Retirement Advantage Target Date CIT

Objective: To maximize returns while maintaining a level of risk appropriate for a person planning to retire on or about the calendar year designated in the fund's name.

Conservative glide path: Is designed to pursue optimal risk-adjusted returns at the target date. Approaching the target year, low equity allocations seek to preserve capital and reduce volatility. Equity allocations remain static in the maturity portfolios.

Active allocation process: Global Asset Allocation team draws on a variety of top-down inputs; flexibility to invest in alternative asset classes and vehicles, ETFs, and mutual funds.

CIT structure offers flexible pricing and customization. Competitive cost structure from less complex administration and operations, less SEC reporting.

Skilled and experienced portfolio management team: Putnam's Global Asset Allocation group has specialized in multi-asset strategies since 1993, and has managed target-date funds since 1999.

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Fund Profiles

Consider these risks before investing: International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging-market securities, including illiquidity and volatility. The fund may invest a portion of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. 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. Our allocation of assets among permitted asset categories may hurt performance. The use of derivatives involves additional risks, such as the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Our active trading strategies may lose money or not earn a return sufficient to cover trading and other costs. Our use of leverage increases these risks by increasing investment exposure. It is important to understand that you can lose money by investing in the fund. There is no guarantee that the fund will provide adequate income at and through an investor's retirement.

You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.