2026-08-1774200174600_FranklinRetirementAdvantagePlusMaturityFund_ClassA


Franklin Retirement Advantage Plus Maturity Fund
Class A [PRMAX]
Annual Shareholder Report \| July 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage Plus Maturity Fund (previously known as Putnam Retirement Advantage Plus Maturity Fund) for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A¹	$43	0.42%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class A shares of Franklin Retirement Advantage Plus Maturity Fund returned 5.96%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 8.69% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the international high dividend equity, U.S. high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the global fixed income strategy.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT ($9,600 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class A	5.96	4.18	3.47
Class A (with sales charge)	1.72	3.34	3.05
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
Russell 3000 Index	19.60	11.82	14.56
S&P Target Date To Retirement Income Index	8.69	3.92	4.98

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$626,311,459
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	105%

HOW HAS THE FUND CHANGED?

Effective February 27, 2026, the Fund’s name changed from Putnam Sustainable Retirement Maturity Fund to Putnam Retirement Advantage Plus Maturity Fund. Effective July 15, 2026, the Fund’s name changed from Putnam Retirement Advantage Plus Maturity Fund to Franklin Retirement Advantage Plus Maturity Fund.

Effective February 27, 2026, the Fund’s principal investment strategies changed to pursue the Fund’s investment objective by investing primarily in mutual funds and closed-end funds managed by the Investment Manager or its affiliates that invest primarily in equity, fixed income, and alternatives asset classes. In connection with the foregoing, effective February 27, 2026, the Fund is no longer subject to the following non-fundamental investment policy:

Under normal circumstances, the Fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by the Investment Manager or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet each underlying fund’s respective sustainability or ESG criteria and that represent at least 80% of the value of its net assets.

In addition, effective February 27, 2026, the Fund’s approximate allocations to each asset class and underlying fund as of February 27, 2026 and its projected approximate allocations to those asset classes and underlying funds as of February 26, 2027 were revised to reflect the changes to the Fund’s principal investment strategies described above.

Effective February 27, 2026, the following principal risks were added to the Fund’s prospectus: alternative strategies risk, private credit risk, and real estate risk. In addition, effective February 27, 2026, the following risks were removed as principal risks from the Fund’s prospectus: sustainability and ESG investing risk, industry or sector concentration risk, geographic focus risk, and the risks relating to underlying fund investments in exchange-traded funds.

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.

Effective February 27, 2026, the current total expense cap on each class of the Fund (exclusive of payments under the Fund’s distribution plans, brokerage, interest, taxes, investment-related expenses, acquired fund fees and expenses (which are separately waived), and extraordinary expenses) was increased so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.70%, 0.70%, 0.85%, 0.85%, 0.85%, 0.70%, 0.60% and 0.70%, respectively, of the Fund’s average net assets.

This is a summary of certain changes to the Fund since August 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by December 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus Maturity Fund
Class C [PRMCX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C¹	$120	1.17%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class C shares of Franklin Retirement Advantage Plus Maturity Fund returned 5.20%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 8.69% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the international high dividend equity, U.S. high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the global fixed income strategy.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class C	5.20	3.42	2.84
Class C (with sales charge)	4.20	3.42	2.84
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
Russell 3000 Index	19.60	11.82	14.56
S&P Target Date To Retirement Income Index	8.69	3.92	4.98

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$626,311,459
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	105%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus Maturity Fund
Class R [PRMKX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R¹	$83	0.81%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R shares of Franklin Retirement Advantage Plus Maturity Fund returned 5.50%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 8.69% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the international high dividend equity, U.S. high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the global fixed income strategy.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R	5.50	3.76	3.12
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
Russell 3000 Index	19.60	11.82	14.56
S&P Target Date To Retirement Income Index	8.69	3.92	4.98

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$626,311,459
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	105%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus Maturity Fund
Class R3 [PACKX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R3¹	$59	0.57%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R3 shares of Franklin Retirement Advantage Plus Maturity Fund returned 5.77%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 8.69% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the international high dividend equity, U.S. high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the global fixed income strategy.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R3	5.77	4.02	3.31
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
Russell 3000 Index	19.60	11.82	14.56
S&P Target Date To Retirement Income Index	8.69	3.92	4.98

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R3 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund’s Class Y performance. The restated performance for Class R3 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$626,311,459
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	105%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus Maturity Fund
Class R4 [PACPX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R4¹	$33	0.32%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R4 shares of Franklin Retirement Advantage Plus Maturity Fund returned 6.03%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 8.69% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the international high dividend equity, U.S. high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the global fixed income strategy.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R4	6.03	4.30	3.57
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
Russell 3000 Index	19.60	11.82	14.56
S&P Target Date To Retirement Income Index	8.69	3.92	4.98

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R4 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund’s Class Y performance. The restated performance for Class R4 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$626,311,459
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	105%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus Maturity Fund
Class R5 [PACQX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$16	0.16%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R5 shares of Franklin Retirement Advantage Plus Maturity Fund returned 6.19%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 8.69% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the international high dividend equity, U.S. high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the global fixed income strategy.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R5	6.19	4.44	3.73
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
Russell 3000 Index	19.60	11.82	14.56
S&P Target Date To Retirement Income Index	8.69	3.92	4.98

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R5 shares on 1/4/2021. Returns for periods prior to 1/4/2021 reflect a restated figure based on the Fund’s Class R6 performance. The restated performance for Class R5 was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$626,311,459
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	105%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus Maturity Fund
Class R6 [PREWX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6¹	$7	0.07%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R6 shares of Franklin Retirement Advantage Plus Maturity Fund returned 6.30%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 8.69% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the international high dividend equity, U.S. high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the global fixed income strategy.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R6	6.30	4.55	3.82
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
Russell 3000 Index	19.60	11.82	14.56
S&P Target Date To Retirement Income Index	8.69	3.92	4.98

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R6 shares on 9/1/2016. Returns for periods before 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 have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$626,311,459
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	105%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus Maturity Fund
Class Y [PRMYX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$16	0.16%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class Y shares of Franklin Retirement Advantage Plus Maturity Fund returned 6.20%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 8.69% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the international high dividend equity, U.S. high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the global fixed income strategy.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class Y	6.20	4.44	3.72
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
Russell 3000 Index	19.60	11.82	14.56
S&P Target Date To Retirement Income Index	8.69	3.92	4.98

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$626,311,459
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	105%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus 2030 Fund
Class A [PRRQX]
Annual Shareholder Report \| July 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage Plus 2030 Fund (previously known as Putnam Retirement Advantage Plus 2030 Fund) for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A¹	$41	0.40%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class A shares of Franklin Retirement Advantage Plus 2030 Fund returned 6.27%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 12.48% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, international high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, global fixed income and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class A	6.27	4.62	5.45
Class A (with sales charge)	0.16	3.39	4.82
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2030 Index	12.48	5.99	7.79

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$545,803,406
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective February 27, 2026, the Fund’s name changed from Putnam Sustainable Retirement 2030 Fund to Putnam Retirement Advantage Plus 2030 Fund. Effective July 15, 2026, the Fund’s name changed from Putnam Retirement Advantage Plus 2030 Fund to Franklin Retirement Advantage Plus 2030 Fund.

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.

Effective October 1, 2025, management fees for each class of the Fund were restated to reflect the reduced management fee rate that took effect under the Fund’s management agreement based on the number of years remaining until the date referenced in the Fund’s name.


Franklin Retirement Advantage Plus 2030 Fund
Class C
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C¹	$118	1.15%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class C shares of Franklin Retirement Advantage Plus 2030 Fund returned 5.46%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 12.48% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, international high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, global fixed income and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class C	5.46	3.84	4.82
Class C (with sales charge)	4.46	3.84	4.82
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2030 Index	12.48	5.99	7.79

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$545,803,406
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2030 Fund
Class R
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R¹	$79	0.77%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R shares of Franklin Retirement Advantage Plus 2030 Fund returned 5.82%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 12.48% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, international high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, global fixed income and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R	5.82	4.20	5.10
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2030 Index	12.48	5.99	7.79

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$545,803,406
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2030 Fund
Class R3 [PADOX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R3¹	$57	0.55%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R3 shares of Franklin Retirement Advantage Plus 2030 Fund returned 6.10%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 12.48% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, international high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, global fixed income and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R3	6.10	4.47	5.30
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2030 Index	12.48	5.99	7.79

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$545,803,406
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2030 Fund
Class R4 [PADNX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R4¹	$30	0.29%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R4 shares of Franklin Retirement Advantage Plus 2030 Fund returned 6.35%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 12.48% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, international high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, global fixed income and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R4	6.35	4.73	5.57
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2030 Index	12.48	5.99	7.79

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$545,803,406
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2030 Fund
Class R5 [PADRX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$15	0.15%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R5 shares of Franklin Retirement Advantage Plus 2030 Fund returned 6.52%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 12.48% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, international high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, global fixed income and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R5	6.52	4.89	5.72
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2030 Index	12.48	5.99	7.79

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$545,803,406
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2030 Fund
Class R6 [PREZX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6¹	$5	0.05%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R6 shares of Franklin Retirement Advantage Plus 2030 Fund returned 6.62%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 12.48% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, international high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, global fixed income and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R6	6.62	4.99	5.81
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2030 Index	12.48	5.99	7.79

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$545,803,406
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2030 Fund
Class Y [PRRTX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$15	0.15%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class Y shares of Franklin Retirement Advantage Plus 2030 Fund returned 6.48%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 12.48% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, international high dividend equity and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, global fixed income and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class Y	6.48	4.88	5.71
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2030 Index	12.48	5.99	7.79

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$545,803,406
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2035 Fund
Class A [PRRWX]
Annual Shareholder Report \| July 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage Plus 2035 Fund (previously known as Putnam Retirement Advantage Plus 2035 Fund) for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A¹	$37	0.36%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class A shares of Franklin Retirement Advantage Plus 2035 Fund returned 8.15%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 15.04% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, fundamental international equity, and fundamental emerging market strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class A	8.15	5.89	6.91
Class A (with sales charge)	1.93	4.64	6.28
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2035 Index	15.04	7.18	8.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$411,853,996
Total Number of Portfolio Holdings	7
Total Management Fee Paid	$0
Portfolio Turnover Rate	126%

HOW HAS THE FUND CHANGED?

Effective February 27, 2026, the Fund’s name changed from Putnam Sustainable Retirement 2035 Fund to Putnam Retirement Advantage Plus 2035 Fund. Effective July 15, 2026, the Fund’s name changed from Putnam Retirement Advantage Plus 2035 Fund to Franklin Retirement Advantage Plus 2035 Fund.

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2035 Fund
Class C
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C¹	$115	1.11%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class C shares of Franklin Retirement Advantage Plus 2035 Fund returned 7.34%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 15.04% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, fundamental international equity, and fundamental emerging market strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class C	7.34	5.10	6.27
Class C (with sales charge)	6.34	5.10	6.27
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2035 Index	15.04	7.18	8.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$411,853,996
Total Number of Portfolio Holdings	7
Total Management Fee Paid	$0
Portfolio Turnover Rate	126%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2035 Fund
Class R
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R¹	$79	0.76%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R shares of Franklin Retirement Advantage Plus 2035 Fund returned 7.72%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 15.04% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, fundamental international equity, and fundamental emerging market strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R	7.72	5.46	6.55
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2035 Index	15.04	7.18	8.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$411,853,996
Total Number of Portfolio Holdings	7
Total Management Fee Paid	$0
Portfolio Turnover Rate	126%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2035 Fund
Class R3 [PADUX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R3¹	$53	0.51%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R3 shares of Franklin Retirement Advantage Plus 2035 Fund returned 8.02%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 15.04% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, fundamental international equity, and fundamental emerging market strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R3	8.02	5.73	6.77
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2035 Index	15.04	7.18	8.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$411,853,996
Total Number of Portfolio Holdings	7
Total Management Fee Paid	$0
Portfolio Turnover Rate	126%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2035 Fund
Class R4 [PADSX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R4¹	$27	0.26%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R4 shares of Franklin Retirement Advantage Plus 2035 Fund returned 8.29%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 15.04% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, fundamental international equity, and fundamental emerging market strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R4	8.29	6.00	7.04
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2035 Index	15.04	7.18	8.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$411,853,996
Total Number of Portfolio Holdings	7
Total Management Fee Paid	$0
Portfolio Turnover Rate	126%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2035 Fund
Class R5 [PADVX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$11	0.11%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R5 shares of Franklin Retirement Advantage Plus 2035 Fund returned 8.40%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 15.04% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, fundamental international equity, and fundamental emerging market strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R5	8.40	6.15	7.20
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2035 Index	15.04	7.18	8.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$411,853,996
Total Number of Portfolio Holdings	7
Total Management Fee Paid	$0
Portfolio Turnover Rate	126%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2035 Fund
Class R6 [PREGX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6¹	$1	0.01%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R6 shares of Franklin Retirement Advantage Plus 2035 Fund returned 8.54%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 15.04% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, fundamental international equity, and fundamental emerging market strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R6	8.54	6.26	7.28
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2035 Index	15.04	7.18	8.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$411,853,996
Total Number of Portfolio Holdings	7
Total Management Fee Paid	$0
Portfolio Turnover Rate	126%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2035 Fund
Class Y [PRRYX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$11	0.11%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class Y shares of Franklin Retirement Advantage Plus 2035 Fund returned 8.43%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 15.04% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small cap equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental large cap value equity, fundamental international equity, and fundamental emerging market strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class Y	8.43	6.15	7.18
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2035 Index	15.04	7.18	8.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$411,853,996
Total Number of Portfolio Holdings	7
Total Management Fee Paid	$0
Portfolio Turnover Rate	126%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2040 Fund
Class A [PRRZX]
Annual Shareholder Report \| July 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage Plus 2040 Fund (previously known as Putnam Retirement Advantage Plus 2040 Fund) for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A¹	$36	0.34%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class A shares of Franklin Retirement Advantage Plus 2040 Fund returned 10.01%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 17.12% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental U.S. large- capitalization growth equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class A	10.01	6.75	8.08
Class A (with sales charge)	3.68	5.50	7.44
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2040 Index	17.12	8.21	9.75

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$424,493,212
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	120%

HOW HAS THE FUND CHANGED?

Effective February 27, 2026, the Fund’s name changed from Putnam Sustainable Retirement 2040 Fund to Putnam Retirement Advantage Plus 2040 Fund. Effective July 15, 2026, the Fund’s name changed from Putnam Retirement Advantage Plus 2040 Fund to Franklin Retirement Advantage Plus 2040 Fund.

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2040 Fund
Class C
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C¹	$114	1.09%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class C shares of Franklin Retirement Advantage Plus 2040 Fund returned 9.19%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 17.12% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental U.S. large- capitalization growth equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class C	9.19	5.96	7.43
Class C (with sales charge)	8.19	5.96	7.43
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2040 Index	17.12	8.21	9.75

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$424,493,212
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	120%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2040 Fund
Class R
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R¹	$77	0.73%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R shares of Franklin Retirement Advantage Plus 2040 Fund returned 9.62%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 17.12% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental U.S. large- capitalization growth equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R	9.62	6.33	7.72
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2040 Index	17.12	8.21	9.75

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$424,493,212
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	120%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2040 Fund
Class R3 [PAAUX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R3¹	$48	0.46%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R3 shares of Franklin Retirement Advantage Plus 2040 Fund returned 9.90%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 17.12% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental U.S. large- capitalization growth equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R3	9.90	6.61	7.95
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2040 Index	17.12	8.21	9.75

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$424,493,212
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	120%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2040 Fund
Class R4 [PAAYX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R4¹	$24	0.23%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R4 shares of Franklin Retirement Advantage Plus 2040 Fund returned 10.11%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 17.12% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental U.S. large- capitalization growth equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R4	10.11	6.87	8.22
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2040 Index	17.12	8.21	9.75

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$424,493,212
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	120%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2040 Fund
Class R5 [PABTX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$8	0.08%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R5 shares of Franklin Retirement Advantage Plus 2040 Fund returned 10.29%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 17.12% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental U.S. large- capitalization growth equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R5	10.29	7.02	8.38
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2040 Index	17.12	8.21	9.75

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$424,493,212
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	120%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2040 Fund
Class R6 [PREHX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6¹	$(2)	-0.02%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R6 shares of Franklin Retirement Advantage Plus 2040 Fund returned 10.43%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 17.12% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental U.S. large- capitalization growth equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R6	10.43	7.13	8.45
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2040 Index	17.12	8.21	9.75

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$424,493,212
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	120%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2040 Fund
Class Y [PRZZX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$8	0.08%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class Y shares of Franklin Retirement Advantage Plus 2040 Fund returned 10.30%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 17.12% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental U.S. large- capitalization growth equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class Y	10.30	7.03	8.35
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2040 Index	17.12	8.21	9.75

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$424,493,212
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	120%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2045 Fund
Class A [PRVLX]
Annual Shareholder Report \| July 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage Plus 2045 Fund (previously known as Putnam Retirement Advantage Plus 2045 Fund) for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A¹	$34	0.32%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class A shares of Franklin Retirement Advantage Plus 2045 Fund returned 11.58%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class A	11.58	7.36	8.96
Class A (with sales charge)	5.17	6.10	8.32
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2045 Index	18.95	9.08	10.43

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$368,733,282
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	116%

HOW HAS THE FUND CHANGED?

Effective February 27, 2026, the Fund’s name changed from Putnam Sustainable Retirement 2045 Fund to Putnam Retirement Advantage Plus 2045 Fund. Effective July 15, 2026, the Fund’s name changed from Putnam Retirement Advantage Plus 2045 Fund to Franklin Retirement Advantage Plus 2045 Fund.

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2045 Fund
Class C
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C¹	$113	1.07%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class C shares of Franklin Retirement Advantage Plus 2045 Fund returned 10.78%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class C	10.78	6.56	8.31
Class C (with sales charge)	9.78	6.56	8.31
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2045 Index	18.95	9.08	10.43

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$368,733,282
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	116%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2045 Fund
Class R
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R¹	$76	0.72%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R shares of Franklin Retirement Advantage Plus 2045 Fund returned 11.15%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R	11.15	6.93	8.60
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2045 Index	18.95	9.08	10.43

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$368,733,282
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	116%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2045 Fund
Class R3 [PACGX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R3¹	$48	0.45%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R3 shares of Franklin Retirement Advantage Plus 2045 Fund returned 11.43%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R3	11.43	7.21	8.86
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2045 Index	18.95	9.08	10.43

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$368,733,282
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	116%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2045 Fund
Class R4 [PACFX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R4¹	$23	0.22%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R4 shares of Franklin Retirement Advantage Plus 2045 Fund returned 11.71%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R4	11.71	7.47	9.13
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2045 Index	18.95	9.08	10.43

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$368,733,282
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	116%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2045 Fund
Class R5 [PACHX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$7	0.07%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R5 shares of Franklin Retirement Advantage Plus 2045 Fund returned 11.86%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R5	11.86	7.64	9.28
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2045 Index	18.95	9.08	10.43

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund began offering Class R5 shares on 1/4/2021. Returns for periods before 1/4/2021 are based on the Fund’s Class R6 performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$368,733,282
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	116%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2045 Fund
Class R6 [PREKX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6¹	$(3)	-0.03%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R6 shares of Franklin Retirement Advantage Plus 2045 Fund returned 12.01%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R6	12.01	7.75	9.35
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2045 Index	18.95	9.08	10.43

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$368,733,282
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	116%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2045 Fund
Class Y [PRVYX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$7	0.07%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class Y shares of Franklin Retirement Advantage Plus 2045 Fund returned 11.86%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class Y	11.86	7.63	9.24
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2045 Index	18.95	9.08	10.43

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$368,733,282
Total Number of Portfolio Holdings	6
Total Management Fee Paid	$0
Portfolio Turnover Rate	116%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2050 Fund
Class A [PRRJX]
Annual Shareholder Report \| July 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage Plus 2050 Fund (previously known as Putnam Retirement Advantage Plus 2050 Fund) for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A¹	$33	0.31%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class A shares of Franklin Retirement Advantage Plus 2050 Fund returned 12.22%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class A	12.22	7.72	9.50
Class A (with sales charge)	5.77	6.45	8.86
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2050 Index	19.95	9.57	10.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$287,736,588
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective February 27, 2026, the Fund’s name changed from Putnam Sustainable Retirement 2050 Fund to Putnam Retirement Advantage Plus 2050 Fund. Effective July 15, 2026, the Fund’s name changed from Putnam Retirement Advantage Plus 2050 Fund to Franklin Retirement Advantage Plus 2050 Fund.

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2050 Fund
Class C
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C¹	$112	1.06%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class C shares of Franklin Retirement Advantage Plus 2050 Fund returned 11.38%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class C	11.38	6.92	8.85
Class C (with sales charge)	10.38	6.92	8.85
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2050 Index	19.95	9.57	10.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$287,736,588
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2050 Fund
Class R [PRRKX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R¹	$75	0.71%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R shares of Franklin Retirement Advantage Plus 2050 Fund returned 11.78%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R	11.78	7.30	9.15
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2050 Index	19.95	9.57	10.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$287,736,588
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2050 Fund
Class R3 [PADWX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R3¹	$49	0.46%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R3 shares of Franklin Retirement Advantage Plus 2050 Fund returned 12.04%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R3	12.04	7.56	9.39
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2050 Index	19.95	9.57	10.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$287,736,588
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2050 Fund
Class R4 [PAEHX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R4¹	$20	0.19%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R4 shares of Franklin Retirement Advantage Plus 2050 Fund returned 12.36%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R4	12.36	7.84	9.66
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2050 Index	19.95	9.57	10.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$287,736,588
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2050 Fund
Class R5 [PAEJX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$6	0.06%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R5 shares of Franklin Retirement Advantage Plus 2050 Fund returned 12.50%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R5	12.50	7.99	9.83
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2050 Index	19.95	9.57	10.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$287,736,588
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2050 Fund
Class R6 [PREUX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6¹	$4)	-0.04%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R6 shares of Franklin Retirement Advantage Plus 2050 Fund returned 12.60%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R6	12.60	8.09	9.88
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2050 Index	19.95	9.57	10.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$287,736,588
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2050 Fund
Class Y [PRRUX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$6	0.06%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class Y shares of Franklin Retirement Advantage Plus 2050 Fund returned 12.48%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.95% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class Y	12.48	7.99	9.78
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2050 Index	19.95	9.57	10.86

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$287,736,588
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2055 Fund
Class A [PRRFX]
Annual Shareholder Report \| July 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage Plus 2055 Fund (previously known as Putnam Retirement Advantage Plus 2055 Fund) for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A¹	$33	0.31%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class A shares of Franklin Retirement Advantage Plus 2055 Fund returned 12.60%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 20.47% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class A	12.60	8.08	9.89
Class A (with sales charge)	6.13	6.81	9.24
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2055 Index	20.47	9.75	11.01

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$180,932,758
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective February 27, 2026, the Fund’s name changed from Putnam Sustainable Retirement 2055 Fund to Putnam Retirement Advantage Plus 2055 Fund. Effective July 15, 2026, the Fund’s name changed from Putnam Retirement Advantage Plus 2055 Fund to Franklin Retirement Advantage Plus 2055 Fund.

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2055 Fund
Class C
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C¹	$112	1.06%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class C shares of Franklin Retirement Advantage Plus 2055 Fund returned 11.80%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 20.47% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class C	11.80	7.29	9.22
Class C (with sales charge)	10.80	7.29	9.22
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2055 Index	20.47	9.75	11.01

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$180,932,758
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2055 Fund
Class R [PRRVX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R¹	$75	0.71%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R shares of Franklin Retirement Advantage Plus 2055 Fund returned 12.21%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 20.47% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R	12.21	7.67	9.53
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2055 Index	20.47	9.75	11.01

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$180,932,758
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2055 Fund
Class R3 [PAEOX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R3¹	$49	0.46%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R3 shares of Franklin Retirement Advantage Plus 2055 Fund returned 12.46%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 20.47% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R3	12.46	7.92	9.77
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2055 Index	20.47	9.75	11.01

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$180,932,758
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2055 Fund
Class R4 [PAEPX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R4¹	$22	0.21%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R4 shares of Franklin Retirement Advantage Plus 2055 Fund returned 12.78%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 20.47% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R4	12.78	8.20	10.06
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2055 Index	20.47	9.75	11.01

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$180,932,758
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2055 Fund
Class R5 [PAESX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$6	0.06%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R5 shares of Franklin Retirement Advantage Plus 2055 Fund returned 12.94%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 20.47% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R5	12.94	8.36	10.23
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2055 Index	20.47	9.75	11.01

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$180,932,758
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2055 Fund
Class R6 [PREVX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6¹	$(4)	-0.04%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R6 shares of Franklin Retirement Advantage Plus 2055 Fund returned 13.08%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 20.47% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R6	13.08	8.47	10.29
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2055 Index	20.47	9.75	11.01

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$180,932,758
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2055 Fund
Class Y [PRTLX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$6	0.06%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class Y shares of Franklin Retirement Advantage Plus 2055 Fund returned 12.96%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 20.47% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental international and fundamental emerging markets equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class Y	12.96	8.37	10.17
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2055 Index	20.47	9.75	11.01

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$180,932,758
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	114%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2060 Fund
Class A [PRTFX]
Annual Shareholder Report \| July 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage Plus 2060 Fund (previously known as Putnam Retirement Advantage Plus 2060 Fund) for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A¹	$33	0.31%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class A shares of Franklin Retirement Advantage Plus 2060 Fund returned 13.15%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 20.34% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class A	13.15	8.47	10.24
Class A (with sales charge)	6.64	7.19	9.59
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2060 Index	20.34	9.79	11.21

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$86,622,242
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	117%

HOW HAS THE FUND CHANGED?

Effective February 27, 2026, the Fund’s name changed from Putnam Sustainable Retirement 2060 Fund to Putnam Retirement Advantage Plus 2060 Fund. Effective July 15, 2026, the Fund’s name changed from Putnam Retirement Advantage Plus 2060 Fund to Franklin Retirement Advantage Plus 2060 Fund.

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2060 Fund
Class C
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C¹	$113	1.06%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class C shares of Franklin Retirement Advantage Plus 2060 Fund returned 12.33%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 20.34% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class C	12.33	7.66	9.59
Class C (with sales charge)	11.33	7.66	9.59
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2060 Index	20.34	9.79	11.21

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Class C share performance reflects conversion to class A shares after eight years.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$86,622,242
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	117%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2060 Fund
Class R [PRTRX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R¹	$75	0.71%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R shares of Franklin Retirement Advantage Plus 2060 Fund returned 12.65%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 20.34% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R	12.65	8.04	9.87
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2060 Index	20.34	9.79	11.21

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$86,622,242
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	117%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2060 Fund
Class R3 [PAEVX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R3¹	$49	0.46%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R3 shares of Franklin Retirement Advantage Plus 2060 Fund returned 12.94%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 20.34% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R3	12.94	8.32	10.12
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2060 Index	20.34	9.79	11.21

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund incepted on 11/30/2015 and began offering Class R3 shares on 1/4/2021. Returns for periods before 1/4/2021 are based on the Fund’s Class Y performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$86,622,242
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	117%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2060 Fund
Class R4 [PAEUX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R4¹	$22	0.21%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R4 shares of Franklin Retirement Advantage Plus 2060 Fund returned 13.24%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 20.34% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R4	13.24	8.58	10.39
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2060 Index	20.34	9.79	11.21

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund incepted on 11/30/2015 and began offering Class R4 shares on 1/4/2021. Returns for periods before 1/4/2021 are based on the Fund’s Class Y performance, adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$86,622,242
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	117%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2060 Fund
Class R5 [PAEWX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$6	0.06%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R5 shares of Franklin Retirement Advantage Plus 2060 Fund returned 13.39%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 20.34% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R5	13.39	8.74	10.54
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2060 Index	20.34	9.79	11.21

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund incepted on 11/30/2015 and began offering Class R5 shares on 1/4/2021. Returns for periods before 1/4/2021 are based on the Fund’s Class R6 performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$86,622,242
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	117%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2060 Fund
Class R6 [PEFGX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6¹	$(4)	-0.04%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R6 shares of Franklin Retirement Advantage Plus 2060 Fund returned 13.56%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 20.34% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class R6	13.56	8.85	10.61
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2060 Index	20.34	9.79	11.21

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

The Fund incepted on 11/30/2015 and began offering Class R6 shares on 9/1/2016. Returns for periods before 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 have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$86,622,242
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	117%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2060 Fund
Class Y [PRTYX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$6	0.06%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class Y shares of Franklin Retirement Advantage Plus 2060 Fund returned 13.40%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 20.34% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	10 Year
Class Y	13.40	8.74	10.51
Russell 3000 Index	19.60	11.82	14.56
Bloomberg U.S. Aggregate Index	2.71	-0.40	1.35
S&P Target Date To 2060 Index	20.34	9.79	11.21

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$86,622,242
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	117%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2065 Fund
Class A [PCJQX]
Annual Shareholder Report \| July 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage Plus 2065 Fund (previously known as Putnam Retirement Advantage Plus 2065 Fund) for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A¹	$30	0.28%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class A shares of Franklin Retirement Advantage Plus 2065 Fund returned 13.53%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.66% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 1/4/2021 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	Since Inception (1/4/2021)
Class A	13.53	8.70	10.21
Class A (with sales charge)	7.00	7.42	9.05
Russell 3000 Index	19.60	11.82	13.69
Bloomberg U.S. Aggregate Index	2.71	-0.40	-0.45
S&P Target Date To 2065+ Index	20.66	10.12	11.40

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$2,128,220
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective February 27, 2026, the Fund’s name changed from Putnam Sustainable Retirement 2065 Fund to Putnam Retirement Advantage Plus 2065 Fund. Effective July 15, 2026, the Fund’s name changed from Putnam Retirement Advantage Plus 2065 Fund to Franklin Retirement Advantage Plus 2065 Fund.

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2065 Fund
Class C [PCJRX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C¹	$110	1.03%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class C shares of Franklin Retirement Advantage Plus 2065 Fund returned 12.69%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.66% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 1/4/2021 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	Since Inception (1/4/2021)
Class C	12.69	7.89	9.39
Class C (with sales charge)	11.69	7.89	9.39
Russell 3000 Index	19.60	11.82	13.69
Bloomberg U.S. Aggregate Index	2.71	-0.40	-0.45
S&P Target Date To 2065+ Index	20.66	10.12	11.40

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$2,128,220
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2065 Fund
Class R [PCJUX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R¹	$72	0.68%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R shares of Franklin Retirement Advantage Plus 2065 Fund returned 12.97%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.66% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 1/4/2021 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	Since Inception (1/4/2021)
Class R	12.97	8.24	9.76
Russell 3000 Index	19.60	11.82	13.69
Bloomberg U.S. Aggregate Index	2.71	-0.40	-0.45
S&P Target Date To 2065+ Index	20.66	10.12	11.40

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$2,128,220
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2065 Fund
Class R3 [PCJVX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R3¹	$45	0.42%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R3 shares of Franklin Retirement Advantage Plus 2065 Fund returned 13.35%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.66% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 1/4/2021 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	Since Inception (1/4/2021)
Class R3	13.35	8.53	10.04
Russell 3000 Index	19.60	11.82	13.69
Bloomberg U.S. Aggregate Index	2.71	-0.40	-0.45
S&P Target Date To 2065+ Index	20.66	10.12	11.40

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$2,128,220
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2065 Fund
Class R4 [PCJWX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R4¹	$19	0.18%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R4 shares of Franklin Retirement Advantage Plus 2065 Fund returned 13.55%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.66% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 1/4/2021 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	Since Inception (1/4/2021)
Class R4	13.55	8.79	10.31
Russell 3000 Index	19.60	11.82	13.69
Bloomberg U.S. Aggregate Index	2.71	-0.40	-0.45
S&P Target Date To 2065+ Index	20.66	10.12	11.40

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$2,128,220
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2065 Fund
Class R5 [PCJIX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$3	0.03%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R5 shares of Franklin Retirement Advantage Plus 2065 Fund returned 13.81%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.66% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 1/4/2021 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	Since Inception (1/4/2021)
Class R5	13.81	8.96	10.49
Russell 3000 Index	19.60	11.82	13.69
Bloomberg U.S. Aggregate Index	2.71	-0.40	-0.45
S&P Target Date To 2065+ Index	20.66	10.12	11.40

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$2,128,220
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2065 Fund
Class R6 [PCJYX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6¹	$(7)	-0.07%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R6 shares of Franklin Retirement Advantage Plus 2065 Fund returned 13.89%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.66% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 1/4/2021 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	Since Inception (1/4/2021)
Class R6	13.89	9.08	10.59
Russell 3000 Index	19.60	11.82	13.69
Bloomberg U.S. Aggregate Index	2.71	-0.40	-0.45
S&P Target Date To 2065+ Index	20.66	10.12	11.40

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$2,128,220
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2065 Fund
Class Y [PCJSX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$3	0.03%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class Y shares of Franklin Retirement Advantage Plus 2065 Fund returned 13.80%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.66% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets equity and fundamental international equity strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 1/4/2021 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	1 Year	5 Year	Since Inception (1/4/2021)
Class Y	13.80	8.96	10.48
Russell 3000 Index	19.60	11.82	13.69
Bloomberg U.S. Aggregate Index	2.71	-0.40	-0.45
S&P Target Date To 2065+ Index	20.66	10.12	11.40

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy. Prior to that, the Fund changed its investment strategy on February 10, 2023.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$2,128,220
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	129%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


Franklin Retirement Advantage Plus 2070 Fund
Class A [PAJOX]
Annual Shareholder Report \| July 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage Plus 2070 Fund (previously known as Putnam Retirement Advantage Plus 2070 Fund) for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class A¹	$31	0.29%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the period August 1, 2025, to July 31, 2026, Class A shares of Franklin Retirement Advantage Plus 2070 Fund returned 14.71%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 21.94% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 8/1/2025 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	Since Inception (8/1/2025)
Class A	14.71
Russell 3000 Index	21.60
Bloomberg U.S. Aggregate Index	1.88
S&P Target Date To 2065+ Index	21.94

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$1,156,876
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	103%

HOW HAS THE FUND CHANGED?

Effective February 27, 2026, the Fund’s name changed from Putnam Sustainable Retirement 2070 Fund to Putnam Retirement Advantage Plus 2070 Fund. Effective July 15, 2026, the Fund’s name changed from Putnam Retirement Advantage Plus 2070 Fund to Franklin Retirement Advantage Plus 2070 Fund.

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus 2070 Fund
Class C [PAJPX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class C¹	$111	1.04%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the period August 1, 2025, to July 31, 2026, Class C shares of Franklin Retirement Advantage Plus 2070 Fund returned 13.79%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 21.94% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 8/1/2025 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	Since Inception (8/1/2025)
Class C	13.79
Russell 3000 Index	21.60
Bloomberg U.S. Aggregate Index	1.88
S&P Target Date To 2065+ Index	21.94

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$1,156,876
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	103%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus 2070 Fund
Class R [PAJSX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R¹	$74	0.69%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the period August 1, 2025, to July 31, 2026, Class R shares of Franklin Retirement Advantage Plus 2070 Fund returned 14.24%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 21.94% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 8/1/2025 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	Since Inception (8/1/2025)
Class R	14.24
Russell 3000 Index	21.60
Bloomberg U.S. Aggregate Index	1.88
S&P Target Date To 2065+ Index	21.94

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$1,156,876
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	103%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus 2070 Fund
Class R3 [PAJTX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R3¹	$39	0.36%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the period August 1, 2025, to July 31, 2026, Class R3 shares of Franklin Retirement Advantage Plus 2070 Fund returned 14.63%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 21.94% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 8/1/2025 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	Since Inception (8/1/2025)
Class R3	14.63
Russell 3000 Index	21.60
Bloomberg U.S. Aggregate Index	1.88
S&P Target Date To 2065+ Index	21.94

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$1,156,876
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	103%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus 2070 Fund
Class R4 [PAJUX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R4¹	$18	0.17%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the period August 1, 2025, to July 31, 2026, Class R4 shares of Franklin Retirement Advantage Plus 2070 Fund returned 14.76%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 21.94% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 8/1/2025 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	Since Inception (8/1/2025)
Class R4	14.76
Russell 3000 Index	21.60
Bloomberg U.S. Aggregate Index	1.88
S&P Target Date To 2065+ Index	21.94

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$1,156,876
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	103%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus 2070 Fund
Class R5 [PAJVX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R5¹	$4	0.04%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the period August 1, 2025, to July 31, 2026, Class R5 shares of Franklin Retirement Advantage Plus 2070 Fund returned 14.92%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 21.94% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 8/1/2025 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	Since Inception (8/1/2025)
Class R5	14.92
Russell 3000 Index	21.60
Bloomberg U.S. Aggregate Index	1.88
S&P Target Date To 2065+ Index	21.94

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$1,156,876
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	103%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus 2070 Fund
Class R6 [PAJWX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class R6¹	$(6)	-0.06%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the period August 1, 2025, to July 31, 2026, Class R6 shares of Franklin Retirement Advantage Plus 2070 Fund returned 15.06%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 21.94% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 8/1/2025 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	Since Inception (8/1/2025)
Class R6	15.06
Russell 3000 Index	21.60
Bloomberg U.S. Aggregate Index	1.88
S&P Target Date To 2065+ Index	21.94

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$1,156,876
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	103%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Franklin Retirement Advantage Plus 2070 Fund
Class Y [PAJYX]
Annual Shareholder Report \| July 31, 2026

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Class Y¹	$4	0.04%

*	Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

1	Excludes fees and expenses of the underlying funds in which the Fund invests.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the period August 1, 2025, to July 31, 2026, Class Y shares of Franklin Retirement Advantage Plus 2070 Fund returned 14.92%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 21.94% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Prior to February 20, 2026, security selection in an ESG emerging markets ETF, an ESG ultra-short bond ETF and an ESG high-yield bond ETF.
↑	Post February 20, 2026, security selection in the quantitative international, quantitative U.S. large-capitalization and quantitative small-capitalization equity strategies.


Top detractors from performance:
↓	Prior to February 20, 2026, security selection in a sustainable leaders stock ETF, an ESG international stock ETF and an ESG sustainable future stock ETF.
↓	Post February 20, 2026, security selection in the fundamental U.S. large-capitalization value, fundamental emerging markets and fundamental international strategies.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 8/1/2025 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026


	Since Inception (8/1/2025)
Class Y	14.92
Russell 3000 Index	21.60
Bloomberg U.S. Aggregate Index	1.88
S&P Target Date To 2065+ Index	21.94

Reflects waiver of fees and/or reimbursement of expenses (including acquired fund fees and expenses), without which expenses would be higher.

Effective February 27, 2026, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

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

KEY FUND STATISTICS (as of July 31, 2026)


Total Net Assets	$1,156,876
Total Number of Portfolio Holdings	5
Total Management Fee Paid	$0
Portfolio Turnover Rate	103%

HOW HAS THE FUND CHANGED?

Effective June 1, 2026, the portfolio managers for the Fund are Adrian H. Chan, CFA, Brett S. Goldstein, CFA, Laura Green, CFA, Thomas A. Nelson, CFA and Jonathan M. Schreiber, CFA.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

The Board of Trustees of the Registrant has determined that Warren Lowell and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as “audit committee financial experts,” and has designated Warren Lowell and Manoj P. Singh as the Audit Committee’s financial experts. Warren Lowell and Manoj P. Singh are “independent” Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending July 31, 2025 and July 31, 2026 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $187,697 in July 31, 2025 and $190,000 in July 31, 2026.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in July 31, 2025 and $0 in July 31, 2026.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $98,180 in July 31, 2025 and $98,180 in July 31, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in July 31, 2025 and $0 in July 31, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund’s investment manager and certain of its affiliates of the fund’s independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund’s investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $489,647 in July 31, 2025 and $1,557,011 in July 31, 2026.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

Putnam

Target

Date

Funds

Financial

Statements

and

Other

Important

Information

Annual

July 31, 2026

Franklin

Retirement

Advantage

Plus

Maturity

Fund

(formerly,

Putnam

Retirement

Advantage

Plus

Maturity

Fund)

Franklin

Retirement

Advantage

Plus

2030

Fund

(formerly,

Putnam

Retirement

Advantage

Plus

2030

Fund)

Franklin

Retirement

Advantage

Plus

2035

Fund

(formerly,

Putnam

Retirement

Advantage

Plus

2035

Fund)

Franklin

Retirement

Advantage

Plus

2040

Fund

(formerly,

Putnam

Retirement

Advantage

Plus

2040

Fund)

Franklin

Retirement

Advantage

Plus

2045

Fund

(formerly,

Putnam

Retirement

Advantage

Plus

2045

Fund)

Franklin

Retirement

Advantage

Plus

2050

Fund

(formerly,

Putnam

Retirement

Advantage

Plus

2050

Fund)

Franklin

Retirement

Advantage

Plus

2055

Fund

(formerly,

Putnam

Retirement

Advantage

Plus

2055

Fund)

Franklin

Retirement

Advantage

Plus

2060

Fund

(formerly,

Putnam

Retirement

Advantage

Plus

2060

Fund)

Franklin

Retirement

Advantage

Plus

2065

Fund

(formerly,

Putnam

Retirement

Advantage

Plus

2065

Fund)

Franklin

Retirement

Advantage

Plus

2070

Fund

(formerly,

Putnam

Retirement

Advantage

Plus

2070

Fund)

you

need

assistance

accessing

this

content,

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out

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send

accessibility@franklintempleton.com

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

Maturity

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$16.78

$16.49

$15.44

$16.12

$17.41

Income

from

investment

operations

Net

investment

income

b,c

........................

0.59

0.53

0.59

1.13

0.34

Net

realized

and

unrealized

gains

(losses)

...........

0.40

0.31

1.06

(0.65)

(1.00)

Total

from

investment

operations

....................

0.99

0.84

1.65

0.48

(0.66)

Less

distributions

from:

Net

investment

income

..........................

(0.60)

(0.55)

(0.60)

(1.16)

(0.45)

Net

realized

gains

.............................

—

(0.18)

Total

distributions

...............................

(0.60)

(0.55)

(0.60)

(1.16)

(0.63)

Net

asset

value,

end

year

.......................

$17.17

$16.78

$16.49

$15.44

$16.12

Total

return

...................................

5.96%

5.20%

10.97%

3.24%

(3.90)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.88%

0.96%

0.91%

0.93%

0.90%

Expenses

net

waiver

and

payments

affiliates

......

0.42%

0.43%

0.42%

0.37%

0.38%

Net

investment

income

...........................

3.47%

3.18%

3.79%

7.29%

2.04%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$39,426

$41,824

$23,513

$23,630

$25,827

Portfolio

turnover

rate

............................

105%

10%

121%

24%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$16.32

$16.04

$15.04

$15.73

$17.00

Income

from

investment

operations

Net

investment

income

b,c

........................

0.41

0.40

0.47

0.98

0.22

Net

realized

and

unrealized

gains

(losses)

...........

0.43

0.30

1.02

(0.62)

(0.99)

Total

from

investment

operations

....................

0.84

0.70

1.49

0.36

(0.77)

Less

distributions

from:

Net

investment

income

..........................

(0.43)

(0.42)

(0.49)

(1.05)

(0.32)

Net

realized

gains

.............................

—

(0.18)

Total

distributions

...............................

(0.43)

(0.42)

(0.49)

(1.05)

(0.50)

Net

asset

value,

end

year

.......................

$16.73

$16.32

$16.04

$15.04

$15.73

Total

return

...................................

5.20%

4.45%

10.10%

2.54%

(4.61)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.67%

1.70%

1.66%

1.68%

1.65%

Expenses

net

waiver

and

payments

affiliates

......

1.17%

1.16%

1.17%

1.12%

1.13%

Net

investment

income

...........................

2.50%

2.45%

3.07%

6.51%

1.32%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$231

$1,334

$781

$879

$1,066

Portfolio

turnover

rate

............................

105%

10%

121%

24%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

Maturity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$16.75

$16.46

$15.42

$16.10

$17.39

Income

from

investment

operations

Net

investment

income

b,c

........................

0.53

0.46

0.53

0.96

0.27

Net

realized

and

unrealized

gains

(losses)

...........

0.39

0.32

1.05

(0.54)

(1.00)

Total

from

investment

operations

....................

0.92

0.78

1.58

0.42

(0.73)

Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.49)

(0.54)

(1.10)

(0.38)

Net

realized

gains

.............................

—

(0.18)

Total

distributions

...............................

(0.53)

(0.49)

(0.54)

(1.10)

(0.56)

Net

asset

value,

end

year

.......................

$17.14

$16.75

$16.46

$15.42

$16.10

Total

return

....................................

5.50%

4.80%

10.49%

2.86%

(4.28)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.27%

1.36%

1.31%

1.33%

1.30%

Expenses

net

waiver

and

payments

affiliates

......

0.81%

0.82%

0.77%

0.78%

Net

investment

income

...........................

3.10%

2.79%

3.38%

6.21%

1.63%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$1,418

$1,251

$598

$531

$704

Portfolio

turnover

rate

............................

105%

10%

121%

24%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$16.85

$16.55

$15.50

$16.17

$17.47

Income

from

investment

operations

Net

investment

income

b,c

........................

0.57

0.51

0.57

1.05

0.31

Net

realized

and

unrealized

gains

(losses)

...........

0.39

0.32

1.06

(0.59)

(1.01)

Total

from

investment

operations

....................

0.96

0.83

1.63

0.46

(0.70)

Less

distributions

from:

Net

investment

income

..........................

(0.57)

(0.53)

(0.58)

(1.13)

(0.42)

Net

realized

gains

.............................

—

(0.18)

Total

distributions

...............................

(0.57)

(0.53)

(0.58)

(1.13)

(0.60)

Net

asset

value,

end

year

.......................

$17.24

$16.85

$16.55

$15.50

$16.17

Total

return

....................................

5.77%

5.09%

10.76%

3.15%

(4.09)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.04%

1.10%

1.06%

1.08%

1.05%

Expenses

net

waiver

and

payments

affiliates

......

0.57%

0.52%

0.53%

Net

investment

income

...........................

3.31%

3.04%

3.64%

6.79%

1.86%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$3,773

$4,613

$1,391

$1,546

$1,926

Portfolio

turnover

rate

............................

105%

10%

121%

24%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

Maturity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$16.88

$16.57

$15.51

$16.18

$17.47

Income

from

investment

operations

Net

investment

income

b,c

........................

0.62

0.57

0.61

1.22

0.36

Net

realized

and

unrealized

gains

(losses)

...........

0.39

0.31

1.07

(0.72)

(1.01)

Total

from

investment

operations

....................

1.01

0.88

1.68

0.50

(0.65)

Less

distributions

from:

Net

investment

income

..........................

(0.62)

(0.57)

(0.62)

(1.17)

(0.46)

Net

realized

gains

.............................

—

(0.18)

Total

distributions

...............................

(0.62)

(0.57)

(0.62)

(1.17)

(0.64)

Net

asset

value,

end

year

.......................

$17.27

$16.88

$16.57

$15.51

$16.18

Total

return

....................................

6.03%

5.38%

11.07%

3.37%

(3.81)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.83%

0.85%

0.81%

0.83%

0.80%

Expenses

net

waiver

and

payments

affiliates

......

0.32%

0.27%

0.28%

Net

investment

income

...........................

3.59%

3.29%

3.87%

7.83%

2.14%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$95

$1,094

$134

$170

$224

Portfolio

turnover

rate

............................

105%

10%

121%

24%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$16.86

$16.56

$15.51

$16.18

$17.47

Income

from

investment

operations

Net

investment

income

b,c

........................

0.64

0.56

0.64

1.16

0.38

Net

realized

and

unrealized

gains

(losses)

...........

0.39

0.33

1.05

(0.64)

(1.00)

Total

from

investment

operations

....................

1.03

0.89

1.69

0.52

(0.62)

Less

distributions

from:

Net

investment

income

..........................

(0.64)

(0.59)

(0.64)

(1.19)

(0.49)

Net

realized

gains

.............................

—

(0.18)

Total

distributions

...............................

(0.64)

(0.59)

(0.64)

(1.19)

(0.67)

Net

asset

value,

end

year

.......................

$17.25

$16.86

$16.56

$15.51

$16.18

Total

return

....................................

6.19%

5.50%

11.20%

3.54%

(3.66)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.63%

0.71%

0.66%

0.68%

0.65%

Expenses

net

waiver

and

payments

affiliates

......

0.16%

0.18%

0.17%

0.12%

0.13%

Net

investment

income

...........................

3.74%

3.39%

4.03%

7.48%

2.29%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$12

$11

$10

Portfolio

turnover

rate

............................

105%

10%

121%

24%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

Maturity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$16.86

$16.56

$15.51

$16.18

$17.47

Income

from

investment

operations

Net

investment

income

b,c

........................

0.66

0.59

0.66

1.45

0.41

Net

realized

and

unrealized

gains

(losses)

...........

0.39

0.32

1.05

(0.91)

(1.02)

Total

from

investment

operations

....................

1.05

0.91

1.71

0.54

(0.61)

Less

distributions

from:

Net

investment

income

..........................

(0.66)

(0.61)

(0.66)

(1.21)

(0.50)

Net

realized

gains

.............................

—

(0.18)

Total

distributions

...............................

(0.66)

(0.61)

(0.66)

(1.21)

(0.68)

Net

asset

value,

end

year

.......................

$17.25

$16.86

$16.56

$15.51

$16.18

Total

return

....................................

6.30%

5.62%

11.32%

3.63%

(3.55)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.54%

0.61%

0.56%

0.58%

0.55%

Expenses

net

waiver

and

payments

affiliates

......

0.07%

0.08%

0.07%

0.02%

0.03%

Net

investment

income

...........................

3.82%

3.53%

4.23%

9.28%

2.42%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$2,505

$2,787

$905

$1,599

$3,662

Portfolio

turnover

rate

............................

105%

10%

121%

24%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$16.86

$16.56

$15.51

$16.18

$17.47

Income

from

investment

operations

Net

investment

income

b,c

........................

0.64

0.58

0.63

1.17

0.38

Net

realized

and

unrealized

gains

(losses)

...........

0.39

0.31

1.06

(0.65)

(1.00)

Total

from

investment

operations

....................

1.03

0.89

1.69

0.52

(0.62)

Less

distributions

from:

Net

investment

income

..........................

(0.64)

(0.59)

(0.64)

(1.19)

(0.49)

Net

realized

gains

.............................

—

(0.18)

Total

distributions

...............................

(0.64)

(0.59)

(0.64)

(1.19)

(0.67)

Net

asset

value,

end

year

.......................

$17.25

$16.86

$16.56

$15.51

$16.18

Total

return

....................................

6.20%

5.50%

11.19%

3.54%

(3.66)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.63%

0.71%

0.66%

0.68%

0.65%

Expenses

net

waiver

and

payments

affiliates

......

0.16%

0.18%

0.17%

0.12%

0.13%

Net

investment

income

...........................

3.73%

3.43%

4.02%

7.54%

2.28%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$578,852

$586,625

$176,501

$177,575

$215,711

Portfolio

turnover

rate

............................

105%

10%

121%

24%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments,

July

31,

2026

Franklin

Retirement

Advantage

Plus

Maturity

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

93.9%

Alternative

Strategies

4.0%

Franklin

BSP

Lending

Fund,

Class

....................................

2,484,541

25,143,551

Asset

Allocation

6.5%

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

....................

2,282,303

40,944,515

Domestic

Hybrid

79.4%

Franklin

Multi-Asset

Income

Fund,

Class

................................

42,954,177

496,979,826

Domestic

Real

Estate

4.0%

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

......................

2,214,704

24,937,562

Total

Investments

Underlying

Funds

(Cost

$587,116,684)

......................

588,005,454

Short

Term

Investments

6.1%

Management

Investment

Companies

6.1%

a,b

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......................

38,373,923

Total

Management

Investment

Companies

(Cost

$38,373,923)

....................

38,373,923

Total

Short

Term

Investments

(Cost

$38,373,923)

................................

38,373,923

Total

Investments

(Cost

$625,490,607)

100.0%

..................................

$626,379,377

Other

Assets,

less

Liabilities

(0.0)%

†

...........................................

(67,918)

Net

Assets

100.0%

...........................................................

$626,311,459

†

Rounds

less

than

0.1%

net

assets.

See

Note

3(f)

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2030

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$21.54

$21.11

$19.16

$20.61

$23.86

Income

from

investment

operations

Net

investment

income

b,c

........................

0.62

0.57

0.59

1.11

0.32

Net

realized

and

unrealized

gains

(losses)

...........

0.72

0.45

1.96

(0.31)

(1.47)

Total

from

investment

operations

....................

1.34

1.02

2.55

0.80

(1.15)

Less

distributions

from:

Net

investment

income

..........................

(0.51)

(0.59)

(0.60)

(1.33)

(1.02)

Net

realized

gains

.............................

—

(0.92)

(1.08)

Total

distributions

...............................

(0.51)

(0.59)

(0.60)

(2.25)

(2.10)

Net

asset

value,

end

year

.......................

$22.37

$21.54

$21.11

$19.16

$20.61

Total

return

...................................

6.27%

4.97%

13.55%

4.58%

(5.36)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.89%

0.92%

0.95%

0.92%

Expenses

net

waiver

and

payments

affiliates

......

0.40%

0.41%

0.37%

0.36%

Net

investment

income

...........................

2.81%

2.69%

2.97%

5.80%

1.43%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$23,845

$27,385

$25,174

$22,952

$22,901

Portfolio

turnover

rate

............................

129%

18%

29%

144%

37%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$19.48

$19.13

$17.41

$18.93

$22.03

Income

from

investment

operations

Net

investment

income

b,c

........................

0.39

0.37

0.40

0.89

0.14

Net

realized

and

unrealized

gains

(losses)

...........

0.67

0.41

1.79

(0.31)

(1.35)

Total

from

investment

operations

....................

1.06

0.78

2.19

0.58

(1.21)

Less

distributions

from:

Net

investment

income

..........................

(0.22)

(0.43)

(0.47)

(1.18)

(0.81)

Net

realized

gains

.............................

—

(0.92)

(1.08)

Total

distributions

...............................

(0.22)

(0.43)

(0.47)

(2.10)

(1.89)

Net

asset

value,

end

year

.......................

$20.32

$19.48

$19.13

$17.41

$18.93

Total

return

...................................

5.46%

4.17%

12.77%

3.72%

(6.05)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.65%

1.64%

1.67%

1.70%

1.67%

Expenses

net

waiver

and

payments

affiliates

......

1.15%

1.16%

1.12%

1.11%

Net

investment

income

...........................

1.95%

1.94%

2.25%

5.06%

0.66%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$254

$663

$748

$764

$898

Portfolio

turnover

rate

............................

129%

18%

29%

144%

37%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2030

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$19.82

$19.21

$17.49

$19.02

$22.17

Income

from

investment

operations

Net

investment

income

b,c

........................

0.53

0.44

0.49

0.95

0.21

Net

realized

and

unrealized

gains

(losses)

...........

0.62

0.42

1.77

(0.30)

(1.36)

Total

from

investment

operations

....................

1.15

0.86

2.26

0.65

(1.15)

Less

distributions

from:

Net

investment

income

..........................

(0.54)

(0.25)

(0.54)

(1.26)

(0.92)

Net

realized

gains

.............................

—

(0.92)

(1.08)

Total

distributions

...............................

(0.54)

(0.25)

(0.54)

(2.18)

(2.00)

Net

asset

value,

end

year

.......................

$20.43

$19.82

$19.21

$17.49

$19.02

Total

return

....................................

5.82%

4.54%

13.17%

4.13%

(5.76)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.29%

1.32%

1.35%

1.32%

Expenses

net

waiver

and

payments

affiliates

......

0.77%

0.81%

0.77%

0.76%

Net

investment

income

...........................

2.62%

2.29%

2.78%

5.38%

1.03%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$224

$71

$58

$422

$395

Portfolio

turnover

rate

............................

129%

18%

29%

144%

37%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$26.06

$25.39

$22.91

$24.19

$27.61

Income

from

investment

operations

Net

investment

income

b,c

........................

0.71

0.65

0.67

1.26

0.35

Net

realized

and

unrealized

gains

(losses)

...........

0.87

0.55

2.36

(0.34)

(1.73)

Total

from

investment

operations

....................

1.58

1.20

3.03

0.92

(1.38)

Less

distributions

from:

Net

investment

income

..........................

(0.46)

(0.53)

(0.55)

(1.28)

(0.96)

Net

realized

gains

.............................

—

(0.92)

(1.08)

Total

distributions

...............................

(0.46)

(0.53)

(0.55)

(2.20)

(2.04)

Net

asset

value,

end

year

.......................

$27.18

$26.06

$25.39

$22.91

$24.19

Total

return

....................................

6.10%

4.83%

13.42%

4.38%

(5.48)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.04%

1.07%

1.10%

1.07%

Expenses

net

waiver

and

payments

affiliates

......

0.55%

0.56%

0.52%

0.51%

Net

investment

income

...........................

2.66%

2.54%

2.81%

5.54%

1.33%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$5,058

$6,280

$6,757

$6,171

$5,622

Portfolio

turnover

rate

............................

129%

18%

29%

144%

37%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2030

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$26.10

$25.43

$22.93

$24.22

$27.65

Income

from

investment

operations

Net

investment

income

b,c

........................

0.79

0.71

0.72

1.33

0.40

Net

realized

and

unrealized

gains

(losses)

...........

0.86

0.56

2.38

(0.36)

(1.72)

Total

from

investment

operations

....................

1.65

1.27

3.10

0.97

(1.32)

Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.60)

(1.34)

(1.03)

Net

realized

gains

.............................

—

(0.92)

(1.08)

Total

distributions

...............................

(0.53)

(0.60)

(2.26)

(2.11)

Net

asset

value,

end

year

.......................

$27.22

$26.10

$25.43

$22.93

$24.22

Total

return

....................................

6.35%

5.08%

13.74%

4.61%

(5.23)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.78%

0.79%

0.82%

0.85%

0.82%

Expenses

net

waiver

and

payments

affiliates

......

0.29%

0.31%

0.27%

0.26%

Net

investment

income

...........................

2.93%

2.79%

3.05%

5.82%

1.54%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$2,907

$2,835

$2,889

$2,986

$2,733

Portfolio

turnover

rate

............................

129%

18%

29%

144%

37%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$26.11

$25.44

$22.95

$24.24

$27.68

Income

from

investment

operations

Net

investment

income

b,c

........................

0.83

0.74

0.76

1.37

0.44

Net

realized

and

unrealized

gains

(losses)

...........

0.86

0.57

2.37

(0.37)

(1.72)

Total

from

investment

operations

....................

1.69

1.31

3.13

1.00

(1.28)

Less

distributions

from:

Net

investment

income

..........................

(0.56)

(0.64)

(1.37)

(1.08)

Net

realized

gains

.............................

—

(0.92)

(1.08)

Total

distributions

...............................

(0.56)

(0.64)

(2.29)

(2.16)

Net

asset

value,

end

year

.......................

$27.24

$26.11

$25.44

$22.95

$24.24

Total

return

....................................

6.52%

5.25%

13.88%

4.78%

(5.11)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.64%

0.67%

0.70%

0.67%

Expenses

net

waiver

and

payments

affiliates

......

0.15%

0.16%

0.12%

0.11%

Net

investment

income

...........................

3.08%

2.91%

3.22%

6.01%

1.69%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$13

$12

$11

$10

Portfolio

turnover

rate

............................

129%

18%

29%

144%

37%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2030

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$26.13

$25.46

$22.97

$24.25

$27.69

Income

from

investment

operations

Net

investment

income

b,c

........................

0.86

0.78

0.82

1.57

0.49

Net

realized

and

unrealized

gains

(losses)

...........

0.86

0.55

2.33

(0.53)

(1.75)

Total

from

investment

operations

....................

1.72

1.33

3.15

1.04

(1.26)

Less

distributions

from:

Net

investment

income

..........................

(0.59)

(0.66)

(1.40)

(1.10)

Net

realized

gains

.............................

—

(0.92)

(1.08)

Total

distributions

...............................

(0.59)

(0.66)

(2.32)

(2.18)

Net

asset

value,

end

year

.......................

$27.26

$26.13

$25.46

$22.97

$24.25

Total

return

....................................

6.62%

5.34%

13.97%

4.93%

(5.01)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.55%

0.54%

0.57%

0.60%

0.57%

Expenses

net

waiver

and

payments

affiliates

......

0.05%

0.06%

0.02%

0.01%

Net

investment

income

...........................

3.20%

3.04%

3.53%

6.86%

1.89%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$3,978

$3,280

$5,289

$12,068

$18,059

Portfolio

turnover

rate

............................

129%

18%

29%

144%

37%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$26.05

$25.39

$22.90

$24.19

$27.63

Income

from

investment

operations

Net

investment

income

b,c

........................

0.83

0.75

0.76

1.38

0.44

Net

realized

and

unrealized

gains

(losses)

...........

0.85

0.55

2.37

(0.38)

(1.72)

Total

from

investment

operations

....................

1.68

1.30

3.13

1.00

(1.28)

Less

distributions

from:

Net

investment

income

..........................

(0.57)

(0.64)

(1.37)

(1.08)

Net

realized

gains

.............................

—

(0.92)

(1.08)

Total

distributions

...............................

(0.57)

(0.64)

(2.29)

(2.16)

Net

asset

value,

end

year

.......................

$27.16

$26.05

$25.39

$22.90

$24.19

Total

return

....................................

6.48%

5.23%

13.91%

4.79%

(5.11)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.65%

0.64%

0.67%

0.70%

0.67%

Expenses

net

waiver

and

payments

affiliates

......

0.15%

0.16%

0.12%

0.11%

Net

investment

income

...........................

3.09%

2.94%

3.20%

6.08%

1.70%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$509,525

$362,685

$253,535

$193,228

$187,829

Portfolio

turnover

rate

............................

129%

18%

29%

144%

37%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchas-

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments,

July

31,

2026

Franklin

Retirement

Advantage

Plus

2030

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

93.6%

Alternative

Strategies

3.9%

Franklin

BSP

Lending

Fund,

Class

....................................

2,109,686

21,350,026

Asset

Allocation

59.0%

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

....................

6,834,620

122,613,088

Franklin

Dynamic

Asset

Allocation

Conservative

Fund,

Class

.................

17,376,999

199,314,182

321,927,270

Domestic

Hybrid

26.8%

Franklin

Multi-Asset

Income

Fund,

Class

................................

12,659,493

146,470,337

Domestic

Real

Estate

3.9%

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

......................

1,881,383

21,184,377

Total

Investments

Underlying

Funds

(Cost

$506,859,449)

......................

510,932,010

Short

Term

Investments

6.4%

Management

Investment

Companies

6.4%

a,b

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......................

34,737,805

Total

Management

Investment

Companies

(Cost

$34,737,805)

....................

34,737,805

Total

Short

Term

Investments

(Cost

$34,737,805)

................................

34,737,805

Total

Investments

(Cost

$541,597,254)

100.0%

..................................

$545,669,815

Other

Assets,

less

Liabilities

0.0%

†

............................................

133,591

Net

Assets

100.0%

...........................................................

$545,803,406

†

Rounds

less

than

0.1%

net

assets.

See

Note

3(f)

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2035

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$23.58

$22.80

$20.02

$21.25

$25.36

Income

from

investment

operations

Net

investment

income

b,c

........................

0.53

0.45

0.47

0.92

0.32

Net

realized

and

unrealized

gains

(losses)

...........

1.38

0.86

2.81

0.25

(1.73)

Total

from

investment

operations

....................

1.91

1.31

3.28

1.17

(1.41)

Less

distributions

from:

Net

investment

income

..........................

(0.50)

(0.53)

(0.50)

(1.13)

(1.27)

Net

realized

gains

.............................

—

(1.27)

(1.43)

Total

distributions

...............................

(0.50)

(0.53)

(0.50)

(2.40)

(2.70)

Net

asset

value,

end

year

.......................

$24.99

$23.58

$22.80

$20.02

$21.25

Total

return

...................................

8.15%

5.84%

16.67%

6.54%

(6.43)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.91%

0.93%

0.96%

Expenses

net

waiver

and

payments

affiliates

......

0.36%

0.37%

0.36%

0.34%

Net

investment

income

...........................

2.18%

1.98%

2.24%

4.64%

1.36%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$34,604

$34,775

$30,392

$22,106

$21,379

Portfolio

turnover

rate

............................

126%

22%

27%

138%

39%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$20.13

$19.53

$17.23

$18.62

$22.56

Income

from

investment

operations

Net

investment

income

b,c

........................

0.26

0.24

0.27

0.65

0.15

Net

realized

and

unrealized

gains

(losses)

...........

1.21

0.73

2.41

0.23

(1.55)

Total

from

investment

operations

....................

1.47

0.97

2.68

0.88

(1.40)

Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.37)

(0.38)

(1.00)

(1.11)

Net

realized

gains

.............................

—

(1.27)

(1.43)

Total

distributions

...............................

(0.14)

(0.37)

(0.38)

(2.27)

(2.54)

Net

asset

value,

end

year

.......................

$21.46

$20.13

$19.53

$17.23

$18.62

Total

return

...................................

7.34%

5.04%

15.77%

5.78%

(7.15)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.66%

1.68%

1.71%

Expenses

net

waiver

and

payments

affiliates

......

1.11%

1.12%

1.11%

1.09%

Net

investment

income

...........................

1.24%

1.23%

1.51%

3.82%

0.73%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$419

$1,249

$1,238

$1,202

$1,134

Portfolio

turnover

rate

............................

126%

22%

27%

138%

39%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2035

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$22.06

$21.38

$18.81

$20.11

$24.07

Income

from

investment

operations

Net

investment

income

b,c

........................

0.42

0.34

0.37

0.78

0.19

Net

realized

and

unrealized

gains

(losses)

...........

1.27

0.79

2.64

0.25

(1.62)

Total

from

investment

operations

....................

1.69

1.13

3.01

1.03

(1.43)

Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.45)

(0.44)

(1.06)

(1.10)

Net

realized

gains

.............................

—

(1.27)

(1.43)

Total

distributions

...............................

(0.42)

(0.45)

(0.44)

(2.33)

(2.53)

Net

asset

value,

end

year

.......................

$23.33

$22.06

$21.38

$18.81

$20.11

Total

return

....................................

7.72%

5.38%

16.23%

6.13%

(6.83)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.30%

1.31%

1.33%

1.36%

Expenses

net

waiver

and

payments

affiliates

......

0.76%

0.77%

0.76%

0.74%

Net

investment

income

...........................

1.85%

1.58%

1.87%

4.21%

0.85%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$756

$770

$650

$552

$517

Portfolio

turnover

rate

............................

126%

22%

27%

138%

39%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$29.78

$28.64

$25.01

$25.90

$30.30

Income

from

investment

operations

Net

investment

income

b,c

........................

0.63

0.53

0.56

1.08

0.35

Net

realized

and

unrealized

gains

(losses)

...........

1.75

1.06

3.52

0.37

(2.13)

Total

from

investment

operations

....................

2.38

1.59

4.08

1.45

(1.78)

Less

distributions

from:

Net

investment

income

..........................

(0.45)

(1.07)

(1.19)

Net

realized

gains

.............................

—

(1.27)

(1.43)

Total

distributions

...............................

(0.45)

(2.34)

(2.62)

Net

asset

value,

end

year

.......................

$31.71

$29.78

$28.64

$25.01

$25.90

Total

return

....................................

8.02%

5.62%

16.52%

6.40%

(6.58)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.05%

1.06%

1.08%

1.11%

Expenses

net

waiver

and

payments

affiliates

......

0.51%

0.52%

0.51%

0.49%

Net

investment

income

...........................

2.04%

1.83%

2.12%

4.40%

1.24%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$6,328

$7,145

$6,650

$5,410

$5,458

Portfolio

turnover

rate

............................

126%

22%

27%

138%

39%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2035

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$29.80

$28.66

$25.01

$25.92

$30.34

Income

from

investment

operations

Net

investment

income

b,c

........................

0.68

0.60

0.61

1.12

0.40

Net

realized

and

unrealized

gains

(losses)

...........

1.77

1.07

3.54

0.39

(2.11)

Total

from

investment

operations

....................

2.45

1.67

4.15

1.51

(1.71)

Less

distributions

from:

Net

investment

income

..........................

(0.51)

(0.53)

(0.50)

(1.15)

(1.28)

Net

realized

gains

.............................

—

(1.27)

(1.43)

Total

distributions

...............................

(0.51)

(0.53)

(0.50)

(2.42)

(2.71)

Net

asset

value,

end

year

.......................

$31.74

$29.80

$28.66

$25.01

$25.92

Total

return

....................................

8.29%

5.90%

16.82%

6.66%

(6.36)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.81%

0.83%

0.86%

Expenses

net

waiver

and

payments

affiliates

......

0.26%

0.27%

0.26%

0.24%

Net

investment

income

...........................

2.21%

2.08%

2.34%

4.59%

1.42%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$776

$1,241

$1,025

$940

$791

Portfolio

turnover

rate

............................

126%

22%

27%

138%

39%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$29.84

$28.68

$25.04

$25.94

$30.37

Income

from

investment

operations

Net

investment

income

b,c

........................

0.75

0.65

0.66

1.18

0.46

Net

realized

and

unrealized

gains

(losses)

...........

1.74

1.07

3.53

0.37

(2.14)

Total

from

investment

operations

....................

2.49

1.72

4.19

1.55

(1.68)

Less

distributions

from:

Net

investment

income

..........................

(0.55)

(0.56)

(0.55)

(1.18)

(1.32)

Net

realized

gains

.............................

—

(1.27)

(1.43)

Total

distributions

...............................

(0.55)

(0.56)

(0.55)

(2.45)

(2.75)

Net

asset

value,

end

year

.......................

$31.78

$29.84

$28.68

$25.04

$25.94

Total

return

....................................

8.40%

6.10%

16.96%

6.85%

(6.24)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.66%

0.68%

0.71%

Expenses

net

waiver

and

payments

affiliates

......

0.11%

0.09%

Net

investment

income

...........................

2.44%

2.26%

2.52%

4.85%

1.62%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$14

$13

$11

$10

Portfolio

turnover

rate

............................

126%

22%

27%

138%

39%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2035

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$29.86

$28.70

$25.05

$25.96

$30.38

Income

from

investment

operations

Net

investment

income

b,c

........................

0.78

0.68

0.72

1.34

0.48

Net

realized

and

unrealized

gains

(losses)

...........

1.75

1.07

3.50

0.23

(2.12)

Total

from

investment

operations

....................

2.53

1.75

4.22

1.57

(1.64)

Less

distributions

from:

Net

investment

income

..........................

(0.58)

(0.59)

(0.57)

(1.21)

(1.35)

Net

realized

gains

.............................

—

(1.27)

(1.43)

Total

distributions

...............................

(0.58)

(0.59)

(0.57)

(2.48)

(2.78)

Net

asset

value,

end

year

.......................

$31.81

$29.86

$28.70

$25.05

$25.96

Total

return

....................................

8.54%

6.20%

17.10%

6.92%

(6.11)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.57%

0.56%

0.58%

0.61%

Expenses

net

waiver

and

payments

affiliates

......

0.01%

0.02%

0.01%

(0.01)%

Net

investment

income

...........................

2.53%

2.33%

2.77%

5.44%

1.71%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$5,459

$5,238

$7,443

$11,598

$15,997

Portfolio

turnover

rate

............................

126%

22%

27%

138%

39%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$29.80

$28.65

$25.01

$25.92

$30.35

Income

from

investment

operations

Net

investment

income

b,c

........................

0.75

0.64

0.66

1.19

0.45

Net

realized

and

unrealized

gains

(losses)

...........

1.75

1.08

3.53

0.35

(2.12)

Total

from

investment

operations

....................

2.50

1.72

4.19

1.54

(1.67)

Less

distributions

from:

Net

investment

income

..........................

(0.56)

(0.57)

(0.55)

(1.18)

(1.33)

Net

realized

gains

.............................

—

(1.27)

(1.43)

Total

distributions

...............................

(0.56)

(0.57)

(0.55)

(2.45)

(2.76)

Net

asset

value,

end

year

.......................

$31.74

$29.80

$28.65

$25.01

$25.92

Total

return

....................................

8.43%

6.09%

16.99%

6.82%

(6.23)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.66%

0.68%

0.71%

Expenses

net

waiver

and

payments

affiliates

......

0.11%

0.12%

0.11%

0.09%

Net

investment

income

...........................

2.44%

2.23%

2.50%

4.89%

1.62%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$363,498

$306,223

$236,680

$158,644

$141,266

Portfolio

turnover

rate

............................

126%

22%

27%

138%

39%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments,

July

31,

2026

Franklin

Retirement

Advantage

Plus

2035

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

95.0%

Alternative

Strategies

4.0%

Franklin

BSP

Lending

Fund,

Class

....................................

1,621,921

16,413,839

Asset

Allocation

83.7%

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

....................

18,169,377

325,958,615

Franklin

Dynamic

Asset

Allocation

Conservative

Fund,

Class

.................

165,524

1,898,564

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

......................

707,722

16,949,943

344,807,122

Domestic

Hybrid

3.3%

Franklin

Multi-Asset

Income

Fund,

Class

................................

1,175,278

13,597,971

Domestic

Real

Estate

4.0%

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

......................

1,446,181

16,284,000

Total

Investments

Underlying

Funds

(Cost

$380,252,263)

......................

391,102,932

Short

Term

Investments

5.0%

Management

Investment

Companies

5.0%

a,b

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......................

20,675,591

Total

Management

Investment

Companies

(Cost

$20,675,591)

....................

20,675,591

Total

Short

Term

Investments

(Cost

$20,675,591)

................................

20,675,591

Total

Investments

(Cost

$400,927,854)

100.0%

..................................

$411,778,523

Other

Assets,

less

Liabilities

0.0%

†

............................................

75,473

Net

Assets

100.0%

...........................................................

$411,853,996

†

Rounds

less

than

0.1%

net

assets.

See

Note

3(f)

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2040

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$24.12

$23.07

$19.93

$21.67

$25.95

Income

from

investment

operations

Net

investment

income

b,c

........................

0.42

0.38

0.39

0.75

0.33

Net

realized

and

unrealized

gains

(losses)

...........

1.97

1.13

3.21

0.66

(2.05)

Total

from

investment

operations

....................

2.39

1.51

3.60

1.41

(1.72)

Less

distributions

from:

Net

investment

income

..........................

(0.55)

(0.46)

(0.92)

(1.33)

Net

realized

gains

.............................

—

(2.23)

(1.23)

Total

distributions

...............................

(0.55)

(0.46)

(3.15)

(2.56)

Net

asset

value,

end

year

.......................

$25.96

$24.12

$23.07

$19.93

$21.67

Total

return

...................................

10.01%

6.65%

18.34%

8.08%

(7.60)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.91%

0.92%

0.95%

0.97%

0.96%

Expenses

net

waiver

and

payments

affiliates

......

0.34%

0.31%

0.30%

Net

investment

income

...........................

1.69%

1.62%

1.86%

3.82%

1.37%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$32,452

$33,777

$25,880

$16,840

$15,869

Portfolio

turnover

rate

............................

120%

17%

25%

137%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

174

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$19.79

$19.00

$16.51

$18.50

$22.53

Income

from

investment

operations

Net

investment

income

b,c

........................

0.19

0.17

0.20

0.50

0.13

Net

realized

and

unrealized

gains

(losses)

...........

1.61

0.93

2.64

0.53

(1.74)

Total

from

investment

operations

....................

1.80

1.10

2.84

1.03

(1.61)

Less

distributions

from:

Net

investment

income

..........................

(0.39)

(0.31)

(0.35)

(0.79)

(1.19)

Net

realized

gains

.............................

—

(2.23)

(1.23)

Total

distributions

...............................

(0.39)

(0.31)

(0.35)

(3.02)

(2.42)

Net

asset

value,

end

year

.......................

$21.20

$19.79

$19.00

$16.51

$18.50

Total

return

...................................

9.19%

5.86%

17.41%

7.29%

(8.27)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.67%

1.70%

1.72%

1.71%

Expenses

net

waiver

and

payments

affiliates

......

1.09%

1.06%

1.05%

Net

investment

income

...........................

0.94%

0.87%

1.17%

3.05%

0.63%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$767

$942

$897

$869

$797

Portfolio

turnover

rate

............................

120%

17%

25%

137%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2040

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$26.06

$24.54

$21.18

$22.82

$26.76

Income

from

investment

operations

Net

investment

income

b,c

........................

0.38

0.30

0.41

0.70

0.07

Net

realized

and

unrealized

gains

(losses)

...........

2.10

1.22

3.33

0.72

(2.00)

Total

from

investment

operations

....................

2.48

1.52

3.74

1.42

(1.93)

Less

distributions

from:

Net

investment

income

..........................

(0.59)

—

(0.38)

(0.83)

(0.78)

Net

realized

gains

.............................

—

(2.23)

(1.23)

Total

distributions

...............................

(0.59)

—

(0.38)

(3.06)

(2.01)

Net

asset

value,

end

year

.......................

$27.95

$26.06

$24.54

$21.18

$22.82

Total

return

....................................

9.62%

6.19%

17.87%

7.66%

(7.97)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.30%

1.31%

1.35%

1.37%

1.36%

Expenses

net

waiver

and

payments

affiliates

......

0.73%

0.74%

0.71%

0.70%

Net

investment

income

...........................

1.40%

1.22%

1.90%

3.35%

0.28%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$103

$92

$163

$142

Portfolio

turnover

rate

............................

120%

17%

25%

137%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.87

$29.36

$25.21

$26.54

$31.18

Income

from

investment

operations

Net

investment

income

b,c

........................

0.54

0.44

0.47

0.94

0.37

Net

realized

and

unrealized

gains

(losses)

...........

2.50

1.44

4.06

0.83

(2.53)

Total

from

investment

operations

....................

3.04

1.88

4.53

1.77

(2.16)

Less

distributions

from:

Net

investment

income

..........................

(0.51)

(0.37)

(0.38)

(0.87)

(1.25)

Net

realized

gains

.............................

—

(2.23)

(1.23)

Total

distributions

...............................

(0.51)

(0.37)

(0.38)

(3.10)

(2.48)

Net

asset

value,

end

year

.......................

$33.40

$30.87

$29.36

$25.21

$26.54

Total

return

....................................

9.90%

6.48%

18.16%

7.92%

(7.73)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.03%

1.07%

1.10%

1.12%

1.11%

Expenses

net

waiver

and

payments

affiliates

......

0.46%

0.49%

0.46%

0.45%

Net

investment

income

...........................

1.68%

1.47%

1.75%

3.82%

1.27%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$2,773

$4,171

$3,448

$3,106

$3,365

Portfolio

turnover

rate

............................

120%

17%

25%

137%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2040

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.91

$29.40

$25.23

$26.57

$31.22

Income

from

investment

operations

Net

investment

income

b,c

........................

0.60

0.51

0.54

1.01

0.41

Net

realized

and

unrealized

gains

(losses)

...........

2.50

1.45

4.07

0.81

(2.50)

Total

from

investment

operations

....................

3.10

1.96

4.61

1.82

(2.09)

Less

distributions

from:

Net

investment

income

..........................

(0.57)

(0.45)

(0.44)

(0.93)

(1.33)

Net

realized

gains

.............................

—

(2.23)

(1.23)

Total

distributions

...............................

(0.57)

(0.45)

(0.44)

(3.16)

(2.56)

Net

asset

value,

end

year

.......................

$33.44

$30.91

$29.40

$25.23

$26.57

Total

return

....................................

10.11%

6.77%

18.49%

8.16%

(7.49)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.81%

0.82%

0.85%

0.87%

0.86%

Expenses

net

waiver

and

payments

affiliates

......

0.23%

0.24%

0.21%

0.20%

Net

investment

income

...........................

1.85%

1.72%

2.02%

4.09%

1.41%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$641

$478

$517

$743

$751

Portfolio

turnover

rate

............................

120%

17%

25%

137%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.91

$29.40

$25.25

$26.59

$31.25

Income

from

investment

operations

Net

investment

income

b,c

........................

0.63

0.56

0.58

1.00

0.48

Net

realized

and

unrealized

gains

(losses)

...........

2.53

1.44

4.07

0.86

(2.52)

Total

from

investment

operations

....................

3.16

2.00

4.65

1.86

(2.04)

Less

distributions

from:

Net

investment

income

..........................

(0.61)

(0.49)

(0.50)

(0.97)

(1.39)

Net

realized

gains

.............................

—

(2.23)

(1.23)

Total

distributions

...............................

(0.61)

(0.49)

(0.50)

(3.20)

(2.62)

Net

asset

value,

end

year

.......................

$33.46

$30.91

$29.40

$25.25

$26.59

Total

return

....................................

10.29%

6.89%

18.66%

8.31%

(7.34)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.66%

0.67%

0.70%

0.72%

0.71%

Expenses

net

waiver

and

payments

affiliates

......

0.08%

0.09%

0.06%

0.05%

Net

investment

income

...........................

1.95%

1.89%

2.17%

4.06%

1.65%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$15

$14

$13

$11

$10

Portfolio

turnover

rate

............................

120%

17%

25%

137%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2040

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.94

$29.42

$25.27

$26.60

$31.27

Income

from

investment

operations

Net

investment

income

b,c

........................

0.67

0.59

0.70

1.23

0.50

Net

realized

and

unrealized

gains

(losses)

...........

2.53

1.44

3.98

0.66

(2.52)

Total

from

investment

operations

....................

3.20

2.03

4.68

1.89

(2.02)

Less

distributions

from:

Net

investment

income

..........................

(0.64)

(0.51)

(0.53)

(0.99)

(1.42)

Net

realized

gains

.............................

—

(2.23)

(1.23)

Total

distributions

...............................

(0.64)

(0.51)

(0.53)

(3.22)

(2.65)

Net

asset

value,

end

year

.......................

$33.50

$30.94

$29.42

$25.27

$26.60

Total

return

....................................

10.43%

7.00%

18.76%

8.47%

(7.28)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.57%

0.60%

0.62%

0.61%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.02)%

(0.01)%

(0.04)%

(0.05)%

Net

investment

income

...........................

2.08%

1.97%

2.73%

4.92%

1.72%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$2,711

$3,472

$1,830

$8,039

$13,998

Portfolio

turnover

rate

............................

120%

17%

25%

137%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.84

$29.33

$25.20

$26.54

$31.20

Income

from

investment

operations

Net

investment

income

b,c

........................

0.62

0.56

0.57

1.00

0.48

Net

realized

and

unrealized

gains

(losses)

...........

2.53

1.44

4.06

0.86

(2.52)

Total

from

investment

operations

....................

3.15

2.00

4.63

1.86

(2.04)

Less

distributions

from:

Net

investment

income

..........................

(0.61)

(0.49)

(0.50)

(0.97)

(1.39)

Net

realized

gains

.............................

—

(2.23)

(1.23)

Total

distributions

...............................

(0.61)

(0.49)

(0.50)

(3.20)

(2.62)

Net

asset

value,

end

year

.......................

$33.38

$30.84

$29.33

$25.20

$26.54

Total

return

....................................

10.30%

6.92%

18.63%

8.33%

(7.35)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.67%

0.70%

0.72%

0.71%

Expenses

net

waiver

and

payments

affiliates

......

0.08%

0.09%

0.06%

0.05%

Net

investment

income

...........................

1.94%

1.87%

2.15%

4.05%

1.65%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$385,032

$333,511

$239,529

$173,452

$156,842

Portfolio

turnover

rate

............................

120%

17%

25%

137%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments,

July

31,

2026

Franklin

Retirement

Advantage

Plus

2040

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

95.9%

Alternative

Strategies

3.0%

Franklin

BSP

Lending

Fund,

Class

....................................

1,245,290

12,602,337

Asset

Allocation

90.0%

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

....................

8,157,381

146,343,409

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

......................

9,835,212

235,553,331

381,896,740

Domestic

Real

Estate

2.9%

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

......................

1,110,455

12,503,724

Total

Investments

Underlying

Funds

(Cost

$390,720,732)

......................

407,002,801

Short

Term

Investments

4.1%

Management

Investment

Companies

4.1%

a,b

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......................

17,441,702

Total

Management

Investment

Companies

(Cost

$17,441,702)

....................

17,441,702

Total

Short

Term

Investments

(Cost

$17,441,702)

................................

17,441,702

Total

Investments

(Cost

$408,162,434)

100.0%

..................................

$424,444,503

Other

Assets,

less

Liabilities

0.0%

†

............................................

48,709

Net

Assets

100.0%

...........................................................

$424,493,212

†

Rounds

less

than

0.1%

net

assets.

See

Note

3(f)

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2045

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$22.98

$21.82

$18.65

$19.66

$24.20

Income

from

investment

operations

Net

investment

income

b,c

........................

0.34

0.30

0.58

0.30

Net

realized

and

unrealized

gains

(losses)

...........

2.30

1.26

3.28

0.89

(2.05)

Total

from

investment

operations

....................

2.64

1.56

3.58

1.47

(1.75)

Less

distributions

from:

Net

investment

income

..........................

(0.48)

(0.40)

(0.41)

(0.73)

(1.37)

Net

realized

gains

.............................

—

(1.75)

(1.42)

Total

distributions

...............................

(0.48)

(0.40)

(0.41)

(2.48)

(2.79)

Net

asset

value,

end

year

.......................

$25.14

$22.98

$21.82

$18.65

$19.66

Total

return

...................................

11.58%

7.27%

19.49%

9.07%

(8.55)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.93%

0.94%

0.98%

1.02%

1.00%

Expenses

net

waiver

and

payments

affiliates

......

0.32%

0.30%

0.28%

Net

investment

income

...........................

1.41%

1.37%

1.50%

3.22%

1.37%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$36,305

$34,897

$27,363

$12,815

$11,577

Portfolio

turnover

rate

............................

116%

19%

21%

138%

33%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$19.13

$18.22

$15.67

$16.90

$21.18

Income

from

investment

operations

Net

investment

income

b,c

........................

0.12

0.11

0.16

0.33

0.13

Net

realized

and

unrealized

gains

(losses)

...........

1.93

1.06

2.71

0.79

(1.78)

Total

from

investment

operations

....................

2.05

1.17

2.87

1.12

(1.65)

Less

distributions

from:

Net

investment

income

..........................

(0.22)

(0.26)

(0.32)

(0.60)

(1.21)

Net

realized

gains

.............................

—

(1.75)

(1.42)

Total

distributions

...............................

(0.22)

(0.26)

(0.32)

(2.35)

(2.63)

Net

asset

value,

end

year

.......................

$20.96

$19.13

$18.22

$15.67

$16.90

Total

return

...................................

10.78%

6.48%

18.55%

8.29%

(9.25)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.68%

1.69%

1.73%

1.77%

1.75%

Expenses

net

waiver

and

payments

affiliates

......

1.07%

1.05%

1.03%

Net

investment

income

...........................

0.63%

0.62%

0.95%

2.16%

0.70%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$416

$928

$967

$869

$694

Portfolio

turnover

rate

............................

116%

19%

21%

138%

33%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2045

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$24.74

$23.23

$19.85

$20.72

$25.19

Income

from

investment

operations

Net

investment

income

b,c

........................

0.25

0.23

0.26

0.49

0.18

Net

realized

and

unrealized

gains

(losses)

...........

2.49

1.35

3.48

1.00

(2.14)

Total

from

investment

operations

....................

2.74

1.58

3.74

1.49

(1.96)

Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.07)

(0.36)

(0.61)

(1.09)

Net

realized

gains

.............................

—

(1.75)

(1.42)

Total

distributions

...............................

(0.41)

(0.07)

(0.36)

(2.36)

(2.51)

Net

asset

value,

end

year

.......................

$27.07

$24.74

$23.23

$19.85

$20.72

Total

return

....................................

11.15%

6.80%

19.04%

8.61%

(8.92)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.31%

1.34%

1.38%

1.42%

1.40%

Expenses

net

waiver

and

payments

affiliates

......

0.72%

0.70%

0.68%

Net

investment

income

...........................

0.96%

0.97%

1.24%

2.56%

0.76%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$89

$47

$107

$69

$44

Portfolio

turnover

rate

............................

116%

19%

21%

138%

33%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.86

$29.13

$24.75

$25.20

$30.24

Income

from

investment

operations

Net

investment

income

b,c

........................

0.43

0.36

0.40

0.68

0.36

Net

realized

and

unrealized

gains

(losses)

...........

3.08

1.69

4.34

1.27

(2.67)

Total

from

investment

operations

....................

3.51

2.05

4.74

1.95

(2.31)

Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.32)

(0.36)

(0.65)

(1.31)

Net

realized

gains

.............................

—

(1.75)

(1.42)

Total

distributions

...............................

(0.42)

(0.32)

(0.36)

(2.40)

(2.73)

Net

asset

value,

end

year

.......................

$33.95

$30.86

$29.13

$24.75

$25.20

Total

return

....................................

11.43%

7.08%

19.33%

8.93%

(8.69)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.04%

1.09%

1.13%

1.17%

1.15%

Expenses

net

waiver

and

payments

affiliates

......

0.45%

0.47%

0.45%

0.43%

Net

investment

income

...........................

1.34%

1.22%

1.50%

2.87%

1.29%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$4,085

$4,232

$3,880

$2,863

$3,383

Portfolio

turnover

rate

............................

116%

19%

21%

138%

33%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2045

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.89

$29.15

$24.77

$25.24

$30.29

Income

from

investment

operations

Net

investment

income

b,c

........................

0.51

0.43

0.46

0.79

0.42

Net

realized

and

unrealized

gains

(losses)

...........

3.08

1.70

4.34

1.22

(2.67)

Total

from

investment

operations

....................

3.59

2.13

4.80

2.01

(2.25)

Less

distributions

from:

Net

investment

income

..........................

(0.49)

(0.39)

(0.42)

(0.73)

(1.38)

Net

realized

gains

.............................

—

(1.75)

(1.42)

Total

distributions

...............................

(0.49)

(0.39)

(0.42)

(2.48)

(2.80)

Net

asset

value,

end

year

.......................

$33.99

$30.89

$29.15

$24.77

$25.24

Total

return

....................................

11.71%

7.37%

19.58%

9.23%

(8.47)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.84%

0.88%

0.92%

0.90%

Expenses

net

waiver

and

payments

affiliates

......

0.22%

0.20%

0.18%

Net

investment

income

...........................

1.59%

1.47%

1.76%

3.34%

1.51%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$470

$1,050

$949

$753

$678

Portfolio

turnover

rate

............................

116%

19%

21%

138%

33%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.93

$29.19

$24.80

$25.27

$30.31

Income

from

investment

operations

Net

investment

income

b,c

........................

0.53

0.48

0.51

0.79

0.45

Net

realized

and

unrealized

gains

(losses)

...........

3.12

1.69

4.33

1.26

(2.64)

Total

from

investment

operations

....................

3.65

2.17

4.84

2.05

(2.19)

Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.43)

(0.45)

(0.77)

(1.43)

Net

realized

gains

.............................

—

(1.75)

(1.42)

Total

distributions

...............................

(0.53)

(0.43)

(0.45)

(2.52)

(2.85)

Net

asset

value,

end

year

.......................

$34.05

$30.93

$29.19

$24.80

$25.27

Total

return

....................................

11.86%

7.55%

19.76%

9.38%

(8.29)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.68%

0.69%

0.73%

0.77%

0.75%

Expenses

net

waiver

and

payments

affiliates

......

0.07%

0.05%

0.03%

Net

investment

income

...........................

1.64%

1.62%

1.92%

3.33%

1.61%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$20

$17

$13

$11

$10

Portfolio

turnover

rate

............................

116%

19%

21%

138%

33%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2045

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.95

$29.21

$24.80

$25.28

$30.33

Income

from

investment

operations

Net

investment

income

b,c

........................

0.57

0.51

0.58

1.03

0.47

Net

realized

and

unrealized

gains

(losses)

...........

3.12

1.68

4.30

1.03

(2.64)

Total

from

investment

operations

....................

3.69

2.19

4.88

2.06

(2.17)

Less

distributions

from:

Net

investment

income

..........................

(0.56)

(0.45)

(0.47)

(0.79)

(1.46)

Net

realized

gains

.............................

—

(1.75)

(1.42)

Total

distributions

...............................

(0.56)

(0.45)

(0.47)

(2.54)

(2.88)

Net

asset

value,

end

year

.......................

$34.08

$30.95

$29.21

$24.80

$25.28

Total

return

....................................

12.01%

7.61%

19.94%

9.45%

(8.22)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.59%

0.63%

0.67%

0.65%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.03)%

(0.05)%

(0.07)%

Net

investment

income

...........................

1.74%

1.72%

2.23%

4.28%

1.68%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$4,175

$4,418

$3,501

$4,991

$10,842

Portfolio

turnover

rate

............................

116%

19%

21%

138%

33%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$30.93

$29.19

$24.80

$25.27

$30.33

Income

from

investment

operations

Net

investment

income

b,c

........................

0.53

0.48

0.50

0.79

0.42

Net

realized

and

unrealized

gains

(losses)

...........

3.11

1.69

4.34

1.26

(2.63)

Total

from

investment

operations

....................

3.64

2.17

4.84

2.05

(2.21)

Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.43)

(0.45)

(0.77)

(1.43)

Net

realized

gains

.............................

—

(1.75)

(1.42)

Total

distributions

...............................

(0.53)

(0.43)

(0.45)

(2.52)

(2.85)

Net

asset

value,

end

year

.......................

$34.04

$30.93

$29.19

$24.80

$25.27

Total

return

....................................

11.86%

7.53%

19.77%

9.39%

(8.34)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.68%

0.69%

0.73%

0.77%

0.75%

Expenses

net

waiver

and

payments

affiliates

......

0.07%

0.05%

0.03%

Net

investment

income

...........................

1.64%

1.62%

1.88%

3.32%

1.50%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$323,174

$261,398

$181,653

$116,355

$100,019

Portfolio

turnover

rate

............................

116%

19%

21%

138%

33%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments,

July

31,

2026

Franklin

Retirement

Advantage

Plus

2045

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

96.7%

Alternative

Strategies

2.1%

Franklin

BSP

Lending

Fund,

Class

....................................

759,591

7,687,056

Asset

Allocation

92.6%

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

....................

364,247

6,534,599

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

......................

1,177,716

21,834,862

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

......................

13,070,079

313,028,402

341,397,863

Domestic

Real

Estate

2.0%

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

......................

677,505

7,628,711

Total

Investments

Underlying

Funds

(Cost

$338,831,096)

......................

356,713,630

Short

Term

Investments

3.2%

Management

Investment

Companies

3.2%

a,b

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......................

11,938,606

Total

Management

Investment

Companies

(Cost

$11,938,606)

....................

11,938,606

Total

Short

Term

Investments

(Cost

$11,938,606)

................................

11,938,606

Total

Investments

(Cost

$350,769,702)

99.9%

...................................

$368,652,236

Other

Assets,

less

Liabilities

0.1%

.............................................

81,046

Net

Assets

100.0%

...........................................................

$368,733,282

See

Note

3(f)

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2050

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$22.35

$21.03

$17.75

$18.27

$22.32

Income

from

investment

operations

Net

investment

income

b,c

........................

0.31

0.25

0.23

0.42

0.23

Net

realized

and

unrealized

gains

(losses)

...........

2.40

1.33

3.33

1.11

(1.99)

Total

from

investment

operations

....................

2.71

1.58

3.56

1.53

(1.76)

Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.26)

(0.28)

(0.36)

(1.10)

Net

realized

gains

.............................

—

(1.69)

(1.19)

Total

distributions

...............................

(0.33)

(0.26)

(0.28)

(2.05)

(2.29)

Net

asset

value,

end

year

.......................

$24.73

$22.35

$21.03

$17.75

$18.27

Total

return

...................................

12.22%

7.61%

20.28%

9.93%

(9.16)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.96%

0.95%

1.01%

1.06%

1.03%

Expenses

net

waiver

and

payments

affiliates

......

0.31%

0.30%

0.31%

0.29%

0.28%

Net

investment

income

...........................

1.33%

1.19%

2.49%

1.11%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$32,346

$32,978

$21,864

$7,769

$7,023

Portfolio

turnover

rate

............................

114%

18%

17%

129%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$21.19

$19.91

$16.83

$17.44

$21.37

Income

from

investment

operations

Net

investment

income

b,c

........................

0.13

0.09

0.13

0.28

0.06

Net

realized

and

unrealized

gains

(losses)

...........

2.28

1.26

3.12

1.04

(1.89)

Total

from

investment

operations

....................

2.41

1.35

3.25

1.32

(1.83)

Less

distributions

from:

Net

investment

income

..........................

(0.11)

(0.07)

(0.17)

(0.24)

(0.91)

Net

realized

gains

.............................

—

(1.69)

(1.19)

Total

distributions

...............................

(0.11)

(0.07)

(0.17)

(1.93)

(2.10)

Net

asset

value,

end

year

.......................

$23.49

$21.19

$19.91

$16.83

$17.44

Total

return

...................................

11.38%

6.82%

19.42%

9.05%

(9.81)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.71%

1.70%

1.76%

1.81%

1.78%

Expenses

net

waiver

and

payments

affiliates

......

1.06%

1.05%

1.06%

1.04%

1.03%

Net

investment

income

...........................

0.57%

0.45%

0.72%

1.75%

0.29%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$707

$1,087

$1,094

$1,042

$895

Portfolio

turnover

rate

............................

114%

18%

17%

129%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2050

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$21.79

$20.55

$17.23

$17.80

$21.74

Income

from

investment

operations

Net

investment

income

b,c

........................

0.22

0.16

0.18

0.49

0.11

Net

realized

and

unrealized

gains

(losses)

...........

2.33

1.30

3.22

0.93

(1.91)

Total

from

investment

operations

....................

2.55

1.46

3.40

1.42

(1.80)

Less

distributions

from:

Net

investment

income

..........................

(0.26)

(0.22)

(0.08)

(0.30)

(0.95)

Net

realized

gains

.............................

—

(1.69)

(1.19)

Total

distributions

...............................

(0.26)

(0.22)

(0.08)

(1.99)

(2.14)

Net

asset

value,

end

year

.......................

$24.08

$21.79

$20.55

$17.23

$17.80

Total

return

....................................

11.78%

7.18%

19.79%

9.52%

(9.50)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.35%

1.36%

1.41%

1.46%

1.43%

Expenses

net

waiver

and

payments

affiliates

......

0.71%

0.69%

0.68%

Net

investment

income

...........................

0.96%

0.79%

0.95%

2.92%

0.57%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$262

$212

$137

$156

$499

Portfolio

turnover

rate

............................

114%

18%

17%

129%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$22.27

$20.94

$17.67

$18.19

$22.23

Income

from

investment

operations

Net

investment

income

b,c

........................

0.31

0.22

0.24

0.42

0.29

Net

realized

and

unrealized

gains

(losses)

...........

2.36

1.32

3.29

1.08

(2.08)

Total

from

investment

operations

....................

2.67

1.54

3.53

1.50

(1.79)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.21)

(0.26)

(0.33)

(1.06)

Net

realized

gains

.............................

—

(1.69)

(1.19)

Total

distributions

...............................

(0.31)

(0.21)

(0.26)

(2.02)

(2.25)

Net

asset

value,

end

year

.......................

$24.63

$22.27

$20.94

$17.67

$18.19

Total

return

....................................

12.04%

7.41%

20.14%

9.75%

(9.30)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.10%

1.16%

1.21%

1.18%

Expenses

net

waiver

and

payments

affiliates

......

0.46%

0.45%

0.46%

0.44%

0.43%

Net

investment

income

...........................

1.34%

1.05%

1.26%

2.50%

1.39%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$1,920

$2,811

$2,507

$1,899

$2,144

Portfolio

turnover

rate

............................

114%

18%

17%

129%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2050

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$22.31

$20.97

$17.70

$18.23

$22.26

Income

from

investment

operations

Net

investment

income

b,c

........................

0.37

0.28

0.29

0.43

0.23

Net

realized

and

unrealized

gains

(losses)

...........

2.37

1.33

3.27

1.11

(1.97)

Total

from

investment

operations

....................

2.74

1.61

3.56

1.54

(1.74)

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.27)

(0.29)

(0.38)

(1.10)

Net

realized

gains

.............................

—

(1.69)

(1.19)

Total

distributions

...............................

(0.37)

(0.27)

(0.29)

(2.07)

(2.29)

Net

asset

value,

end

year

.......................

$24.68

$22.31

$20.97

$17.70

$18.23

Total

return

....................................

12.36%

7.76%

20.36%

10.06%

(9.08)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.82%

0.85%

0.91%

0.96%

0.93%

Expenses

net

waiver

and

payments

affiliates

......

0.19%

0.20%

0.21%

0.19%

0.18%

Net

investment

income

...........................

1.57%

1.30%

1.56%

2.53%

1.11%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$400

$384

$264

$248

$170

Portfolio

turnover

rate

............................

114%

18%

17%

129%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$22.33

$20.98

$17.70

$18.23

$22.28

Income

from

investment

operations

Net

investment

income

b,c

........................

0.37

0.31

0.32

0.47

0.28

Net

realized

and

unrealized

gains

(losses)

...........

2.40

1.33

3.28

1.09

(1.99)

Total

from

investment

operations

....................

2.77

1.64

3.60

1.56

(1.71)

Less

distributions

from:

Net

investment

income

..........................

(0.39)

(0.29)

(0.32)

(0.40)

(1.15)

Net

realized

gains

.............................

—

(1.69)

(1.19)

Total

distributions

...............................

(0.39)

(0.29)

(0.32)

(2.09)

(2.34)

Net

asset

value,

end

year

.......................

$24.71

$22.33

$20.98

$17.70

$18.23

Total

return

....................................

12.50%

7.91%

20.59%

10.20%

(8.95)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.71%

0.76%

0.81%

0.78%

Expenses

net

waiver

and

payments

affiliates

......

0.06%

0.05%

0.06%

0.04%

0.03%

Net

investment

income

...........................

1.56%

1.45%

1.69%

2.74%

1.38%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$16

$14

$11

$10

Portfolio

turnover

rate

............................

114%

18%

17%

129%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2050

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$22.34

$20.99

$17.71

$18.24

$22.29

Income

from

investment

operations

Net

investment

income

b,c

........................

0.39

0.33

0.36

0.58

0.30

Net

realized

and

unrealized

gains

(losses)

...........

2.40

1.33

3.26

1.00

(1.99)

Total

from

investment

operations

....................

2.79

1.66

3.62

1.58

(1.69)

Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.31)

(0.34)

(0.42)

(1.17)

Net

realized

gains

.............................

—

(1.69)

(1.19)

Total

distributions

...............................

(0.41)

(0.31)

(0.34)

(2.11)

(2.36)

Net

asset

value,

end

year

.......................

$24.72

$22.34

$20.99

$17.71

$18.24

Total

return

....................................

12.60%

8.01%

20.68%

10.31%

(8.85)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.62%

0.60%

0.66%

0.71%

0.68%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.04)%

(0.05)%

(0.04)%

(0.06)%

(0.07)%

Net

investment

income

...........................

1.68%

1.55%

1.92%

3.42%

1.48%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$3,075

$3,877

$4,357

$5,245

$9,794

Portfolio

turnover

rate

............................

114%

18%

17%

129%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$22.31

$20.97

$17.69

$18.23

$22.27

Income

from

investment

operations

Net

investment

income

b,c

........................

0.36

0.31

0.46

0.28

Net

realized

and

unrealized

gains

(losses)

...........

2.40

1.32

3.29

1.09

(1.98)

Total

from

investment

operations

....................

2.76

1.63

3.60

1.55

(1.70)

Less

distributions

from:

Net

investment

income

..........................

(0.39)

(0.29)

(0.32)

(0.40)

(1.15)

Net

realized

gains

.............................

—

(1.69)

(1.19)

Total

distributions

...............................

(0.39)

(0.29)

(0.32)

(2.09)

(2.34)

Net

asset

value,

end

year

.......................

$24.68

$22.31

$20.97

$17.69

$18.23

Total

return

....................................

12.48%

7.88%

20.62%

10.15%

(8.89)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.71%

0.70%

0.76%

0.81%

0.78%

Expenses

net

waiver

and

payments

affiliates

......

0.06%

0.05%

0.06%

0.04%

0.03%

Net

investment

income

...........................

1.53%

1.45%

1.66%

2.71%

1.39%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$249,010

$192,561

$137,680

$86,672

$67,397

Portfolio

turnover

rate

............................

114%

18%

17%

129%

32%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments,

July

31,

2026

Franklin

Retirement

Advantage

Plus

2050

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

98.5%

Alternative

Strategies

1.8%

Franklin

BSP

Lending

Fund,

Class

....................................

496,852

5,028,143

Asset

Allocation

95.0%

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

......................

3,610,880

66,945,718

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

......................

8,618,017

206,401,501

273,347,219

Domestic

Real

Estate

1.7%

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

......................

443,302

4,991,580

Total

Investments

Underlying

Funds

(Cost

$268,454,150)

......................

283,366,942

Short

Term

Investments

1.6%

Management

Investment

Companies

1.6%

a,b

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......................

4,486,750

Total

Management

Investment

Companies

(Cost

$4,486,750)

.....................

4,486,750

Total

Short

Term

Investments

(Cost

$4,486,750)

.................................

4,486,750

Total

Investments

(Cost

$272,940,900)

100.1%

..................................

$287,853,692

Other

Assets,

less

Liabilities

(0.1)%

...........................................

(117,104)

Net

Assets

100.0%

...........................................................

$287,736,588

See

Note

3(f)

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2055

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.19

$13.29

$11.13

$11.07

$13.76

Income

from

investment

operations

Net

investment

income

b,c

........................

0.18

0.13

0.11

0.24

0.12

Net

realized

and

unrealized

gains

(losses)

...........

1.59

0.91

2.21

0.79

(1.20)

Total

from

investment

operations

....................

1.77

1.04

2.32

1.03

(1.08)

Less

distributions

from:

Net

investment

income

..........................

(0.20)

(0.14)

(0.16)

(0.19)

(0.69)

Net

realized

gains

.............................

(0.01)

—

(0.78)

(0.92)

Total

distributions

...............................

(0.21)

(0.14)

(0.16)

(0.97)

(1.61)

Net

asset

value,

end

year

.......................

$15.75

$14.19

$13.29

$11.13

$11.07

Total

return

...................................

12.60%

7.92%

21.09%

10.55%

(9.33)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.00%

1.01%

1.08%

1.18%

1.16%

Expenses

net

waiver

and

payments

affiliates

......

0.31%

0.29%

0.28%

Net

investment

income

...........................

1.21%

1.00%

0.89%

2.30%

0.94%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$34,283

$33,299

$19,802

$5,727

$4,851

Portfolio

turnover

rate

............................

114%

18%

13%

133%

28%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.68

$12.78

$10.71

$10.65

$13.29

Income

from

investment

operations

Net

investment

income

b,c

........................

0.06

0.03

0.05

0.16

0.04

Net

realized

and

unrealized

gains

(losses)

...........

1.55

0.89

2.10

0.76

(1.17)

Total

from

investment

operations

....................

1.61

0.92

2.15

0.92

(1.13)

Less

distributions

from:

Net

investment

income

..........................

(0.04)

(0.02)

(0.08)

(0.59)

Net

realized

gains

.............................

(0.01)

—

(0.78)

(0.92)

Total

distributions

...............................

(0.05)

(0.02)

(0.08)

(0.86)

(1.51)

Net

asset

value,

end

year

.......................

$15.24

$13.68

$12.78

$10.71

$10.65

Total

return

...................................

11.80%

7.17%

20.12%

9.77%

(10.01)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.75%

1.76%

1.83%

1.93%

1.91%

Expenses

net

waiver

and

payments

affiliates

......

1.06%

1.04%

1.03%

Net

investment

income

...........................

0.40%

0.25%

0.46%

1.60%

0.34%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$391

$620

$654

$641

$599

Portfolio

turnover

rate

............................

114%

18%

13%

133%

28%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2055

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.64

$13.64

$11.44

$11.36

$13.74

Income

from

investment

operations

Net

investment

income

b,c

........................

0.11

0.08

0.09

0.19

0.01

Net

realized

and

unrealized

gains

(losses)

...........

1.66

0.94

2.24

0.83

(1.18)

Total

from

investment

operations

....................

1.77

1.02

2.33

1.02

(1.17)

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.02)

(0.13)

(0.16)

(0.29)

Net

realized

gains

.............................

(0.01)

—

(0.78)

(0.92)

Total

distributions

...............................

(0.14)

(0.02)

(0.13)

(0.94)

(1.21)

Net

asset

value,

end

year

.......................

$16.27

$14.64

$13.64

$11.44

$11.36

Total

return

....................................

12.21%

7.51%

20.54%

10.16%

(9.66)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.38%

1.41%

1.48%

1.58%

1.56%

Expenses

net

waiver

and

payments

affiliates

......

0.71%

0.69%

0.68%

Net

investment

income

...........................

0.71%

0.60%

0.77%

1.81%

0.03%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$115

$97

$126

$72

$39

Portfolio

turnover

rate

............................

114%

18%

13%

133%

28%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.31

$13.39

$11.22

$11.15

$13.84

Income

from

investment

operations

Net

investment

income

b,c

........................

0.17

0.12

0.13

0.25

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.60

0.91

2.19

0.77

(1.20)

Total

from

investment

operations

....................

1.77

1.03

2.32

1.02

(1.10)

Less

distributions

from:

Net

investment

income

..........................

(0.19)

(0.11)

(0.15)

(0.17)

(0.67)

Net

realized

gains

.............................

(0.01)

—

(0.78)

(0.92)

Total

distributions

...............................

(0.20)

(0.11)

(0.15)

(0.95)

(1.59)

Net

asset

value,

end

year

.......................

$15.88

$14.31

$13.39

$11.22

$11.15

Total

return

....................................

12.46%

7.76%

20.81%

10.40%

(9.42)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.13%

1.16%

1.23%

1.33%

1.31%

Expenses

net

waiver

and

payments

affiliates

......

0.46%

0.44%

0.43%

Net

investment

income

...........................

1.15%

0.85%

1.08%

2.32%

0.79%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$3,948

$4,799

$3,906

$2,990

$2,904

Portfolio

turnover

rate

............................

114%

18%

13%

133%

28%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2055

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.35

$13.42

$11.24

$11.17

$13.86

Income

from

investment

operations

Net

investment

income

b,c

........................

0.20

0.15

0.16

0.25

0.13

Net

realized

and

unrealized

gains

(losses)

...........

1.62

0.92

2.19

0.80

(1.20)

Total

from

investment

operations

....................

1.82

1.07

2.35

1.05

(1.07)

Less

distributions

from:

Net

investment

income

..........................

(0.22)

(0.14)

(0.17)

(0.20)

(0.70)

Net

realized

gains

.............................

(0.01)

—

(0.78)

(0.92)

Total

distributions

...............................

(0.23)

(0.14)

(0.17)

(0.98)

(1.62)

Net

asset

value,

end

year

.......................

$15.94

$14.35

$13.42

$11.24

$11.17

Total

return

....................................

12.78%

8.04%

21.15%

10.64%

(9.20)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.90%

0.91%

0.98%

1.08%

1.06%

Expenses

net

waiver

and

payments

affiliates

......

0.21%

0.19%

0.18%

Net

investment

income

...........................

1.35%

1.10%

1.30%

2.39%

1.06%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$278

$563

$494

$382

$317

Portfolio

turnover

rate

............................

114%

18%

13%

133%

28%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.37

$13.44

$11.25

$11.18

$13.87

Income

from

investment

operations

Net

investment

income

b,c

........................

0.22

0.17

0.18

0.27

0.15

Net

realized

and

unrealized

gains

(losses)

...........

1.62

0.92

2.20

0.79

(1.20)

Total

from

investment

operations

....................

1.84

1.09

2.38

1.06

(1.05)

Less

distributions

from:

Net

investment

income

..........................

(0.24)

(0.16)

(0.19)

(0.21)

(0.72)

Net

realized

gains

.............................

(0.01)

—

(0.78)

(0.92)

Total

distributions

...............................

(0.25)

(0.16)

(0.19)

(0.99)

(1.64)

Net

asset

value,

end

year

.......................

$15.96

$14.37

$13.44

$11.25

$11.18

Total

return

....................................

12.94%

8.18%

21.36%

10.80%

(9.05)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.75%

0.76%

0.83%

0.93%

0.91%

Expenses

net

waiver

and

payments

affiliates

......

0.06%

0.04%

0.03%

Net

investment

income

...........................

1.42%

1.25%

1.46%

2.55%

1.22%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$27

$15

$14

$11

$10

Portfolio

turnover

rate

............................

114%

18%

13%

133%

28%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2055

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.38

$13.45

$11.26

$11.18

$13.88

Income

from

investment

operations

Net

investment

income

b,c

........................

0.24

0.19

0.21

0.38

0.16

Net

realized

and

unrealized

gains

(losses)

...........

1.62

0.91

2.18

0.70

(1.21)

Total

from

investment

operations

....................

1.86

1.10

2.39

1.08

(1.05)

Less

distributions

from:

Net

investment

income

..........................

(0.25)

(0.17)

(0.20)

(0.22)

(0.73)

Net

realized

gains

.............................

(0.01)

—

(0.78)

(0.92)

Total

distributions

...............................

(0.26)

(0.17)

(0.20)

(1.00)

(1.65)

Net

asset

value,

end

year

.......................

$15.98

$14.38

$13.45

$11.26

$11.18

Total

return

....................................

13.08%

8.28%

21.45%

11.01%

(9.03)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.66%

0.73%

0.83%

0.81%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.04)%

(0.06)%

(0.07)%

Net

investment

income

...........................

1.58%

1.35%

1.81%

3.59%

1.26%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$3,978

$4,227

$1,788

$2,487

$6,073

Portfolio

turnover

rate

............................

114%

18%

13%

133%

28%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.41

$13.48

$11.29

$11.21

$13.91

Income

from

investment

operations

Net

investment

income

b,c

........................

0.22

0.17

0.27

0.14

Net

realized

and

unrealized

gains

(losses)

...........

1.63

0.92

2.21

0.80

(1.20)

Total

from

investment

operations

....................

1.85

1.09

2.38

1.07

(1.06)

Less

distributions

from:

Net

investment

income

..........................

(0.24)

(0.16)

(0.19)

(0.21)

(0.72)

Net

realized

gains

.............................

(0.01)

—

(0.78)

(0.92)

Total

distributions

...............................

(0.25)

(0.16)

(0.19)

(0.99)

(1.64)

Net

asset

value,

end

year

.......................

$16.01

$14.41

$13.48

$11.29

$11.21

Total

return

....................................

12.96%

8.18%

21.31%

10.89%

(9.07)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.75%

0.76%

0.83%

0.93%

0.91%

Expenses

net

waiver

and

payments

affiliates

......

0.06%

0.04%

0.03%

Net

investment

income

...........................

1.45%

1.25%

1.38%

2.50%

1.13%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$137,913

$109,239

$73,334

$40,391

$28,572

Portfolio

turnover

rate

............................

114%

18%

13%

133%

28%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments,

July

31,

2026

Franklin

Retirement

Advantage

Plus

2055

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

99.6%

Alternative

Strategies

1.2%

Franklin

BSP

Lending

Fund,

Class

....................................

213,894

2,164,611

Asset

Allocation

97.2%

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

......................

4,157,875

77,087,008

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

......................

4,124,745

98,787,638

175,874,646

Domestic

Real

Estate

1.2%

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

......................

190,664

2,146,878

Total

Investments

Underlying

Funds

(Cost

$170,223,472)

......................

180,186,135

Short

Term

Investments

0.4%

Management

Investment

Companies

0.4%

a,b

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......................

772,485

Total

Management

Investment

Companies

(Cost

$772,485)

.......................

772,485

Total

Short

Term

Investments

(Cost

$772,485)

..................................

772,485

Total

Investments

(Cost

$170,995,957)

100.0%

..................................

$180,958,620

Other

Assets,

less

Liabilities

(0.0)%

†

...........................................

(25,862)

Net

Assets

100.0%

...........................................................

$180,932,758

†

Rounds

less

than

0.1%

net

assets.

See

Note

3(f)

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2060

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.88

$13.89

$11.56

$11.07

$13.89

Income

from

investment

operations

Net

investment

income

b,c

........................

0.14

0.12

0.06

0.22

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.78

1.01

2.43

0.93

(1.18)

Total

from

investment

operations

....................

1.92

1.13

2.49

1.15

(1.08)

Less

distributions

from:

Net

investment

income

..........................

(0.19)

(0.14)

(0.16)

(0.17)

(0.70)

Net

realized

gains

.............................

(0.32)

—

(0.49)

(1.04)

Total

distributions

...............................

(0.51)

(0.14)

(0.16)

(0.66)

(1.74)

Net

asset

value,

end

year

.......................

$16.29

$14.88

$13.89

$11.56

$11.07

Total

return

...................................

13.15%

8.17%

21.73%

11.28%

(9.43)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.11%

1.14%

1.37%

1.71%

1.99%

Expenses

net

waiver

and

payments

affiliates

......

0.31%

0.29%

0.28%

Net

investment

income

...........................

0.91%

0.82%

0.49%

2.09%

0.78%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$18,830

$17,958

$8,988

$1,471

$984

Portfolio

turnover

rate

............................

117%

20%

29%

154%

52%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.61

$13.62

$11.34

$10.86

$13.67

Income

from

investment

operations

Net

investment

income

b,c

........................

0.03

0.01

0.05

0.14

0.01

Net

realized

and

unrealized

gains

(losses)

...........

1.75

0.98

2.31

0.91

(1.17)

Total

from

investment

operations

....................

1.78

0.99

2.36

1.05

(1.16)

Less

distributions

from:

Net

investment

income

..........................

(0.09)

—

(0.08)

(0.61)

Net

realized

gains

.............................

(0.32)

—

(0.49)

(1.04)

Total

distributions

...............................

(0.41)

—

(0.08)

(0.57)

(1.65)

Net

asset

value,

end

year

.......................

$15.98

$14.61

$13.62

$11.34

$10.86

Total

return

...................................

12.33%

7.27%

20.93%

10.46%

(10.13)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.86%

1.89%

2.12%

2.46%

2.74%

Expenses

net

waiver

and

payments

affiliates

......

1.06%

1.03%

1.04%

1.03%

Net

investment

income

...........................

0.17%

0.07%

0.41%

1.37%

0.06%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$282

$288

$307

$326

$296

Portfolio

turnover

rate

............................

117%

20%

29%

154%

52%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2060

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.99

$13.97

$11.62

$11.12

$13.94

Income

from

investment

operations

Net

investment

income

b,c

........................

0.09

0.06

0.07

0.19

0.05

Net

realized

and

unrealized

gains

(losses)

...........

1.78

1.02

2.39

0.92

(1.19)

Total

from

investment

operations

....................

1.87

1.08

2.46

1.11

(1.14)

Less

distributions

from:

Net

investment

income

..........................

(0.16)

(0.06)

(0.11)

(0.12)

(0.64)

Net

realized

gains

.............................

(0.32)

—

(0.49)

(1.04)

Total

distributions

...............................

(0.48)

(0.06)

(0.11)

(0.61)

(1.68)

Net

asset

value,

end

year

.......................

$16.38

$14.99

$13.97

$11.62

$11.12

Total

return

....................................

12.65%

7.74%

21.33%

10.78%

(9.78)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.50%

1.54%

1.77%

2.11%

2.39%

Expenses

net

waiver

and

payments

affiliates

......

0.71%

0.69%

0.68%

Net

investment

income

...........................

0.56%

0.42%

0.60%

1.76%

0.43%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$31

$23

$21

$17

$16

Portfolio

turnover

rate

............................

117%

20%

29%

154%

52%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$15.02

$13.95

$11.61

$11.12

$13.94

Income

from

investment

operations

Net

investment

income

b,c

........................

0.13

0.10

0.11

0.21

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.78

1.02

2.38

0.93

(1.19)

Total

from

investment

operations

....................

1.91

1.12

2.49

1.14

(1.10)

Less

distributions

from:

Net

investment

income

..........................

(0.18)

(0.05)

(0.15)

(0.16)

(0.68)

Net

realized

gains

.............................

(0.32)

—

(0.49)

(1.04)

Total

distributions

...............................

(0.50)

(0.05)

(0.15)

(0.65)

(1.72)

Net

asset

value,

end

year

.......................

$16.43

$15.02

$13.95

$11.61

$11.12

Total

return

....................................

12.94%

8.05%

21.59%

11.07%

(9.52)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.24%

1.29%

1.52%

1.86%

2.14%

Expenses

net

waiver

and

payments

affiliates

......

0.46%

0.44%

0.43%

Net

investment

income

...........................

0.81%

0.67%

0.84%

1.95%

0.68%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$96

$68

$86

$58

$40

Portfolio

turnover

rate

............................

117%

20%

29%

154%

52%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2060

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.99

$13.98

$11.63

$11.14

$13.96

Income

from

investment

operations

Net

investment

income

b,c

........................

0.16

0.13

0.23

0.11

Net

realized

and

unrealized

gains

(losses)

...........

1.79

1.01

2.39

0.94

(1.18)

Total

from

investment

operations

....................

1.95

1.14

2.52

1.17

(1.07)

Less

distributions

from:

Net

investment

income

..........................

(0.21)

(0.13)

(0.17)

(0.19)

(0.71)

Net

realized

gains

.............................

(0.32)

—

(0.49)

(1.04)

Total

distributions

...............................

(0.53)

(0.13)

(0.17)

(0.68)

(1.75)

Net

asset

value,

end

year

.......................

$16.41

$14.99

$13.98

$11.63

$11.14

Total

return

....................................

13.24%

8.25%

21.92%

11.38%

(9.32)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.00%

1.04%

1.27%

1.61%

1.89%

Expenses

net

waiver

and

payments

affiliates

......

0.21%

0.19%

0.18%

Net

investment

income

...........................

1.01%

0.92%

1.04%

2.10%

0.90%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$160

$210

$145

$81

$36

Portfolio

turnover

rate

............................

117%

20%

29%

154%

52%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$15.03

$14.01

$11.65

$11.15

$13.97

Income

from

investment

operations

Net

investment

income

b,c

........................

0.18

0.15

0.16

0.26

0.13

Net

realized

and

unrealized

gains

(losses)

...........

1.80

1.02

2.39

0.92

(1.18)

Total

from

investment

operations

....................

1.98

1.17

2.55

1.18

(1.05)

Less

distributions

from:

Net

investment

income

..........................

(0.23)

(0.15)

(0.19)

(0.73)

Net

realized

gains

.............................

(0.32)

—

(0.49)

(1.04)

Total

distributions

...............................

(0.55)

(0.15)

(0.19)

(0.68)

(1.77)

Net

asset

value,

end

year

.......................

$16.46

$15.03

$14.01

$11.65

$11.15

Total

return

....................................

13.39%

8.41%

22.08%

11.54%

(9.18)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.86%

0.89%

1.12%

1.46%

1.74%

Expenses

net

waiver

and

payments

affiliates

......

0.06%

0.04%

0.03%

Net

investment

income

...........................

1.16%

1.07%

1.25%

2.41%

1.07%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$16

$15

$14

$11

$10

Portfolio

turnover

rate

............................

117%

20%

29%

154%

52%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2060

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$15.04

$14.02

$11.66

$11.16

$13.98

Income

from

investment

operations

Net

investment

income

b,c

........................

0.20

0.17

0.21

0.31

0.13

Net

realized

and

unrealized

gains

(losses)

...........

1.80

1.01

2.35

0.88

(1.17)

Total

from

investment

operations

....................

2.00

1.18

2.56

1.19

(1.04)

Less

distributions

from:

Net

investment

income

..........................

(0.24)

(0.16)

(0.20)

(0.74)

Net

realized

gains

.............................

(0.32)

—

(0.49)

(1.04)

Total

distributions

...............................

(0.56)

(0.16)

(0.20)

(0.69)

(1.78)

Net

asset

value,

end

year

.......................

$16.48

$15.04

$14.02

$11.66

$11.16

Total

return

....................................

13.56%

8.51%

22.17%

11.65%

(9.07)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.77%

0.79%

1.02%

1.36%

1.64%

Expenses

net

waiver

and

payments

affiliates

d,e

.....

(0.04)%

(0.06)%

(0.07)%

Net

investment

income

...........................

1.25%

1.17%

1.69%

2.89%

1.06%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$3,578

$4,458

$1,664

$1,648

$1,909

Portfolio

turnover

rate

............................

117%

20%

29%

154%

52%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$14.97

$13.96

$11.60

$11.11

$13.94

Income

from

investment

operations

Net

investment

income

b,c

........................

0.18

0.15

0.14

0.26

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.79

1.01

2.41

0.92

(1.16)

Total

from

investment

operations

....................

1.97

1.16

2.55

1.18

(1.06)

Less

distributions

from:

Net

investment

income

..........................

(0.23)

(0.15)

(0.19)

(0.20)

(0.73)

Net

realized

gains

.............................

(0.32)

—

(0.49)

(1.04)

Total

distributions

...............................

(0.55)

(0.15)

(0.19)

(0.69)

(1.77)

Net

asset

value,

end

year

.......................

$16.39

$14.97

$13.96

$11.60

$11.11

Total

return

....................................

13.40%

8.40%

22.19%

11.52%

(9.23)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.86%

0.89%

1.12%

1.46%

1.74%

Expenses

net

waiver

and

payments

affiliates

......

0.06%

0.04%

0.03%

Net

investment

income

...........................

1.13%

1.07%

1.13%

2.40%

0.85%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$63,628

$47,093

$28,999

$12,740

$7,863

Portfolio

turnover

rate

............................

117%

20%

29%

154%

52%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments,

July

31,

2026

Franklin

Retirement

Advantage

Plus

2060

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

99.5%

Alternative

Strategies

0.9%

Franklin

BSP

Lending

Fund,

Class

....................................

75,520

764,261

Asset

Allocation

97.7%

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

......................

3,023,721

56,059,790

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

......................

1,193,383

28,581,529

84,641,319

Domestic

Real

Estate

0.9%

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

......................

67,318

758,000

Total

Investments

Underlying

Funds

(Cost

$81,285,602)

.......................

86,163,580

Short

Term

Investments

0.5%

Management

Investment

Companies

0.5%

a,b

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......................

463,528

Total

Management

Investment

Companies

(Cost

$463,528)

.......................

463,528

Total

Short

Term

Investments

(Cost

$463,528)

..................................

463,528

Total

Investments

(Cost

$81,749,130)

100.0%

...................................

$86,627,108

Other

Assets,

less

Liabilities

(0.0)%

†

...........................................

(4,866)

Net

Assets

100.0%

...........................................................

$86,622,242

†

Rounds

less

than

0.1%

net

assets.

See

Note

3(f)

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2065

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.04

$12.48

$10.33

$9.72

$11.34

Income

from

investment

operations

Net

investment

income

b,c

........................

0.06

0.09

0.18

0.05

Net

realized

and

unrealized

gains

(losses)

...........

1.62

0.93

2.19

0.86

(1.04)

Total

from

investment

operations

....................

1.68

1.02

2.28

1.04

(0.99)

Less

distributions

from:

Net

investment

income

..........................

(0.16)

(0.13)

(0.19)

(0.53)

Net

realized

gains

.............................

(1.11)

(0.33)

—

(0.24)

(0.10)

Total

distributions

...............................

(1.27)

(0.46)

(0.13)

(0.43)

(0.63)

Net

asset

value,

end

year

.......................

$13.45

$13.04

$12.48

$10.33

$9.72

Total

return

...................................

13.53%

8.37%

22.28%

11.38%

(9.42)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

10.36%

12.18%

11.76%

17.58%

41.83%

Expenses

net

waiver

and

payments

affiliates

......

0.28%

Net

investment

income

...........................

0.45%

0.76%

0.85%

1.90%

0.52%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$1,366

$305

$315

$183

$57

Portfolio

turnover

rate

............................

129%

37%

45%

144%

13%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.89

$12.35

$10.24

$9.64

$11.29

Income

from

investment

operations

Net

investment

income

(loss)

b,c

....................

0.01

—

0.02

0.14

(0.03)

Net

realized

and

unrealized

gains

(losses)

...........

1.56

0.90

2.16

0.82

(1.03)

Total

from

investment

operations

....................

1.57

0.90

2.18

0.96

(1.06)

Less

distributions

from:

Net

investment

income

..........................

(0.01)

(0.03)

(0.07)

(0.12)

(0.49)

Net

realized

gains

.............................

(1.11)

(0.33)

—

(0.24)

(0.10)

Total

distributions

...............................

(1.12)

(0.36)

(0.07)

(0.36)

(0.59)

Net

asset

value,

end

year

.......................

$13.34

$12.89

$12.35

$10.24

$9.64

Total

return

...................................

12.69%

7.50%

21.39%

10.54%

(10.05)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

11.21%

12.93%

12.51%

18.33%

42.58%

Expenses

net

waiver

and

payments

affiliates

......

1.03%

Net

investment

income

(loss)

......................

0.05%

0.01%

0.15%

1.44%

(0.32)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$301

$394

$400

$262

$180

Portfolio

turnover

rate

............................

129%

37%

45%

144%

13%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2065

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.06

$12.49

$10.34

$9.70

$11.32

Income

from

investment

operations

Net

investment

income

b,c

........................

0.02

0.04

0.06

0.16

0.04

Net

realized

and

unrealized

gains

(losses)

...........

1.60

0.93

2.18

0.85

(1.09)

Total

from

investment

operations

....................

1.62

0.97

2.24

1.01

(1.05)

Less

distributions

from:

Net

investment

income

..........................

(0.05)

(0.07)

(0.09)

(0.13)

(0.47)

Net

realized

gains

.............................

(1.11)

(0.33)

—

(0.24)

(0.10)

Total

distributions

...............................

(1.16)

(0.40)

(0.09)

(0.37)

(0.57)

Net

asset

value,

end

year

.......................

$13.52

$13.06

$12.49

$10.34

$9.70

Total

return

....................................

12.97%

7.96%

21.78%

11.02%

(9.89)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

10.96%

12.57%

12.16%

17.98%

42.23%

Expenses

net

waiver

and

payments

affiliates

......

0.68%

Net

investment

income

...........................

0.17%

0.36%

0.51%

1.71%

0.41%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$15

$14

$11

$10

Portfolio

turnover

rate

............................

129%

37%

45%

144%

13%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.08

$12.52

$10.36

$9.72

$11.33

Income

from

investment

operations

Net

investment

income

b,c

........................

0.11

0.08

0.19

0.07

Net

realized

and

unrealized

gains

(losses)

...........

1.56

0.91

2.19

0.84

(1.08)

Total

from

investment

operations

....................

1.67

0.99

2.27

1.03

(1.01)

Less

distributions

from:

Net

investment

income

..........................

(0.18)

(0.10)

(0.11)

(0.15)

(0.50)

Net

realized

gains

.............................

(1.11)

(0.33)

—

(0.24)

(0.10)

Total

distributions

...............................

(1.29)

(0.43)

(0.11)

(0.39)

(0.60)

Net

asset

value,

end

year

.......................

$13.46

$13.08

$12.52

$10.36

$9.72

Total

return

....................................

13.35%

8.13%

22.10%

11.29%

(9.58)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

10.37%

12.32%

11.91%

17.73%

41.98%

Expenses

net

waiver

and

payments

affiliates

......

0.42%

0.43%

Net

investment

income

...........................

0.88%

0.61%

0.76%

1.96%

0.66%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$66

$17

$14

$11

$10

Portfolio

turnover

rate

............................

129%

37%

45%

144%

13%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2065

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.11

$12.54

$10.37

$9.74

$11.35

Income

from

investment

operations

Net

investment

income

b,c

........................

0.13

0.11

0.21

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.57

0.92

2.20

0.84

(1.08)

Total

from

investment

operations

....................

1.70

1.03

2.31

1.05

(0.98)

Less

distributions

from:

Net

investment

income

..........................

(0.17)

(0.13)

(0.14)

(0.18)

(0.53)

Net

realized

gains

.............................

(1.11)

(0.33)

—

(0.24)

(0.10)

Total

distributions

...............................

(1.28)

(0.46)

(0.14)

(0.42)

(0.63)

Net

asset

value,

end

year

.......................

$13.53

$13.11

$12.54

$10.37

$9.74

Total

return

....................................

13.55%

8.46%

22.46%

11.47%

(9.35)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

10.35%

12.07%

11.66%

17.48%

41.73%

Expenses

net

waiver

and

payments

affiliates

......

0.18%

Net

investment

income

...........................

0.99%

0.86%

1.00%

2.21%

0.91%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$15

$14

$11

$10

Portfolio

turnover

rate

............................

129%

37%

45%

144%

13%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.12

$12.55

$10.38

$9.75

$11.36

Income

from

investment

operations

Net

investment

income

b,c

........................

0.14

0.13

0.23

0.11

Net

realized

and

unrealized

gains

(losses)

...........

1.59

0.92

2.19

0.83

(1.08)

Total

from

investment

operations

....................

1.73

1.05

2.32

1.06

(0.97)

Less

distributions

from:

Net

investment

income

..........................

(0.19)

(0.15)

(0.19)

(0.54)

Net

realized

gains

.............................

(1.11)

(0.33)

—

(0.24)

(0.10)

Total

distributions

...............................

(1.30)

(0.48)

(0.15)

(0.43)

(0.64)

Net

asset

value,

end

year

.......................

$13.55

$13.12

$12.55

$10.38

$9.75

Total

return

....................................

13.81%

8.62%

22.59%

11.63%

(9.21)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

10.14%

11.92%

11.51%

17.33%

41.58%

Expenses

net

waiver

and

payments

affiliates

......

0.03%

Net

investment

income

...........................

1.08%

1.01%

1.15%

2.36%

1.06%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$40

$26

$14

$12

$10

Portfolio

turnover

rate

............................

129%

37%

45%

144%

13%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2065

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.13

$12.56

$10.38

$9.75

$11.36

Income

from

investment

operations

Net

investment

income

b,c

........................

0.15

0.14

0.17

0.27

0.07

Net

realized

and

unrealized

gains

(losses)

...........

1.59

0.92

2.17

0.80

(1.02)

Total

from

investment

operations

....................

1.74

1.06

2.34

1.07

(0.95)

Less

distributions

from:

Net

investment

income

..........................

(0.20)

(0.16)

(0.20)

(0.56)

Net

realized

gains

.............................

(1.11)

(0.33)

—

(0.24)

(0.10)

Total

distributions

...............................

(1.31)

(0.49)

(0.16)

(0.44)

(0.66)

Net

asset

value,

end

year

.......................

$13.56

$13.13

$12.56

$10.38

$9.75

Total

return

....................................

13.89%

8.71%

22.81%

11.76%

(9.11)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

10.03%

11.82%

11.41%

17.23%

41.48%

Expenses

net

waiver

and

payments

affiliates

.....

(0.07)%

Net

investment

income

...........................

1.15%

1.11%

1.59%

2.84%

0.67%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$301

$171

$167

$189

$122

Portfolio

turnover

rate

............................

129%

37%

45%

144%

13%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.12

$12.55

$10.38

$9.75

$11.36

Income

from

investment

operations

Net

investment

income

b,c

........................

0.13

0.23

0.11

Net

realized

and

unrealized

gains

(losses)

...........

1.60

0.92

2.19

0.83

(1.08)

Total

from

investment

operations

....................

1.73

1.05

2.32

1.06

(0.97)

Less

distributions

from:

Net

investment

income

..........................

(0.19)

(0.15)

(0.19)

(0.54)

Net

realized

gains

.............................

(1.11)

(0.33)

—

(0.24)

(0.10)

Total

distributions

...............................

(1.30)

(0.48)

(0.15)

(0.43)

(0.64)

Net

asset

value,

end

year

.......................

$13.55

$13.12

$12.55

$10.38

$9.75

Total

return

....................................

13.80%

8.62%

22.58%

11.65%

(9.21)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

10.17%

11.92%

11.51%

17.33%

41.58%

Expenses

net

waiver

and

payments

affiliates

......

0.03%

Net

investment

income

...........................

1.01%

1.15%

2.43%

1.03%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$25

$16

$14

$12

$11

Portfolio

turnover

rate

............................

129%

37%

45%

144%

13%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments,

July

31,

2026

Franklin

Retirement

Advantage

Plus

2065

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

97.2%

Alternative

Strategies

0.7%

Franklin

BSP

Lending

Fund,

Class

....................................

1,397

14,142

Asset

Allocation

95.9%

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

......................

94,942

1,760,227

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

......................

11,735

281,057

2,041,284

Domestic

Real

Estate

0.6%

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

......................

1,246

14,026

Total

Investments

Underlying

Funds

(Cost

$1,914,316)

........................

2,069,452

Short

Term

Investments

0.3%

Management

Investment

Companies

0.3%

a,b

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......................

6,755

Total

Management

Investment

Companies

(Cost

$6,755)

.........................

6,755

Total

Short

Term

Investments

(Cost

$6,755)

....................................

6,755

Total

Investments

(Cost

$1,921,071)

97.5%

.....................................

$2,076,207

Other

Assets,

less

Liabilities

2.5%

.............................................

52,013

Net

Assets

100.0%

...........................................................

$2,128,220

See

Note

3(f)

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2070

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

income

..........................................................................

0.08

Net

realized

and

unrealized

gains

(losses)

.............................................................

1.38

Total

from

investment

operations

......................................................................

1.46

Less

distributions

from:

Net

investment

income

............................................................................

(0.13)

Net

asset

value,

end

year

.........................................................................

$11.33

Total

return

.....................................................................................

14.71%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

16.60%

Expenses

net

waiver

and

payments

affiliates

........................................................

0.29%

Net

investment

income

.............................................................................

0.74%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$18

Portfolio

turnover

rate

..............................................................................

103%

For

the

period

August

2025

(commencement

operations)

July

31,

2026.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

any.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

income

..........................................................................

0.01

Net

realized

and

unrealized

gains

(losses)

.............................................................

1.36

Total

from

investment

operations

......................................................................

1.37

Less

distributions

from:

Net

investment

income

............................................................................

(0.10)

Net

asset

value,

end

year

.........................................................................

$11.27

Total

return

.....................................................................................

13.79%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

18.03%

Expenses

net

waiver

and

payments

affiliates

........................................................

1.04%

Net

investment

income

.............................................................................

0.09%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$11

Portfolio

turnover

rate

..............................................................................

103%

For

the

period

August

2025

(commencement

operations)

July

31,

2026.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

any.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2070

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

income

..........................................................................

0.05

Net

realized

and

unrealized

gains

(losses)

.............................................................

1.37

Total

from

investment

operations

......................................................................

1.42

Less

distributions

from:

Net

investment

income

............................................................................

(0.12)

Net

asset

value,

end

year

.........................................................................

$11.30

Total

return

.....................................................................................

14.24%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

17.66%

Expenses

net

waiver

and

payments

affiliates

........................................................

0.69%

Net

investment

income

.............................................................................

0.44%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$11

Portfolio

turnover

rate

..............................................................................

103%

For

the

period

August

2025

(commencement

operations)

July

31,

2026.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

any.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

income

..........................................................................

0.04

Net

realized

and

unrealized

gains

(losses)

.............................................................

1.42

Total

from

investment

operations

......................................................................

1.46

Less

distributions

from:

Net

investment

income

............................................................................

(0.09)

Net

asset

value,

end

year

.........................................................................

$11.37

Total

return

.....................................................................................

14.63%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

15.89%

Expenses

net

waiver

and

payments

affiliates

........................................................

0.36%

Net

investment

income

.............................................................................

0.40%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$11

Portfolio

turnover

rate

..............................................................................

103%

For

the

period

August

2025

(commencement

operations)

July

31,

2026.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

any.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2070

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

income

..........................................................................

0.10

Net

realized

and

unrealized

gains

(losses)

.............................................................

1.37

Total

from

investment

operations

......................................................................

1.47

Less

distributions

from:

Net

investment

income

............................................................................

(0.14)

Net

asset

value,

end

year

.........................................................................

$11.33

Total

return

.....................................................................................

14.76%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

17.13%

Expenses

net

waiver

and

payments

affiliates

........................................................

0.17%

Net

investment

income

.............................................................................

0.96%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$11

Portfolio

turnover

rate

..............................................................................

103%

For

the

period

August

2025

(commencement

operations)

July

31,

2026.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

any.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

income

..........................................................................

0.12

Net

realized

and

unrealized

gains

(losses)

.............................................................

1.36

Total

from

investment

operations

......................................................................

1.48

Less

distributions

from:

Net

investment

income

............................................................................

(0.14)

Net

asset

value,

end

year

.........................................................................

$11.34

Total

return

.....................................................................................

14.92%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

17.00%

Expenses

net

waiver

and

payments

affiliates

........................................................

0.04%

Net

investment

income

.............................................................................

1.09%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$11

Portfolio

turnover

rate

..............................................................................

103%

For

the

period

August

2025

(commencement

operations)

July

31,

2026.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

any.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2070

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

July

31,

2026

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

income

..........................................................................

0.13

Net

realized

and

unrealized

gains

(losses)

.............................................................

1.37

Total

from

investment

operations

......................................................................

1.50

Less

distributions

from:

Net

investment

income

............................................................................

(0.15)

Net

asset

value,

end

year

.........................................................................

$11.35

Total

return

.....................................................................................

15.06%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

16.92%

Expenses

net

waiver

and

payments

affiliates

........................................................

(0.06)%

Net

investment

income

.............................................................................

1.20%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$1,070

Portfolio

turnover

rate

..............................................................................

103%

For

the

period

August

2025

(commencement

operations)

July

31,

2026.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

any.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Plus

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

July

31,

2026

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

.....................................................................

$10.00

Income

from

investment

operations

Net

investment

income

..........................................................................

0.12

Net

realized

and

unrealized

gains

(losses)

.............................................................

1.36

Total

from

investment

operations

......................................................................

1.48

Less

distributions

from:

Net

investment

income

............................................................................

(0.14)

Net

asset

value,

end

year

.........................................................................

$11.34

Total

return

.....................................................................................

14.92%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

........................................................

17.01%

Expenses

net

waiver

and

payments

affiliates

........................................................

0.04%

Net

investment

income

.............................................................................

1.09%

Supplemental

data

Net

assets,

end

year

(000’s)

.......................................................................

$11

Portfolio

turnover

rate

..............................................................................

103%

For

the

period

August

2025

(commencement

operations)

July

31,

2026.

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Recognition

net

investment

income

the

Fund

affected

the

timing

declaration

dividends

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

any.

Does

not

include

fees

and

expenses

the

Underlying

Funds

and

exchange

traded

funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments,

July

31,

2026

Franklin

Retirement

Advantage

Plus

2070

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

98.8%

Alternative

Strategies

0.9%

Franklin

BSP

Lending

Fund,

Class

....................................

1,013

10,257

Asset

Allocation

97.0%

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

......................

53,398

990,007

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

......................

5,527

132,364

1,122,371

Domestic

Real

Estate

0.9%

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

......................

903

10,172

Total

Investments

Underlying

Funds

(Cost

$1,070,703)

........................

1,142,800

Short

Term

Investments

0.3%

Management

Investment

Companies

0.3%

a,b

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......................

3,440

Total

Management

Investment

Companies

(Cost

$3,440)

.........................

3,440

Total

Short

Term

Investments

(Cost

$3,440)

....................................

3,440

Total

Investments

(Cost

$1,074,143)

99.1%

.....................................

$1,146,240

Other

Assets,

less

Liabilities

0.9%

.............................................

10,636

Net

Assets

100.0%

...........................................................

$1,156,876

See

Note

3(f)

regarding

investments

Underlying

Funds.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

July

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Assets:

Investments

securities:

Cost

Controlled

affiliates

(Note

3f)

.........

$497,580,674

$—

Cost

Non-controlled

affiliates

(Note

3f)

.....

127,909,933

541,597,254

400,927,854

408,162,434

Value

Controlled

affiliates

(Note

3f)

........

496,979,826

—

Value

Non-controlled

affiliates

(Note

3f)

.....

129,399,551

545,669,815

411,778,523

424,444,503

Cash

.................................

2,996

—

333

161,918

Receivables:

Investment

securities

sold

................

110,159

547,732

387,305

283,469

Capital

sold

.....................

532,160

134,447

12,714

319,257

Dividends

and

interest

..................

330,398

280,604

278,960

—

Affiliates

.............................

—

39,400

34,766

33,156

Prepaid

expenses

.......................

25,144

23,703

23,890

23,911

Total

assets

.......................

627,380,234

546,695,701

412,516,491

425,266,214

Liabilities:

Payables:

Investment

securities

purchased

...........

531,385

134,285

80,066

317,857

Capital

redeemed

................

109,560

547,732

412,330

283,466

Management

fees

......................

88,638

—

Administrative

fees

.....................

1,982

1,590

1,247

1,274

Distribution

fees

.......................

9,937

6,538

9,389

8,235

Transfer

agent

fees

.....................

183,964

155,563

117,696

118,632

Trustees'

fees

and

expenses

..............

Distributions

shareholders

..............

597

—

Funds

advanced

custodian

..............

—

1,728

—

Reorganization

expenses

................

89,889

—

Accrued

expenses

and

other

liabilities

........

52,794

44,771

41,681

43,523

Total

liabilities

......................

1,068,775

892,295

662,495

773,002

Net

assets,

value

..............

$626,311,459

$545,803,406

$411,853,996

$424,493,212

Net

assets

consist

of:

Paid-in

capital

..........................

$643,843,851

$518,170,719

$360,193,485

$353,160,927

Total

distributable

earnings

(losses)

..........

(17,532,392)

27,632,687

51,660,511

71,332,285

Net

assets,

value

..............

$626,311,459

$545,803,406

$411,853,996

$424,493,212

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

July

31,

2026

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Class

Net

assets,

value

....................

$39,426,089

$23,845,081

$34,604,028

$32,451,957

outstanding

.....................

2,296,507

1,066,081

1,384,598

1,249,886

Net

asset

value

per

a,b

...............

$17.17

$22.37

$24.99

$25.96

Maximum

offering

price

per

(net

asset

value

per

96.00%,

94.25%,

94.25%

and

94.25%,

respectively)

...................

$17.89

$23.73

$26.51

$27.54

Class

Net

assets,

value

....................

$230,601

$253,905

$419,328

$767,301

outstanding

.....................

13,787

12,495

19,538

36,187

Net

asset

value

and

maximum

offering

price

per

a,b

..............................

$16.73

$20.32

$21.46

$21.20

Class

Net

assets,

value

....................

$1,418,041

$224,003

$755,745

$102,549

outstanding

.....................

82,756

10,963

32,387

3,670

Net

asset

value

and

maximum

offering

price

per

...............................

$17.14

$20.43

$23.33

$27.95

Class

R3:

Net

assets,

value

....................

$3,772,994

$5,058,101

$6,328,472

$2,772,848

outstanding

.....................

218,849

186,113

199,577

83,023

Net

asset

value

and

maximum

offering

price

per

...............................

$17.24

$27.18

$31.71

$33.40

Class

R4:

Net

assets,

value

....................

$94,573

$2,906,789

$776,039

$640,707

outstanding

.....................

5,475

106,800

24,452

19,158

Net

asset

value

and

maximum

offering

price

per

...............................

$17.27

$27.22

$31.74

$33.44

Class

R5:

Net

assets,

value

....................

$12,075

$12,812

$14,004

$14,878

outstanding

.....................

700

470

441

445

Net

asset

value

and

maximum

offering

price

per

...............................

$17.25

$27.24

$31.78

$33.46

Class

R6:

Net

assets,

value

....................

$2,505,014

$3,977,733

$5,458,652

$2,710,717

outstanding

.....................

145,234

145,932

171,607

80,923

Net

asset

value

and

maximum

offering

price

per

...............................

$17.25

$27.26

$31.81

$33.50

Class

Net

assets,

value

....................

$578,852,072

$509,524,982

$363,497,728

$385,032,255

outstanding

.....................

33,552,848

18,757,970

11,451,927

11,534,625

Net

asset

value

and

maximum

offering

price

per

...............................

$17.25

$27.16

$31.74

$33.38

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

July

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Assets:

Investments

securities:

Cost

Controlled

affiliates

(Note

3f)

.........

$—

$62,624,991

$72,159,562

$—

Cost

Non-controlled

affiliates

(Note

3f)

.....

350,769,702

210,315,909

98,836,395

81,749,130

Value

Controlled

affiliates

(Note

3f)

........

—

66,945,718

77,087,008

—

Value

Non-controlled

affiliates

(Note

3f)

.....

368,652,236

220,907,974

103,871,612

86,627,108

Cash

.................................

172,407

11,597

18,482

—

Receivables:

Investment

securities

sold

................

161,554

—

30,755

89,981

Capital

sold

.....................

255,071

76,528

93,723

176,283

Dividends

and

interest

..................

—

2,426

1,444

Affiliates

.............................

38,225

37,448

28,136

23,585

Prepaid

expenses

.......................

23,807

41,705

25,077

25,336

Total

assets

.......................

369,303,300

288,020,970

181,157,219

86,943,737

Liabilities:

Payables:

Investment

securities

purchased

...........

254,190

74,963

75,651

169,235

Capital

redeemed

................

161,542

82,371

51,892

89,981

Administrative

fees

.....................

1,085

831

533

246

Distribution

fees

.......................

8,985

7,994

8,601

4,279

Transfer

agent

fees

.....................

103,005

79,359

50,618

22,460

Professional

fees

......................

30,630

29,216

28,175

26,580

Trustees'

fees

and

expenses

..............

148

137

217

Funds

advanced

custodian

..............

—

1,728

Accrued

expenses

and

other

liabilities

........

10,546

9,500

8,854

6,769

Total

liabilities

......................

570,018

284,382

224,461

321,495

Net

assets,

value

..............

$368,733,282

$287,736,588

$180,932,758

$86,622,242

Net

assets

consist

of:

Paid-in

capital

..........................

$300,994,461

$231,127,487

$141,950,751

$71,645,171

Total

distributable

earnings

(losses)

..........

67,738,821

56,609,101

38,982,007

14,977,071

Net

assets,

value

..............

$368,733,282

$287,736,588

$180,932,758

$86,622,242

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

July

31,

2026

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Class

Net

assets,

value

....................

$36,304,554

$32,345,838

$34,282,658

$18,830,062

outstanding

.....................

1,444,115

1,307,966

2,176,253

1,156,054

Net

asset

value

per

a,b

...............

$25.14

$24.73

$15.75

$16.29

Maximum

offering

price

per

(net

asset

value

per

94.25%

)

...............

$26.67

$26.24

$16.71

$17.28

Class

Net

assets,

value

....................

$415,535

$706,683

$390,931

$282,176

outstanding

.....................

19,828

30,088

25,655

17,662

Net

asset

value

and

maximum

offering

price

per

a,b

..............................

$20.96

$23.49

$15.24

$15.98

Class

Net

assets,

value

....................

$88,746

$262,086

$114,680

$31,496

outstanding

.....................

3,278

10,886

7,049

1,923

Net

asset

value

and

maximum

offering

price

per

...............................

$27.07

$24.08

$16.27

$16.38

Class

R3:

Net

assets,

value

....................

$4,085,223

$1,920,322

$3,947,952

$96,074

outstanding

.....................

120,313

77,958

248,542

5,849

Net

asset

value

and

maximum

offering

price

per

...............................

$33.95

$24.63

$15.88

$16.43

Class

R4:

Net

assets,

value

....................

$469,913

$400,020

$278,417

$159,567

outstanding

.....................

13,826

16,211

17,467

9,726

Net

asset

value

and

maximum

offering

price

per

...............................

$33.99

$24.68

$15.94

$16.41

Class

R5:

Net

assets,

value

....................

$19,597

$16,019

$26,920

$16,492

outstanding

.....................

576

648

1,686

1,002

Net

asset

value

and

maximum

offering

price

per

...............................

$34.05

$24.71

$15.96

$16.46

Class

R6:

Net

assets,

value

....................

$4,175,427

$3,075,288

$3,978,290

$3,577,909

outstanding

.....................

122,533

124,386

249,004

217,137

Net

asset

value

and

maximum

offering

price

per

...............................

$34.08

$24.72

$15.98

$16.48

Class

Net

assets,

value

....................

$323,174,287

$249,010,332

$137,912,910

$63,628,466

outstanding

.....................

9,492,995

10,089,117

8,615,946

3,882,670

Net

asset

value

and

maximum

offering

price

per

...............................

$34.04

$24.68

$16.01

$16.39

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

July

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

Assets:

Investments

securities:

Cost

Non-controlled

affiliates

(Note

3f)

.......................................

$1,921,071

$1,074,143

Value

Non-controlled

affiliates

(Note

3f)

.......................................

2,076,207

1,146,240

Cash

...................................................................

—

559

Receivables:

Capital

sold

.......................................................

1,996

—

Dividends

..............................................................

Affiliates

...............................................................

39,098

16,433

Prepaid

expenses

.........................................................

40,797

44,548

Offering

costs

............................................................

—

1,317

Total

assets

.........................................................

2,158,127

1,209,113

Liabilities:

Payables:

Investment

securities

purchased

.............................................

1,577

Administrative

fees

.......................................................

Distribution

fees

.........................................................

565

Transfer

agent

fees

.......................................................

539

Reports

shareholders

fees

...............................................

2,688

—

Professional

fees

........................................................

24,156

16,934

Trustees'

fees

and

expenses

................................................

Funds

advanced

custodian

................................................

367

—

Accrued

expenses

and

other

liabilities

..........................................

35,149

Total

liabilities

........................................................

29,907

52,237

Net

assets,

value

................................................

$2,128,220

$1,156,876

Net

assets

consist

of:

Paid-in

capital

............................................................

$1,790,315

$997,297

Total

distributable

earnings

(losses)

............................................

337,905

159,579

Net

assets,

value

................................................

$2,128,220

$1,156,876

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

July

31,

2026

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Franklin

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

Class

Net

assets,

value

......................................................

$1,366,495

$18,069

outstanding

.......................................................

101,634

1,595

Net

asset

value

per

a,b

.................................................

$13.45

$11.33

Maximum

offering

price

per

(net

asset

value

per

94.25%

)

...............

$14.27

$12.02

Class

Net

assets,

value

......................................................

$300,812

$11,381

outstanding

.......................................................

22,553

1,010

Net

asset

value

and

maximum

offering

price

per

a,b

...........................

$13.34

$11.27

Class

Net

assets,

value

......................................................

$14,932

$11,420

outstanding

.......................................................

1,104

1,011

Net

asset

value

and

maximum

offering

price

per

............................

$13.52

$11.30

Class

R3:

Net

assets,

value

......................................................

$65,782

$11,464

outstanding

.......................................................

4,887

1,008

Net

asset

value

and

maximum

offering

price

per

............................

$13.46

$11.37

Class

R4:

Net

assets,

value

......................................................

$15,158

$11,479

outstanding

.......................................................

1,120

1,013

Net

asset

value

and

maximum

offering

price

per

............................

$13.53

$11.33

Class

R5:

Net

assets,

value

......................................................

$39,871

$11,494

outstanding

.......................................................

2,943

1,013

Net

asset

value

and

maximum

offering

price

per

............................

$13.55

$11.34

Class

R6:

Net

assets,

value

......................................................

$300,516

$1,070,075

outstanding

.......................................................

22,161

94,279

Net

asset

value

and

maximum

offering

price

per

............................

$13.56

$11.35

Class

Net

assets,

value

......................................................

$24,654

$11,494

outstanding

.......................................................

1,819

1,013

Net

asset

value

and

maximum

offering

price

per

............................

$13.55

$11.34

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Putnam

Target

Date

Funds

Financial

Statements

Operations

for

the

year

ended

July

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Investment

income:

Dividends:

Controlled

affiliates

(Note

3f)

..............

$8,491,040

$—

Non-controlled

affiliates

(Note

3f)

..........

16,365,859

16,023,938

10,103,408

8,279,750

Total

investment

income

................

24,856,899

16,023,938

10,103,408

8,279,750

Expenses:

Management

fees

(Note

)

................

2,951,050

2,336,358

1,907,503

2,007,902

Administrative

fees

(Note

)

...............

11,570

8,452

7,013

7,239

Distribution

fees:

(Note

)

Class

.............................

103,593

66,123

88,478

82,696

Class

.............................

3,310

3,132

4,904

7,605

Class

.............................

6,782

808

3,374

355

Class

............................

10,596

15,292

17,474

9,588

Transfer

agent

fees:

(Note

)

Class

.............................

50,090

30,959

41,190

38,355

Class

.............................

482

373

579

876

Class

.............................

3,572

405

1,713

176

Class

............................

11,587

16,089

17,777

8,740

Class

............................

3,158

7,680

3,363

1,495

Class

............................

Class

............................

768

979

1,373

852

Class

.............................

718,576

526,121

400,348

423,487

Custodian

fees

..........................

4,136

2,627

2,176

2,290

Reports

shareholders

fees

...............

64,503

44,782

41,073

44,650

Registration

and

filing

fees

.................

138,762

83,148

76,285

83,240

Professional

fees

........................

41,748

82,001

74,492

75,605

Trustees'

fees

and

expenses

...............

21,619

16,778

13,386

13,813

Other

.................................

16,104

47,924

28,081

7,781

Total

expenses

......................

4,162,021

3,290,046

2,730,598

2,816,761

Expenses

waived/paid

affiliates

(Note

and

3g)

...........................

(2,980,716)

(2,474,868)

(2,172,376)

(2,368,282)

Net

expenses

......................

1,181,305

815,178

558,222

448,479

Net

investment

income

.............

23,675,594

15,208,760

9,545,186

7,831,271

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Controlled

affiliates

(Note

3f)

............

(83,746)

—

Non-controlled

affiliates

(Note

3f)

.........

38,366,334

30,512,848

43,148,620

55,599,723

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

.........

2,930,945

2,617,158

3,339,962

8,009,960

Net

realized

gain

(loss)

...............

41,213,533

33,130,006

46,488,582

63,609,683

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Controlled

affiliates

(Note

3f)

............

(600,848)

—

Non-controlled

affiliates

(Note

3f)

.........

(26,021,941)

(18,749,624)

(24,603,271)

(31,998,816)

Net

change

unrealized

appreciation

(depreciation)

......................

(26,622,789)

(18,749,624)

(24,603,271)

(31,998,816)

Net

realized

and

unrealized

gain

(loss)

.........

14,590,744

14,380,382

21,885,311

31,610,867

Net

increase

(decrease)

net

assets

resulting

from

operations

...............................

$38,266,338

$29,589,142

$31,430,497

$39,442,138

Putnam

Target

Date

Funds

Financial

Statements

Operations

(continued)

for

the

year

ended

July

31,

2026

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

..........

$5,936,347

$4,260,181

$2,589,411

$948,223

Expenses:

Management

fees

(Note

)

................

1,738,000

1,362,022

893,963

422,589

Administrative

fees

(Note

)

...............

6,063

4,619

3,010

1,371

Distribution

fees:

(Note

)

Class

.............................

89,301

82,702

84,741

46,699

Class

.............................

4,977

7,503

3,890

2,847

Class

.............................

303

1,153

505

140

Class

............................

10,785

6,126

12,231

209

Transfer

agent

fees:

(Note

)

Class

.............................

41,396

38,542

39,178

21,568

Class

.............................

575

869

448

329

Class

.............................

150

584

254

Class

............................

9,891

6,228

12,376

207

Class

............................

3,071

972

1,542

637

Class

............................

Class

............................

1,060

1,050

1,182

1,169

Class

.............................

346,342

258,844

145,901

63,326

Custodian

fees

..........................

1,904

1,452

962

446

Reports

shareholders

fees

...............

43,007

42,238

39,331

36,581

Registration

and

filing

fees

.................

77,501

97,957

75,931

74,600

Professional

fees

........................

69,817

62,670

54,449

46,261

Trustees'

fees

and

expenses

...............

11,763

9,062

5,884

2,914

Other

.................................

8,371

8,293

8,744

9,001

Total

expenses

......................

2,464,298

1,992,904

1,384,545

730,982

Expenses

waived/paid

affiliates

(Note

and

3g)

...........................

(2,116,754)

(1,729,312)

(1,178,896)

(639,220)

Net

expenses

......................

347,544

263,592

205,649

91,762

Net

investment

income

.............

5,588,803

3,996,589

2,383,762

856,461

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Controlled

affiliates

(Note

3f)

............

—

473,960

359,727

—

Non-controlled

affiliates

(Note

3f)

.........

45,605,526

36,906,998

22,458,588

8,563,205

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

.........

10,818,588

9,276,322

6,319,701

3,081,621

Net

realized

gain

(loss)

...............

56,424,114

46,657,280

29,138,016

11,644,826

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Controlled

affiliates

(Note

3f)

............

—

4,320,726

4,927,446

—

Non-controlled

affiliates

(Note

3f)

.........

(23,673,560)

(23,844,536)

(15,779,904)

(2,570,393)

Net

change

unrealized

appreciation

(depreciation)

......................

(23,673,560)

(19,523,810)

(10,852,458)

(2,570,393)

Net

realized

and

unrealized

gain

(loss)

.........

32,750,554

27,133,470

18,285,558

9,074,433

Net

increase

(decrease)

net

assets

resulting

from

operations

...............................

$38,339,357

$31,130,059

$20,669,320

$9,930,894

Putnam

Target

Date

Funds

Financial

Statements

Operations

(continued)

for

the

year

ended

July

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

100

Franklin

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

............................................

$13,250

$12,205

Expenses:

Management

fees

(Note

)

..................................................

8,059

5,996

Administrative

fees

(Note

)

.................................................

Distribution

fees:

(Note

)

Class

...............................................................

2,109

Class

...............................................................

2,837

107

Class

...............................................................

111

Class

..............................................................

110

Transfer

agent

fees:

(Note

)

Class

...............................................................

956

Class

...............................................................

326

Class

...............................................................

Class

..............................................................

108

Class

..............................................................

Class

..............................................................

Class

..............................................................

248

Class

...............................................................

Custodian

fees

............................................................

Reports

shareholders

fees

.................................................

25,854

13,318

Registration

and

filing

fees

...................................................

72,899

1,912

Professional

fees

..........................................................

38,370

17,666

Trustees'

fees

and

expenses

.................................................

Organization

costs

.........................................................

—

22,500

Amortization

offering

costs

(Note

1d)

.........................................

—

118,824

Other

...................................................................

3,939

3,263

Total

expenses

........................................................

155,970

184,175

Expenses

waived/paid

affiliates

(Note

and

3g)

.............................

(150,460)

(184,459)

Net

expenses

........................................................

5,510

(284)

Net

investment

income

...............................................

7,740

12,489

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

143,181

24,101

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Note

3f)

...........................................

54,975

42,929

Net

realized

gain

(loss)

.................................................

198,156

67,030

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Note

3f)

...........................................

9,404

72,097

Net

realized

and

unrealized

gain

(loss)

...........................................

207,560

139,127

Net

increase

(decrease)

net

assets

resulting

from

operations

.........................

$215,300

$151,616

For

the

period

August

2025

(commencement

operations)

July

31,

2026.

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

101

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$23,675,594

$7,513,424

$15,208,760

$10,179,139

Net

realized

gain

(loss)

............

41,213,533

2,826,022

33,130,006

9,945,444

Net

change

unrealized

appreciation

(depreciation)

.................

(26,622,789)

206,756

(18,749,624)

(1,897,240)

Net

increase

(decrease)

net

assets

resulting

from

operations

38,266,338

10,546,202

29,589,142

18,227,343

Distributions

shareholders:

Class

........................

(1,436,413)

(727,931)

(617,422)

(761,609)

Class

........................

—

(57)

—

Class

........................

(8,103)

(14,789)

(3,524)

(15,739)

Class

........................

(42,148)

(16,204)

(5,167)

(802)

Class

.......................

(138,235)

(39,476)

(111,790)

(135,856)

Class

.......................

(38,671)

(4,665)

(60,444)

(65,803)

Class

.......................

(445)

(397)

(264)

(300)

Class

.......................

(111,935)

(30,202)

(81,632)

(138,095)

Class

........................

(21,876,603)

(6,713,366)

(9,556,067)

(7,555,746)

Total

distributions

shareholders

.....

(23,652,553)

(7,547,087)

(10,436,310)

(8,673,950)

Capital

transactions:

(Note

)

Class

........................

(3,364,506)

17,991,363

(4,538,370)

1,696,407

Class

........................

—

(31,811)

—

(21,587)

Class

........................

(1,114,903)

548,516

(424,442)

(95,102)

Class

........................

137,723

642,940

150,576

10,710

Class

.......................

(943,465)

3,205,881

(1,481,711)

(621,127)

Class

.......................

(1,034,168)

964,619

(53,106)

(122,402)

Class

.......................

204

(87)

—

Class

.......................

(351,340)

1,865,945

538,574

(2,051,868)

Class

........................

(21,171,892)

407,488,904

129,247,534

100,379,950

Total

capital

transactions

.......

(27,842,347)

432,676,270

123,439,055

99,174,981

Net

increase

(decrease)

net

assets

.....................

(13,228,562)

435,675,385

142,591,887

108,728,374

Net

assets:

Beginning

year

..................

639,540,021

203,864,636

403,211,519

294,483,145

End

year

......................

$626,311,459

$639,540,021

$545,803,406

$403,211,519

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

102

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$9,545,186

$7,062,841

$7,831,271

$5,987,712

Net

realized

gain

(loss)

............

46,488,582

10,643,702

63,609,683

8,690,198

Net

change

unrealized

appreciation

(depreciation)

.................

(24,603,271)

1,267,104

(31,998,816)

7,795,510

Net

increase

(decrease)

net

assets

resulting

from

operations

31,430,497

18,973,647

39,442,138

22,473,420

Distributions

shareholders:

Class

........................

(725,254)

(818,746)

(720,355)

(658,314)

Class

........................

(3,324)

(22,438)

(14,677)

(14,568)

Class

........................

(12,893)

(15,247)

(1,788)

—

Class

.......................

(111,400)

(104,449)

(71,672)

(43,308)

Class

.......................

(22,067)

(20,297)

(11,586)

(9,711)

Class

.......................

(243)

(248)

(269)

(217)

Class

.......................

(102,375)

(157,641)

(72,109)

(32,707)

Class

........................

(6,295,803)

(5,256,653)

(6,948,052)

(4,696,537)

Total

distributions

shareholders

.....

(7,273,359)

(6,395,719)

(7,840,508)

(5,455,362)

Capital

transactions:

(Note

)

Class

........................

(2,227,614)

3,381,114

(3,790,603)

6,692,038

Class

........................

—

(55,870)

—

(98,437)

Class

........................

(864,893)

(27,946)

(226,872)

5,942

Class

........................

(50,302)

99,292

91,796

(88,252)

Class

.......................

(1,179,472)

209,061

(1,601,162)

520,192

Class

.......................

(552,920)

170,495

117,227

(59,588)

Class

.......................

(132,180)

(2,381,487)

(1,023,951)

1,505,688

Class

........................

36,049,324

58,536,207

22,952,909

78,571,858

Total

capital

transactions

.......

31,041,943

59,930,866

16,519,344

87,049,441

Net

increase

(decrease)

net

assets

.....................

55,199,081

72,508,794

48,120,974

104,067,499

Net

assets:

Beginning

year

..................

356,654,915

284,146,121

376,372,238

272,304,739

End

year

......................

$411,853,996

$356,654,915

$424,493,212

$376,372,238

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

103

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$5,588,803

$4,175,953

$3,996,589

$2,807,997

Net

realized

gain

(loss)

............

56,424,114

7,308,647

46,657,280

5,922,138

Net

change

unrealized

appreciation

(depreciation)

.................

(23,673,560)

8,419,295

(19,523,810)

6,964,590

Net

increase

(decrease)

net

assets

resulting

from

operations

38,339,357

19,903,895

31,130,059

15,694,725

Distributions

shareholders:

Class

........................

(700,788)

(605,824)

(473,530)

(364,749)

Class

........................

(5,398)

(13,441)

(3,608)

(3,886)

Class

........................

(920)

(103)

(2,847)

(2,434)

Class

.......................

(59,125)

(41,951)

(37,189)

(24,349)

Class

.......................

(18,668)

(13,109)

(7,834)

(4,166)

Class

.......................

(294)

(195)

(253)

(188)

Class

.......................

(70,939)

(52,589)

(71,824)

(62,082)

Class

........................

(4,921,302)

(3,208,388)

(3,747,182)

(2,261,681)

Total

distributions

shareholders

.....

(5,777,434)

(3,935,600)

(4,344,267)

(2,723,535)

Capital

transactions:

(Note

)

Class

........................

(1,806,810)

5,967,068

(3,979,385)

9,358,669

Class

........................

—

(53,337)

—

(16,808)

Class

........................

(561,488)

(85,041)

(459,665)

(74,307)

Class

........................

36,136

(65,382)

28,473

66,164

Class

.......................

(517,332)

110,109

(1,089,806)

133,910

Class

.......................

(702,172)

40,203

(28,567)

97,945

Class

.......................

1,358

2,217

—

Class

.......................

(663,143)

715,258

(1,245,383)

(697,248)

Class

........................

33,397,441

65,901,472

33,800,409

44,151,968

Total

capital

transactions

.......

29,183,990

72,532,567

27,026,076

53,020,293

Net

increase

(decrease)

net

assets

.....................

61,745,913

88,500,862

53,811,868

65,991,483

Net

assets:

Beginning

year

..................

306,987,369

218,486,507

233,924,720

167,933,237

End

year

......................

$368,733,282

$306,987,369

$287,736,588

$233,924,720

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

104

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$2,383,762

$1,491,231

$856,461

$542,881

Net

realized

gain

(loss)

............

29,138,016

4,132,148

11,644,826

2,143,313

Net

change

unrealized

appreciation

(depreciation)

.................

(10,852,458)

4,756,448

(2,570,393)

1,981,261

Net

increase

(decrease)

net

assets

resulting

from

operations

20,669,320

10,379,827

9,930,894

4,667,455

Distributions

shareholders:

Class

........................

(489,780)

(307,352)

(621,974)

(128,854)

Class

........................

(1,303)

(686)

(7,787)

—

Class

........................

(872)

(129)

(918)

(89)

Class

.......................

(71,953)

(35,203)

(2,864)

(172)

Class

.......................

(9,145)

(5,331)

(8,537)

(1,675)

Class

.......................

(336)

(164)

(551)

(148)

Class

.......................

(82,766)

(23,633)

(160,549)

(20,693)

Class

........................

(2,110,004)

(1,056,853)

(1,918,069)

(395,557)

Total

distributions

shareholders

.....

(2,766,159)

(1,429,351)

(2,721,249)

(547,188)

Capital

transactions:

(Note

)

Class

........................

(2,568,445)

11,644,515

(789,140)

7,947,746

Class

........................

—

(36,298)

—

(20,329)

Class

........................

(273,181)

(77,492)

(29,620)

(40,922)

Class

........................

6,478

(38,216)

6,475

—

Class

.......................

(1,275,613)

602,736

22,797

(25,419)

Class

.......................

(350,687)

32,738

(74,024)

51,854

Class

.......................

10,088

—

Class

.......................

(752,651)

2,297,411

(1,332,352)

2,587,707

Class

........................

15,375,294

29,328,458

11,496,421

15,246,819

Total

capital

transactions

.......

10,171,283

43,753,852

9,300,557

25,747,456

Net

increase

(decrease)

net

assets

.....................

28,074,444

52,704,328

16,510,202

29,867,723

Net

assets:

Beginning

year

..................

152,858,314

100,153,986

70,112,040

40,244,317

End

year

......................

$180,932,758

$152,858,314

$86,622,242

$70,112,040

Putnam

Target

Date

Funds

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

105

Franklin

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

Year

Ended

July

31,

2026

Year

Ended

July

31,

2025

Year

Ended

July

31,

2026

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

..............................

$7,740

$4,599

$12,489

Net

realized

gain

(loss)

..............................

198,156

96,169

67,030

Net

change

unrealized

appreciation

(depreciation)

........

9,404

(26,912)

72,097

Net

increase

(decrease)

net

assets

resulting

from

operations

...................................

215,300

73,856

151,616

Distributions

shareholders:

Class

..........................................

(45,418)

(12,619)

(133)

Class

..........................................

(22,340)

(12,128)

(103)

Class

..........................................

(1,287)

(438)

(118)

Class

.........................................

(5,016)

(476)

(88)

Class

.........................................

(1,433)

(513)

(138)

Class

.........................................

(3,034)

(624)

(143)

Class

.........................................

(20,824)

(5,524)

(13,671)

Class

..........................................

(1,686)

(547)

(143)

Total

distributions

shareholders

.......................

(101,038)

(32,869)

(14,537)

Capital

transactions:

(Note

)

Class

..........................................

972,698

(22,256)

16,448

Class

..........................................

(105,275)

(22,017)

10,103

Class

..........................................

(1,047)

—

10,118

Class

.........................................

48,116

2,720

9,029

Class

.........................................

—

10,138

Class

.........................................

12,846

10,506

10,143

Class

.........................................

120,908

(5,282)

943,675

Class

..........................................

7,627

1,221

10,143

Total

capital

transactions

.........................

1,055,873

(35,108)

1,019,797

Net

increase

(decrease)

net

assets

................

1,170,135

5,879

1,156,876

Net

assets:

Beginning

year

....................................

958,085

952,206

—

End

year

........................................

$2,128,220

$958,085

$1,156,876

For

the

period

August

2025

(commencement

operations)

uly

31,

2026.

Putnam

Target

Date

Funds

Notes

Financial

Statements

106

franklintempleton.com

Annual

Report

Organization

and

Significant

Accounting

Policies

Putnam

Target

Date

Funds (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company,

consisting

of twenty separate

funds, ten

which

are

included

this

report

(Funds).

The

Funds

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

Certain

all

Funds

invest

primarily

mutual

funds

(Underlying

Funds)

and

exchange

traded

funds

(ETFs),

including

affiliated

funds

managed

Franklin

Templeton

(FT

Underlying

Funds).

The

Funds

offer eight classes

Class

R3,

Class

R4,

Class

R5,

Class

and

Class

Y. Class

automatically

convert

Class

monthly

basis,

after

they

have

been

held

for

years.

Each

class

may

differ

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

August

2025,

the

Trust

began

offering

the

Putnam

Sustainable

Retirement

2070

Fund.

Effective

September

2024,

all

Class

were

converted

Class

Effective

February 27,

2026,

the

Funds

were

renamed

follows:

Effective

July

15,

2026,

the

Funds

were

renamed

follows:

The

accounting

policies

the

Underlying

Funds

are

outlined

their

respective

shareholder

reports.

copy

the

Underlying

Funds’

shareholder

reports

available

the

U.S.

Securities

and

Exchange

Commission

(SEC)

website

sec.gov.

The

Underlying

Funds’

shareholder

reports

are

not

covered

this

report.

The

following

summarizes

the

Funds'

significant

accounting

policies.

Financial

Instrument

Valuation

The Funds'

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier. Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds'

administrator

performing

this

responsibility,

including

leading

the

cross-

Current

Fund

Repositioned

Fund

Putnam

Sustainable

Retirement

Maturity

Fund

Putnam

Retirement

Advantage

Plus

Maturity

Fund

Putnam

Sustainable

Retirement

2030

Fund

Putnam

Retirement

Advantage

Plus

2030

Fund

Putnam

Sustainable

Retirement

2035

Fund

Putnam

Retirement

Advantage

Plus

2035

Fund

Putnam

Sustainable

Retirement

2040

Fund

Putnam

Retirement

Advantage

Plus

2040

Fund

Putnam

Sustainable

Retirement

2045

Fund

Putnam

Retirement

Advantage

Plus

2045

Fund

Putnam

Sustainable

Retirement

2050

Fund

Putnam

Retirement

Advantage

Plus

2050

Fund

Putnam

Sustainable

Retirement

2055

Fund

Putnam

Retirement

Advantage

Plus

2055

Fund

Putnam

Sustainable

Retirement

2060

Fund

Putnam

Retirement

Advantage

Plus

2060

Fund

Putnam

Sustainable

Retirement

2065

Fund

Putnam

Retirement

Advantage

Plus

2065

Fund

Putnam

Sustainable

Retirement

2070

Fund

Putnam

Retirement

Advantage

Plus

2070

Fund

Current

Fund

Repositioned

Fund

Putnam

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Putnam

Retirement

Advantage

Plus

2030

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Putnam

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2035

Fund

Putnam

Retirement

Advantage

Plus

2040

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Putnam

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2045

Fund

Putnam

Retirement

Advantage

Plus

2050

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Putnam

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2055

Fund

Putnam

Retirement

Advantage

Plus

2060

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Putnam

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2065

Fund

Putnam

Retirement

Advantage

Plus

2070

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

Putnam

Target

Date

Funds

Notes

Financial

Statements

107

franklintempleton.com

Annual

Report

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

determine

fair

value.

Investments

the

Underlying

Funds

are

valued

their

closing

NAV

each

trading

day.

The

Funds

have

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Income

Taxes

is each

Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

distribute

shareholders

substantially

all

its

taxable

income

and

net

realized

gains

relieve

from

federal

income

and excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

Each

Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

July

31,

2026, each

Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

examination

the

Internal

Revenue

Service

and

state

departments

revenue.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis. Estimated

expenses

are

accrued

daily.

Dividend

income

and

capital

gain

distributions

Underlying

Funds

are

recorded

the

ex-dividend

date.

Distributions

shareholders

are recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

The

Funds

indirectly

bear

their

proportionate

expenses

from

the

Underlying

Funds

and

ETFs.

Since

the

Underlying

Funds

and

ETFs

have

varied

expense

levels

and

the

Funds

may

own

different

proportions

the

Underlying

Funds

and

ETFs

different

times,

the

amount

expenses

incurred

indirectly

the

Funds

will

vary.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Organization

and

Offering

Costs

Organization

costs

were

expensed

incurred.

Offering

costs

are

amortized

straight

line

basis

over

twelve

months.

Organization

and

Significant

Accounting

Policies

(continued)

Financial

Instrument

Valuation

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

108

franklintempleton.com

Annual

Report

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Beneficial

Interest

July

31,

2026,

there

were

unlimited

number

authorized

(without

par value).

Transactions

the

Funds'

were

follows:

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

97,489

$1,655,896

73,551

$1,614,501

issued

reinvestment

distributions

..........

83,507

1,430,899

27,293

599,908

redeemed

...............................

(376,363)

(6,451,301)

(305,861)

(6,752,779)

Net

increase

(decrease)

..........................

(195,367)

$(3,364,506)

(205,017)

$(4,538,370)

Year

ended

July

31,

2025

sold

...................................

27,396

$450,257

341,986

$7,263,133

issued

reinvestment

distributions

..........

43,565

722,419

36,584

756,188

issued

reorganization

....................

1,258,247

21,163,714

—

redeemed

...............................

(263,337)

(4,345,027)

(299,859)

(6,322,914)

Net

increase

(decrease)

..........................

1,065,871

$17,991,363

78,711

$1,696,407

Class

Year

ended

July

31,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

July

31,

2025

sold

...................................

—

$—

—

$—

issued

reinvestment

distributions

..........

—

redeemed

...............................

(1,974)

(31,868)

(1,085)

(21,587)

Net

increase

(decrease)

..........................

(1,970)

$(31,811)

(1,085)

$(21,587)

Class

Organization

and

Significant

Accounting

Policies

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

109

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

723

$12,016

2,663

$53,269

issued

reinvestment

distributions

..........

486

8,103

176

3,524

redeemed

..............................

(69,150)

(1,135,022)

(24,384)

(481,235)

Net

increase

(decrease)

..........................

(67,941)

$(1,114,903)

(21,545)

$(424,442)

Year

ended

July

31,

2025

sold

...................................

863

$13,882

4,135

$79,065

issued

reinvestment

distributions

..........

917

14,789

838

15,739

issued

reorganization

....................

55,848

913,675

—

redeemed

..............................

(24,574)

(393,830)

(10,020)

(189,906)

Net

increase

(decrease)

..........................

33,054

$548,516

(5,047)

$(95,102)

Class

Year

ended

July

31,

2026

sold

...................................

6,310

$107,754

7,176

$146,852

issued

reinvestment

distributions

..........

2,464

42,148

257

5,167

redeemed

...............................

(710)

(12,179)

(70)

(1,443)

Net

increase

(decrease)

..........................

8,064

$137,723

7,363

$150,576

Year

ended

July

31,

2025

sold

...................................

4,204

$70,257

531

$10,252

issued

reinvestment

distributions

..........

979

16,204

802

issued

reorganization

....................

38,034

638,595

—

redeemed

...............................

(4,873)

(82,116)

(17)

(344)

Net

increase

(decrease)

..........................

38,344

$642,940

556

$10,710

Class

Year

ended

July

31,

2026

sold

...................................

30,888

$530,365

20,412

$546,778

issued

reinvestment

distributions

..........

8,035

138,235

4,184

111,790

redeemed

...............................

(93,803)

(1,612,065)

(79,449)

(2,140,279)

Net

increase

(decrease)

..........................

(54,880)

$(943,465)

(54,853)

$(1,481,711)

Year

ended

July

31,

2025

sold

...................................

11,908

$198,500

43,576

$1,122,959

issued

reinvestment

distributions

..........

2,371

39,476

5,428

135,856

issued

reorganization

....................

200,870

3,392,684

—

redeemed

...............................

(25,447)

(424,779)

(74,142)

(1,879,942)

Net

increase

(decrease)

..........................

189,702

$3,205,881

(25,138)

$(621,127)

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

110

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

5,940

$102,686

8,706

$234,971

issued

reinvestment

distributions

..........

2,244

38,671

2,262

60,444

redeemed

...............................

(67,491)

(1,175,525)

(12,803)

(348,521)

Net

increase

(decrease)

..........................

(59,307)

$(1,034,168)

(1,835)

$(53,106)

Year

ended

July

31,

2025

sold

...................................

13,855

$230,581

9,970

$256,784

issued

reinvestment

distributions

..........

280

4,665

2,629

65,803

issued

reorganization

....................

58,835

995,490

—

redeemed

...............................

(16,276)

(266,117)

(17,570)

(444,989)

Net

increase

(decrease)

..........................

56,694

$964,619

(4,971)

$(122,402)

Class

Year

ended

July

31,

2026

sold

...................................

$246

—

$—

issued

reinvestment

distributions

..........

—

redeemed

...............................

(3)

(58)

—

Net

increase

(decrease)

..........................

$204

—

$—

Year

ended

July

31,

2025

sold

...................................

—

$—

—

$—

issued

reorganization

....................

700

11,833

—

redeemed

...............................

(680)

(11,920)

—

Net

increase

(decrease)

..........................

$(87)

—

$—

Class

Year

ended

July

31,

2026

sold

...................................

34,072

$587,032

56,067

$1,493,524

issued

reinvestment

distributions

..........

6,503

111,935

3,054

81,632

redeemed

...............................

(60,628)

(1,050,307)

(38,695)

(1,036,582)

Net

increase

(decrease)

..........................

(20,053)

$(351,340)

20,426

$538,574

Year

ended

July

31,

2025

sold

...................................

98,026

$1,639,073

98,766

$2,529,871

issued

reinvestment

distributions

..........

1,808

30,202

5,517

138,095

issued

reorganization

....................

58,025

980,621

—

redeemed

...............................

(47,219)

(783,951)

(186,490)

(4,719,834)

Net

increase

(decrease)

..........................

110,640

$1,865,945

(82,207)

$(2,051,868)

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

111

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

3,397,994

$58,398,736

9,266,863

$247,941,308

issued

reinvestment

distributions

..........

1,270,562

21,876,017

358,577

9,556,067

redeemed

...............................

(5,901,678)

(101,446,645)

(4,791,416)

(128,249,841)

Net

increase

(decrease)

..........................

(1,233,122)

$(21,171,892)

4,834,024

$129,247,534

Year

ended

July

31,

2025

sold

...................................

2,985,512

$49,649,667

6,785,105

$173,009,791

issued

reinvestment

distributions

..........

402,998

6,712,025

302,714

7,555,746

issued

reorganization

....................

22,737,382

384,261,760

—

redeemed

...............................

(1,995,708)

(33,134,548)

(3,151,067)

(80,185,587)

Net

increase

(decrease)

..........................

24,130,184

$407,488,904

3,936,752

$100,379,950

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

125,339

$3,021,166

53,805

$1,336,658

issued

reinvestment

distributions

..........

29,521

716,777

28,742

717,409

redeemed

...............................

(245,097)

(5,965,557)

(233,099)

(5,844,670)

Net

increase

(decrease)

..........................

(90,237)

$(2,227,614)

(150,552)

$(3,790,603)

Year

ended

July

31,

2025

sold

...................................

526,942

$12,170,492

628,050

$14,741,851

issued

reinvestment

distributions

..........

35,979

809,886

28,642

654,765

redeemed

...............................

(420,811)

(9,599,264)

(378,037)

(8,704,578)

Net

increase

(decrease)

..........................

142,110

$3,381,114

278,655

$6,692,038

Class

Year

ended

July

31,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

July

31,

2025

sold

...................................

—

$—

—

$—

redeemed

...............................

(2,796)

(55,870)

(4,961)

(98,437)

Net

increase

(decrease)

..........................

(2,796)

$(55,870)

(4,961)

$(98,437)

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

112

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

4,661

$97,317

3,340

$68,668

issued

reinvestment

distributions

..........

159

3,324

717

14,677

redeemed

..............................

(47,338)

(965,534)

(15,458)

(310,217)

Net

increase

(decrease)

..........................

(42,518)

$(864,893)

(11,401)

$(226,872)

Year

ended

July

31,

2025

sold

...................................

8,148

$157,872

6,589

$124,541

issued

reinvestment

distributions

..........

1,163

22,438

773

14,568

redeemed

..............................

(10,630)

(208,256)

(6,990)

(133,167)

Net

increase

(decrease)

..........................

(1,319)

$(27,946)

372

$5,942

Class

Year

ended

July

31,

2026

sold

...................................

10,939

$250,653

3,328

$90,008

issued

reinvestment

distributions

..........

568

12,893

1,788

redeemed

...............................

(14,044)

(313,848)

—

Net

increase

(decrease)

..........................

(2,537)

$(50,302)

3,394

$91,796

Year

ended

July

31,

2025

sold

...................................

5,039

$110,602

122

$3,017

issued

reinvestment

distributions

..........

722

15,247

—

redeemed

...............................

(1,235)

(26,557)

(3,590)

(91,269)

Net

increase

(decrease)

..........................

4,526

$99,292

(3,468)

$(88,252)

Class

Year

ended

July

31,

2026

sold

...................................

32,196

$994,830

19,748

$633,355

issued

reinvestment

distributions

..........

3,613

111,400

2,232

71,672

redeemed

...............................

(76,120)

(2,285,702)

(74,084)

(2,306,189)

Net

increase

(decrease)

..........................

(40,311)

$(1,179,472)

(52,104)

$(1,601,162)

Year

ended

July

31,

2025

sold

...................................

41,600

$1,194,471

28,285

$839,270

issued

reinvestment

distributions

..........

3,670

104,449

1,479

43,308

redeemed

...............................

(37,606)

(1,089,859)

(12,082)

(362,386)

Net

increase

(decrease)

..........................

7,664

$209,061

17,682

$520,192

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

113

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

8,136

$250,679

8,275

$270,566

issued

reinvestment

distributions

..........

716

22,067

361

11,586

redeemed

...............................

(26,053)

(825,666)

(4,954)

(164,925)

Net

increase

(decrease)

..........................

(17,201)

$(552,920)

3,682

$117,227

Year

ended

July

31,

2025

sold

...................................

9,451

$274,159

5,324

$159,884

issued

reinvestment

distributions

..........

713

20,267

332

9,711

redeemed

...............................

(4,282)

(123,931)

(7,748)

(229,183)

Net

increase

(decrease)

..........................

5,882

$170,495

(2,092)

$(59,588)

Class

Year

ended

July

31,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

July

31,

2025

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Class

Year

ended

July

31,

2026

sold

...................................

26,628

$819,845

23,421

$751,333

issued

reinvestment

distributions

..........

3,319

102,375

2,244

72,109

redeemed

...............................

(33,785)

(1,054,400)

(56,955)

(1,847,393)

Net

increase

(decrease)

..........................

(3,838)

$(132,180)

(31,290)

$(1,023,951)

Year

ended

July

31,

2025

sold

...................................

147,408

$4,305,895

105,042

$3,156,738

issued

reinvestment

distributions

..........

5,543

157,641

1,117

32,707

redeemed

...............................

(236,847)

(6,845,023)

(56,165)

(1,683,757)

Net

increase

(decrease)

..........................

(83,896)

$(2,381,487)

49,994

$1,505,688

Class

Year

ended

July

31,

2026

sold

...................................

4,075,948

$125,450,047

2,973,866

$95,352,534

issued

reinvestment

distributions

..........

204,475

6,295,803

216,855

6,948,052

redeemed

...............................

(3,104,621)

(95,696,526)

(2,470,723)

(79,347,677)

Net

increase

(decrease)

..........................

1,175,802

$36,049,324

719,998

$22,952,909

Year

ended

July

31,

2025

sold

...................................

4,926,688

$142,303,519

4,639,789

$137,588,922

issued

reinvestment

distributions

..........

185,028

5,256,653

160,895

4,696,537

redeemed

...............................

(3,096,224)

(89,023,965)

(2,151,780)

(63,713,601)

Net

increase

(decrease)

..........................

2,015,492

$58,536,207

2,648,904

$78,571,858

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

114

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

87,216

$2,066,251

57,338

$1,340,627

issued

reinvestment

distributions

..........

29,175

698,733

20,159

473,345

redeemed

...............................

(190,971)

(4,571,794)

(244,925)

(5,793,357)

Net

increase

(decrease)

..........................

(74,580)

$(1,806,810)

(167,428)

$(3,979,385)

Year

ended

July

31,

2025

sold

...................................

504,514

$11,205,130

585,694

$12,573,924

issued

reinvestment

distributions

..........

27,869

603,920

17,357

364,673

redeemed

...............................

(267,848)

(5,841,982)

(167,238)

(3,579,928)

Net

increase

(decrease)

..........................

264,535

$5,967,068

435,813

$9,358,669

Class

Year

ended

July

31,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

July

31,

2025

sold

...................................

—

$—

—

$—

redeemed

...............................

(2,922)

(53,337)

(818)

(16,808)

Net

increase

(decrease)

..........................

(2,922)

$(53,337)

(818)

$(16,808)

Class

Year

ended

July

31,

2026

sold

...................................

1,807

$36,296

2,425

$54,416

issued

reinvestment

distributions

..........

269

5,398

161

3,608

redeemed

..............................

(30,780)

(603,182)

(23,800)

(517,689)

Net

increase

(decrease)

..........................

(28,704)

$(561,488)

(21,214)

$(459,665)

Year

ended

July

31,

2025

sold

...................................

3,612

$66,299

5,601

$112,884

issued

reinvestment

distributions

..........

742

13,441

194

3,886

redeemed

..............................

(8,866)

(164,781)

(9,415)

(191,077)

Net

increase

(decrease)

..........................

(4,512)

$(85,041)

(3,620)

$(74,307)

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

115

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

1,327

$35,278

6,343

$144,384

issued

reinvestment

distributions

..........

920

124

2,847

redeemed

...............................

(2)

(62)

(5,315)

(118,758)

Net

increase

(decrease)

..........................

1,360

$36,136

1,152

$28,473

Year

ended

July

31,

2025

sold

...................................

1,463

$34,986

6,426

$136,195

issued

reinvestment

distributions

..........

103

119

2,434

redeemed

...............................

(4,168)

(100,471)

(3,455)

(72,465)

Net

increase

(decrease)

..........................

(2,701)

$(65,382)

3,090

$66,164

Class

Year

ended

July

31,

2026

sold

...................................

30,121

$969,688

21,364

$496,733

issued

reinvestment

distributions

..........

1,826

59,125

1,589

37,189

redeemed

...............................

(48,754)

(1,546,145)

(71,183)

(1,623,728)

Net

increase

(decrease)

..........................

(16,807)

$(517,332)

(48,230)

$(1,089,806)

Year

ended

July

31,

2025

sold

...................................

27,086

$793,927

18,967

$404,259

issued

reinvestment

distributions

..........

1,441

41,951

1,162

24,349

redeemed

...............................

(24,610)

(725,769)

(13,694)

(294,698)

Net

increase

(decrease)

..........................

3,917

$110,109

6,435

$133,910

Class

Year

ended

July

31,

2026

sold

...................................

5,977

$194,059

7,416

$172,329

issued

reinvestment

distributions

..........

577

18,668

335

7,834

redeemed

...............................

(26,733)

(914,899)

(8,761)

(208,730)

Net

increase

(decrease)

..........................

(20,179)

$(702,172)

(1,010)

$(28,567)

Year

ended

July

31,

2025

sold

...................................

4,601

$136,302

5,956

$126,650

issued

reinvestment

distributions

..........

450

13,109

191

3,993

redeemed

...............................

(3,604)

(109,208)

(1,543)

(32,698)

Net

increase

(decrease)

..........................

1,447

$40,203

4,604

$97,945

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

116

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

$2,415

—

$—

issued

reinvestment

distributions

..........

—

redeemed

...............................

(35)

(1,108)

—

Net

increase

(decrease)

..........................

$1,358

—

$—

Year

ended

July

31,

2025

sold

...................................

$2,302

—

$—

redeemed

...............................

(3)

(85)

—

Net

increase

(decrease)

..........................

$2,217

—

$—

Class

Year

ended

July

31,

2026

sold

...................................

29,604

$957,301

30,042

$705,033

issued

reinvestment

distributions

..........

2,190

70,939

3,067

71,824

redeemed

...............................

(52,004)

(1,691,383)

(82,265)

(2,022,240)

Net

increase

(decrease)

..........................

(20,210)

$(663,143)

(49,156)

$(1,245,383)

Year

ended

July

31,

2025

sold

...................................

149,977

$4,519,148

149,484

$3,227,772

issued

reinvestment

distributions

..........

1,805

52,589

2,962

62,082

redeemed

...............................

(128,908)

(3,856,479)

(186,443)

(3,987,102)

Net

increase

(decrease)

..........................

22,874

$715,258

(33,997)

$(697,248)

Class

Year

ended

July

31,

2026

sold

...................................

2,601,940

$84,171,529

3,073,530

$71,866,678

issued

reinvestment

distributions

..........

151,474

4,904,729

160,136

3,747,182

redeemed

...............................

(1,711,696)

(55,678,817)

(1,776,497)

(41,813,451)

Net

increase

(decrease)

..........................

1,041,718

$33,397,441

1,457,169

$33,800,409

Year

ended

July

31,

2025

sold

...................................

4,001,778

$118,277,144

3,857,177

$82,168,391

issued

reinvestment

distributions

..........

109,747

3,195,832

108,008

2,261,681

redeemed

...............................

(1,883,273)

(55,571,504)

(1,899,183)

(40,278,104)

Net

increase

(decrease)

..........................

2,228,252

$65,901,472

2,066,002

$44,151,968

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

117

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

123,069

$1,826,554

114,277

$1,768,004

issued

reinvestment

distributions

..........

32,773

489,297

40,388

621,974

redeemed

...............................

(326,998)

(4,884,296)

(205,267)

(3,179,118)

Net

increase

(decrease)

..........................

(171,156)

$(2,568,445)

(50,602)

$(789,140)

Year

ended

July

31,

2025

sold

...................................

1,169,937

$15,891,956

704,449

$9,973,388

issued

reinvestment

distributions

..........

23,093

307,138

9,250

128,854

redeemed

...............................

(335,885)

(4,554,579)

(153,880)

(2,154,496)

Net

increase

(decrease)

..........................

857,145

$11,644,515

559,819

$7,947,746

Class

Year

ended

July

31,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

July

31,

2025

sold

...................................

—

$—

—

$—

redeemed

...............................

(2,772)

(36,298)

(1,484)

(20,329)

Net

increase

(decrease)

..........................

(2,772)

$(36,298)

(1,484)

$(20,329)

Class

Year

ended

July

31,

2026

sold

...................................

3,316

$47,983

1,154

$17,634

issued

reinvestment

distributions

..........

1,303

513

7,787

redeemed

..............................

(23,104)

(322,467)

(3,683)

(55,041)

Net

increase

(decrease)

..........................

(19,698)

$(273,181)

(2,016)

$(29,620)

Year

ended

July

31,

2025

sold

...................................

3,885

$50,026

1,770

$24,459

issued

reinvestment

distributions

..........

686

—

redeemed

..............................

(9,777)

(128,204)

(4,615)

(65,381)

Net

increase

(decrease)

..........................

(5,839)

$(77,492)

(2,845)

$(40,922)

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

118

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

3,375

$52,231

487

$7,689

issued

reinvestment

distributions

..........

872

189

redeemed

...............................

(2,989)

(46,625)

(95)

(1,403)

Net

increase

(decrease)

..........................

442

$6,478

404

$6,475

Year

ended

July

31,

2025

sold

...................................

2,932

$40,529

—

$—

issued

reinvestment

distributions

..........

129

—

redeemed

...............................

(5,545)

(78,874)

—

Net

increase

(decrease)

..........................

(2,604)

$(38,216)

—

$—

Class

Year

ended

July

31,

2026

sold

...................................

66,292

$994,735

3,860

$60,785

issued

reinvestment

distributions

..........

4,774

71,953

152

2,364

redeemed

...............................

(157,909)

(2,342,301)

(2,668)

(40,352)

Net

increase

(decrease)

..........................

(86,843)

$(1,275,613)

1,344

$22,797

Year

ended

July

31,

2025

sold

...................................

74,325

$1,019,410

2,495

$35,465

issued

reinvestment

distributions

..........

2,621

35,203

122

redeemed

...............................

(33,257)

(451,877)

(4,189)

(61,006)

Net

increase

(decrease)

..........................

43,689

$602,736

(1,685)

$(25,419)

Class

Year

ended

July

31,

2026

sold

...................................

3,393

$51,247

4,040

$63,414

issued

reinvestment

distributions

..........

606

9,145

551

8,537

redeemed

...............................

(25,735)

(411,079)

(8,868)

(145,975)

Net

increase

(decrease)

..........................

(21,736)

$(350,687)

(4,277)

$(74,024)

Year

ended

July

31,

2025

sold

...................................

4,330

$58,939

4,630

$65,838

issued

reinvestment

distributions

..........

386

5,187

110

1,541

redeemed

...............................

(2,308)

(31,388)

(1,096)

(15,525)

Net

increase

(decrease)

..........................

2,408

$32,738

3,644

$51,854

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

119

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

669

$10,257

—

$—

issued

reinvestment

distributions

..........

—

redeemed

...............................

(17)

(243)

—

Net

increase

(decrease)

..........................

657

$10,088

—

$—

Year

ended

July

31,

2025

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Class

Year

ended

July

31,

2026

sold

...................................

78,395

$1,179,516

72,294

$1,137,935

issued

reinvestment

distributions

..........

5,478

82,766

10,325

160,549

redeemed

...............................

(128,798)

(2,014,933)

(161,831)

(2,630,836)

Net

increase

(decrease)

..........................

(44,925)

$(752,651)

(79,212)

$(1,332,352)

Year

ended

July

31,

2025

sold

...................................

283,358

$3,976,110

233,087

$3,390,606

issued

reinvestment

distributions

..........

1,756

23,633

1,473

20,693

redeemed

...............................

(124,110)

(1,702,332)

(56,874)

(823,592)

Net

increase

(decrease)

..........................

161,004

$2,297,411

177,686

$2,587,707

Class

Year

ended

July

31,

2026

sold

...................................

2,498,161

$37,611,496

1,548,793

$24,186,216

issued

reinvestment

distributions

..........

139,274

2,110,004

123,986

1,918,069

redeemed

...............................

(1,602,894)

(24,346,206)

(936,401)

(14,607,864)

Net

increase

(decrease)

..........................

1,034,541

$15,375,294

736,378

$11,496,421

Year

ended

July

31,

2025

sold

...................................

4,180,673

$57,357,525

2,150,516

$30,577,324

issued

reinvestment

distributions

..........

78,343

1,056,853

28,274

395,557

redeemed

...............................

(2,117,951)

(29,085,920)

(1,110,448)

(15,726,062)

Net

increase

(decrease)

..........................

2,141,065

$29,328,458

1,068,342

$15,246,819

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

120

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

78,213

$973,920

1,585

$16,340

issued

reinvestment

distributions

..........

3,582

45,418

133

redeemed

...............................

(3,573)

(46,640)

(2)

(25)

Net

increase

(decrease)

..........................

78,222

$972,698

1,595

$16,448

Year

ended

July

31,

2025

sold

...................................

11,669

$145,920

—

$—

issued

reinvestment

distributions

..........

979

11,935

—

redeemed

...............................

(14,479)

(180,111)

—

Net

increase

(decrease)

..........................

(1,831)

$(22,256)

—

$—

Class

Year

ended

July

31,

2026

sold

...................................

1,006

$12,714

1,000

$10,000

issued

reinvestment

distributions

..........

1,671

21,101

103

redeemed

..............................

(10,652)

(139,090)

—

Net

increase

(decrease)

..........................

(7,975)

$(105,275)

1,010

$10,103

Year

ended

July

31,

2025

sold

...................................

2,532

$31,463

—

$—

issued

reinvestment

distributions

..........

969

11,729

—

redeemed

..............................

(5,359)

(65,209)

—

Net

increase

(decrease)

..........................

(1,858)

$(22,017)

—

$—

Class

Year

ended

July

31,

2026

sold

...................................

2,096

$27,982

1,000

$10,000

issued

reinvestment

distributions

..........

—

118

redeemed

...............................

(2,096)

(29,029)

—

Net

increase

(decrease)

..........................

—

$(1,047)

1,011

$10,118

Year

ended

July

31,

2025

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

121

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

3,845

$52,036

3,706

$37,985

issued

reinvestment

distributions

..........

282

3,582

redeemed

...............................

(572)

(7,502)

(2,706)

(29,044)

Net

increase

(decrease)

..........................

3,555

$48,116

1,008

$9,029

Year

ended

July

31,

2025

sold

...................................

237

$2,927

—

$—

redeemed

...............................

(17)

(207)

—

Net

increase

(decrease)

..........................

220

$2,720

—

$—

Class

Year

ended

July

31,

2026

sold

...................................

—

$—

1,000

$10,000

issued

reinvestment

distributions

..........

—

138

Net

increase

(decrease)

..........................

—

$—

1,013

$10,138

Year

ended

July

31,

2025

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Class

Year

ended

July

31,

2026

sold

...................................

894

$11,859

1,000

$10,000

issued

reinvestment

distributions

..........

123

1,570

143

redeemed

...............................

(45)

(583)

—

Net

increase

(decrease)

..........................

972

$12,846

1,013

$10,143

Year

ended

July

31,

2025

sold

...................................

873

$10,855

—

$—

issued

reinvestment

distributions

..........

—

redeemed

...............................

(34)

(435)

—

Net

increase

(decrease)

..........................

846

$10,506

—

$—

Class

Year

ended

July

31,

2026

sold

...................................

12,782

$168,953

93,000

$930,004

issued

reinvestment

distributions

..........

1,516

19,345

1,279

13,671

redeemed

...............................

(5,146)

(67,390)

—

Net

increase

(decrease)

..........................

9,152

$120,908

94,279

$943,675

Year

ended

July

31,

2025

sold

...................................

5,222

$65,683

—

$—

issued

reinvestment

distributions

..........

406

4,973

—

redeemed

...............................

(5,945)

(75,938)

—

Net

increase

(decrease)

..........................

(317)

$(5,282)

—

$—

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

122

franklintempleton.com

Annual

Report

Transactions

with

Affiliates

Effective

August

17,

2026,

Franklin

Resources,

Inc.

was

renamed

Franklin

Templeton,

Inc.

Franklin

Templeton,

Inc.

the

holding

company

for

various

subsidiaries.

Certain

officers

and

trustees

the Funds are

also

officers,

directors, and/or trustees

certain

the

Underlying

Funds

and

the

following

subsidiaries:

Management

Fees

Each

Fund

pays Advisers

management

fee.

The

fee

for

each

fund

calculated

and

paid

monthly

based

annual

rate

and

the

Fund’s

average

net

assets

for

the

month.

For

Franklin

Retirement

Advantage

Plus Maturity

Fund,

the

annual

rate

0.46%.

For

each

the

other

Funds,

the

annual

rate

based

the

number

years

remaining

(determined

September

30th

each

year

and

applicable

through

September

30th

the

following

year)

until

the

date

referenced

the

Fund’s

name

(the

“Target

Date”).

“Average

net

assets”

means

the

average

all

the

determinations

fund’s

net

asset

value

the

business

each

business

day

during

each

month.

The

annual

rate

for

each

fund

for

the

reporting

period

were:

Franklin

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

Amount

Class

Year

ended

July

31,

2026

sold

...................................

580

$7,424

1,000

$10,000

issued

reinvestment

distributions

..........

224

143

redeemed

...............................

(3)

(21)

—

Net

increase

(decrease)

..........................

595

$7,627

1,013

$10,143

Year

ended

July

31,

2025

sold

...................................

223

$2,789

—

$—

issued

reinvestment

distributions

..........

—

redeemed

...............................

(125)

(1,578)

—

Net

increase

(decrease)

..........................

$1,221

—

$—

Effective

September

2024,

the

Fund

has

terminated

its

Class

shares.

May

include

portion

Class

that

were

automatically

converted

Class

For

the

period

August

2025

(commencement

operations)

July

31,

2026.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Franklin

Retirement

Advantage

Plus

2035

Fund

Gross

effective

investment

management

fee

rate

...................

0.460%

0.472%

0.482%

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

123

franklintempleton.com

Annual

Report

Advisers

retained

Putnam

Management

subadvisor

for

the

Funds.

Pursuant

the

agreement,

Putnam

Management

provides

certain

advisory

and

services

the

Funds.

Advisers

pays

monthly

fee

Putnam

Management

based

the

costs

Putnam

Management

providing

these

services

the

Funds,

which

may

include

mark-up

not

exceed

15%

over

such

costs.

Under

subadvisory

agreement,

FTIML

provides

subadvisory

services

the

Funds.

The

subadvisory

fee

paid by Advisers

based

the

average

net

assets

managed

FTIML,

and

not

additional

expense

the

Funds.

Administrative

Fees

Under

agreement

with

Advisers,

Services

provides

administrative

services

the

Funds.

The

fee

paid

Advisers

based

each

of the

Funds'

average

daily

net

assets,

and

not

additional

expense

the

Funds.

The

Funds

reimburse

Advisers

allocated

amount

for

the

compensation

and

expenses

certain

officers

the

Funds

and

their

staff

who

provide

administrative

services

the

Funds.

The

aggregate

amount

all

such

reimbursements

determined

annually

the

Trustees.

Distribution

Fees

The

Funds

have

adopted

distribution

plans

(the

Plans)

with

respect

the

following

classes

pursuant

Rule

12b–1

under

the

1940

Act.

The

purpose

the

Plans

compensate

Distributors

for

services

provided

and

expenses

incurred

distributing

the

Funds.

The

Plans

provide

payments

the

Funds

Distributors

annual

rate

the

following

amounts

(Maximum

the

average

net

assets

attributable

each

class.

The

Trustees

have

approved

payment

the

Funds

the

following

annual

rate

(Approved

the

average

net

assets

attributable

each

class.

Franklin

Retirement

Advantage

Plus

2040

Fund

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Gross

effective

investment

management

fee

rate

...................

0.492%

0.502%

0.512%

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Franklin

Retirement

Advantage

Plus

2065

Fund

Gross

effective

investment

management

fee

rate

...................

0.522%

0.532%

0.541%

Franklin

Retirement

Advantage

Plus

2070

Fund

Gross

effective

investment

management

fee

rate

.....................................................

0.554%

Maximum

Approved

Class

...................................................................

0.35%

0.25%

Class

...................................................................

1.00%

Class

...................................................................

1.00%

0.50%

Class

..................................................................

0.35%

0.25%

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

124

franklintempleton.com

Annual

Report

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

not

represent

expenses

the

Funds.

These

charges

are

deducted

from

the

proceeds

sales

fund

prior

investment

from

redemption

proceeds

prior

remittance,

applicable.

Distributors

has

advised

the

Funds

the

following

commission

transactions

the

sales

and

redemptions

the

Funds'

for

the

year:

Transfer

Agent

Fees

PSERV,

affiliate

Advisers,

provides

investor

servicing

agent

functions

each

Fund

and

receives

fees

for

investor

servicing

the

following

Class

specific

rates.

Investments

Underlying

Funds

The

Funds

invest

Underlying

Funds

which

are

managed

Advisers

(or

affiliate

Advisers).

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

Underlying

Fund’s

outstanding

has

the

power

exercise

control

over

management

policies

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$1,813

$2,357

$3,707

$2,009

CDSC

retained

...........................

$71

$77

$106

$107

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$2,411

$1,696

$2,851

$1,646

CDSC

retained

...........................

$369

$67

$96

$38

Franklin

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

.............

$472

$—

CDSC

retained

.............................................................

$12

$—

Maximum

Class

.....................................................................................

0.125%

Class

.....................................................................................

0.125%

Class

.....................................................................................

0.275%

Class

....................................................................................

0.275%

Class

....................................................................................

0.275%

Class

....................................................................................

0.125%

Class

....................................................................................

0.025%

Class

.....................................................................................

0.125%

Transactions

with

Affiliates

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

125

franklintempleton.com

Annual

Report

such

Underlying

Fund.

The

Funds

not

invest

Underlying

Funds

for

the

purpose

exercising

controlling

influence

over

the

management

policies.

Management

fees

paid

the

Funds

are

waived

assets

invested

the

Underlying

Funds,

noted

the

Statements

Operations,

amount

not

exceed

the

management

and

administrative

fees,

applicable, paid

directly

indirectly

the

Underlying

Funds.

For

certain

Funds,

and

specific

classes

within

those

Funds,

the

acquired

fund

fee

and

expense

waiver

may

exceed

the

contractually

capped

net

expense

ratio

class,

resulting

negative

net

expense

ratio

for

that

class.

When

there

significant

concentration

shareholder

investments

classes

with

negative

net

expense

ratios,

this

may

result

negative

total

expenses,

disclosed

the

Statements

Operations.

Investments

Underlying

Funds

for

the

year

ended

July

31,

2026,

were

follows:

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Dividend

Income

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Controlled

Affiliates

Franklin

Multi-Asset

Income

Fund,

Class

.................

—

539,550,105

(41,885,685)

(83,746)

(600,848)

496,979,826

42,954,177

8,491,040

Non-Controlled

Affiliates

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

.....

—

24,757,527

—

(74,084)

254,119

24,937,562

2,214,704

429,751

Franklin

BSP

Lending

Fund,

Class

.....................

—

25,218,087

—

(74,536)

25,143,551

2,484,541

947,683

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

—

42,187,042

(2,689,959)

137,397

1,310,035

40,944,515

2,282,303

334,871

Putnam

ESG

Core

Bond

ETF

330,503,763

6,656,904

(343,758,318)

5,178,411

1,419,240

—

8,010,067

Putnam

ESG

High

Yield

ETF

...

107,502,179

3,648,701

(111,564,138)

2,935,022

(2,521,764)

—

4,225,076

Putnam

ESG

Ultra

Short

ETF

36,371,015

1,450,529

(37,789,070)

105,277

(137,751)

—

1,032,990

Putnam

Government

Money

Market

Fund,

Class

4.469%

.......

1,018,495

37,739,452

(38,757,947)

—

36,818

Putnam

PanAgora

ESG

International

Equity

ETF

......

26,622,100

1,259,259

(29,431,235)

5,756,326

(4,206,450)

—

3,317,245

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......

—

42,402,569

(4,028,646)

—

38,373,923

607,639

Putnam

Sustainable

Future

ETF

46,032,801

1,490,432

(45,264,475)

5,258,598

(7,517,356)

—

Putnam

Sustainable

Leaders

ETF

91,905,636

1,509,633

(97,937,178)

19,069,387

(14,547,478)

—

354,664

Total

Non-Controlled

Affiliates

$639,955,989

$188,320,135

$(711,220,966)

$38,366,334

$(26,021,941)

$129,399,551

$19,296,804

Total

Affiliated

Securities

....

$639,955,989

$727,870,240

$(753,106,651)

$38,282,588

$(26,622,789)

$626,379,377

$27,787,844

Franklin

Retirement

Advantage

Plus

2030

Fund

Non-Controlled

Affiliates

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

.....

—

21,059,201

—

(95,656)

220,832

21,184,377

1,881,383

372,574

Franklin

BSP

Lending

Fund,

Class

.....................

—

21,415,289

—

(65,263)

21,350,026

2,109,686

774,310

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

126

franklintempleton.com

Annual

Report

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Dividend

Income

Franklin

Retirement

Advantage

Plus

2030

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

—

140,009,020

(21,682,657)

650,837

3,635,888

122,613,088

6,834,620

1,005,832

Franklin

Dynamic

Asset

Allocation

Conservative

Fund,

Class

....

—

254,192,130

(55,142,862)

83,873

181,041

199,314,182

17,376,999

2,043,643

Franklin

Multi-Asset

Income

Fund,

Class

.................

—

160,495,676

(14,125,851)

451

100,061

146,470,337

12,659,493

2,205,627

Putnam

ESG

Core

Bond

ETF

200,449,641

59,314,849

(264,038,100)

3,699,632

573,978

—

5,604,019

Putnam

ESG

High

Yield

ETF

...

27,981,593

9,324,790

(37,358,973)

750,397

(697,807)

—

1,292,594

Putnam

ESG

Ultra

Short

ETF

32,078,921

10,208,430

(42,236,556)

63,084

(113,879)

—

1,047,411

Putnam

Government

Money

Market

Fund,

Class

4.469%

.......

1,425,496

37,277,526

(38,703,022)

—

40,473

Putnam

PanAgora

ESG

International

Equity

ETF

......

22,849,080

6,042,473

(30,163,274)

4,865,867

(3,594,146)

—

3,360,676

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......

—

39,683,412

(4,945,607)

—

34,737,805

518,080

Putnam

Sustainable

Future

ETF

39,772,920

9,963,406

(47,446,782)

4,381,187

(6,670,731)

—

Putnam

Sustainable

Leaders

ETF

78,644,710

22,355,401

(104,793,689)

16,113,176

(12,319,598)

—

375,857

Total

Non-Controlled

Affiliates

$403,202,361

$791,341,603

$(660,637,373)

$30,512,848

$(18,749,624)

$545,669,815

$18,641,096

Total

Affiliated

Securities

....

$403,202,361

$791,341,603

$(660,637,373)

$30,512,848

$(18,749,624)

$545,669,815

$18,641,096

Franklin

Retirement

Advantage

Plus

2035

Fund

Non-Controlled

Affiliates

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

.....

—

16,240,719

—

(130,266)

173,547

16,284,000

1,446,181

345,217

Franklin

BSP

Lending

Fund,

Class

.....................

—

16,462,498

—

(48,659)

16,413,839

1,621,921

603,456

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

—

356,857,799

(41,417,927)

687,932

9,830,811

325,958,615

18,169,377

2,607,952

Franklin

Dynamic

Asset

Allocation

Conservative

Fund,

Class

....

—

3,556,692

(1,672,748)

40,873

(26,253)

1,898,564

165,524

15,344

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

—

32,323,059

(16,562,161)

344,583

844,462

16,949,943

707,722

—

Franklin

Multi-Asset

Income

Fund,

Class

.................

—

14,344,160

(849,161)

26,212

76,760

13,597,971

1,175,278

102,816

Putnam

ESG

Core

Bond

ETF

114,932,462

20,521,767

(137,817,360)

2,232,187

130,944

—

2,975,160

Putnam

ESG

High

Yield

ETF

...

18,316,120

4,403,919

(22,773,120)

494,450

(441,369)

—

797,771

Putnam

ESG

Ultra

Short

ETF

23,665,591

5,183,235

(28,817,800)

47,226

(78,252)

—

731,100

Putnam

Government

Money

Market

Fund,

Class

4.469%

.......

1,083,371

26,679,316

(27,762,687)

—

24,174

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

127

franklintempleton.com

Annual

Report

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Dividend

Income

Franklin

Retirement

Advantage

Plus

2035

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Putnam

PanAgora

ESG

International

Equity

ETF

......

31,935,416

5,951,055

(39,735,307)

7,056,588

(5,207,752)

—

4,445,821

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......

—

25,649,382

(4,973,791)

—

20,675,591

308,530

Putnam

Sustainable

Future

ETF

55,865,137

8,909,954

(61,755,271)

6,966,707

(9,986,527)

—

Putnam

Sustainable

Leaders

ETF

110,817,507

18,212,576

(134,541,228)

25,382,128

(19,870,983)

—

486,029

Total

Non-Controlled

Affiliates

$356,615,604

$555,296,131

$(518,678,561)

$43,148,620

$(24,603,271)

$411,778,523

$13,443,370

Total

Affiliated

Securities

....

$356,615,604

$555,296,131

$(518,678,561)

$43,148,620

$(24,603,271)

$411,778,523

$13,443,370

Franklin

Retirement

Advantage

Plus

2040

Fund

Non-Controlled

Affiliates

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

.....

—

12,904,549

—

(532,253)

131,428

12,503,724

1,110,455

696,886

Franklin

BSP

Lending

Fund,

Class

.....................

—

12,639,696

—

(37,359)

12,602,337

1,245,290

459,798

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

—

164,888,507

(22,891,607)

399,346

3,947,163

146,343,409

8,157,381

1,122,329

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

—

260,997,901

(38,902,156)

1,216,748

12,240,838

235,553,331

9,835,212

—

Putnam

ESG

Core

Bond

ETF

81,553,168

8,843,730

(92,072,956)

1,672,298

3,760

—

2,055,007

Putnam

ESG

High

Yield

ETF

...

17,778,295

2,147,117

(19,985,073)

492,124

(432,463)

—

747,449

Putnam

ESG

Ultra

Short

ETF

20,419,111

3,430,184

(23,821,564)

34,128

(61,859)

—

636,134

Putnam

Government

Money

Market

Fund,

Class

4.469%

.......

1,838,471

25,689,996

(27,528,467)

—

30,103

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

8,947,270

631,168

(8,458,486)

288,806

(1,408,758)

—

3,786,373

Putnam

PanAgora

ESG

International

Equity

ETF

......

43,799,852

4,924,974

(51,309,468)

9,941,463

(7,356,821)

—

5,943,779

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......

—

19,274,330

(1,832,628)

—

17,441,702

239,782

Putnam

Sustainable

Future

ETF

67,973,124

6,252,002

(70,614,663)

9,189,381

(12,799,844)

—

Putnam

Sustainable

Leaders

ETF

134,028,016

12,399,616

(153,100,413)

32,897,682

(26,224,901)

—

572,070

Total

Non-Controlled

Affiliates

$376,337,307

$535,023,770

$(510,517,481)

$55,599,723

$(31,998,816)

$424,444,503

$16,289,710

Total

Affiliated

Securities

....

$376,337,307

$535,023,770

$(510,517,481)

$55,599,723

$(31,998,816)

$424,444,503

$16,289,710

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

128

franklintempleton.com

Annual

Report

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Dividend

Income

Franklin

Retirement

Advantage

Plus

2045

Fund

Non-Controlled

Affiliates

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

.....

—

8,364,743

—

(814,090)

78,058

7,628,711

677,505

912,887

Franklin

BSP

Lending

Fund,

Class

.....................

—

7,709,845

—

(22,789)

7,687,056

759,591

274,536

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

—

7,812,924

(1,437,298)

86,370

72,603

6,534,599

364,247

39,981

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

—

27,747,980

(7,580,740)

295,371

1,372,251

21,834,862

1,177,716

—

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

—

325,667,006

(29,857,854)

836,839

16,382,411

313,028,402

13,070,079

—

Putnam

ESG

Core

Bond

ETF

41,234,825

5,829,804

(47,902,981)

936,394

(98,042)

—

1,024,560

Putnam

ESG

High

Yield

ETF

...

14,843,241

2,441,949

(17,329,989)

382,063

(337,264)

—

638,028

Putnam

ESG

Ultra

Short

ETF

14,279,214

3,140,983

(17,400,033)

23,249

(43,413)

—

450,508

Putnam

Government

Money

Market

Fund,

Class

4.469%

.......

308,994

19,829,968

(20,138,962)

—

22,760

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

13,719,008

1,824,530

(13,320,598)

(147,967)

(2,074,973)

—

6,709,710

Putnam

PanAgora

ESG

International

Equity

ETF

......

42,691,169

6,515,006

(51,706,409)

9,197,315

(6,697,081)

—

5,995,685

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......

—

14,303,377

(2,364,771)

—

11,938,606

162,193

Putnam

Sustainable

Future

ETF

60,306,239

8,382,056

(65,334,949)

7,192,494

(10,545,840)

—

Putnam

Sustainable

Leaders

ETF

119,544,689

15,560,499

(140,963,195)

27,617,488

(21,759,481)

—

524,087

Total

Non-Controlled

Affiliates

$306,927,379

$455,130,670

$(415,337,779)

$45,605,526

$(23,673,560)

$368,652,236

$16,754,935

Total

Affiliated

Securities

....

$306,927,379

$455,130,670

$(415,337,779)

$45,605,526

$(23,673,560)

$368,652,236

$16,754,935

Franklin

Retirement

Advantage

Plus

2050

Fund

Controlled

Affiliates

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

—

69,677,040

(7,526,008)

473,960

4,320,726

66,945,718

3,610,880

—

Non-Controlled

Affiliates

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

.....

—

5,653,767

—

(711,896)

49,709

4,991,580

443,302

774,557

Franklin

BSP

Lending

Fund,

Class

.....................

—

5,043,050

—

(14,907)

5,028,143

496,852

174,319

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

—

216,873,461

(21,722,962)

693,739

10,557,263

206,401,501

8,618,017

—

Putnam

ESG

Core

Bond

ETF

24,655,153

3,211,649

(28,361,431)

540,762

(46,133)

—

601,630

Putnam

ESG

High

Yield

ETF

...

9,899,342

1,985,426

(11,913,656)

242,314

(213,426)

—

426,785

Putnam

ESG

Ultra

Short

ETF

6,700,685

2,011,970

(8,701,357)

6,726

(18,024)

—

219,542

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

129

franklintempleton.com

Annual

Report

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Dividend

Income

Franklin

Retirement

Advantage

Plus

2050

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Putnam

Government

Money

Market

Fund,

Class

4.469%

.......

726,400

15,410,184

(16,136,584)

—

17,382

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

11,815,159

1,951,314

(11,759,069)

(210,901)

(1,796,503)

—

5,929,236

Putnam

PanAgora

ESG

International

Equity

ETF

......

34,710,970

5,617,807

(42,366,176)

7,542,257

(5,504,858)

—

4,914,882

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......

—

5,266,400

(779,650)

—

4,486,750

58,900

Putnam

Sustainable

Future

ETF

48,689,283

7,201,821

(53,162,916)

5,954,120

(8,682,308)

—

Putnam

Sustainable

Leaders

ETF

96,741,521

12,367,107

(113,783,156)

22,849,877

(18,175,349)

—

419,270

Total

Non-Controlled

Affiliates

$233,938,513

$282,593,956

$(308,686,957)

$36,906,998

$(23,844,536)

$220,907,974

$13,536,503

Total

Affiliated

Securities

....

$233,938,513

$352,270,996

$(316,212,965)

$37,380,958

$(19,523,810)

$287,853,692

$13,536,503

Franklin

Retirement

Advantage

Plus

2055

Fund

Controlled

Affiliates

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

—

80,589,737

(8,789,902)

359,727

4,927,446

77,087,008

4,157,875

—

Non-Controlled

Affiliates

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

.....

—

2,607,401

—

(483,710)

23,187

2,146,878

190,664

513,020

Franklin

BSP

Lending

Fund,

Class

.....................

—

2,171,028

—

(6,417)

2,164,611

213,894

81,586

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

—

104,211,525

(10,733,246)

290,912

5,018,447

98,787,638

4,124,745

—

Putnam

ESG

Core

Bond

ETF

11,859,095

1,584,867

(13,684,301)

260,886

(20,547)

—

291,072

Putnam

ESG

High

Yield

ETF

...

4,799,685

947,369

(5,762,044)

96,861

(81,871)

—

207,889

Putnam

ESG

Ultra

Short

ETF

2,707,012

452,925

(3,156,396)

2,472

(6,013)

—

84,208

Putnam

Government

Money

Market

Fund,

Class

4.469%

.......

484,116

9,441,023

(9,925,139)

—

10,155

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

8,151,023

1,196,824

(8,015,763)

(193,547)

(1,138,537)

—

4,030,118

Putnam

PanAgora

ESG

International

Equity

ETF

......

24,091,188

3,620,309

(29,145,256)

4,766,873

(3,333,114)

—

3,386,838

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......

—

1,148,730

(376,245)

—

772,485

14,182

Putnam

Sustainable

Future

ETF

33,748,757

4,604,446

(36,487,873)

3,413,966

(5,279,296)

—

Putnam

Sustainable

Leaders

ETF

66,738,260

7,564,367

(77,650,759)

14,303,875

(10,955,743)

—

290,044

Total

Non-Controlled

Affiliates

$152,579,136

$139,550,814

$(194,937,022)

$22,458,588

$(15,779,904)

$103,871,612

$8,909,112

Total

Affiliated

Securities

....

$152,579,136

$220,140,551

$(203,726,924)

$22,818,315

$(10,852,458)

$180,958,620

$8,909,112

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

130

franklintempleton.com

Annual

Report

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Dividend

Income

Franklin

Retirement

Advantage

Plus

2060

Fund

Non-Controlled

Affiliates

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

.....

—

802,908

—

(53,232)

8,324

758,000

67,318

63,443

Franklin

BSP

Lending

Fund,

Class

.....................

—

766,527

—

(2,266)

764,261

75,520

28,806

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

—

59,498,448

(7,215,277)

284,754

3,491,865

56,059,790

3,023,721

—

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

—

31,027,387

(3,956,035)

130,122

1,380,055

28,581,529

1,193,383

—

Putnam

ESG

Core

Bond

ETF

3,306,253

571,521

(3,944,912)

70,887

(3,749)

—

81,745

Putnam

ESG

High

Yield

ETF

...

1,307,344

324,581

(1,635,496)

22,935

(19,364)

—

58,345

Putnam

ESG

Ultra

Short

ETF

832,471

159,512

(990,865)

608

(1,726)

—

25,630

Putnam

Government

Money

Market

Fund,

Class

4.469%

.......

241,717

4,981,739

(5,223,456)

—

4,669

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

3,946,226

673,994

(3,956,330)

(164,180)

(499,710)

—

1,968,142

Putnam

PanAgora

ESG

International

Equity

ETF

......

11,664,313

2,084,916

(14,423,751)

2,022,904

(1,348,382)

—

1,653,282

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......

—

868,387

(404,859)

—

463,528

6,558

Putnam

Sustainable

Future

ETF

16,335,582

2,699,991

(18,128,547)

921,689

(1,828,715)

—

Putnam

Sustainable

Leaders

ETF

32,440,010

3,995,501

(38,015,504)

5,326,718

(3,746,725)

—

139,224

Total

Non-Controlled

Affiliates

$70,073,916

$108,455,412

$(97,895,032)

$8,563,205

$(2,570,393)

$86,627,108

$4,029,844

Total

Affiliated

Securities

....

$70,073,916

$108,455,412

$(97,895,032)

$8,563,205

$(2,570,393)

$86,627,108

$4,029,844

Franklin

Retirement

Advantage

Plus

2065

Fund

Non-Controlled

Affiliates

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

.....

—

14,896

—

(1,025)

155

14,026

1,246

1,213

Franklin

BSP

Lending

Fund,

Class

.....................

—

14,184

—

(42)

14,142

1,397

533

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

—

1,829,363

(210,585)

5,308

136,141

1,760,227

94,942

—

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

—

443,218

(180,199)

(845)

18,883

281,057

11,735

—

Putnam

ESG

Core

Bond

ETF

25,250

12,471

(38,239)

645

(127)

—

662

Putnam

ESG

High

Yield

ETF

...

10,301

6,594

(16,891)

199

(203)

—

488

Putnam

ESG

Ultra

Short

ETF

6,583

7,101

(13,662)

(14)

(8)

—

255

Putnam

Government

Money

Market

Fund,

Class

4.469%

.......

4,811

464,278

(469,089)

—

133

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

131

franklintempleton.com

Annual

Report

Value

Beginning

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Year

Number

Held

End

Year

Dividend

Income

Franklin

Retirement

Advantage

Plus

2065

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

55,545

34,432

(74,916)

(7,331)

(7,730)

—

36,186

Putnam

PanAgora

ESG

International

Equity

ETF

......

164,188

106,037

(280,246)

32,155

(22,134)

—

26,658

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......

—

25,025

(18,270)

—

6,755

Putnam

Sustainable

Future

ETF

231,002

138,032

(351,658)

18,467

(35,843)

—

Putnam

Sustainable

Leaders

ETF

457,721

258,540

(732,195)

95,622

(79,688)

—

2,017

Total

Non-Controlled

Affiliates

$955,401

$3,354,171

$(2,385,950)

$143,181

$9,404

$2,076,207

$68,225

Total

Affiliated

Securities

....

$955,401

$3,354,171

$(2,385,950)

$143,181

$9,404

$2,076,207

$68,225

Franklin

Retirement

Advantage

Plus

2070

Fund

Non-Controlled

Affiliates

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

.....

—

10,805

—

(746)

113

10,172

903

881

Franklin

BSP

Lending

Fund,

Class

.....................

—

10,287

—

(30)

10,257

1,013

387

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

—

930,830

(6,345)

512

65,010

990,007

53,398

—

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

—

131,300

(5,722)

(218)

7,004

132,364

5,527

—

Putnam

ESG

Core

Bond

ETF

—

28,764

(29,056)

292

—

616

Putnam

ESG

High

Yield

ETF

...

—

12,202

(12,215)

—

451

Putnam

ESG

Ultra

Short

ETF

—

9,025

(9,007)

(18)

—

231

Putnam

Government

Money

Market

Fund,

Class

4.469%

.......

—

15,984

(15,984)

—

Putnam

PanAgora

ESG

Emerging

Markets

Equity

ETF

.........

—

64,905

(56,352)

(8,553)

—

27,413

Putnam

PanAgora

ESG

International

Equity

ETF

......

—

195,656

(206,581)

10,925

—

23,097

Putnam

Short

Term

Investment

Fund,

Class

3.819%

.......

—

9,984

(6,544)

—

3,440

Putnam

Sustainable

Future

ETF

—

266,209

(256,378)

(9,831)

—

Putnam

Sustainable

Leaders

ETF

—

502,921

(534,646)

31,725

—

1,943

Total

Non-Controlled

Affiliates

$—

$2,188,872

$(1,138,830)

$24,101

$72,097

$1,146,240

$55,134

Total

Affiliated

Securities

....

$—

$2,188,872

$(1,138,830)

$24,101

$72,097

$1,146,240

$55,134

Dividend

income

includes

capital

gain

distributions

received,

any,

from

underlying

funds,

and

are

presented

corresponding

line

item

the

Statements

Operations.

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

132

franklintempleton.com

Annual

Report

Waiver

and

Expense

Reimbursements

Advisers

has

also

contractually

agreed

waive

fees

and/or

reimburse

expenses

each

class

each

Fund

through

least

November

30,

2028

for

all

the

funds

(with

the

exception

Franklin

Retirement

Advantage

Plus

2060

Fund

and

Franklin

Retirement

Advantage

Plus

2070

Fund,

where

the

contractual

agreements are

through

November

30,

2035

and

November

30,

2026)

amount

sufficient

result

total

annual

fund

operating

expenses

for

the

following

class

the

Funds

(exclusive

payments

under

the

Funds'

distribution

plans,

brokerage,

interest,

taxes,

investment-related

expenses,

acquired

fund

fees

and

extraordinary

expenses)

that

equal

the

following

annual

rates

the

Funds'

average

net

assets.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Funds'

fiscal

year

end.

Advisers

has

contractually

agreed

waive

fees

and/or

reimburse

expenses

each

Fund

through

least

November

30,

2028

for

all

the

funds

(with

the

exception

Franklin

Retirement

Advantage

Plus

2060

Fund,

where

the

contractual

agreement

through

November

30,

2035)

amount

equal

the

Funds'

acquired

Fund

fees

and

expenses.

Effective

February

27,

2026,

the

expenses

(excluding

certain

fees

and

expenses

previously

disclosed)

for

each

Class

each

Fund

will

limited

0.70%,

0.85%,

0.70%,

0.60%

and

0.70%

for

Class

R3,

R4,

R5,

R6,

and

shares,

respectively,

based

the

average

net

assets

each

Class.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Funds'

fiscal

year

end.

Other

Affiliated

Transactions

July

31,

2026, Putnam

Investment

Holdings,

LLC

owned

99.4%

Franklin

Retirement

Advantage

Plus

2070

Fund’s

outstanding

shares.

Income

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset

future

capital

gains.

July

31,

2026,

the

capital

loss

carryforwards

were

follows:

Annual

rates

Class

.....................................................................................

0.60%

Class

.....................................................................................

0.60%

Class

.....................................................................................

0.75%

Class

....................................................................................

0.75%

Class

....................................................................................

0.75%

Class

....................................................................................

0.60%

Class

....................................................................................

0.50%

Class

.....................................................................................

0.60%

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Capital

loss

carryforwards

not

subject

expiration:

Long

term

................................................................................

18,957,279

Includes

$14,966,368

from

the

merged

Putnam

Sustainable

Retirement

2025

Fund

which

may

carried

over

offset

future

capital

gains,

subject

certain

limitations.

Transactions

with

Affiliates

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

133

franklintempleton.com

Annual

Report

During

the

year

ended July

31,

2026,

the

utilized

capital

loss

carryforwards

were

follows:

The

tax

character

distributions

paid

during

the

years

ended

July

31,

2026

and

2025,

was

follows:

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Capital

loss

utilized

carryforwards

.............

$39,424,035

$14,740,367

$5,623,677

$5,606,373

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Franklin

Retirement

Advantage

Plus

2055

Fund

Capital

loss

utilized

carryforwards

..............................

$3,497,747

$2,041,698

$18,269

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

2026

2025

2026

2025

Distributions

paid

from:

Ordinary

income

........................

$23,652,553

$7,547,087

$10,436,310

$8,673,950

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

2026

2025

2026

2025

Distributions

paid

from:

Ordinary

income

........................

$7,273,359

$6,395,719

$7,840,508

$5,455,362

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

2026

2025

2026

2025

Distributions

paid

from:

Ordinary

income

........................

$5,777,434

$3,935,600

$4,344,267

$2,723,535

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

2026

2025

2026

2025

Distributions

paid

from:

Ordinary

income

........................

$2,597,038

$1,429,351

$1,099,932

$547,188

Long

term

capital

gain

....................

169,121

—

1,621,317

—

$2,766,159

$1,429,351

$2,721,249

$547,188

Income

Taxes

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

134

franklintempleton.com

Annual

Report

July

31,

2026,

the

cost

investments,

net

unrealized

appreciation

(depreciation)

undistributed

ordinary

income

and

undistributed

long

term

capital

gains

for

income

tax

purposes

were

follows:

Franklin

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

2026

2025

2026

Distributions

paid

from:

Ordinary

income

.........................................

$10,697

$5,919

$14,537

Long

term

capital

gain

.....................................

90,341

26,950

—

$101,038

$32,869

$14,537

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Cost

investments

.......................

$625,766,914

$542,140,962

$401,215,445

$408,649,335

Unrealized

appreciation

.....................

$1,564,154

$4,137,824

$10,925,581

$16,319,429

Unrealized

depreciation

.....................

(951,691)

(608,971)

(362,503)

(524,261)

Net

unrealized

appreciation

(depreciation)

.......

$612,463

$3,528,853

$10,563,078

$15,795,168

Distributable

earnings:

Undistributed

ordinary

income

................

$812,424

$11,286,370

$8,226,673

$8,919,099

Undistributed

long

term

capital

gains

...........

—

12,810,769

32,866,589

46,618,017

Total

distributable

earnings

..................

$812,424

$24,097,139

$41,093,262

$55,537,116

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Cost

investments

.......................

$351,006,046

$273,100,662

$171,158,058

$81,867,935

Unrealized

appreciation

.....................

$17,905,323

$14,927,699

$9,969,080

$4,880,244

Unrealized

depreciation

.....................

(259,133)

(174,669)

(168,518)

(121,071)

Net

unrealized

appreciation

(depreciation)

.......

$17,646,190

$14,753,030

$9,800,562

$4,759,173

Distributable

earnings:

Undistributed

ordinary

income

................

$7,258,561

$5,544,500

$4,610,397

$2,118,014

Undistributed

long

term

capital

gains

...........

42,834,066

36,311,565

24,571,054

8,096,837

Total

distributable

earnings

..................

$50,092,627

$41,856,065

$29,181,451

$10,214,851

Income

Taxes

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

135

franklintempleton.com

Annual

Report

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

wash

sales,

non-deductible

expenses

and

regulated

investment

companies.

The

Funds,

except

for

Franklin

Retirement

Advantage

Plus

Maturity

Fund,

Franklin

Retirement

Advantage

Plus

2055

Fund,

and

Franklin

Retirement

Advantage

Plus

2070

Fund,

utilized

tax

accounting

practice

treat

portion

the

proceeds

from

capital

redeemed

distribution

from

net

investment

income

and

realized

capital

gains.

Investment

Transactions

Purchases

and

sales

investments

(excluding

short

term

securities)

for

the

year

ended

July

31,

2026,

were

follows:

Franklin

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

Cost

investments

.........................................................

$1,923,369

$1,074,161

Unrealized

appreciation

.......................................................

$155,178

$72,127

Unrealized

depreciation

.......................................................

(2,340)

(48)

Net

unrealized

appreciation

(depreciation)

.........................................

$152,838

$72,079

Distributable

earnings:

Undistributed

ordinary

income

..................................................

$22,776

$54,689

Undistributed

long

term

capital

gains

.............................................

162,291

26,646

Total

distributable

earnings

....................................................

$185,067

$81,335

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Franklin

Retirement

Advantage

Plus

2035

Fund

Franklin

Retirement

Advantage

Plus

2040

Fund

Purchases

..............................

$647,737,769

$714,734,682

$503,188,714

$489,794,097

Sales

..................................

$710,320,057

$616,275,894

$485,538,778

$480,462,131

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Purchases

..............................

$420,334,125

$330,983,199

$209,114,424

$102,536,170

Sales

..................................

$392,688,414

$299,296,732

$193,425,539

$92,220,467

Franklin

Retirement

Advantage

Plus

2065

Fund

Franklin

Retirement

Advantage

Plus

2070

Fund

Purchases

................................................................

$2,864,157

$2,162,386

Sales

....................................................................

$1,898,592

$1,116,301

Income

Taxes

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

136

franklintempleton.com

Annual

Report

Fair

Value

Measurements

The Funds

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

determining

the

value

the Funds' financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

July

31,

2026,

all

the Funds'

investments

financial

instruments

carried

fair

value

were

valued

using

Level 1

inputs.

For

detailed

categories,

see

the

accompanying

Schedules

Investments.

Operating

Segments

Each

Fund

operates

single

operating

segment,

which

investment

portfolio.

The portfolio

managers

assigned

the

Fund

within the

Funds'

investment

manager

serve

the

Chief

Operating

Decision

Maker

(“CODM”)

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

accordance

with each

Fund’s

investment

strategy.

Internal

reporting

provided

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

loss,

and

significant

expenses,

refer

the

Statements

Assets

and

Liabilities

and

the

Statements

Operations,

along

with

the

notes

the

financial

statements.

The

Schedules

Investments

provides

details

the

Funds'

investments

that

generate

returns

such

interest,

dividends,

and

realized

and

unrealized

gains

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

the

Financial

Highlights.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

the financial

statements

and

determined

that

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

the

financial

statements.

Abbreviations

Selected

Portfolio

ETF

Exchange-Traded

Fund

Putnam

Target

Date

Funds

Report

Independent

Registered

Public

Accounting

Firm

137

franklintempleton.com

Annual

Report

the

Board

Trustees

Putnam

Target

Date

Funds

and

Shareholders

Franklin

Retirement

Advantage

Plus

Maturity

Fund,

Franklin

Retirement

Advantage

Plus

2030

Fund,

Franklin

Retirement

Advantage

Plus

2035

Fund,

Franklin

Retirement

Advantage

Plus

2040

Fund,

Franklin

Retirement

Advantage

Plus

2045

Fund,

Franklin

Retirement

Advantage

Plus

2050

Fund,

Franklin

Retirement

Advantage

Plus

2055

Fund,

Franklin

Retirement

Advantage

Plus

2060

Fund,

Franklin

Retirement

Advantage

Plus

2065

Fund

and

Franklin

Retirement

Advantage

Plus

2070

Fund

Opinions

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities,

including

the

schedules

investments,

each

the

funds

listed

the

table

below

(ten

the

funds

constituting

Putnam

Target

Date

Funds,

hereafter

collectively

referred

the

"Funds")

July

31,

2026,

the

statements

operations

and

changes

net

assets

for

each

the

periods

indicated

the

table

below,

including

the

notes,

and

the

financial

highlights

for

each

the

periods

indicated

therein

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

listed

the

table

below

July

31,

2026,

the

results

each

their

operations

and

the

changes

each

their

net

assets

for

the

periods

indicated

the

table

below,

and

each

the

financial

highlights

for

each

the

periods

indicated

therein

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

(a)

Statement

operations

for

the

year

ended

July

31,

2026

and

statements

changes

net

assets

for

each

the

two

years

the

period

ended

July

31,

2026

(b)

Statement

operations

and

statement

changes

net

assets

for

the

period

August

2025

(commencement

operations)

July

31,

2026

Basis

for

Opinions

These

financial

statements

are

the

responsibility

the

Funds’

management.

Our

responsibility

express

opinion

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Franklin

Retirement

Advantage

Plus

Maturity

Fund

(a)

Franklin

Retirement

Advantage

Plus

2030

Fund

(a)

Franklin

Retirement

Advantage

Plus

2035

Fund

(a)

Franklin

Retirement

Advantage

Plus

2040

Fund

(a)

Franklin

Retirement

Advantage

Plus

2045

Fund

(a)

Franklin

Retirement

Advantage

Plus

2050

Fund

(a)

Franklin

Retirement

Advantage

Plus

2055

Fund

(a)

Franklin

Retirement

Advantage

Plus

2060

Fund

(a)

Franklin

Retirement

Advantage

Plus

2065

Fund

(a)

Franklin

Retirement

Advantage

Plus

2070

Fund

(b)

Putnam

Target

Date

Funds

Report

Independent

Registered

Public

Accounting

Firm

138

franklintempleton.com

Annual

Report

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

July

31,

2026

correspondence

with

transfer

agents.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

September

18,

2026

have

served

the

auditor

one

investment

companies

the

Putnam

Funds

family

funds

since

least

1957.

have

not

been

able

determine

the

specific

year

began

serving

auditor.

Putnam

Target

Date

Funds

Tax

Information

(unaudited)

139

franklintempleton.com

Annual

Report

mid-February,

tax

information

shareholder's

proportionate

distributions

paid

during

the

preceding

calendar

year

will

received,

applicable.

Please

also

refer

www.franklintempleton.com

for

per

tax

information

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

consult

with

their

tax

advisors

for

further

information

the

treatment

these

amounts

their

tax

returns.

The

following

tax

information

for

the

Funds

required

furnished

shareholders

with

respect

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

hereby

report

the

following

amounts,

subsequently

determined

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

July

31,

2026:

Under

Section

853

the

Internal

Revenue

Code,

the

Funds

below intend

elect

pass

through

their

shareholders

the

following

amounts,

amounts

finally

determined,

foreign

taxes

paid

and

foreign

source

income

earned

the

Funds

during

the

fiscal

year

ended

July

31,

2026:

Pursuant

to:

Franklin

Retirement

Advantage

Plus

Maturity

Fund

Franklin

Retirement

Advantage

Plus

2030

Fund

Franklin

Retirement

Advantage

Plus

2035

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

—

$235,131

$2,385,664

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$1,226,899

$659,032

$657,186

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$2,569,660

$1,871,742

$1,965,918

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

—

$458,950

$467,014

Section

163(j)

Interest

Dividends

Earned

§163(j)

$27,609

$32,071

$23,343

Pursuant

to:

Franklin

Retirement

Advantage

Plus

2040

Fund

Franklin

Retirement

Advantage

Plus

2045

Fund

Franklin

Retirement

Advantage

Plus

2050

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$3,201,299

$2,373,774

$2,204,711

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$641,272

$526,492

$419,270

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$2,706,282

$2,830,776

$2,334,845

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$642,053

$536,760

$407,485

Section

163(j)

Interest

Dividends

Earned

§163(j)

$25,772

$19,770

$1,623

Pursuant

to:

Franklin

Retirement

Advantage

Plus

2055

Fund

Franklin

Retirement

Advantage

Plus

2060

Fund

Franklin

Retirement

Advantage

Plus

2065

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$1,713,448

$2,349,964

$91,633

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$290,044

$139,224

$2,017

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$1,609,792

$788,677

$11,360

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$308,028

$176,344

$1,589

Section

163(j)

Interest

Dividends

Earned

§163(j)

$926

$4,549

$115

Pursuant

to:

Franklin

Retirement

Advantage

Plus

2070

Fund

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$1,943

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$11,047

Section

163(j)

Interest

Dividends

Earned

§163(j)

$85

Putnam

Target

Date

Funds

141

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Plus

Funds

Trustee

approval

management

contracts

(unaudited)

Consideration

your

fund’s

management

and

sub-advisory

contracts

their

meeting

June

26,

2026,

the

Board

Trustees

(“Board”

the

“Trustees”)

Putnam

Retirement

Advantage

Plus

2030

Fund

(the

“2030

Fund”),

Putnam

Retirement

Advantage

Plus

2035

Fund

(the

“2035

Fund”),

Putnam

Retirement

Advantage

Plus

2040

Fund

(the

“2040

Fund”),

Putnam

Retirement

Advantage

Plus

2045

Fund

(the

“2045

Fund”),

Putnam

Retirement

Advantage

Plus

2050

Fund

(the

“2050

Fund”),

Putnam

Retirement

Advantage

Plus

2055

Fund

(the

“2055

Fund”),

Putnam

Retirement

Advantage

Plus

2060

Fund

(the

“2060

Fund”),

Putnam

Retirement

Advantage

Plus

2065

Fund

(the

“2065

Fund”),

Putnam

Retirement

Advantage

Plus

2070

Fund

(the

“2070

Fund”),

and

Putnam

Retirement

Advantage

Plus

Maturity

Fund

(the

“Maturity

Fund,”

and

together

with

the

2030

Fund,

2035

Fund,

2040

Fund,

2045

Fund,

2050

Fund,

2055

Fund,

2060

Fund,

2065

Fund,

and

the

2070

Fund,

collectively,

the

“RAP

Funds”),

including

all

the

Trustees

who

are

not

“interested

persons”

(as

this

term

defined

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”))

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

“funds”)

(the

“Independent

Trustees”),

approved

the

continuance

management

contract

with

Franklin

Advisers,

Inc.

(the

“Advisor”),

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

(“FTIML”),

and

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

(“Putnam

Management”

and

together

with

FTIML,

the

“Subadvisors”)

(collectively,

the

“Management

Contracts”).

The

Advisor,

FTIML,

and

Putnam

Management

are

each

direct

indirect,

wholly-owned

subsidiaries

Franklin

Templeton,

Inc.

(together

with

its

subsidiaries,

“Franklin

Templeton”).

Changes

and

Disagreements

with

Accountants

For

the

period

covered

this

report

Not

applicable.

Results

Meeting(s)

Shareholders

For

the

period

covered

this

report

Not

applicable.

Remuneration

Paid

Directors,

Officers

and

Others

For

the

period

covered

this

report

Refer

the

financial

statements

included

herein.

Remuneration

officers

paid

the

Funds’

investment

manager

according

the

terms

the

agreement.

Board

Approval

Management

and

Subadvisory

Agreements

For

the

period

covered

this

report

Putnam

Target

Date

Funds

142

franklintempleton.com

Annual

Report

February

27,

2026,

the

RAP

Funds

(formerly

known

the

Putnam

Sustainable

Retirement

Funds)

were

repositioned

(the

“Repositioning”)

and

revised

their

investment

policy

from

investing

least

80%

the

value

each

such

fund’s

net

assets

investments

the

type

that

met

the

Advisor’s

sustainability

criteria,

investing

primarily

mutual

funds

and

closed-

end

funds

managed

the

Advisor

its

affiliates

that

invest

primarily

equity,

fixed

income

and

alternative

asset

classes.

connection

with

approving

the

Repositioning,

the

Trustees

noted

the

Advisor’s

views

the

increasingly

unfavorable

political,

legal

and

marketplace

conditions

for

environmental,

social

and

governance

products

and

the

challenged

peer-relative

performance

the

funds.

General

conclusions

The

Board

oversees

the

management

each

fund

and,

required

law,

determines

annually

whether

approve

the

continuance

your

fund’s

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

the

Subadvisors,

the

Trustees

did

not

attempt

evaluate

the

Subadvisors

separate

entities.

All

references

the

Advisor

the

descriptions

the

Board’s

considerations

should

deemed

include

references

the

applicable

Subadvisor

necessary

appropriate

the

context.

The

Board,

with

the

assistance

its

Contract

Committee,

requests

and

evaluates

all

information

deems

reasonably

necessary

under

the

circumstances

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

Independent

Trustees.

the

outset

the

review

process,

the

Board’s

independent

staff

and

independent

legal

counsel,

defined

Rule

0-1(a)

(6)

under

the

1940

Act

(their

“independent

legal

counsel”),

considered

any

possible

changes

the

annual

contract

review

materials

furnished

the

Contract

Committee

prior

years

and,

applicable,

identified

those

changes

the

Advisor.

Following

these

discussions

and

consultation

with

the

Contract

Committee,

the

Independent

Trustees’

independent

legal

counsel

submitted

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

the

Contract

Committee.

Over

the

course

several

months

ending

June

2026,

the

Contract

Committee

met

number

occasions

with

representatives

the

Advisor,

and

separately

executive

session,

consider

the

information

that

the

Advisor

provided,

including

information

provided

response

supplemental

requests

submitted

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

the

Board’s

independent

staff

and

independent

legal

counsel.

the

Board’s

June

2026

meeting,

the

Contract

Committee

met

executive

session

discuss

and

consider

its

recommendations

with

respect

the

continuance

the

Management

Contracts.

that

meeting,

the

Contract

Committee

also

met

executive

session

with

the

other

Independent

Trustees

review

summary

the

process

undertaken

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

the

course

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

your

fund’s

Management

Contracts,

effective

July

2026.

considering

the

continuance

the

Management

Contracts,

the

Board

took

into

account

number

factors,

including:

That

the

fee

schedule

effect

for

your

fund

represented

reasonable

compensation

light

the

nature

and

quality

the

services

being

provided

the

fund,

the

fees

paid

competitive

funds,

the

costs

incurred

the

Advisor

providing

services

the

fund

and

the

application

certain

reductions

and

waivers

noted

below;

That

the

fee

schedule

effect

for

your

fund

represented

appropriate

sharing

between

fund

shareholders

and

the

Advisor

any

economies

scale

that

may

exist

the

management

the

fund

current

asset

levels;

That

the

funds

benefited,

and

were

expected

continue

benefit,

from

Franklin

Templeton’s

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

increase

assets

and

reduce

the

impact

expenses

spreading

them

over

larger

asset

base;

and

The

financial

strength,

reputation,

experience

and

resources

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

Putnam

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Date

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143

franklintempleton.com

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Report

These

conclusions

were

based

comprehensive

consideration

all

information

provided

the

Trustees

and

were

not

the

result

any

single

factor.

Some

the

factors

that

figured

particularly

the

Trustees’

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

various

factors.

also

important

recognize

that

the

management

arrangements

for

your

fund

and

most

the

other

funds

are

the

result

many

years

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

connection

with

formal

contract

reviews

well

throughout

the

year

and

that

the

Trustees’

conclusions

may

based,

part,

their

consideration

fee

arrangements

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

repositioned

funds,

the

current

fee

arrangements

under

the

majority

the

funds’

management

contracts

were

first

implemented

the

beginning

2010

following

extensive

review

the

Contract

Committee

and

discussions

with

management,

well

approval

shareholders.

Management

fee

schedules

and

total

expenses

The

Trustees

reviewed

the

management

fee

schedules

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

The

Trustees

also

reviewed

the

total

expenses

each

fund,

recognizing

that

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

total

costs

fund

shareholders.

(Two

mutual

funds

and

each

the

exchange-traded

funds

have

implemented

so-called

“all-in”

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

The

Trustees

considered

your

fund’s

management

fee

schedule

and

considered

that

the

management

fee

for

each

RAP

Fund

(except

the

Maturity

Fund)

set

each

fiscal

year

based

defined

fee

schedule

which

the

management

fee

rate

declines

each

RAP

Fund

(except

the

Maturity

Fund)

approaches

the

target

year

indicated

its

name.

The

Trustees

noted

that

the

Maturity

Fund

has

fixed

ongoing

annual

management

fee

rate.

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

material

changes

circumstances

—

for

example,

changes

assets

under

management,

changes

fund’s

investment

strategy,

changes

the

Advisor’s

operating

costs

profitability,

changes

competitive

practices

the

fund

industry

—

that

suggest

that

consideration

fee

changes

might

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

the

management

fee

schedule

for

your

fund

would

appropriate

this

time.

the

past,

the

Trustees

also

focused

the

competitiveness

each

fund’s

total

expense

ratio.

The

Trustees

considered

that

your

fund

invests

its

assets

other

Putnam

funds

that

themselves

pay

management

fees

Putnam

Management.

Your

fund

indirectly

bears

these

fees,

and

the

other

expenses

the

other

Putnam

funds

which

invests.

The

Trustees

noted

that

the

Adviser

agreed

waive

fees

and/or

reimburse

expenses

your

fund

amount

equal

the

fund’s

acquired

fund

fees

and

expenses.

The

Adviser

also

agreed

waive

fees

and/or

reimburse

expenses

your

fund

the

extent

that

expenses

specified

classes

(excluding

payments

under

the

fund’s

distribution

plans,

brokerage,

interest,

taxes,

investment-related

expenses,

acquired

fund

fees

and

expenses

and

extraordinary

expenses)

would

exceed

specified

annual

rate

the

fund’s

average

net

assets

attributable

the

class

(0.70%

for

Class

shares,

Class

shares,

Class

and

Class

shares,

0.85%

for

Class

shares,

Class

and

Class

and

0.60%

for

Class

shares)

(the

“Expense

Caps”).

Each

these

contractual

waivers

will

remain

effect

through

least

November

30,

2029

(for

the

2060

Fund,

through

least

November

30,

2036,

and

for

the

2070

Fund,

through

least

November

30,

2027).

The

Advisor’s

commitment

these

expense

limitation

arrangements,

which

were

intended

support

effort

have

the

mutual

fund

expenses

meet

competitive

standards,

was

important

factor

the

Trustees’

decision

approve

the

continuance

your

fund’s

Management

Contracts.

Putnam

Target

Date

Funds

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franklintempleton.com

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Report

The

Trustees

reviewed

comparative

fee

and

expense

information

for

custom

group

competitive

funds

selected

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”).

This

comparative

information

included

your

fund’s

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

general

indication

your

fund’s

relative

standing.

the

custom

peer

group,

your

fund

ranked

the

following

quintiles

effective

management

fees

(determined

for

your

fund

and

the

other

funds

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

the

following

quintiles

total

expenses

(excluding

any

applicable

12b-1

fees)

December

31,

2025.

The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

Broadridge

December

31,

2025,

reflected

the

most

recent

fiscal

year-end

data

available

Broadridge’s

database

that

time.

connection

with

approving

the

Repositioning,

the

Trustees

approved

basis

point

increase

the

Expense

Caps

effective

February

27,

2026.

Accordingly,

these

results

not

account

for

the

increase

the

Expense

Caps

(Total

expenses

reflect

the

fees

and

expenses

borne

directly

the

RAP

Funds

and

the

competitive

funds

included

the

custom

Lipper

peer

groups,

well

the

underlying

funds’

net

fees

and

expenses.)

connection

with

their

review

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

the

services

provided

and

the

profits

realized

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

revenues,

expenses

and

profitability

the

Advisor

and

its

affiliates

relating

the

investment

management,

investor

servicing

and

distribution

services

provided

the

funds,

applicable.

this

regard,

the

Trustees

also

reviewed

analysis

the

revenues,

expenses

and

profitability

the

Advisor

and

its

affiliates,

allocated

fund-by-fund

basis,

with

respect

(as

applicable)

the

funds’

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

2025

for

each

the

applicable

agreements

separately

and

for

the

agreements

taken

together

combined

basis.

The

Trustees

concluded

that,

current

asset

levels,

the

fee

schedules

place

for

each

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

appropriate

sharing

between

fund

shareholders

and

the

Advisor

any

economies

scale

may

exist

the

management

the

funds

that

time.

The

information

examined

the

Trustees

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

the

Advisor

and

certain

affiliates

other

products

that

are

managed

portfolio

team

that

also

manages

one

U.S.

registered

mutual

funds

category

similar

strategies

offered

the

funds

(including

exchange

traded

funds,

sub-advised

U.S.

mutual

funds,

other

U.S.

products

(such

collective

investment

Quintile

Effective

Management

Fees

Total

Expenses

2030

Fund

3rd

2035

Fund

3rd

4th

2040

Fund

3rd

2045

Fund

3rd

4th

2050

Fund

3rd

2055

Fund

3rd

4th

2060

Fund

4th

2065

Fund

3rd

2070

Fund

3rd

4th

Maturity

Fund

3rd

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franklintempleton.com

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Report

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products).

This

information

included

comparisons

the

fees

charged

other

clients,

category,

with

fees

charged

the

funds,

well

detailed

assessment

the

differences

the

services

provided

these

clients

compared

the

services

provided

the

funds.

The

Trustees

observed

that

the

differences

fee

rates

between

these

clients

and

the

funds

are

means

uniform

when

examined

individual

asset

classes,

suggesting

that

differences

the

pricing

investment

management

services

these

types

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

separate

marketplaces,

the

characteristics

different

clients,

the

particulars

different

fee

structures,

factors

unique

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

different

clients.

The

Trustees

considered

the

fact

that

many

cases

fee

rates

across

different

asset

classes

are

higher

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

the

funds

and

those

that

provides

its

other

clients.

The

Trustees

did

not

rely

these

fee

comparisons

any

significant

extent

concluding

that

the

management

fees

paid

your

fund

are

reasonable.

Investment

performance

The

quality

the

investment

process

provided

the

Advisor

represented

major

factor

the

Trustees’

evaluation

the

quality

services

provided

the

Advisor

under

your

fund’s

Management

Contracts.

The

Trustees

were

assisted

their

review

the

Advisor’s

investment

process

and

performance

the

work

the

investment

oversight

committees

the

Trustees

and

the

full

Board,

which

meet

regular

basis

with

individual

portfolio

managers

and

with

investment

leadership

the

Advisor

throughout

the

year.

The

Trustees

noted

that

the

Advisor

had

made

portfolio

management

assignment

changes

2025

strengthen

its

investment

teams

providing

services

the

funds.

The

Trustees

concluded

that

the

Advisor

generally

provides

high-quality

investment

process

—

measured

the

experience

and

skills

the

individuals

assigned

the

management

fund

portfolios,

the

resources

made

available

them

and

general

the

Advisor’s

ability

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

every

time

period.

The

Trustees

considered

that,

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

2025

against

what

the

Advisor

characterized

complex

investing

environment.

The

Trustees

considered

the

Advisor’s

discussion

the

markets,

the

economy,

and

geopolitical

conditions

2025.

The

S&P

500

was

18%

2025

but

with

significant

periods

volatility,

and

the

Bloomberg

Aggregate

fixed

income

index

was

during

the

year,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

4.25%

year-end

2024

3.5%

year-end

2025.

Ten-year

Treasury

yields

ended

2025

4.2%,

down

from

4.6%

year-end

2024.

2025,

geopolitical

and

economic

conditions,

well

financial

markets,

provided

complex

investing

environment:

new

U.S.

presidential

administration

with

significant

policy

actions,

including

tariffs;

complex

inflation;

rates

and

Federal

Reserve

developments;

artificial

intelligence-related

impacts;

and

political

and

military

actions

across

the

globe.

Even

with

this

backdrop,

generally

strong

economic,

corporate

and

labor

market

conditions

continued

2025,

although

with

some

signs

concern.

For

the

one-year

period

ended

December

31,

2025,

the

Trustees

noted

that

the

funds,

asset-weighted

basis,

ranked

the

percentile

their

peers

determined

LSEG

Lipper

(“Lipper”)

and,

asset-weighted

basis,

outperformed

their

benchmarks

1.6%

gross

fees

over

the

one-year

period.

The

Contract

Committee

also

noted

that

the

funds’

aggregate

performance

over

longer-term

periods

continued

strong,

with

the

funds,

asset-weighted

basis,

ranking

the

and

percentiles

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2025,

respectively.

The

Trustees

further

noted

that

the

funds,

the

aggregate,

solidly

outperformed

their

benchmarks

gross

basis

for

each

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

the

funds

and

that

funds

were

rated

four

five

stars

the

end

2025,

which

was

year-over-year

decrease

funds.

The

Trustees

also

considered

that

funds

were

five-star

rated

the

end

2025,

which

was

year-over-year

decrease

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

some

funds

for

periods

ended

December

31,

2025

and

considered

information

provided

the

Advisor

regarding

the

factors

contributing

the

underperformance

and,

where

relevant,

actions

being

taken

improve

the

performance

these

particular

funds.

The

Trustees

indicated

their

intention

continue

monitor

the

performance

those

funds.

Putnam

Target

Date

Funds

146

franklintempleton.com

Annual

Report

For

purposes

the

Trustees’

evaluation

the

funds’

investment

performance,

the

Trustees

generally

focus

competitive

industry

ranking

each

fund’s

total

net

return

over

one-year,

three-year

and

five-year

period.

For

number

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

available,

the

Trustees

evaluated

performance

based

their

total

gross

and

net

returns

and

comparisons

those

returns

the

returns

selected

investment

benchmarks.

The

Trustees

noted

that

the

Repositioning

occurred

after

the

period

ended

December

31,

2025,

and

accordingly,

your

fund’s

one-year,

three-year

and

five-year

performance

periods

prior

the

Repositioning.

the

case

your

fund,

the

Trustees

considered

information

about

your

fund’s

total

return

and

its

performance

relative

its

benchmark

over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2025.

The

class

shares’

return,

net

fees

and

expenses,

for

each

the

2030

Fund,

2035

Fund,

2040

Fund,

2045

Fund,

2050

Fund,

2055

Fund,

2060

Fund,

and

the

Maturity

Fund

was

positive

but

trailed

the

return

its

benchmark

over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2025.

The

class

shares’

return,

net

fees

and

expenses,

for

the

2065

Fund

was

positive

but

trailed

the

return

its

benchmark

over

the

one-year

and

three-year

periods

ended

December

31,

2025.

Because

the

2070

Fund

did

not

have

full

year

performance,

the

Trustees

were

not

able

consider

the

2070

Fund’s

performance

before

approving

the

continuance

the

Management

Contracts.

(When

considering

performance

information,

shareholders

should

mindful

that

past

performance

not

guarantee

future

results.)

The

Trustees

expressed

concern

about

significant

underperformance

(i)

each

the

2030

Fund,

2035

Fund,

2040

Fund,

2045

Fund,

2050

Fund,

and

2055

Fund

relative

such

fund’s

benchmark

for

the

one-year

period

ended

December

31,

2025,

and

(ii)

each

the

2060

Fund

and

2065

Fund

relative

such

fund’s

benchmark

for

the

one-year

and

three-year

periods

ended

December

31,

2025.

The

Trustees

noted

and

considered

the

Advisor’s

observations

concerning

the

performance

your

fund.

the

Advisor’s

view:

The

RAP

Funds

(except

for

the

2070

Fund

and

Maturity

Fund)

were

each

managed

fund-of-ETFs

that

allocated

seven

underlying

ETFs.

The

funds

sought

add

value,

relative

benchmark,

with

active

asset

allocation

and

security

selection.

2025,

both

asset

allocation

and

security

selection

dragged

active

returns.

This

impact

also

resulted

the

three-year

significant

underperformance

the

2060

Fund

and

2065

Fund.

Asset

allocation

was

impacted

the

inclusion

Sustainable

Future

ETF.

Diversifying

the

U.S.

equity

allocation

across

two

ETFs

(also

including

Sustainable

Leaders

ETF)

was

meant

provide

portfolio

construction

benefit,

but

the

mid

cap

growth

positioning

Sustainable

Future

ETF

detracted

from

the

funds

over

the

course

2025.

Security

selection

was

significant

headwind

for

the

year,

Sustainable

Leaders

ETF

and

Sustainable

Future

ETF

both

lagged

their

benchmarks

significantly.

The

underperformance

these

ETFs

accounted

for

most

the

negative

active

returns

each

fund.

also

resulted

target

date

fund

vintages

that

held

equity

tending

underperform

greater

amounts,

owing

larger

allocations

the

two

ETFs.

general

matter,

the

Trustees

believe

that

engaging

constructive

dialogue

with

the

Advisor

represents

the

most

effective

way

for

the

Trustees

address

investment

performance

concerns

that

may

arise

from

time

time.

The

Trustees

noted

that

investors

the

funds

have,

effect,

placed

their

trust

management,

under

the

oversight

the

funds’

Trustees,

make

appropriate

decisions

regarding

the

management

the

funds.

The

Trustees

also

considered

that

management

has

made

changes

light

subpar

investment

performance

when

warranted,

including

connection

with

proposing

the

Repositioning.

Based

the

Advisor’s

willingness

take

appropriate

measures

address

fund

performance

issues,

the

Trustees

concluded

that

continued

advisable

seek

change

within

the

Advisor

address

performance

shortcomings.

the

Trustees’

view,

the

alternative

engaging

new

investment

adviser

for

underperforming

fund,

with

all

the

attendant

risks

and

disruptions,

would

not

likely

provide

any

greater

assurance

improved

investment

performance.

Brokerage

and

soft-dollar

allocations;

distribution

and

investor

servicing

Putnam

Target

Date

Funds

147

franklintempleton.com

Annual

Report

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

connection

with

the

services

provides

under

the

management

contract

with

your

fund.

These

include

benefits

brokerage

allocation

and

the

use

soft

dollars,

whereby

portion

the

commissions

paid

fund

for

brokerage

may

used

acquire

research

services

that

are

expected

useful

the

Advisor

managing

the

assets

the

fund

and

other

clients.

Subject

policies

approved

the

Trustees,

soft

dollars

generated

these

means

may

used

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor’s

investment

capabilities

and

supplement

the

Advisor’s

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

monitor

regulatory

and

industry

developments

this

area

with

the

assistance

their

Contract

Committee.

addition,

with

the

assistance

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

monitor

the

allocation

the

funds’

brokerage

order

ensure

that

the

principle

seeking

best

price

and

execution

remains

paramount

the

portfolio

trading

process.

The

Maturity

Fund

the

only

RAP

Fund

that

not

expected

generate

significant

amount

soft-dollar

credits.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

the

Advisor

for

distribution

services

and

investor

services.

conjunction

with

the

review

your

fund’s

Management

Contracts,

the

Trustees

reviewed

your

fund’s

investor

servicing

agreement

with

PSERV

and

its

distributor’s

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

(“Franklin

Distributors”),

both

which

are

affiliates

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

the

mutual

funds

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

relation

the

nature

and

quality

such

services,

the

fees

paid

competitive

funds

and

the

costs

incurred

PSERV

and

Franklin

Distributors

providing

such

services.

Furthermore,

the

Trustees

were

the

view

that

the

investor

services

provided

PSERV

were

required

for

the

operation

the

mutual

funds,

and

that

they

were

quality

least

equal

those

provided

other

providers.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Jonathan S. Horwitz
	Jonathan S. Horwitz
	Principal Executive Officer

Date:	September 25, 2026