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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 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). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0055 0.0025 0.2081 0.0060 0.2221 -0.2131 0.0090 0.0055 0.0100 0.2081 0.0060 0.2296 -0.2131 0.0165 0.0055 0.0050 0.2096 0.0060 0.2261 -0.2131 0.0130 0.0055 0.0025 0.2096 0.0060 0.2236 -0.2131 0.0105 0.0055 0 0.2096 0.0060 0.2211 -0.2131 0.0080 0.0055 0 0.2081 0.0060 0.2196 -0.2131 0.0065 0.0055 0 0.2071 0.0060 0.2186 -0.2131 0.0055 0.0055 0 0.2081 0.0060 0.2196 -0.2131 0.0065 November 30, 2025 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 three years of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 662 845 4791 10043 268 520 4720 10114 168 520 4720 10114 132 412 4606 10104 107 334 4523 10068 82 255 4439 10030 66 208 4388 10007 56 176 4354 9991 66 208 4388 10007 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 13%. 0.13 Investments, risks, and performance 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table cellspacing="0" style="font: normal 10pt Arial, Helvetica, Sans-Serif; width: 90%"> <tr> <td style="border-bottom: Black 1pt solid; width: 12%">Underlying Fund* </td> <td style="border-bottom: Black 1pt solid; width: 8%">Year </td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2065 (your fund) </td> <td style="border-bottom: Black 1pt solid; width: 8%">2060 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2055 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2050 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2045 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2040 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2035 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2030 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2025 </td> <td style="border-bottom: Black 1pt solid; width: 8%">Maturity Fund </td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Equity Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">33.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">48.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Growth Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">53.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">45.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Balanced Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">46.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">49.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Conservative Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Government Money Market Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Fixed Income Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Multi-Asset Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Equity**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">76.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">67.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">42.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Fixed Income**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">8.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">18.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Absolute Return**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">40.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">54.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> * </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> ** </td> <td> 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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?”. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Performance information will be available after the fund completes a full calendar year of operation. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> Goal Putnam RetirementReady 2060 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 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). <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0054 0.0025 0.0117 0.0060 0.0256 -0.0166 0.0090 0.0054 0.0100 0.0117 0.0060 0.0331 -0.0166 0.0165 0.0054 0.0100 0.0117 0.0060 0.0331 -0.0166 0.0165 0.0054 0.0050 0.0132 0.0060 0.0296 -0.0166 0.0130 0.0054 0.0025 0.0132 0.0060 0.0271 -0.0166 0.0105 0.0054 0 0.0132 0.0060 0.0246 -0.0166 0.0080 0.0054 0 0.0117 0.0060 0.0231 -0.0166 0.0065 0.0054 0 0.0107 0.0060 0.0221 -0.0166 0.0055 0.0054 0 0.0117 0.0060 0.0231 -0.0166 0.0065 November 30, 2032 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. The example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 662 845 1045 1619 668 820 1097 1754 168 520 897 1754 268 520 897 1754 168 520 897 1754 132 412 713 1568 107 334 579 1283 82 255 444 990 66 208 362 810 56 176 307 689 66 208 362 810 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 52%. 0.52 Investments, risks, and performance 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. <table cellspacing="0" style="font: normal 10pt Arial, Helvetica, Sans-Serif; width: 90%"> <tr> <td style="border-bottom: Black 1pt solid; width: 12%">Underlying Fund* </td> <td style="border-bottom: Black 1pt solid; width: 8%">Year </td> <td style="border-bottom: Black 1pt solid; width: 8%">2065 </td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2060 (your fund) </td> <td style="border-bottom: Black 1pt solid; width: 8%">2055 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2050 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2045 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2040 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2035 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2030 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2025 </td> <td style="border-bottom: Black 1pt solid; width: 8%">Maturity Fund </td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Equity Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">68.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">33.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">65.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">48.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Growth Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">20.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">53.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">45.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Balanced Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">46.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">49.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Conservative Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Government Money Market Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Fixed Income Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Multi-Asset Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Equity**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">84.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">76.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">67.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">42.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">84.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Fixed Income**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">4.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">8.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">18.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Absolute Return**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">40.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">10.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">54.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> * </td> <td> 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> ** </td> <td> 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. </td> </tr> </table> 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?”. 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </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. 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. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.0684 0.2058 -0.0980 0.2083 0.1438 0.1791 Year-to-date performance through 2022-09-30 -0.2211 Best calendar quarter 2020-06-30 0.1850 Worst calendar quarter 2020-03-31 -0.1962 Average annual total returns after sales charges (for periods ended 12/31/21) 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 0.1113 0.1081 0.0954 0.0707 0.0877 0.0768 0.0798 0.0798 0.0703 0.1196 0.1102 0.0978 0.1595 0.1128 0.0978 0.1732 0.1180 0.1030 0.1766 0.1204 0.1051 0.1798 0.1233 0.1080 0.1814 0.1248 0.1095 0.1825 0.1251 0.1096 0.1815 0.1242 0.1089 0.2871 0.1847 0.1680 -0.0154 0.0357 0.0331 <div id="xdx_A87_err--PerformanceTableClosingTextBlock_zIWJS6vyq6Ng"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="text-align: right; width: 25px"/> <td>BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or 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.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Goal 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. Fees and expenses 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). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0053 0.0025 0.0036 0.0061 0.0175 -0.0085 0.0090 0.0053 0.0100 0.0036 0.0061 0.0250 -0.0085 0.0165 0.0053 0.0100 0.0036 0.0061 0.0250 -0.0085 0.0165 0.0053 0.0050 0.0051 0.0061 0.0215 -0.0085 0.0130 0.0053 0.0025 0.0051 0.0061 0.0190 -0.0085 0.0105 0.0053 0 0.0051 0.0061 0.0165 -0.0085 0.0080 0.0053 0 0.0036 0.0061 0.0150 -0.0085 0.0065 0.0053 0 0.0026 0.0061 0.0140 -0.0085 0.0055 0.0053 0 0.0036 0.0061 0.0150 -0.0085 0.0065 November 30, 2025 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 three years of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 662 845 1230 2305 668 820 1286 2441 168 520 1086 2441 268 520 1086 2441 168 520 1086 2441 132 412 905 2267 107 334 774 2000 82 255 641 1725 66 208 561 1557 56 176 507 1444 66 208 561 1557 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 28%. 0.28 Investments, risks, and performance 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 2055 (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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table cellspacing="0" style="font: normal 10pt Arial, Helvetica, Sans-Serif; width: 90%"> <tr> <td style="border-bottom: Black 1pt solid; width: 12%">Underlying Fund* </td> <td style="border-bottom: Black 1pt solid; width: 8%">Year </td> <td style="border-bottom: Black 1pt solid; width: 8%">2065 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2060 </td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2055 (your fund) </td> <td style="border-bottom: Black 1pt solid; width: 8%">2050 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2045 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2040 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2035 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2030 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2025 </td> <td style="border-bottom: Black 1pt solid; width: 8%">Maturity Fund </td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Equity Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">33.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.6%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">48.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Growth Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">53.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">39.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">45.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Balanced Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">46.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">49.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Conservative Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Government Money Market Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Fixed Income Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">1.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Multi-Asset Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Equity**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">81.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">76.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">67.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">42.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">80.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Fixed Income**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.6%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">7.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">8.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">18.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Absolute Return**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">11.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">40.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.6%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">54.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> * </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> ** </td> <td> 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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?”. 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. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </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. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.1611 0.2650 0.0919 -0.0049 0.0677 0.2044 -0.0976 0.2044 0.1387 0.1714 Year-to-date performance through 2022-09-30 -0.2155 Best calendar quarter 2020-06-30 0.1784 Worst calendar quarter 2020-03-31 -0.1909 Average annual total returns after sales charges (for periods ended 12/31/21) 0.1040 0.1047 0.1086 0.0672 0.0824 0.0850 0.0755 0.0769 0.0797 0.1130 0.1068 0.1085 0.1529 0.1094 0.1085 0.1670 0.1147 0.1122 0.1702 0.1173 0.1145 0.1726 0.1198 0.1174 0.1743 0.1217 0.1185 0.1755 0.1219 0.1187 0.1741 0.1206 0.1180 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 <div id="xdx_A85_err--PerformanceTableClosingTextBlock_zEp8JX7zwkkf"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"/> <td>Class B and C share performance reflects conversion to class A shares after eight years.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Goal 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. Fees and expenses 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). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0052 0.0025 0.0024 0.0061 0.0162 -0.0072 0.0090 0.0052 0.0100 0.0024 0.0061 0.0237 -0.0072 0.0165 0.0052 0.0100 0.0024 0.0061 0.0237 -0.0072 0.0165 0.0052 0.0050 0.0039 0.0061 0.0202 -0.0072 0.0130 0.0052 0.0025 0.0039 0.0061 0.0177 -0.0072 0.0105 0.0052 0 0.0039 0.0061 0.0152 -0.0072 0.0080 0.0052 0 0.0024 0.0061 0.0137 -0.0072 0.0065 0.0052 0 0.0014 0.0061 0.0127 -0.0072 0.0055 0.0052 0 0.0024 0.0061 0.0137 -0.0072 0.0065 November 30, 2025 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 three years of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 662 845 1202 2203 668 820 1257 2338 168 520 1057 2338 268 520 1057 2338 168 520 1057 2338 132 412 876 2163 107 334 745 1893 82 255 611 1616 66 208 531 1446 56 176 477 1331 66 208 531 1446 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 32%. 0.32 Investments, risks, and performance 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table cellspacing="0" style="font: normal 10pt Arial, Helvetica, Sans-Serif; width: 90%"> <tr> <td style="border-bottom: Black 1pt solid; width: 12%">Underlying Fund* </td> <td style="border-bottom: Black 1pt solid; width: 8%">Year </td> <td style="border-bottom: Black 1pt solid; width: 8%">2065 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2060 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2055 </td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2050 (your fund) </td> <td style="border-bottom: Black 1pt solid; width: 8%">2045 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2040 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2035 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2030 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2025 </td> <td style="border-bottom: Black 1pt solid; width: 8%">Maturity Fund </td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Equity Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">33.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">48.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">28.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Growth Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">53.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.4%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">58.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">45.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Balanced Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">46.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">49.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Conservative Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Government Money Market Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Fixed Income Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.6%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Multi-Asset Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">9.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Equity**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">76.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">67.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">42.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">74.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Fixed Income**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">8.4%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">18.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Absolute Return**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">40.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">12.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">54.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> * </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> ** </td> <td> 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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?”. 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. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </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. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.1606 0.2618 0.0909 -0.0050 0.0681 0.1991 -0.0961 0.2007 0.1315 0.1628 Year-to-date performance through 2022-09-30 -0.2088 Best calendar quarte 2020-06-30 0.1693 Worst calendar quarter 2020-03-31 -0.1833 Average annual total returns after sales charges (for periods ended 12/31/21) 0.0959 0.1005 0.1061 0.0631 0.0794 0.0914 0.0682 0.0735 0.0824 0.1036 0.1026 0.1059 0.1437 0.1052 0.1060 0.1577 0.1105 0.1097 0.1605 0.1127 0.1119 0.1634 0.1156 0.1147 0.1650 0.1171 0.1158 0.1661 0.1173 0.1159 0.1653 0.1163 0.1154 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 <div id="xdx_A8E_err--PerformanceTableClosingTextBlock_zrOz7pQtqy47"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"/> <td>Class B and C share performance reflects conversion to class A shares after eight years.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Goal 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. Fees and expenses 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). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0051 0.0025 0.0022 0.0060 0.0158 -0.0068 0.0090 0.0051 0.0100 0.0022 0.0060 0.0233 -0.0068 0.0165 0.0051 0.0100 0.0022 0.0060 0.0233 -0.0068 0.0165 0.0051 0.0050 0.0037 0.0060 0.0198 -0.0068 0.0130 0.0051 0.0025 0.0037 0.0060 0.0173 -0.0068 0.0105 0.0051 0 0.0037 0.0060 0.0148 -0.0068 0.0080 0.0051 0 0.0022 0.0060 0.0133 -0.0068 0.0065 0.0051 0 0.0012 0.0060 0.0123 -0.0068 0.0055 0.0051 0 0.0022 0.0060 0.0133 -0.0068 0.0065 November 30, 2025 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 three years of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 662 845 1193 2171 668 820 1249 2307 168 520 1049 2307 268 520 1049 2307 168 520 1049 2307 132 412 867 2131 107 334 736 1860 82 255 602 1582 66 208 521 1411 56 176 467 1296 66 208 521 1411 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 33%. 0.33 Investments, risks, and performance 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 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table cellspacing="0" style="font: normal 10pt Arial, Helvetica, Sans-Serif; width: 90%"> <tr> <td style="border-bottom: Black 1pt solid; width: 12%">Underlying Fund* </td> <td style="border-bottom: Black 1pt solid; width: 8%">Year </td> <td style="border-bottom: Black 1pt solid; width: 8%">2065 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2060 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2055 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2050 </td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2045 (your fund) </td> <td style="border-bottom: Black 1pt solid; width: 8%">2040 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2035 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2030 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2025 </td> <td style="border-bottom: Black 1pt solid; width: 8%">Maturity Fund </td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Equity Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">33.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">48.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Growth Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">53.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">45.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Balanced Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">3.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">46.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">5.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">49.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Conservative Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Government Money Market Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">1.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Fixed Income Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Multi-Asset Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">13.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">13.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Equity**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">76.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">67.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">42.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">65.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Fixed Income**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">16.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">8.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">18.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Absolute Return**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">15.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">40.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">17.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">54.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> * </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> ** </td> <td> 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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?”. 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-1fees)) 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </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. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.1596 0.2511 0.0884 -0.0051 0.0687 0.1926 -0.0934 0.1921 0.1185 0.1464 Year-to-date performance through 2022-09-30 -0.1926 Best calendar quarter 2020-06-30 0.1540 Worst calendar quarter 2020-03-31 -0.1712 Average annual total returns after sales charges (for periods ended 12/31/21) 0.0805 0.0927 0.1009 0.0437 0.0709 0.0859 0.0601 0.0669 0.0778 0.0880 0.0947 0.1007 0.1280 0.0974 0.1008 0.1419 0.1027 0.1045 0.1448 0.1050 0.1067 0.1477 0.1078 0.1095 0.1493 0.1093 0.1106 0.1504 0.1095 0.1108 0.1490 0.1086 0.1103 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 <div id="xdx_A84_err--PerformanceTableClosingTextBlock_zFwdDlQXIqEj"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"/> <td>Class B and C share performance reflects conversion to class A shares after eight years.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Goal 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 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). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0050 0.0025 0.0019 0.0058 0.0152 -0.0062 0.0090 0.0050 0.0100 0.0019 0.0058 0.0227 -0.0062 0.0165 0.0050 0.0100 0.0019 0.0058 0.0227 -0.0062 0.0165 0.0050 0.0050 0.0034 0.0058 0.0192 -0.0062 0.0130 0.0050 0.0025 0.0034 0.0058 0.0167 -0.0062 0.0105 0.0050 0 0.0034 0.0058 0.0142 -0.0062 0.0080 0.0050 0 0.0019 0.0058 0.0127 -0.0062 0.0065 0.0050 0 0.0009 0.0058 0.0117 -0.0062 0.0055 0.0050 0 0.0019 0.0058 0.0127 -0.0062 0.0065 November 30, 2025 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 three years of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 662 845 1180 2124 668 820 1235 2259 168 520 1035 2259 268 520 1035 2259 168 520 1035 2259 132 412 854 2082 107 334 722 1810 82 255 588 1531 66 208 508 1360 56 176 453 1244 66 208 508 1360 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 32%. 0.32 Investments, risks, and performance 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 2040 (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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table cellspacing="0" style="font: normal 10pt Arial, Helvetica, Sans-Serif; width: 90%"> <tr> <td style="border-bottom: Black 1pt solid; width: 12%">Underlying Fund* </td> <td style="border-bottom: Black 1pt solid; width: 8%">Year </td> <td style="border-bottom: Black 1pt solid; width: 8%">2065 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2060 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2055 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2050 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2045 </td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2040 (your fund) </td> <td style="border-bottom: Black 1pt solid; width: 8%">2035 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2030 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2025 </td> <td style="border-bottom: Black 1pt solid; width: 8%">Maturity Fund </td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Equity Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">33.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">48.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Growth Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">53.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">52.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">45.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Balanced Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">21.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">46.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">49.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Conservative Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Government Money Market Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">3.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Fixed Income Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">5.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">6.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Multi-Asset Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">17.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Equity**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">76.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">67.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">55.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">42.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">52.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Fixed Income**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">22.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">8.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">18.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Absolute Return**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">22.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">40.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">23.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">54.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> * </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> ** </td> <td> 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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?”. 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. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </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. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.1572 0.2375 0.0854 -0.0051 0.0673 0.1795 -0.0878 0.1759 0.0994 0.1238 Year-to-date performance through 2022-09-30 -0.1696 Best calendar quarter 2020-06-30 0.1312 Worst calendar quarter 2020-03-31 -0.1509 Average annual total returns after sales charges (for periods ended 12/31/21) 0.0592 0.0806 0.0929 0.0277 0.0616 0.0796 0.0452 0.0579 0.0715 0.0658 0.0823 0.0929 0.1055 0.0852 0.0929 0.1198 0.0904 0.0965 0.1225 0.0924 0.0984 0.1252 0.0951 0.1011 0.1268 0.0967 0.1025 0.1279 0.0970 0.1027 0.1267 0.0962 0.1022 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 <div id="xdx_A80_err--PerformanceTableClosingTextBlock_zeEmbrWq3Oxg"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"/> <td>Class B and C share performance reflects conversion to class A shares after eight years.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Goal 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. Fees and expenses 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). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0049 0.0025 0.0019 0.0054 0.0147 -0.0057 0.0090 0.0049 0.0100 0.0019 0.0054 0.0222 -0.0057 0.0165 0.0049 0.0100 0.0019 0.0054 0.0222 -0.0057 0.0165 0.0049 0.0050 0.0034 0.0054 0.0187 -0.0057 0.0130 0.0049 0.0025 0.0034 0.0054 0.0162 -0.0057 0.0105 0.0049 0 0.0034 0.0054 0.0137 -0.0057 0.0080 0.0049 0 0.0019 0.0054 0.0122 -0.0057 0.0065 0.0049 0 0.0009 0.0054 0.0112 -0.0057 0.0055 0.0049 0 0.0019 0.0054 0.0122 -0.0057 0.0065 November 30, 2025 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 three years of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 662 845 1169 2084 668 820 1224 2219 168 520 1024 2219 268 520 1024 2219 168 520 1024 2219 132 412 842 2041 107 334 710 1768 82 255 577 1488 66 208 496 1316 56 176 442 1200 66 208 496 1316 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 39%. 0.39 Investments, risks, and performance 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 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table cellspacing="0" style="font: normal 10pt Arial, Helvetica, Sans-Serif; width: 90%"> <tr> <td style="border-bottom: Black 1pt solid; width: 12%">Underlying Fund* </td> <td style="border-bottom: Black 1pt solid; width: 8%">Year </td> <td style="border-bottom: Black 1pt solid; width: 8%">2065 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2060 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2055 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2050 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2045 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2040 </td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2035 (your fund) </td> <td style="border-bottom: Black 1pt solid; width: 8%">2030 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2025 </td> <td style="border-bottom: Black 1pt solid; width: 8%">Maturity Fund </td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Equity Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">33.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">48.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Growth Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">53.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">17.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">45.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Balanced Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">46.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">49.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Conservative Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Government Money Market Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">4.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">4.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Fixed Income Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">10.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Multi-Asset Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">20.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">21.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Equity**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">76.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">67.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">42.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">39.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Fixed Income**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">27.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">8.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">18.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Absolute Return**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.4%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">40.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">32.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">54.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> * </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> ** </td> <td> 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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?”. 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. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </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. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.1508 0.2116 0.0807 -0.0051 0.0629 0.1585 -0.0780 0.1542 0.0764 0.0967 Year-to-date performance through 2022-09-30 -0.1435 Best calendar quarter 2012-03-31 0.1097 Worst calendar quarter 2020-03-31 -0.1257 Average annual total returns after sales charges (for periods ended 12/31/21) 0.0337 0.0652 0.0813 0.0004 0.0476 0.0693 0.0307 0.0460 0.0622 0.0397 0.0668 0.0813 0.0790 0.0699 0.0812 0.0923 0.0748 0.0849 0.0948 0.0767 0.0865 0.0977 0.0794 0.0892 0.0993 0.0811 0.0905 0.1003 0.0816 0.0910 0.0995 0.0807 0.0905 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 <div id="xdx_A8F_err--PerformanceTableClosingTextBlock_zg42Yf2f20Z1"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"/> <td>Class B and C share performance reflects conversion to class A shares after eight years.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Goal 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. Fees and expenses 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). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0048 0.0025 0.0018 0.0052 0.0143 -0.0053 0.0090 0.0048 0.0100 0.0018 0.0052 0.0218 -0.0053 0.0165 0.0048 0.0100 0.0018 0.0052 0.0218 -0.0053 0.0165 0.0048 0.0050 0.0033 0.0052 0.0183 -0.0053 0.0130 0.0048 0.0025 0.0033 0.0052 0.0158 -0.0053 0.0105 0.0048 0 0.0033 0.0052 0.0133 -0.0053 0.0080 0.0048 0 0.0018 0.0052 0.0118 -0.0053 0.0065 0.0048 0 0.0008 0.0052 0.0108 -0.0053 0.0055 0.0048 0 0.0018 0.0052 0.0118 -0.0053 0.0065 November 30, 2025 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 three years of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 662 845 1161 2052 668 820 1215 2187 168 520 1015 2187 268 520 1015 2187 168 520 1015 2187 132 412 833 2009 107 334 701 1735 82 255 568 1454 66 208 487 1281 56 176 432 1165 66 208 487 1281 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 37%. 0.37 Investments, risks, and performance 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 2030 (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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table cellspacing="0" style="font: normal 10pt Arial, Helvetica, Sans-Serif; width: 90%"> <tr> <td style="border-bottom: Black 1pt solid; width: 12%">Underlying Fund* </td> <td style="border-bottom: Black 1pt solid; width: 8%">Year </td> <td style="border-bottom: Black 1pt solid; width: 8%">2065 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2060 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2055 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2050 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2045 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2040 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2035 </td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2030 (your fund) </td> <td style="border-bottom: Black 1pt solid; width: 8%">2025 </td> <td style="border-bottom: Black 1pt solid; width: 8%">Maturity Fund </td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Equity Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">33.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">48.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Growth Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">53.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">45.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Balanced Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">46.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">41.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">49.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">36.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Conservative Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">12.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">15.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Government Money Market Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">5.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Fixed Income Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">15.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Multi-Asset Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">25.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">26.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Equity**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">76.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">67.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">42.4%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">28.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.6%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">26.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">14.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Fixed Income**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">30.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">8.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">18.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">30.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Absolute Return**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">40.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.6%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">43.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">54.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> * </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> ** </td> <td> 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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?”. 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. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </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. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.1379 0.1787 0.0766 -0.0046 0.0543 0.1322 -0.0650 0.1310 0.0517 0.0665 Year-to-date performance through 2022-09-30 -0.1145 Best calendar quarter 2012-03-31 0.0985 Worst calendar quarter 2020-03-31 -0.1005 Average annual total returns after sales charges (for periods ended 12/31/21) 0.0052 0.0483 0.0673 -0.0223 0.0331 0.0570 0.0114 0.0333 0.0510 0.0096 0.0495 0.0672 0.0487 0.0529 0.0673 0.0625 0.0579 0.0708 0.0648 0.0594 0.0722 0.0675 0.0621 0.0749 0.0691 0.0636 0.0761 0.0701 0.0643 0.0768 0.0689 0.0634 0.0763 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 <div id="xdx_A85_err--PerformanceTableClosingTextBlock_zr8HCIKJod1e"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"/> <td>Class B and C share performance reflects conversion to class A shares after eight years.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Goal 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 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). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0047 0.0025 0.0019 0.0051 0.0142 -0.0052 0.0090 0.0047 0.0100 0.0019 0.0051 0.0217 -0.0052 0.0165 0.0047 0.0100 0.0019 0.0051 0.0217 -0.0052 0.0165 0.0047 0.0050 0.0034 0.0051 0.0182 -0.0052 0.0130 0.0047 0.0025 0.0034 0.0051 0.0157 -0.0052 0.0105 0.0047 0 0.0034 0.0051 0.0132 -0.0052 0.0080 0.0047 0 0.0019 0.0051 0.0117 -0.0052 0.0065 0.0047 0 0.0009 0.0051 0.0107 -0.0052 0.0055 0.0047 0 0.0019 0.0051 0.0117 -0.0052 0.0065 November 30, 2025 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 three years of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 662 845 1158 2044 668 820 1213 2179 168 520 1013 2179 268 520 1013 2179 168 520 1013 2179 132 412 831 2001 107 334 699 1727 82 255 565 1445 66 208 484 1273 56 176 430 1156 66 208 484 1273 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 57%. 0.57 Investments, risks, and performance 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 2025 (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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table cellspacing="0" style="font: normal 10pt Arial, Helvetica, Sans-Serif; width: 90%"> <tr> <td style="border-bottom: Black 1pt solid; width: 12%">Underlying Fund* </td> <td style="border-bottom: Black 1pt solid; width: 8%">Year </td> <td style="border-bottom: Black 1pt solid; width: 8%">2065 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2060 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2055 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2050 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2045 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2040 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2035 </td> <td style="border-bottom: Black 1pt solid; width: 8%">2030 </td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">2025 (your fund) </td> <td style="border-bottom: Black 1pt solid; width: 8%">Maturity Fund </td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Equity Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">33.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">48.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Growth Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">53.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">45.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Balanced Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">46.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">14.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">49.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">9.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Dynamic Asset Allocation Conservative Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">27.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.4%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">34.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Government Money Market Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Fixed Income Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">22.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">1.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">25.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Putnam Multi-Asset Absolute Return Fund</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">20.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">29.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.0%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Equity**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">76.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">67.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">42.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">16.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">86.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">84.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">65.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">52.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">14.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.2%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Fixed Income**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.4%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">30.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">8.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">18.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">27.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> </tr> <tr> <td rowspan="2" style="border-bottom: Black 1pt solid; width: 12%">Absolute Return**</td> <td style="border-bottom: Black 1pt solid; width: 8%">2022</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">40.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">52.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">10.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">54.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.0%</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> * </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> ** </td> <td> 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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?”. 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. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </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. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.1200 0.1428 0.0704 -0.0049 0.0441 0.1056 -0.0545 0.1085 0.0296 0.0360 Year-to-date performance through 2022-09-30 -0.0881 Best calendar quarter 2012-03-31 0.0825 Worst calendar quarter 2020-03-31 -0.0774 Average annual total returns after sales charges (for periods ended 12/31/21) -0.0236 0.0310 0.0519 -0.0424 0.0186 0.0430 -0.0074 0.0206 0.0387 -0.0199 0.0321 0.0518 0.0188 0.0355 0.0517 0.0318 0.0403 0.0553 0.0345 0.0418 0.0566 0.0373 0.0444 0.0592 0.0385 0.0461 0.0605 0.0400 0.0470 0.0613 0.0386 0.0459 0.0607 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 <div id="xdx_A8C_err--PerformanceTableClosingTextBlock_zLPvWPY1hAt7"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"/> <td>Class B and C share performance reflects conversion to class A shares after eight years.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Goal Putnam RetirementReady Maturity Fund seeks as high a rate of current income as Putnam Investment Management, LLC (Putnam Management) believes is consistent with preservation of capital. Fees and expenses 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 $100,000 in class A shares of 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). 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 of Putnam funds. 100000 Shareholder fees (fees paid directly from your investment) 0.0400 0.0100 0 0.0500 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0046 0.0025 0.0017 0.0050 0.0138 -0.0050 0.0088 0.0046 0.0100 0.0017 0.0050 0.0213 -0.0050 0.0163 0.0046 0.0100 0.0017 0.0050 0.0213 -0.0050 0.0163 0.0046 0.0050 0.0032 0.0050 0.0178 -0.0050 0.0128 0.0046 0.0025 0.0032 0.0050 0.0153 -0.0050 0.0103 0.0046 0 0.0032 0.0050 0.0128 -0.0050 0.0078 0.0046 0 0.0017 0.0050 0.0113 -0.0050 0.0063 0.0046 0 0.0007 0.0050 0.0103 -0.0050 0.0053 0.0046 0 0.0017 0.0050 0.0113 -0.0050 0.0063 November 30, 2025. 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 three years of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. 486 669 979 1858 666 814 1198 2142 166 514 998 2142 266 514 998 2142 166 514 998 2142 130 406 816 1963 105 328 684 1687 80 249 550 1405 64 202 469 1232 54 170 414 1115 64 202 469 1232 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 24%. 0.24 Investments, risks, and performance Investments 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 its assets in other Putnam mutual funds, referred to as underlying funds. The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2022, which are not expected to change over time. <table style="font: 300 10pt Arial, Helvetica, Sans-Serif; margin-left: 42px; width: 90%"> <tr style="font-weight: 300; vertical-align: bottom"> <td style="width: 85%">Underlying funds* </td> <td> </td> </tr> <tr style="background-color: rgb(209,211,212); vertical-align: bottom"> <td style="text-align: left">Putnam Dynamic Asset Allocation Conservative Fund </td> <td style="text-align: right">34.0% </td> </tr> <tr style="background-color: rgb(230,231,232); vertical-align: bottom"> <td style="text-align: left">Putnam Government Money Market Fund </td> <td style="text-align: right">6.0% </td> </tr> <tr style="background-color: rgb(209,211,212); vertical-align: bottom"> <td style="text-align: left">Putnam Fixed Income Absolute Return Fund </td> <td style="text-align: right">30.0% </td> </tr> <tr style="background-color: rgb(230,231,232); vertical-align: bottom"> <td style="text-align: left">Putnam Multi-Asset Absolute Return Fund </td> <td style="text-align: right">30.0% </td> </tr> <tr style="background-color: rgb(209,211,212); vertical-align: bottom"> <td style="text-align: left">Equity** </td> <td style="text-align: right">10.2% </td> </tr> <tr style="background-color: rgb(230,231,232); vertical-align: bottom"> <td style="text-align: left">Fixed Income** </td> <td style="text-align: right">29.8% </td> </tr> <tr style="background-color: rgb(209,211,212); vertical-align: bottom"> <td style="text-align: left">Absolute Return** </td> <td style="text-align: right">60.0% </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> * </td> <td> Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> ** </td> <td> Equity, fixed income and absolute return allocations are hypothetical estimates based on Putnam Dynamic Asset Allocation Conservative 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. </td> </tr> </table> The fund’s target allocations may differ from the allocations shown in the table. We may change 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. Putnam Management rebalances the fund’s investments towards its target <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> allocations on a quarterly basis. We assume investors will make gradual withdrawals from the fund. 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?”. Risks 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. 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. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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. Investor profile The fund is designed 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 developing a periodic withdrawal program that is appropriate to their personal investment goals and financial circumstances. The fund also serves as the fund into which each of the Putnam RetirementReady Funds will be merged near the end of the target date year of the Putnam RetirementReady Fund. 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. It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance 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. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </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. Please remember that past performance is not necessarily an indication of future results. putnam.com Annual total returns for class A shares before sales charges 0.0708 0.0552 0.0442 -0.0058 0.0252 0.0680 -0.0413 0.0846 0.0101 0.0100 Year-to-date performance through 2022-09-30 -0.0698 Best calendar quarter 2019-03-31 0.0452 Worst calendar quarter 2020-03-31 -0.0569 Average annual total returns after sales charges (for periods ended 12/31/21) -0.0304 0.0170 0.0272 -0.0416 0.0075 0.0185 -0.0157 0.0097 0.0178 -0.0462 0.0140 0.0252 -0.0072 0.0176 0.0252 0.0061 0.0224 0.0287 0.0084 0.0237 0.0298 0.0115 0.0263 0.0325 0.0124 0.0279 0.0337 0.0135 0.0287 0.0345 0.0132 0.0279 0.0340 0.2871 0.1847 0.1655 -0.0154 0.0357 0.0290 <div id="xdx_A89_err--PerformanceTableClosingTextBlock_zHmuWxPGTYLe"/> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or 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. </td> </tr> </table> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"/> <td>Class B and C share performance reflects conversion to class A shares after eight years.</td> </tr> </table> <table style="font: 300 9pt/1.5 Arial, Helvetica, Sans-Serif; margin-left: 10px; width: 90%"> <tr style="vertical-align: top"> <td style="width: 25px; text-align: right"> </td> <td> 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. </td> </tr> </table> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Restated to reflect current fees. 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. 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. Restated to reflect current fees. 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. 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 class Y shares prior to the inception of class R3 shares) 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). 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. 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. Source: Bloomberg Index Services Limited 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. Restated to reflect current fees. 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. 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). 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). 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. 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. Source: Bloomberg Index Services Limited 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. Restated to reflect current fees. 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. 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). 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). 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. 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. Source: Bloomberg Index Services Limited 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. Restated to reflect current fees. 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. 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). 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). 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. 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. Source: Bloomberg Index Services Limited 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. Restated to reflect current fees 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. 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). 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). Performance for class R5 shares prior to their inception (1/4/21) is derived from the historical performance of class R6 shares, adjusted for the higher investor servicing fees applicable to class R5 shares (relative to the comparable fees applicable to R6 shares prior to the inception of class R5 shares). 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. Source: Bloomberg Index Services Limited