Putnam Retirement Advantage 2020 Fund

C000216954 Fund Overview

Putnam Retirement Advantage 2020 Fund is a US mutual fund managed by Putnam Target Date Funds, categorised as Target Date / Glide Path Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Putnam Target Date Funds
• Category: Target Date / Glide Path Allocation
• Assets under management: $3.47M
• SEC CIK: 0001295293
• SEC series ID: S000067473
• Share class ID: C000216954

C000216954 Investment Objective and Strategy

Putnam Retirement Advantage 2020 Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Putnam Target Date Funds.

Investment objective

Putnam Retirement Advantage 2020 Fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.

Principal investment strategy

Investments The funds asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2020 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in other Putnam mutual funds, referred to as underlying funds. The funds target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the funds target date, as shown in the predetermined glide path in the chart under What are the funds and each underlying funds main investment strategies and related risks? Putnam Investment Management, LLC (Putnam Management) adjusts these allocations at the end of each calendar quarter based on the glide path.

The following table presents your funds approximate allocations to each asset class and underlying fund as of June 30, 2020 and its projected approximate allocations to those asset classes and underlying funds as of June 30, 2021. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on June 30, 2020. The table also shows the approximate allocations of other Putnam Retirement Advantage Funds, which are designed for investors with different target retirement dates. Over a five year period, each funds allocations will gradually change to resemble the allocations of the fund with the next earliest target date. This table illustrates how a funds allocations are expected to change over time to increasingly emphasize capital preservation and income.

Underlying Fund* Year 2060 2055 2050 2045 2040 2035 2030 2025 2020 (your fund) Maturity Fund Putnam Dynamic Asset Allocation Equity Fund 2020 78.0% 61.8% 37.7% 14.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2021 78.0% 77.0% 57.8% 32.7% 10.1% 0.0% 0.0% 0.0% 0.0% 0.0% Putnam Dynamic Asset Allocation Growth Fund 2020 21.5% 37.7% 61.8% 84.7% 91.6% 49.5% 0.0% 0.0% 0.0% 0.0% 2021 21.5% 22.5% 41.7% 66.8% 88.6% 86.0% 39.6% 0.0% 0.0% 0.0% Putnam Dynamic Asset Allocation Balanced Fund 2020 0.0% 0.0% 0.0% 0.0% 5.8% 47.1% 91.0% 26.8% 2.5% 0.0% 2021 0.0% 0.0% 0.0% 0.0% 0.0% 11.2% 56.8% 81.8% 15.4% 0.0% Putnam Dynamic Asset Allocation Conservative Fund 2020 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 51.0% 8.9% 0.0% 2021 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 7.8% 57.9% 0.0% Putnam Short Term Investment Fund 2020 0.5% 0.5% 0.5% 1.1% 2.6% 3.4% 4.4% 4.8% 0.7% 0.0% 2021 0.5% 0.5% 0.5% 0.5% 1.3% 2.8% 3.6% 4.4% 4.7% 0.0% Putnam Income Strategies Portfolio 2020 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 17.4% 87.9% 100.0% 2021 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 6.0% 22.0% 100.0% Equity** 2020 95.2% 92.0% 87.1% 82.0% 76.8% 67.9% 55.9% 35.7% 26.1% 25.0% 2021 95.2% 95.0% 91.2% 86.1% 81.0% 75.5% 65.8% 52.9% 32.1% 25.0% Fixed Income** 2020 4.8% 8.0% 12.9% 18.0% 23.2% 32.1% 44.1% 64.3% 73.9% 75.0% 2021 4.8% 5.0% 8.8% 13.9% 19.0% 24.5% 34.2% 47.1% 67.9% 75.0% * Due to rounding, allocations shown in the table above may not total 100%.

In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages. ** Equity and fixed income allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Funds and Putnam Income Strategies Portfolios current strategic allocation to equity and fixed income investments as set forth under What are the funds and each underlying funds main investment strategies and related risks? , and an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment. The managers of the underlying funds may adjust those funds allocations among asset classes from time to time consistent with their investment goals, and, consequently, actual allocations will vary.

The funds target allocations may differ from the allocations shown in the table. We may change the glide path, the funds target allocations, and the underlying funds in which it invests at any time, although we expect these changes to be infrequent and generally in response to longer-term structural changes ( i.e. , in the average retirement age or life expectancy) that lead the funds portfolio managers to determine that a change is advisable. We assume investors will begin gradual withdrawals from the fund at around the target date. Near the end of the target date year, the funds target allocations will correspond to those of Putnam Retirement Advantage Maturity Fund (Maturity Fund), a fund that seeks as high a rate of current income as Putnam Management believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund.

More information about Maturity Fund is available in this prospectus beginning on page 56, and more information about the underlying funds (which are not offered by this prospectus) is included under What are the funds and each underlying funds main investment strategies and related risks? .

C000216954 Costs and Fees

C000216954 costs about $45 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.45%
• Gross expense ratio: 1.30%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000216954 Cashflows

Over the 12 months to 2020-08, Putnam Retirement Advantage 2020 Fund had net inflows of $3.79M, from monthly SEC N-PORT filings.

C000216954 Debt Constituents

No individual debt constituents are reported in Putnam Retirement Advantage 2020 Fund's latest SEC N-PORT filing.

C000216954 Prospectus and SEC Filings

Official Putnam Retirement Advantage 2020 Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-09-18
• Prospectus (485BPOS) — filed 2020-01-13
• Portfolio holdings (N-PORT) — filed 2020-10-28
• Portfolio holdings (N-PORT) — filed 2020-07-29
• Portfolio holdings (N-PORT) — filed 2020-04-27
• Annual census (N-CEN) — filed 2021-11-09
• Annual census (N-CEN) — filed 2020-11-10

Related Funds

Other Target Date / Glide Path Allocation funds tracked on ABC INVEST:

• Vanguard Target Retirement 2035 Fund (VTTHX)
• Vanguard Target Retirement 2045 Fund (VTIVX)
• Vanguard Target Retirement 2040 Fund (VFORX)
• Vanguard Target Retirement 2030 Fund (VTHRX)
• Vanguard Target Retirement 2050 Fund (VFIFX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.