Retirement Advantage target-date funds

1. Fund Awards: Putnam Retirement Advantage 2035 Fund, Best Mixed Asset Target 2035 Fund Over 3 Years; Putnam Retirement Advantage 2035 Fund, Best Mixed Asset Target 2035 Fund Over 5 Years; Putnam Retirement Advantage 2040 Fund, Best Mixed Asset Target 2040 Fund Over 5 Years; Putnam Retirement Advantage 2045 Fund, Best Mixed Asset, Target 2045 Fund Over 3 Years; Putnam Retirement Advantage 2045 Fund, Best Mixed Asset, Target 2045 Fund Over 5 Years; Putnam Retirement Advantage 2050 Fund, Best Mixed Asset Target 2050 Fund Over 3 Years; Putnam Retirement Advantage 2050 Fund, Best Mixed Asset Target 2050 Fund Over 5 Years; Putnam Retirement Advantage 2055 Fund, Best Mixed Asset, Target 2055 Fund Over 3 Years; Putnam Retirement Advantage 2055 Fund, Best Mixed Asset, Target 2055 Fund Over 5 Years; Putnam Retirement Advantage 2060 Fund, Best Mixed Asset Target 2060 Fund Over 3 Years; Putnam Retirement Advantage 2060 Fund, Best Mixed Asset Target 2060 Fund Over 5 Years; Putnam Retirement Advantage 2065 Fund, Best Mixed Asset Target 2060+ Fund Over 3 Years. View all the awards methodology here.

The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.

The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, their accuracy is not guaranteed by LSEG Lipper.

The Lipper Fund Awards Methodology: The merit of the winners is based on objective, quantitative criteria. The influential and prestigious LSEG Lipper Fund Awards are based on our Lipper Leaders Rating for Consistent Return. Individual classifications of three, five, and 10-year periods, as well as fund families with high average scores for the three-year period, are also recognized. The awards are based on LSEG Lipper’s proven proprietary methodology, which can be viewed here.

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.

Retirement Advantage Trusts are collective trust managed and distributed by Putnam Fiduciary Trust Company, LLC ("PFTC"), a non-depository New Hampshire trust company. However, it is not FDIC insured; is not a deposit or other obligation of, and is not guaranteed by, PFTC or any of its affiliates. The fund is not a mutual fund registered under the Investment Company Act of 1940, and its units are not registered under the Securities Act of 1933. The fund is only available for investment by eligible, qualified retirement plan trusts, as defined in the declaration of trust and participation agreement.

Each Putnam Retirement Advantage Trust and Fund has a different target date indicating when the fund’s investors expect to retire and begin withdrawing assets from their account, typically at retirement. The dates range from 2025 to 2065 in five-year intervals, with the exception of the Maturity Fund, which is designed for investors at or near retirement. The funds are generally weighted more heavily toward more aggressive, higher-risk investments when the target date of the fund is far off, and more conservative, lower-risk investments when the target date of the fund is near. This means that both the risk of your investment and your potential return are reduced as the target date of the particular fund approaches, although there can be no assurance that any one fund will have less risk or more reward than any other fund. The principal value of the funds is not guaranteed at any time, including the target date.

Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at www.franklintempleton.com. Please read it carefully.

No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his or her initial investment. Actual results could be materially different from the stated goals. There can be no assurance that any minimum level of investment performance or the success of any investment strategy. Investors should carefully consider the risks involved before deciding to invest. As with any investment, there is a potential for profit as well as the possibility of loss. Use of models and analytical, quantitative and risk management tools and techniques is no guarantee of investment success or positive performance.

Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, a forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.

Franklin Distributors, LLC. Member FINRA/SIPC.

Putnam Fiduciary Trust Company and Putnam Investments are Franklin Templeton companies.

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