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Managed Fund Since 2020
Multi-Asset
PCJUX Putnam Retirement Advantage Plus 2065 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.
Popular Documents
Fund repositioned
Overview
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.
- Benchmark
3 - S&P Target Date To 2065+ Index
- Fund Inception Date
- 01/04/2021
- Dividend Frequency, if any
- Annually
- Distribution Rate at NAV
As of 03/13/2026 (Updated Daily) - 0.43%
Identifiers
- Ticker
- PCJUX
- Fund Number
- 963
- CUSIP Code
- 74686J286
Average Annual Total Returns As of 02/28/2026
Class R
- 12.40%1 Year
- 16.00%3 Years
- 9.14%5 Years
- —10 Years
- 9.27%Since Inception
12/31/2020
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
- 01/04/2021
- Investment Style
- Target Date
- Lipper Classification
- Mixed-Asset Target 2060+ Funds
- Morningstar Category
6 - Target-Date 2065+
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
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Managed Fund Since 2021
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Managed Fund Since 2025
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Managed Fund Since 2025
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Managed Fund Since 2026
Latest Insights
February 6, 2026
January 23, 2026
Performance
Average Annual Total Returns
As of 02/28/2026
Selected Month February 2026
Class R - With Sales Charge (POP) (%)
Month End
As of 02/28/2026
Class R - Without Sales Charge (NAV) (%)
Month End
As of 02/28/2026
S&P Target Date To 2065+ 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.
Ratings 8
©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
- $1.51 Million
Positions
As of 02/28/2026 (Updated Monthly)
Number of Holdings
- Fund
- 5
Holdings
As of 02/28/2026 (Updated Monthly)
PUTNAM DYNAMIC ASSET ALLOCATION EQUITY FUND
PUTNAM DYNAMIC ASSET ALLOCATION GROWTH FUND
Cash and Equivalents
FRANKLIN BSP LENDING FUND
CLARION PARTNERS REAL ESTATE INCOME FUND INC
PUTNAM SHORT TERM INVESTMENT FUND
Distributions & Tax
- Distribution Frequency
- AnnuallyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
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
12/30/2025
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Putnam Sustainable Retirement Funds (Class Y) |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Putnam Retirement Advantage 2065 Plus Fund - Class R | |||
| Annual Financial Statements and Other Information - Putnam Retirement Advantage Plus | |||
| Semi-Annual Report - Putnam Retirement Advantage Plus 2065 Fund - Class R | |||
| Semi-Annual Financial Statements and Other Information - Putnam Retirement Advantage Plus Funds | |||
| Prospectus - Putnam Retirement Advantage Plus | |||
| Statement Of Additional Information - Putnam Target Date Funds | |||
| Fiscal Q1 Holdings - Putnam Target Date Funds | |||
| Fiscal Q3 Holdings - Putnam Retirement Advantage Plus Funds |
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.