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0.1183 0.0899 0.0836 0.0252 0.0837 0.0680 -0.0413 0.0846 0.0101 0.0100 -0.0442 0.0929 0.0665 N-1A PUTNAM TARGET DATE FUNDS 2026-02-27 Fund summary Putnam Retirement Advantage Plus 2070 Fund (formerly, Putnam Sustainable Retirement 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 150 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 50 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) 0.0055 0.0025 0.1496 0.0063 0.1639 -0.1544 0.0095 0.0055 0.0100 0.1496 0.0063 0.1714 -0.1544 0.0170 0.0055 0.0050 0.1511 0.0063 0.1679 -0.1544 0.0135 0.0055 0.0025 0.1511 0.0063 0.1654 -0.1544 0.0110 0.0055 0 0.1511 0.0063 0.1629 -0.1544 0.0085 0.0055 0 0.1496 0.0063 0.1614 -0.1544 0.0070 0.0055 0 0.1486 0.0063 0.1604 -0.1544 0.0060 0.0055 0 0.1496 0.0063 0.1614 -0.1544 0.0070 Other expenses are estimated based on the expenses the fund expects to incur for the current fiscal year and include 4.50% of non-recurring costs related to commencement of the fund’s operations. Actual expenses may differ from estimates.Estimated amounts for current fiscal year. Actual expenses may differ from estimates. February 26, 2027 Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating caps. 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> 666 3525 273 3297 173 3297 137 3220 112 3163 87 3108 72 3075 61 3050 72 3075 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 portfolio turnover rate will be available after the fund completes its first fiscal year.</div> 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 mutual funds and closed-end funds managed by the Investment Manager, or affiliates of the Investment Manager, which are 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 February 27, 2026 and its projected approximate allocations to these asset classes and underlying funds as of February 26, 2027. 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 February 27, 2026.</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 Plus Funds, which are designed for investors with different target</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income.</div> <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;"></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;"></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;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #d9d9d9;"> <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: middle;"> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;">Underlying<br/>Fund*</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt; text-align: left;"> </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: middle; 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; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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="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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;">86.0% </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;">85.0% </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;">65.7% </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;">43.4% </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;">24.3% </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;">7.0% </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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">86.0% </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;">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;">60.8% </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;">39.0% </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;">20.6% </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;">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;">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; 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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;">11.5% </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;">12.5% </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;">31.8% </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;">53.4% </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;">70.8% </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;">84.9% </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;">58.0% </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;">6.1% </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;">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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">11.5% </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;">16.3% </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;">36.7% </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;">57.6% </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;">74.1% </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;">85.1% </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;">47.8% </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;">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; 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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;">0.9% </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;">32.3% </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;">79.2% </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;">23.5% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5% </span></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; 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;">2027 </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;">4.5% </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;">41.8% </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;">76.0% </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;">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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5% </span></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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;">0.3% </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;">38.0% </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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">2.5% </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;">32.8% </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; 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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Multi-Asset Income Fund</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;">1.7% </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;">24.5% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5% </span></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; 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;">2027 </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;">8.5% </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;">33.7% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5% </span></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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Short Term Investment Fund</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;">1.3% </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;">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;">3.6% </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;">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;">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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">1.6% </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;">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;">3.8% </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;">5.1% </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;">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; 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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Clarion Partners Real Estate Income Fund Inc.</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;">1.0% </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;">1.0% </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;">1.0% </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;">1.3% </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;">1.8% </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;">2.2% </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;">3.1% </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;">4.0% </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;">4.0% </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;">4.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">1.0% </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;">1.0% </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;">1.0% </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;">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;">1.9% </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;">2.4% </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;">3.3% </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;">4.0% </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;">4.0% </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;">4.0% </span></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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Franklin BSP Lending Fund</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;">1.0% </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;">1.0% </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;">1.0% </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;">1.3% </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;">1.8% </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;">2.2% </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;">3.1% </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;">4.0% </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;">4.0% </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;">4.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">1.0% </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;">1.0% </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;">1.0% </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;">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;">1.9% </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;">2.4% </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;">3.3% </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;">4.0% </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;">4.0% </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;">4.0% </span></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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Equity**</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;">95.0% </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;">91.2% </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;">86.1% </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;">80.9% </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;">75.5% </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;">65.8% </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;">52.9% </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;">32.1% </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-right: 0.75pt 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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">94.2% </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;">90.1% </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;">85.1% </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;">79.9% </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;">73.6% </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;">63.3% </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;">48.6% </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;">30.6% </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;">25.4% </span></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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Fixed Income**</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;">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;">3.0% </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;">6.9% </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;">11.2% </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;">15.5% </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;">20.1% </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;">28.1% </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;">39.1% </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;">59.9% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">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;">3.8% </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;">7.8% </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;">12.0% </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;">16.4% </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;">21.7% </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;">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;">43.4% </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;">61.4% </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;">66.6% </span></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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Alternatives**</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;">2.0% </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;">2.0% </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;">2.0% </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;">2.7% </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;">3.5% </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;">4.3% </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;">6.1% </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;">8.0% </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;">8.0% </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;">8.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">2.0% </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;">2.0% </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;">2.0% </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;">2.9% </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;">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;">4.7% </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;">6.6% </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;">8.0% </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;">8.0% </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;">8.0% </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, fixed-income and alternatives allocations are hypothetical estimates based on an assumption that each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s allocation to equity and fixed income investments reflects its strategic allocations, an assumption that Putnam Dynamic Asset Allocation Equity Fund is equivalent to an equity investment, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. 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 Plus 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 117<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 128.</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;">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 128.</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;">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 128.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Franklin BSP Lending Fund (“BSP Lending Fund”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of BSP Lending 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 128.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub-adviser, will seek to select investments across property types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of Clarion Partners Real Estate 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 128.</div> It is important to understand that you can lose money by investing in the fund. <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 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: 0pt; 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: 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 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: 0pt; 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;">Alternative strategies risk:</span> In addition to risks associated with more traditional investments (e.g., market risk, credit risk, etc.), the fund’s investments in underlying funds that pursue alternative strategies (such as private credit and private and public real estate strategies) are subject to additional risks, which may be significant, and may expose the underlying fund to potentially significant fluctuations in value. The underlying funds’ alternative strategies may not work as intended, resulting in potentially significant losses for the underlying fund. Furthermore, alternative strategies may employ leverage, involve short positions, and/or focus on narrow segments of the market, which may magnify the underlying fund’s overall risks and volatility. Alternative strategies also may expose the underlying fund to additional liquidity risk and to valuation risk (the risk that the sale price the underlying fund could receive for a portfolio security may differ from the underlying fund’s valuation of the security).</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> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> 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 Plus 2065 Fund (formerly, Putnam Sustainable Retirement 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 150 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 50 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) 0.0054 0.0025 0.1138 0.0063 0.1280 -0.1185 0.0095 0.0054 0.0100 0.1138 0.0063 0.1355 -0.1185 0.0170 0.0054 0.0050 0.1152 0.0063 0.1319 -0.1184 0.0135 0.0054 0.0025 0.1152 0.0063 0.1294 -0.1184 0.0110 0.0054 0 0.1152 0.0063 0.1269 -0.1184 0.0085 0.0054 0 0.1137 0.0063 0.1254 -0.1184 0.0070 0.0054 0 0.1127 0.0063 0.1244 -0.1184 0.0060 0.0054 0 0.1137 0.0063 0.1254 -0.1184 0.0070 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. Estimated amounts for current fiscal year. 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. February 26, 2029 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> 666 860 3370 8120 273 536 3274 8230 173 536 3274 8230 137 427 3129 8170 112 350 3027 8066 87 271 2923 7960 72 225 2860 7893 61 192 2816 7848 72 225 2860 7893 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 37%.</div> 0.37 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 mutual funds and closed-end funds managed by the Investment Manager, or affiliates of the Investment Manager, which are 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 February 27, 2026 and its projected approximate allocations to these asset classes and underlying funds as of February 26, 2027. 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 February 27, 2026.</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 Plus 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;"></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; background-color: #d9d9d9;"> <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; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;">Underlying<br/>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: middle; 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: middle; 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: middle; white-space: nowrap; background-color: #d9d9d9; 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: middle; 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: middle; 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: middle; 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: middle; 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: middle; 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: middle; 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: middle; 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: middle; 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</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">86.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">85.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">65.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">43.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">24.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">7.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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-family: arial narrow;">Allocation Equity Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">86.0%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">60.8%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">39.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">20.6%</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: middle; 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: middle; white-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: middle; white-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: middle; white-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: middle; 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</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">11.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">12.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">31.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">53.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">70.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">84.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">58.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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-family: arial narrow;">Allocation Growth Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">11.5%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">16.3%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">36.7%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">57.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">74.1%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">85.1%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">47.8%</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: middle; white-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: middle; white-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: middle; 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</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">32.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">23.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5%</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-family: arial narrow;">Allocation Balanced Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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: middle; 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: middle; white-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: middle; white-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: middle; white-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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">41.8%</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: middle; 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-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5%</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</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">38.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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-family: arial narrow;">Allocation Conservative Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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: middle; 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: middle; white-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: middle; white-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: middle; white-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: middle; white-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: middle; white-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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">32.8%</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: middle; 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 Multi-Asset</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">24.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5%</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-family: arial narrow;">Income Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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: middle; 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: middle; white-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: middle; white-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: middle; white-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: middle; white-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: middle; white-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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">33.7%</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; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5%</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 Short Term</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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-family: arial narrow;">Investment Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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: middle; 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: middle; 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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.6%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.8%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">5.1%</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: middle; 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: middle; 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;">Clarion Partners Real</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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-family: arial narrow;">Estate Income Fund Inc.</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.9%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.3%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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;">Franklin BSP</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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-family: arial narrow;">Lending Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.9%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.3%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Equity**</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">95.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">91.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">86.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">80.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">75.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">65.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">52.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">32.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">94.2%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">90.1%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">85.1%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.9%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">73.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">63.3%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">48.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">30.6%</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: middle; 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;">Fixed</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">3.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">15.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">20.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">28.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">39.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">59.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6%</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-family: arial narrow;">Income**</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">3.8%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">7.8%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">12.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">16.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">21.7%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">43.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">61.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Alternatives**</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">2.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">2.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.9%</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: middle; 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: middle; 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-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: 9pt; font-family: arial;">** Equity, fixed-income and alternatives allocations are hypothetical estimates based on an assumption that each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s allocation to equity and fixed income investments reflects its strategic allocations, an assumption that Putnam Dynamic Asset Allocation Equity Fund is equivalent to an equity investment, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. 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 Plus 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 117<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 128.</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 128.</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;">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 128.</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Franklin BSP Lending Fund (“BSP Lending Fund”)</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of BSP Lending 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 128.</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”)</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub-adviser, will seek to select investments across property types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.</div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of Clarion Partners Real Estate 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 128.</div> It is important to understand that you can lose money by investing in the fund. <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 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: 0pt; 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 ris</span>k: 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: 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 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: 0pt; 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;">Alternative strategies risk</span>: In addition to risks associated with more traditional investments (e.g., market risk, credit risk, etc.), the fund’s investments in underlying funds that pursue alternative strategies (such as private credit and private and public real estate strategies) are subject to additional risks, which may be significant, and may expose the underlying fund to potentially significant fluctuations in value. The underlying funds’ alternative strategies may not work as intended, resulting in potentially significant losses for the underlying fund. Furthermore, alternative strategies may employ leverage, involve short positions, and/or focus on narrow segments of the market, which may magnify the underlying fund’s overall risks and volatility. Alternative strategies also may expose the underlying fund to additional liquidity risk and to valuation risk (the risk that the sale price the underlying fund could receive for a portfolio security may differ from the underlying fund’s valuation of the security).</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><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> 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&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. On February 10, 2023 and again on February 27, 2026, the fund materially changed its investment strategy and may have achieved materially different performance results under its current investment strategy than it achieved under the investment strategies in effect before those 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 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; font-weight: bold;">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;">13.57</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; font-weight: bold;">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;">-14.26</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> </table> Best Quarter: 2023-12-31 0.1357 Worst Quarter: 2022-06-30 -0.1426 Average annual total returns after sales charges(for periods ended 12/31/25) 0.0714 0.0871 0.0479 0.0724 0.0590 0.0648 0.1194 0.0920 0.1323 0.0956 0.1357 0.0985 0.1389 0.1013 0.1407 0.1029 0.1415 0.1039 0.1406 0.1029 0.1715 0.1315 0.0730 -0.0036 0.1977 0.1052 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 <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 summaryPutnam Retirement Advantage Plus 2060 Fund(formerly, Putnam Sustainable Retirement 2060 Fund) Goal <div style="margin-top: 8pt; 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 150 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 50 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) 0.0053 0.0025 0.0035 0.0064 0.0177 -0.0082 0.0095 0.0053 0.0100 0.0035 0.0064 0.0252 -0.0082 0.0170 0.0053 0.0050 0.0050 0.0064 0.0217 -0.0082 0.0135 0.0053 0.0025 0.0050 0.0064 0.0192 -0.0082 0.0110 0.0053 0 0.0050 0.0064 0.0167 -0.0082 0.0085 0.0053 0 0.0035 0.0064 0.0152 -0.0082 0.0070 0.0053 0 0.0025 0.0064 0.0142 -0.0082 0.0060 0.0053 0 0.0035 0.0064 0.0152 -0.0082 0.0070 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. Estimated amounts for current fiscal year. 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. February 26, 2036 Example <div style="margin-top: 8pt; 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> 666 860 1070 1675 273 536 923 1810 173 536 923 1810 137 427 739 1623 112 350 607 1341 87 271 471 1048 72 225 391 871 61 192 335 750 72 225 391 871 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 20%.</div> 0.20 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 mutual funds and closed-end funds managed by the Investment Manager, or affiliates of the Investment Manager, which are 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 February 27, 2026 and its projected approximate allocations to these asset classes and underlying funds as of February 26, 2027. 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 February 27, 2026.</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 Plus 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;"></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; background-color: #d9d9d9;"> <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; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;">Underlying<br/>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: middle; 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: middle; 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: middle; 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: middle; white-space: nowrap; background-color: #d9d9d9; 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: middle; 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: middle; 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: middle; 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: middle; 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: middle; 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: middle; 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: middle; 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</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">86.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">85.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">65.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">43.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">24.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">7.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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-family: arial narrow;">Allocation Equity Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">86.0%</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: middle; 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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">60.8%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">39.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">20.6%</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: middle; 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: middle; white-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: middle; white-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: middle; white-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: middle; 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</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">11.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">12.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">31.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">53.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">70.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">84.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">58.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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-family: arial narrow;">Allocation Growth Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">11.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">16.3%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">36.7%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">57.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">74.1%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">85.1%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">47.8%</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: middle; white-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: middle; white-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: middle; 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</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">32.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">23.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5%</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-family: arial narrow;">Allocation Balanced Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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: middle; white-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: middle; 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: middle; white-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: middle; white-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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">41.8%</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: middle; 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-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5%</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</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">38.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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-family: arial narrow;">Allocation Conservative Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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: middle; white-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: middle; 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: middle; white-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: middle; white-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: middle; white-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: middle; white-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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">32.8%</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: middle; 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 Multi-Asset</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">24.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5%</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-family: arial narrow;">Income Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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: middle; white-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: middle; 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: middle; white-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: middle; white-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: middle; white-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: middle; white-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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">33.7%</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; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5%</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 Short Term</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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-family: arial narrow;">Investment Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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: middle; 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: middle; 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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.6%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.8%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">5.1%</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: middle; 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: middle; 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;">Clarion Partners Real</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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-family: arial narrow;">Estate Income Fund Inc.</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.9%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.3%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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;">Franklin BSP</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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-family: arial narrow;">Lending Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.9%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.3%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Equity**</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">95.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">91.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">86.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">80.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">75.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">65.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">52.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">32.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">94.2%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">90.1%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">85.1%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.9%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">73.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">63.3%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">48.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">30.6%</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: middle; 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 rowspan="2" style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Fixed Income**</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">6.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">15.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">20.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">28.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">39.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">59.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.8%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">7.8%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">12.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">16.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">21.7%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">43.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">61.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Alternatives**</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">2.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">2.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.9%</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: middle; 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: middle; 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-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial narrow;">** Equity, fixed-income and alternatives allocations are hypothetical estimates based on an assumption that each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s allocation to equity and fixed income investments reflects its strategic allocations, an assumption that Putnam Dynamic Asset Allocation Equity Fund is equivalent to an equity investment, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. 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 Plus 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 117<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: 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: 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;">W</span><span style="font-style: italic;">hat are the funds’ and each underlying fund’s main investment strategies and related risks</span>? beginning on page 128.</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;">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 128.</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;">For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 128.</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Franklin BSP Lending Fund (“BSP Lending Fund”)</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).</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 BSP Lending 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 128.<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;">Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”)</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub-adviser, will seek to select investments across property types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.</div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;"><span style="font-style: italic;"></span>For a further discussion of Clarion Partners Real Estate 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 128.<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. <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.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; 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.<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;">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: 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: 12pt; 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 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. <span style="font-weight: bold;"> </span></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.<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;">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).<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Alternative strategies risk: </span>In addition to risks associated with more traditional investments (e.g., market risk, credit risk, etc.), the fund’s investments in underlying funds that pursue alternative strategies (such as private credit and private and public real estate strategies) are subject to additional risks, which may be significant, and may expose the underlying fund to potentially significant fluctuations in value. The underlying funds’ alternative strategies may not work as intended, resulting in potentially significant losses for the underlying fund. Furthermore, alternative strategies may employ leverage, involve short positions, and/or focus on narrow segments of the market, which may magnify the underlying fund’s overall risks and volatility. Alternative strategies also may expose the underlying fund to additional liquidity risk and to valuation risk (the risk that the sale price the underlying fund could receive for a portfolio security may differ from the underlying fund’s valuation of the security).<span style="font-weight: bold;"> </span></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.<span style="font-weight: bold;"> </span></div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> 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: 6pt; 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&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. On February 10, 2023 and again on February 27, 2026, the fund materially changed its investment strategy and may have achieved materially different performance results under its current investment strategy than it achieved under the investment strategies in effect before those 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: 10pt; 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: 100%; border-spacing: 0px; margin: 0 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; font-weight: bold;">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;">18.50</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; font-weight: bold;">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;">-19.62</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> </table> Best Quarter: 2020-06-30 0.1850 Worst Quarter: 2020-03-31 -0.1962 Average annual total returns after sales charges(for periods ended 12/31/25) 0.0692 0.0854 0.0924 0.0602 0.0704 0.0783 0.0462 0.0623 0.0701 0.1172 0.0902 0.0923 0.1306 0.0939 0.0954 0.1338 0.0968 0.0977 0.1363 0.0994 0.1004 0.1378 0.1011 0.1020 0.1389 0.1021 0.1026 0.1379 0.1011 0.1017 0.1715 0.1315 0.1429 0.0730 -0.0036 0.0201 0.1990 0.1021 0.1080 <div style="margin-top: 24pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">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: 9pt; font-family: arial;">Class C share performance reflects conversion to class A shares after eight years.</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="text-decoration: underline;">www.franklintempletondatasources.com.</span> Such information is subject to change.</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 Plus 2055 Fund (formerly, Putnam Sustainable Retirement 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: 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 150 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 50 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) 0.0052 0.0025 0.0023 0.0065 0.0165 -0.0070 0.0095 0.0052 0.0100 0.0023 0.0065 0.0240 -0.0070 0.0170 0.0052 0.0050 0.0038 0.0065 0.0205 -0.0070 0.0135 0.0052 0.0025 0.0038 0.0065 0.0180 -0.0070 0.0110 0.0052 0 0.0038 0.0065 0.0155 -0.0070 0.0085 0.0052 0 0.0023 0.0065 0.0140 -0.0070 0.0070 0.0052 0 0.0013 0.0065 0.0130 -0.0070 0.0060 0.0052 0 0.0023 0.0065 0.0140 -0.0070 0.0070 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. Estimated amounts for current fiscal year. 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. February 26, 2029 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> 666 860 1222 2239 273 536 1079 2374 173 536 1079 2374 137 427 897 2200 112 350 767 1931 87 271 633 1654 72 225 555 1488 61 192 499 1371 72 225 555 1488 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 18%.</div> 0.18 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 2055 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in other mutual funds and closed-end funds managed by the Investment Manager, or affiliates of the Investment Manager, which are 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 February 27, 2026 and its projected approximate allocations to these asset classes and underlying funds as of February 26, 2027. 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 February 27, 2026.</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 Plus 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;"></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; background-color: #d9d9d9;"> <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; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;">Underlying</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: middle; 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: middle; 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: middle; 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: middle; 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: middle; white-space: nowrap; background-color: #d9d9d9; 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: middle; 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: middle; 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: middle; 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: middle; 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: middle; 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: middle; 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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow;">Putnam Dynamic Asset</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial narrow;">Allocation Equity Fund</div> </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">86.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">85.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">65.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">43.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">24.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">7.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">86.0%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">60.8%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">39.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">20.6%</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: middle; 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: middle; white-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: middle; white-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: middle; white-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: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">11.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">12.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">31.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">53.4%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">70.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">84.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">58.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">11.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">16.3%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">36.7%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">57.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">74.1%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">85.1%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">47.8%</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: middle; white-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: middle; white-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: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">32.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">23.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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: middle; white-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: middle; white-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: middle; 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: middle; white-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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">41.8%</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: middle; 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-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5%</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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">0.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">38.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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: middle; white-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: middle; white-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: middle; 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: middle; white-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: middle; white-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: middle; white-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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">32.8%</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: middle; 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 Multi-Asset Income Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">24.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-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: middle; white-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: middle; white-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: middle; 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: middle; white-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: middle; white-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: middle; white-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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.5%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">33.7%</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; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5%</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 Short Term Investment Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.6%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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: middle; 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: middle; 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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.6%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.8%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">5.1%</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: middle; 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: middle; 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;">Clarion Partners Real Estate Income Fund Inc.</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.9%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.3%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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;">Franklin BSP Lending Fund</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.0%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">1.9%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.3%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Equity**</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">95.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">91.2%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">86.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">80.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">75.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">65.8%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">52.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">32.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">94.2%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">90.1%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">85.1%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.9%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">73.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">63.3%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">48.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">30.6%</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: middle; 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: middle;"><span style="font-family: arial narrow;">Fixed</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">15.5%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">20.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">28.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">39.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">59.9%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6%</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-family: arial narrow;">Income**</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">3.8%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">7.8%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">12.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">16.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">21.7%</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: middle; 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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">43.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">61.4%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Alternatives**</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2026</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 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; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">2.7%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; 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; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">4.3%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.1%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</span></td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2027</span></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">2.0%</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: middle; white-space: nowrap; background-color: #d9d9d9; text-align: center;"><span style="font-family: arial narrow;">2.9%</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: middle; 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: middle; 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-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.6%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: middle; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">8.0%</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: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial narrow;">** Equity, fixed-income and alternatives allocations are hypothetical estimates based on an assumption that each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s allocation to equity and fixed income investments reflects its strategic allocations, an assumption that Putnam Dynamic Asset Allocation Equity Fund is equivalent to an equity investment, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. 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 Plus 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 117<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: 18pt; 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: 18pt; 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: 6pt; 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 128.<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 128.<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: 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 128.<span style="font-style: italic;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial; font-weight: bold;">Franklin BSP Lending Fund (“BSP Lending Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;"><span style="font-style: italic;"></span>For a further discussion of BSP Lending 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 128.<span style="font-style: italic;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial; font-weight: bold;">Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub-adviser, will seek to select investments across property types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;"><span style="font-style: italic;"></span>For a further discussion of Clarion Partners Real Estate 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 128.<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: 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: 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.<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;">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: 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: 12pt; 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 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. <span style="font-weight: bold;"> </span></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.<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;">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;">Alternative strategies risk:</span> In addition to risks associated with more traditional investments (e.g., market risk, credit risk, etc.), the fund’s investments in underlying funds that pursue alternative strategies (such as private credit and private and public real estate strategies) are subject to additional risks, which may be significant, and may expose the underlying fund to potentially significant fluctuations in value. The underlying funds’ alternative strategies may not work as intended, resulting in potentially significant losses for the underlying fund. Furthermore, alternative strategies may employ leverage, involve short positions, and/or focus on narrow segments of the market, which may magnify the underlying fund’s overall risks and volatility. Alternative strategies also may expose the underlying fund to additional liquidity risk and to valuation risk (the risk that the sale price the underlying fund could receive for a portfolio security may differ from the underlying fund’s valuation of the security).</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> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> 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&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. On February 10, 2023 and again on February 27, 2026, the fund materially changed its investment strategy and may have achieved materially different performance results under its current investment strategy than it achieved under the investment strategies in effect before those 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: 100%; border-spacing: 0px; margin: 0 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;">17.84%</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;">-19.09%</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> </table> Best Quarter: 2020-06-30 0.1784 Worst Quarter: 2020-03-31 -0.1909 Average annual total returns after sales charges (for periods ended 12/31/25) 0.0662 0.0812 0.0893 0.0615 0.0661 0.0740 0.0407 0.0587 0.0670 0.1127 0.0861 0.0892 0.1264 0.0899 0.0922 0.1296 0.0926 0.0947 0.1323 0.0953 0.0975 0.1332 0.0968 0.0990 0.1348 0.0980 0.0996 0.1343 0.0969 0.0985 0.1715 0.1315 0.1429 0.0730 -0.0036 0.0201 0.1994 0.1015 0.1059 <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: 9pt; font-family: arial;">Class C share performance reflects conversion to class A shares after eight years.</div> <div style="margin-top: 4pt; 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 Plus 2050 Fund (formerly, Putnam Sustainable Retirement 2050 Fund) Goal <div style="margin-top: 8pt; 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 150 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 50 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) 0.0051 0.0025 0.0018 0.0067 0.0161 -0.0066 0.0095 0.0051 0.0100 0.0018 0.0067 0.0236 -0.0066 0.0170 0.0051 0.0050 0.0034 0.0067 0.0202 -0.0067 0.0135 0.0051 0.0025 0.0033 0.0067 0.0176 -0.0066 0.0110 0.0051 0 0.0033 0.0067 0.0151 -0.0066 0.0085 0.0051 0 0.0019 0.0067 0.0137 -0.0067 0.0070 0.0051 0 0.0008 0.0067 0.0126 -0.0066 0.0060 0.0051 0 0.0018 0.0067 0.0136 -0.0066 0.0070 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. Estimated amounts for current fiscal year. 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. February 26, 2029 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> 666 860 1214 2208 273 536 1071 2346 173 536 1071 2346 137 427 890 2174 112 350 758 1899 87 271 625 1621 72 225 547 1461 61 192 490 1336 72 225 545 1453 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 18%.</div> 0.18 Investments, risks, and performanceInvestments <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 mutual funds and closed-end funds managed by the Investment Manager, or affiliates of the Investment Manager, which are 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 February 27, 2026 and its projected approximate allocations to these asset classes and underlying funds as of February 26, 2027. 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 February 27, 2026.</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 Plus 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: 31%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 1pt;"> <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;"></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;"></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> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: top;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #d9d9d9;"> <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: middle;"> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Underlying</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Fund*</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt; text-align: left;"> </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: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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="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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">86.0% </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;">85.0% </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;">65.7% </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;">43.4% </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="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;">24.3% </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;">7.0% </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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">86.0% </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;">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;">60.8% </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;">39.0% </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="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;">20.6% </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;">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;">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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">11.5% </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;">12.5% </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;">31.8% </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;">53.4% </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="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;">70.8% </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;">84.9% </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;">58.0% </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;">6.1% </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;">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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">11.5% </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;">16.3% </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;">36.7% </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;">57.6% </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="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;">74.1% </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;">85.1% </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;">47.8% </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;">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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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; 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;">0.9% </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;">32.3% </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;">79.2% </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;">23.5% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5% </span></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; 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;">2027 </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; 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;">4.5% </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;">41.8% </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;">76.0% </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;">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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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; 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;">0.3% </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;">38.0% </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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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; 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;">2.5% </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;">32.8% </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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Multi-Asset Income Fund</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;"> </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; 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;">1.7% </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;">24.5% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5% </span></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; 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;">2027 </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; 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;">8.5% </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;">33.7% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Short Term Investment Fund</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;"> </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;">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="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;">1.3% </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;">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;">3.6% </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;">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;">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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">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="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;">1.6% </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;">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;">3.8% </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;">5.1% </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;">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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Clarion Partners Real Estate Income Fund Inc.</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;"> </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;">1.0% </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;">1.0% </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;">1.0% </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;">1.3% </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="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;">1.8% </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;">2.2% </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;">3.1% </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;">4.0% </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;">4.0% </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;">4.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">1.0% </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;">1.0% </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;">1.0% </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;">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="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;">1.9% </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;">2.4% </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;">3.3% </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;">4.0% </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;">4.0% </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;">4.0% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Franklin BSP Lending Fund</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;"> </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;">1.0% </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;">1.0% </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;">1.0% </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;">1.3% </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="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;">1.8% </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;">2.2% </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;">3.1% </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;">4.0% </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;">4.0% </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;">4.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">1.0% </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;">1.0% </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;">1.0% </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;">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="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;">1.9% </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;">2.4% </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;">3.3% </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;">4.0% </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;">4.0% </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;">4.0% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Equity**</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;"> </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;">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;">95.0% </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;">91.2% </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;">86.1% </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="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;">80.9% </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;">75.5% </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;">65.8% </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;">52.9% </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;">32.1% </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-right: 0.75pt 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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">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;">94.2% </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;">90.1% </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;">85.1% </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="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;">79.9% </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;">73.6% </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;">63.3% </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;">48.6% </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;">30.6% </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;">25.4% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Fixed Income**</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;"> </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;">3.0% </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;">6.9% </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;">11.2% </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="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;">15.5% </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;">20.1% </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;">28.1% </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;">39.1% </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;">59.9% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">3.8% </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;">7.8% </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;">12.0% </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="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;">16.4% </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;">21.7% </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;">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;">43.4% </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;">61.4% </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;">66.6% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Alternatives**</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;"> </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;">2.0% </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;">2.0% </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;">2.0% </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;">2.7% </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="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;">3.5% </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;">4.3% </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;">6.1% </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;">8.0% </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;">8.0% </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;">8.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">2.0% </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;">2.0% </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;">2.0% </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;">2.9% </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="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;">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;">4.7% </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;">6.6% </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;">8.0% </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;">8.0% </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;">8.0% </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: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial narrow;">** Equity, fixed-income and alternatives allocations are hypothetical estimates based on an assumption that each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s allocation to equity and fixed income investments reflects its strategic allocations, an assumption that Putnam Dynamic Asset Allocation Equity Fund is equivalent to an equity investment, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. Actual allocations will vary.</div><div style="margin-top: 12pt; 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 Plus 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 117<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: 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 128.<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 128.<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;">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 128.</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Franklin BSP Lending Fund (“BSP Lending Fund”)</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of BSP Lending 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 128.</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”)</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub-adviser, will seek to select investments across property types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.</div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of Clarion Partners Real Estate Fund’s investment strategy, please turn to the section What are the funds’ and each underlying <span style="font-style: italic;">fund’s main investment strategies and related risks</span>? beginning on page 128.</div> It is important to understand that you can lose money by investing in the fund. <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 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: 0pt; 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.<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;">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-style: italic;"></span><span style="font-weight: bold;">Fixed income investments risk:</span><span style="font-style: italic;"></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. <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;">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: 0pt; 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;">Alternative strategies risk:</span> In addition to risks associated with more traditional investments (e.g., market risk, credit risk, etc.), the fund’s investments in underlying funds that pursue alternative strategies (such as private credit and private and public real estate strategies) are subject to additional risks, which may be significant, and may expose the underlying fund to potentially significant fluctuations in value. The underlying funds’ alternative strategies may not work as intended, resulting in potentially significant losses for the underlying fund. Furthermore, alternative strategies may employ leverage, involve short positions, and/or focus on narrow segments of the market, which may magnify the underlying fund’s overall risks and volatility. Alternative strategies also may expose the underlying fund to additional liquidity risk and to valuation risk (the risk that the sale price the underlying fund could receive for a portfolio security may differ from the underlying fund’s valuation of the security).</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><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> 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&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. On February 10, 2023 and again on February 27, 2026, the fund materially changed its investment strategy and may have achieved materially different performance results under its current investment strategy than it achieved under the investment strategies in effect before those 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;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.</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: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 82%;"></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;"> 16.93</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;">-18.33</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> </table> Best Quarter: 2020-06-30 0.1693 Worst Quarter: 2020-03-31 -0.1833 Average annual total returns after sales charges(for periods ended 12/31/25) 0.0615 0.0768 0.0858 0.0567 0.0609 0.0704 0.0377 0.0549 0.0639 0.1083 0.0816 0.0858 0.1219 0.0854 0.0888 0.1252 0.0881 0.0912 0.1277 0.0907 0.0939 0.1292 0.0924 0.0955 0.1302 0.0934 0.0960 0.1295 0.0925 0.0951 0.1715 0.1315 0.1429 0.0730 -0.0036 0.0201 0.1918 0.0997 0.1047 <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: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Class C share performance reflects conversion to class A shares after eight years.</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 Plus 2045 Fund (formerly, Putnam Sustainable Retirement 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 150 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 50 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) 0.0050 0.0025 0.0018 0.0068 0.0161 -0.0066 0.0095 0.0050 0.0100 0.0018 0.0068 0.0236 -0.0066 0.0170 0.0050 0.0050 0.0033 0.0068 0.0201 -0.0066 0.0135 0.0050 0.0025 0.0033 0.0068 0.0176 -0.0066 0.0110 0.0050 0 0.0033 0.0068 0.0151 -0.0066 0.0085 0.0050 0 0.0018 0.0068 0.0136 -0.0066 0.0070 0.0050 0 0.0008 0.0068 0.0126 -0.0066 0.0060 0.0050 0 0.0018 0.0068 0.0136 -0.0066 0.0070 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. Estimated amounts for current fiscal year. 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. February 26, 2029 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> 666 860 1214 2208 273 536 1071 2346 173 536 1071 2346 137 427 888 2167 112 350 758 1899 87 271 625 1621 72 225 545 1453 61 192 490 1336 72 225 545 1453 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 19%.</div> 0.19 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 mutual funds and closed-end funds managed by the Investment Manager, or affiliates of the Investment Manager, which are 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 February 27, 2026 and its projected approximate allocations to these asset classes and underlying funds as of February 26, 2027. 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 February 27, 2026.</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 Plus 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: 23%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #d9d9d9;"> <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: middle;"><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="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;"><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="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;"><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="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;"><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;"><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="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;"><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; 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;"><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="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;"><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="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;"><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;"><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;"><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; border-bottom: 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; border-bottom: 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="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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Putnam Dynamic Asset Allocation Equity Fund</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;"> </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;">86.0%</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;">85.0%</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;">65.7%</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;">43.4%</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="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;">24.3%</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;">7.0%</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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027</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;">86.0%</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;">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;">60.8%</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;">39.0%</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="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;">20.6%</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;">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;">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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Putnam Dynamic Asset Allocation Growth Fund</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;"> </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;">11.5%</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;">12.5%</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;">31.8%</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;">53.4%</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="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;">70.8%</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;">84.9%</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;">58.0%</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;">6.1%</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;">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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027</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;">11.5%</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;">16.3%</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;">36.7%</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;">57.6%</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="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;">74.1%</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;">85.1%</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;">47.8%</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;">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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Putnam Dynamic Asset Allocation Balanced Fund</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;"> </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; 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;">0.9%</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;">32.3%</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;">79.2%</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;">23.5%</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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5%</span></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; 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;">2027</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; 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;">4.5%</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;">41.8%</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;">76.0%</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;">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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5%</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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Putnam Dynamic Asset Allocation Conservative Fund</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;"> </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; 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;">0.3%</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;">38.0%</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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027</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; 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;">2.5%</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;">32.8%</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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Putnam Multi-Asset Income Fund</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;"> </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; 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;">1.7%</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;">24.5%</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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5%</span></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; 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;">2027</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; 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;">8.5%</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;">33.7%</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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5%</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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Putnam Short Term Investment Fund</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;"> </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;">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="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;">1.3%</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;">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;">3.6%</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;">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;">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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027</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;">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="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;">1.6%</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;">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;">3.8%</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;">5.1%</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;">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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Clarion Partners Real Estate Income Fund Inc.</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;"> </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;">1.0%</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;">1.0%</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;">1.0%</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;">1.3%</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="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;">1.8%</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;">2.2%</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;">3.1%</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;">4.0%</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;">4.0%</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;">4.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027</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;">1.0%</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;">1.0%</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;">1.0%</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;">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="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;">1.9%</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;">2.4%</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;">3.3%</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;">4.0%</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;">4.0%</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;">4.0%</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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Franklin BSP Lending Fund</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;"> </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;">1.0%</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;">1.0%</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;">1.0%</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;">1.3%</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="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;">1.8%</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;">2.2%</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;">3.1%</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;">4.0%</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;">4.0%</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;">4.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027</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;">1.0%</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;">1.0%</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;">1.0%</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;">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="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;">1.9%</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;">2.4%</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;">3.3%</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;">4.0%</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;">4.0%</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;">4.0%</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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Equity**</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;"> </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;">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;">95.0%</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;">91.2%</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;">86.1%</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="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;">80.9%</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;">75.5%</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;">65.8%</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;">52.9%</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;">32.1%</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-right: 0.75pt 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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027</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;">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;">94.2%</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;">90.1%</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;">85.1%</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="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;">79.9%</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;">73.6%</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;">63.3%</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;">48.6%</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;">30.6%</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;">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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Fixed Income**</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;"> </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;">3.0%</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;">6.9%</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;">11.2%</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="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;">15.5%</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;">20.1%</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;">28.1%</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;">39.1%</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;">59.9%</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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027</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;">3.8%</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;">7.8%</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;">12.0%</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="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;">16.4%</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;">21.7%</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;">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;">43.4%</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;">61.4%</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;">66.6%</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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Alternatives**</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;"> </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;">2.0%</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;">2.0%</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;">2.0%</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;">2.7%</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="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;">3.5%</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;">4.3%</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;">6.1%</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;">8.0%</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;">8.0%</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;">8.0%</span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027</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;">2.0%</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;">2.0%</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;">2.0%</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;">2.9%</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="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;">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;">4.7%</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;">6.6%</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;">8.0%</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;">8.0%</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;">8.0%</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, fixed-income and alternatives allocations are hypothetical estimates based on an assumption that each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s allocation to equity and fixed income investments reflects its strategic allocations, an assumption that Putnam Dynamic Asset Allocation Equity Fund is equivalent to an equity investment, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. 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 Plus 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 117<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: 10pt; 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 128.<span style="font-style: italic;"> </span></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;"><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 128.<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 128.<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;">Franklin BSP Lending Fund (“BSP Lending Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of BSP Lending Fund’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 128.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub-adviser, will seek to select investments across property types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.</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 Clarion Partners Real Estate 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 128.<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: 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 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: 0pt; 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;"> 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></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 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: 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: 0pt; 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;">Alternative strategies risk: </span>In addition to risks associated with more traditional investments (e.g., market risk, credit risk, etc.), the fund’s investments in underlying funds that pursue alternative strategies (such as private credit and private and public real estate strategies) are subject to additional risks, which may be significant, and may expose the underlying fund to potentially significant fluctuations in value. The underlying funds’ alternative strategies may not work as intended, resulting in potentially significant losses for the underlying fund. Furthermore, alternative strategies may employ leverage, involve short positions, and/or focus on narrow segments of the market, which may magnify the underlying fund’s overall risks and volatility. Alternative strategies also may expose the underlying fund to additional liquidity risk and to valuation risk (the risk that the sale price the underlying fund could receive for a portfolio security may differ from the underlying fund’s valuation of the security).<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;">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><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> 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&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. On February 10, 2023 and again on February 27, 2026, the fund materially changed its investment strategy and may have achieved materially different performance results under its current investment strategy than it achieved under the investment strategies in effect before those 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-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;"><span title="element: B64%, context: 10%">Q2 2020</span></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;">15.40</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;">-17.12</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> </table> Best Quarter: 2020-06-30 0.1540 Worst Quarter: 2020-03-31 -0.1712 Average annual total returns after sales charges (for periods ended 12/31/25) 0.0563 0.0720 0.0811 0.0494 0.0526 0.0641 0.0349 0.0495 0.0592 0.1021 0.0767 0.0809 0.1162 0.0804 0.0840 0.1190 0.0831 0.0865 0.1216 0.0858 0.0892 0.1235 0.0875 0.0907 0.1245 0.0885 0.0912 0.1236 0.0874 0.0903 0.1715 0.1315 0.1429 0.0730 -0.0036 0.0201 0.1855 0.0954 0.1010 <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;">Class C share performance reflects conversion to class A shares after eight years.</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 Plus 2040 Fund (formerly, Putnam Sustainable Retirement 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 150 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 50 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) 0.0049 0.0025 0.0017 0.0070 0.0161 -0.0066 0.0095 0.0049 0.0100 0.0017 0.0070 0.0236 -0.0066 0.0170 0.0049 0.0050 0.0031 0.0070 0.0200 -0.0065 0.0135 0.0049 0.0025 0.0032 0.0070 0.0176 -0.0066 0.0110 0.0049 0 0.0032 0.0070 0.0151 -0.0066 0.0085 0.0049 0 0.0017 0.0070 0.0136 -0.0066 0.0070 0.0049 0 0.0007 0.0070 0.0126 -0.0066 0.0060 0.0049 0 0.0017 0.0070 0.0136 -0.0066 0.0070 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. Estimated amounts for current fiscal year. 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. February 26, 2029 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> 666 860 1214 2208 273 536 1071 2346 173 536 1071 2346 137 427 886 2159 112 350 758 1899 87 271 625 1621 72 225 545 1453 61 192 490 1336 72 225 545 1453 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 17%.</div> 0.17 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 mutual funds and closed-end funds managed by the Investment Manager, or affiliates of the Investment Manager, which are 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 February 27, 2026 and its projected approximate allocations to these asset classes and underlying funds as of February 26, 2027. 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 February 27, 2026.</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 Plus 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: 20%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 1pt;"> <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;"></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;"></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;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #d9d9d9;"> <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: middle;"> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Underlying<br/>Fund*</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt; text-align: left;"> </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: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">86.0% </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;">85.0% </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;">65.7% </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;">43.4% </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;">24.3% </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;">7.0% </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="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-right: 0.75pt 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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">86.0% </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;">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;">60.8% </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;">39.0% </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;">20.6% </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;">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="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-right: 0.75pt 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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">11.5% </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;">12.5% </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;">31.8% </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;">53.4% </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;">70.8% </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;">84.9% </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="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;">58.0% </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;">6.1% </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;">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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">11.5% </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;">16.3%</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;">36.7% </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;">57.6% </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;">74.1% </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;">85.1% </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="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;">47.8% </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;">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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">0.9% </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="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;">32.3% </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;">79.2% </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;">23.5% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5% </span></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; 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;">2027 </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;">4.5% </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="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;">41.8% </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;">76.0% </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;">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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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; 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;">0.3% </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;">38.0% </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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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; 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;">2.5% </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;">32.8% </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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Multi-Asset Income Fund</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;"> </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; 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;">1.7% </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;">24.5% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5% </span></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; 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;">2027 </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; 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;">8.5% </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;">33.7% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Short Term Investment Fund</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;"> </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;">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;">1.3% </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;">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="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;">3.6% </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;">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;">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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">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;">1.6% </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;">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="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;">3.8% </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;">5.1% </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;">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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Clarion Partners Real Estate Income Fund Inc.</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;"> </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;">1.0% </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;">1.0% </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;">1.0% </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;">1.3% </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;">1.8% </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;">2.2% </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="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;">3.1% </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;">4.0% </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;">4.0% </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;">4.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027</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;">1.0% </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;">1.0% </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;">1.0% </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;">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;">1.9% </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;">2.4% </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="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;">3.3% </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;">4.0% </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;">4.0% </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;">4.0% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Franklin BSP Lending Fund</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;"> </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;">1.0% </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;">1.0% </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;">1.0% </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;">1.3% </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;">1.8% </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;">2.2% </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="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;">3.1% </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;">4.0% </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;">4.0% </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;">4.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">1.0% </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;">1.0% </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;">1.0% </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;">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;">1.9% </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;">2.4% </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="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;">3.3% </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;">4.0% </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;">4.0% </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;">4.0% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Equity**</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;"> </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;">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;">95.0% </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;">91.2% </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;">86.1% </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;">80.9% </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;">75.5% </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="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;">65.8% </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;">52.9% </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;">32.1% </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-right: 0.75pt 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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">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;">94.2% </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;">90.1% </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;">85.1% </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;">79.9% </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;">73.6% </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="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;">63.3% </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;">48.6% </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;">30.6% </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;">25.4% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Fixed Income**</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;"> </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;">3.0% </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;">6.9% </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;">11.2% </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;">15.5% </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;">20.1% </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="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;">28.1% </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;">39.1% </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;">59.9% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">3.8% </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;">7.8% </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;">12.0% </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;">16.4% </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;">21.7% </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="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;">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;">43.4% </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;">61.4% </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;">66.6% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Alternatives**</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;"> </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;">2.0% </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;">2.0% </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;">2.0% </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;">2.7% </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;">3.5% </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;">4.3% </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="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;">6.1% </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;">8.0% </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;">8.0% </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;">8.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">2.0% </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;">2.0% </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;">2.0% </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;">2.9% </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;">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;">4.7% </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="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;">6.6% </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;">8.0% </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;">8.0% </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;">8.0% </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: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial narrow;">** Equity, fixed-income and alternatives allocations are hypothetical estimates based on an assumption that each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s allocation to equity and fixed income investments reflects its strategic allocations, an assumption that Putnam Dynamic Asset Allocation Equity Fund is equivalent to an equity investment, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. 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: 10pt; 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 Plus 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 117<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: 0pt; 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: 6pt; 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 128.</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 128.</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: 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 128.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Franklin BSP Lending Fund (“BSP Lending Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of BSP Lending 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 128.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub-adviser, will seek to select investments across property types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of Clarion Partners Real Estate 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 128.</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: 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: 6pt; 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: 0pt; 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: 9pt; font-family: arial;"><span style="font-weight: bold;">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: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">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: 9pt; font-family: arial;"><span style="font-weight: bold;">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 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: 12pt; 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: 0pt; 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;">Alternative strategies risk:</span> In addition to risks associated with more traditional investments (e.g., market risk, credit risk, etc.), the fund’s investments in underlying funds that pursue alternative strategies (such as private credit and private and public real estate strategies) are subject to additional risks, which may be significant, and may expose the underlying fund to potentially significant fluctuations in value. The underlying funds’ alternative strategies may not work as intended, resulting in potentially significant losses for the underlying fund. Furthermore, alternative strategies may employ leverage, involve short positions, and/or focus on narrow segments of the market, which may magnify the underlying fund’s overall risks and volatility. Alternative strategies also may expose the underlying fund to additional liquidity risk and to valuation risk (the risk that the sale price the underlying fund could receive for a portfolio security may differ from the underlying fund’s valuation of the security).</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><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> 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&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. On February 10, 2023 and again on February 27, 2026, the fund materially changed its investment strategy and may have achieved materially different performance results under its current investment strategy than it achieved under the investment strategies in effect before those 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 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: 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;">13.12%</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;">-15.09%</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> </table> Best Quarter: 2020-06-30 0.1312 Worst Quarter: 2020-03-31 -0.1509 Average annual total returns after sales charges (for periods ended 12/31/25) 0.0459 0.0649 0.0735 0.0379 0.0449 0.0571 0.0284 0.0436 0.0531 0.0909 0.0694 0.0735 0.1046 0.0732 0.0764 0.1076 0.0760 0.0786 0.1103 0.0786 0.0813 0.1122 0.0802 0.0829 0.1133 0.0813 0.0835 0.1123 0.0802 0.0826 0.1715 0.1315 0.1429 0.0730 -0.0036 0.0201 0.1726 0.0869 0.0952 <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;">Class C share performance reflects conversion to class A shares after eight years.</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 Plus 2035 Fund (formerly, Putnam Sustainable Retirement 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 150 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 50 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) 0.0048 0.0025 0.0017 0.0069 0.0159 -0.0064 0.0095 0.0048 0.0100 0.0017 0.0069 0.0234 -0.0064 0.0170 0.0048 0.0050 0.0032 0.0069 0.0199 -0.0064 0.0135 0.0048 0.0025 0.0032 0.0069 0.0174 -0.0064 0.0110 0.0048 0 0.0032 0.0069 0.0149 -0.0064 0.0085 0.0048 0 0.0017 0.0069 0.0134 -0.0064 0.0070 0.0048 0 0.0007 0.0069 0.0124 -0.0064 0.0060 0.0048 0 0.0017 0.0069 0.0134 -0.0064 0.0070 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. Estimated amounts for current fiscal year. 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. February 26, 2029 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> 666 860 1210 2193 273 536 1065 2326 173 536 1065 2326 137 427 884 2152 112 350 753 1880 87 271 619 1605 72 225 540 1434 61 192 485 1320 72 225 540 1434 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 22%.</div> 0.22 Investments, risks, and performanceInvestments <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 mutual funds and closed-end funds managed by the Investment Manager, or affiliates of the Investment Manager, which are 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 February 27, 2026 and its projected approximate allocations to these asset classes and underlying funds as of February 26, 2027. 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 February 27, 2026.</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 Plus 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: 31%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 1pt;"> <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;"></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> <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> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #d9d9d9;"> <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: middle;"> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Underlying<br/>Fund*</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt; text-align: left;"> </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: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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="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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">86.0% </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;">85.0% </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;">65.7% </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;">43.4% </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;">24.3% </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;">7.0% </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; 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-right: 0.75pt 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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">86.0% </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;">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;">60.8% </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;">39.0% </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;">20.6% </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;">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;">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="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-right: 0.75pt 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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">11.5% </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;">12.5% </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;">31.8% </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;">53.4% </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;">70.8% </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;">84.9% </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;">58.0% </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="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;">6.1% </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;">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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">11.5% </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;">16.3% </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;">36.7% </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;">57.6% </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;">74.1% </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;">85.1% </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;">47.8% </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="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-right: 0.75pt 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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">0.9% </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;">32.3% </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="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;">79.2% </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;">23.5% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5% </span></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; 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;">2027 </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;">4.5% </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;">41.8% </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="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;">76.0% </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;">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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">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="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;">0.3% </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;">38.0% </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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">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="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;">2.5% </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;">32.8% </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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Multi-Asset Income Fund</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;"> </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;">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="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;">1.7% </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;">24.5% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5% </span></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; 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;">2027 </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;">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="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;">8.5% </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;">33.7% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Short Term Investment Fund</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;"> </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;">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;">1.3% </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;">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;">3.6% </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="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;">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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">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;">1.6% </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;">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;">3.8% </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="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;">5.1% </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;">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; 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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Clarion Partners Real Estate Income Fund Inc.</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;"> </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;">1.0% </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;">1.0% </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;">1.0% </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;">1.3% </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;">1.8% </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;">2.2% </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;">3.1% </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="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;">4.0% </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;">4.0% </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;">4.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">1.0% </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;">1.0% </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;">1.0% </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;">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;">1.9% </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;">2.4% </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;">3.3% </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="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;">4.0% </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;">4.0% </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;">4.0% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Franklin BSP Lending Fund</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;"> </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;">1.0% </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;">1.0% </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;">1.0% </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;">1.3% </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;">1.8% </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;">2.2% </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;">3.1% </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="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;">4.0% </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;">4.0% </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;">4.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">1.0% </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;">1.0% </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;">1.0% </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;">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;">1.9% </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;">2.4% </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;">3.3% </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="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;">4.0% </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;">4.0% </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;">4.0% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Equity**</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;"> </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;">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;">95.0% </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;">91.2% </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;">86.1% </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;">80.9% </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;">75.5% </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;">65.8% </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="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;">52.9% </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;">32.1% </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-right: 0.75pt 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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">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;">94.2% </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;">90.1% </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;">85.1% </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;">79.9% </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;">73.6% </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;">63.3% </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="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;">48.6% </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;">30.6% </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;">25.4% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Fixed Income**</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;"> </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;">3.0% </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;">6.9% </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;">11.2% </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;">15.5% </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;">20.1% </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;">28.1% </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="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;">39.1% </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;">59.9% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">3.8% </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;">7.8% </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;">12.0% </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;">16.4% </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;">21.7% </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;">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="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;">43.4% </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;">61.4% </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;">66.6% </span></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;"> </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; 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; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Alternatives**</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;"> </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;">2.0% </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;">2.0% </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;">2.0% </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;">2.7% </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;">3.5% </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;">4.3% </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;">6.1% </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="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;">8.0% </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;">8.0% </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;">8.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">2.0% </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;">2.0% </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;">2.0% </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;">2.9% </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;">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;">4.7% </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;">6.6% </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="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;">8.0% </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;">8.0% </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;">8.0% </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: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial;">** Equity, fixed-income and alternatives allocations are hypothetical estimates based on an assumption that each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s allocation to equity and fixed income investments reflects its strategic allocations, an assumption that Putnam Dynamic Asset Allocation Equity Fund is equivalent to an equity investment, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. 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 Plus 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 117<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: 10pt; 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 128.</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;">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 128.</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;">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 128.</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Franklin BSP Lending Fund (“BSP Lending Fund”)</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of BSP Lending 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 128.</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”)</div><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub-adviser, will seek to select investments across property types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.</div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of Clarion Partners Real Estate 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 128.</div> It is important to understand that you can lose money by investing in the fund. <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 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: 0pt; 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: 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 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: 0pt; 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;">Alternative strategies risk:</span> In addition to risks associated with more traditional investments (e.g., market risk, credit risk, etc.), the fund’s investments in underlying funds that pursue alternative strategies (such as private credit and private and public real estate strategies) are subject to additional risks, which may be significant, and may expose the underlying fund to potentially significant fluctuations in value. The underlying funds’ alternative strategies may not work as intended, resulting in potentially significant losses for the underlying fund. Furthermore, alternative strategies may employ leverage, involve short positions, and/or focus on narrow segments of the market, which may magnify the underlying fund’s overall risks and volatility. Alternative strategies also may expose the underlying fund to additional liquidity risk and to valuation risk (the risk that the sale price the underlying fund could receive for a portfolio security may differ from the underlying fund’s valuation of the security).</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><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> 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: 10pt; 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&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. On February 10, 2023 and again on February 27, 2026, the fund materially changed its investment strategy and may have achieved materially different performance results under its current investment strategy than it achieved under the investment strategies in effect before those 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;">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;">10.60%</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;">-12.57%</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> </table> Best Quarter: 2023-12-31 0.1060 Worst Quarter: 2020-03-31 -0.1257 Average annual total returns after sales charges (for periods ended 12/31/25) 0.0323 0.0549 0.0630 0.0247 0.0353 0.0476 0.0200 0.0355 0.0445 0.0773 0.0595 0.0629 0.0909 0.0632 0.0659 0.0936 0.0659 0.0680 0.0964 0.0685 0.0706 0.0980 0.0701 0.0722 0.0991 0.0711 0.0730 0.0980 0.0701 0.0721 0.1715 0.1315 0.1429 0.0730 -0.0036 0.0201 0.1589 0.0769 0.0875 <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;">Class C share performance reflects conversion to class A shares after eight years.</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 Plus 2030 Fund (formerly, Putnam Sustainable Retirement 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;">Y</span><span style="font-weight: bold;">ou 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 150 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 50 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) 0.0047 0.0025 0.0016 0.0067 0.0155 -0.0060 0.0095 0.0047 0.0100 0.0016 0.0067 0.0230 -0.0060 0.0170 0.0047 0.0050 0.0031 0.0067 0.0195 -0.0060 0.0135 0.0047 0.0025 0.0031 0.0067 0.0170 -0.0060 0.0110 0.0047 0 0.0031 0.0067 0.0145 -0.0060 0.0085 0.0047 0 0.0016 0.0067 0.0130 -0.0060 0.0070 0.0047 0 0.0006 0.0067 0.0120 -0.0060 0.0060 0.0047 0 0.0016 0.0067 0.0130 -0.0060 0.0070 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. Estimated amounts for current fiscal year. 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. February 26, 2029 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> 666 860 1200 2159 273 536 1057 2296 173 536 1057 2296 137 427 874 2118 112 350 744 1850 87 271 611 1571 72 225 531 1402 61 192 475 1285 72 225 531 1402 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 18%.</div> 0.18 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 mutual funds and closed-end funds managed by the Investment Manager, or affiliates of the Investment Manager, which are 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 February 27, 2026 and its projected approximate allocations to these asset classes and underlying funds as of February 26, 2027. 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 February 27, 2026.</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 Plus 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: 31%;"></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> <td style="vertical-align: bottom; width: 3%;"></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 1pt;"> <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; 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; 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; white-space: nowrap;"><span style="font-family: arial narrow;"> </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #d9d9d9;"> <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: middle;"> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Underlying<br/>Fund*</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt; text-align: left;"> </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: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; 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; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #d9d9d9; 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="padding-bottom: 2pt; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-right: 2pt; vertical-align: middle; 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="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;"> </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; background-color: #d9d9d9;"> </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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">86.0% </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;">85.0% </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;">65.7% </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;">43.4% </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;">24.3% </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;">7.0% </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; 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-right: 0.75pt 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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">86.0% </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;">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;">60.8% </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;">39.0% </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;">20.6% </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;">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;">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; 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-right: 0.75pt 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; 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;"> </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; background-color: #d9d9d9;"> </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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">11.5% </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;">12.5% </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;">31.8% </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;">53.4% </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;">70.8% </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;">84.9% </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;">58.0% </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;">6.1% </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="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-right: 0.75pt 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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">11.5% </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;">16.3% </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;">36.7% </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;">57.6% </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;">74.1% </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;">85.1% </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;">47.8% </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;">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="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-right: 0.75pt 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; 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;"> </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; background-color: #d9d9d9;"> </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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">0.9% </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;">32.3% </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;">79.2% </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="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;">23.5% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5% </span></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; 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;">2027 </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;">4.5% </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;">41.8% </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;">76.0% </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="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;">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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">6.5% </span></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;"> </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; background-color: #d9d9d9;"> </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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 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-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;"> </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;">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;">0.3% </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="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;">38.0% </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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">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;">2.5% </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="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;">32.8% </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; 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;"> </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; background-color: #d9d9d9;"> </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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Multi-Asset Income Fund</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;"> </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;">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;">1.7% </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="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;">24.5% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5% </span></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; 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;">2027 </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;">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;">8.5% </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="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;">33.7% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">79.5% </span></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;"> </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; background-color: #d9d9d9;"> </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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Putnam Short Term Investment Fund</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;"> </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;">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;">1.3% </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;">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;">3.6% </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;">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="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;">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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">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;">1.6% </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;">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;">3.8% </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;">5.1% </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="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;">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; 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;"> </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; background-color: #d9d9d9;"> </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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Clarion Partners Real Estate Income Fund Inc.</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;"> </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;">1.0% </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;">1.0% </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;">1.0% </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;">1.3% </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;">1.8% </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;">2.2% </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;">3.1% </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;">4.0% </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="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;">4.0% </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;">4.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">1.0% </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;">1.0% </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;">1.0% </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;">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;">1.9% </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;">2.4% </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;">3.3% </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;">4.0% </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="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;">4.0% </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;">4.0% </span></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;"> </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; background-color: #d9d9d9;"> </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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"><span style="font-family: arial narrow;">Franklin BSP Lending Fund</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;"> </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;">1.0% </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;">1.0% </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;">1.0% </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;">1.3% </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;">1.8% </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;">2.2% </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;">3.1% </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;">4.0% </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="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;">4.0% </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;">4.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">1.0% </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;">1.0% </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;">1.0% </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;">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;">1.9% </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;">2.4% </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;">3.3% </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;">4.0% </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="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;">4.0% </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;">4.0% </span></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;"> </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; background-color: #d9d9d9;"> </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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Equity**</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;"> </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;">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;">95.0% </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;">91.2% </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;">86.1% </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;">80.9% </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;">75.5% </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;">65.8% </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;">52.9% </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="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;">32.1% </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-right: 0.75pt 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="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <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;">2027 </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;">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;">94.2% </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;">90.1% </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;">85.1% </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;">79.9% </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;">73.6% </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;">63.3% </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;">48.6% </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="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;">30.6% </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;">25.4% </span></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;"> </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; background-color: #d9d9d9;"> </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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Fixed Income**</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;"> </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;">3.0% </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;">6.9% </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;">11.2% </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;">15.5% </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;">20.1% </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;">28.1% </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;">39.1% </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="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;">59.9% </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-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-family: arial narrow;">66.6% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">3.8% </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;">7.8% </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;">12.0% </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;">16.4% </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;">21.7% </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;">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;">43.4% </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="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;">61.4% </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;">66.6% </span></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;"> </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; background-color: #d9d9d9;"> </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 rowspan="2" style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: middle;"><span style="font-family: arial narrow;">Alternatives**</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;"> </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;">2.0% </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;">2.0% </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;">2.0% </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;">2.7% </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;">3.5% </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;">4.3% </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;">6.1% </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;">8.0% </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="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;">8.0% </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;">8.0% </span></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-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;">2027 </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;">2.0% </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;">2.0% </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;">2.0% </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;">2.9% </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;">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;">4.7% </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;">6.6% </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;">8.0% </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="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;">8.0% </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;">8.0% </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: 9pt; font-family: arial;">** Equity, fixed-income and alternatives allocations are hypothetical estimates based on an assumption that each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s allocation to equity and fixed income investments reflects its strategic allocations, an assumption that Putnam Dynamic Asset Allocation Equity Fund is equivalent to an equity investment, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. 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: 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 Plus 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 117<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 128.<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 128.<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 128.<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;">Franklin BSP Lending Fund (“BSP Lending Fund”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">For a further discussion of BSP Lending 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 128.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub-adviser, will seek to select investments across property types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.</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 Clarion Partners Real Estate 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 128.<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: 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: 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.<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;">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.</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 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. <span style="font-weight: bold;"> </span></div> <div style="margin-top: 12pt; 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: 0pt; 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).<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;">Alternative strategies risk: </span>In addition to risks associated with more traditional investments (e.g., market risk, credit risk, etc.), the fund’s investments in underlying funds that pursue alternative strategies (such as private credit and private and public real estate strategies) are subject to additional risks, which may be significant, and may expose the underlying fund to potentially significant fluctuations in value. The underlying funds’ alternative strategies may not work as intended, resulting in potentially significant losses for the underlying fund. Furthermore, alternative strategies may employ leverage, involve short positions, and/or focus on narrow segments of the market, which may magnify the underlying fund’s overall risks and volatility. Alternative strategies also may expose the underlying fund to additional liquidity risk and to valuation risk (the risk that the sale price the underlying fund could receive for a portfolio security may differ from the underlying fund’s valuation of the security).<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;">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><div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> 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&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. On February 10, 2023 and again on February 27, 2026, the fund materially changed its investment strategy and may have achieved materially different performance results under its current investment strategy than it achieved under the investment strategies in effect before those 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: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 90%;"></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;">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;">9.28</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;">-10.05</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> </table> Best Quarter: 2023-12-31 0.0928 Worst Quarter: 2020-03-31 -0.1005 Average annual total returns after sales charges (for periods ended 12/31/25) 0.0213 0.0406 0.0494 0.0124 0.0208 0.0345 0.0132 0.0238 0.0334 0.0651 0.0450 0.0494 0.0794 0.0489 0.0523 0.0819 0.0514 0.0542 0.0846 0.0541 0.0569 0.0859 0.0556 0.0583 0.0870 0.0567 0.0592 0.0860 0.0556 0.0583 0.1715 0.1315 0.1429 0.0730 -0.0036 0.0201 0.1397 0.0650 0.0783 <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: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Class C share performance reflects conversion to class A shares after eight years.</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 Plus Maturity Fund (formerly, Putnam Sustainable Retirement 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 150 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 50 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) 0.0046 0.0025 0.0022 0.0056 0.0149 -0.0054 0.0095 0.0046 0.0100 0.0021 0.0056 0.0223 -0.0053 0.0170 0.0046 0.0050 0.0037 0.0056 0.0189 -0.0054 0.0135 0.0046 0.0025 0.0036 0.0056 0.0163 -0.0053 0.0110 0.0046 0 0.0036 0.0056 0.0138 -0.0053 0.0085 0.0046 0 0.0022 0.0056 0.0124 -0.0054 0.0070 0.0046 0 0.0012 0.0056 0.0114 -0.0054 0.0060 0.0046 0 0.0022 0.0056 0.0124 -0.0054 0.0070 Other expenses have been restated to reflect current expenses. Estimated amounts for current fiscal year. 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. February 26, 2029 Example <div style="margin-top: 12pt; 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> 493 691 1025 1968 273 536 1041 2243 173 536 1041 2243 137 427 861 2070 112 350 728 1790 87 271 594 1510 72 225 517 1348 61 192 461 1232 72 225 517 1348 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 10%.</div> 0.10 Investments, risks, and performance Investments <div style="margin-top: 6pt; 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 and Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund, closed-end interval funds that invest in alternative assets.</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 (through its investments in underlying funds) as of February 27, 2026, which are not expected to change over time.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: simhei; font-size: 12pt; width: 98%; border-spacing: 0px; margin-left: auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 12pt;"> <td style="vertical-align: bottom; white-space: nowrap;"><span style="font-family: arial;"><span style="font-weight: bold;">Asset class</span></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: simhei; font-size: 9pt; width: 98%; border-spacing: 0px; margin-left: auto;"> <tr> <td style="width: 70%;"></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="page-break-inside: avoid; font-family: simhei; font-size: 9pt;"> <td style="vertical-align: top;"><span style="font-family: arial; font-size: 12pt;"><span style="font-weight: bold;">Equity*</span></span></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> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial;"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-family: arial;"> </span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial;"> </span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: simhei; font-size: 12pt; width: 98%; border-spacing: 0px; margin-left: auto;"> <tr> <td style="width: 70%;"></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="page-break-inside: avoid; font-family: simhei; font-size: 9pt;"> <td style="vertical-align: top;"><span style="font-family: arial; font-size: 12pt;"><span style="font-weight: bold;">Fixed Income*</span></span></td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial; font-size: 12pt;"><span style="font-weight: bold;"> </span></span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-family: arial; font-size: 12pt;"><span style="font-weight: bold;">66.6</span></span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial; font-size: 12pt;"><span style="font-weight: bold;">% </span></span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></td> <td style="vertical-align: bottom;"></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; font-size: 12pt; font-family: arial; font-weight: bold;">Alternatives*</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: 12pt; 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: 12pt; font-family: arial; font-weight: bold; text-align: right;">8.0</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: 12pt; font-family: arial; font-weight: bold;">% </div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial;"> </span></td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;"><span style="font-family: arial;"> </span></td> <td style="white-space: nowrap; vertical-align: bottom;"><span style="font-family: arial;"> </span></td> </tr> </table> <div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">* Equity, fixed income and alternatives allocations are hypothetical estimates based on an assumption that Putnam Multi-Asset Income Fund’s allocation to equity and fixed income investments reflects its strategic allocations, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives 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.</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 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 “What are the funds’ and each underlying fund’s main investment strategies and related risks?”</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: 0pt; 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 128.<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: 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: 10pt; 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 128.<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;">Franklin BSP Lending Fund (“BSP Lending Fund”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;"><span style="font-style: italic;"></span>For a further discussion of BSP Lending 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 128.<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;">Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub-adviser, will seek to select investments across property</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.</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 Clarion Partners Real Estate 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 128.<span style="font-style: italic;"> </span></div> <div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; 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: 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: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; 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: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; 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 <span style="font-weight: bold;"> </span></div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">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: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; 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: 10pt; 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: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; 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: 10pt; 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: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; 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 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. <span style="font-weight: bold;"> </span></div> <div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; 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 <span style="font-weight: bold;"> </span></div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">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: 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;">Alternative strategies risk:</span> In addition to risks associated with more traditional investments (e.g., market risk, credit risk, etc.), the fund’s investments in underlying funds that pursue alternative strategies (such as private credit and private and public real estate strategies) are subject to additional risks, which may be significant, and may expose the underlying fund to potentially significant fluctuations in value. The underlying funds’ alternative strategies may not work as intended, resulting in potentially significant losses for the underlying fund. Furthermore, alternative strategies may employ leverage, involve short positions, and/or focus on narrow segments of the market, which may magnify the underlying fund’s overall risks and volatility. Alternative strategies also may expose the underlying fund to additional liquidity risk and to valuation risk (the risk that the sale price the underlying fund could receive for a portfolio security may differ from the underlying fund’s valuation of the security).</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 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><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> 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: 6pt; 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&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. On February 10, 2023 and again on February 27, 2026, the fund materially changed its investment strategy and may have achieved materially different performance results under its current investment strategy than it achieved under the investment strategies in effect before those 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 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: 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;">8.56</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> <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;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </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;">-5.69</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> </table> Best Quarter: 2023-12-31 0.0856 Worst Quarter: 2020-03-31 -0.0569 Average annual total returns after sales charges (for periods ended 12/31/25) 0.0404 0.0320 0.0302 0.0266 0.0157 0.0179 0.0241 0.0174 0.0181 0.0662 0.0328 0.0282 0.0796 0.0364 0.0311 0.0823 0.0389 0.0327 0.0855 0.0416 0.0354 0.0866 0.0431 0.0369 0.0878 0.0442 0.0379 0.0867 0.0431 0.0369 0.0730 -0.0036 0.0201 0.1715 0.1315 0.1429 0.1143 0.0408 0.0512 <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;">Class C share performance reflects conversion to class A shares after eight years.</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 <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. Performance for class R6 shares prior to their inception (9/1/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R6 shares); had it been adjusted, returns would have been higher. 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. Estimated amounts for current fiscal year. 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. 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, effective February 27, 2026, the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.70%, 0.70%, 0.85%, 0.85%, 0.85%, 0.70%, 0.60% and 0.70%, respectively, of the fund’s average net assets. These obligations may not be modified or discontinued prior to February 26, 2029, without approval of the Board of Trustees. Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating caps. 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. Estimated amounts for current fiscal year. 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. 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, effective February 27, 2026, the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.70%, 0.70%, 0.85%, 0.85%, 0.85%, 0.70%, 0.60% and 0.70%, respectively, of the fund’s average net assets. These obligations may not be modified or discontinued prior to February 26, 2029, without approval of the Board of Trustees. Performance for class R3 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher 12b-1 fees and investor servicing fees applicable to class R3 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R3 shares). Performance for class R4 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher investor servicing fees applicable to class R4 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R4 shares). Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating caps. Performance for class R5 shares prior to their inception (1/4/21) is derived from the historical performance of class R6 shares, adjusted for the higher investor servicing fees applicable to class R5 shares (relative to the comparable fees applicable to R6 shares prior to the inception of class R5 shares). Performance for class R6 shares prior to their inception (9/1/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R6 shares); had it been adjusted, returns would have been higher. 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. Estimated amounts for current fiscal year. 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. 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, effective February 27, 2026, the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.70%, 0.70%, 0.85%, 0.85%, 0.85%, 0.70%, 0.60% and 0.70%, respectively, of the fund’s average net assets. These obligations may not be modified or discontinued prior to February 26, 2029, without approval of the Board of Trustees. Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating caps. Performance for class R3 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher 12b-1 fees and investor servicing fees applicable to class R3 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R3 shares). Performance for class R4 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher investor servicing fees applicable to class R4 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R4 shares). Performance for class R5 shares prior to their inception (1/4/21) is derived from the historical performance of class R6 shares, adjusted for the higher investor servicing fees applicable to class R5 shares (relative to the comparable fees applicable to R6 shares prior to the inception of class R5 shares). Performance for class R6 shares prior to their inception (9/1/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R6 shares); had it been adjusted, returns would have been higher. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Other expenses have been restated to reflect current expenses. Estimated amounts for current fiscal year. 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. 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, effective February 27, 2026, the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.70%, 0.70%, 0.85%, 0.85%, 0.85%, 0.70%, 0.60% and 0.70%, respectively, of the fund’s average net assets. These obligations may not be modified or discontinued prior to February 26, 2029, without approval of the Board of Trustees. Total annual fund operating expenses after expense reimbursement have been restated to reflect current waiver arrangements and operating caps. Performance for class R3 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher 12b-1 fees and investor servicing fees applicable to class R3 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R3 shares). Performance for class R4 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher investor servicing fees applicable to class R4 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R4 shares). Performance for class R5 shares prior to their inception (1/4/21) is derived from the historical performance of class R6 shares, adjusted for the higher investor servicing fees applicable to class R5 shares (relative to the comparable fees applicable to R6 shares prior to the inception of class R5 shares). Performance for class R6 shares prior to their inception (9/1/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R6 shares); had it been adjusted, returns would have been higher.