Franklin Retirement Advantage Pl 2040 R4 (PAAYX)

Fund Assets	395.86M
Expense Ratio	0.81%
Min. Investment	$500
Turnover	17.00%
Dividend (ttm)	0.57
Dividend Yield	1.69%
Dividend Growth	26.21%
Payout Frequency	Annual
Ex-Dividend Date	Dec 30, 2025

Previous Close	33.79
YTD Return	6.29%
1-Year Return	7.88%
5-Year Return	31.36%
52-Week Low	30.06
52-Week High	34.49
Beta (5Y)	n/a
Holdings	7
Inception Date	Jan 4, 2021

About PAAYX

Putnam Sustainable Retirement 2040 Fund - Class R4 is an actively managed target-date mutual fund designed to help investors prepare for retirement around the year 2040. The fund's primary objective is to seek both capital appreciation and current income, progressively adjusting its asset allocation strategy as the target date approaches. Early in its lifecycle, the fund emphasizes growth-oriented investments such as equities to maximize long-term appreciation. As 2040 nears, the allocation gradually shifts to a greater focus on income-generating and more conservative assets to help preserve accumulated wealth and support income needs during retirement. An additional distinguishing feature of this fund is its integration of sustainable investment principles, aiming to invest in companies and sectors with favorable environmental, social, and governance (ESG) practices. This structure is particularly intended for individuals planning to retire or begin drawing down their retirement savings around 2040, providing a professionally managed, diversified approach to long-term retirement investing that adapts to changing investor risk profiles over time.

• Fund Family: Franklin Templeton Investments
• Category: Target-Date 2040
• Performance Rating: Low
• Risk Rating: Low
• Stock Exchange: Nasdaq
• Ticker Symbol: PAAYX
• Index: S&P 500 TR

Performance

PAAYX had a total return of 7.88% in the past year, including dividends. Since the fund's inception, the average annual return has been 24.59%.

Equivalent Funds

These are funds that follow the same index from the other major fund companies.

Symbol	Provider	Name	Expense Ratio
FTFFX	Fidelity	Fidelity Advisor Freedom 2040 M	1.15%
FCFFX	Fidelity	Fidelity Advisor Freedom 2040 C	1.67%
FAFFX	Fidelity	Fidelity Advisor Freedom 2040 A	0.87%
FIJPX	Fidelity	Fidelity Advisor Freedom 2040 Z	0.60%
FIFFX	Fidelity	Fidelity Advisor Freedom 2040 I	0.64%

Top Holdings

Name	Symbol	Weight
Franklin Dynamic Asset Allocation Gr P	n/a	55.93%
Franklin Dynamic Asset Allocation Bal P	n/a	34.44%
Putnam Fds Tr	n/a	4.08%
Franklin BSP Lending Fund	FBREX	2.93%
Clarion Partners Real Estate Inc I	CPREX	2.93%
Usd	n/a	0.05%
Usd	n/a	-0.37%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 30, 2025	$0.573	Dec 30, 2025
Dec 31, 2024	$0.454	Dec 31, 2024
Dec 29, 2023	$0.441	Dec 29, 2023
Dec 30, 2022	$3.158	Dec 30, 2022
Dec 31, 2021	$2.564	Dec 31, 2021

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Oct 16, 2026

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