying funds (which are not offered by this prospectus) is included under “What are the funds’ and each underlying fund’s main investment strategies and related 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.

The fund’s allocation of assets among asset classes and the underlying funds may hurt performance.

The fund invests in underlying funds and indirectly bears expenses related to the underlying funds. However, Putnam Management has contractually agreed to waive fees, reimburse expenses of, or reimburse the fund through at least November 30, 2025 in an amount equal to the fund’s acquired fund fees and expenses (i.e., the fees and expenses incurred by the fund as a result of its investments in the underlying funds). Putnam Management also has contractually agreed to waive fees and/or reimburse expenses of each class of shares of the fund through at least November 30, 2025 in an amount sufficient to result in total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares of the fund (exclusive of certain fees and expenses, including distribution fees (12b-1 fees)) that equal 0.65%, 0.65%, 0.80%, 0.80%, 0.80%, 0.65%, 0.55%, and 0.65%, respectively, of the fund’s average net assets. Although Putnam Management serves as the investment adviser of the underlying funds, an underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time.

The fund also bears the following risks associated with the underlying funds:

There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the underlying funds will produce the intended outcome or that the investments we select for the underlying funds will perform as well as other securities that were not selected for the underlying funds. We, or the underlying funds’ other service providers, may experience disruptions or operating errors that could negatively impact the underlying funds. If the quantitative

models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses.

An underlying fund’s allocation of assets among asset classes may hurt performance. The value of investments in the underlying funds’ portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds’ portfolio holdings. The novel coronavirus (COVID-19) pandemic and efforts to contain its spread are likely to negatively affect the value, volatility, and liquidity of the securities and other assets in which the fund invests and exacerbate other risks that apply to the fund. These effects could negatively impact the fund’s performance and lead to losses on your investment in the fund. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies.

Bond investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ bond investments is 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’ bond investments may default on payment of interest or principal. Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as “junk bonds”), which can be more sensitive to changes in markets, credit conditions, and interest rates and may be considered speculative. Default risk is generally higher for non-qualified mortgages. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying funds 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), and may be or become illiquid.

An underlying fund’s non-directional strategies may lose money or not earn a return sufficient to cover trading and other costs and an underlying fund’s allocation of assets among permitted asset categories may hurt performance.

Real estate investment trusts (REITs), which pool investors’ funds for investment primarily in income-producing real estate properties or real estate-related loans (such as mortgages), are subject to the risks associated with owning, operating, and financing real estate, including economic downturns that have an adverse impact on real estate markets. Commodity-linked notes are subject to the same risks as commodities, such as weather, disease, political, tax and other regulatory developments and other factors affecting the value of commodities.

Each underlying fund, except Putnam Government Money Market Fund, may use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and investment purposes. Putnam Fixed Income Absolute Return Fund and Putnam Multi-Asset Absolute Return Fund intend to use derivatives to increase investment exposure, which is an important component of the funds’ investment strategies. Underlying funds that use derivatives to increase investment exposure are riskier than underlying funds that do not employ investment leverage. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures), and legal risk (e.g., insufficient legal documentation or contract enforceability issues). Derivatives also involve the risk that an underlying fund may be unable to terminate or sell derivatives positions when it wants to and that the other party to the instrument may fail to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant investment exposure to that counterparty.

The efforts of some underlying funds to produce lower volatility returns may not be successful. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case.

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.

An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Performance information will be available after the fund completes a full calendar year of operation.

Goal

Fees and expenses

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.

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)

Annual Fund Operating Expenses - Putnam RetirementReady 2060 Fund		Class A 2060	Class B 2060	Class C 2060	Class R 2060	Class R3 2060	Class R4 2060	Class R5 2060	Class R6 2060	Class Y 2060
Management Fees (as a percentage of Assets)		0.54%	0.54%	0.54%	0.54%	0.54%	0.54%	0.54%	0.54%	0.54%
Distribution and Service (12b-1) Fees		0.25%	1.00%	1.00%	0.50%	0.25%	none	none	none	none
Other Expenses (as a percentage of Assets):	^[1]	1.17%	1.17%	1.17%	1.32%	1.32%	1.32%	1.17%	1.07%	1.17%
Acquired Fund Fees and Expenses		0.60%	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%
Expenses (as a percentage of Assets)		2.56%	3.31%	3.31%	2.96%	2.71%	2.46%	2.31%	2.21%	2.31%
Fee Waiver or Reimbursement	^[2]	(1.66%)	(1.66%)	(1.66%)	(1.66%)	(1.66%)	(1.66%)	(1.66%)	(1.66%)	(1.66%)
Net Expenses (as a percentage of Assets)		0.90%	1.65%	1.65%	1.30%	1.05%	0.80%	0.65%	0.55%	0.65%

[1]	Restated to reflect current fees.
[2]	Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through November 30, 2032. This obligation may be modified or discontinued only with approval of the Board of Trustees.

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. The example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.

Portfolio turnover

52.00%

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 2060 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in other Putnam mutual funds, referred to as underlying funds.

The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” Putnam Investment Management, LLC (Putnam Management) adjusts these allocations at the end of each calendar quarter based on the glide path.

The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2022 and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2023. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on September 30, 2022. The table also shows the approximate allocations of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually

change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income.

Underlying Fund*	Year	2065	2060 (your fund)	2055	2050	2045	2040	2035	2030	2025	Maturity Fund
Putnam Dynamic Asset Allocation Equity Fund	2022	73.2%	68.5%	52.3%	33.2%	10.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Equity Fund	2023	73.2%	65.6%	48.8%	28.2%	7.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Growth Fund	2022	16.0%	20.5%	36.0%	53.9%	68.0%	52.9%	17.5%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Growth Fund	2023	16.0%	23.3%	39.4%	58.3%	68.0%	45.1%	11.6%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Balanced Fund	2022	0.0%	0.0%	0.0%	0.0%	3.8%	21.7%	46.9%	41.8%	14.3%	0.0%
Putnam Dynamic Asset Allocation Balanced Fund	2023	0.0%	0.0%	0.0%	0.0%	5.8%	27.8%	49.5%	36.1%	9.3%	0.0%
Putnam Dynamic Asset Allocation Conservative Fund	2022	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.0%	12.1%	27.4%	34.0%
Putnam Dynamic Asset Allocation Conservative Fund	2023	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.0%	15.4%	29.8%	34.0%
Putnam Government Money Market Fund	2022	0.5%	0.5%	0.5%	0.5%	1.8%	3.0%	4.0%	5.2%	6.0%	6.0%
Putnam Government Money Market Fund	2023	0.5%	0.5%	0.5%	0.7%	2.1%	3.2%	4.3%	5.5%	6.0%	6.0%
Putnam Fixed Income Absolute Return Fund	2022	0.6%	0.8%	1.5%	2.5%	2.9%	5.3%	9.7%	15.1%	22.8%	30.0%
Putnam Fixed Income Absolute Return Fund	2023	0.6%	0.9%	1.6%	2.5%	3.2%	6.1%	10.8%	16.2%	25.1%	30.0%
Putnam Multi-Asset Absolute Return Fund	2022	9.7%	9.7%	9.7%	9.9%	13.0%	17.1%	20.9%	25.8%	29.5%	30.0%
Putnam Multi-Asset Absolute Return Fund	2023	9.7%	9.7%	9.7%	10.3%	13.8%	17.8%	21.8%	26.8%	29.8%	30.0%
Equity**	2022	86.0%	84.9%	81.1%	76.3%	67.2%	55.3%	42.4%	28.7%	16.8%	10.2%
Equity**	2023	86.0%	84.2%	80.3%	74.8%	65.0%	52.8%	39.6%	26.3%	14.5%	10.2%
Fixed Income**	2022	3.7%	4.6%	7.7%	11.3%	16.9%	22.3%	27.0%	30.4%	30.9%	29.8%
Fixed Income**	2023	3.7%	5.2%	8.4%	12.4%	18.0%	23.3%	27.8%	30.7%	30.6%	29.8%
Absolute Return**	2022	10.3%	10.5%	11.2%	12.4%	15.9%	22.4%	30.6%	40.9%	52.3%	60.0%
Absolute Return**	2023	10.3%	10.6%	11.3%	12.8%	17.0%	23.9%	32.6%	43.0%	54.9%	60.0%

*	Due to rounding, allocations shown in the table above may not total 100%. In addition, 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, fixed income and absolute return allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s current strategic allocation to equity and fixed income investments; an assumption that Putnam Government Money Market Fund is equivalent to a fixed income investment; and assumptions that Putnam Multi-Asset Absolute Return Fund and Putnam Fixed Income Absolute Return Fund are equivalent to an absolute return investment. Putnam Multi-Asset Absolute Return Fund and Putnam Fixed Income Absolute Return Fund follow an “absolute return” strategy that seeks to earn a positive total return over a reasonable period of time, regardless of market conditions or general market direction. The managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and, consequently, actual allocations will vary.

The fund’s target allocations may differ from the allocations shown in the table. We may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although we expect these changes to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. We assume investors will begin gradual withdrawals from the fund at around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam RetirementReady Maturity Fund (Maturity Fund), 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 Maturity Fund. More information about Maturity Fund is available in the prospectus beginning on page 81 and more information about the underlying funds (which are not offered by this prospectus) is included under “What are the funds’ and each underlying fund’s main investment strategies and related 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.

The fund’s allocation of assets among asset classes and the underlying funds may hurt performance.

The fund invests in underlying funds and indirectly bears expenses related to the underlying funds. However, Putnam Management has contractually agreed to waive fees, reimburse expenses of, or reimburse the fund through at least November 30, 2032 in an amount equal to the fund’s acquired fund fees and expenses (i.e., the fees and expenses incurred by the fund as a result of its investments in the underlying funds). Putnam Management also has contractually agreed to waive fees and/or reimburse expenses of each class of shares of the fund through at least November 30, 2032 in an amount sufficient to result in total annual fund operating expenses for class A, B, C, R, R3, R4, R5, R6 and Y shares of the fund (exclusive of certain fees and expenses, including distribution fees (12b-1 fees)) that equal 0.65%, 0.65%, 0.65%, 0.80%, 0.80%, 0.80%, 0.65%, 0.55%, and 0.65%, respectively, of the fund’s average net assets. Although Putnam Management serves as the investment adviser of the underlying funds, an underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time.

The fund also bears the following risks associated with the underlying funds:

There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the underlying funds will produce the intended outcome or that the investments we select for the underlying funds will perform as well as other securities that were not selected for the underlying funds. We, or the underlying funds’ other service providers, may experience disruptions or operating errors that could negatively impact the underlying funds. If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses.

An underlying fund’s allocation of assets among asset classes may hurt performance. The value of investments in the underlying funds’ portfolios may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds’ portfolio holdings. The novel coronavirus (COVID-19) pandemic and efforts to contain its spread are likely to negatively affect the value, volatility, and liquidity of the securities and other assets in which the fund invests and exacerbate other risks that apply to the fund. These effects could negatively impact the fund’s performance and lead to losses on your investment in the fund. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies.

Bond investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ bond investments is 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’ bond investments may default on payment of interest or principal. Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as “junk bonds”), which can be more sensitive to changes in markets, credit conditions, and interest rates and may be considered speculative. Default risk is generally higher for non-qualified mortgages. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying funds 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), and may be or become illiquid.

An underlying fund’s non-directional strategies may lose money or not earn a return sufficient to cover trading and other costs and an underlying fund’s allocation of assets among permitted asset categories may hurt performance.

Real estate investment trusts (REITs), which pool investors’ funds for investment primarily in income-producing real estate properties or real estate-related loans (such as mortgages), are subject to the risks associated with owning, operating, and financing real estate, including economic downturns that have an adverse impact on real estate markets. Commodity-linked notes are subject to the same risks as commodities, such as weather, disease, political, tax and other regulatory developments and other factors affecting the value of commodities.

Each underlying fund, except Putnam Government Money Market Fund, may use derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and investment purposes. Putnam Fixed Income Absolute Return Fund and Putnam Multi-Asset Absolute Return Fund intend to use derivatives to increase investment exposure, which is an important component of the funds’ investment strategies. Underlying funds that use derivatives to increase investment exposure are riskier than underlying funds that do not employ investment leverage. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures), and legal risk (e.g., insufficient legal documentation or contract enforceability issues). Derivatives also involve the risk that an underlying fund may be unable to terminate or sell derivatives positions when it wants to and that the other party to the instrument may fail to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant investment exposure to that counterparty.

The efforts of some underlying funds to produce lower volatility returns may not be successful. In addition, under certain market conditions, these funds may accept greater volatility than would typically be the case.

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.

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.

The bar chart does not reflect the impact of sales charges.

putnam.com

Year-to-date performance through

(22.11%)

Jun. 30, 2020

Worst calendar quarter

(19.62%)

Average annual total returns after sales charges (for periods ended 12/31/21)

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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.

The Bloomberg U.S. Aggregate Bond Index and the S&P 500 Index are broad measures of market performance. Securities in the fund do not match those in the indexes and the performance of the fund will differ.

Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.

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.

The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 117 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).

$ 50,000

Shareholder Fees - Putnam RetirementReady 2055 Fund	Class A 2055		Class B 2055		Class C 2055		Class R 2055	Class R3 2055	Class R4 2055	Class R5 2055	Class R6 2055	Class Y 2055
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)	5.75%		none		none		none	none	none	none	none	none
Maximum Deferred Sales Charge (as a percentage)	1.00%	^[1]	5.00%	^[2]	1.00%	^[3]	none	none	none	none	none	none

[1]	Applies only to certain redemptions of shares bought with no initial sales charge.
[2]	This charge is phased out over six years.
[3]	This charge is eliminated after one year.

November 30, 2025

Example

Expense Example - Putnam RetirementReady 2055 Fund - USD ($)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Class A 2055	662	845	1,230	2,305
Class B 2055	668	820	1,286	2,441	168	520	1,086	2,441
Class C 2055	268	520	1,086	2,441	168	520	1,086	2,441
Class R 2055	132	412	905	2,267
Class R3 2055	107	334	774	2,000
Class R4 2055	82	255	641	1,725
Class R5 2055	66	208	561	1,557
Class R6 2055	56	176	507	1,444
Class Y 2055	66	208	561	1,557

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 28%.

Investments, risks, and performance

Risks

It is important to understand that you can lose money by investing in the fund.

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.

Please remember that past performance is not necessarily an indication of future results.

Annual total returns for class A shares before sales charges

Sep. 30, 2022

Best calendar quarter

17.84%

Mar. 31, 2020

Average Annual Total Returns - Putnam RetirementReady 2055 Fund		1 Year	5 Years	10 Years
Class A 2055		10.40%	10.47%	10.86%
Class A 2055 \| After Taxes on Distributions		6.72%	8.24%	8.50%
Class A 2055 \| After Taxes on Distributions and Sales		7.55%	7.69%	7.97%
Class B 2055		11.30%	10.68%	10.85%
Class C 2055		15.29%	10.94%	10.85%
Class R 2055		16.70%	11.47%	11.22%
Class R3 2055	^[1]	17.02%	11.73%	11.45%
Class R4 2055	^[2]	17.26%	11.98%	11.74%
Class R5 2055	^[3]	17.43%	12.17%	11.85%
Class R6 2055	^[4]	17.55%	12.19%	11.87%
Class Y 2055		17.41%	12.06%	11.80%
S&P 500 Index (no deduction for fees, expenses or taxes)		28.71%	18.47%	16.55%
Bloomberg U.S. Aggregate Bond Index (no deduction for fees, expenses or taxes)	^[5]	(1.54%)	3.57%	2.90%

[1]	Performance for class R3 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher 12b-1 fees and investor servicing fees applicable to class R3 shares (relative to the comparable fees applicable to Y shares prior to the inception of class R3 shares).
[2]	Performance for class R4 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher investor servicing fees applicable to class R4 shares (relative to the comparable fees applicable to Y shares prior to the inception of class R4 shares).
[3]	Performance for class R5 shares prior to their inception (1/4/21) is derived from the historical performance of class R6 shares and has not been adjusted for the lower fund expenses applicable to class R5 shares (relative to the comparable expenses applicable to R6 shares prior to the inception of class R5 shares); had it, returns would have been higher.
[4]	Performance for class R6 shares prior to their inception (9/1/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares (relative to the comparable fees applicable to Y shares prior to the inception of class R6 shares); had it, returns would have been higher.
[5]	Source: Bloomberg Index Services Limited

After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.

After-tax returns are shown for class A shares only and will vary for other classes.

Goal

Fees and expenses

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.

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)

Annual Fund Operating Expenses - Putnam RetirementReady 2050 Fund		Class A 2050	Class B 2050	Class C 2050	Class R 2050	Class R3 2050	Class R4 2050	Class R5 2050	Class R6 2050	Class Y 2050
Management Fees (as a percentage of Assets)		0.52%	0.52%	0.52%	0.52%	0.52%	0.52%	0.52%	0.52%	0.52%
Distribution and Service (12b-1) Fees		0.25%	1.00%	1.00%	0.50%	0.25%	none	none	none	none
Other Expenses (as a percentage of Assets):	^[1]	0.24%	0.24%	0.24%	0.39%	0.39%	0.39%	0.24%	0.14%	0.24%
Acquired Fund Fees and Expenses		0.61%	0.61%	0.61%	0.61%	0.61%	0.61%	0.61%	0.61%	0.61%
Expenses (as a percentage of Assets)		1.62%	2.37%	2.37%	2.02%	1.77%	1.52%	1.37%	1.27%	1.37%
Fee Waiver or Reimbursement	^[2]	(0.72%)	(0.72%)	(0.72%)	(0.72%)	(0.72%)	(0.72%)	(0.72%)	(0.72%)	(0.72%)
Net Expenses (as a percentage of Assets)		0.90%	1.65%	1.65%	1.30%	1.05%	0.80%	0.65%	0.55%	0.65%

[1]	Restated to reflect current fees.
[2]	Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through November 30, 2025. This obligation may be modified or discontinued only with approval of the Board of Trustees.

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 three years of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.

Portfolio turnover

32.00%

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 2050 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in other Putnam mutual funds, referred to as underlying funds.

The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” Putnam Investment Management, LLC (Putnam Management) adjusts these allocations at the end of each calendar quarter based on the glide path.

The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2022 and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2023. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on September 30, 2022. The table also shows the approximate allocations of other Putnam RetirementReady® Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income.

Underlying Fund*	Year	2065	2060	2055	2050 (your fund)	2045	2040	2035	2030	2025	Maturity Fund
Putnam Dynamic Asset Allocation Equity Fund	2022	73.2%	68.5%	52.3%	33.2%	10.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Equity Fund	2023	73.2%	65.6%	48.8%	28.2%	7.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Growth Fund	2022	16.0%	20.5%	36.0%	53.9%	68.0%	52.9%	17.5%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Growth Fund	2023	16.0%	23.3%	39.4%	58.3%	68.0%	45.1%	11.6%	0.0%	0.0%	0.0%
Putnam Dynamic Asset Allocation Balanced Fund	2022	0.0%	0.0%	0.0%	0.0%	3.8%	21.7%	46.9%	41.8%	14.3%	0.0%
Putnam Dynamic Asset Allocation Balanced Fund	2023	0.0%	0.0%	0.0%	0.0%	5.8%	27.8%	49.5%	36.1%	9.3%	0.0%
Putnam Dynamic Asset Allocation Conservative Fund	2022	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.0%	12.1%	27.4%	34.0%
Putnam Dynamic Asset Allocation Conservative Fund	2023	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.0%	15.4%	29.8%	34.0%
Putnam Government Money Market Fund	2022	0.5%	0.5%	0.5%	0.5%	1.8%	3.0%	4.0%	5.2%	6.0%	6.0%
Putnam Government Money Market Fund	2023	0.5%	0.5%	0.5%	0.7%	2.1%	3.2%	4.3%	5.5%	6.0%	6.0%
Putnam Fixed Income Absolute Return Fund	2022	0.6%	0.8%	1.5%	2.5%	2.9%	5.3%	9.7%	15.1%	22.8%	30.0%
Putnam Fixed Income Absolute Return Fund	2023	0.6%	0.9%	1.6%	2.5%	3.2%	6.1%	10.8%	16.2%	25.1%	30.0%
Putnam Multi-Asset Absolute Return Fund	2022	9.7%	9.7%	9.7%	9.9%	13.0%	17.1%	20.9%	25.8%	29.5%	30.0%
Putnam Multi-Asset Absolute Return Fund	2023	9.7%	9.7%	9.7%	10.3%	13.8%	17.8%	21.8%	26.8%	29.8%	30.0%
Equity**	2022	86.0%	84.9%	81.1%	76.3%	67.2%	55.3%	42.4%	28.7%	16.8%	10.2%
Equity**	2023	86.0%	84.2%	80.3%	74.8%	65.0%	52.8%	39.6%	26.3%	14.5%	10.2%
Fixed Income**	2022	3.7%	4.6%	7.7%	11.3%	16.9%	22.3%	27.0%	30.4%	30.9%	29.8%
Fixed Income**	2023	3.7%	5.2%	8.4%	12.4%	18.0%	23.3%	27.8%	30.7%	30.6%	29.8%
Absolute Return**	2022	10.3%	10.5%	11.2%	12.4%	15.9%	22.4%	30.6%	40.9%	52.3%	60.0%
Absolute Return**	2023	10.3%	10.6%	11.3%	12.8%	17.0%	23.9%	32.6%	43.0%	54.9%	60.0%

*	Due to rounding, allocations shown in the table above may not total 100%. In addition, 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, fixed income and absolute return allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s current strategic allocation to equity and fixed income investments; an assumption that Putnam Government Money Market Fund is equivalent to a fixed income investment; and assumptions that Putnam Multi-Asset Absolute Return Fund and Putnam Fixed Income Absolute Return Fund are equivalent to an absolute return investment. Putnam Multi-Asset Absolute Return Fund and Putnam Fixed Income Absolute Return Fund follow an “absolute return” strategy that seeks to earn a positive total return over a reasonable period of time, regardless of market conditions or general market direction. The managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and, consequently, actual allocations will vary.

The fund’s target allocations may differ from the allocations shown in the table. We may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although we expect these changes to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. We assume investors will begin gradual withdrawals from the fund at around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam RetirementReady Maturity Fund (Maturity Fund), 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 Maturity Fund. More information about Maturity Fund is available in the prospectus beginning on page 81 and more information about the underlying funds (which are not offered by this prospectus) is included under “What are the funds’ and each underlying fund’s main investment strategies and related 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.

The fund’s allocation of assets among asset classes and the underlying funds may hurt performance.

The fund invests in underlying funds and indirectly bears expenses related to the underlying funds. However, Putnam Management has contractually agreed to waive fees, reimburse expenses of, or reimburse the fund through at least November 30, 2025 in an amount equal to the fund’s acquired fund fees and expenses (i.e., the fees and expenses incurred by the fund as a result of its investments in the underlying funds). Putnam Management also has contractually agreed to waive fees and/or reimburse expenses of each class of shares of the fund through at least November 30, 2025 in an amount sufficient to result in total annual fund operating expenses for class A, B, C, R, R3, R4, R5, R6 and Y shares of the fund (exclusive of certain fees and expenses, including distribution fees (12b-1 fees)) that equal 0.65%, 0.65%, 0.65%, 0.80%, 0.80%, 0.80%, 0.65%, 0.55%, and 0.65%, respectively, of the fund’s average net assets. Although Putnam Management serves as the investment adviser of the underlying funds, an underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time.