Putnam Announces Dividend Rates for Open-End Funds

BOSTON–(BUSINESS WIRE)–The Trustees of The Putnam Funds declare the following distributions today.

Ex Date

Distribution Per Share

Fund

Record Date

Pay Date

Class A

Class B

Class C

Class R

Class Y

Class R5

Class R6

Class R3

Class R4

Putnam Retirement Advantage 2025 Fund

12/31/2021

PBDLX

N/A

PRTJX

PRTWX

PLZYX

PAFNX

PBATX

PAFLX

PAFKX

*Investment Income Distribution:

0.3540

N/A

0.2820

0.2940

0.3660

0.3780

0.3210

0.3490

**Short Term Capital Gain:

0.2270

N/A

0.2270

**Long Term Capital Gain:

0.1740

N/A

0.1740

Total Distribution:

0.7550

0.6830

0.6950

0.7670

0.7790

0.7220

0.7500

Putnam Retirement Advantage 2030 Fund

12/31/2021

PDLTX

N/A

PDLKX

PDKAX

PDGKX

PAFVX

PDIZX

PAFOX

PAFQX

*Investment Income Distribution:

0.5740

N/A

0.5260

0.5030

0.5800

0.5920

0.5330

0.5620

**Short Term Capital Gain:

0.4060

N/A

0.4060

**Long Term Capital Gain:

0.3760

N/A

0.3760

Total Distribution:

1.3560

1.3080

1.2850

1.3620

1.3740

1.3150

1.3440

Putnam Retirement Advantage 2035 Fund

12/31/2021

PDFLX

N/A

PDAWX

PDAKX

POWYX

PAFYX

PCDLX

PAFWX

PAFUX

*Investment Income Distribution:

0.6560

N/A

0.5530

0.5950

0.6760

0.6740

0.6860

0.6250

0.6560

**Short Term Capital Gain:

0.5920

N/A

0.5920

**Long Term Capital Gain:

0.3530

N/A

0.3530

Total Distribution:

1.6010

1.4980

1.5400

1.6210

1.6190

1.6310

1.5700

1.6010

Putnam Retirement Advantage 2040 Fund

12/31/2021

PCCLX

N/A

PBBZX

PBAOX

PALZX

PAGOX

PBAMX

PAGKX

PAGJX

*Investment Income Distribution:

0.6730

N/A

0.5780

0.6200

0.7000

0.7130

0.6510

0.6820

**Short Term Capital Gain:

0.4830

N/A

0.4830

**Long Term Capital Gain:

0.4780

N/A

0.4780

Total Distribution:

1.6340

1.5390

1.5810

1.6610

1.6740

1.6120

1.6430

Putnam Retirement Advantage 2045 Fund

12/31/2021

PALGX

N/A

PAFPX

PAFZX

PAFJX

PAGWX

PAFMX

PAGQX

PAGUX

*Investment Income Distribution:

0.7020

N/A

0.6030

0.6420

0.7230

0.7360

0.6730

0.7040

**Short Term Capital Gain:

0.5120

N/A

0.5120

**Long Term Capital Gain:

0.5540

N/A

0.5540

Total Distribution:

1.7680

1.6690

1.7080

1.7890

1.8020

1.7390

1.7700

Putnam Retirement Advantage 2050 Fund

12/31/2021

PAEZX

N/A

PAENX

PAEQX

PHPDX

PAHDX

PAEKX

PAGZX

PAHAX

*Investment Income Distribution:

0.7320

N/A

0.6260

0.6700

0.7510

0.7640

0.7010

0.7320

**Short Term Capital Gain:

0.8100

N/A

0.8100

**Long Term Capital Gain:

0.4460

N/A

0.4460

Total Distribution:

1.9880

1.8820

1.9260

2.0070

2.0200

1.9570

1.9880

Putnam Retirement Advantage 2055 Fund

12/31/2021

PADYX

N/A

PACWX

PACSX

PAAWX

PAHGX

PACJX

PAHEX

PAHFX

*Investment Income Distribution:

0.7500

N/A

0.6400

0.6840

0.7670

0.7800

0.7150

0.7470

**Short Term Capital Gain:

0.3810

N/A

0.3810

**Long Term Capital Gain:

0.8700

N/A

0.8700

Total Distribution:

2.0010

1.8910

1.9350

2.0180

2.0310

1.9660

1.9980

Putnam Retirement Advantage 2060 Fund

12/31/2021

PAAVX

N/A

PAAPX

PAAMX

PAKJX

PAHLX

PAAKX

PAHJX

PAHKX

*Investment Income Distribution:

0.7490

N/A

0.6420

0.6870

0.7710

0.7840

0.7190

0.7510

**Short Term Capital Gain:

1.2500

N/A

1.2500

**Long Term Capital Gain:

0.4270

N/A

0.4270

Total Distribution:

2.4260

2.3190

2.3640

2.4480

2.4610

2.3960

2.4280

Putnam Retirement Advantage 2065 Fund

12/31/2021

PCJZX

N/A

PCKBX

PCKFX

PCKEX

PCKIX

PCKJX

PCKGX

PCKHX

*Investment Income Distribution:

0.6730

N/A

0.5710

0.6100

0.6870

0.6840

0.6950

0.6380

0.6670

Putnam RetirementReady 2025 Fund

12/31/2021

PRROX

N/A

PRRPX

PADKX

PRMFX

PADHX

PADJX

*Investment Income Distribution:

0.6600

0.4830

0.4870

0.5780

0.7130

0.7110

0.7340

0.5850

0.6750

**Long Term Capital Gain:

0.7920

Total Distribution:

1.4520

1.2750

1.2790

1.3700

1.5050

1.5030

1.5260

1.3770

1.4670

Putnam RetirementReady 2030 Fund

12/31/2021

PRRQX

N/A

PRRTX

PADRX

PREZX

PADOX

PADNX

*Investment Income Distribution:

1.0910

0.8610

0.8820

0.9930

1.1490

1.1470

1.1740

1.0250

1.1040

**Long Term Capital Gain:

1.0130

Total Distribution:

2.1040

1.8740

1.8950

2.0060

2.1620

2.1600

2.1870

2.0380

2.1170

Putnam RetirementReady 2035 Fund

12/31/2021

PRRWX

N/A

PRRYX

PADVX

PREGX

PADUX

PADSX

*Investment Income Distribution:

1.3280

1.1420

1.1750

1.1570

1.3890

1.3850

1.4150

1.2500

1.3410

**Short Term Capital Gain:

0.0010

**Long Term Capital Gain:

1.3690

Total Distribution:

2.6980

2.5120

2.5450

2.5270

2.7590

2.7550

2.7850

2.6200

2.7110

Putnam RetirementReady 2040 Fund

12/31/2021

PRRZX

N/A

PRZZX

PABTX

PRZZX

PAAUX

PAAYX

*Investment Income Distribution:

1.3320

1.0890

1.1850

0.7810

1.3930

1.3910

1.4220

1.2470

1.3340

**Long Term Capital Gain:

1.2300

Total Distribution:

2.5620

2.3190

2.4150

2.0110

2.6230

2.6210

2.6520

2.4770

2.5640

Putnam RetirementReady 2045 Fund

12/31/2021

PRVLX

N/A

PRVYX

PACHX

PREKX

PACGX

PACFX

*Investment Income Distribution:

1.3690

1.2150

1.2110

1.0940

1.4330

1.4270

1.4580

1.3060

1.3830

**Short Term Capital Gain:

0.0030

**Long Term Capital Gain:

1.4150

Total Distribution:

2.7870

2.6330

2.6290

2.5120

2.8510

2.8450

2.8760

2.7240

2.8010

Putnam RetirementReady 2050 Fund

12/31/2021

PRRJX

N/A

PRRKX

PRRUX

PAEJX

PREUX

PADWX

PAEHX

*Investment Income Distribution:

1.0960

0.8560

0.9090

0.9500

1.1540

1.1500

1.1720

1.0610

1.0990

**Long Term Capital Gain:

1.1900

Total Distribution:

2.2860

2.0460

2.0990

2.1400

2.3440

2.3400

2.3620

2.2510

2.2890

Putnam RetirementReady 2055 Fund

12/31/2021

PRRFX

N/A

PRRVX

PRTLX

PAESX

PREVX

PAEOX

PAEPX

*Investment Income Distribution:

0.6890

0.5680

0.5850

0.2870

0.7230

0.7190

0.7330

0.6680

0.6980

**Long Term Capital Gain:

0.9200

Total Distribution:

1.6090

1.4880

1.5050

1.2070

1.6430

1.6390

1.6530

1.5880

1.6180

Putnam RetirementReady 2060 Fund

12/31/2021

PRTFX

N/A

PRTRX

PRTYX

PAEWX

PEFGX

PAEVX

PAEUX

*Investment Income Distribution:

0.7070

0.5810

0.6160

0.6480

0.7420

0.7360

0.7500

0.6870

0.7160

**Short Term Capital Gain:

0.1070

**Long Term Capital Gain:

0.9200

Total Distribution:

1.7340

1.6080

1.6430

1.6750

1.7690

1.7630

1.7770

1.7140

1.7430

Putnam RetirementReady 2065 Fund

12/31/2021

PCJQX

N/A

PCJRX

PCJUX

PCJSX

PCJIX

PCJYX

PCJVX

PCJWX

*Investment Income Distribution:

0.5940

N/A

0.5550

0.5370

0.6080

0.6200

0.5640

0.5910

**Short Term Capital Gain:

0.0390

N/A

0.0390

Total Distribution:

0.6330

0.5940

0.5760

0.6470

0.6590

0.6030

0.6300

19 (a) Notice

Putnam Retirement Advantage 2030 Fund

As of December 16, 2021, the fund had net realized and unrealized losses of $0.258 per share, of which $0.273 represents unrealized depreciation of portfolio securities.

Putnam Retirement Advantage 2035 Fund

As of December 16, 2021, the fund had net realized and unrealized losses of $0.266 per share, of which $0.279 represents unrealized depreciation of portfolio securities.

Putnam Retirement Advantage 2050 Fund

As of December 16, 2021, the fund had net realized and unrealized losses of $0.029 per share, of which $0.059 represents unrealized depreciation of portfolio securities.

Putnam Retirement Advantage 2060 Fund

As of December 16, 2021, the fund had net realized and unrealized losses of $0.051 per share, of which $0.070 represents unrealized depreciation of portfolio securities.

Putnam RetirementReady 2025 Fund

As of December 16, 2021, the fund had net realized and unrealized losses of $1.263 per share, of which $0.374 represents unrealized depreciation of portfolio securities.

Putnam RetirementReady 2030 Fund

As of December 16, 2021, the fund had net realized and unrealized losses of $0.636 per share, of which $0.000 represents unrealized depreciation of portfolio securities.

Putnam RetirementReady 2035 Fund

As of December 16, 2021, the fund had net realized and unrealized losses of $0.368 per share, of which $0.000 represents unrealized depreciation of portfolio securities.

Putnam RetirementReady 2055 Fund

As of December 16, 2021, the fund had net realized and unrealized losses of $0.019 per share, of which $0.000 represents unrealized depreciation of portfolio securities.

Putnam RetirementReady 2060 Fund

As of December 16, 2021, the fund had net realized and unrealized losses of $0.480 per share, of which $0.509 represents unrealized depreciation of portfolio securities.

Putnam RetirementReady 2065 Fund

As of December 16, 2021, the fund had net realized and unrealized losses of $0.397 per share, of which $0.527 represents unrealized depreciation of portfolio securities.

Contacts

Putnam Shareholders Contact: 1-800-225-1581