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RetirementReady 2025 Fund (Class Y)  (PRRPX)

Highlights

Fund price and assets

Yesterday’s close 52-week high 52-week low Net assets and outstanding shares
Net asset value $19.81
-0.10% | $-0.02
$22.92
09/02/21
$19.71
06/17/22
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Net assets and outstanding shares

(Optional)

Fund facts as of 02/28/22

Total net assets
$198.47M
Turnover (fiscal year end)
74%
Dividend frequency
Annually
Number of holdings
5
Fiscal year-end
July
CUSIP / Fund code
746859438 / 1955
Inception date
11/01/04
Category
Asset Allocation
Open to new investors
Ticker
PRRPX

Management team

Co-Chief Investment Officer, Global Asset Allocation
Co-Chief Investment Officer, Global Asset Allocation
Portfolio Manager
Head of Portfolio Construction

Literature

Fund documents

Prospectus (PDF)
Fact Sheet (Y share) (PDF)
SAI (PDF)
Annual Fund Report (PDF)
Semiannual Fund Report (PDF)

The end of the Great Moderation
Russia's invasion of Ukraine may stop the string of more moderate business cycles since 1982 and raise the risk of recession.

Performance

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown above does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.

15.13%

Best 5-year annualized return

(for period ending 03/31/14)


-0.70%

Worst 5-year annualized return

(for period ending 06/30/12)


4.91%

Average 5-year annualized return


  • Total return (%) as of 06/30/22

  • Annual performance as of 06/30/22

Annualized Total return (%) as of 06/30/22

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge -6.49% 0.64% 2.10% 4.69%
After sales charge N/A N/A N/A N/A
S&P 500 Index -10.62%10.60%11.31%12.96%
Bloomberg U.S. Aggregate Bond Index -10.29%-0.93%0.88%1.54%

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 06/30/22 -3.14% -
YTD as of 07/05/22 -6.73% -

Risk-adjusted performance as of 02/28/22

Sharpe ratio (3 yrs.) 0.47

Volatility as of 02/28/22

Standard deviation (3 yrs.) 5.66%

Lipper rankings as of 02/28/22

Time period Rank/Funds in category Percentile ranking
1 yr. 184/209 88%
3 yrs. 185/191 97%
5 yrs. 153/158 97%
10 yrs. 70/74 94%
Lipper category: Mixed-Asset Target 2025 Funds

Morningstar Ratings as of 05/31/22

Time period Funds in category Morningstar Rating
Overall 201
3 yrs. 201
5 yrs. 171
10 yrs. 89
Morningstar category: Target-Date 2025

Distributions

Record/Ex dividend date 12/31/21
Payable date 12/31/21
Income $0.713
Extra income --
Short-term cap. gain --
Long-term cap. gain $0.792

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. 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 for a managed product 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 returns, 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 returns. 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.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


Holdings

Putnam M/A Abs Rtrn-P 29.84%
Putnam Dyn Asst Alloc Cons-P 24.75%
Putnam Fix Inc Abs Rtrn-P 21.74%
Putnam Dyn Asst Alloc Bal-P 17.64%
Putnam Govt Mmkt Fnd-G 6.09%



Percentages based on market value. Portfolio composition will vary over time. Due to rounding, percentages may not equal 100%.

Money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. Although the fund seeks to maintain a constant share price of $1.00, it is possible to lose money by investing in this fund.

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

For the portion invested in the Putnam Government Money Market Fund, these risks also apply: You can lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below certain required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

The values of money market investments usually rise and fall in response to changes in interest rates. Interest-rate risk is generally lowest for investments with short maturities (a significant part of the fund's investments). Although the fund only buys high-quality investments, investments backed by a letter of credit have the risk that the provider of the letter of credit will not be able to fulfill its obligations to the issuer. The effects of inflation may erode the value of your investment over time.

The principal value of the fund is not guaranteed at any time, including at the target date.


Expenses

Expense ratio

Class A Class B Class C Class R Class R3 Class R4 Class R5 Class R6 Class Y
Total expense ratio 1.43% 2.18% 2.18% 1.83% 1.58% 1.33% 1.18% 1.08% 1.18%
What you pay† 0.90% 1.65% 1.65% 1.30% 1.05% 0.80% 0.65% 0.55% 0.65%

† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 11/30/24

Sales charge

Investment Breakpoint Class A Class B Class C Class R Class R3 Class R4 Class R5 Class R6 Class Y
$0-$49,999 5.75% 0.00% 0.00% -- -- -- -- -- --
$50,000-$99,999 4.50% 0.00% 0.00% -- -- -- -- -- --
$100,000-$249,999 3.50% -- 0.00% -- -- -- -- -- --
$250,000-$499,999 2.50% -- 0.00% -- -- -- -- -- --
$500,000-$999,999 2.00% -- 0.00% -- -- -- -- -- --
$1M-$4M 0.00% -- -- -- -- -- -- -- --
$4M-$50M 0.00% -- -- -- -- -- -- -- --
$50M+ 0.00% -- -- -- -- -- -- -- --

CDSC

  Class A (sales for $1,000,000+) Class B Class C Class R Class R3 Class R4 Class R5 Class R6 Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- -- -- -- --
9 to 12 mts. 1.00% 5.00% 1.00% -- -- -- -- -- --
2 yrs. 0.00% 4.00% 0.00% -- -- -- -- -- --
3 yrs. 0.00% 3.00% 0.00% -- -- -- -- -- --
4 yrs. 0.00% 3.00% 0.00% -- -- -- -- -- --
5 yrs. 0.00% 2.00% 0.00% -- -- -- -- -- --
6 yrs. 0.00% 1.00% 0.00% -- -- -- -- -- --
7+ yrs. 0.00% 0.00% 0.00% -- -- -- -- -- --

For the portion invested in the Putnam Government Money Market Fund, these risks also apply: You can lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below certain required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

The values of money market investments usually rise and fall in response to changes in interest rates. Interest-rate risk is generally lowest for investments with short maturities (a significant part of the fund's investments). Although the fund only buys high-quality investments, investments backed by a letter of credit have the risk that the provider of the letter of credit will not be able to fulfill its obligations to the issuer. The effects of inflation may erode the value of your investment over time.

The principal value of the fund is not guaranteed at any time, including at the target date.