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Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Putnam Retirement Advantage Plus 2035 Fund

PREGX | Fund

$31.96

$400 M

1.82%

$0.58

1.24%

Vitals

YTD Return

4.2%

1 yr return

12.8%

3 Yr Avg Return

11.9%

5 Yr Avg Return

6.7%

Net Assets

$400 M

Holdings in Top 10

100.1%

52 WEEK LOW AND HIGH

$31.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.24%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 46.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$500

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 06/01/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Putnam Retirement Advantage Plus 2035 Fund

PREGX | Fund

$31.96

$400 M

1.82%

$0.58

1.24%

PREGX - Profile

Distributions

  • YTD Total Return 4.2%
  • 3 Yr Annualized Total Return 11.9%
  • 5 Yr Annualized Total Return 6.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.01%
DIVIDENDS
  • Dividend Yield 1.8%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Putnam Retirement Advantage Plus 2035 Fund
  • Fund Family Name
    Franklin Templeton Group of Funds
  • Inception Date
    Sep 06, 2016
  • Shares Outstanding
    N/A
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Robert Schoen

Fund Description

The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2035 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in other mutual funds and closed-end funds managed by the Investment Manager, or affiliates of the Investment Manager, which are referred to as underlying funds.
The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”. The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path.
The following table presents your fund’s approximate allocations to each asset class and underlying fund as of February 27, 2026 and its projected approximate allocations to these asset classes and underlying funds as of February 26, 2027. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on February 27, 2026.
The table also shows the approximate allocations of other Putnam Retirement Advantage Plus Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually
change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income.
         
UnderlyingFund*
     Year       2070   2065    2060    2055    2050    2045    2040    2035    2030   Maturity Fund 
Putnam Dynamic Asset Allocation Equity Fund    2026     86.0%  85.0%  65.7%  43.4%  24.3%  7.0%  0.0%  0.0%  0.0%  0.0% 
   2027     86.0%  81.2%  60.8%  39.0%  20.6%  2.8%  0.0%  0.0%  0.0%  0.0% 
Putnam Dynamic Asset Allocation Growth Fund    2026     11.5%  12.5%  31.8%  53.4%  70.8%  84.9%  58.0%  6.1%  0.0%  0.0% 
   2027     11.5%  16.3%  36.7%  57.6%  74.1%  85.1%  47.8%  0.0%  0.0%  0.0% 
Putnam Dynamic Asset Allocation Balanced Fund    2026     0.0%  0.0%  0.0%  0.0%  0.0%  0.9%  32.3%  79.2%  23.5%  6.5% 
   2027     0.0%  0.0%  0.0%  0.0%  0.0%  4.5%  41.8%  76.0%  19.5%  6.5% 
Putnam Dynamic Asset Allocation Conservative Fund    2026     0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.3%  38.0%  0.0% 
   2027     0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  2.5%  32.8%  0.0% 
Putnam Multi-Asset Income Fund    2026     0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  1.7%  24.5%  79.5% 
   2027     0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  8.5%  33.7%  79.5% 
Putnam Short Term Investment Fund    2026     0.5%  0.5%  0.5%  0.5%  1.3%  2.8%  3.6%  4.8%  6.0%  6.0% 
   2027     0.5%  0.5%  0.5%  0.5%  1.6%  2.8%  3.8%  5.1%  6.0%  6.0% 
Clarion Partners Real Estate Income Fund Inc.    2026     1.0%  1.0%  1.0%  1.3%  1.8%  2.2%  3.1%  4.0%  4.0%  4.0% 
   2027     1.0%  1.0%  1.0%  1.4%  1.9%  2.4%  3.3%  4.0%  4.0%  4.0% 
Franklin BSP Lending Fund    2026     1.0%  1.0%  1.0%  1.3%  1.8%  2.2%  3.1%  4.0%  4.0%  4.0% 
   2027     1.0%  1.0%  1.0%  1.4%  1.9%  2.4%  3.3%  4.0%  4.0%  4.0% 
Equity**    2026     95.2%  95.0%  91.2%  86.1%  80.9%  75.5%  65.8%  52.9%  32.1%  25.4% 
   2027     95.2%  94.2%  90.1%  85.1%  79.9%  73.6%  63.3%  48.6%  30.6%  25.4% 
Fixed Income**    2026     2.8%  3.0%  6.9%  11.2%  15.5%  20.1%  28.1%  39.1%  59.9%  66.6% 
   2027     2.8%  3.8%  7.8%  12.0%  16.4%  21.7%  30.1%  43.4%  61.4%  66.6% 
Alternatives**    2026     2.0%  2.0%  2.0%  2.7%  3.5%  4.3%  6.1%  8.0%  8.0%  8.0% 
   2027     2.0%  2.0%  2.0%  2.9%  3.7%  4.7%  6.6%  8.0%  8.0%  8.0% 
* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.
** Equity, fixed-income and alternatives allocations are hypothetical estimates based on an assumption that each Putnam Dynamic Asset Allocation Fund’s and Putnam Multi-Asset Income Fund’s allocation to equity and fixed income investments reflects its strategic allocations, an assumption that Putnam Dynamic Asset Allocation Equity Fund is equivalent to an equity investment, an assumption that Putnam Short Term Investment Fund is equivalent to a fixed income investment, and an assumption that each of Clarion Partners Real Estate Income Fund Inc. and Franklin BSP Lending Fund is equivalent to an alternatives investment. Actual allocations will vary.
The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager expects these changes to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable.
It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Retirement Advantage Plus Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in this prospectus beginning on page 117, and more information about the underlying funds (which are not offered by this prospectus) is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”
Information about each underlying fund’s investment strategy
Putnam Dynamic Asset Allocation Equity Fund (“Equity Fund”)
Equity Fund invests primarily in common stocks of large and midsize companies located worldwide, including both growth and value stocks. In selecting investments for Equity Fund, Equity Fund’s investment manager may consider a variety of factors, including a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. Equity Fund’s investment manager may also consider other factors that it believes could contribute to an increase in the company’s stock price.
Under normal circumstances, Equity Fund invests at least 80% of the value of its net assets in common stocks. This policy may be changed only after 60 days’ notice to shareholders.
For a further discussion of Equity Fund’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 128.
Putnam Dynamic Asset Allocation Growth Fund (“Growth Fund”)
Putnam Dynamic Asset Allocation Balanced Fund (“Balanced Fund”)
Putnam Dynamic Asset Allocation Conservative Fund (“Conservative Fund”)
Putnam Multi-Asset Income Fund (“Multi-Asset Income Fund”)
Growth Fund invests primarily in equity securities, including both growth and value stocks, of U.S. and foreign companies of any size. Growth Fund also invests, to a lesser extent, in fixed income investments, which may include U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments.
Balanced Fund invests mainly in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size, as well as in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments.
Conservative Fund invests primarily in fixed income investments, including U.S. and foreign government obligations, corporate obligations, and securitized debt instruments such as mortgage-backed investments. Conservative Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size.
Multi-Asset Income Fund invests mainly in fixed income investments, including U.S. and foreign (including emerging market) government obligations, corporate obligations, and securitized debt instruments of any credit quality, such as mortgage-backed investments. Multi-Asset Income Fund also invests, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign (including emerging market) companies of any size.
In evaluating equity investments, each fund’s investment manager may consider factors such as a company’s valuation, financial strength, growth potential, competitive position within its industry, projected future earnings, cash flows, and dividends. For fixed income investments, each fund’s investment manager may consider credit, interest rate, and prepayment risks, as well as general market conditions. Each fund’s investment manager may also select other investments that do not fall within these asset classes.
For a further discussion of each fund’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 128.
Putnam Short Term Investment Fund (“Short Term Investment Fund”)
Short Term Investment Fund invests in a diversified portfolio of fixed income securities with a focus on short duration, investment-grade money market and other fixed income instruments.
Under normal circumstances, the effective duration of Short Term Investment Fund’s portfolio will generally not exceed one year, which helps limit the fund’s sensitivity to changes in interest rates. Short Term Investment Fund will maintain a dollar-weighted average portfolio maturity of three years or less.
In evaluating investments, Short Term Investment Fund’s investment manager may consider factors such as credit risk, interest rate risk, prepayment risk, and general market conditions when deciding whether to buy or sell securities.
For a further discussion of Short Term Investment Fund’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 128.
Franklin BSP Lending Fund (“BSP Lending Fund”)
BSP Lending Fund seeks to generate risk-adjusted returns with consistent current income through private debt investment opportunities in middle market companies in the United States. BSP Lending Fund’s portfolio will consist of privately offered secured debt and unsecured debt across directly originated corporate loans and, to a lesser extent, broadly syndicated corporate loans, collateralized loan obligations and high yield corporate bonds. Under normal circumstances, debt investments will represent at least 80% of BSP Lending Fund’s net assets (plus the amount of any borrowings for investment purposes).
For a further discussion of BSP Lending Fund’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 128.
Clarion Partners Real Estate Income Fund Inc. (“Clarion Partners Real Estate Fund”)
Clarion Partners Real Estate Fund intends under normal market conditions to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of private commercial real estate and publicly traded real estate securities. Investments may consist of (i) privately owned commercial real estate, in the form of equity and debt, and (ii) publicly traded real estate debt and equity securities. It is expected that a majority of Clarion Partners Real Estate Fund’s underlying investments in real estate will be located in the United States, although the fund may also make investments internationally. Clarion Partners, LLC (“Clarion Partners”), Clarion Partners Real Estate Fund’s sub-adviser, will seek to select investments across property types, geographic regions and metropolitan areas in order to generate attractive current income with the potential for long term appreciation and favorable risk-adjusted returns.
For a further discussion of Clarion Partners Real Estate Fund’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 128.
Read More

PREGX - Performance

Return Ranking - Trailing

Period PREGX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% 1.3% 12.2% 93.26%
1 Yr 12.8% 12.4% 23.4% 98.88%
3 Yr 11.9%* 10.3% 17.0% 92.70%
5 Yr 6.7%* 4.0% 8.8% 71.26%
10 Yr N/A* 6.5% 11.1% 89.08%

* Annualized

Return Ranking - Calendar

Period PREGX Return Category Return Low Category Return High Rank in Category (%)
2025 7.9% -6.1% 17.6% 71.35%
2024 9.8% -5.7% 13.2% 13.48%
2023 13.1% 2.9% 18.6% 49.15%
2022 -18.8% -35.5% -11.3% 18.64%
2021 0.1% -5.5% 16.8% 83.23%

Total Return Ranking - Trailing

Period PREGX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% 1.3% 12.2% 93.26%
1 Yr 12.8% 12.4% 23.4% 98.88%
3 Yr 11.9%* 10.3% 17.0% 92.70%
5 Yr 6.7%* 4.0% 8.8% 71.26%
10 Yr N/A* 6.5% 11.1% 85.47%

* Annualized

Total Return Ranking - Calendar

Period PREGX Return Category Return Low Category Return High Rank in Category (%)
2025 12.2% 9.7% 22.1% 93.82%
2024 14.6% -0.8% 21.6% 9.55%
2023 28.1% 11.1% 30.3% 2.82%
2022 -1.1% -20.9% 0.1% 1.13%
2021 11.2% 2.4% 20.5% 91.62%

NAV & Total Return History

PREGX - Holdings

Concentration Analysis

PREGX Category Low Category High PREGX % Rank
Net Assets 400 M 16 M 126 B 74.16%
Number of Holdings 7 2 899 92.13%
Net Assets in Top 10 400 M 20.5 M 119 B 67.42%
Weighting of Top 10 100.11% 58.6% 128.5% 4.09%

Top 10 Holdings

  1. Putnam ESG Core Bond ETF 32.40%
  2. Putnam Sustainable Leaders ETF 31.09%
  3. Putnam Sustainable Future ETF 14.69%
  4. Putnam PanAgora ESG International Equity ETF 9.39%
  5. Putnam ESG Ultra Short ETF 6.89%
  6. Putnam ESG High Yield ETF 5.48%
  7. Putnam Government Money Market Fund, Class G 0.16%

Asset Allocation

Weighting Return Low Return High PREGX % Rank
Convertible Bonds 		0.43% 0.00% 1.96% 31.46%
Cash 		0.16% 0.00% 37.73% 50.56%
Stocks 		0.00% 0.00% 99.99% 94.38%
Preferred Stocks 		0.00% 0.00% 0.04% 77.53%
Other 		0.00% -0.10% 10.15% 64.04%
Bonds 		0.00% 0.00% 46.41% 82.58%

PREGX - Expenses

Operational Fees

PREGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.24% 0.05% 14.53% 20.34%
Management Fee 0.48% 0.00% 0.83% 86.83%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.29% N/A

Sales Fees

PREGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

PREGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PREGX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 46.00% 1.60% 106.00% 88.75%

PREGX - Distributions

Dividend Yield Analysis

PREGX Category Low Category High PREGX % Rank
Dividend Yield 1.82% 0.00% 6.95% 53.37%

Dividend Distribution Analysis

PREGX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual SemiAnnual Annual

Net Income Ratio Analysis

PREGX Category Low Category High PREGX % Rank
Net Income Ratio 1.01% -0.09% 3.75% 72.73%

Capital Gain Distribution Analysis

PREGX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

PREGX - Fund Manager Analysis

Managers

Robert Schoen

Start Date

Tenure

Tenure Rank

Nov 01, 2004

17.59

17.6%

Robert Schoen is Co-Head of the Global Asset Allocation (GAA) group at Putnam Investments. In partnership with other GAA co-heads, he is responsible for the overall strategy and positioning of Putnam's GAA products. Robert’s career in the investment industry began in 1990. He joined Putnam in 1997. Prior to joining Putnam (from 1992 to 1997), Robert was a self-employed Financial Consultant. He was Head of Research at an asset management company from 1990 to 1992. Robert has a BA from Tufts University and an MBA from New York University, Stern School of Business.

James Fetch

Start Date

Tenure

Tenure Rank

Nov 30, 2012

9.5

9.5%

Mr. Fetch is a Co-Head of Global Asset Allocation (GAA). In partnership with the other GAA Co-Heads, he directs the overall strategy and positioning of Putnam’s GAA products. He is responsible for portfolio construction and risk management of GAA portfolios. His work also contributes to Putnam’s Capital Markets Outlook. Mr. Fetch is a portfolio manager of Putnam Dynamic Asset Allocation Funds (Balanced, Conservative, and Growth); Putnam Dynamic Risk Allocation Fund; Putnam Multi-Asset Absolute Return Fund; Putnam Multi-Asset Model Portfolios; Putnam Retirement Advantage Funds; Putnam RetirementReady Funds; Putnam Total Return Fund; and Putnam 529 for America. Mr. Fetch has been in the investment industry since he joined Putnam in 1994. After leaving in 1998 to complete his M.B.A., he rejoined the firm in 2000.

Brett Goldstein

Start Date

Tenure

Tenure Rank

Mar 31, 2019

3.17

3.2%

Co-Chief Investment Officer, Global Asset Allocation. Previously, Portfolio Manager and Analyst.

Adrian Chan

Start Date

Tenure

Tenure Rank

Nov 30, 2021

0.5

0.5%

Mr. Chan is a Portfolio Manager in the Global Asset Allocation group. He joined Putnam in 2003 and first served in the investment industry from 2003 to 2006. After leaving to complete his M.B.A., Mr. Chan rejoined the industry full-time in 2008. Previously at Putnam, Mr. Chan served as an Investment Associate from 2003 to 2006, a Summer Intern in 2007, and an Analyst from 2008 to 2015. Mr. Chan earned an M.B.A. from The Wharton School at the University of Pennsylvania and an A.B. from Harvard University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 17.59 5.81 2.41

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