Multi-Asset

PREGX Putnam Retirement Advantage Plus 2035 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 capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. Each fund's target date reflects when investors are expected to retire and determines the portfolio's asset allocation.

Benchmark³: S&P Target Date To 2035 Index
Fund Inception Date: 11/01/2004
Dividend Frequency, if any: Annually
Distribution Rate at NAVAs of 03/10/2026 (Updated Daily): 1.93%

Sales Charges, Expenses & Fees

As of 12/01/2025

Gross Expense Ratio⁴: 1.03%
Net Expense Ratio^4,5: 0.50%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: —

Identifiers

Ticker: PREGX
Fund Number: 8957
CUSIP Code: 746859123

Average Annual Total Returns As of 02/28/2026

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

Class R6

With Sales Charge (POP)

Without Sales Charge (NAV)

8.22%1 Year
11.85%3 Years
6.90%5 Years
7.84%10 Years
6.50%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: 09/01/2016
Investment Style: Target Date
Lipper Classification: Mixed-Asset Target 2035 Funds
Morningstar Category⁶: Target-Date 2035

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

Calendar Year Returns

As of 02/28/2026

Month End

Quarter End

Class R6 - Without Sales Charge (NAV) (%)

S&P Target Date To 2035 Index (%)

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.

The fund began offering Class R6 shares on 9/1/2016. Returns for periods prior to 9/1/2016 are based on the fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

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

3 Years: 3 Years: 1 out of 5 stars
178 Funds in category

5 Years: 5 Years: 2 out of 5 stars
163 Funds in category

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

Rating Category: Target-Date 2035

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 of01/31/2026 (Updated Monthly)

Total Net Assets: $400.02 Million

Positions

As of 01/31/2026 (Updated Monthly)

Number of Holdings

Fund: 6

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

PUTNAM ESG CORE BOND ETF

PUTNAM SUSTAINABLE LEADERS ETF

PUTNAM SUSTAINABLE FUTURE ETF

PUTNAM PANAGORA ESG INTERNATIONAL EQUITY ETF

PUTNAM ESG ULTRA SHORT ETF

PUTNAM ESG HIGH YIELD ETF

Cash and Equivalents

Distributions & Tax

Federal ID Number 51-6560187

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Dec 30	0.589302	0.113794	—	—	—	—	0.006802	—	—
	0.589302	0.113794	—	—	—	—	0.006802	—	—

Dec 30

Supplemental Tax Information

Foreign Source Income: 1.23%
Foreign Source Qualified Dividends: 0.62%
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 6.60%
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 03/10/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/10/2026

Share Prices

As of 03/10/2026

NAV ¹(Net Asset Value): $30.15
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
POP ⁷(Public Offering Price): $30.15

52-Week Range

Highest NAV As of 12/11/2025: $31.53
Lowest NAV As of 04/08/2025: $25.73

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	Annual Report - Putnam Retirement Advantage Plus 2035 Fund - Class R6	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam Retirement Advantage Plus	Download Document
Checkbox	Semi-Annual Report - Putnam Retirement Advantage Plus 2035 Funds - Class R6	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam Retirement Advantage Plus Funds	Download Document
Checkbox	Prospectus - Putnam Retirement Advantage Plus	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.

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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.

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 2035 Index.
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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