Multi-Asset

Putnam Sustainable Retirement 2040 Fund

Unique glide path. Seeks to manage the right risk at the right time across the glide path to serve investors at all phases of the retirement journey.
Sustainable ETFs. Invests in ETFs that have a materiality-focused approach to sustainable investing aligned with fiduciary duties.
Experienced team. Managed by Putnam's tenured Global Asset Allocation team, which has experience leading asset allocation strategies since 1994 and target-date strategies since 2004.

Overview

See the risks and other important information.

Fund Facts

Fund description

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. Each fund's target date reflects when investors are expected to retire and determines the portfolio's asset allocation.

Fund Inception Date: N/A
Dividend Frequency, if any: N/A
Distribution Rate at NAV (Updated Daily): N/A

Sales Charges, Expenses & Fees

Gross Expense Ratio¹: N/A
Net Expense Ratio^1,2: N/A
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: N/A

Identifiers

Ticker: N/A
Fund Number: N/A
CUSIP Code: N/A

Average Annual Total Returns As of 11/30/2025

View performance section for additional info As of 11/30/2025

Class B

With Sales Charge (POP)

Without Sales Charge (NAV)

—1 Year
—3 Years
—5 Years
—10 Years
—Since Inception
10/29/2004

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Additional Fund Info

Share Class Inception Date: N/A
Investment Style: N/A
Lipper Classification: N/A
Morningstar Category³: N/A

Manager and Commentary

About the Team

Franklin Templeton Investment Solutions

Franklin Templeton Investment Solutions (FTIS) is a leader in multi-asset, quantitative, and hedged solutions, leveraging a global network of investment teams to offer innovative and diversified strategies. With a focus on long-term investing, we combine deep research, active management, and data-driven insights to create solutions which seek to meet the evolving needs of investors worldwide.

Franklin Templeton Investment Solutions

Managed Fund Since 2021

Managed Fund Since 2019

Managed Fund Since 2025

Latest Insights

December 8, 2025

Allocation Views: Focused on strong fundamentals

October 13, 2025

Hedge Fund Strategy Outlook: Fourth quarter 2025

July 17, 2025

Hedge Fund Strategy Outlook: Third quarter 2025

July 10, 2025

The “Big Beautiful Bill:” Beauty is in the eye of the bondholder

Performance

Average Annual Total Returns

Month End

Quarter End

As of

Historical performance is not available for the selected time period. Please revise your search criteria to see available performance.

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $412.19 Million

Positions

As of 11/30/2025 (Updated Monthly)

Number of Holdings

Fund: 7

Holdings
As of 10/31/2025 (Updated Monthly)

PUTNAM SUSTAINABLE LEADERS ETF

PUTNAM ESG CORE BOND ETF

PUTNAM SUSTAINABLE FUTURE ETF

PUTNAM PANAGORA ESG INTERNATIONAL EQUITY ETF

PUTNAM ESG ULTRA SHORT ETF

PUTNAM ESG HIGH YIELD ETF

PUTNAM PANAGORA ESG EMERGING MARKETS EQUITY ETF

Cash and Equivalents

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: AnnuallyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/29/2023

Pricing

Data is currently not available for this fund.

Daily Fund Prices

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam Sustainable Retirement Funds (Class Y)	Download Document

Risks

All investments involve risks, including possible loss of principal. Investments in underlying funds are subject to the same risks as, and indirectly bear the fees and expenses of, the underlying funds. The allocation of assets among different strategies, asset classes and investments may not prove beneficial or produce the desired results. The managers' environmental, social and governance (ESG) strategies may limit the types and number of investments available and, as a result, may forgo favorable market opportunities or underperform strategies that are not subject to such criteria. There is no guarantee that the strategy's ESG directives will be successful or will result in better performance. The investment style may become out of favor, which may have a negative impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Active management does not ensure gains or protect against market declines. These and other risks are discussed in the fund's prospectus.

Important Information

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Footnotes

Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.

Personalize Your Experience

Welcome to the Franklin Templeton site for the United States.

Individual Investor

Financial Professional

Institutional Investor