M&A - Putnam Target Date Funds

Form Type: 497

Filing Date: 2025-06-10

Corporate Action: Merger

Type: New

Accession Number: 000092881625000702

Filing Summary: Putnam Retirement Advantage 2025 Fund is merging into Putnam Retirement Advantage Maturity Fund. This merger will involve the exchange of shares where each shareholder of Putnam Retirement Advantage 2025 Fund will receive corresponding shares of Putnam Retirement Advantage Maturity Fund with an equal total net asset value, expected to be tax-free for federal income tax purposes. The merger is approved by the Board of Trustees, and the Investment Manager, Franklin Advisers, Inc., supports this action as being in the best interests of shareholders. The merger will be effective around July 28, 2025, with the net asset value determined a few days prior. Shareholder approval is not needed as none of the factors requiring a vote are applicable. Following the merger, Putnam Retirement Advantage Maturity Fund will remain the performance survivor. Details about the funds' investment strategies, performance comparisons, and other relevant financial information are provided in the prospectus/information statement, which shareholders are encouraged to review.

Form Type: 497

Filing Date: 2025-06-10

Corporate Action: Merger

Type: New

Accession Number: 000092881625000704

Filing Summary: The Board of Trustees of Putnam Sustainable Retirement 2025 Fund has approved the merger of the Putnam Sustainable Retirement 2025 Fund into the Putnam Sustainable Retirement Maturity Fund. This merger will involve the exchange of shares, where shareholders of the Putnam Sustainable Retirement 2025 Fund will receive shares in the Putnam Sustainable Retirement Maturity Fund, equating to the aggregate net asset value of their existing holdings. The merger is anticipated to be tax-free for federal income tax purposes and is expected to close on or around July 28, 2025. The funds are deemed appropriate partners for this merger because they share similar management, investment goals, and strategies. The merger will not require shareholder approval as no factors that necessitate a vote are present. The detailed differences in management fees and expected benefits for shareholders are outlined, noting a slight reduction in management fees following the merger. The investment structure and objectives prior to the merger align closely between both funds, facilitating a smooth transition to the receiving fund.