Franklin Retirement Advantage 2045 C (PAFPX)

Fund Assets	27.32M
Expense Ratio	1.55%
Min. Investment	$500
Turnover	22.00%
Dividend (ttm)	1.05
Dividend Yield	7.72%
Dividend Growth	92.19%
Payout Frequency	Annual
Ex-Dividend Date	Dec 30, 2025

Previous Close	13.66
YTD Return	11.15%
1-Year Return	16.93%
5-Year Return	54.60%
52-Week Low	11.81
52-Week High	13.75
Beta (5Y)	0.80
Holdings	3
Inception Date	Sep 1, 2020

About PAFPX

Putnam Retirement Advantage 2045 Fund Class C is a target-date mutual fund designed for investors planning to begin withdrawals around 2045. Its primary goal is to deliver long-term capital appreciation early in the lifecycle while incorporating income and risk reduction as the target date approaches through a defined glide path. The fund allocates across a diversified lineup of underlying Putnam mutual funds, emphasizing equities in the early years and gradually increasing exposure to fixed income and capital preservation strategies over time. It functions as a turnkey, professionally managed retirement solution, offering broad asset-class diversification and systematic rebalancing. The strategy is commonly used in retirement plans and IRAs as a core, age-appropriate allocation that evolves automatically. Class C shares feature a distribution and servicing fee structure distinct from other share classes within the same strategy, paired with a relatively low minimum initial investment. According to public fund profiles, recent holdings have largely consisted of Putnam’s multi-asset allocation and liquidity vehicles, reflecting its fund-of-funds construction and pursuit of balanced growth and risk control as 2045 approaches.

• Fund Family: Franklin Templeton Investments
• Category: Target-Date 2045
• Performance Rating: Above Average
• Risk Rating: Low
• Stock Exchange: NASDAQ
• Ticker Symbol: PAFPX
• Share Class: Class C Shares
• Index: S&P Target Date To 2045 TR

Performance

PAFPX had a total return of 16.93% in the past year, including dividends. Since the fund's inception, the average annual return has been 11.66%.

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%
PAFJX	Class Y Shares	0.55%
PALGX	Class A Shares	0.80%
PAFZX	Class R Shares	1.20%

Top Holdings

99.93% of assets

Name	Symbol	Weight
Putnam Dynamic Asset Allocation Growth Fund, Class P	n/a	88.49%
Putnam Dynamic Asset Allocation Balanced Fund, Class P	n/a	8.73%
Putnam Short Term Investment Fund, Class P	n/a	2.71%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 30, 2025	$1.0455	Dec 30, 2025
Dec 31, 2024	$0.544	Dec 31, 2024
Dec 29, 2023	$0.195	Dec 29, 2023
Dec 30, 2022	$0.947	Dec 30, 2022
Dec 31, 2021	$1.669	Dec 31, 2021
Dec 31, 2020	$0.100	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:

Aug 27, 2026

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