Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. The "before sales charge" performance does not reflect the current maximum sales charges, which we explain below. If performance did reflect the charges, it would be lower. The "after sales charge" performance (or returns at public offering price) varies by share class and fund. For class A and class M shares, the current maximum initial sales charges are 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds, respectively (with these exceptions: 2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, Strategic Intermediate Municipal Fund, and Fixed Income Absolute Return Fund). Class B share performance reflects the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, and Putnam Fixed Income Absolute Return Fund; for these funds, the CDSC is 1% in the first year, declines to 0.5% in the second year, and is eliminated thereafter). Class C share performance reflects a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares by adjusting for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (note, for two funds — Putnam Tax-Free High Yield Fund and Putnam Strategic Intermediate Municipal Fund performance prior to inception is based on the historical performance of class B shares). Performance for class A, C, R6, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which has been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. The "after sales charge" performance (at public offering price) for class N shares reflects the current maximum initial sales charge of 1.50%. Class R, R3, R4, R5, and R6 shares, which are available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for class R3 and R4 shares prior to their inception is derived from the historical performance of class Y shares by adjusting for the higher operating expenses for such shares. Performance for class R5 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower expenses; had it been adjusted, performance would be higher (with the exception of the RetirementReady Maturity, 2025, 2030, 2035, and 2040 Funds, for which performance is derived from the historical performance of class R6 shares and has been adjusted for the higher operating expenses for such shares; and the RetirementReady 2045, 2050, 2055, and 2060 Funds, for which performance is derived from the historical performance of class R6 shares and has not been adjusted for the lower expenses; had it been adjusted, performance would be higher). Performance for class R6 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses. Had these limits not been in place, performance would be lower.
Always Active
Sustainable Retirement 2045 Fund (Class Y) (PRVYX)
Diversified retirement portfolios combining a unique glide path and sustainable ETFs
Highlights
Objective
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.
Strategy and process
- Unique glide pathSeeks to manage the right risk at the right time across the glide path to serve investors at all phases of the retirement journey.
- Sustainable ETFsInvests in ETFs that have a materiality-focused approach to sustainable investing aligned with fiduciary duties.
- Experienced teamManaged by Putnam’s tenured Global Asset Allocation team, which is experienced leading asset allocation strategies since 1994 and target-date strategies since 2004.
Fund price and assets |
Prior close | 52-week high | 52-week low | Net assets and outstanding shares |
|---|---|---|---|---|
| Net asset value |
$22.61
0.27% | $0.06 |
$27.58
03/29/22 |
$21.94
01/05/23 |
Download CSV |
Fund facts as of 12/31/22
$128.12M
36%
Annually
6
July
746859479 / 1959
11/01/04
Asset Allocation
PRVYX
Literature
Fund documents |
| Prospectus (PDF) |
| Fact Sheet (Y share) (PDF) |
| SAI (PDF) |
| Annual Fund Report (PDF) |
| Semiannual Fund Report (PDF) |
Performance
Consistency of positive performance over five years
Performance shown above does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.
18.86%
Best 5-year annualized return
(for period ending 03/31/14)
-2.26%
Worst 5-year annualized return
(for period ending 09/30/11)
7.00%
Average 5-year annualized return
Total return (%) as of 12/31/22
Annual performance as of 12/31/22
Annualized Total return (%) as of 12/31/22
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | -13.84% | 3.58% | 3.83% | 7.75% |
| After sales charge | N/A | N/A | N/A | N/A |
| S&P 500 Index | -18.11% | 7.66% | 9.42% | 12.56% |
| Bloomberg US Aggregate Bond Index | -13.01% | -2.71% | 0.02% | 1.06% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 02/28/23 | -2.29% | - | |
| YTD as of 03/24/23 or prior close | 2.50% | - | |
Risk-adjusted performance as of 12/31/22
| Sharpe ratio (3 yrs.) | 0.19 |
|---|
Volatility as of 12/31/22
| Standard deviation (3 yrs.) | 15.21% |
|---|
Lipper rankings as of 12/31/22
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 4/202 | 2% |
| 3 yrs. | 76/178 | 43% |
| 5 yrs. | 142/157 | 90% |
| 10 yrs. | 37/89 | 42% |
Morningstar Ratings™ as of 12/31/22
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 188 | |
| 3 yrs. | 188 | |
| 5 yrs. | 167 | |
| 10 yrs. | 98 |
Distributions
| Record/Ex dividend date | 12/30/22 |
|---|---|
| Payable date | 12/30/22 |
| Income | $0.77 |
| Extra income | -- |
| Short-term cap. gain | $0.001 |
| Long-term cap. gain | $1.75 |
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.
Morningstar Ratings for the specific share classes only; other classes may have different performance characteristics.
The Morningstar Rating™ 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 3-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 Morningstar Rating does not include any adjustment for sales loads. 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 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-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 3-year period actually has the greatest impact because it is included in all three rating periods.
Some of Morningstar's proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended performance Morningstar Rating that is based, in part, on adjusted historical (or "pre-inception") returns for periods prior to the inception of the share class of the fund shown herein ("Report Share Class").
The extended performance is calculated by creating a performance stream consisting of the Report Share Class and older share class(s). Morningstar adjusts the historical total returns of the older share class(es) of a fund to reflect higher expenses in the Report Share Class. Morningstar does not hypothetically adjust returns upwards for lower expenses.
The extended performance Morningstar Risk-Adjusted Return is then calculated for 3-, 5-, and 10-year time periods and used to determine the extended performance Morningstar Rating. The extended performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share open-end funds will be either based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available.
While the inclusion of pre-inception data, in the form of extended performance, can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.
© 2023 Morningstar. 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. Past performance is no guarantee of future results.
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 Dynamic Asset Allocation Growth Fund | 68.55% |
|---|---|
| Putnam Multi-Asset Absolute Return Fund | 12.51% |
| Putnam Dynamic Asset Allocation Equity Fund | 10.69% |
| Putnam Dynamic Asset Allocation Balanced Fund | 3.77% |
| Putnam Fixed Income Absolute Return Fund | 2.81% |
| Putnam Government Money Market Fund | 1.69% |
| Top holdings as of 12/31/22 | |
|---|---|
| Putnam Dynamic Asset Allocation Growth Fund | 68.55% |
| Putnam Multi-Asset Absolute Return Fund | 12.51% |
| Putnam Dynamic Asset Allocation Equity Fund | 10.69% |
| Putnam Dynamic Asset Allocation Balanced Fund | 3.77% |
| Putnam Fixed Income Absolute Return Fund | 2.81% |
| Putnam Government Money Market Fund | 1.69% |
| Top holdings as of 11/30/22 | |
|---|---|
| Putnam Dynamic Asset Allocation Growth Fund | 68.98% |
| Putnam Multi-Asset Absolute Return Fund | 12.00% |
| Putnam Dynamic Asset Allocation Equity Fund | 10.92% |
| Putnam Dynamic Asset Allocation Balanced Fund | 3.76% |
| Putnam Fixed Income Absolute Return Fund | 2.71% |
| Putnam Government Money Market Fund | 1.63% |
| Top holdings as of 10/31/22 | |
|---|---|
| Putnam Dynamic Asset Allocation Growth Fund | 68.42% |
| Putnam Multi-Asset Absolute Return Fund | 12.57% |
| Putnam Dynamic Asset Allocation Equity Fund | 10.75% |
| Putnam Dynamic Asset Allocation Balanced Fund | 3.77% |
| Putnam Fixed Income Absolute Return Fund | 2.78% |
| Putnam Government Money Market Fund | 1.72% |
| Top holdings as of 09/30/22 | |
|---|---|
| Putnam Dynamic Asset Allocation Growth Fund | 67.47% |
| Putnam Multi-Asset Absolute Return Fund | 13.38% |
| Putnam Dynamic Asset Allocation Equity Fund | 11.14% |
| Putnam Dynamic Asset Allocation Balanced Fund | 3.29% |
| Putnam Fixed Income Absolute Return Fund | 2.97% |
| Putnam Government Money Market Fund | 1.76% |
Percentages based on market value. Portfolio composition will vary over time. Due to rounding, percentages may not equal 100%.
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: Our allocation of assets among permitted asset categories may hurt performance. Stock and bond prices may fall or fail to rise over time for several reasons, including general financial market conditions (including, in the case of bonds, perceptions about the risk of default and expectations about changes in monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the funds' portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Active trading strategies may lose money or not earn a return sufficient to cover trading and other costs. REITs are subject to the risk of economic downturns that have an adverse impact on real estate markets. Commodity-linked notes are subject to the same risks as commodities, such as weather, disease, political, tax and other regulatory developments, and other factors affecting the value of commodities. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Efforts to produce lower-volatility returns may not be successful and may make it more difficult at times for the funds to achieve their targeted returns. In addition, under certain market conditions, the funds may accept greater volatility than would typically be the case, in order to seek their targeted return. There is no guarantee that the funds will provide adequate income at and through an investor's retirement. You can lose money by investing in the funds.
Expenses
Expense ratio |
Class A | Class B | Class C | Class R | Class R3 | Class R4 | Class R5 | Class R6 | Class Y |
|---|---|---|---|---|---|---|---|---|---|
| Total expense ratio | 1.52% | 2.27% | 2.27% | 1.92% | 1.67% | 1.42% | 1.27% | 1.17% | 1.27% |
| What you pay† | 0.85% | 1.60% | 1.60% | 1.25% | 1.00% | 0.75% | 0.60% | 0.50% | 0.60% |
† 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 02/10/26
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% | -- | -- | -- | -- | -- | -- |
The S&P 500® Index is an unmanaged index of common stock performance. The Bloomberg U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed income securities. You cannot invest directly in an index.
Consider these risks before investing: Our allocation of assets among permitted asset categories may hurt performance. Stock and bond prices may fall or fail to rise over time for several reasons, including general financial market conditions (including, in the case of bonds, perceptions about the risk of default and expectations about changes in monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the funds' portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Active trading strategies may lose money or not earn a return sufficient to cover trading and other costs. REITs are subject to the risk of economic downturns that have an adverse impact on real estate markets. Commodity-linked notes are subject to the same risks as commodities, such as weather, disease, political, tax and other regulatory developments, and other factors affecting the value of commodities. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Efforts to produce lower-volatility returns may not be successful and may make it more difficult at times for the funds to achieve their targeted returns. In addition, under certain market conditions, the funds may accept greater volatility than would typically be the case, in order to seek their targeted return. There is no guarantee that the funds will provide adequate income at and through an investor's retirement. You can lose money by investing in the funds.