Multi-Asset

PRMYX Putnam Retirement Advantage Plus Maturity Fund

Established target date expertise focused on improving participant outcomes. Designed and managed by the same Franklin Templeton Investment Solutions (FTIS) team that oversees Putnam Retirement Advantage.
Deep private alternatives due diligence and manager research capabilities. Supported by FTIS' dedicated alternatives manager research team, with 30+ years of experience conducting hedge fund and private alternatives due diligence.
Enhanced diversification within a target date framework. Professionally managed diversified exposure to traditional and alternative asset classes at the total portfolio level.

Overview

See the risks and other important information.

Fund Facts

Fund description

Seeks as high a rate of current income as the portfolio managers believe is consistent with capital preservation. The fund is designed for investors who are near or in retirement and who want to take income distributions from their savings.

Benchmark³: S&P Target Date To Retirement Income Index
Dividend Frequency, if any: Monthly
Distribution Rate at NAV⁴As of 03/11/2026 (Updated Daily): 2.54%
30-Day SEC Yield—With Waiver^5,6,7As of 02/28/2026 (Updated Monthly): 3.55%
30-Day SEC Yield—Without Waiver^6,7As of 02/28/2026 (Updated Monthly): 3.12%
Fund Inception Date: 11/01/2004

Sales Charges, Expenses & Fees

As of 12/01/2025

Gross Expense Ratio⁸: 1.10%
Net Expense Ratio^8,9: 0.60%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: —

Identifiers

Fund Number: 1951
Ticker: PRMYX
CUSIP Code: 746859388

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Class Y

With Sales Charge (POP)

Without Sales Charge (NAV)

7.11%1 Year
8.58%3 Years
4.47%5 Years
3.97%10 Years
3.39%Since Inception
10/29/2004

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Additional Fund Info

Share Class Inception Date: 11/01/2004
Investment Style: Income
Lipper Classification: Mixed-Asset Target Today Funds
Morningstar Category¹⁰: Target-Date Retirement

Manager and Commentary

About the Team

Franklin Templeton Investment Solutions

Franklin Templeton Investment Solutions (FTIS) is a leader in multi-asset, quantitative, and hedged solutions, leveraging a global network of investment teams to offer innovative and diversified strategies. With a focus on long-term investing, we combine deep research, active management, and data-driven insights to create solutions which seek to meet the evolving needs of investors worldwide.

Franklin Templeton Investment Solutions

Managed Fund Since 2019

Managed Fund Since 2021

Managed Fund Since 2025

Managed Fund Since 2026

Latest Insights

March 2, 2026

Capturing Conviction: Translating multi-manager fundamental insights into optimization-ready signals for institutional portfolio design

February 6, 2026

Allocation Views: Confidence, not complacency

January 23, 2026

Hedge Fund Strategy Outlook: First quarter 2026

January 21, 2026

From cyclical recovery to structural opportunity—why emerging markets look different this time

Performance

Average Annual Total Returns

As of 02/28/2026

Month End

Quarter End

As of

Class Y - With Sales Charge (POP) (%)

Month End

As of 02/28/2026

Class Y - Without Sales Charge (NAV) (%)

Month End

As of 02/28/2026

S&P Target Date To Retirement Income Index (%) ³

Month End

As of 02/28/2026

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 2 out of 5 stars
As of 02/28/2026

3 Years: 3 Years: 2 out of 5 stars
134 Funds in category

5 Years: 5 Years: 4 out of 5 stars
127 Funds in category

10 Years: 10 Years: 1 out of 5 stars
82 Funds in category

Rating Category: Target-Date Retirement

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 02/28/2026

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of02/28/2026 (Updated Monthly)

Total Net Assets: $636.50 Million

Positions

As of 02/28/2026 (Updated Monthly)

Number of Holdings

Fund: 5

Holdings
As of 01/31/2026 (Updated Monthly)

PUTNAM ESG CORE BOND ETF

PUTNAM ESG HIGH YIELD ETF

PUTNAM SUSTAINABLE LEADERS ETF

PUTNAM SUSTAINABLE FUTURE ETF

PUTNAM ESG ULTRA SHORT ETF

PUTNAM PANAGORA ESG INTERNATIONAL EQUITY ETF

Cash and Equivalents

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: MonthlyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Proposed 2026 Distribution dates for Putnam funds (excluding ETFs).

Rates and Yields Read important information about results and other investment disclosures

Distribution Rate ⁴

As of 03/11/2026 (Updated Daily)

At Net Asset Value (NAV) 2.54%

30-Day SEC Yield ^5,6,7

As of 02/28/2026 (Updated Monthly)

w/ Waiver 3.55%

w/o Waiver 3.12%

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

02/27/2026

01/30/2026

Pricing

Pricing History

As of 03/11/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/11/2026

Share Prices

As of 03/11/2026

NAV ¹(Net Asset Value): $16.99
NAV Change ¹: $-0.04
NAV Change (%) ¹: -0.23%
POP ¹¹(Public Offering Price): $16.99

52-Week Range

Highest NAV As of 10/27/2025: $17.46
Lowest NAV As of 04/08/2025: $15.66

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam Sustainable Retirement Funds (Class Y)	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Prospectus - Putnam Retirement Advantage Plus	Download Document
Checkbox	Annual Report - Putnam Retirement Advantage Plus Maturity Fund - Class Y	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam Retirement Advantage Plus	Download Document
Checkbox	Semi-Annual Report - Putnam Retirement Advantage Plus Maturity Fund - Class Y	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam Retirement Advantage Plus Funds	Download Document
Checkbox	Statement Of Additional Information - Putnam Target Date Funds	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Target Date Funds	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Retirement Advantage Plus Funds	Download Document

Risks

All investments involve risks, including possible loss of principal. Investments in underlying funds are subject to the same risks as, and indirectly bear the fees and expenses of, the underlying funds. The allocation of assets among different strategies, asset classes and investments may not prove beneficial or produce the desired results. The investment style may become out of favor, which may have a negative impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. An investment in private market investments is suitable only for investors who can bear the risks associated with them (such as private credit and private equity) with potential limited liquidity. Shares will not be listed on a public exchange, and no secondary market is expected to develop. Interval funds are required to offer quarterly redemptions of at least 5% of fund NAV. Tender offer funds offer periodic redemptions with timing and amounts set by the manager. Many tender offer funds offer quarterly redemptions but can be reduced or suspended from the fund's intended targets board approval. The risks associated with a real estate strategy include, but are not limited to various risks inherent in the ownership of real estate property, such as fluctuations in lease occupancy rates and operating expenses, variations in rental schedules, which in turn may be adversely affected by general and local economic conditions, the supply and demand for real estate properties, zoning laws, rent control laws, real property taxes, the availability and costs of financing, environmental laws, and uninsured losses (generally from catastrophic events such as earthquakes, floods and wars). Active management does not ensure gains or protect against market declines. These and other risks are discussed in the fund's prospectus.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

The S&P Target Date To Index Series is designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The S&P Target Date To Retirement Income Index is designed to represent a market consensus of asset class exposure and glide path across the universe of "to" target date fund managers.
Source: © S&P Dow Jones Indices LLC. All rights reserved.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) DIAL BEN/342-5236 for more information.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
Effective July 24, 2024, the fund changed its benchmark to the S&P Target Date To Retirement Income Index.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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PRMYX Putnam Retirement Advantage Plus Maturity Fund

Popular Documents

Fund repositioned

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 02/28/2026

Class Y

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings ¹²

Portfolio

Assets

Positions

Holdings
As of 01/31/2026 (Updated Monthly)

Distributions & Tax

Rates and Yields Read important information about results and other investment disclosures

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

Pricing

Pricing History

March 2026

March 2026

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

PRMYX Putnam Retirement Advantage Plus Maturity Fund

Popular Documents

Fund repositioned

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class Y

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 12

Portfolio

Distributions & Tax

Rates and Yields Read important information about results and other investment disclosures

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ¹²