Franklin Retirement Advantage 2045 Y (PAFJX)

Fund Assets	27.32M
Expense Ratio	0.57%
Min. Investment	$500
Turnover	22.00%
Dividend (ttm)	0.49
Dividend Yield	3.76%
Dividend Growth	-15.29%
Payout Frequency	Annual
Ex-Dividend Date	Dec 30, 2025

Previous Close	12.88
YTD Return	6.44%
1-Year Return	8.36%
5-Year Return	50.97%
52-Week Low	11.67
52-Week High	13.66
Beta (5Y)	0.80
Holdings	3
Inception Date	Sep 1, 2020

About PAFJX

Putnam Retirement Advantage 2045 Fund Class Y is a target-date mutual fund designed for investors planning to retire around 2045. It pursues a blend of capital appreciation and current income through a diversified, fund‑of‑funds structure that allocates primarily to underlying Putnam strategies, notably dynamic asset allocation portfolios that shift over time along a predefined glide path. Early in the lifecycle, the allocation emphasizes equities to support long-term growth; as 2045 approaches, it progressively increases exposure to fixed income and other defensive assets to moderate volatility and support income needs. The fund sits within the Target-Date 2045 category and is structured as an institutional share class, reflecting a focus on retirement plan platforms and cost efficiency relative to peers. Its concentrated top holdings are Putnam Dynamic Asset Allocation portfolios, which collectively account for the vast majority of assets, providing broad multi-asset exposure through a single vehicle. This design positions the fund as a turnkey core retirement solution that automates asset allocation, rebalancing, and risk management as an investor advances toward the target date.

• Fund Family: Franklin Templeton Investments
• Category: Target-Date 2045
• Performance Rating: High
• Risk Rating: Low
• Stock Exchange: Nasdaq
• Ticker Symbol: PAFJX
• Share Class: Class Y Shares
• Index: S&P Target Date To 2045 TR

Performance

PAFJX had a total return of 8.36% in the past year, including dividends. Since the fund's inception, the average annual return has been 11.43%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
PAFMX	Class R6 Shares	0.45%
PALGX	Class A Shares	0.80%
PAFZX	Class R Shares	1.20%
PAFPX	Class C Shares	1.55%

Top Holdings

99.98% of assets

Name	Symbol	Weight
Putnam Dynamic Asset Allocation Growth Fund, Class P	n/a	86.42%
Putnam Dynamic Asset Allocation Balanced Fund, Class P	n/a	10.94%
Putnam Short Term Investment Fund, Class P	n/a	2.61%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 30, 2025	$1.4269	Dec 30, 2025
Dec 31, 2024	$0.641	Dec 31, 2024
Dec 29, 2023	$0.278	Dec 29, 2023
Dec 30, 2022	$1.042	Dec 30, 2022
Dec 31, 2021	$1.789	Dec 31, 2021
Dec 31, 2020	$0.135	Dec 31, 2020

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:

Nov 8, 2026

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