Franklin Retirement Advantage 2045 R6 (PAFMX)

Fund Assets	27.32M
Expense Ratio	0.46%
Min. Investment	$500
Turnover	22.00%
Dividend (ttm)	0.49
Dividend Yield	3.81%
Dividend Growth	-15.46%
Payout Frequency	Annual
Ex-Dividend Date	Dec 30, 2025

Previous Close	12.91
YTD Return	6.60%
1-Year Return	8.48%
5-Year Return	51.74%
52-Week Low	11.69
52-Week High	13.69
Beta (5Y)	0.80
Holdings	3
Inception Date	Dec 31, 2019

About PAFMX

Putnam Retirement Advantage 2045 Fund Class R6 is a target-date mutual fund designed to help investors save for retirement, with a target date of 2045. Its primary function is to provide a diversified investment solution that automatically adjusts its asset allocation over time, aiming for capital appreciation in the early years and gradually shifting toward current income as the target date approaches. The fund achieves diversification by investing predominantly in underlying Putnam mutual funds, which themselves span a broad spectrum of asset classes. As a 2045 target-date fund, it is particularly relevant for individuals expecting to retire around that year, offering a professionally managed glide path to adapt risk exposure according to a long-term retirement timeline. Notable features include a relatively low expense ratio and an annual payout of dividends, which makes it cost-efficient among its peer group. The fund's holdings are periodically rebalanced, maintaining alignment with its intended risk profile and adapting as investors' retirement date draws closer. In the context of retirement planning, Putnam Retirement Advantage 2045 Fund Class R6 plays a significant role by streamlining the investment process for long-term savers, promoting disciplined asset allocation and diversification throughout an investor’s pre- and post-retirement phases.

• Fund Family: Franklin Templeton Investments
• Category: Target-Date 2045
• Performance Rating: High
• Risk Rating: Low
• Stock Exchange: Nasdaq
• Ticker Symbol: PAFMX
• Share Class: Class R6 Shares
• Index: S&P Target Date To 2045 TR

Performance

PAFMX had a total return of 8.48% in the past year, including dividends. Since the fund's inception, the average annual return has been 11.04%.

Other Share Classes

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

Symbol	Share Class	Expense Ratio
PAFJX	Class Y Shares	0.55%
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	$1.4335	Dec 30, 2025
Dec 31, 2024	$0.650	Dec 31, 2024
Dec 29, 2023	$0.284	Dec 29, 2023
Dec 30, 2022	$1.053	Dec 30, 2022
Dec 31, 2021	$1.802	Dec 31, 2021
Dec 31, 2020	$0.139	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 9, 2026

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