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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 102 of the fund’s prospectus, in Appendix A 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) 0.0045 0.0025 0.2787 0.0063 0.2920 -0.2840 0.0080 0.0045 0.0100 0.2787 0.0063 0.2995 -0.2840 0.0155 0.0045 0.0050 0.2802 0.0063 0.2960 -0.2840 0.0120 0.0045 0.0025 0.2802 0.0063 0.2935 -0.2840 0.0095 0.0045 0 0.2802 0.0063 0.2910 -0.2840 0.0070 0.0045 0 0.2787 0.0063 0.2895 -0.2840 0.0055 0.0045 0 0.2777 0.0063 0.2885 -0.2840 0.0045 0.0045 0 0.2787 0.0063 0.2895 -0.2840 0.0055 December 30, 2026 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. 652 816 5627 10499 158 490 5570 10541 258 490 5570 10541 122 381 5473 10548 97 303 5403 10537 72 224 5332 10525 56 176 5289 10517 46 144 5260 10512 56 176 5289 10517 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 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 December 31, 2023 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2024. 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 December 31, 2023. The table also shows the approximate allocations of other Putnam Retirement Advantage 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%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">19.2%</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> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">62.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.2%</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> </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%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">96.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</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%">2024</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">51.8%</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 Balanced Fund</td> <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%">1.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</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%">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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">37.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">47.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.8%</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 Short Term Investment Fund</td> <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 style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</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 Multi-Asset Income Fund</td> <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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</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%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">70.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">59.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">87.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">82.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">77.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">56.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</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%">2023</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">72.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">31.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">63.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</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 and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s current strategic allocation to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> fund at or around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam Retirement Advantage 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 this prospectus beginning on page 74, 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 December 30, 2026 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 December 30, 2026 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 0.55%, 0.55%, 0.70%, 0.70%, 0.70%, 0.55%, 0.45%, and 0.55%, 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, <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds’ portfolio holdings, may negatively impact an underlying fund’s performance, and may exacerbate other risks to which an underlying fund is subject. 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. Fixed income investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ fixed income investments is likely to fall if interest rates rise. Fixed income investments also are subject to credit risk, which is the risk that the issuers of the underlying funds’ fixed income investments may default on payment of interest or principal. Fixed income 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. Putnam Dynamic Asset Allocation Equity Fund and Putnam Short Term Investment Fund may use, and each other underlying fund typically uses to a significant extent, derivatives, such as futures, options, swap contracts, and, for each underlying fund other than Putnam Short Term Investment Fund, certain foreign currency transactions and warrants, for both hedging and investment purposes (although, in the case of Putnam Short Term Investment Fund, they do not represent a primary focus of the fund). 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 derivative 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 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. 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 0.1999 -0.1832 Year-to-date performance through 2023-09-30 0.1219 Best calendar quarter 2022-12-31 0.0812 Worst calendar quarter 2022-06-30 -0.1563 Average annual total returns after sales charges (for periods ended 12/31/22) 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 2020-12-30 -0.2301 -0.0354 -0.2392 -0.0511 -0.1298 -0.0288 -0.1972 -0.0141 -0.1860 -0.0104 -0.1849 -0.0082 -0.1819 -0.0052 -0.1815 -0.0042 -0.1806 -0.0032 -0.1815 -0.0041 -0.1595 -0.0008 <div id="xdx_A87_err--PerformanceTableClosingTextBlock_zo8VhUcGacla"></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> 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 Retirement Advantage 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 102 of the fund’s prospectus, in Appendix A 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) 0.0044 0.0025 0.0458 0.0063 0.0590 -0.0510 0.0080 0.0044 0.0100 0.0458 0.0063 0.0665 -0.0510 0.0155 0.0044 0.0050 0.0473 0.0063 0.0630 -0.0510 0.0120 0.0044 0.0025 0.0473 0.0063 0.0605 -0.0510 0.0095 0.0044 0 0.0473 0.0063 0.0580 -0.0510 0.0070 0.0044 0 0.0458 0.0063 0.0565 -0.0510 0.0055 0.0044 0 0.0448 0.0063 0.0555 -0.0510 0.0045 0.0044 0 0.0458 0.0063 0.0565 -0.0510 0.0055 December 30, 2026 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. 652 816 2063 5083 158 490 1938 5213 258 490 1938 5213 122 381 1772 5094 97 303 1651 4901 72 224 1530 4703 56 176 1456 4582 46 144 1406 4500 56 176 1456 4582 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 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. <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 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 December 31, 2023 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2024. 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 December 31, 2023. The table also shows the approximate allocations of other Putnam Retirement Advantage 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; 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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">66.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">19.2%</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> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">62.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.2%</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> </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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">32.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">96.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</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%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">36.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">51.8%</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 Balanced Fund</td> <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%">1.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</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%">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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">37.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">47.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.8%</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 Short Term Investment Fund</td> <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 style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</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 Multi-Asset Income Fund</td> <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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">70.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">59.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">92.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">87.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">82.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">77.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">56.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</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%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">72.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">7.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">31.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">63.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</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 and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s current strategic allocation to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> fund at or around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam Retirement Advantage 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 this prospectus beginning on page 74, 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 December 30, 2026 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 December 30, 2026 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 0.55%, 0.55%, 0.70%, 0.70%, 0.70%, 0.55%, 0.45%, and 0.55%, 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, <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds’ portfolio holdings, may negatively impact an underlying fund’s performance, and may exacerbate other risks to which an underlying fund is subject. 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. Fixed income investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ fixed income investments is likely to fall if interest rates rise. Fixed income investments also are subject to credit risk, which is the risk that the issuers of the underlying funds’ fixed income investments may default on payment of interest or principal. Fixed income 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. Putnam Dynamic Asset Allocation Equity Fund and Putnam Short Term Investment Fund may use, and each other underlying fund typically uses to a significant extent, derivatives, such as futures, options, swap contracts, and, for each underlying fund other than Putnam Short Term Investment Fund, certain foreign currency transactions and warrants, for both hedging and investment purposes (although, in the case of Putnam Short Term Investment Fund, they do not represent a primary focus of the fund). 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 derivative 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 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. 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* 0.1675 0.2002 -0.1824 Year-to-date performance through 2023-09-30 0.1195 Best calendar quarter 2020-12-31 0.2071 Worst calendar quarter 2020-03-31 -0.2096 Average annual total returns after sales charges (for periods ended 12/31/22) 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 -0.2294 0.0259 -0.2408 -0.0026 -0.1277 0.0157 -0.1959 0.0386 -0.1856 0.0419 -0.1833 0.0446 -0.1816 0.0468 -0.1806 0.0485 -0.1791 0.0497 -0.1806 0.0485 -0.1597 0.0404 <div id="xdx_A80_err--PerformanceTableClosingTextBlock_zHowBnEWURI1"></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> 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 Retirement Advantage 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 102 of the fund’s prospectus, in Appendix A 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) 0.0043 0.0025 0.0259 0.0064 0.0391 -0.0311 0.0080 0.0043 0.0100 0.0259 0.0064 0.0466 -0.0311 0.0155 0.0043 0.0050 0.0274 0.0064 0.0431 -0.0311 0.0120 0.0043 0.0025 0.0274 0.0064 0.0406 -0.0311 0.0095 0.0043 0 0.0274 0.0064 0.0381 -0.0311 0.0070 0.0043 0 0.0259 0.0064 0.0366 -0.0311 0.0055 0.0043 0 0.0249 0.0064 0.0356 -0.0311 0.0045 0.0043 0 0.0259 0.0064 0.0366 -0.0311 0.0055 December 30, 2026 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. 652 816 1659 3848 158 490 1525 3981 258 490 1525 3981 122 381 1352 3838 97 303 1226 3611 72 224 1099 3379 56 176 1022 3236 46 144 970 3140 56 176 1022 3236 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 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 December 31, 2023 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2024. 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 December 31, 2023. The table also shows the approximate allocations of other Putnam Retirement Advantage 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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.6%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">44.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">19.2%</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> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">62.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">39.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.2%</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> </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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">55.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">96.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</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%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">60.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">51.8%</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 Balanced Fund</td> <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%">1.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</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%">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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">37.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">47.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.8%</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 Short Term Investment Fund</td> <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 style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</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 Multi-Asset Income Fund</td> <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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">88.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">70.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">59.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">87.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">82.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">77.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">56.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</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%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">72.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">12.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">31.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">63.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</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 and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s current strategic allocation to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> fund at or around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam Retirement Advantage 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 this prospectus beginning on page 74, 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 December 30, 2026 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 December 30, 2026 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 0.55%, 0.55%, 0.70%, 0.70%, 0.70%, 0.55%, 0.45%, and 0.55%, 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, <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds’ portfolio holdings, may negatively impact an underlying fund’s performance, and may exacerbate other risks to which an underlying fund is subject. 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. Fixed income investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ fixed income investments is likely to fall if interest rates rise. Fixed income investments also are subject to credit risk, which is the risk that the issuers of the underlying funds’ fixed income investments may default on payment of interest or principal. Fixed income 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. Putnam Dynamic Asset Allocation Equity Fund and Putnam Short Term Investment Fund may use, and each other underlying fund typically uses to a significant extent, derivatives, such as futures, options, swap contracts, and, for each underlying fund other than Putnam Short Term Investment Fund, certain foreign currency transactions and warrants, for both hedging and investment purposes (although, in the case of Putnam Short Term Investment Fund, they do not represent a primary focus of the fund). 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 derivative 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 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. 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* 0.1638 0.1914 -0.1785 Year-to-date performance through 2023-09-30 0.1110 Best calendar quarter 6/30/20 2020-06-30 0.2008 Worst calendar quarter 2020-03-31 -0.2046 Average annual total returns after sales charges (for periods ended 12/31/22) 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 -0.2258 0.0239 -0.2417 -0.0015 -0.1225 0.0170 -0.1915 0.0369 -0.1820 0.0399 -0.1798 0.0426 -0.1773 0.0451 -0.1764 0.0465 -0.1755 0.0476 -0.1764 0.0465 -0.1588 0.0381 <div id="xdx_A85_err--PerformanceTableClosingTextBlock_zWO31IHKvV5d"></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> 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 Retirement Advantage 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 102 of the fund’s prospectus, in Appendix A 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) 0.0042 0.0025 0.0190 0.0065 0.0322 -0.0242 0.0080 0.0042 0.0100 0.0190 0.0065 0.0397 -0.0242 0.0155 0.0042 0.0050 0.0205 0.0065 0.0362 -0.0242 0.0120 0.0042 0.0025 0.0205 0.0065 0.0337 -0.0242 0.0095 0.0042 0 0.0205 0.0065 0.0312 -0.0242 0.0070 0.0042 0 0.0190 0.0065 0.0297 -0.0242 0.0055 0.0042 0 0.0180 0.0065 0.0287 -0.0242 0.0045 0.0042 0 0.0190 0.0065 0.0297 -0.0242 0.0055 December 30, 2026 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. 652 816 1515 3374 158 490 1378 3508 258 490 1378 3508 122 381 1202 3355 97 303 1074 3116 72 224 945 2871 56 176 867 2720 46 144 814 2618 56 176 867 2720 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 22%. 0.22 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 December 31, 2023 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2024. 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 December 31, 2023. The table also shows the approximate allocations of other Putnam Retirement Advantage 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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">19.2%</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> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">62.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">15.2%</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> </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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">80.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">96.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</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%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">83.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">51.8%</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 Balanced Fund</td> <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%">1.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</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%">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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">37.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">47.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.8%</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 Short Term Investment Fund</td> <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 style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</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 Multi-Asset Income Fund</td> <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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.4%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">83.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">70.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">59.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">87.4%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">82.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">77.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">56.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</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%">16.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">72.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.6%</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%">23.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">31.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">63.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</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 and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s current strategic allocation to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> fund at or around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam Retirement Advantage 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 this prospectus beginning on page 74, 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 December 30, 2026 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 December 30, 2026 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 0.55%, 0.55%, 0.70%, 0.70%, 0.70%, 0.55%, 0.45%, and 0.55%, 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, <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds’ portfolio holdings, may negatively impact an underlying fund’s performance, and may exacerbate other risks to which an underlying fund is subject. 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. Fixed income investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ fixed income investments is likely to fall if interest rates rise. Fixed income investments also are subject to credit risk, which is the risk that the issuers of the underlying funds’ fixed income investments may default on payment of interest or principal. Fixed income 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. Putnam Dynamic Asset Allocation Equity Fund and Putnam Short Term Investment Fund may use, and each other underlying fund typically uses to a significant extent, derivatives, such as futures, options, swap contracts, and, for each underlying fund other than Putnam Short Term Investment Fund, certain foreign currency transactions and warrants, for both hedging and investment purposes (although, in the case of Putnam Short Term Investment Fund, they do not represent a primary focus of the fund). 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 derivative 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 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. 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* 0.1561 0.1822 -0.1738 Year-to-date performance through 2023-09-30 0.1024 Best calendar quarter 2020-06-30 0.1884 Worst calendar quarter 2020-03-31 -0.1946 Average annual total returns after sales charges (for periods ended 12/31/22) 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 -0.2213 0.0210 -0.2400 -0.0077 -0.1179 0.0126 -0.1867 0.0340 -0.1768 0.0373 -0.1747 0.0399 -0.1727 0.0421 -0.1712 0.0438 -0.1704 0.0449 -0.1712 0.0438 -0.1584 0.0382 <div id="xdx_A80_err--PerformanceTableClosingTextBlock_zFWonb3Eva8f"></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> 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 Retirement Advantage 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 102 of the fund’s prospectus, in Appendix A 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) 0.0041 0.0025 0.0128 0.0064 0.0258 -0.0178 0.0080 0.0041 0.0100 0.0128 0.0064 0.0333 -0.0178 0.0155 0.0041 0.0050 0.0143 0.0064 0.0298 -0.0178 0.0120 0.0041 0.0025 0.0143 0.0064 0.0273 -0.0178 0.0095 0.0041 0 0.0143 0.0064 0.0248 -0.0178 0.0070 0.0041 0 0.0128 0.0064 0.0233 -0.0178 0.0055 0.0041 0 0.0118 0.0064 0.0223 -0.0178 0.0045 0.0041 0 0.0128 0.0064 0.0233 -0.0178 0.0055 December 30, 2026 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. 652 816 1379 2912 158 490 1239 3047 258 490 1239 3047 122 381 1061 2885 97 303 932 2634 72 224 801 2376 56 176 722 2217 46 144 668 2111 56 176 722 2217 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 29%. 0.29 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 December 31, 2023 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2024. 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 December 31, 2023. The table also shows the approximate allocations of other Putnam Retirement Advantage 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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">19.2%</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> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">62.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.2%</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> </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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">96.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</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%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">92.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">51.8%</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 Balanced Fund</td> <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%">1.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</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%">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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">37.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">47.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.8%</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 Short Term Investment Fund</td> <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 style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.0%</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%">3.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</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 Multi-Asset Income Fund</td> <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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">78.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">70.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">59.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">87.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">82.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">77.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">56.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">21.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">72.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.6%</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%">23.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">31.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">63.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</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 and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s current strategic allocation to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> fund at or around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam Retirement Advantage 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 this prospectus beginning on page 74, 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 December 30, 2026 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 December 30, 2026 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 0.55%, 0.55%, 0.70%, 0.70%, 0.70%, 0.55%, 0.45%, and 0.55%, 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, <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds’ portfolio holdings, may negatively impact an underlying fund’s performance, and may exacerbate other risks to which an underlying fund is subject. 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. Fixed income investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ fixed income investments is likely to fall if interest rates rise. Fixed income investments also are subject to credit risk, which is the risk that the issuers of the underlying funds’ fixed income investments may default on payment of interest or principal. Fixed income 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. Putnam Dynamic Asset Allocation Equity Fund and Putnam Short Term Investment Fund may use, and each other underlying fund typically uses to a significant extent, derivatives, such as futures, options, swap contracts, and, for each underlying fund other than Putnam Short Term Investment Fund, certain foreign currency transactions and warrants, for both hedging and investment purposes (although, in the case of Putnam Short Term Investment Fund, they do not represent a primary focus of the fund). 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 derivative 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 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. 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* 0.1464 0.1716 -0.1670 Year-to-date performance through 2023-09-30 0.0921 Best calendar quarter 2020-06-30 0.1765 Worst calendar quarter 2020-03-31 -0.1856 Average annual total returns after sales charges (for periods ended 12/31/22) 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 -0.2149 0.0178 -0.2352 -0.0077 -0.1134 0.0116 -0.1817 0.0302 -0.1715 0.0337 -0.1694 0.0363 -0.1674 0.0386 -0.1659 0.0402 -0.1650 0.0414 -0.1652 0.0402 -0.1565 0.0353 <div id="xdx_A86_err--PerformanceTableClosingTextBlock_zv8mTdNSkIka"></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> 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 Retirement Advantage 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 102 of the fund’s prospectus, in Appendix A 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) 0.0040 0.0025 0.0131 0.0061 0.0257 -0.0177 0.0080 0.0040 0.0100 0.0131 0.0061 0.0332 -0.0177 0.0155 0.0040 0.0050 0.0146 0.0061 0.0297 -0.0177 0.0120 0.0040 0.0025 0.0146 0.0061 0.0272 -0.0177 0.0095 0.0040 0 0.0146 0.0061 0.0247 -0.0177 0.0070 0.0040 0 0.0131 0.0061 0.0232 -0.0177 0.0055 0.0040 0 0.0121 0.0061 0.0222 -0.0177 0.0045 0.0040 0 0.0131 0.0061 0.0232 -0.0177 0.0055 December 30, 2026 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. 652 816 1377 2905 158 490 1237 3040 258 490 1237 3040 122 381 1059 2878 97 303 930 2626 72 224 799 2368 56 176 719 2209 46 144 666 2102 56 176 719 2209 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 27%. 0.27 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 December 31, 2023 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2024. 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 December 31, 2023. The table also shows the approximate allocations of other Putnam Retirement Advantage 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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">19.2%</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> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">62.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.2%</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> </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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">96.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">60.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</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%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">51.8%</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 Balanced Fund</td> <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%">1.2%</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%">88.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">4.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">44.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</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%">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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">37.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">47.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.8%</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 Short Term Investment Fund</td> <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 style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.0%</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%">3.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</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 Multi-Asset Income Fund</td> <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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">70.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">59.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">87.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">82.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">77.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">68.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">56.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.9%</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%">41.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">72.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">31.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">63.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</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 and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s current strategic allocation to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> fund at or around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam Retirement Advantage 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 this prospectus beginning on page 74, 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 December 30, 2026 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 December 30, 2026 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 0.55%, 0.55%, 0.70%, 0.70%, 0.70%, 0.55%, 0.45%, and 0.55%, 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, <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds’ portfolio holdings, may negatively impact an underlying fund’s performance, and may exacerbate other risks to which an underlying fund is subject. 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. Fixed income investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ fixed income investments is likely to fall if interest rates rise. Fixed income investments also are subject to credit risk, which is the risk that the issuers of the underlying funds’ fixed income investments may default on payment of interest or principal. Fixed income 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. Putnam Dynamic Asset Allocation Equity Fund and Putnam Short Term Investment Fund may use, and each other underlying fund typically uses to a significant extent, derivatives, such as futures, options, swap contracts, and, for each underlying fund other than Putnam Short Term Investment Fund, certain foreign currency transactions and warrants, for both hedging and investment purposes (although, in the case of Putnam Short Term Investment Fund, they do not represent a primary focus of the fund). 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 derivative 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 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. 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* 0.1408 0.1614 -0.1616 Year-to-date performance through 2023-09-30 0.0847 Best calendar quarter 2020-06-30 0.1655 Worst calendar quarter 2020-03-31 -0.1737 Average annual total returns after sales charges (for periods ended 12/31/22) 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 -0.2098 0.0154 -0.2313 -0.0104 -0.1095 0.0093 -0.1754 0.0280 -0.1655 0.0312 -0.1633 0.0339 -0.1614 0.0361 -0.1598 0.0378 -0.1590 0.0389 -0.1598 0.0378 -0.1519 0.0331 <div id="xdx_A80_err--PerformanceTableClosingTextBlock_zReONKmSlJii"></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> 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 Retirement Advantage 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 102 of the fund’s prospectus, in Appendix A 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) 0.0039 0.0025 0.0095 0.0057 0.0216 -0.0136 0.0080 0.0039 0.0100 0.0095 0.0057 0.0291 -0.0136 0.0155 0.0039 0.0050 0.0110 0.0057 0.0256 -0.0136 0.0120 0.0039 0.0025 0.0110 0.0057 0.0231 -0.0136 0.0095 0.0039 0 0.0110 0.0057 0.0206 -0.0136 0.0070 0.0039 0 0.0095 0.0057 0.0191 -0.0136 0.0055 0.0039 0 0.0085 0.0057 0.0181 -0.0136 0.0045 0.0039 0 0.0095 0.0057 0.0191 -0.0136 0.0055 December 30, 2026 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. 652 816 1290 2597 158 490 1147 2732 258 490 1147 2732 122 381 968 2564 97 303 837 2305 72 224 705 2038 56 176 625 1874 46 144 571 1764 56 176 625 1874 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 29%. 0.29 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 December 31, 2023 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2024. 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 December 31, 2023. The table also shows the approximate allocations of other Putnam Retirement Advantage 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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">19.2%</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> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">62.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.2%</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> </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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">96.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.8%</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%">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%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">51.8%</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 Balanced Fund</td> <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%">1.2%</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%">88.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</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%">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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">37.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">47.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.8%</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 Short Term Investment Fund</td> <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 style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.4%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">4.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">5.8%</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 Multi-Asset Income Fund</td> <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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">81.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">70.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">59.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">87.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">82.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">77.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.3%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">56.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">41.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">72.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">31.7%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">43.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">63.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</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 and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s current strategic allocation to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> fund at or around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam Retirement Advantage 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 this prospectus beginning on page 74, 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 December 30, 2026 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 December 30, 2026 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 0.55%, 0.55%, 0.70%, 0.70%, 0.70%, 0.55%, 0.45%, and 0.55%, 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, <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds’ portfolio holdings, may negatively impact an underlying fund’s performance, and may exacerbate other risks to which an underlying fund is subject. 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. Fixed income investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ fixed income investments is likely to fall if interest rates rise. Fixed income investments also are subject to credit risk, which is the risk that the issuers of the underlying funds’ fixed income investments may default on payment of interest or principal. Fixed income 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. Putnam Dynamic Asset Allocation Equity Fund and Putnam Short Term Investment Fund may use, and each other underlying fund typically uses to a significant extent, derivatives, such as futures, options, swap contracts, and, for each underlying fund other than Putnam Short Term Investment Fund, certain foreign currency transactions and warrants, for both hedging and investment purposes (although, in the case of Putnam Short Term Investment Fund, they do not represent a primary focus of the fund). 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 derivative 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 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. 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* 0.1311 0.1436 -0.1551 Year-to-date performance through 2023-09-30 0.0736 Best calendar quarter 2020-06-30 0.1482 Worst calendar quarter 2020-03-31 -0.1517 Average annual total returns after sales charges (for periods ended 12/31/22) 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 -0.2037 0.0099 -0.2184 -0.0134 -0.1101 0.0044 -0.1688 0.0225 -0.1574 0.0262 -0.1551 0.0289 -0.1532 0.0311 -0.1525 0.0324 -0.1516 0.0335 -0.1525 0.0324 -0.1456 0.0305 <div id="xdx_A85_err--PerformanceTableClosingTextBlock_z5pdWWX9YpPc"></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> 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 Retirement Advantage 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 102 of the fund’s prospectus, in Appendix A 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) 0.0038 0.0025 0.0102 0.0055 0.0220 -0.0140 0.0080 0.0038 0.0100 0.0102 0.0055 0.0295 -0.0140 0.0155 0.0038 0.0050 0.0117 0.0055 0.0260 -0.0140 0.0120 0.0038 0.0025 0.0117 0.0055 0.0235 -0.0140 0.0095 0.0038 0 0.0117 0.0055 0.0210 -0.0140 0.0070 0.0038 0 0.0102 0.0055 0.0195 -0.0140 0.0055 0.0038 0 0.0092 0.0055 0.0185 -0.0140 0.0045 0.0038 0 0.0102 0.0055 0.0195 -0.0140 0.0055 December 30, 2026 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. 652 816 1298 2627 158 490 1156 2763 258 490 1156 2763 122 381 977 2595 97 303 846 2336 72 224 714 2070 56 176 634 1908 46 144 581 1797 56 176 634 1908 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 35%. 0.35 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 December 31, 2023 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2024. 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 December 31, 2023. The table also shows the approximate allocations of other Putnam Retirement Advantage 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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">19.2%</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> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">62.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.2%</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> </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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">96.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.8%</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%">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%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">51.8%</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 Balanced Fund</td> <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%">1.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">43.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">6.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">30.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</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%">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%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">37.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">22.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">47.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">9.8%</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 Short Term Investment Fund</td> <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 style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.5%</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%">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 Multi-Asset Income Fund</td> <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%">0.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">13.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.5%</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%">81.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">70.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">59.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">41.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">28.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">87.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">82.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">77.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">56.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">36.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">26.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.0%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">58.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">72.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">31.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">63.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">73.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</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 and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s current strategic allocation to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> fund at or around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam Retirement Advantage 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 this prospectus beginning on page 74, 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 December 30, 2026 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 December 30, 2026 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 0.55%, 0.55%, 0.70%, 0.70%, 0.70%, 0.55%, 0.45%, and 0.55%, 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, <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds’ portfolio holdings, may negatively impact an underlying fund’s performance, and may exacerbate other risks to which an underlying fund is subject. 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. Fixed income investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ fixed income investments is likely to fall if interest rates rise. Fixed income investments also are subject to credit risk, which is the risk that the issuers of the underlying funds’ fixed income investments may default on payment of interest or principal. Fixed income 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. Putnam Dynamic Asset Allocation Equity Fund and Putnam Short Term Investment Fund may use, and each other underlying fund typically uses to a significant extent, derivatives, such as futures, options, swap contracts, and, for each underlying fund other than Putnam Short Term Investment Fund, certain foreign currency transactions and warrants, for both hedging and investment purposes (although, in the case of Putnam Short Term Investment Fund, they do not represent a primary focus of the fund). 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 derivative 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 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. 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* 0.1158 0.1173 -0.1461 Year-to-date performance through 2023-09-30 0.0527 Best calendar quarter 2020-06-30 0.1253 Worst calendar quarter 2020-03-31 -0.1238 Average annual total returns after sales charges (for periods ended 12/31/22) 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 -0.1952 0.0011 -0.2095 -0.0190 -0.1069 -0.0020 -0.1602 0.0136 -0.1492 0.0169 -0.1470 0.0196 -0.1442 0.0221 -0.1435 0.0234 -0.1426 0.0245 -0.1434 0.0234 -0.1355 0.0253 <div id="xdx_A8A_err--PerformanceTableClosingTextBlock_z7qd7GSyPcT8"></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> 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 Retirement Advantage 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 102 of the fund’s prospectus, in Appendix A 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) 0.0037 0.0025 0.0106 0.0044 0.0212 -0.0132 0.0080 0.0037 0.0100 0.0106 0.0044 0.0287 -0.0132 0.0155 0.0037 0.0050 0.0121 0.0044 0.0252 -0.0132 0.0120 0.0037 0.0025 0.0121 0.0044 0.0227 -0.0132 0.0095 0.0037 0 0.0121 0.0044 0.0202 -0.0132 0.0070 0.0037 0 0.0106 0.0044 0.0187 -0.0132 0.0055 0.0037 0 0.0096 0.0044 0.0177 -0.0132 0.0045 0.0037 0 0.0106 0.0044 0.0187 -0.0132 0.0055 December 30, 2026 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. 652 816 1281 2567 158 490 1139 2702 258 490 1139 2702 122 381 959 2533 97 303 828 2273 72 224 696 2005 56 176 616 1841 46 144 562 1730 56 176 616 1841 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 46%. 0.46 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 December 31, 2023 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2024. 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 December 31, 2023. The table also shows the approximate allocations of other Putnam Retirement Advantage 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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">66.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">19.2%</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> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">62.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">39.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">15.2%</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> </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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">32.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">55.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">80.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">96.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.7%</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%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">60.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">51.8%</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 Balanced Fund</td> <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%">1.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.8%</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%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">44.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">30.1%</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%">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%">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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">37.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">22.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">0.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">47.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">9.8%</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 Short Term Investment Fund</td> <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 style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">2.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">3.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.5%</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%">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 Multi-Asset Income Fund</td> <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%">0.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">13.5%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">66.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</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%">1.5%</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%">81.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">94.0%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">88.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">83.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">78.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">70.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">59.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.1%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">28.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">95.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">92.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">87.4%</td> <td style="border-bottom: Black 1pt solid; width: 8%">82.2%</td> <td style="border-bottom: Black 1pt solid; width: 8%">77.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">68.3%</td> <td style="border-bottom: Black 1pt solid; width: 8%">56.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">36.8%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">26.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">25.4%</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%">2023</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.1%</td> <td style="border-bottom: Black 1pt solid; width: 8%">11.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">16.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">21.9%</td> <td style="border-bottom: Black 1pt solid; width: 8%">29.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">41.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">58.9%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">72.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</td> </tr> <tr> <td style="border-bottom: Black 1pt solid; width: 8%">2024</td> <td style="border-bottom: Black 1pt solid; width: 8%">4.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">7.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">12.6%</td> <td style="border-bottom: Black 1pt solid; width: 8%">17.8%</td> <td style="border-bottom: Black 1pt solid; width: 8%">23.0%</td> <td style="border-bottom: Black 1pt solid; width: 8%">31.7%</td> <td style="border-bottom: Black 1pt solid; width: 8%">43.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">63.2%</td> <td style="border-bottom: Black 1pt solid; background-color: Silver; color: #000000; width: 8%">73.5%</td> <td style="border-bottom: Black 1pt solid; width: 8%">74.6%</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 and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s current strategic allocation to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> fund at or around the target date. Near the end of the target date year, the fund’s target allocations will correspond to those of Putnam Retirement Advantage 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 this prospectus beginning on page 74, 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 December 30, 2026 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 December 30, 2026 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 0.55%, 0.55%, 0.70%, 0.70%, 0.70%, 0.55%, 0.45%, and 0.55%, 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, <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying funds’ portfolio holdings, may negatively impact an underlying fund’s performance, and may exacerbate other risks to which an underlying fund is subject. 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. Fixed income investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ fixed income investments is likely to fall if interest rates rise. Fixed income investments also are subject to credit risk, which is the risk that the issuers of the underlying funds’ fixed income investments may default on payment of interest or principal. Fixed income 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. Putnam Dynamic Asset Allocation Equity Fund and Putnam Short Term Investment Fund may use, and each other underlying fund typically uses to a significant extent, derivatives, such as futures, options, swap contracts, and, for each underlying fund other than Putnam Short Term Investment Fund, certain foreign currency transactions and warrants, for both hedging and investment purposes (although, in the case of Putnam Short Term Investment Fund, they do not represent a primary focus of the fund). 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 derivative 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 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. 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* 0.0936 0.0667 -0.1353 Year-to-date performance through 2023-09-30 0.0309 Best calendar quarter 2020-06-30 0.0885 Worst calendar quarter 2022-06-30 -0.0868 Average annual total returns after sales charges (for periods ended 12/31/22) 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 -0.1850 -0.0167 -0.1889 -0.0286 -0.1071 -0.0152 -0.1499 -0.0044 -0.1385 -0.0012 -0.1372 0.0013 -0.1343 0.0035 -0.1327 0.0051 -0.1318 0.0063 -0.1327 0.0051 -0.1247 0.0194 <div id="xdx_A81_err--PerformanceTableClosingTextBlock_zS0jb4ZF6fA4"></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> 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 Retirement Advantage 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 102 of the fund’s prospectus, in Appendix A 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 0.0100 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) 0.0036 0.0025 0.0101 0.0039 0.0201 -0.0121 0.0080 0.0036 0.0100 0.0101 0.0039 0.0276 -0.0121 0.0155 0.0036 0.0050 0.0116 0.0039 0.0241 -0.0121 0.0120 0.0036 0.0025 0.0116 0.0039 0.0216 -0.0121 0.0095 0.0036 0 0.0116 0.0039 0.0191 -0.0121 0.0070 0.0036 0 0.0101 0.0039 0.0176 -0.0121 0.0055 0.0036 0 0.0091 0.0039 0.0166 -0.0121 0.0045 0.0036 0 0.0101 0.0039 0.0176 -0.0121 0.0055 December 30, 2026 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. 478 645 1095 2343 158 490 1114 2617 258 490 1114 2617 122 381 934 2447 97 303 803 2184 72 224 671 1915 56 176 591 1749 46 144 537 1638 56 176 591 1749 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 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. The fund invests most of its assets in Putnam Multi-Asset Income Fund, another Putnam mutual fund, which invests mainly in fixed-income investments and, to a lesser extent, in equity securities. The fund invests the rest of its assets in Putnam Short Term Investment Fund, a Putnam mutual fund that invests mainly in short duration, investment-grade money market and other fixed income securities. The following table presents your fund’s approximate allocations to each asset class (through its investments in underlying funds) as of December 31, 2023, 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: 54%">Asset class </td> <td style="width: 46%"> </td> </tr> <tr style="background-color: rgb(209,211,212); vertical-align: bottom"> <td style="width: 54%">Equity* </td> <td style="width: 46%">25.4% </td> </tr> <tr style="background-color: rgb(230,231,232); vertical-align: bottom"> <td style="width: 54%">Fixed Income* </td> <td style="width: 46%">74.6% </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 and fixed income allocations are hypothetical estimates based on Putnam Multi-Asset Income Fund’s current strategic allocation to equity and fixed income investments as set forth under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The managers of Putnam Multi-Asset Income Fund may adjust the fund’s allocations among asset classes from time to time consistent with its 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 fund(s) 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 make gradual withdrawals from the fund. The managers of Multi-Asset Income Fund will rebalance that fund’s investments towards its target allocations on a quarterly basis. More information about Multi-Asset Income Fund and Putnam Short Term Investment Fund is included under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”. <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> 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 (through the fund’s investment in its underlying funds, Putnam Multi-Asset Income Fund and Putnam Short Term Investment Fund) 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 December 30, 2026 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 December 30, 2026 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 0.55%, 0.55%, 0.70%, 0.70%, 0.70%, 0.55%, 0.45%, and 0.55%, 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. Putnam Multi-Asset Income 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, outbreaks of infectious illnesses or other widespread public health issues, 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, may negatively impact an underlying fund’s performance, and may exacerbate other risks to which an underlying fund is subject. Growth stocks may be more susceptible <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies. In addition, small and midsize companies, at times, may not perform as well as stocks of larger companies or the stock market in general, and may be out of favor with investors for varying periods of time. Fixed income investments are subject to interest rate risk, which is the risk that the value of the underlying funds’ fixed income investments is likely to fall if interest rates rise. Fixed income investments also are subject to credit risk, which is the risk that the issuers of the underlying funds’ fixed income investments may default on payment of interest or principal. Fixed income 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. Putnam Multi-Asset Income Fund typically uses to a significant extent, and Putnam Short Term Investment Fund may use, derivatives, such as futures, options, swap contracts, and, for Putnam Multi-Asset Income Fund only, certain foreign currency transactions and warrants, for both hedging and investment purposes (although, in the case of Putnam Short Term Investment Fund, they do not represent a primary focus of the fund). Investing in Putnam Multi-Asset Income Fund will be riskier to the extent the fund uses derivatives to increase investment exposure (which may be considered leverage and magnify or otherwise increase investment losses to the fund). 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 <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> an underlying fund may be unable to terminate or sell derivative 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. Putnam Multi-Asset Income Fund expects to engage in frequent trading. Funds with high turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income and may incur higher transaction costs than funds with relatively lower turnover, which may detract from performance. 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 professional 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 Retirement Advantage Funds will be merged near the end of the target year of the Putnam Retirement Advantage 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. t 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* 0.0799 0.0559 -0.1267 Year-to-date performance through 2023-09-30 0.0248 Best calendar quarter 2020-06-30 0.0710 Worst calendar quarter 2022-06-30 -0.0829 Average annual total returns after sales charges (for periods ended 12/31/22) 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 2019-12-31 -0.1769 -0.0209 -0.1791 -0.0291 -0.1032 -0.0183 -0.1426 -0.0088 -0.1304 -0.0053 -0.1281 -0.0029 -0.1264 -0.0009 -0.1250 0.0007 -0.1239 0.0018 -0.1250 0.0007 -0.1166 0.0074 <div id="xdx_A85_err--PerformanceTableClosingTextBlock_zMi7ETRaC77a"></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> 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 at least December 30, 2026. 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 eliminated after one year. Restated to reflect current fees. Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through at least December 30, 2026. This obligation may be modified or discontinued only with approval of the Board of Trustees. Performance for classes A, C, R, R3, R4, R5, and Y shares prior to their inception (9/1/20) is derived from the historical performance of class R6 shares, adjusted for the higher operating expenses and, for class A and C shares, higher sales charges (in the case of after sales-charge returns) applicable to such 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 at least December 30, 2026. This obligation may be modified or discontinued only with approval of the Board of Trustees. Performance for classes A, C, R, R3, R4, R5, and Y shares prior to their inception (9/1/20) is derived from the historical performance of class R6 shares, adjusted for the higher operating expenses and, for class A and C shares, higher sales charges (in the case of after sales-charge returns) applicable to such 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 at least December 30, 2026. This obligation may be modified or discontinued only with approval of the Board of Trustees. Performance for classes A, C, R, R3, R4, R5, and Y shares prior to their inception (9/1/20) is derived from the historical performance of class R6 shares, adjusted for the higher operating expenses and, for class A and C shares, higher sales charges (in the case of after sales-charge returns) applicable to such classes. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through at least December 30, 2026. This obligation may be modified or discontinued only with approval of the Board of Trustees. Performance for classes A, C, R, R3, R4, R5, and Y shares prior to their inception (9/1/20) is derived from the historical performance of class R6 shares, adjusted for the higher operating expenses and, for class A and C shares, higher sales charges (in the case of after sales-charge returns) applicable to such 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 at least December 30, 2026. This obligation may be modified or discontinued only with approval of the Board of Trustees. Performance for classes A, C, R, R3, R4, R5, and Y shares prior to their inception (9/1/20) is derived from the historical performance of class R6 shares, adjusted for the higher operating expenses and, for class A and C shares, higher sales charges (in the case of after sales-charge returns) applicable to such classes. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through at least December 30, 2026. This obligation may be modified or discontinued only with approval of the Board of Trustees.