Multi-Asset

PAJMX Putnam Retirement Advantage 2070 Fund

Tailored to retirement. Each fund's target date reflects when investors are expected to retire and determines the portfolio's asset allocation.
Unique glide path. Allocations are structured to pursue performance and mitigate risk near retirement.
Comprehensively managed. Putnam's seasoned Global Asset Allocation team implements all steps of the investment process - the glide path, tactical allocations, and security selection.

Overview

See the risks and other important information.

Fund Facts

Fund description

Retirement Advantage Funds seek to maximize returns while maintaining a level of risk appropriate for a person planning to retire on or about the calendar year designated in each fund's name. Each fund's target date reflects when investors are expected to retire and determines the portfolio's asset allocation.

Benchmark: S&P Target Date To 2065+ Index
Fund Inception Date: 08/01/2025
Dividend Frequency, if any: Annually
Distribution Rate at NAVAs of 01/09/2026 (Updated Daily): N/A

Sales Charges, Expenses & Fees

As of 01/01/2026

Gross Expense Ratio³: 14.73%
Net Expense Ratio^3,4: 0.45%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: N/A

Identifiers

Ticker: PAJMX
Fund Number: 7511
CUSIP Code: 74686K739

Average Annual Total Returns As of 12/31/2025

View performance section for additional info As of 12/31/2025

Class R6

With Sales Charge (POP)

Without Sales Charge (NAV)

—1 Year
—3 Years
—5 Years
—10 Years
10.93%Since Inception
08/01/2025

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: 08/01/2025
Investment Style: Target Date
Lipper Classification: Mixed-Asset Target 2060+ Fds
Morningstar Category⁵: Target-Date 2065+

Manager and Commentary

Franklin Templeton Investment Solutions

Managed Fund Since 2025

Performance

Average Annual Total Returns

As of 12/31/2025

Month End

Quarter End

As of

Class R6 - With Sales Charge (POP) (%)

Month End

As of 12/31/2025

Class R6 - Without Sales Charge (NAV) (%)

Month End

As of 12/31/2025

S&P Target Date To 2065+ Index (%)

Month End

As of 12/31/2025

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $1.33 Million

Positions

As of 11/30/2025 (Updated Monthly)

Number of Holdings

Fund: 3

Holdings
As of 12/31/2025 (Updated Monthly)

Putnam Dynamic Asset Allocation Equity Fund

Putnam Dynamic Asset Allocation Growth Fund

Putnam Short Term Investment Fund

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

Proposed 2026 Distribution dates for Putnam funds (excluding ETFs).

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

12/30/2025

Pricing

Pricing History

As of 01/09/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 01/09/2026

Share Prices

As of 01/09/2026

NAV ¹(Net Asset Value): $11.08
NAV Change ¹: $0.06
NAV Change (%) ¹: 0.54%
POP ⁶(Public Offering Price): $11.08

52-Week Range

Highest NAV As of 12/26/2025: $11.21
Lowest NAV As of 08/01/2025: $10.00

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam Retirement Advantage 2070 Fund - Class R6	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam Retirement Advantage Funds	Download Document
Checkbox	Prospectus - Putnam Retirement Advantage Funds	Download Document
Checkbox	Prospectus-Putnam Retirement Advantage 2070 Fund	Download Document
Checkbox	Statement Of Additional Information- Putnam Target Date Funds	Download Document
Checkbox	Statement Of Additional Information-Putnam Retirement Advantage 2070 FundMailed hardcopies unavailable.	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 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. Real estate investment trusts (REITs) are closely linked to the performance of the real estate markets. REITs are subject to illiquidity, credit and interest rate risks, and risks associated with small- and mid-cap investments. Convertible securities are subject to the risks of stocks when the underlying stock price is high relative to the conversion price and debt securities when the underlying stock price is low relative to the conversion price. Active management does not ensure gains or protect against market declines. These and other risks are discussed in the fund's prospectus.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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.

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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.

The S&P Target Date To Index Series is designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates.

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

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
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.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

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PAJMX Putnam Retirement Advantage 2070 Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 12/31/2025

Class R6

Additional Fund Info

Manager and Commentary

Performance

Average Annual Total Returns

Portfolio

Assets

Positions

Holdings
As of 12/31/2025 (Updated Monthly)

Distributions & Tax

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

Pricing

Pricing History

January 2026

January 2026

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

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