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praf:C000221994Member 2025-08-31 2025-08-31 0001295293 praf:S000067469Member praf:C000221995Member 2025-08-31 2025-08-31 iso4217:USD pure 0001295293 false 485BPOS 2025-08-31 0.1999 -0.1832 0.2562 0.2231 0.1675 0.2002 -0.1824 0.2518 0.2173 0.1638 0.1914 -0.1785 0.2380 0.2093 0.1561 0.1822 -0.1738 0.2233 0.1991 0.1464 0.1716 -0.1670 0.2082 0.1883 0.1408 0.1614 -0.1616 0.1951 0.1777 0.1311 0.1436 -0.1551 0.1785 0.1585 0.1158 0.1173 -0.1461 0.1448 0.1188 0.0799 0.0559 -0.1267 0.1055 0.0884 N-1A PUTNAM TARGET DATE FUNDS 2026-01-01 Fund summary Putnam Retirement Advantage 2070 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The 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. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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.</span> 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 <span style="font-style:italic">How do I buy fund shares?</span> beginning on page 138 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-style:italic">How to buy shares</span> beginning on page 22 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 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 0.1377 0.0060 0.1507 -0.1427 0.0080 0.0045 0.0100 0.1377 0.0060 0.1582 -0.1427 0.0155 0.0045 0.0050 0.1392 0.0060 0.1547 -0.1427 0.0120 0.0045 0.0025 0.1392 0.0060 0.1522 -0.1427 0.0095 0.0045 0 0.1392 0.0060 0.1497 -0.1427 0.0070 0.0045 0 0.1378 0.0060 0.1483 -0.1428 0.0055 0.0045 0 0.1368 0.0060 0.1473 -0.1428 0.0045 0.0045 0 0.1378 0.0060 0.1483 -0.1428 0.0055 Other expenses are estimated based on the expenses the fund expects to incur for the current fiscal year and include 2.00% of non-recurring costs related to commencement of the fund’s operations. Actual expenses may differ from estimates. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. December 31, 2026 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 652 3321 258 3087 158 3087 122 3006 97 2949 72 2892 56 2857 46 2834 56 2857 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 period from August 1, 2025 (commencement of Fund) to August 31, 2025 was 0%. </div> 0 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 2070 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in other affiliated mutual funds, referred to as underlying funds. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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?”. The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of December 31, 2025 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2026. 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, 2025. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> 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> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:24%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:1pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:10.00em;font-size:1pt;font-family:arial narrow;"> </div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;"><span style="font-family:arial narrow"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;"><span style="font-family:arial narrow"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;"><span style="font-family:arial narrow"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;"><span style="font-family:arial narrow"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;"><span style="font-family:arial narrow"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;"><span style="font-family:arial narrow;font-size:8pt"><span style="font-weight:bold">Underlying<br/> Fund*</span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow;font-size:8pt"><span style="font-weight:bold"> Year  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow;font-size:8pt"><span style="font-weight:bold"> 2070  <br/> (your <br/> fund) </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow;font-size:8pt"><span style="font-weight:bold"> 2065  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> 2060  </div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> 2055  </div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> 2050  </div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> 2045  </div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow;font-size:8pt"><span style="font-weight:bold"> 2040  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow;font-size:8pt"><span style="font-weight:bold"> 2035  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> 2030  </div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> Maturity  </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">Fund </div> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Equity Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">78.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">59.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">34.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">11.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">78.6% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">75.1% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">55.3% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">30.1% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.9% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Growth Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">21.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">40.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">65.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">87.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">88.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">42.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">21.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">44.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">69.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.9% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Balanced Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.8% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">62.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.9% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Conservative Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">58.7% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.8% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;">Putnam</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;">Short Term Investment Fund</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.3% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.7% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.7% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Multi-Asset Income Funds</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.1% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">26.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Equity**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">95.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">91.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">86.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">76.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">66.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">32.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">95.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.6% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.6% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">80.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">64.6% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">50.8% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">31.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Fixed Income**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">4.8% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.6% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.6% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">18.8% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.6% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">46.0% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">67.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6% </span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;background-color:#d9d9d9;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000;height:1.5pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026 </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">4.8% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">9.3% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">14.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.5% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">35.4% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">49.2% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">68.6% </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6% </span></td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">* 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">** 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 allocations to equity and fixed income investments as set forth under “What are the funds’ and each underlying funds’ main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The investment 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Retirement Advantage Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in this prospectus beginning on page 108<span style="font-weight:bold">,</span> and more information about the underlying funds (which are not offered by this prospectus) is included below and under ”<span style="font-style:italic">What are the </span><span style="font-style:italic">funds’ and each underlying </span><span style="font-style:italic">fund’s main investment strategies and related risks</span><span style="font-style:italic">?</span>” </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;"><span style="text-decoration:underline">Information about each underlying fund’s investment strategy</span> </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Equity Fund (“Equity Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Equity Fund invests primarily in common stocks of large and midsize companies located worldwide, including both growth and value stocks. In selecting investments for Equity Fund, Equity Fund’s investment manager may consider a variety of factors, including a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. Equity Fund’s investment manager may also consider other factors that it believes could contribute to an increase in the company’s stock price. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Equity Fund invests at least 80% of the value of its net assets in common stocks. This policy may be changed only after 60 days’ notice to shareholders. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Equity Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Growth Fund (“Growth Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Balanced Fund (“Balanced Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Conservative Fund (“Conservative Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Multi-Asset Income Fund (“Multi-Asset Income Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Growth Fund invests primarily in equity securities, including both growth and value stocks, of U.S. and foreign companies of any size. Growth Fund also invests, to a lesser extent, in fixed income investments, which may include U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of each fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Short Term Investment Fund (“Short Term Investment Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Allocation risk:</span> The fund’s allocation of assets among asset classes and the underlying funds may hurt performance. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">An underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Substantial shareholder risk:</span> Certain accounts or affiliates of the Investment Manager, including other funds advised by the Investment Manager or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> also force the fund to sell securities, which may increase the fund’s brokerage costs. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>A fund’s allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk:</span> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Growth investing risk:</span> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Value investing risk: </span>Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Small and midsize companies risk:</span> Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments </span><span style="font-weight:bold">risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s 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. Default risk is generally higher for non-qualified mortgages. 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. 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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> decline and decline in value more than other bonds when interest rates rise. The fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk: </span>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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Derivatives risk: </span>The fund may have exposure to derivatives such as futures, options, swap contracts, and certain foreign currency transactions and warrants, for both hedging and investment purposes. An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. 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). </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. If the quantitative models or data that are used in managing the 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. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund.<span style="font-weight:bold"> </span></div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Because the fund does not have a full calendar year of performance, annual total return information is not available and therefore is not presented. You can obtain updated performance information at www.franklintempleton.com. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </div> Because the fund does not have a full calendar year of performance, annual total return information is not available and therefore is not presented. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Fund summary Putnam Retirement Advantage 2065 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The 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. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span>The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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.</span> 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 <span style="font-weight:bold"></span><span style="font-style:italic">How do I buy fund shares?</span><span style="font-weight:bold"></span> beginning on page 138 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-weight:bold"></span><span style="font-style:italic">How to buy shares</span><span style="font-weight:bold"></span> beginning on page 22 of the fund’s Statement of Additional Information (“SAI”).<span style="font-weight:bold"> </span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 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 0.0512 0.0061 0.0642 -0.0562 0.0080 0.0044 0.0100 0.0513 0.0061 0.0718 -0.0563 0.0155 0.0044 0.0050 0.0528 0.0061 0.0683 -0.0563 0.0120 0.0044 0.0025 0.0528 0.0061 0.0658 -0.0563 0.0095 0.0044 0 0.0528 0.0061 0.0633 -0.0563 0.0070 0.0044 0 0.0512 0.0061 0.0617 -0.0562 0.0055 0.0044 0 0.0502 0.0061 0.0607 -0.0562 0.0045 0.0044 0 0.0512 0.0061 0.0617 -0.0562 0.0055 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. December 31, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 652 816 2166 5377 258 490 2045 5508 158 490 2045 5508 122 381 1881 5396 97 303 1762 5212 72 225 1642 5023 56 176 1566 4901 46 144 1517 4822 56 176 1566 4901 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 48%. </div> 0.48 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 affiliated mutual funds, referred to as underlying funds. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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?”. The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of December 31, 2025 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2026. 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, 2025. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:24%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;"><span style="font-family:arial narrow"><span style="font-weight:bold">Underlying<br/> Fund*</span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  Year  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2070  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">  2065  <br/> (your</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2060  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2055  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2050  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2045  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2040  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2035  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2030  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> Maturity </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">Fund</div> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Equity Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">59.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">34.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">11.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">75.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">55.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">30.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Growth Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">40.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">65.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">87.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">88.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">42.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">24.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">44.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">69.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Balanced Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">62.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Conservative Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">58.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;">Putnam</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;">Short Term Investment Fund</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Multi-Asset Income Funds</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">26.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Equity**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">91.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">86.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">76.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">66.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">32.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">94.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">80.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">64.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">50.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">31.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Fixed Income**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">18.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">46.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">67.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">5.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">9.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">14.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">35.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">49.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">68.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">* 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">** 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 allocations to equity and fixed income investments as set forth under “What are the funds’ and each underlying funds’ main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The investment 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Retirement Advantage Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in this prospectus beginning on page 108<span style="font-weight:bold">,</span> and more information about the underlying funds (which are not offered by this prospectus) is included below and under “<span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span>” </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;"><span style="text-decoration:underline">Information about each underlying fund’s investment strategy</span> </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Equity Fund (“Equity Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Equity Fund invests primarily in common stocks of large and midsize companies located worldwide, including both growth and value stocks. In selecting investments for Equity Fund, Equity Fund’s investment manager may consider a variety of factors, including a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. Equity Fund’s investment manager may also consider other factors that it believes could contribute to an increase in the company’s stock price. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Equity Fund invests at least 80% of the value of its net assets in common stocks. This policy may be changed only after 60 days’ notice to shareholders. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">For a further discussion of Equity Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Growth Fund (“Growth Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Balanced Fund (“Balanced Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Conservative Fund (“Conservative Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;font-weight:bold;">Putnam Multi-Asset Income Fund (“Multi-Asset Income Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Growth Fund invests primarily in equity securities, including both growth and value stocks, of U.S. and foreign companies of any size. Growth Fund also invests, to a lesser extent, in fixed income investments, which may include U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">For a further discussion of each fund’s investment strategy, please turn to the section<span style="font-style:italic"> What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Short Term Investment Fund (“Short Term Investment Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Allocation risk</span>: The fund’s allocation of assets among asset classes and the underlying funds may hurt performance. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">An underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Substantial shareholder risk</span>: Certain accounts or affiliates of the Investment Manager, including other funds advised by the Investment Manager or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> also force the fund to sell securities, which may increase the fund’s brokerage costs. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk:</span> A fund’s allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk:</span> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Growth investing risk:</span> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Value investing risk:</span> Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Small and midsize companies ris</span>k:<span style="font-style:italic"> </span>Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.<span style="font-style:italic"></span> </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s 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. Default risk is generally higher for non-qualified mortgages. 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. 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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> decline and decline in value more than other bonds when interest rates rise. The fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk:</span> 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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Derivatives risk:</span> The fund may have exposure to derivatives such as futures, options, swap contracts, and certain foreign currency transactions and warrants, for both hedging and investment purposes. An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. 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). </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk:</span> There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. If the quantitative models or data that are used in managing the 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. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&amp;P Target Date To 2065 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before </span><span style="font-weight:bold"></span><span style="font-style:italic">and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2065 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2065 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:83%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q4 2023</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">    </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">11.97</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow">% </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q2 2022</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">-15.63</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow">% </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 16.65%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2023-12-31 0.1197 Worst Quarter: 2022-06-30 -0.1563 2025-09-30 year-to-date return 0.1665 Average annual total returns after sales charges (for periods ended 12/31/24) 0.1527 0.0933 0.1326 0.0757 0.0959 0.0675 0.2036 0.1011 0.2179 0.1051 0.2211 0.1079 0.2249 0.1107 0.2267 0.1123 0.2270 0.1132 0.2257 0.1122 0.2381 0.1236 0.0125 -0.0215 0.1447 0.0845 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 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:9pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. 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.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. Fund summary Putnam Retirement Advantage 2060 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The 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. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span>The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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.</span> 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 <span style="font-weight:bold"></span><span style="font-style:italic">How do I buy fund shares?</span><span style="font-weight:bold"></span> beginning on page 138 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-weight:bold"></span><span style="font-style:italic">How to buy shares</span><span style="font-weight:bold"></span> beginning on page 22 of the fund’s Statement of Additional Information (“SAI”).<span style="font-weight:bold"> </span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 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 0.0121 0.0059 0.0248 -0.0168 0.0080 0.0043 0.0100 0.0122 0.0059 0.0324 -0.0169 0.0155 0.0043 0.0050 0.0137 0.0059 0.0289 -0.0169 0.0120 0.0043 0.0025 0.0137 0.0059 0.0264 -0.0169 0.0095 0.0043 0 0.0137 0.0059 0.0239 -0.0169 0.0070 0.0043 0 0.0122 0.0059 0.0224 -0.0169 0.0055 0.0043 0 0.0112 0.0059 0.0214 -0.0169 0.0045 0.0043 0 0.0122 0.0059 0.0224 -0.0169 0.0055 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. December 31, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 652 816 1359 2839 258 490 1220 2978 158 490 1220 2978 122 381 1042 2819 97 303 912 2564 72 225 782 2306 56 176 701 2146 46 144 647 2037 56 176 701 2146 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 31%. </div> 0.31 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 affiliated mutual funds, referred to as underlying funds. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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?”. The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of December 31, 2025 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2026. 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, 2025. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:24%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;"><span style="font-family:arial narrow"><span style="font-weight:bold">Underlying<br/> Fund*</span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  Year  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2070  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2065  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">  2060  </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">(your</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2055  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2050  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2045  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2040  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2035  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2030  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> Maturity </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">Fund</div> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Equity Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">59.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">34.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">11.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">75.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">55.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">30.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Growth Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">40.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">65.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">87.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">88.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">42.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">44.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">69.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Balanced Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">62.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Conservative Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">58.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;">Putnam</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;">Short Term Investment Fund</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Multi-Asset Income Funds</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">26.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Equity**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">91.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">86.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">76.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">66.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">32.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">80.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">64.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">50.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">31.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Fixed Income**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">8.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">18.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">46.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">67.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">9.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">14.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">35.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">49.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">68.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial narrow;">* 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. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial narrow;">** 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 allocations to equity and fixed income investments as set forth under “What are the funds’ and each underlying funds’ main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The investment 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Retirement Advantage Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in this prospectus beginning on page 108<span style="font-style:italic"></span><span style="font-weight:bold">,</span><span style="font-style:italic"></span> and more information about the underlying funds (which are not offered by this prospectus) is included below and under <span style="font-style:italic">”What are the </span><span style="font-style:italic">funds’ and each underlying </span><span style="font-style:italic">fund’s main investment strategies and related risks</span><span style="font-style:italic">?” </span></div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;"><span style="text-decoration:underline">Information about each underlying fund’s investment strategy</span> </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Equity Fund (“Equity Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Equity Fund invests primarily in common stocks of large and midsize companies located worldwide, including both growth and value stocks. In selecting investments for Equity Fund, Equity Fund’s investment manager may consider a variety of factors, including a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. Equity Fund’s investment manager may also consider other factors that it believes could contribute to an increase in the company’s stock price. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Equity Fund invests at least 80% of the value of its net assets in common stocks. This policy may be changed only after 60 days’ notice to shareholders. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Equity Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Growth Fund (“Growth Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Balanced Fund (“Balanced Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Conservative Fund (“Conservative Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Multi-Asset Income Fund (“Multi-Asset Income Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Growth Fund invests primarily in equity securities, including both growth and value stocks, of U.S. and foreign companies of any size. Growth Fund also invests, to a lesser extent, in fixed income investments, which may include U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of each fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Short Term Investment Fund (“Short Term Investment Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Allocation risk: </span>The fund’s allocation of assets among asset classes and the underlying funds may hurt performance. <span style="font-weight:bold"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">An underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Substantial shareholder risk: </span>Certain accounts or affiliates of the Investment Manager, including other funds advised by the Investment Manager or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs.<span style="font-weight:bold"> </span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>A fund’s allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk: </span>Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs.<span style="font-weight:bold"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Growth investing risk:</span> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. <span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Value investing risk: </span>Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Small and midsize companies ris</span>k: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.<span style="font-style:italic"> </span></div> <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments </span><span style="font-weight:bold">risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s 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. Default risk is generally higher for non-qualified mortgages. 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. 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 fund may have to invest the proceeds from prepaid investments, including </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk:</span> 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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Derivatives risk: </span>The fund may have exposure to derivatives such as futures, options, swap contracts, and certain foreign currency transactions and warrants, for both hedging and investment purposes. An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. 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). </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. If the quantitative models or data that are used in managing the 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. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&amp;P Target Date To 2060 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2060 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2060 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:81%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q2 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">    </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">20.71%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q1 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">‑20.96%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 16.33%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.2071 Worst Quarter: 2020-03-31 -0.2096 2025-09-30 year-to-date return 0.1633 Average annual total returns after sales charges (for periods ended 12/31/24)  0.1473 0.1047 0.1047 0.1284 0.0782 0.0782 0.0913 0.0733 0.0733 0.1993 0.1097 0.1097 0.2134 0.1134 0.1134 0.2153 0.1161 0.1161 0.2192 0.1187 0.1187 0.2207 0.1203 0.1203 0.2227 0.1217 0.1217 0.2213 0.1205 0.1205 0.2381 0.1386 0.1386 0.0125 -0.0033 -0.0033 0.1363 0.0904 0.0904 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 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:8pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. 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.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. Fund summary Putnam Retirement Advantage 2055 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The 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. </div> Fees and expenses <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span>The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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.</span> 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 <span style="font-weight:bold"></span><span style="font-style:italic">How do I buy fund shares?</span><span style="font-weight:bold"></span> beginning on page 138 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-weight:bold"></span><span style="font-style:italic">How to buy shares</span><span style="font-weight:bold"></span> beginning on page 22 of the fund’s Statement of Additional Information (“SAI”).<span style="font-weight:bold"> </span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0 0.0100 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 0.0092 0.0060 0.0219 -0.0139 0.0080 0.0042 0.0100 0.0092 0.0060 0.0294 -0.0139 0.0155 0.0042 0.0050 0.0107 0.0060 0.0259 -0.0139 0.0120 0.0042 0.0025 0.0107 0.0060 0.0234 -0.0139 0.0095 0.0042 0 0.0107 0.0060 0.0209 -0.0139 0.0070 0.0042 0 0.0092 0.0060 0.0194 -0.0139 0.0055 0.0042 0 0.0082 0.0060 0.0184 -0.0139 0.0045 0.0042 0 0.0092 0.0060 0.0194 -0.0139 0.0055 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. December 31, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 652 816 1296 2620 258 490 1155 2757 158 490 1155 2757 122 381 974 2586 97 303 844 2330 72 225 714 2065 56 176 631 1898 46 144 578 1788 56 176 631 1898 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 45%. </div> 0.45 Investments, risks, and performance Investments <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 affiliated mutual funds, referred to as underlying funds. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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?”. The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of December 31, 2025 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2026. 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, 2025. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:24%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;"><span style="font-family:arial narrow"><span style="font-weight:bold">Underlying<br/> Fund*</span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  Year  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2070  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2065  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2060  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">  2055  </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">(your</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2050  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2045  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2040  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2035  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2030  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> Maturity </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">Fund</div> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Equity Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">59.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">34.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">11.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">75.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">55.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">30.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Growth Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">40.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">65.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">87.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">88.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">42.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">44.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">69.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Balanced Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">62.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Conservative Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">58.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;">Putnam</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;">Short Term Investment Fund</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Multi-Asset Income Funds</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">26.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Equity**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">91.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">86.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">76.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">66.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">32.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">85.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">80.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">64.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">50.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">31.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Fixed Income**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">13.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">18.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">46.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">67.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">9.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">14.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">35.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">49.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">68.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial narrow;">* 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. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial narrow;">** 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 allocations to equity and fixed income investments as set forth under “What are the funds’ and each underlying funds’ main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The investment 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Retirement Advantage Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in this prospectus beginning on page 108<span style="font-style:italic"></span><span style="font-weight:bold">,</span><span style="font-style:italic"></span> and more information about the underlying funds (which are not offered by this prospectus) is included below and under <span style="font-style:italic">”What are the </span><span style="font-style:italic">funds’ and each underlying </span><span style="font-style:italic">fund’s main investment strategies and related risks</span><span style="font-style:italic">?” </span></div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;"><span style="text-decoration:underline">Information about each underlying fund’s investment strategy</span> </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Equity Fund (“Equity Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Equity Fund invests primarily in common stocks of large and midsize companies located worldwide, including both growth and value stocks. In selecting investments for Equity Fund, Equity Fund’s investment manager may consider a variety of factors, including a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. Equity Fund’s investment manager may also consider other factors that it believes could contribute to an increase in the company’s stock price. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Equity Fund invests at least 80% of the value of its net assets in common stocks. This policy may be changed only after 60 days’ notice to shareholders. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Equity Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Growth Fund (“Growth Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Balanced Fund (“Balanced Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Conservative Fund (“Conservative Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Multi-Asset Income Fund (“Multi-Asset Income Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Growth Fund invests primarily in equity securities, including both growth and value stocks, of U.S. and foreign companies of any size. Growth Fund also invests, to a lesser extent, in fixed income investments, which may include U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of each fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Short Term Investment Fund (“Short Term Investment Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Allocation risk: </span>The fund’s allocation of assets among asset classes and the underlying funds may hurt performance. <span style="font-weight:bold"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">An underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Substantial shareholder risk: </span>Certain accounts or affiliates of the Investment Manager, including other funds advised by the Investment Manager or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs.<span style="font-weight:bold"> </span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>A fund’s allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk: </span>Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs.<span style="font-weight:bold"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Growth investing risk:</span> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. <span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Value investing risk: </span>Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Small and midsize companies ris</span>k: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.<span style="font-style:italic"> </span></div> <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments </span><span style="font-weight:bold">risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s 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. Default risk is generally higher for non-qualified mortgages. 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. 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 fund may have to invest the proceeds from prepaid investments, including </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk:</span> 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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Derivatives risk: </span>The fund may have exposure to derivatives such as futures, options, swap contracts, and certain foreign currency transactions and warrants, for both hedging and investment purposes. An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. 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). </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. If the quantitative models or data that are used in managing the 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. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&amp;P Target Date To 2055 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2055 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2055 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:80%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q2 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">20.08%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q1 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">‑20.46%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 15.83%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.2008 Worst Quarter: 2020-03-31 -0.2046 2025-09-30 year-to-date return 0.1583 Average annual total returns after sales charges (for periods ended 12/31/24) 0.1397 0.0995 0.0995 0.1183 0.0763 0.0763 0.0875 0.0712 0.0712 0.1891 0.1044 0.1044 0.2046 0.1082 0.1082 0.2063 0.1109 0.1109 0.2093 0.1135 0.1135 0.2117 0.1152 0.1152 0.2130 0.1163 0.1163 0.2118 0.1152 0.1152 0.2381 0.1386 0.1386 0.0125 -0.0033 -0.0033 0.1346 0.0882 0.0882 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 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. <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:8pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.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. Fund summary Putnam Retirement Advantage 2050 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The 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. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span>The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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.</span> 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 <span style="font-weight:bold"></span><span style="font-style:italic">How do I buy fund shares?</span><span style="font-weight:bold"></span> beginning on page 138 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-weight:bold"></span><span style="font-style:italic">How to buy shares</span><span style="font-weight:bold"></span> beginning on page 22 of the fund’s Statement of Additional Information (“SAI”).<span style="font-weight:bold"> </span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 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 0.0065 0.0060 0.0191 -0.0111 0.0080 0.0041 0.0100 0.0065 0.0060 0.0266 -0.0111 0.0155 0.0041 0.0050 0.0080 0.0060 0.0231 -0.0111 0.0120 0.0041 0.0025 0.0080 0.0060 0.0206 -0.0111 0.0095 0.0041 0 0.0080 0.0060 0.0181 -0.0111 0.0070 0.0041 0 0.0065 0.0060 0.0166 -0.0111 0.0055 0.0041 0 0.0055 0.0060 0.0156 -0.0111 0.0045 0.0041 0 0.0065 0.0060 0.0166 -0.0111 0.0055 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. December 31, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 652 816 1236 2406 258 490 1093 2541 158 490 1093 2541 122 381 912 2369 97 303 780 2103 72 225 649 1833 56 176 567 1664 46 144 513 1553 56 176 567 1664 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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%. </div> 0.28 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 affiliated mutual funds, referred to as underlying funds. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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?”. The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of December 31, 2025 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2026. 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, 2025. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:24%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;"><span style="font-family:arial narrow"><span style="font-weight:bold">Underlying<br/> Fund*</span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  Year  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2070  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2065  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2060  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">  2055  </div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">  2050  </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">(your</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2045  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2040  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2035  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2030  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold"> Maturity <br/> Fund</span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Equity Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">59.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">34.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">11.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">75.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">55.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">30.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">7.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Growth Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">40.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">65.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">87.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">88.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">42.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">44.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">69.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Balanced Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">62.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Conservative Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">58.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;">Putnam</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;">Short Term Investment Fund</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">1.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">1.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Multi-Asset Income Funds</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">26.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Equity**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">91.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">86.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">76.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">66.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">32.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">80.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">64.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">50.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">31.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Fixed Income**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">18.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">46.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">67.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">9.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">14.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">19.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">35.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">49.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">68.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial narrow;">* 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. </div><div style="margin-top:4pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial narrow;">** 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 allocations to equity and fixed income investments as set forth under “What are the funds’ and each underlying funds’ main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The investment 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Retirement Advantage Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in this prospectus beginning on page 108<span style="font-weight:bold">,</span> and more information about the underlying funds (which are not offered by this prospectus) is included below and under ”What are the funds’ and each underlying fund’s main investment strategies and related risks?” </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;"><span style="text-decoration:underline">Information about each underlying fund’s investment strategy</span> </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Equity Fund (“Equity Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Equity Fund invests primarily in common stocks of large and midsize companies located worldwide, including both growth and value stocks. In selecting investments for Equity Fund, Equity Fund’s investment manager may consider a variety of factors, including a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. Equity Fund’s investment manager may also consider other factors that it believes could contribute to an increase in the company’s stock price. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Equity Fund invests at least 80% of the value of its net assets in common stocks. This policy may be changed only after 60 days’ notice to shareholders. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Equity Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Growth Fund (“Growth Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Balanced Fund (“Balanced Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Conservative Fund (“Conservative Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Multi-Asset Income Fund (“Multi-Asset Income Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Growth Fund invests primarily in equity securities, including both growth and value stocks, of U.S. and foreign companies of any size. Growth Fund also invests, to a lesser extent, in fixed income investments, which may include U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of each fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;font-weight:bold;">Putnam Short Term Investment Fund (“Short Term Investment Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Allocation risk: </span>The fund’s allocation of assets among asset classes and the underlying funds may hurt performance. <span style="font-weight:bold"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">An underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Substantial shareholder risk:</span> Certain accounts or affiliates of the Investment Manager, including other funds advised by the Investment Manager or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> also force the fund to sell securities, which may increase the fund’s brokerage costs. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>A fund’s allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk: </span>Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs.<span style="font-weight:bold"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Growth investing risk:</span> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. <span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Value investing risk: </span>Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Small and midsize companies ris</span>k: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.<span style="font-style:italic"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments </span><span style="font-weight:bold">risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s 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. Default risk is generally higher for non-qualified mortgages. 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. 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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> decline and decline in value more than other bonds when interest rates rise. The fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk: </span>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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Derivatives risk: </span>The fund may have exposure to derivatives such as futures, options, swap contracts, and certain foreign currency transactions and warrants, for both hedging and investment purposes. An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. 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). </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. If the quantitative models or data that are used in managing the 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. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&amp;P Target Date To 2050 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2050 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2050 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:80%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q2 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">18.84%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q1 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">‑19.46%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 15.42%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.1884 Worst Quarter: 2020-03-31 -0.1946 2025-09-30 year-to-date return 0.1542 Average annual total returns after sales charges (for periods ended 12/31/24) 0.1301 0.0932 0.0932 0.1090 0.0675 0.0675 0.0807 0.0644 0.0644 0.1805 0.0982 0.0982 0.1940 0.1018 0.1018 0.1968 0.1045 0.1045 0.2002 0.1071 0.1071 0.2023 0.1088 0.1088 0.2024 0.1099 0.1099 0.2022 0.1087 0.1087 0.2381 0.1386 0.1386 0.0125 -0.0033 -0.0033 0.1359 0.0885 0.0885 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 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. <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:8pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.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. Fund summary Putnam Retirement Advantage 2045 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The 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. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span>The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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.</span> 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 <span style="font-weight:bold"></span><span style="font-style:italic">How do I buy fund shares?</span><span style="font-weight:bold"></span> beginning on page 138 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-weight:bold"></span><span style="font-style:italic">How to buy shares</span><span style="font-weight:bold"></span> beginning on page 22 of the fund’s Statement of Additional Information (“SAI”).<span style="font-weight:bold"> </span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 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 0.0067 0.0060 0.0192 -0.0112 0.0080 0.0040 0.0100 0.0067 0.0060 0.0267 -0.0112 0.0155 0.0040 0.0050 0.0082 0.0060 0.0232 -0.0112 0.0120 0.0040 0.0025 0.0082 0.0060 0.0207 -0.0112 0.0095 0.0040 0 0.0082 0.0060 0.0182 -0.0112 0.0070 0.0040 0 0.0067 0.0060 0.0167 -0.0112 0.0055 0.0040 0 0.0057 0.0060 0.0157 -0.0112 0.0045 0.0040 0 0.0067 0.0060 0.0167 -0.0112 0.0055 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. December 31, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 652 816 1238 2413 258 490 1095 2548 158 490 1095 2548 122 381 914 2376 97 303 784 2113 72 225 651 1840 56 176 569 1673 46 144 515 1560 56 176 569 1673 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 30%. </div> 0.30 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 affiliated mutual funds, referred to as underlying funds. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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?”. The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of December 31, 2025 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2026. 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, 2025. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:24%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;"><span style="font-family:arial narrow"><span style="font-weight:bold">Underlying<br/> Fund*</span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  Year  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2070  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2065  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2060  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">  2055  </div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2050  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">  2045  </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">(your</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2040  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2035  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold">  2030  </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> Maturity </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">Fund</div> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Equity Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">59.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">34.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">11.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">75.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">55.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">30.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Growth Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">40.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">65.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">87.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">88.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">42.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">44.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">69.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Balanced Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">8.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">16.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">62.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Conservative Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">58.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;">Putnam</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;">Short Term Investment Fund</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Multi-Asset Income Funds</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">26.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Equity**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">91.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">86.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">76.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">66.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">32.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">80.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">64.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">50.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">31.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Fixed Income**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">18.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">24.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">46.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">67.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">9.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">14.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">35.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">49.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">68.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial narrow;">* 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. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial narrow;">** 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 allocations to equity and fixed income investments as set forth under “What are the funds’ and each underlying funds’ main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The investment 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects 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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Retirement Advantage Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in this prospectus beginning on page 108<span style="font-weight:bold">,</span> and more information about the underlying funds (which are not offered by this prospectus) is included below and under ”What are the funds’ and each underlying fund’s main investment strategies and related risks?” </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;"><span style="text-decoration:underline">Information about each underlying fund’s investment strategy</span> </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Equity Fund (“Equity Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Equity Fund invests primarily in common stocks of large and midsize companies located worldwide, including both growth and value stocks. In selecting investments for Equity Fund, Equity Fund’s investment manager may consider a variety of factors, including a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. Equity Fund’s investment manager may also consider other factors that it believes could contribute to an increase in the company’s stock price. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Equity Fund invests at least 80% of the value of its net assets in common stocks. This policy may be changed only after 60 days’ notice to shareholders. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Equity Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Growth Fund (“Growth Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Balanced Fund (“Balanced Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Conservative Fund (“Conservative Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Multi-Asset Income Fund (“Multi-Asset Income Fund”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Growth Fund invests primarily in equity securities, including both growth and value stocks, of U.S. and foreign companies of any size. Growth Fund also invests, to a lesser extent, in fixed income investments, which may include U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of each fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Short Term Investment Fund (“Short Term Investment Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Allocation risk: </span>The fund’s allocation of assets among asset classes and the underlying funds may hurt performance. <span style="font-weight:bold"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">An underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Substantial shareholder risk: </span>Certain accounts or affiliates of the Investment Manager, including other funds advised by the Investment Manager or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs.<span style="font-weight:bold"> </span></div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>A fund’s allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk: </span>Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs.<span style="font-weight:bold"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Growth investing risk:</span> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. <span style="font-style:italic"> </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Value investing risk: </span>Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Small and midsize companies ris</span>k: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.<span style="font-style:italic"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments </span><span style="font-weight:bold">risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s 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. Default risk is generally higher for non-qualified mortgages. 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. 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 fund may have to invest the proceeds from prepaid investments, including </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk: </span>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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid.<span style="font-weight:bold"> </span></div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Derivatives risk: </span>The fund may have exposure to derivatives such as futures, options, swap contracts, and certain foreign currency transactions and warrants, for both hedging and investment purposes. An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. 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). </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. If the quantitative models or data that are used in managing the 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. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&amp;P Target Date To 2045 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2045 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2045 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:81%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q2 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">     17.65%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q1 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">-18.56%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 14.82%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.1765 Worst Quarter: 2020-03-31 -0.1856 2025-09-30 year-to-date return 0.1482 Average annual total returns after sales charges (for periods ended 12/31/24) 0.1200 0.0865 0.0865 0.0991 0.0643 0.0643 0.0735 0.0605 0.0605 0.1704 0.0914 0.0914 0.1850 0.0952 0.0952 0.1864 0.0979 0.0979 0.1898 0.1005 0.1005 0.1919 0.1021 0.1021 0.1931 0.1033 0.1033 0.1924 0.1021 0.1021 0.2381 0.1386 0.1386 0.0125 -0.0033 -0.0033 0.1284 0.0841 0.0841 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 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:8pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. 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.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. Fund summary Putnam Retirement Advantage 2040 Fund Goal <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The 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.</div> Fees and expenses <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;"></span>The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight: bold;">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.</span> 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 <span style="font-weight: bold;"></span><span style="font-style: italic;">How do I buy fund shares?</span><span style="font-weight: bold;"></span> beginning on page 138 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-weight: bold;"></span><span style="font-style: italic;">How to buy shares</span><span style="font-weight: bold;"></span> beginning on page 22 of the fund’s Statement of Additional Information (“SAI”).<span style="font-weight: bold;"> </span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 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 0.0049 0.0057 0.0170 -0.0090 0.0080 0.0039 0.0100 0.0050 0.0057 0.0246 -0.0091 0.0155 0.0039 0.0050 0.0065 0.0057 0.0211 -0.0091 0.0120 0.0039 0.0025 0.0065 0.0057 0.0186 -0.0091 0.0095 0.0039 0 0.0065 0.0057 0.0161 -0.0091 0.0070 0.0039 0 0.0050 0.0057 0.0146 -0.0091 0.0055 0.0039 0 0.0040 0.0057 0.0136 -0.0091 0.0045 0.0039 0 0.0050 0.0057 0.0146 -0.0091 0.0055 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights.  Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. December 31, 2028 Example <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.</div> 652 816 1190 2241 258 490 1049 2382 158 490 1049 2382 122 381 866 2208 97 303 735 1939 72 225 603 1665 56 176 520 1495 46 144 466 1380 56 176 520 1495 Portfolio turnover <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 39%.</div> 0.39 Investments, risks, and performance Investments <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">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 affiliated mutual funds, referred to as underlying funds.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">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?”. The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of December 31, 2025 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2026. 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, 2025.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 24%;"></td> <td style="vertical-align: bottom;"></td> <td style="width: 5%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 5%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 5%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 5%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 5%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 5%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 5%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 5%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 5%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 5%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="width: 5%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: bottom;"><span style="font-family: arial narrow;"><span style="font-weight: bold;">Underlying<br/>Fund*</span></span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;"><span style="font-weight: bold;">  Year  </span></span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;"><span style="font-weight: bold;">  2070  </span></span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;"><span style="font-weight: bold;">  2065  </span></span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;"><span style="font-weight: bold;">  2060  </span></span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;"><span style="font-weight: bold;">  2055  </span></span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;"><span style="font-weight: bold;">  2050  </span></span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;"><span style="font-weight: bold;">  2045  </span></span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;">  2040  </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;">(your</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;">fund)</div> </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;"><span style="font-weight: bold;">  2035  </span></span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;"><span style="font-weight: bold;">  2030  </span></span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;"> Maturity </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;">Fund</div> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Dynamic Asset Allocation Equity Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2025</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">78.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">78.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">59.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">34.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">11.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-size: x-small;"> </span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">78.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">75.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">55.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">30.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">7.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Dynamic Asset Allocation Growth Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2025</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">21.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">21.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">40.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">65.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">87.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">88.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">42.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-size: x-small;"> </span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">21.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">24.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">44.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">69.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">90.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">81.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">33.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Dynamic Asset Allocation Balanced Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2025</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">54.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">85.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">16.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-size: x-small;"> </span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">16.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">62.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">74.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">13.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Dynamic Asset Allocation Conservative Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2025</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">58.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-size: x-small;"> </span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">13.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">54.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow;">Putnam</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial narrow;">Short Term Investment Fund</div> </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2025</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">3.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-size: x-small;"> </span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">3.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Multi-Asset Income Funds</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2025</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">5.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">19.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">94.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-size: x-small;"> </span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">0.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">7.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">26.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">94.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Total Equity**</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2025</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">95.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">95.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">91.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">86.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">81.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">76.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">66.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">54.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">32.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">25.4%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-size: x-small;"> </span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">95.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">94.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">90.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">85.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">80.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">74.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">64.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">50.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">31.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">25.4%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Total Fixed Income**</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2025</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">13.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">18.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">24.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">33.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">46.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">67.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">74.6%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-size: x-small;"> </span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">5.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">9.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">14.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">19.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">25.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">35.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">49.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">68.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">74.6%</span></td> </tr> </table> <div style="margin-top: 18pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial narrow;">* 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.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial narrow;">** 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 allocations to equity and fixed income investments as set forth under “What are the funds’ and each underlying funds’ main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The investment 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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects 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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Retirement Advantage Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in this prospectus beginning on page 108<span style="font-weight: bold;">,</span> and more information about the underlying funds (which are not offered by this prospectus) is included below and under ”What are the funds’ and each underlying fund’s main investment strategies and related risks?”</div> <div style="margin-top: 24pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;"><span style="text-decoration: underline;">Information about each underlying fund’s investment strategy</span></div> <div style="margin-top: 24pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Dynamic Asset Allocation Equity Fund (“Equity Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Equity Fund invests primarily in common stocks of large and midsize companies located worldwide, including both growth and value stocks. In selecting investments for Equity Fund, Equity Fund’s investment manager may consider a variety of factors, including a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. Equity Fund’s investment manager may also consider other factors that it believes could contribute to an increase in the company’s stock price.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Equity Fund invests at least 80% of the value of its net assets in common stocks. This policy may be changed only after 60 days’ notice to shareholders.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of Equity Fund’s investment strategy, please turn to the section <span style="font-style: italic;">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Dynamic Asset Allocation Growth Fund (“Growth Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Dynamic Asset Allocation Balanced Fund (“Balanced Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Dynamic Asset Allocation Conservative Fund (“Conservative Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Multi-Asset Income Fund (“Multi-Asset Income Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Growth Fund invests primarily in equity securities, including both growth and value stocks, of U.S. and foreign companies of any size. Growth Fund also invests, to a lesser extent, in fixed income investments, which may include U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-style: italic;"></span>For a further discussion of each fund’s investment strategy, please turn to the section <span style="font-style: italic;">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style: italic;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Short Term Investment Fund (“Short Term Investment Fund”)</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-style: italic;"></span>For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section <span style="font-style: italic;">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style: italic;"> </span></div> It is important to understand that you can lose money by investing in the fund. <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Allocation risk:</span> The fund’s allocation of assets among asset classes and the underlying funds may hurt performance.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">An underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Substantial shareholder risk:</span> Certain accounts or affiliates of the Investment Manager, including other funds advised by the Investment Manager or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Market risk: </span>A fund’s allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Common stock risk:</span> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Growth investing risk:</span> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Value investing risk: </span>Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">Small and midsize companies risk:</span> Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Fixed income investments </span><span style="font-weight: bold;">risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s 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. Default risk is generally higher for non-qualified mortgages. 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. 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 fund may have to invest the proceeds from prepaid investments, including</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Foreign investments risk:</span> 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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Derivatives risk: </span>The fund may have exposure to derivatives such as futures, options, swap contracts, and certain foreign currency transactions and warrants, for both hedging and investment purposes. An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. 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).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. If the quantitative models or data that are used in managing the 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. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund.</div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&amp;P Target Date To 2040 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown.</div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2040 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2040 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 98%; border-spacing: 0px; margin-left: auto;"> <tr> <td style="width: 79%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt; background-color: #cceeff;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">Best Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-family: arial narrow;">Q2 2020</span></td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-family: arial narrow;">      16.55%</span></td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">Worst Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-family: arial narrow;">Q1 2020</span></td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-family: arial narrow;">-17.37%</span></td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial narrow;"> </span></td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt; background-color: #cceeff;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 13.43%.</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.1655 Worst Quarter: 2020-03-31 -0.1737 2025-09-30 year-to-date return 0.1343 Average annual total returns after sales charges (for periods ended 12/31/24) 0.1100 0.0806 0.0806 0.0841 0.0569 0.0569 0.0696 0.0555 0.0555 0.1583 0.0853 0.0853 0.1729 0.0890 0.0890 0.1745 0.0917 0.0917 0.1781 0.0943 0.0943 0.1799 0.0959 0.0959 0.1813 0.0971 0.0971 0.1807 0.0959 0.0959 0.2381 0.1386 0.1386 0.0125 -0.0033 -0.0033 0.1175 0.0780 0.0780 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 <div style="margin-top: 18pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">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.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial;">Important data provider notices and terms are available at <span style="font-family: arial; font-size: 8pt; color: #467886;"><span style="text-decoration: underline;">www.franklintempletondatasources.com</span></span><span style="font-family: arial;">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. 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.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. Fund summary Putnam Retirement Advantage 2035 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The 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. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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</span>. 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 <span style="font-style:italic">How do I buy fund shares?</span> beginning on page 138 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-style:italic">How to buy shares</span> beginning on page 22 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 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 0.0045 0.0053 0.0161 -0.0081 0.0080 0.0038 0.0100 0.0045 0.0053 0.0236 -0.0081 0.0155 0.0038 0.0050 0.0060 0.0053 0.0201 -0.0081 0.0120 0.0038 0.0025 0.0060 0.0053 0.0176 -0.0081 0.0095 0.0038 0 0.0060 0.0053 0.0151 -0.0081 0.0070 0.0038 0 0.0045 0.0053 0.0136 -0.0081 0.0055 0.0038 0 0.0035 0.0053 0.0126 -0.0081 0.0045 0.0038 0 0.0045 0.0053 0.0136 -0.0081 0.0055 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. December 31, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 652 816 1172 2170 258 490 1027 2305 158 490 1027 2305 122 381 844 2128 97 303 712 1858 72 225 579 1580 56 176 498 1410 46 144 443 1294 56 176 498 1410 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 32%. </div> 0.32 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 affiliated mutual funds, referred to as underlying funds. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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?”. The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of December 31, 2025 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2026. 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, 2025. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:23%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;white-space:nowrap;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;">Underlying</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;">Fund*</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold"> Year </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">2070</div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:left;"> (your </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold"> 2065 </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold"> 2060 </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold"> 2055 </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold"> 2050 </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold"> 2045 </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold"> 2040 </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">2035</div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> (your </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow"><span style="font-weight:bold"> 2030 </span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> Maturity </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">Fund</div> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Equity Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">59.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">34.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">11.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">78.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">75.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">55.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">30.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">7.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Growth Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">40.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">65.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">87.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">88.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">42.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">21.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">44.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">69.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Balanced Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">85.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">16.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">62.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">74.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Dynamic Asset Allocation Conservative Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">58.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">13.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">54.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;">Putnam</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;">Short Term Investment Fund</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">4.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">1.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">3.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">4.9%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Putnam Multi-Asset Income Funds</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">5.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.1%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">0.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">7.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">26.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Equity**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">91.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">86.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">81.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">76.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">66.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">54.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">32.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">95.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">94.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">90.7%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">85.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">80.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">64.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">50.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">31.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial narrow">Total Fixed Income**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2025</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">8.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">13.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">18.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">24.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">33.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">46.0%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">67.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">2026</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">4.8%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">5.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">9.3%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">14.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">19.5%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">25.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">35.4%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial narrow">49.2%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">68.6%</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial narrow">74.6%</span></td> </tr> </table><div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">* 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. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">** 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 allocations to equity and fixed income investments as set forth under “What are the funds’ and each underlying funds’ main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The investment 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. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects 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. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Retirement Advantage Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in this prospectus beginning on page 108<span style="font-weight:bold">,</span> and more information about the underlying funds (which are not offered by this prospectus) is included below and under ”<span style="font-style:italic">What are the </span><span style="font-style:italic">funds’ and each underlying </span><span style="font-style:italic">fund’s main investment strategies and related risks</span><span style="font-style:italic">?</span>” </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;"><span style="text-decoration:underline">Information about each underlying fund’s investment strategy</span> </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Equity Fund (“Equity Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Equity Fund invests primarily in common stocks of large and midsize companies located worldwide, including both growth and value stocks. In selecting investments for Equity Fund, Equity Fund’s investment manager may consider a variety of factors, including a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. Equity Fund’s investment manager may also consider other factors that it believes could contribute to an increase in the company’s stock price. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Equity Fund invests at least 80% of the value of its net assets in common stocks. This policy may be changed only after 60 days’ notice to shareholders. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">For a further discussion of Equity Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Growth Fund (“Growth Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Balanced Fund (“Balanced Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Conservative Fund (“Conservative Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Multi-Asset Income Fund (“Multi-Asset Income Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Growth Fund invests primarily in equity securities, including both growth and value stocks, of U.S. and foreign companies of any size. Growth Fund also invests, to a lesser extent, in fixed income investments, which may include U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">For a further discussion of each fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Short Term Investment Fund (“Short Term Investment Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Allocation risk:</span> The fund’s allocation of assets among asset classes and the underlying funds may hurt performance. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">An underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Substantial shareholder risk:</span> Certain accounts or affiliates of the Investment Manager, including other funds advised by the Investment Manager or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>A fund’s allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk:</span> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Growth investing risk:</span> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Value investing risk: </span>Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Small and midsize companies risk:</span> Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments </span><span style="font-weight:bold">risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s 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. Default risk is generally higher for non-qualified mortgages. 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. 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 fund may have to invest the proceeds from prepaid investments, including </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk:</span> 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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Derivatives risk: </span>The fund may have exposure to derivatives such as futures, options, swap contracts, and certain foreign currency transactions and warrants, for both hedging and investment purposes. An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. 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). </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk:</span> There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. If the quantitative models or data that are used in managing the 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. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&amp;P Target Date To 2035 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2035 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2035 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:81%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q2 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">14.82%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"><span style="font-weight:bold"></span> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow"><span style="font-weight:bold"></span>Q1 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"><span style="font-weight:bold"></span> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">    </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"><span style="font-weight:bold"></span> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow"><span style="font-weight:bold"></span>-15.17%</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"><span style="font-weight:bold"></span> </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 11.70%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.1482 Worst Quarter: 2020-03-31 -0.1517 2025-09-30 year-to-date return 0.1170 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0919 0.0706 0.0706 0.0665 0.0478 0.0478 0.0559 0.0472 0.0472 0.1398 0.0753 0.0753 0.1532 0.0788 0.0788 0.1568 0.0817 0.0817 0.1600 0.0843 0.0843 0.1612 0.0857 0.0857 0.1624 0.0869 0.0869 0.1616 0.0858 0.0858 0.2381 0.1386 0.1386 0.0125 -0.0033 -0.0033 0.1025 0.0704 0.0704 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 <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:8pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. 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. 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. Fund summary Putnam Retirement Advantage 2030 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The 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. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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</span>. 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 <span style="font-style:italic">How do I buy fund shares?</span> beginning on page 138 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-style:italic">How to buy shares</span> beginning on page 22 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 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 0.0047 0.0054 0.0163 -0.0083 0.0080 0.0037 0.0100 0.0047 0.0054 0.0238 -0.0083 0.0155 0.0037 0.0050 0.0060 0.0054 0.0201 -0.0081 0.0120 0.0037 0.0025 0.0062 0.0054 0.0178 -0.0083 0.0095 0.0037 0 0.0062 0.0054 0.0153 -0.0083 0.0070 0.0037 0 0.0047 0.0054 0.0138 -0.0083 0.0055 0.0037 0 0.0037 0.0054 0.0128 -0.0083 0.0045 0.0037 0 0.0047 0.0054 0.0138 -0.0083 0.0055 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. December 31, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 652 816 1176 2187 258 490 1031 2321 158 490 1031 2321 122 381 844 2128 97 303 717 1874 72 225 585 1598 56 176 502 1426 46 144 448 1311 56 176 502 1426 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 56%. </div> 0.56 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 affiliated mutual funds, referred to as underlying funds. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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?”. The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of December 31, 2025 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2026. 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, 2025. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:13%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;"><span style="font-family:arial"><span style="font-weight:bold">Underlying<br/> Fund*</span></span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">Year</span></span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">2070</span></span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">2065</span></span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">2060</span></span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">2055</span></span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">2050</span></span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">2045</span></span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">2040</span></span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">2035</span></span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">2030<br/> (your<br/> fund)</span></span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">Maturity<br/> Fund</span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial">Putnam Dynamic Asset Allocation Equity Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2025</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">78.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">78.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">59.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">34.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">11.2%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2026</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">78.6%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">75.1%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">55.3%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">30.1%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">7.9%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial">Putnam Dynamic Asset Allocation Growth Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2025</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">21.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">21.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">40.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">65.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">87.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">88.4%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">42.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2026</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">21.5%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">24.4%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">44.2%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">69.4%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">90.7%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">81.2%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">33.9%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial">Putnam Dynamic Asset Allocation Balanced Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2025</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">8.8%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">54.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">85.2%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">16.2%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2026</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">16.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">62.4%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">74.9%</span></td> <td style="vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">13.2%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial">Putnam Dynamic Asset Allocation Conservative Fund</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2025</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">4.9%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">58.7%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2026</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">13.0%</span></td> <td style="vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">54.8%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">0.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">Putnam</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial;">Short Term Investment Fund</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2025</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">1.3%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2.8%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">3.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">4.7%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">6.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2026</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.5%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.5%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.5%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.5%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">1.4%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2.8%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">3.7%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">4.9%</span></td> <td style="vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">6.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">6.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial">Putnam Multi-Asset Income Funds</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2025</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">5.2%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">19.1%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2026</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">0.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">7.2%</span></td> <td style="vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">26.0%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">94.0%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial">Total Equity**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2025</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">95.2%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">95.2%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">91.4%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">86.4%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">81.2%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">76.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">66.4%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">54.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">32.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2026</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">95.2%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">94.6%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">90.7%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">85.6%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">80.5%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">74.6%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">64.6%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">50.8%</span></td> <td style="vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">31.4%</span></td> <td style="vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">25.4%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-family:arial">Total Fixed Income**</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2025</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">4.8%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">4.8%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">8.6%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">13.6%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">18.8%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">24.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">33.6%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">46.0%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">67.5%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">74.6%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"><span style="font-size:x-small"> </span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">4.8%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">5.4%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">9.3%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">14.4%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">19.5%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">25.4%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">35.4%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-family:arial">49.2%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;"><span style="font-family:arial">68.6%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;"><span style="font-family:arial">74.6%</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">* 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. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">** 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 allocations to equity and fixed income investments as set forth under “What are the funds’ and each underlying funds’ main investment strategies and related risks?”, and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The investment 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. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects 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. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Retirement Advantage Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in this prospectus beginning on page 108<span style="font-style:italic"></span><span style="font-weight:bold">,</span><span style="font-style:italic"></span> and more information about the underlying funds (which are not offered by this prospectus) is included below and under <span style="font-style:italic">“What are the funds’ and each underlying fund’s main investment strategies and related risks?” </span></div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;"><span style="text-decoration:underline">Information about each underlying fund’s investment strategy</span> </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Equity Fund (“Equity Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Equity Fund invests primarily in common stocks of large and midsize companies located worldwide, including both growth and value stocks. In selecting investments for Equity Fund, Equity Fund’s investment manager may consider a variety of factors, including a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. Equity Fund’s investment manager may also consider other factors that it believes could contribute to an increase in the company’s stock price. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Equity Fund invests at least 80% of the value of its net assets in common stocks. This policy may be changed only after 60 days’ notice to shareholders. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Equity Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Growth Fund (“Growth Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Balanced Fund (“Balanced Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Dynamic Asset Allocation Conservative Fund (“Conservative Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Multi-Asset Income Fund (“Multi-Asset Income Fund”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Growth Fund invests primarily in equity securities, including both growth and value stocks, of U.S. and foreign companies of any size. Growth Fund also invests, to a lesser extent, in fixed income investments, which may include U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of each fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Short Term Investment Fund (“Short Term Investment Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Allocation risk:</span> The fund’s allocation of assets among asset classes and the underlying funds may hurt performance. <span style="font-weight:bold"> </span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">An underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Substantial shareholder risk:</span> Certain accounts or affiliates of the Investment Manager, including other funds advised by the Investment Manager or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk:</span> A fund’s allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio 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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk:</span> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Growth investing risk: </span>Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. <span style="font-style:italic"> </span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Value investing risk: </span>Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor.<span style="font-style:italic"> </span></div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Small and midsize companies ris</span>k: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.<span style="font-style:italic"> </span></div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s 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. Default risk is generally higher for non-qualified mortgages. 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. 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 fund may have to invest the proceeds from prepaid investments, including </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk: </span>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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Derivatives risk: </span>The fund may have exposure to derivatives such as futures, options, swap contracts, and certain foreign currency transactions and warrants, for both hedging and investment purposes. An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. 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). </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. If the quantitative models or data that are used in managing the 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. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:14pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&amp;P Target Date To 2030 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2030 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2030 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:83%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q2 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">12.53</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow">% </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q1 2020</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">    </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">-12.38</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow">% </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 9.55%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.1253 Worst Quarter: 2020-03-31 -0.1238 2025-09-30 year-to-date return 0.0955 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0544 0.0514 0.0514 0.0366 0.0332 0.0332 0.0335 0.0340 0.0340 0.1019 0.0564 0.0564 0.1153 0.0599 0.0599 0.1180 0.0625 0.0625 0.1207 0.0650 0.0650 0.1233 0.0667 0.0667 0.1234 0.0676 0.0676 0.1229 0.0666 0.0666 0.2381 0.1386 0.1386 0.0125 -0.0033 -0.0033 0.0889 0.0608 0.0608 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 <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at <span style="font-family:arial;font-size:8pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. 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. 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. Fund summary Putnam Retirement Advantage Maturity Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund seeks as high a rate of current income as the Investment Manager (as defined below) believes is consistent with preservation of capital. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold"></span>The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight:bold">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.</span> 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 Putnam funds. More information about these and other discounts is available from your financial professional and in <span style="font-weight:bold"></span><span style="font-style:italic">How do I buy fund shares?</span><span style="font-weight:bold"></span> beginning on page 138 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in <span style="font-weight:bold"></span><span style="font-style:italic">How to buy shares</span><span style="font-weight:bold"></span> beginning on page 22 of the fund’s Statement of Additional Information (“SAI”).<span style="font-weight:bold"> </span></div> 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 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 0.0128 0.0044 0.0233 -0.0153 0.0080 0.0036 0.0100 0.0129 0.0044 0.0309 -0.0154 0.0155 0.0036 0.0050 0.0143 0.0044 0.0273 -0.0153 0.0120 0.0036 0.0025 0.0143 0.0044 0.0248 -0.0153 0.0095 0.0036 0 0.0143 0.0044 0.0223 -0.0153 0.0070 0.0036 0 0.0128 0.0044 0.0208 -0.0153 0.0055 0.0036 0 0.0118 0.0044 0.0198 -0.0153 0.0045 0.0036 0 0.0128 0.0044 0.0208 -0.0153 0.0055 Other expenses have been restated to reflect current expenses. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. December 31, 2028 Example <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower. </div> 478 645 1164 2590 258 490 1187 2867 158 490 1187 2867 122 381 1006 2695 97 303 876 2439 72 225 746 2177 56 176 664 2015 46 144 611 1907 56 176 664 2015 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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 58%. </div> 0.58 Investments, risks, and performance Investments <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class (through its investments in underlying funds) as of December 30, 2025, which are not expected to change over time. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Asset class </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:9pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:71%;"></td> <td style="vertical-align:bottom;width:13%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:13%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td rowspan="3" style="vertical-align:bottom;"> </td> <td rowspan="3" style="vertical-align:bottom;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold">                </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;font-weight:bold;">Equity*</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial"><span style="font-weight:bold">25.4</span></span></td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"><span style="font-weight:bold">% </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;"> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:1.00em;text-indent:-1.00em;font-size:9pt;font-family:arial;font-weight:bold;">Fixed Income*</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-bottom:1pt;margin-top:0pt;font-size:9pt;font-family:arial;font-weight:bold;"> </div> </td> <td style="white-space:nowrap;vertical-align:bottom;"> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-bottom:1pt;margin-top:0pt;font-size:9pt;font-family:arial;font-weight:bold;text-align:right;">74.6</div> </td> <td style="white-space:nowrap;vertical-align:bottom;"> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <div style="margin-bottom:1pt;margin-top:0pt;font-size:9pt;font-family:arial;font-weight:bold;">% </div> </td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-style:italic"></span>* 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 ”<span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks</span><span style="font-style:italic">?</span>”, 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.<span style="font-style:italic"> </span></div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the fund’s target allocations, and the underlying fund(s) in which it invests, at any time, although the Investment Manager generally expects 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. It is assumed investors will make gradual withdrawals from the fund. The managers of Putnam Multi-Asset Income Fund will rebalance that fund’s investments towards its target allocations on a quarterly basis. More information about Putnam Multi-Asset Income Fund and Putnam Short Term Investment Fund is included under ”<span style="font-style:italic">What are the </span><span style="font-style:italic">funds’ and each underlying </span><span style="font-style:italic">fund’s main investment strategies and related risks</span>?” </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;"><span style="text-decoration:underline">Information about each underlying fund’s investment strategy</span> </div><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Multi-Asset Income Fund (“Multi-Asset Income Fund”) </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of each fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Short Term Investment Fund (“Short Term Investment Fund”) </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic"></span>For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section <span style="font-style:italic">What are the funds’ and each underlying fund’s main investment strategies and related risks?</span> beginning on page 118.<span style="font-style:italic"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Allocation risk:</span> The fund’s allocation of assets among asset classes and the underlying funds may hurt performance. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">An underlying fund may change its investment program or policies without the fund’s approval, which could require the fund to reduce or eliminate its allocation to the underlying fund at an unfavorable time. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Substantial shareholder risk:</span> Certain accounts or affiliates of the Investment Manager, including other funds advised by the Investment Manager or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Market risk: </span>A fund’s allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Common stock risk:</span> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-style:italic">Growth investing risk:</span> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. <span style="font-style:italic"> </span></div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">Value investing risk: </span>Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;"><span style="font-style:italic">Small and midsize companies ris</span>k: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.<span style="font-style:italic"> </span></div> <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Fixed income investments </span><span style="font-weight:bold">risk:</span> The risks associated with fixed income investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s 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. Default risk is generally higher for non-qualified mortgages. 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. 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 fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Foreign investments risk: </span>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 economic sanctions or currency or other restrictions, or high levels of inflation), and may be or become illiquid.<span style="font-weight:bold"> </span></div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Derivatives risk: </span>The fund may have exposure to derivatives such as futures, options, swap contracts, and certain foreign currency transactions and warrants, for both hedging and investment purposes. An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. 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). </div> <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-weight:bold">Management and </span><span style="font-weight:bold">operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. If the quantitative models or data that are used in managing the 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. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&amp;P Target Date To Retirement Income Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-style:italic">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To Retirement Income Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To Retirement Income Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:84%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q4 2023</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">7.88</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow">% </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">Q2 2022</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">   </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow"> </span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial narrow">-8.29</span></td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial narrow">% </span></td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 8.21%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2023-12-31 0.0788 Worst Quarter: 2022-06-30 -0.0829 2025-09-30 year-to-date return 0.0821 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0449 0.0284 0.0284 0.0283 0.0180 0.0180 0.0274 0.0178 0.0178 0.0697 0.0291 0.0291 0.0841 0.0326 0.0326 0.0864 0.0351 0.0351 0.0892 0.0375 0.0375 0.0905 0.0391 0.0391 0.0915 0.0403 0.0403 0.0905 0.0391 0.0391 0.0125 -0.0033 -0.0033 0.2381 0.1386 0.1386 0.0600 0.0368 0.0368 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 <div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">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. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Important data provider notices and terms are available at </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"><span style="font-family:arial;font-size:9pt;color:#467886"><span style="text-decoration:underline">www.franklintempletondatasources.com</span></span><span style="font-family:arial">. Such information is subject to change. </span></div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. 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. 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. Since inception December 31, 2019. 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. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 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. These obligations may not be modified or discontinued prior to December 31, 2028, without approval of the Board of Trustees. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. 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. Since inception December 31, 2019. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 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. These obligations may not be modified or discontinued prior to December 31, 2028, without 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. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 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. These obligations may not be modified or discontinued prior to December 31, 2028, without 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. Since inception December 31, 2019. Other expenses have been restated to reflect current expenses. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 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. These obligations may not be modified or discontinued prior to December 31, 2028, without 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. Since inception December 31, 2019. Other expenses are estimated based on the expenses the fund expects to incur for the current fiscal year and include 2.00% of non-recurring costs related to commencement of the fund’s operations. Actual expenses may differ from estimates. Since inception December 30, 2020. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 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. These obligations may not be modified or discontinued prior to December 31, 2026, without 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. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 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. These obligations may not be modified or discontinued prior to December 31, 2028, without approval of the Board of Trustees. Applies only to certain redemptions of shares bought with no initial sales charge. 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. Since inception December 31, 2019. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 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. These obligations may not be modified or discontinued prior to December 31, 2028, without approval of the Board of Trustees. This charge is eliminated after one year. 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. Since inception December 31, 2019. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 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. These obligations may not be modified or discontinued prior to December 31, 2028, without 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. Since inception December 31, 2019. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 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. These obligations may not be modified or discontinued prior to December 31, 2028, without 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. Since inception December 31, 2019. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective October 1, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights.  Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses.  The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 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. These obligations may not be modified or discontinued prior to December 31, 2028, without 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.