IMPORTANT NOTICE: Beginning on January 1, 2021, reports like this one will no longer automatically be sent by mail. See inside for more information. Putnam Multi-Asset Absolute Return Fund Annual report 10 | 31 | 20 Absolute return funds are designed for a wide range of investors and pursue positive returns with less volatility over time than more traditional funds. FUND SYMBOL CLASS A PDMAX Putnam Multi-Asset Absolute Return Fund Annual report 10 | 31 | 20 Message from the Trustees 1 Interview with your fund’s portfolio manager 3 Your fund’s performance 9 Your fund’s expenses 12 Consider these risks before investing 14 Terms and definitions 15 Other information for shareholders 17 Important notice regarding Putnam’s privacy policy 18 Trustee approval of management contract 19 Audited financial statements 24 Report of Independent Registered Public Accounting Firm 25 Federal tax information 105 About the Trustees 106 Officers 108 IMPORTANT NOTICE: Delivery of paper fund reports In accordance with regulations adopted by the Securities and Exchange Commission, beginning on January 1, 2021, reports like this one will no longer be sent by mail unless you specifically request it. Instead, they will be on Putnam’s website, and you will be notified by mail whenever a new one is available, and provided with a website link to access the report. If you wish to stop receiving paper reports sooner, or if you wish to continue to receive paper reports free of charge after January 1, 2021, please see the back cover or insert for instructions. If you invest through a bank or broker, your choice will apply to all funds held in your account. If you invest directly with Putnam, your choice will apply to all Putnam funds in your account. If you already receive these reports electronically, no action is required. Message from the Trustees December 10, 2020 Dear Fellow Shareholder: As we reach the end of 2020, the world continues to confront the challenges of the COVID-19 pandemic. Economic activity and employment remain well below levels at the start of the year. The stock and bond markets have fared better, indicating optimism that successful vaccines will be approved by early 2021. Putnam, as in all market conditions, continues to pursue superior investment performance for you and your fellow shareholders. While these are challenging times, we believe Putnam has adjusted well to operating amid the pandemic, and continues to make progress on pursuing the benefits of greater diversity and inclusion within its organization. Also, we would like to take this opportunity to thank Robert E. Patterson, who retired as a Trustee on June 30, 2020, for his 36 years of service. We will miss Bob’s experienced judgment and insights, and we wish him well. As always, thank you for investing with Putnam. Respectfully yours, Robert L. Reynolds Kenneth R. Leibler President and Chief Executive Officer Chair, Board of Trustees Putnam Investments Performance history as of 10/31/20 Annualized total return (%) comparison The fund — class A shares before sales charge Fund’s benchmark Putnam Multi-Asset Absolute Return Fund (PDMAX) ICE BofA U.S. Treasury Bill Index 2.84 1.80 1.22 1.70 0.60 0.66 0.99 LIFE OF FUND 10 YEARS 5 YEARS 3 YEARS 1 YEAR (since 12/23/08) –1.02 –4.01 –10.29 Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will fluctuate, and you may have a gain or a loss when you sell your shares. Performance of class A shares assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart do not reflect a sales charge of 5.75%; had they, returns would have been lower. See below and pages 9–11 for additional performance information. For a portion of the periods, the fund had expense limitations, without which returns would have been lower. To obtain the most recent month-end performance, visit putnam.com. Recent broad market index and fund performance U.S. stocks (S&P 500 Index) 9.71% U.S. bonds (Bloomberg Barclays U.S. Aggregate Bond Index) 6.19% Fund’s benchmark (ICE BofA U.S. Treasury Bill Index) 0.99% Putnam Multi-Asset Absolute Return Fund (class A shares before sales charge) –10.29% This comparison shows your fund’s performance in the context of broad market indexes for the 12 months ended 10/31/20. See above and pages 9–11 for additional fund performance information. Index descriptions can be found on page 16. 2 Multi-Asset Absolute Return Fund Interview with your fund’s portfolio manager Interview with your fund’s portfolio manager Performance history as of 10/31/20 Jason Vaillancourt discusses the investing environment and fund performance for the Annualized total return (%) comparison The fund — class A shares before sales charge Fund’s benchmark 12-month period ended October 31, 2020, Putnam Multi-Asset Absolute Return Fund (PDMAX) ICE BofA U.S. Treasury Bill Index as well as his outlook for the fund. 2.84 1.80 1.22 1.70 0.60 0.66 0.99 LIFE OF FUND 10 YEARS 5 YEARS 3 YEARS 1 YEAR (since 12/23/08) –1.02 –4.01 How did stocks perform during the period? –10.29 At the start of the period through mid-February 2020, stock performance was Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. buoyed by low unemployment, declining Share price, principal value, and return will fluctuate, and you may have a gain or a loss when you sell your shares. Performance of class A shares assumes reinvestment of distributions and does not account for taxes. Fund returns in the interest rates, and healthy consumer spending. bar chart do not reflect a sales charge of 5.75%; had they, returns would have been lower. See below and pages 9–11 Risks to global trade also began to subside Jason R. Vaillancourt, CFA for additional performance information. For a portion of the periods, the fund had expense limitations, without which following a U.S.–China trade deal. Major stock returns would have been lower. To obtain the most recent month-end performance, visit putnam.com. Portfolio Manager indices moved to record highs in the final Jason is Co-Head of Global Asset quarter of calendar 2020. Allocation. He has an M.B.A. from the Booth Recent broad market index and fund performance School of Business, University of Chicago, By mid-February, investor sentiment sharply and a B.S. from Northeastern University. reversed course. The global spread of the U.S. stocks Jason joined Putnam in 1999 and has been COVID-19 virus put countries on lockdown. (S&P 500 Index) 9.71% in the investment industry since 1993. Global economic activity contracted, and a Brett S. Goldstein, CFA, James A. Fetch, U.S. bonds liquidity crisis ensued. From late February to (Bloomberg Barclays U.S. Aggregate Bond Index) 6.19% and Robert J. Schoen are also Portfolio Managers of the fund. early March, the S&P 500 Index, a measure of Fund’s benchmark U.S. stocks, lost over 30% of its value. At the (ICE BofA U.S. Treasury Bill Index) 0.99% same time, an oil supply dispute between Saudi Arabia and Russia caused oil prices to collapse Putnam Multi-Asset Absolute Return Fund (class A shares before sales charge) –10.29% to a 17-year low in mid-March. Worldwide fiscal and monetary aid from govern- This comparison shows your fund’s performance in the context of broad market indexes for the 12 months ments and central banks, respectively, helped ended 10/31/20. See above and pages 9–11 for additional fund performance information. Index descriptions can be found on page 16. reduce the severity of the global recession. In mid-March, the U.S. Federal Reserve [the Fed] cut interest rates to near zero and unleashed a torrent of bond-buying programs. In addition, Congress approved a historic $2 trillion stimulus package. Dozens of central banks in Europe, Multi-Asset Absolute Return Fund 3 Portfolio composition Agency pass-through 30.6% U.S. Treasury/agency 29.4% U.S. stocks 23.1% Commercial MBS 13.1% Agency CMO 6.8% Bank loans 1.4% Residential MBS (non-agency) 1.3% Asset-backed securities (ABS) 0.8% Investment-grade corporate bonds 0.6% International stocks –0.6% Emerging-market stocks –0.7% High-yield corporate bonds –1.0% Commodities –2.1% Emerging-market bonds –5.8% Cash and net other assets 3.2% Allocations are shown as a percentage of the fund’s net assets as of 10/31/20. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the use of different classifications of securities for presentation purposes, and rounding. Allocations may not total 100% because the table includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities. Holdings and allocations may vary over time. Negative weights may result from timing differences between trade and settlement dates of securities, such as TBAs, or from the use of derivatives. Asia, and elsewhere rolled out similar economic reporting period ended October 31, 2020, the relief measures. Stocks rallied by the end of S&P 500 Index posted a return of 9.71%.