Putnam Retirement Ready 2040 Fund
Data updated: 2026-09-25
C000222440 — Putnam Retirement Ready 2040 Fund. Target Date / Glide Path Allocation · $424.46M AUM. Holdings, fees, performance and SEC filings.
C000222440 Fund Overview
Putnam Retirement Ready 2040 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: $424.46M
- 1-year return: 16.2%
- SEC CIK: 0001295293
- SEC series ID: S000003998
- Share class ID: C000222440
C000222440 Investment Objective and Strategy
Putnam Retirement Ready 2040 Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Putnam Target Date Funds.
Investment objective
Putnam RetirementReady 2040 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 2040 (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 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? The following table presents your funds approximate asset allocations as of November 30, 2018 and compares it with the approximate asset allocations as of that date of other Putnam RetirementReady Funds, which are designed for investors with different target retirement dates.
This is intended to illustrate how a funds allocations may change over time to increasingly emphasize capital preservation and income. Underlying Fund* 2060 2055 2050 2045 2040 2035 2030 2025 2020 Lifestyle 1 Putnam Dynamic Asset Allocation Equity Fund 73.2% 65.6% 48.8% 28.2% 7.1% 0.0% 0.0% 0.0% 0.0% 0.0% Putnam Dynamic Asset Allocation Growth Fund 16.0% 23.3% 39.4% 58.3% 68.0% 45.1% 11.6% 0.0% 0.0% 0.0% Putnam Dynamic Asset Allocation Balanced Fund 0.0% 0.0% 0.0% 0.0% 5.8% 27.8% 49.5% 36.1% 9.3% 0.0% Putnam Dynamic Asset Allocation Conservative Fund 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 15.4% 29.8% 34.0% Putnam Government Money Market Fund 0.5% 0.5% 0.5% 0.7% 2.1% 3.2% 4.3% 5.5% 6.0% 6.0% Putnam Fixed Income Absolute Return Fund 0.6% 0.9% 1.6% 2.5% 3.2% 6.1% 10.8% 16.2% 25.1% 30.0% Putnam Multi-Asset Absolute Return Fund 9.7% 9.7% 9.7% 10.3% 13.8% 17.8% 21.8% 26.8% 29.8% 30.0% Equity** 86.0% 84.2% 80.3% 74.8% 65.0% 52.8% 39.6% 26.3% 14.5% 10.2% Fixed Income** 3.7% 5.2% 8.4% 12.4% 18.0% 23.3% 27.8% 30.7% 30.6% 29.8% Absolute Return** 10.3% 10.6% 11.3% 12.8% 17.0% 23.9% 32.6% 43.0% 54.9% 60.0% * 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, fixed income and absolute return allocations are hypothetical estimates based on each Putnam Dynamic Asset Allocation Funds strategic allocation to equity and fixed income investments as set forth in its prospectus; assumptions that Putnam Government Money Market Fund is equivalent to a fixed income investment; and assumptions that Putnam Multi-Asset Absolute Return Fund and Putnam Fixed Income Absolute Return Fund are equivalent to an absolute return investment. Putnam Multi-Asset Absolute Return Fund and Putnam Fixed Income Absolute Return Fund follow an absolute return strategy that seeks to earn a positive total return over a reasonable period of time, regardless of market conditions or general market direction. Actual allocations will vary. The funds target allocations may differ from this illustration.
We may change the funds target allocations and the underlying funds in which it invests at any time, although we do not expect to make changes frequently. We assume investors will begin gradual withdrawals from the fund at around the target date. Putnam Investment Management, LLC (Putnam Management) will periodically rebalance your funds investments towards its target allocations then in effect. Near the end of the target year, the funds target allocations will correspond to those of Putnam Retirement Income Fund Lifestyle 1 (Lifestyle 1), 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 Lifestyle 1. More information about Lifestyle 1 and the underlying funds is available in each of those funds prospectuses.
C000222440 Holdings
Top 5 holdings of Putnam Retirement Ready 2040 Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Putnam Dynamic Asset Allocation Growth Fund | 55.49% |
| Putnam Dynamic Asset Allocation Balanced Fund | 34.47% |
| Putnam Short Term Investment Fund | 4.10% |
| Franklin BSP Lending Fund | 2.97% |
| Clarion Partners Real Estate Income Fund, Inc. | 2.95% |
C000222440 Portfolio Allocation
Asset-class allocation of Putnam Retirement Ready 2040 Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Other | 100.0% |
C000222440 Performance
Total returns for C000222440 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 2.1% |
| 1 year | 16.2% |
| 3 years (annualised) | 12.7% |
| 5 years (annualised) | 7.0% |
C000222440 Risk Information
Risk metrics for C000222440, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 8.7%
C000222440 Costs and Fees
C000222440 costs about $81 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.81%
- Gross expense ratio: 1.51%
- Portfolio turnover: 17%
- Brokerage commissions: 3.34 bps of average net assets (SEC N-CEN)
C000222440 Cashflows
Over the 12 months to 2026-04, Putnam Retirement Ready 2040 Fund had net inflows of $36.13M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$567.89K |
| 2026-03 | −$2.65M |
| 2026-02 | −$1.97M |
| 2026-01 | $1.87M |
| 2025-12 | $9.11M |
| 2025-11 | $4.29M |
C000222440 Debt Constituents
No individual debt constituents are reported in Putnam Retirement Ready 2040 Fund's latest SEC N-PORT filing.
C000222440 Prospectus and SEC Filings
Official Putnam Retirement Ready 2040 Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-11-24
- Prospectus (485BPOS) — filed 2024-11-26
- Prospectus supplement (497) — filed 2026-04-17
- Portfolio holdings (N-PORT) — filed 2026-09-25
- Portfolio holdings (N-PORT) — filed 2026-06-24
- Portfolio holdings (N-PORT) — filed 2026-03-27
- Annual census (N-CEN) — filed 2025-10-10
- Annual census (N-CEN) — filed 2024-10-11
Related Funds
Other Target Date / Glide Path Allocation funds tracked on ABC INVEST:
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.