Franklin Retirement Advantage 2045 R (PAFZX)

Fund Assets	27.32M
Expense Ratio	1.20%
Min. Investment	$500
Turnover	22.00%
Dividend (ttm)	1.39
Dividend Yield	10.38%
Dividend Growth	128.76%
Payout Frequency	Annual
Ex-Dividend Date	Dec 30, 2025

Previous Close	13.38
YTD Return	11.23%
1-Year Return	17.45%
5-Year Return	57.63%
52-Week Low	11.56
52-Week High	13.53
Beta (5Y)	0.80
Holdings	3
Inception Date	Sep 1, 2020

About PAFZX

Putnam Retirement Advantage 2045 Fund Class R is a target-date mutual fund designed for investors planning to begin withdrawals around 2045. Its primary objective is to balance capital appreciation and current income over time through a “glide path” that gradually shifts from growth-oriented assets toward more conservative holdings as the target date approaches. The fund achieves broad diversification by investing primarily in other Putnam mutual funds, with a core allocation to multi-asset strategies such as Putnam Dynamic Asset Allocation Growth and Balanced funds. This structure provides exposure across U.S. and international equities, fixed income, and cash equivalents within a single vehicle, aiming to simplify retirement planning and ongoing allocation decisions. The fund’s role in the market is to serve as a turnkey, professionally managed retirement solution for workplace plans and individual investors, offering automatic rebalancing, systematic risk reduction as retirement nears, and a consistent framework aligned with a specific retirement horizon. According to publicly available profiles, the strategy is categorized in the Target-Date 2045 group and emphasizes ease of use and lifecycle risk management for long-term savers.

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

Performance

PAFZX had a total return of 17.45% in the past year, including dividends. Since the fund's inception, the average annual return has been 12.03%.

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%
PAFPX	Class C Shares	1.55%

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	$1.3863	Dec 30, 2025
Dec 31, 2024	$0.606	Dec 31, 2024
Dec 29, 2023	$0.214	Dec 29, 2023
Dec 30, 2022	$0.977	Dec 30, 2022
Dec 31, 2021	$1.708	Dec 31, 2021
Dec 31, 2020	$0.112	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 28, 2026

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