Joint Proxy Statement

This document will give(the “Proxy Statement”) gives you the information you need to vote on boththe proposals. Much of the information is required under rules of the Securities and Exchange Commission (“SEC”(the “SEC”); some of it is technical. If there is anything you do notdon’t understand, please call toll-free 1-877-520-8548,[1-833-501-4818] or call your financial advisor.professional.

On May 31, 2023, Great-West Lifeco Inc. (“Great-West Lifeco”), the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), entered into a definitive purchase agreement with Franklin Resources, Inc. (“FRI” and, together with its subsidiaries, “Franklin Templeton”) and a subsidiary of FRI for such subsidiary to acquire Putnam Holdings from Great-West Lifeco (the “Transaction”). Putnam Holdings is the parent company of Putnam Investment Management, LLC (“Putnam Management”), the investment adviser to the Putnam family of funds (the “funds”), and of Putnam Investments Limited (“PIL”), The Putnam Advisory Company, LLC (“PAC”), and PanAgora Asset Management, Inc. (“PanAgora”), subadvisers to the funds. In this Proxy Statement, we refer to your fund’s contract with Putnam Management as a “management contract” and to each contract with a subadviser as a “sub-advisory contract,” even though certain of these agreements are titled “sub-advisory contract,” “sub-management contract,” or “subadvisory agreement.”

WhoThe Transaction will result in what is commonly called a “change of control” of Putnam Holdings and its subsidiaries that are included in the Transaction, including Putnam Management, PIL, and PAC. The Investment Company Act of 1940, as amended (the “1940 Act”), which regulates investment companies such as your fund, requires management contracts to terminate automatically upon an “assignment” of the contract, which includes a “change of control” affecting an investment company’s investment adviser (including any subadviser). PanAgora is not involved in the Transaction, and therefore will remain an indirect, wholly-owned subsidiary of Great-West Lifeco, although its sub-advisory contract, by its terms, will also terminate.

The Transaction will not be completed unless certain conditions are met. One of these conditions effectively requires shareholders of a substantial number of the Putnam funds to approve new management contracts to replace those that will terminate automatically upon consummation of the Transaction. We are therefore asking shareholders to approve a new management contract and new sub-advisory contracts, as applicable for each fund. The Board of Trustees of the funds, including your fund (the “Board of Trustees”), has approved the new contracts. It is important to note that your fund’s management fee rate under its new contracts will remain the same, and the Transaction is not expected to result in any change in the portfolio managers of your fund.

The acquisition of Putnam Holdings by Franklin Templeton will result in one of the world’s largest independent, specialized global investment managers with approximately [$___] trillion in assets under management (based on Franklin Templeton assets under management and assets under management of the Putnam Holdings subsidiaries involved in the Transaction as of [__]). Assets under management are subject to fluctuation based on market conditions and other factors. The combined organization will offer Putnam Management, PIL, and PAC greater scale and resources, broader distribution capabilities, and new opportunities to grow. Approval of the new management contracts and new sub-advisory contracts will provide continuity of the

investment program you selected through your fund investment and will allow the funds’ operations to continue uninterrupted after the Transaction.

The proposed new management contract is identical to your fund’s current management contract except for the effective date, initial term, other non-substantive changes and, for certain funds, an additional update, as described in detail under Proposal 1. There will be no change in the services that your fund will receive under the proposed new management contract.

The proposed new sub-advisory contracts are identical to your fund’s current sub-advisory contracts, except for effective dates, initial terms, and other non-substantive changes. There will be no change in the services that your fund will receive under the applicable proposed new sub-advisory contract(s).

If shareholders of your fund do not approve a new management contract and one or more new sub-advisory contracts, as applicable, with respect to the applicable subadvisers of your fund, and the Transaction is consummated, your fund’s current contracts will terminate, and the adviser and/or subadvisers, as applicable, will not be able to provide services to the fund under the new contract unless and until it has been approved. If this should happen, the applicable adviser and/or subadvisers will be able to continue to provide services for your vote?fund for a period of up to 150 days following consummation of the Transaction pursuant to an interim management contract and/or interim sub-advisory contract. During the interim period, the Board of Trustees will consider what additional actions to take, which could include, without limitation, continuing to solicit approval of the new management contract and/or sub-advisory contracts or, in the case of PIL and PAC and to the extent consistent with current law and interpretations of the Securities and Exchange Commission and its staff, determining that shareholder approval is not required with respect to new sub-advisory contracts. The Board of Trustees has approved interim management and sub-advisory contracts to provide for maximum flexibility for your fund’s future. The terms of the interim contracts are identical to those of the current contracts except for term and certain provisions required by 1940 Act rules, including the escrowing of fees paid under the interim management and sub-advisory contracts.

The enclosed proxy is solicited by the TrusteesBoard of the Putnam RetirementReady^® FundsTrustees for use at the funds’ special meeting of shareholders of each fund, to be held on September 10, 2020October 6, 2023 for Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust (the “Putnam Closed-End Funds”) and October 20, 2023 for the other funds identified in the Joint Proxy Statement (the “Putnam Open-End Funds

and ETFs”) and, if theyour fund’s meeting is postponed or adjourned, at any later sessions,meetings, for the purpose of approving a new management contract for each RetirementReady Fund and approving a changepurposes stated in the fundamental investment restriction with respect to diversification for five RetirementReady Funds.Notice of a Special Meeting (see previous pages). The Notice of a Special Meeting, of Shareholders, the proxy card and this proxy statementProxy Statement are being mailed beginning on or about June 25, 2020.[ ], 2023.

How do your fund’sThe Board of Trustees recommend that shareholders vote on the proposals?

The Trusteesunanimously recommend that you vote FOR both proposals. each proposal.

Who is eligible to vote?1. To approve a new management contract with Putnam Management.

Shareholders2a. To approve a new sub-advisory contract between Putnam Management and PIL.

2b. To approve a new sub-advisory contract among Putnam Management, PIL, and PAC.

2c. To approve a new sub-advisory contract between Putnam Management and PanAgora.

Please see the table beginning on page [ ] for a list of the affected funds for each proposal.

For Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust, shareholders of record of the fund at the close of business on June 15, 2020July 10, 2023 (the “Record“Closed-End Fund Record Date”) are entitled to be present and to vote at the special meeting or if it is postponedany adjournment. For all other funds, shareholders of record at the close of business on July 24, 2023 (the “Open-End Fund/ETF Record Date”) are entitled to be present and to vote at the special meeting or adjourned, at any later sessions.adjournment.

The number of shares of theeach fund outstanding on the applicable Record Date is shown inAppendix A.Each share is. Shareholders of each of the Putnam exchange-traded funds (the “Putnam ETFs”) are entitled to one vote for each dollar of net asset value per share of the fund, and shareholders of each of the remaining funds are entitled to one vote per share of the fund, with any fractional shares voting proportionately.

How will your shares be voted?dollar amount or fractional share, as applicable, entitled to a proportional fractional vote.

Shares represented by your duly executed proxy card will be voted in accordance with your instructions. If you sign and return the proxy card but don’t fill in a vote, your shares will be voted in accordance with the Board of Trustees’ recommendation.recommendations. If any other business properly comes before your fund’s special meeting, your shares will be voted at the discretion of the persons designated on the proxy card.

Shareholders of each fund vote separately with respect to the proposal to approve a new management contract and the proposals to approve each new sub-advisory contract. The outcome of a vote affecting one fund does not affect the outcome of voting for any other fund.

The Proposals

PROPOSAL 1: APPROVING A NEW MANAGEMENT CONTRACT FOR YOUR FUND

What is this proposal?

Shareholders of all RetirementReady Funds, includingAt the special shareholder meeting, you will be asked to approve a new management contract between your fund and its investment adviser, Putnam Management. You are being asked to approve a new management contract for your fund because your fund’s current management contract (its “Current Management Contract” and together with the other funds’ current management contracts with Putnam Investment Management, LLC (“Putnam Management”), your fund’s investment adviser.

Why did Putnamthe “Current Management propose a new management contract for your fund?

Putnam Management is proposingContracts”) will terminate upon the new management contract as part of a new fee and expense structure for the RetirementReady Funds, which is expected to reduce the overall cost (direct and indirect fees and expenses)consummation of the funds.Transaction. The new fee and expense structureTransaction is also expected to reduce fluctuationsdescribed in the cost of the funds. A form of the new management contract, marked to show proposed changes, appears inAppendix B.

Currently, the RetirementReady Funds do not pay a management fee to Putnam Management. Instead, the RetirementReady Funds bear management fees indirectly, because the RetirementReady Funds invest all of their assets in underlying Putnam funds which themselves pay management fees to Putnam Management. The RetirementReady Funds also indirectly bear the other fees and expenses of the underlying funds. The aggregate amount of underlying fund fees and expenses is referred to as “acquired fund fees and expenses.” Currently, the RetirementReady Funds may experience fluctuations in overall cost because the acquired fund fees and expenses vary over time and depending on a RetirementReady Fund’s allocations to underlying funds. For example, if, due to changes in a RetirementReady Fund’s allocation to underlying funds in accordance with its predetermined “glide path,” Putnam Management allocates more of a RetirementReady Fund’s assets to underlying funds with higher total fees and expenses, the RetirementReady Fund’s acquired fund fees and expenses, and thus, its overall cost, would increase.

Under the proposed management contract, each RetirementReady Fund will pay a management fee directly to Putnam Management. However, Putnam Management will also agree to an expense limitation agreement, under which it will reimburse each

RetirementReady Fund in full for its acquired fund fees and expenses and cap each RetirementReady Fund’s total overall costs so that, overall, each share class of each RetirementReady Fund will have lower overall costs (direct and indirect fees and expenses), with the exception of Class R shares, which are expected to experience a slight increase in overall cost. As a result, investment decisions concerning underlying funds would not affect the overall cost of any RetirementReady Fund. In addition, Putnam Management believes the new fee and expense structure will achieve more stable and predictable expenses for the RetirementReady Funds and their shareholders.

If shareholders of each RetirementReady Fund approve the new management contract, Putnam Management estimates that the annual aggregate overall expenses for the RetirementReady Funds will decrease by an estimated $600,000 relative to actual expenses as of July 31, 2019, taking into account the new expense limitation agreement.detail below.

The Board of Trustees includinghas concluded that it is in the Independent Trustees, has approved, and recommendsbest interests of your fund’s shareholders to call a special meeting so that shareholders of each RetirementReady Fundmay approve thea new management contract with Putnam Management. At an in-person meeting on June 22-23, 2023, the Board of Trustees unanimously approved, and recommend to the shareholders of each fund that they approve, a proposed new management contract with Putnam Management (a “New Management Contract”) for their fund.

WhatIf shareholders of your fund approve the New Management Contract for your fund before the consummation of the Transaction, the New Management Contract will become effective upon the consummation of the Transaction. In the event that the Transaction is not consummated, Putnam Management will continue to serve as investment adviser of your fund pursuant to the terms of your fund’s Current Management Contract.

On May 31, 2023, Great-West Lifeco, the parent company of Putnam Holdings, entered into a definitive purchase agreement (the “Transaction Agreement”) with Franklin Resources, Inc. (“FRI” and, together with its subsidiaries, “Franklin Templeton”) and an indirect, wholly-owned subsidiary of FRI for such subsidiary to acquire Putnam Holdings from Great-West Lifeco. Putnam Holdings is the parent company of Putnam Management, the investment adviser to the funds, and of PIL, PAC, and PanAgora, subadvisers to the funds. Upon consummation of the Transaction, Putnam Management, PIL, and PAC will become indirect, wholly-owned subsidiaries of FRI. Franklin Templeton is not acquiring PanAgora, which will remain an indirect, wholly-owned subsidiary of Great-West Lifeco.

Under the terms of the Transaction Agreement, subject to certain customary adjustments, Franklin Templeton will pay upfront consideration at closing consisting of 33.33 million shares of Franklin Templeton common stock and $100 million in cash paid six months after closing, and up to $375 million in contingent payments in cash between three and seven years after closing tied to the growth of the Partnership (defined below). Great-West Lifeco has agreed to retain shares of Franklin Templeton common stock representing 4.9% of Franklin Templeton’s total outstanding common stock for a minimum period of five years after closing, and the

remaining shares of Franklin Templeton common stock issued to Great-West Lifeco are subject to a 180-day lock-up.

Certain key employees of Putnam Management and its affiliates that hold vested or unvested class B shares under the Putnam Investments, LLC Equity Incentive Plan, as amended (the “Plan”) (which include, among others, Mr. Reynolds, who also serves as President and a Trustee of the funds, and Mses. Malloy and Smith and Messrs. Clark, Lemaire, Tate, and Trenchard, who also serve as officers of the funds), will be entitled to receive certain cash payments in accordance with the terms of the Transaction Agreement and the Plan. Certain key employees that hold class B shares under the Plan have elected (and it is expected that additional employees will elect before the closing) to receive unvested shares of Franklin Templeton’s common stock in lieu of a portion of the cash payments that the employee would have otherwise received at the closing (and the number of shares of Franklin Templeton common stock issued to Great-West Lifeco as described in the paragraph above will be reduced accordingly). As of June 30, 2023, the vested and unvested class B shares held by Mr. Reynolds under the Plan represented approximately 2% of the total outstanding equity interests of Putnam Investments, LLC.

In connection with the Transaction, Great-West Lifeco, Power Corporation of Canada, the parent company of Great-West Lifeco, and Franklin Templeton have entered into a strategic partnership (the “Partnership”) to allocate assets to Franklin Templeton investment products. Great-West Lifeco will provide an initial long-term asset allocation, in the amount of $25 billion in assets under management, to Franklin Templeton’s investment management subsidiaries within 12 months of the Transaction closing, with the potential for that amount to increase over the next several years.

Consummation of the Transaction is subject to certain terms and conditions, including, among others, (i) receipt of applicable regulatory approvals and (ii) consent by advisory clients representing a specified percentage of the revenues of Putnam Management and its affiliates to continue their advisory relationships with Putnam Management (or PIL or PAC) following the consummation of the Transaction. Condition (ii) above effectively requires shareholders of a substantial number of the Putnam funds to approve new management contracts to replace those that will terminate automatically upon consummation of the Transaction, as described below. Subject to satisfaction or waiver of the terms and conditions, the Transaction is expected to close in the fourth quarter of 2023.

The Transaction will result in a “change of control” of Putnam Management, PIL, and PAC and will cause the funds’ Current Management Contracts, the sub-advisory contract with PIL, and the sub-advisory contract with PAC to terminate in accordance with the 1940 Act. In addition, although the ultimate parent company of PanAgora will not change as a result of the Transaction, the sub-advisory contract with PanAgora will nonetheless terminate, according to its terms, upon the termination of the management contract with Putnam Management for funds to which PanAgora serves as subadviser.

The Transaction will result in one of the world’s largest independent, specialized global investment managers with approximately [$___] trillion in assets under management (based on Franklin Templeton assets under management and assets under management of the Putnam Holdings subsidiaries involved in the Transaction as of [__]). Assets under management are subject to fluctuation based on market conditions and other factors. The combined organization will offer Putnam Management, PIL, and PAC greater scale and resources, broader distribution capabilities, and new opportunities to grow. Approval of the new management contracts and new sub-advisory contracts will provide continuity of the investment program you selected through your fund investment and will allow the funds’ operations to continue uninterrupted after the Transaction.

Impact on the Investment Advisory Services Provided to Your Fund

The Transaction is not expected to result in any diminution in the nature, extent or quality of the services provided by Putnam Management to your fund and its shareholders. The Transaction also is not expected to result in any diminution in the nature, extent or quality of the services provided by any subadviser to your fund and its shareholders.

While the organizational structure of Putnam Management, PIL, and PAC is not expected to change immediately following the transaction, Franklin Templeton anticipates that Putnam Management’s reporting structure will change. Franklin Templeton currently intends for the equity investment professionals at Putnam Management and its affiliates PIL and PAC to continue to operate largely independently, with the team’s leadership reporting directly to the Head of Public Markets at Franklin Templeton, and Franklin Templeton intends to include the fixed income investment professionals at Putnam Management and its affiliate PIL in Franklin Templeton’s fixed income group and to include Putnam Management’s Global Asset Allocation (“GAA”) investment professionals in Franklin Templeton’s investment solutions group, with both Franklin Templeton groups reporting to Franklin Templeton’s Head of Public Markets.

Section 15(f) of the 1940 Act

Franklin Templeton has agreed to comply with Section 15(f) of the 1940 Act. Section 15(f) provides a non-exclusive “safe harbor” for an investment company’s adviser or any affiliated persons of the adviser to receive any amount or benefit in connection with a change of control of the investment adviser as long as two conditions are met. First, for a period of three years after the change of control, at least 75% of the directors of the investment company must not be interested persons of the adviser or the predecessor adviser. Second, there must not be any “unfair burden” imposed on the investment company as a result of the transaction or any express or implied terms, conditions or understandings relating to the transaction. Section 15(f) defines “unfair burden” to include any arrangement during the two-year period after the transaction in which the adviser or predecessor adviser, or any interested person of the adviser or predecessor adviser, receives or is entitled to receive any compensation, directly or indirectly, from the investment company or its security holders (other than fees for bona fide investment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary compensation as principal underwriter for the investment company).

Putnam Management has advised the funds that neither it, Great-West Lifeco, nor Franklin Templeton, after reasonable inquiry, is aware of any express or implied term, condition, arrangement or understanding that would impose an “unfair burden” on the funds as a result of the Transaction. Moreover, Franklin Templeton has advised the funds that Franklin Templeton will not take, nor cause its affiliates to take, any action that would have the effect of causing the conditions of Section 15(f) not to be met with respect to the Transaction, and Franklin Templeton has advised the funds that Franklin Templeton will not fail to take, and will cause its affiliates not to fail to take, any action if the failure to take such action would have the effect of causing the conditions of Section 15(f) not to be met with respect to the Transaction.

Each fund’s Current Management Contract terminates automatically in the event of an “assignment.” If the shareholders of your fund have not approved the New Management Contract for your fund and the Transaction is consummated, an interim management contract between Putnam Management and your fund (an “Interim Management Contract”) will take effect upon the consummation of the Transaction. The Board of Trustees has approved the Interim Management Contract for your fund to allow Putnam Management to continue providing services to your fund for a period of up to 150 days following consummation of the Transaction while shareholder approval of a New Management Contract continues to be sought.

Rule 15a-4 under the 1940 Act allows an investment company to enter into an interim management contract with a maximum term of 150 days, without first obtaining shareholder approval, so that the investment company may receive investment management services without interruption following the termination by assignment of a previous management contract.

The terms of each fund’s Interim Management Contract are identical to those of its Current Management Contract, except for the term and provisions required under Rule 15a-4, including the escrow provisions described below. If your fund’s Interim Management Contract takes effect upon the consummation of the Transaction, it will continue in effect for a term ending on the earlier of 150 days from the closing of the Transaction (the “150-day period”) or, if shareholders of your fund approve the New Management Contract, the effective date of the New Management Contract. The Board of Trustees or a “majority of the outstanding voting requirementsecurities,” as defined in the 1940 Act, may terminate the Interim Management Contract on 10 calendar days’ written notice to Putnam Management without the payment of any penalty. Pursuant to Rule 15a-4 under the 1940 Act, compensation earned by Putnam Management under the Interim Management Contract will be held in an interest-bearing escrow account. If shareholders of your fund approve the New Management Contract before the end of the 150-day period, the amount held in the escrow account under the Interim Management Contract, plus interest earned, will be paid to Putnam Management. If shareholders of your fund do not approve the New Management Contract before the end of the 150-day period, the Board of Trustees will consider what further action to take consistent with their fiduciary duties to the fund, and Putnam Management will be paid the lesser of its costs incurred in performing its services under the Interim Management Contract or the total amount of the escrow account, plus interest earned. The actions considered by the Board of Trustees may include, among other things, negotiating a new management contract with an advisory organization selected by the Board of Trustees, subject to shareholder approval, or taking other appropriate actions.

The terms of the New Management Contracts (described generally below) are identical to those of the current management contracts except for approving the effective dates, initial term, certain non-substantive changes, and, for certain funds, the addition of a “No Third-Party Beneficiaries” provision. The date of each fund’s Current Management Contract, the date on which it was last submitted to a vote of shareholders, and the purpose of the submission is set forth in Appendix B.

Set forth below is a general description of the New Management Contracts and a comparison of their terms to those of the Current Management Contracts. The complete terms of each New Management Contract are set forth in Appendix C, as follows:

Fees. There is no change in the rate of the fees that your fund will pay Putnam Management under its New Management Contract. The current fee schedule for investment management services and administrative services for each fund is set forth in Appendix B. The actual fees paid by some funds are subject to expense limitations, which would be unaffected by approval and adoption of a New Management Contract.

Investment Management Services. The New Management Contract for your fund provides that Putnam Management will furnish continuously an investment program for the fund, determining what investments to purchase, hold, sell or exchange and what portion of the fund’s assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Board of Trustees. As

indicated above, Putnam Management’s responsibilities under the New Management Contracts are identical to those under the Current Management Contracts.

Putnam Management is authorized under your fund’s New Management Contract to place orders for the purchase and sale of portfolio investments for your fund with brokers or dealers that Putnam Management selects. Putnam Management must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that Putnam Management may pay higher brokerage commissions if it determines in good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as “soft dollars”). Putnam Management may make this determination in terms of either the particular transaction or Putnam Management’s overall responsibilities with respect to your fund and to other clients of Putnam Management for which Putnam Management exercises investment discretion. Putnam Management’s use of soft dollars is subject to policies established by the Board of Trustees from time to time and applicable guidance issued by the Securities and Exchange Commission and its staff.

Delegation of Responsibilities. The New Management Contract for your fund expressly provides that Putnam Management may, in its discretion and with the approval of the Board of Trustees (including a majority of the Trustees of the funds who are not “interested persons” as defined in the 1940 Act (the “Independent Trustees”)) and, if required, the approval of shareholders, delegate responsibilities under the contract to one or more subadvisers or sub-administrators. The separate costs of employing any subadviser or sub-administrator must be borne by Putnam Management or the subadviser or sub-administrator, not by your fund. Putnam Management is responsible for overseeing the performance of any subadviser or sub-administrator and remains fully responsible to your fund under the New Management Contract regardless of whether it delegates any responsibilities.

At present, Putnam Management has entered into a sub-advisory contract where it may delegate certain responsibilities for the management of each fund, other than Putnam PanAgora ESG Emerging Markets Equity ETF and Putnam PanAgora ESG International Equity ETF, to PIL, an affiliated subadviser. Putnam Management and PIL have further entered into a sub-advisory contract where Putnam Management may delegate certain responsibilities for the management of the funds identified in Appendix D-2 to PAC, an affiliated subadviser. Putnam Management has also entered into a sub-advisory contract delegating certain responsibilities for the management of the funds identified in Appendix D-3 to PanAgora, which is currently an affiliated subadviser. As a result of the Transaction, the sub-advisory contracts with PIL, PAC, and PanAgora will terminate. The Board of Trustees is recommending that shareholders vote to approve new sub-advisory contracts with each fund’s subadviser(s), as is discussed in detail under Proposal 1?2.

ApprovingAdministrative Services. Like its Current Management Contract, your fund’s New Management Contract provides that Putnam Management will manage, supervise and conduct the other (i.e., non-investment) affairs and business of your fund and incidental matters. These administrative services include providing suitable office space for the fund and administrative facilities, such as bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the fund’s affairs, including determination of the net asset value of the fund, but excluding shareholder accounting services.

Putnam Management has currently delegated certain administrative, pricing and bookkeeping services to State Street Bank and Trust Company.

Expenses. Like its Current Management Contract, your fund’s New Management Contract requires Putnam Management to bear the expenses associated with (i) furnishing all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully, (ii) providing suitable office space for the fund and (iii) providing administrative services.

Like their Current Management Contracts, the New Management Contracts for funds other than those identified in Appendix C-3 and Appendix C-7, also provide that each of these funds will pay the fees of its Trustees and will reimburse Putnam Management for compensation paid to officers and persons assisting officers of the fund, and all or part of the cost of suitable office space, utilities, support services and equipment used by such officers and persons, as the Board of Trustees may determine. Each of these funds will bear the costs of the Board of Trustees’ independent staff, which assists the Board of Trustees in overseeing each of the funds.

Like their Current Management Contracts, the New Management Contracts for those funds identified in Appendix C-3 and Appendix C-7 also require Putnam Management to bear the expenses of all these funds’ organizational and other operating expenses, excluding certain expenses such as 12b-1 fees, brokerage, interest, taxes, investment-related expenses, extraordinary expenses, and acquired fund fees and expenses.

Term and Termination. If approved by shareholders before the consummation of the Transaction, your fund’s New Management Contract will go into effect for a two-year period beginning  on the date the Transaction is consummated. Thereafter, if not terminated, the New Management Contract will continue in effect from year to year if its continuance is specifically approved at least annually by (i) the Board of Trustees or the shareholders of the fund by the affirmative vote of a majority of the outstanding shares of the fund and (ii) a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on approval. The Current Management Contracts have similar provisions for their term and continuance, although the initial term  has elapsed in most cases  .

Like its Current Management Contract, your fund’s New Management Contract provides that it may be terminated at any time by either Putnam Management or the fund by not less than 60 days’ written notice to the other party and without the payment of any penalty by Putnam Management or the fund. The fund may terminate the contract by vote of a majority of the Board of Trustees or by the affirmative vote of a “majority of the outstanding voting securities” of the fund, as defined in the 1940 Act. Your fund’s New Management Contract also will terminate automatically in the event of its “assignment.”

Proxy Voting. Like their Current Management Contracts, the New Management Contracts for certain funds, identified in Appendix C-7, require Putnam Management to vote all proxies solicited by or with respect to issuers of securities in which assets of the fund may be invested in accordance with its proxy voting policy. Putnam Management currently provides this proposalservice for all funds, whether or not expressly required by a particular fund’s Current Management Contract.

Limitation of Liability. Like its Current Management Contract, under your fund’s New Management Contract, Putnam Management is not liable to the fund or to any shareholder of the fund for any act or omission in the course of, or connected with, rendering services under the New Management Contract, unless there is willful misfeasance, bad faith or gross negligence on the part of Putnam Management or reckless disregard of its obligations and duties under the New Management Contract.

As required under the Declaration of Trust for each fund other than the Putnam ETFs, the New Management Contracts, like the Current Management Contracts, contain a notice provision stating that the fund’s Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts and that the New Management Contract is executed on behalf of the Trustees as Trustees of the fund and not individually. Also, the fund’s obligations arising out of the New Management Contract are limited only to the assets and property of the fund and are not binding on any of the Trustees, officers or shareholders individually.

No Third-Party Beneficiaries. The Current Management Contracts for certain, more recently established funds include a provision specifying that there are no third-party beneficiaries of the management contracts. This provision states that no shareholder, or any person other than the named funds and Putnam Management, is a party to the management contract or entitled to any right or benefit arising under or in respect of the management contract. The Current Management Contracts for other funds do not include this “no third-party beneficiaries” provision. The proposed New Management Contracts for all funds, except for the Putnam Closed-End Funds, will include the “no third-party beneficiaries” provision, consistent with the Current Management Contracts for more recently established funds. A list of the funds for which this provision will be added is provided in Appendix C-8.

Amendments; Defined Terms. Like your fund’s Current Management Contract, its New Management Contract may only be amended in writing, and any amendment must be approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretations of the Securities and Exchange Commission or its staff. Similarly, certain terms used in the New Management Contract are used as defined in the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

The Independent Trustees met with their independent legal counsel and representatives of Putnam Management and its parent company, Power Corporation of Canada, to discuss the potential Transaction, including the timing and structure of the Transaction and its implications for Putnam

Management and the funds, during their regular meeting on November 18, 2022, and the full Board of Trustees further discussed these matters with representatives of Putnam Management at its regular meeting on December 15, 2022. At a special meeting on December 20, 2022, the full Board of Trustees met with representatives of Putnam Management, Power Corporation of Canada, and Franklin Templeton to further discuss the potential Transaction, including Franklin Templeton’s strategic plans for Putnam Management’s asset management business and the funds, potential sources of synergy between Franklin Templeton and Putnam Management, potential areas of partnership between Power Corporation of Canada and Franklin Templeton, Franklin Templeton’s distribution capabilities, Franklin Templeton’s existing service provider relationships, and Franklin Templeton’s recent acquisitions of other asset management firms.

In order to assist the Independent Trustees in their consideration of the New Management Contracts and other anticipated impacts of the Transaction on the funds and their shareholders, independent legal counsel for the Independent Trustees furnished an initial information request to Franklin Templeton (the “Initial Franklin Request”). At a special meeting of the full Board of Trustees held on January 25, 2023, representatives of Franklin Templeton addressed the firm’s responses to the Initial Franklin Request. At the meeting, representatives of Franklin Templeton discussed, among other things, the business and financial condition of Franklin Templeton and its affiliates, Franklin Templeton’s U.S. registered fund operations, its recent acquisition history, Franklin Templeton’s intentions regarding the operation of Putnam Management and the funds following the completion of the potential Transaction, and expected benefits to the funds and Putnam Management that might result from the Transaction.

The Board of Trustees actively monitored developments with respect to the potential Transaction throughout the period leading up to the public announcement of a final sale agreement on May 31, 2023. The Independent Trustees met to discuss these matters at their regular meetings on January 27, April 20, and May 19, 2023. The full Board of Trustees also discussed developments at their regular meeting on February 23, 2023. Following the public announcement of the Transaction on May 31, 2023, independent legal counsel for the Independent Trustees furnished a supplemental information request (the “Supplemental Franklin Request”) to Franklin Templeton. At the Board of Trustees’ regular in-person meeting held on June 22-23, 2023, representatives of Putnam Management and Power Corporation of Canada provided further information regarding, among other matters, the final terms of the Transaction and efforts undertaken to retain Putnam employees. The Contract Committee of the Board of Trustees also met on June 22, 2023 to discuss Franklin Templeton’s responses to the Supplemental Franklin Request. Mr. Reynolds, the only Trustee affiliated with Putnam Management, participated in portions of these meetings to provide the perspective of the Putnam organization, but did not otherwise participate in the deliberations of the Independent Trustees or the Contract Committee regarding the potential Transaction.

After the presentations and after reviewing the written materials provided, the Independent Trustees met at their in-person meeting on June 23, 2023 to consider the New Management Contracts for each fund, proposed to become effective upon the closing of the Transaction, and the filing of a preliminary proxy statement. At this meeting and throughout the process, the Independent Trustees also received advice from their independent legal counsel regarding their responsibilities in evaluating the potential Transaction and the New Management Contracts. The Independent Trustees reviewed the terms of the proposed New Management Contracts and the differences between the New Management Contracts and the current management contracts. They

noted that the terms of the proposed New Management Contracts were substantially identical to the current management contracts, except for certain changes designed largely to address differences among various of the existing contracts, which had been developed and implemented at different times in the past. (These differences are described elsewhere in this Proxy Statement.)

In considering the approval of the proposed New Management Contracts, the Board of Trustees took into account a number of factors, including:⁴

⁴ All references to Putnam Management in this section describing the Board of Trustees’ considerations should be deemed to include references to PIL and PAC as necessary or appropriate in the context.

a.  That the scale of Franklin Templeton’s investment operations platform would increase the investment and operational resources available to the funds;

b.   That the funds would benefit from Franklin Templeton’s large retail and institutional global distribution capabilities and significant network of intermediary relationships, which may provide additional opportunities for the funds to increase assets and reduce expenses by spreading expenses over a larger asset base; and

c.    Potential benefits to shareholders of the funds that could result from the alignment of certain fund features and shareholder benefits with those of other funds sponsored by Franklin Templeton and its affiliates and access to a broader array of investment opportunities;

Finally, in considering the proposed New Management Contracts, the Board of Trustees also took into account their concurrent deliberations and conclusions in connection with their annual review of the funds’ current management contracts and the approval of their continuance, effective July 1, 2023, and the extensive materials that they had reviewed in connection with that review process. Appendix E contains a summary description of the matters considered by the Board of Trustees in connection with those approvals. The considerations discussed in Appendix E and in this section also apply to the Board of Trustees’ consideration of the Interim Management Contracts discussed elsewhere in this Proxy Statement.

Based upon the foregoing considerations, on June 23, 2023 the Board of Trustees, including all of the Independent Trustees, unanimously approved the proposed New Management Contracts and determined to recommend their approval to the shareholders of the funds.

Shareholder approval of your fund’s proposed New Management Contract requires the affirmative vote of a “majority of the outstanding voting securities” of each RetirementReady Fund,the fund, which is defined under the Investment Company1940 Act of 1940, as amended (the “1940 Act”), to bethe lesser of(a) more than 50% of the outstanding shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the special meeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy.

The new management contract for each fund, andBoard of Trustees unanimously recommends that shareholders vote FOR the new expense limitation agreement, will only become effective if the shareholders of each RetirementReady Fund approve the new management contract.

What are the implications for each RetirementReady Fund if the new management contract is approved?

proposed New Management Contract.The new management contract establishes the management fee that each RetirementReady Fund will pay. Under the new management contract, a RetirementReady Fund’s management fee will be set each fiscal year based on a defined fee schedule in which the management fee paid by the RetirementReady Fund declines as a percentage of its net assets as the RetirementReady Fund approaches the target year indicated in its name. For example, the annual rate for RetirementReady Funds with 41 to 45 years until their target year is 0.55%, the annual rate for RetirementReady Funds with 36 to 40 years until their target year is 0.54%, and so on. Near the end of a RetirementReady Fund’s target year, the RetirementReady Fund will be merged into RetirementReady Maturity Fund, which pays a management fee at a fixed ongoing annual rate.Contracts.

All other terms and conditions of the new management contract (except for effective date, the new name of the trust of which each Retirement Ready Fund is a series (Putnam Target Date Funds), the term of the contract and the addition of new funds to the contract)

are substantially identical to those of each RetirementReady Fund’s current management contract. The services to be provided under the new management contract are the same as the services currently provided under the current management contract. The new management contract, marked to show the proposed changes, as well as the new management fee schedule for the RetirementReady Funds, is included inAppendix B.

Comparison of Management Fees.Under the current management contract, the RetirementReady Funds do not pay a management fee to Putnam Management. Instead, the funds bear management fees indirectly, because the underlying funds in which each RetirementReady Fund invests pay management fees to Putnam Management.

As discussed above, under the new management contract, Putnam Management will receive a management fee, payable monthly by each RetirementReady Fund within 30 days after the close of each month at a specific annual rate of the fund’s average net assets (as shown inAppendix B). The annual rate is set by referring to the target year indicated in the RetirementReady Fund’s name, such that the fund’s management fees are reduced as the fund approaches its target year. Near the end of a RetirementReady Fund’s target year, the RetirementReady Fund will be merged into RetirementReady Maturity Fund, which has a fixed ongoing annual rate (as shown inAppendix B).

With respect to each RetirementReady Fund,Appendix Cshows the aggregate amount paid to Putnam Management under the current management contract for the fiscal year ended July 31, 2019 and the amount Putnam Management would have been paid for the period if the new management contract had been in effect.

Comparison of Total Expenses.Currently, Putnam Management reimburses each RetirementReady Fund for other expenses (excluding payments under its distribution plans, payments under the investor servicing contract, brokerage expenses, interest, taxes, investment-related expenses, extraordinary expenses, and acquired fund fees and expenses).

If the new management contract is approved, Putnam Management will implement a new expense limitation agreement for each RetirementReady Fund. Under the new expense limitation agreement, Putnam Management will contractually agree to reimburse each RetirementReady Fund’s “acquired fund fees and expenses” in full, which includes the management fees and all other fees and expenses borne indirectly by the RetirementReady Fund through its investments in underlying funds. In addition, under the new expense limitation agreement, Putnam Management will contractually agree to a cap on each RetirementReady Fund’s total annual operating expenses, and Putnam Management will waive and/or reimburse the expenses of each RetirementReady Fund to the extent necessary to limit the total annual operating expenses of each share class of each RetirementReady Fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and line of credit costs), and extraordinary expenses) to the annual rate noted below (measured on a fiscal year basis):

* Class R3, R4 and R5 shares have not yet commenced operations and are expected to commence operations on or about October 1, 2020. The launch of Class R3, Class R4 and Class R5 shares is contingent upon approval of Proposal 1 by shareholders ofUnder each of the RetirementReady Funds.

These expense limitations are contingent upon the implementation of the new management contract for the RetirementReady Funds (which,Current Management Contract, Putnam Management may, in turn, is contingent upon approval of the management contract by shareholders of each of the RetirementReady Funds). The expense limitation agreement, as amended, will remain in effect until November 30, 2021 for each RetirementReady Fund except RetirementReady 2060 Fund, whose agreement will remain in effect through November 30, 2030,its discretion and the agreement may be modified or discontinued before these dates only with the approval of the Board of Trustees. Trustees (including a majority of the Independent Trustees) and, if required, the approval of shareholders, delegate its advisory responsibilities to one or more subadvisers.

At present, Putnam Management has entered into sub-advisory contracts with PIL, an affiliated subadviser (the “Current PIL Sub-Advisory Contracts”), for each fund, other than Putnam PanAgora ESG Emerging Markets Equity ETF and Putnam PanAgora ESG International Equity ETF. Under the Current PIL Sub-Advisory Contracts, Putnam Management may delegate to PIL certain responsibilities for the management of all or a portion of a fund’s assets as determined by Putnam Management (a “PIL Allocated Sleeve”). PIL, which provides a full range of international investment advisory services to institutional clients, is located at 16 St James’s Street, London, England, SW1A 1ER. Pursuant to the Current PIL Sub-Advisory Contracts, Putnam investment professionals who are based in the United Kingdom may serve as portfolio

managers of or provide other investment services to a fund, consistent with local regulations. Under the Current PIL Sub-Advisory Contracts, Putnam Management (and not the funds) pays a quarterly sub-advisory fee to PIL for its services at the rates set forth in Appendix D-1.

As noted above in Proposal 1, the Transaction will result in an “assignment” of the Current PIL Sub-Advisory Contracts and will cause the Current PIL Sub-Advisory Contracts to terminate in accordance with applicable law.

At an in-person meeting on June 22-23, 2023, the Board of Trustees unanimously approved a proposed new sub-advisory contract between Putnam Management and PIL (the “New PIL Sub-Advisory Contract”) for each applicable fund. Consistent with current law and interpretations of the Securities and Exchange Commission and its staff, it may not be necessary for shareholders to approve the New PIL Sub-Advisory Contract. However, notwithstanding that shareholder approval may not be required, the Board of Trustees has determined to seek shareholder approval of the New PIL Sub-Advisory Contract and to recommend to the shareholders of each applicable fund that they approve the New PIL Sub-Advisory Contract.

If shareholders of your fund approve the New PIL Sub-Advisory Contract before the consummation of the Transaction, the New PIL Sub-Advisory Contract will become effective with respect to your fund upon the consummation of the Transaction. In the event that the Transaction is not consummated, PIL will continue to serve as a subadviser of your fund pursuant to the terms of the Current PIL Sub-Advisory Contract for your fund.

* Impact of the Transaction on the Sub-Advisory Services Provided to Your Fund

The Transaction is not expected to result in any diminution in the nature, extent or quality of the services provided by PIL to your fund and its shareholders.

If the expense limitation agreementshareholders of your fund do not approve the New PIL Sub-Advisory Contract and the Transaction is consummated, an interim sub-advisory contract between Putnam Management and PIL (the “Interim PIL Sub-Advisory Contract”) will take effect for your fund upon the consummation of the Transaction. The Board of Trustees has approved the Interim PIL Sub-Advisory Contract to allow PIL to continue providing services to your fund while shareholder approval of the New PIL Sub-Advisory contract continues to be sought.

Rule 15a-4 under the 1940 Act allows an investment company to enter into an interim management contract with a maximum term of 150 days, without first obtaining shareholder approval, so that the investment company may receive investment management services without interruption following an assignment of a previous management contract.

The terms of the Interim PIL Sub-Advisory Contract are identical to those of the Current PIL Sub-Advisory Contracts, except for the term and escrow provisions described below. The Interim PIL Sub-Advisory Contract for your fund will continue in effect for a term ending on the earlier of 150 days from the closing of the Transaction (the “150-day period”) or, if shareholders of your fund approve the New PIL Sub-Advisory Contract, the effective date of the New PIL Sub-Advisory Contract. The Board of Trustees or a “majority of the outstanding voting securities,” as

defined in the 1940 Act, may terminate the Interim PIL Sub-Advisory Contract for your fund on 10 calendar days’ written notice to PIL without the payment of any penalty. Pursuant to Rule 15a-4 under the 1940 Act, compensation earned by PIL under the Interim PIL Sub-Advisory Contract will be held in an interest-bearing escrow account. (As noted below, the funds, including your fund, do not compensate PIL for its services. That compensation is paid by Putnam Management.) If shareholders of your fund approve the New PIL Sub-Advisory Contract before the end of the 150-day period, the amount held in the escrow account under the Interim PIL Sub-Advisory Contract will be paid to PIL. If shareholders of your fund do not approve the New PIL Sub-Advisory Contract prior to the end of the 150-day period, the Board of Trustees will consider what further action to take consistent with their fiduciary duties to the fund, and PIL will be paid the lesser of its costs incurred in performing its services under the Interim PIL Sub-Advisory Contract or the total amount of the escrow account, plus interest earned. The actions considered by the Board of Trustees may include, among other things, determining (to the extent consistent with current law and interpretations of the Securities and Exchange Commission and its staff) that shareholder approval is not extended beyond these dates, or if it is modified or extended on modifiedrequired with respect to the New PIL Sub-Advisory Contract, having the fund managed without a sub-adviser, or making other appropriate arrangements.

The terms of the RetirementReady Funds’ net total expense ratios may be higher thanNew PIL Sub-Advisory Contract (described generally below) are identical to those of the ratios presented above.

As an example, the Annual Fund Operating Expenses Table for Class Y shares of RetirementReady 2025 Fund is provided below. Please seeAppendix DCurrent PIL Sub-Advisory Contracts, except for the Annual Operating Expenses tableeffective dates, initial term, and certain non-substantive changes. The start date of each applicable fund’s Current PIL Sub-Advisory Contract, the date on which each applicable fund’s Current PIL Sub-Advisory Contract was last submitted to a vote of shareholders, and the purpose of the submission is set forth in Appendix D-1.

Set forth below is a general description of the New PIL Sub-Advisory Contract and a comparison of its terms to those of the Current PIL Sub-Advisory Contract for your share classfund. The complete terms of the New PIL Sub-Advisory Contract are set forth in Appendix F-1.

Fees. There is no change in the rate of the fees payable to PIL under the New PIL Sub-Advisory Contract. The funds, including your fund, do not compensate PIL for its services. That compensation is paid by Putnam Management. The current fee schedule for investment sub-advisory services provided by PIL for each applicable fund is set forth in Appendix D-1.

Investment Sub-Advisory Services. Like the Current PIL Sub-Advisory Contract for your fund, the New PIL Sub-Advisory Contract for your fund provides that PIL will furnish continuously an investment program for a PIL Allocated Sleeve, determining what investments to purchase, hold, sell or exchange and RetirementReady Fund. The table below compareswhat portion of the actual Fund feesPIL Allocated Sleeve assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and expenses for Class Y shares on the fiscal year ended July 31, 2019restrictions, and subject to the expenses that would have been paid during the same period if the new management contractoversight and expense limitation had been in effect.

# Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through 11/30/20. This obligation may be modified or discontinued only with approvalcontrol of the Board of Trustees.Trustees and Putnam Management. Putnam Management may also request PIL to assist with purchasing and selling securities for any fund, including the placement of orders with broker-dealers selected in accordance with the sub-advisory contract, even if Putnam Management has not established a PIL Allocated Sleeve for the fund. As indicated above, PIL’s responsibilities under the New PIL

Sub-Advisory Contract for your fund are identical to those under the Current PIL Sub-Advisory Contract for your fund.

* ReflectsLike the Current PIL Sub-Advisory Contract for your fund, if requested by Putnam Investment Management, LLC’s contractual obligationPIL is authorized under the New PIL Sub-Advisory Contract to limit certainplace orders for the purchase and sale of portfolio investments for any PIL Allocated Sleeve of your fund expenses through 11/30/21. This obligationwith brokers or dealers that PIL selects. PIL must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that PIL may be modifiedpay higher brokerage commissions if it determines in good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or discontinued only with approvaldealer (a practice commonly known as “soft dollars”) and the services qualify as “minor non-monetary benefits” under the rules of the United Kingdom’s Financial Conduct Authority (“FCA”). PIL may make this determination in terms of either the particular transaction or its overall responsibilities for a fund and to other clients of Putnam Management or PIL for which Putnam Management or PIL exercises investment discretion. Putnam Management’s and PIL’s use of soft dollars is subject to policies established by the Board of Trustees.Trustees from time to time and applicable guidance issued by the Securities and Exchange Commission and its staff and the FCA.

< OtherExpenses. Like the Current PIL Sub-Advisory Contract for your fund, the New PIL Sub-Advisory Contract requires PIL to bear the expenses have been restatedassociated with furnishing all necessary investment and management facilities, including salaries of personnel, required for it to reflect revised investor servicing fees applicable to the fund’s shares.execute its duties faithfully.

Implementation of New Management Contract.Term and Termination. If this proposal is approved by shareholders of all RetirementReady Funds,before the new management contract will take effect the first dayconsummation of the first month following approval (whichTransaction, the New PIL Sub-Advisory Contract for your fund will go into effect for a two-year period beginning on the date the Transaction is expected to be October 1, 2020) or at a later time as Putnam Management may deem appropriate underconsummated. Thereafter, if not terminated, the circumstances. ItNew PIL Sub-Advisory Contract will remain in effect (unless terminated) through June 30, 2021, and would continue in effect from year to year after that so long asif its continuance is specifically approved at least annually by (i) the Board of Trustees or the shareholders of the fund by the affirmative vote of a majority of the outstanding shares of the relevant fund and (ii) a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on suchthe contract’s approval. “Independent Trustees” are thoseThe Current PIL Sub-Advisory Contracts have similar provisions for their term and continuance, although the initial term has elapsed in most cases .

Like the Current PIL Sub-Advisory Contract for your fund, the New PIL Sub-Advisory Contract for your fund provides that the contract may be terminated at any time by Putnam Management or PIL with not more than 60 days’, nor less than 30 days’, written notice to the other party and without the payment of any penalty. Your fund may also terminate the contract with respect to services provided to your fund by vote of a majority of its Trustees who are not “interested persons” (asor by the affirmative vote of a “majority of the outstanding voting securities” of the fund, as defined in the 1940 Act)Act, with not more than 60 days’, nor less than 30 days’, written notice to Putnam Management and PIL, and without the payment of any penalty. The New PIL Sub-Advisory Contract also will terminate automatically in the event of its “assignment” or upon the termination of Putnam Management’s management contract with a fund.

Limitation of Liability. Like the Current PIL Sub-Advisory Contract for your fund, under the New PIL Sub-Advisory Contract for your fund, PIL is not liable to Putnam Management, your fund or to any shareholder of your fund for any act or Putnam Management.omission in the course of, or connected with, rendering services under the New PIL Sub-Advisory Contract, unless there is willful misfeasance, bad faith or gross negligence on the part of PIL or reckless disregard of its obligations and duties under the proposed sub-advisory contract.

Amendments; Defined Terms. Like the Current PIL Sub-Advisory Contract for your fund, any amendment to the New PIL Sub-Advisory Contract must be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on the amendment’s approval, of a majority of the Independent Trustees. Certain terms used in the New PIL Sub-Advisory Contract are used as defined in the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

At the timemeetings held on June 22-23, 2023, at which the Board of Trustees approved your fund’s New Management Contract, the Board of Trustees (including a majority of the Independent Trustees), also approved new sub-advisory contracts with each of your fund’s subadvisers, including the New PIL Sub-Advisory Contract. The Board of Trustees’ considerations regarding a new sub-advisory contract with respect to PIL are discussed in Proposal 1 above.

Shareholder approval of your fund’s New PIL Sub-Advisory Contract will be obtained if the affirmative vote of a “majority of the outstanding voting securities” of the fund is received, which is defined under the 1940 Act to be the lesser of (a) more than 50% of the outstanding shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the special meeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy. The Board of Trustees unanimously recommend that shareholders vote FOR the New PIL Sub-Advisory Contract.

Under each Current Management Contract, Putnam Management may, in its discretion and with the approval of the Board of Trustees (including a majority of the Independent Trustees) and, if required, the approval of shareholders, delegate its advisory responsibilities to one or more subadvisers.

At present, Putnam Management and PIL have entered into a sub-advisory contract with PAC, an affiliated subadviser (the “Current PAC Sub-Advisory Contract”), for each fund included in Appendix D-2 pursuant to which Putnam Management or PIL, as the case may be, may delegate to PAC certain responsibilities for the management of all or a portion of a fund’s assets as determined by Putnam Management or PIL, as the case may be (a “PAC Allocated Sleeve”). PAC, which provides financial services to institutions and individuals through separately managed accounts and pooled investment vehicles, has its headquarters at 100 Federal Street, Boston, MA 02110, with additional investment management personnel located in Singapore. Pursuant to the Current PAC Sub-Advisory Contract, Putnam investment professionals who are based in Singapore may serve as portfolio managers of or provide other investment services to a fund, consistent with local regulations. Under the Current PAC Sub-Advisory Contract, Putnam Management or PIL, as the case may be (and not the funds), pays a quarterly sub-advisory fee to PAC for its services at the rates set forth in Appendix D-2.

As noted above in Proposal 1, the Transaction will result in an “assignment” of the Current PAC Sub-Advisory Contract for each fund and will cause the Current PAC Sub-Advisory Contract for each fund to terminate in accordance with applicable law.

At an in-person meeting on June 22-23, 2023, the Board of Trustees unanimously approved, and recommend to the shareholders of each applicable fund that they approve, a proposed new sub-advisory contract between Putnam Management, PIL, and PAC (the “New PAC Sub-Advisory Contract”). Consistent with current law and interpretations of the Securities and Exchange Commission and its staff, it may not be necessary for shareholders to approve the New PAC Sub-Advisory Contract. However, notwithstanding that shareholder approval may not be required, the Board of Trustees has determined to seek shareholder approval of the New PAC Sub-Advisory Contract and to recommend to the shareholders of each applicable fund that they approve the New PAC Sub-Advisory Contract for their fund.

If shareholders of your fund approve the New PAC Sub-Advisory Contract before the consummation of the Transaction, the New PAC Sub-Advisory Contract will become effective upon the consummation of the Transaction. In the event that the Transaction is not consummated, PAC will continue to serve a subadviser of your fund pursuant to the terms of the Current PAC Sub-Advisory Contract.

* Impact of the Transaction on the Sub-Advisory Services Provided to Your Fund

The Transaction is not expected to result in any diminution in the nature, extent or quality of the services provided by PAC to your fund and its shareholders.

If your fund is included in Appendix D-2, the shareholders of your fund do not approve the New PAC Sub-Advisory Contract, and the Transaction is consummated, an interim sub-advisory contract among Putnam Management, PIL, and PAC (the “Interim PAC Sub-Advisory Contract”) for your fund will take effect upon the consummation of the Transaction. The Board of Trustees has approved the Interim PAC Sub-Advisory Contract to allow PAC to continue

providing services to a fund while shareholder approval of the new PAC sub-advisory contract continues to be sought.

Rule 15a-4 under the 1940 Act allows an investment company to enter into an interim management contract becomes effective, Putnam Management will contractually agreewith a maximum term of 150 days, without first obtaining shareholder approval, so that the investment company may receive investment management services without interruption following an assignment of a previous management contract.

The terms of the Interim PAC Sub-Advisory Contract are identical to reimbursethose of the RetirementReady Funds’ acquired fund feesCurrent PAC Sub-Advisory Contract, except for the term and expenses resulting from the funds’ investment in underlying funds, as well as to cap the RetirementReady Funds’ total annual operating expenses, as discussed in the “Comparison of Total Expenses” section above.

If this proposal is not approved by shareholders of all RetirementReady Funds, then the current management contract escrow provisions described below. The Interim PAC Sub-Advisory Contract will continue in effect for a term ending on the earlier of 150 days from the closing of the Transaction (the “150-day period”) or, if shareholders of your fund approve the New PAC Sub-Advisory Contract, the effective date of the New PAC Sub-Advisory Contract. The Board of Trustees or a “majority of the outstanding voting securities,” as defined in the 1940 Act, may terminate the Interim PAC Sub-Advisory Contract on 10 calendar days’ written notice to PAC without the payment of any penalty. Pursuant to Rule 15a-4 under the 1940 Act, compensation earned by PAC under the Interim PAC Sub-Advisory Contract will be held in an interest-bearing escrow account. If shareholders of your fund approve the New PAC Sub-Advisory Contract prior to the end of the 150-day period, the amount held in the escrow account under the Interim PAC Sub-Advisory Contract will be paid to PAC. If shareholders of your fund do not approve the New PAC Sub-Advisory Contract prior to the end of the 150-day period, the Board of Trustees will consider what further action to take consistent with their fiduciary duties to the fund, and PAC will be paid the lesser of its costs incurred in performing its services under the Interim PAC Sub-Advisory Contract or the total amount of the escrow account, plus interest earned. The actions considered by the Board of Trustees may include, among other things, determining (to the extent consistent with current law and interpretations of the Securities and Exchange Commission and its staff) that shareholder approval is not required with respect to the New PAC Sub-Advisory Contract, having the fund managed without a sub-adviser, or making other appropriate arrangements.

The terms of the New PAC Sub-Advisory Contract (described generally below) are identical to those of the Current PAC Sub-Advisory Contract, except for the effective dates, initial term, and certain non-substantive changes. The start date of the Current PAC Sub-Advisory Contract for each applicable fund, the date on which the Current PAC Sub-Advisory Contract was last submitted to a vote of shareholders of each applicable fund, and the purpose of the submission is set forth in Appendix D-2.

Set forth below is a general description of the New PAC Sub-Advisory Contract and a comparison of its terms to those of the Current PAC Sub-Advisory Contract. The complete terms of the New PAC Sub-Advisory Contract are set forth in Appendix F-2.

Fees. There is no change in the rate of the fees payable to PAC under the New PAC Sub-Advisory Contract. The funds, including your fund, do not compensate PAC for its services. That compensation is paid by Putnam Management or PIL, as the case may be. The current fee

schedule for investment sub-advisory services provided by PAC for each fund is set forth in Appendix D-2.

Investment Sub-Advisory Services. Like the Current PAC Sub-Advisory Contract for your fund, the New PAC Sub-Advisory Contract for your fund provides that PAC will furnish continuously an investment program for a PAC Allocated Sleeve, determining what investments to purchase, hold, sell or exchange and what portion of the PAC Allocated Sleeve assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Board of Trustees and Putnam Management. Putnam Management or PIL, as the case may be, may also request PAC to assist with purchasing and selling securities for any fund, including the placement of orders with broker-dealers selected in accordance with the sub-advisory contract, even if Putnam Management has not established a PAC Allocated Sleeve for the fund. As indicated above, PAC’s responsibilities under the New PAC Sub-Advisory Contract for your fund are identical to those under the Current PAC Sub-Advisory Contract for your fund.

Like the Current PAC Sub-Advisory Contract, if requested by Putnam Management, PAC is authorized under the New PAC Sub-Advisory Contract to place orders for the purchase and sale of portfolio investments for any PAC Allocated Sleeve of your fund with brokers or dealers that PAC selects. PAC must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that PAC may pay higher brokerage commissions if it determines in good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as “soft dollars”). PAC may make this determination in terms of either the particular transaction or its overall responsibilities with respect to a fund and to other clients of Putnam Management, PIL, or PAC for which Putnam Management, PIL, or PAC exercises investment discretion. Putnam Management’s, PIL’s, and PAC’s use of soft dollars is subject to policies established by the Board of Trustees from time to time and applicable guidance issued by the Securities and Exchange Commission and its staff and, in the case of PIL, the FCA.

Expenses. Like the Current PAC Sub-Advisory Contract for your fund, the New PAC Sub-Advisory Contract requires PAC to bear the expenses associated with furnishing all RetirementReady Funds as long asnecessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.

Term and Termination. If approved by shareholders before the consummation of the Transaction, the New PAC Sub-Advisory Contract for your fund will go into effect for a two-year period beginning on the date the Transaction is consummated. Thereafter, if not terminated, the New PAC Sub-Advisory Contract will continue in effect from year to year if its continuance is specifically approved at least annually by (i) the Board of Trustees or the shareholders of the fund by the affirmative vote of a majority of the outstanding shares of the relevant fund and (ii) a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on suchthe contract’s approval. In this case,The Current PAC Sub-Advisory Contract has similar provisions for its term and continuance, although the RetirementReady Funds’ current expense limitation arrangement will also remaininitial term has elapsed in effect through November 30, 2020most cases .

Like the Current PAC Sub-Advisory Contract for all funds withyour fund, the exception of RetirementReady 2060 Fund, whereNew PAC Sub-Advisory Contract for your fund provides that the current expense limitation arrangement will remain in effect through November 30, 2029, and the new expense limitation agreement will not take effect. These obligationscontract may be modifiedterminated at any time by Putnam Management, PIL, or discontinued onlyPAC with not more than 60 days’, nor less than 30 days’, written notice to the approvalother parties and without the payment of any penalty. Your fund may also terminate the Boardcontract with respect to services provided to your fund by vote of Trustees.

Current Management Contract.The current management contract for each RetirementReady Fund (excluding RetirementReady 2060 Fund) is dated February 27, 2014, and was last approved by shareholders on February 27, 2014, after receiving the unanimous approval of the Trustees in 2013. Shareholders of each fund (excluding RetirementReady 2060 Fund) voted to approve the current management contract following the death on October 8, 2013 of the Honourable Paul G. Desmarais, who had controlled directly and indirectly a majority of the voting shares of Power Corporation of Canada, the ultimate parent company of Putnam Management. The current management contract has not been submitted for approval by the shareholders of any RetirementReady Fund (excluding RetirementReady 2060 Fund) since February 27, 2014. RetirementReady 2060 Fund was launched on November 30, 2015, and its current management contract was

last approved by its initial shareholder on November 30, 2015 in connection with the organization of the fund.

If the new management contract is approved, would there be changes to the investment goal, strategies or risks of the RetirementReady Funds?

No. The proposal will not impact the investment goal, strategies or risks of the RetirementReady Funds.

If the new management contract is approved, will there be other changes to the RetirementReady Funds?

Yes. If the new management contract is approved, Putnam Management will amend the investor servicing agreement between Putnam Investor Services, Inc. (“PSERV”) and the Putnam Funds to implement a new investor servicing fee schedule for the RetirementReady Funds, which will provide for flat investor servicing fees by share class. In addition, if the new management contract is approved, Putnam Management will also launch new Class R3, R4 and R5 shares of each RetirementReady Fund and amend the eligibility criteria for Class A, B, C and Y shares of each RetirementReady Fund. Under the new eligibility criteria for Class A, B, C and Y shares, new purchases by employer-sponsored retirement plans will be not permitted. In addition, current employer-sponsored retirement plan shareholders holding Class A, C or Y shares will be exchanged into Class R3, R or R4 shares, respectively, on or about October 1, 2020, unless the applicable plan notifies PSERV of its desire to be exchanged into another share class for which it is eligible on a specified date that will be prior to October 1, 2020.

The total net expense ratio of employer-sponsored retirement plan shareholders will increase following these exchanges in light of the higher investor servicing fee associated with the share classes into which these shareholders will be exchanged. Advance notice of this exchange will be provided to all employer-sponsored retirement plans.

What factors did the Independent Trustees consider in evaluating the proposed new management contract?

At their meeting on May 15, 2020, the Independent Trustees approved, subject to approval by the RetirementReady Funds’ shareholders, each fund’s new management contract with Putnam Management. In substance, the new management contract differed from the current management contract only in that it charges each fund a management fee directly.

In considering whether to approve the new management contract at various meetings, including meetings held in November 2019, April 2020, and May 2020, the Trustees took into account that they had most recently approved the annual continuation of each RetirementReady Fund’s current management contract with Putnam Management in June 2019. Because, other than the introduction of a management fee, the new management contract was substantially identical to each Retirement Ready Fund’s current management contract, the Trustees relied to a considerable extent on their previous approval of the continuance of each fund’s current management contract, which is described at

Appendix Ebelow. The Trustees also noted that they would be considering the annual continuation of the RetirementReady Funds’ current management contract in June 2020 and had begun receiving specified information in connection with that consideration.

In approving the new management fees for the RetirementReady Funds, the Trustees considered information provided by Putnam Management, including, among other things, hypothetical examples comparing the total management fees under both the current and new contracts. The Trustees considered that the new management fee for each RetirementReady Fund (except RetirementReady Maturity Fund) is set by referring to the target year indicated in the fund’s name, such that the fund’s management fees are reduced as the fund approaches its target year. The Trustees also considered that RetirementReady Maturity Fund will have a fixed ongoing annual management fee rate.

The Trustees further considered that the increase in each RetirementReady Fund’s management fee will be accompanied by a new contractual expense limitation arrangement that will be implemented in connection with the new management contract. Specifically, they noted that Putnam Management will reimburse each RetirementReady Fund’s acquired fund fees and expenses, which are borne indirectly by the RetirementReady Fund because each RetirementReady Fund invests all of its assets in underlying Putnam funds which themselves pay management fees to Putnam Management. They also noted that Putnam Management will waive and/or reimburse each RetirementReady Fund to the extent necessary to cap its total annual operating expenses at a specified rate for each share class of the RetirementReady Fund. The support of Putnam Management for these expense limitations was an important factor in the Trustees’ decision to approve the new management contract.

In reviewing the new management fees of the RetirementReady Funds, the amendment to the funds’ expense limitation arrangement, and the overall fee restructuring, the Trustees noted that the proposal will result in reduced overall costs (direct and indirect fees and expenses) of the RetirementReady Funds for all Class A, B, C, R6 and Y shareholders, but will result in a slight increase in overall costs for Class R shareholders. In addition, the Trustees considered that Putnam Management believes that the new fee and expense structure will result in more stable and predictable total expenses for the RetirementReady Funds.

General conclusion

After considering the factors described above relating to the proposed new fee and expense structure for the RetirementReady Funds, and taking into account all of the factors considered as part of the approval of the continuance of the RetirementReady Funds’ current management contract in June 2019, as described inAppendix E,the Trustees, including the Independent Trustees, concluded that the new management contract was in the best interests of each RetirementReady Fund and its shareholders and unanimously approved the new management contract.

What are the Trustees recommending?

The Trustees of your fund, including all of the Independent Trustees, unanimously recommend that shareholders approve the new management contract for your fund.

PROPOSAL 2: APPROVING A CHANGE IN THE FUNDAMENTAL INVESTMENT RESTRICTION WITH RESPECT TO DIVERSIFICATION

Putnam RetirementReady 2035 Fund
Putnam RetirementReady 2030 Fund
Putnam RetirementReady 2025 Fund
Putnam RetirementReady 2020 Fund
Putnam RetirementReady Maturity Fund

What is the Proposal?

The Trustees recommend that the fundamental investment restriction with respect to the acquisition of voting securities of any issuer be revised for each of the following funds: Putnam RetirementReady 2035 Fund, Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2025 Fund, Putnam RetirementReady 2020 Fund and Putnam RetirementReady Maturity Fund (for purposes of this Proposal 2, the “Funds”).

The 1940 Act requires registered investment companies like the Funds to have fundamental investment restrictions governing specified investment practices. Investment companies may also voluntarily designate restrictions relating to other investment practices as fundamental. Fundamental investment restrictions can be changed only by a shareholder vote.

Each of the Funds is a diversified fund under the 1940 Act. Compared with a non-diversified fund, a diversified fund would be generally expected to have lesser exposures to individual portfolio securities. The 1940 Act sets forth the requirements that must be met for an investment company to be diversified. The 1940 Act requires that to qualify as a “diversified” fund, a fund may not, with respect to at least 75% of the value of its total assets, invest in securities of any issuer if, immediately after the investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of that issuer or the fund would hold more than 10% of the outstanding voting securities of the issuer. Under the 1940 Act, however, these percentage limitations do not apply to cash or cash items (including receivables), securities issued by investment companies, or any “Government security.” A Government security is any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United Sates pursuant to authority granted by the Congress of the United Sates, or any certificate of deposit for any of the forgoing. The remaining 25% of the fund’s total assets is not subject to this restriction, and

with respect to that remaining 25% of the fund’s total assets, a diversified fund may invest more than 5% of its total assets in the securities of one issuer.

Currently, each Fund has a fundamental investment restriction that prohibits it, with respect to 75% of its total assets, from acquiring more than 10% of the outstanding voting securities of any issuer. This current fundamental investment restriction for the Funds is more restrictive than required by the 1940 Act because it does not include the relevant exclusions from the definition of a “diversified” fund expressed in the 1940 Act. Therefore, the Trustees are proposing to amend this fundamental restriction to align it with the requirements of the 1940 Act. The current and proposed investment policies are set forth below (new language is in bold):

The revised fundamental investment restriction for the Funds tracks the definition of a “diversified” fund under the 1940 Act and clarifies that the investment percentage restrictions do not apply to securities issued by other investment companies or to Government securities. As revised, the fundamental investment restriction would also align the investment restrictions and operations of the Funds with the other RetirementReady Funds.

What effect will amending the current restriction with respect to the acquisition of voting securities of any issuer have on your fund?

By aligning the restriction with the requirements of the 1940 Act, the proposed change would permit the Funds greater flexibility to invest in certain U.S. government securities and in the securities of other investment companies without limiting its right to exercise voting power with respect to those securities. Further, since the Funds generally invest all of their assets in other Putnam funds, the amended restriction will give the Funds greater flexibility in allocating their assets to the other Putnam Funds to pursue their investment objectives.