Putnam Retirement Advantage 2070 Fund

C000262079 Fund Overview

Putnam Retirement Advantage 2070 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: $1.56M
• SEC CIK: 0001295293
• SEC series ID: S000093657
• Share class ID: C000262079

C000262079 Investment Objective and Strategy

Putnam Retirement Advantage 2070 Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Putnam Target Date Funds.

Investment objective

The fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.

Principal investment strategy

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 2070 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in other affiliated 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?. The Investment Manager 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 December 31, 2025 and its projected approximate allocations to these asset classes and underlying funds as of December 31, 2026. 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 December 31, 2025. 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. The table illustrates how a funds allocations are expected to change over time to increasingly emphasize capital preservation and income.

Underlying Fund* Year 2070 (your fund) 2065 2060 2055 2050 2045 2040 2035 2030 Maturity Fund Putnam Dynamic Asset Allocation Equity Fund 2025 78.0% 78.0% 59.0% 34.0% 11.2% 0.0% 0.0% 0.0% 0.0% 0.0% 2026 78.6% 75.1% 55.3% 30.1% 7.9% 0.0% 0.0% 0.0% 0.0% 0.0% Putnam Dynamic Asset Allocation Growth Fund 2025 21.5% 21.5% 40.5% 65.5% 87.5% 88.4% 42.5% 0.0% 0.0% 0.0% 2026 21.5% 24.4% 44.2% 69.4% 90.7% 81.2% 33.9% 0.0% 0.0% 0.0% Putnam Dynamic Asset Allocation Balanced Fund 2025 0.0% 0.0% 0.0% 0.0% 0.0% 8.8% 54.0% 85.2% 16.2% 0.0% 2026 0.0% 0.0% 0.0% 0.0% 0.0% 16.0% 62.4% 74.9% 13.2% 0.0% Putnam Dynamic Asset Allocation Conservative Fund 2025 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4.9% 58.7% 0.0% 2026 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 13.0% 54.8% 0.0% Putnam Short Term Investment Fund 2025 0.5% 0.5% 0.5% 0.5% 1.3% 2.8% 3.5% 4.7% 6.0% 6.0% 2026 0.5% 0.5% 0.5% 0.5% 1.4% 2.8% 3.7% 4.9% 6.0% 6.0% Putnam Multi-Asset Income Funds 2025 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.2% 19.1% 94.0% 2026 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 7.2% 26.0% 94.0% Total Equity** 2025 95.2% 95.2% 91.4% 86.4% 81.2% 76.0% 66.4% 54.0% 32.5% 25.4% 2026 95.2% 94.6% 90.7% 85.6% 80.5% 74.6% 64.6% 50.8% 31.4% 25.4% Total Fixed Income** 2025 4.8% 4.8% 8.6% 13.6% 18.8% 24.0% 33.6% 46.0% 67.5% 74.6% 2026 4.8% 5.4% 9.3% 14.4% 19.5% 25.4% 35.4% 49.2% 68.6% 74.6% * 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 Multi-Asset Income Funds current strategic allocations 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 investment 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. The Investment Manager may change the glide path, the funds target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects these changes to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the funds portfolio managers to determine that a change is advisable. It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the funds target allocations will increasingly correspond closely to those of Putnam Retirement Advantage Maturity Fund (Maturity Fund), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion.

More information about Maturity Fund is available in this prospectus beginning on page 108 , and more information about the underlying funds (which are not offered by this prospectus) is included below and under What are the funds and each underlying funds main investment strategies and related risks ? Information about each underlying funds investment strategy Putnam Dynamic Asset Allocation Equity Fund (Equity Fund) Equity Fund invests primarily in common stocks of large and midsize companies located worldwide, including both growth and value stocks. In selecting investments for Equity Fund, Equity Funds investment manager may consider a variety of factors, including a companys valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends.

Equity Funds investment manager may also consider other factors that it believes could contribute to an increase in the companys stock price. Under normal circumstances, Equity Fund invests at least 80% of the value of its net assets in common stocks. This policy may be changed only after 60 days notice to shareholders. For a further discussion of Equity Funds investment strategy, please turn to the section What are the funds and each underlying funds main investment strategies and related risks? beginning on page 118. Putnam Dynamic Asset Allocation Growth Fund (Growth Fund) Putnam Dynamic Asset Allocation Balanced Fund (Balanced Fund) Putnam Dynamic Asset Allocation Conservative Fund (Conservative Fund) Putnam Multi-Asset Income Fund (Multi-Asset Income Fund) Growth Fund invests primarily in equity securities, including both growth and value stocks, of U.S.

and foreign companies of any size. Growth Fund also invests, to a lesser extent, in fixed income investments, which may include U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments. Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S.

and foreign companies of any size. Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size. In evaluating equity investments, each funds investment manager may consider factors such as a companys valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each funds investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions.

Each funds investment manager may also select other investments that do not fall within these asset classes. For a further discussion of each funds investment strategy, please turn to the section What are the funds and each underlying funds main investment strategies and related risks? beginning on page 118. Putnam Short Term Investment Fund (Short Term Investment Fund) Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments. Under normal circumstances, the effective duration of Short Term Investment Funds portfolio will generally not exceed one year, which helps limit the funds sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less.

In evaluating investments, Short Term Investment Funds investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities. For a further discussion of Short Term Investment Funds investment strategy, please turn to the section What are the funds and each underlying funds main investment strategies and related risks? beginning on page 118.

C000262079 Holdings

Top 3 holdings of Putnam Retirement Advantage 2070 Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000262079 holdings

C000262079 Portfolio Allocation

Asset-class allocation of Putnam Retirement Advantage 2070 Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000262079 Performance

Total returns for C000262079 (as of 2026-10-01), from SEC filings.

C000262079 Costs and Fees

C000262079 costs about $120 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.20%
• Gross expense ratio: 15.47%
• Portfolio turnover: 0%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000262079 Cashflows

Over the 12 months to 2026-05, Putnam Retirement Advantage 2070 Fund had net inflows of $1.32M, from monthly SEC N-PORT filings.

C000262079 Debt Constituents

No individual debt constituents are reported in Putnam Retirement Advantage 2070 Fund's latest SEC N-PORT filing.

C000262079 Prospectus and SEC Filings

Official Putnam Retirement Advantage 2070 Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-12-23
• Prospectus (485BPOS) — filed 2025-07-28
• Portfolio holdings (N-PORT) — filed 2026-07-27
• Portfolio holdings (N-PORT) — filed 2026-04-23
• Portfolio holdings (N-PORT) — filed 2026-01-27
• Annual census (N-CEN) — filed 2025-11-10

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.