2026-09-1874200181600_FranklinRetirementAdvantageMaturityFund_ClassA


Franklin Retirement Advantage Maturity Fund
Class A [POMGX]
Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage Maturity Fund (previously known as Putnam Retirement Advantage Maturity Fund) for the period September 1, 2025, to August 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 A^1,²	$40	0.38%

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

1	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.29%.

2	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 August 31, 2026, Class A shares of Franklin Retirement Advantage Maturity Fund returned 8.99%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.92% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Global Fixed Income strategy
↑	High Yield Fixed Income strategy
↑	International High Dividend Equity strategy


Top detractors from performance:
↓	U.S. High Dividend Equity 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 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	8.99	4.05	5.09
Class A (with sales charge)	4.63	3.20	4.45
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
Russell 3000 Index	20.10	11.80	15.02
S&P Target Date To Retirement Income Index	7.92	3.94	5.12

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 12/31/2019 and began offering Class A shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund’s Class R6 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.

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 August 31, 2026)


Total Net Assets	$46,619,139
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage Maturity 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.

This is a summary of certain changes to the Fund since September 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 January 1, 2027, 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

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.


Franklin Retirement Advantage Maturity Fund
Class C [PLFGX]
Annual Shareholder Report \| August 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 C^1,²	$118	1.13%

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

1	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 1.06%.

2	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 August 31, 2026, Class C shares of Franklin Retirement Advantage Maturity Fund returned 8.19%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.92% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Global Fixed Income strategy
↑	High Yield Fixed Income strategy
↑	International High Dividend Equity strategy


Top detractors from performance:
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	8.19	3.28	4.32
Class C (with sales charge)	7.19	3.28	4.32
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
Russell 3000 Index	20.10	11.80	15.02
S&P Target Date To Retirement Income Index	7.92	3.94	5.12

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 12/31/2019 and began offering Class C shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund’s Class R6 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.

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 August 31, 2026)


Total Net Assets	$46,619,139
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage Maturity 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

HOUSEHOLDING


Franklin Retirement Advantage Maturity Fund
Class R [PAKYX]
Annual Shareholder Report \| August 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 R^1,²	$81	0.78%

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

1	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.68%.

2	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 August 31, 2026, Class R shares of Franklin Retirement Advantage Maturity Fund returned 8.56%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.92% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Global Fixed Income strategy
↑	High Yield Fixed Income strategy
↑	International High Dividend Equity strategy


Top detractors from performance:
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	8.56	3.64	4.67
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
Russell 3000 Index	20.10	11.80	15.02
S&P Target Date To Retirement Income Index	7.92	3.94	5.12

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 12/31/2019 and began offering Class R shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund’s Class R6 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.

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 August 31, 2026)


Total Net Assets	$46,619,139
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage Maturity 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

HOUSEHOLDING


Franklin Retirement Advantage Maturity Fund
Class R3 [PAHMX]
Annual Shareholder Report \| August 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 R3^1,²	$55	0.53%

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

1	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.48%.

2	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 August 31, 2026, Class R3 shares of Franklin Retirement Advantage Maturity Fund returned 8.84%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.92% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Global Fixed Income strategy
↑	High Yield Fixed Income strategy
↑	International High Dividend Equity strategy


Top detractors from performance:
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	8.84	3.90	4.93
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
Russell 3000 Index	20.10	11.80	15.02
S&P Target Date To Retirement Income Index	7.92	3.94	5.12

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 12/31/2019 and began offering Class R3 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund’s Class R6 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.

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 August 31, 2026)


Total Net Assets	$46,619,139
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage Maturity 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

HOUSEHOLDING


Franklin Retirement Advantage Maturity Fund
Class R4 [PAHNX]
Annual Shareholder Report \| August 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 R4^1,²	$29	0.28%

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

1	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.17%.

2	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 August 31, 2026, Class R4 shares of Franklin Retirement Advantage Maturity Fund returned 9.19%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.92% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Global Fixed Income strategy
↑	High Yield Fixed Income strategy
↑	International High Dividend Equity strategy


Top detractors from performance:
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	9.19	4.18	5.19
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
Russell 3000 Index	20.10	11.80	15.02
S&P Target Date To Retirement Income Index	7.92	3.94	5.12

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 12/31/2019 and began offering Class R4 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund’s Class R6 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.

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 August 31, 2026)


Total Net Assets	$46,619,139
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage Maturity 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

HOUSEHOLDING


Franklin Retirement Advantage Maturity Fund
Class R5 [PAHOX]
Annual Shareholder Report \| August 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 R5^1,²	$15	0.14%

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

1	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.05%.

2	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 August 31, 2026, Class R5 shares of Franklin Retirement Advantage Maturity Fund returned 9.22%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.92% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Global Fixed Income strategy
↑	High Yield Fixed Income strategy
↑	International High Dividend Equity strategy


Top detractors from performance:
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	9.22	4.30	5.33
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
Russell 3000 Index	20.10	11.80	15.02
S&P Target Date To Retirement Income Index	7.92	3.94	5.12

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 12/31/2019 and began offering Class R5 shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund’s Class R6 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.

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 August 31, 2026)


Total Net Assets	$46,619,139
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage Maturity 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

HOUSEHOLDING


Franklin Retirement Advantage Maturity Fund
Class R6 [PADLX]
Annual Shareholder Report \| August 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 R6^1,²	$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	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been (0.07)%.

2	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 August 31, 2026, Class R6 shares of Franklin Retirement Advantage Maturity Fund returned 9.39%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.92% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Global Fixed Income strategy
↑	High Yield Fixed Income strategy
↑	International High Dividend Equity strategy


Top detractors from performance:
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	9.39	4.43	5.46
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
Russell 3000 Index	20.10	11.80	15.02
S&P Target Date To Retirement Income Index	7.92	3.94	5.12

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

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 August 31, 2026)


Total Net Assets	$46,619,139
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage Maturity 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

HOUSEHOLDING


Franklin Retirement Advantage Maturity Fund
Class Y [PAETX]
Annual Shareholder Report \| August 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 Y^1,²	$15	0.14%

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

1	Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been 0.01%.

2	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 August 31, 2026, Class Y shares of Franklin Retirement Advantage Maturity Fund returned 9.33%. The Fund compares its performance to the S&P Target Date To Retirement Income Index, which returned 7.92% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Global Fixed Income strategy
↑	High Yield Fixed Income strategy
↑	International High Dividend Equity strategy


Top detractors from performance:
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	9.33	4.32	5.34
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
Russell 3000 Index	20.10	11.80	15.02
S&P Target Date To Retirement Income Index	7.92	3.94	5.12

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 12/31/2019 and began offering Class Y shares on 9/1/2020. Returns for periods before 9/1/2020 are based on the Fund’s Class R6 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.

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 August 31, 2026)


Total Net Assets	$46,619,139
Total Number of Portfolio Holdings	2
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage Maturity 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

HOUSEHOLDING


Franklin Retirement Advantage 2030 Fund
Class A [PDLTX]
Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage 2030 Fund (previously known as Putnam Retirement Advantage 2030 Fund) for the period September 1, 2025, to August 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	0.29%

*	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 August 31, 2026, Class A shares of Franklin Retirement Advantage 2030 Fund returned 8.76%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 11.91% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy
↓	U.S. High Dividend Equity strategy

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 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	8.76	5.14	7.25
Class A (with sales charge)	2.51	3.90	6.30
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2030 Index	11.91	6.02	7.76

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

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 August 31, 2026)


Total Net Assets	$49,335,537
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	33%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2030 Fund
Class C [PDLKX]
Annual Shareholder Report \| August 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	$107	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 August 31, 2026, Class C shares of Franklin Retirement Advantage 2030 Fund returned 7.97%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 11.91% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	7.97	4.37	6.46
Class C (with sales charge)	6.97	4.37	6.46
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2030 Index	11.91	6.02	7.76

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

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 August 31, 2026)


Total Net Assets	$49,335,537
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	33%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2030 Fund
Class R [PDKAX]
Annual Shareholder Report \| August 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	0.69%

*	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 twelve months ended August 31, 2026, Class R shares of Franklin Retirement Advantage 2030 Fund returned 8.37%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 11.91% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	8.37	4.74	6.83
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2030 Index	11.91	6.02	7.76

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

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 August 31, 2026)


Total Net Assets	$49,335,537
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	33%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2030 Fund
Class R3 [PAFOX]
Annual Shareholder Report \| August 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	$46	0.44%

*	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 August 31, 2026, Class R3 shares of Franklin Retirement Advantage 2030 Fund returned 8.61%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 11.91% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	8.61	4.99	7.09
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2030 Index	11.91	6.02	7.76

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

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 August 31, 2026)


Total Net Assets	$49,335,537
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	33%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2030 Fund
Class R4 [PAFQX]
Annual Shareholder Report \| August 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 August 31, 2026, Class R4 shares of Franklin Retirement Advantage 2030 Fund returned 8.84%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 11.91% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	8.84	5.25	7.35
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2030 Index	11.91	6.02	7.76

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

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 August 31, 2026)


Total Net Assets	$49,335,537
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	33%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2030 Fund
Class R5 [PAFVX]
Annual Shareholder Report \| August 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 twelve months ended August 31, 2026, Class R5 shares of Franklin Retirement Advantage 2030 Fund returned 9.05%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 11.91% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	9.05	5.42	7.52
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2030 Index	11.91	6.02	7.76

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

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 August 31, 2026)


Total Net Assets	$49,335,537
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	33%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2030 Fund
Class R6 [PDIZX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R6 shares of Franklin Retirement Advantage 2030 Fund returned 9.14%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 11.91% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	9.14	5.53	7.62
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2030 Index	11.91	6.02	7.76

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

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 August 31, 2026)


Total Net Assets	$49,335,537
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	33%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2030 Fund
Class Y [PDGKX]
Annual Shareholder Report \| August 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 August 31, 2026, Class Y shares of Franklin Retirement Advantage 2030 Fund returned 8.98%. The Fund compares its performance to the S&P Target Date To 2030 Index, which returned 11.91% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	8.98	5.41	7.51
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2030 Index	11.91	6.02	7.76

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

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 August 31, 2026)


Total Net Assets	$49,335,537
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	33%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2035 Fund
Class A [PDFLX]
Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage 2035 Fund (previously known as Putnam Retirement Advantage 2035 Fund) for the period September 1, 2025, to August 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 twelve months ended August 31, 2026, Class A shares of Franklin Retirement Advantage 2035 Fund returned 12.36%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 14.42% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	U.S. High Dividend Equity strategy

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 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	12.36	7.36	9.48
Class A (with sales charge)	5.90	6.10	8.51
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2035 Index	14.42	7.19	9.03

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

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 August 31, 2026)


Total Net Assets	$56,434,879
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	27%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2035 Fund
Class C [PDAWX]
Annual Shareholder Report \| August 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	1.04%

*	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 August 31, 2026, Class C shares of Franklin Retirement Advantage 2035 Fund returned 11.51%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 14.42% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	11.51	6.57	8.67
Class C (with sales charge)	10.51	6.57	8.67
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2035 Index	14.42	7.19	9.03

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

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 August 31, 2026)


Total Net Assets	$56,434,879
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	27%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2035 Fund
Class R [PDAKX]
Annual Shareholder Report \| August 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 August 31, 2026, Class R shares of Franklin Retirement Advantage 2035 Fund returned 11.95%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 14.42% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	11.95	6.94	9.05
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2035 Index	14.42	7.19	9.03

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

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 August 31, 2026)


Total Net Assets	$56,434,879
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	27%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2035 Fund
Class R3 [PAFWX]
Annual Shareholder Report \| August 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	$47	0.44%

*	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 August 31, 2026, Class R3 shares of Franklin Retirement Advantage 2035 Fund returned 12.23%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 14.42% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	12.23	7.20	9.31
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2035 Index	14.42	7.19	9.03

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

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 August 31, 2026)


Total Net Assets	$56,434,879
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	27%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2035 Fund
Class R4 [PAFUX]
Annual Shareholder Report \| August 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 twelve months ended August 31, 2026, Class R4 shares of Franklin Retirement Advantage 2035 Fund returned 12.58%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 14.42% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	12.58	7.49	9.59
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2035 Index	14.42	7.19	9.03

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

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 August 31, 2026)


Total Net Assets	$56,434,879
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	27%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2035 Fund
Class R5 [PAFYX]
Annual Shareholder Report \| August 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 twelve months ended August 31, 2026, Class R5 shares of Franklin Retirement Advantage 2035 Fund returned 12.68%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 14.42% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	12.68	7.64	9.74
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2035 Index	14.42	7.19	9.03

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

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 August 31, 2026)


Total Net Assets	$56,434,879
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	27%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2035 Fund
Class R6 [PCDLX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R6 shares of Franklin Retirement Advantage 2035 Fund returned 12.78%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 14.42% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	12.78	7.75	9.86
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2035 Index	14.42	7.19	9.03

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

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 August 31, 2026)


Total Net Assets	$56,434,879
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	27%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2035 Fund
Class Y [POWYX]
Annual Shareholder Report \| August 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 twelve months ended August 31, 2026, Class Y shares of Franklin Retirement Advantage 2035 Fund returned 12.62%. The Fund compares its performance to the S&P Target Date To 2035 Index, which returned 14.42% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	U.S. High Dividend Equity strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	12.62	7.64	9.74
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2035 Index	14.42	7.19	9.03

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

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 August 31, 2026)


Total Net Assets	$56,434,879
Total Number of Portfolio Holdings	4
Total Management Fee Paid	$0
Portfolio Turnover Rate	27%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2040 Fund
Class A [PCCLX]
Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage 2040 Fund (previously known as Putnam Retirement Advantage 2040 Fund) for the period September 1, 2025, to August 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	$27	0.25%

*	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 August 31, 2026, Class A shares of Franklin Retirement Advantage 2040 Fund returned 15.14%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 16.58% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

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 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	15.14	8.68	10.85
Class A (with sales charge)	8.52	7.40	9.87
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2040 Index	16.58	8.23	10.04

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

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 August 31, 2026)


Total Net Assets	$48,085,184
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	26%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2040 Fund
Class C [PBBZX]
Annual Shareholder Report \| August 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	$107	1.00%

*	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 August 31, 2026, Class C shares of Franklin Retirement Advantage 2040 Fund returned 14.22%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 16.58% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	14.22	7.84	10.01
Class C (with sales charge)	13.22	7.84	10.01
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2040 Index	16.58	8.23	10.04

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

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 August 31, 2026)


Total Net Assets	$48,085,184
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	26%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2040 Fund
Class R [PBAOX]
Annual Shareholder Report \| August 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	$70	0.65%

*	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 August 31, 2026, Class R shares of Franklin Retirement Advantage 2040 Fund returned 14.55%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 16.58% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	14.55	8.22	10.39
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2040 Index	16.58	8.23	10.04

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

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 August 31, 2026)


Total Net Assets	$48,085,184
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	26%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2040 Fund
Class R3 [PAGKX]
Annual Shareholder Report \| August 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	$43	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 August 31, 2026, Class R3 shares of Franklin Retirement Advantage 2040 Fund returned 14.86%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 16.58% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	14.86	8.50	10.66
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2040 Index	16.58	8.23	10.04

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

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 August 31, 2026)


Total Net Assets	$48,085,184
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	26%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2040 Fund
Class R4 [PAGJX]
Annual Shareholder Report \| August 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	$16	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 August 31, 2026, Class R4 shares of Franklin Retirement Advantage 2040 Fund returned 15.24%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 16.58% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	15.24	8.77	10.93
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2040 Index	16.58	8.23	10.04

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

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 August 31, 2026)


Total Net Assets	$48,085,184
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	26%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2040 Fund
Class R5 [PAGOX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R5 shares of Franklin Retirement Advantage 2040 Fund returned 15.43%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 16.58% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	15.43	8.93	11.10
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2040 Index	16.58	8.23	10.04

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

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 August 31, 2026)


Total Net Assets	$48,085,184
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	26%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2040 Fund
Class R6 [PBAMX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R6 shares of Franklin Retirement Advantage 2040 Fund returned 15.45%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 16.58% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	15.45	9.04	11.22
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2040 Index	16.58	8.23	10.04

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

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 August 31, 2026)


Total Net Assets	$48,085,184
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	26%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2040 Fund
Class Y [PALZX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class Y shares of Franklin Retirement Advantage 2040 Fund returned 15.36%. The Fund compares its performance to the S&P Target Date To 2040 Index, which returned 16.58% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	15.36	8.92	11.09
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2040 Index	16.58	8.23	10.04

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

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 August 31, 2026)


Total Net Assets	$48,085,184
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	26%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2045 Fund
Class A [PALGX]
Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage 2045 Fund (previously known as Putnam Retirement Advantage 2045 Fund) for the period September 1, 2025, to August 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	$23	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 August 31, 2026, Class A shares of Franklin Retirement Advantage 2045 Fund returned 17.40%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.43% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

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 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	17.40	9.62	11.78
Class A (with sales charge)	10.65	8.33	10.79
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2045 Index	18.43	9.11	10.88

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

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 August 31, 2026)


Total Net Assets	$37,004,651
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	22%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2045 Fund
Class C [PAFPX]
Annual Shareholder Report \| August 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	$103	0.95%

*	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 August 31, 2026, Class C shares of Franklin Retirement Advantage 2045 Fund returned 16.54%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.43% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	16.54	8.80	10.95
Class C (with sales charge)	15.54	8.80	10.95
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2045 Index	18.43	9.11	10.88

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

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 August 31, 2026)


Total Net Assets	$37,004,651
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	22%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2045 Fund
Class R [PAFZX]
Annual Shareholder Report \| August 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	$66	0.61%

*	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 August 31, 2026, Class R shares of Franklin Retirement Advantage 2045 Fund returned 16.93%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.43% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	16.93	9.19	11.34
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2045 Index	18.43	9.11	10.88

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

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 August 31, 2026)


Total Net Assets	$37,004,651
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	22%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2045 Fund
Class R3 [PAGQX]
Annual Shareholder Report \| August 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 twelve months ended August 31, 2026, Class R3 shares of Franklin Retirement Advantage 2045 Fund returned 17.23%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.43% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	17.23	9.46	11.62
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2045 Index	18.43	9.11	10.88

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

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 August 31, 2026)


Total Net Assets	$37,004,651
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	22%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2045 Fund
Class R4 [PAGUX]
Annual Shareholder Report \| August 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	$11	0.10%

*	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 August 31, 2026, Class R4 shares of Franklin Retirement Advantage 2045 Fund returned 17.55%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.43% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	17.55	9.74	11.89
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2045 Index	18.43	9.11	10.88

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

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 August 31, 2026)


Total Net Assets	$37,004,651
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	22%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2045 Fund
Class R5 [PAGWX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R5 shares of Franklin Retirement Advantage 2045 Fund returned 17.70%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.43% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	17.70	9.90	12.05
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2045 Index	18.43	9.11	10.88

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

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 August 31, 2026)


Total Net Assets	$37,004,651
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	22%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2045 Fund
Class R6 [PAFMX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R6 shares of Franklin Retirement Advantage 2045 Fund returned 17.78%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.43% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	17.78	10.00	12.16
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2045 Index	18.43	9.11	10.88

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

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 August 31, 2026)


Total Net Assets	$37,004,651
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	22%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2045 Fund
Class Y [PAFJX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class Y shares of Franklin Retirement Advantage 2045 Fund returned 17.75%. The Fund compares its performance to the S&P Target Date To 2045 Index, which returned 18.43% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	17.75	9.91	12.05
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2045 Index	18.43	9.11	10.88

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

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 August 31, 2026)


Total Net Assets	$37,004,651
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	22%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2050 Fund
Class A [PAEZX]
Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage 2050 Fund (previously known as Putnam Retirement Advantage 2050 Fund) for the period September 1, 2025, to August 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	$22	0.20%

*	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 August 31, 2026, Class A shares of Franklin Retirement Advantage 2050 Fund returned 18.35%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.30% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

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 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	18.35	10.22	12.50
Class A (with sales charge)	11.54	8.93	11.50
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2050 Index	19.30	9.58	11.40

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

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 August 31, 2026)


Total Net Assets	$35,910,036
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2050 Fund
Class C [PAENX]
Annual Shareholder Report \| August 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	$103	0.95%

*	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 August 31, 2026, Class C shares of Franklin Retirement Advantage 2050 Fund returned 17.54%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.30% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	17.54	9.40	11.67
Class C (with sales charge)	16.54	9.40	11.67
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2050 Index	19.30	9.58	11.40

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

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 August 31, 2026)


Total Net Assets	$35,910,036
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2050 Fund
Class R [PAEQX]
Annual Shareholder Report \| August 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	$65	0.60%

*	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 August 31, 2026, Class R shares of Franklin Retirement Advantage 2050 Fund returned 17.93%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.30% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	17.93	9.79	12.05
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2050 Index	19.30	9.58	11.40

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

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 August 31, 2026)


Total Net Assets	$35,910,036
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2050 Fund
Class R3 [PAGZX]
Annual Shareholder Report \| August 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	$37	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 August 31, 2026, Class R3 shares of Franklin Retirement Advantage 2050 Fund returned 18.22%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.30% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	18.22	10.05	12.33
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2050 Index	19.30	9.58	11.40

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

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 August 31, 2026)


Total Net Assets	$35,910,036
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2050 Fund
Class R4 [PAHAX]
Annual Shareholder Report \| August 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	$10	0.09%

*	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 August 31, 2026, Class R4 shares of Franklin Retirement Advantage 2050 Fund returned 18.50%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.30% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	18.50	10.33	12.60
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2050 Index	19.30	9.58	11.40

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

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 August 31, 2026)


Total Net Assets	$35,910,036
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2050 Fund
Class R5 [PAHDX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R5 shares of Franklin Retirement Advantage 2050 Fund returned 18.73%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.30% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	18.73	10.50	12.77
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2050 Index	19.30	9.58	11.40

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

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 August 31, 2026)


Total Net Assets	$35,910,036
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2050 Fund
Class R6 [PAEKX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R6 shares of Franklin Retirement Advantage 2050 Fund returned 18.83%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.30% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	18.83	10.61	12.88
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2050 Index	19.30	9.58	11.40

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

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 August 31, 2026)


Total Net Assets	$35,910,036
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2050 Fund
Class Y [PHPDX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class Y shares of Franklin Retirement Advantage 2050 Fund returned 18.68%. The Fund compares its performance to the S&P Target Date To 2050 Index, which returned 19.30% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Quantitative International Equity strategy
↑	Fundamental International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	18.68	10.49	12.76
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2050 Index	19.30	9.58	11.40

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

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 August 31, 2026)


Total Net Assets	$35,910,036
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	19%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2055 Fund
Class A [PADYX]
Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage 2055 Fund (previously known as Putnam Retirement Advantage 2055 Fund) for the period September 1, 2025, to August 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	$22	0.20%

*	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 August 31, 2026, Class A shares of Franklin Retirement Advantage 2055 Fund returned 19.18%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 19.83% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

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 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	19.18	10.79	13.15
Class A (with sales charge)	12.32	9.48	12.14
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2055 Index	19.83	9.76	11.54

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

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 August 31, 2026)


Total Net Assets	$26,568,856
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	20%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2055 Fund
Class C [PACWX]
Annual Shareholder Report \| August 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	$104	0.95%

*	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 August 31, 2026, Class C shares of Franklin Retirement Advantage 2055 Fund returned 18.33%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 19.83% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	18.33	9.97	12.32
Class C (with sales charge)	17.33	9.97	12.32
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2055 Index	19.83	9.76	11.54

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

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 August 31, 2026)


Total Net Assets	$26,568,856
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	20%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2055 Fund
Class R [PACSX]
Annual Shareholder Report \| August 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	$65	0.59%

*	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 August 31, 2026, Class R shares of Franklin Retirement Advantage 2055 Fund returned 18.69%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 19.83% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	18.69	10.34	12.69
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2055 Index	19.83	9.76	11.54

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

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 August 31, 2026)


Total Net Assets	$26,568,856
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	20%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2055 Fund
Class R3 [PAHEX]
Annual Shareholder Report \| August 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	$37	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 August 31, 2026, Class R3 shares of Franklin Retirement Advantage 2055 Fund returned 18.99%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 19.83% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	18.99	10.62	12.98
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2055 Index	19.83	9.76	11.54

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

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 August 31, 2026)


Total Net Assets	$26,568,856
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	20%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2055 Fund
Class R4 [PAHFX]
Annual Shareholder Report \| August 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	$10	0.09%

*	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 August 31, 2026, Class R4 shares of Franklin Retirement Advantage 2055 Fund returned 19.29%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 19.83% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	19.29	10.90	13.25
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2055 Index	19.83	9.76	11.54

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

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 August 31, 2026)


Total Net Assets	$26,568,856
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	20%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2055 Fund
Class R5 [PAHGX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R5 shares of Franklin Retirement Advantage 2055 Fund returned 19.45%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 19.83% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	19.45	11.06	13.41
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2055 Index	19.83	9.76	11.54

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

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 August 31, 2026)


Total Net Assets	$26,568,856
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	20%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2055 Fund
Class R6 [PACJX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R6 shares of Franklin Retirement Advantage 2055 Fund returned 19.62%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 19.83% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	19.62	11.18	13.53
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2055 Index	19.83	9.76	11.54

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

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 August 31, 2026)


Total Net Assets	$26,568,856
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	20%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2055 Fund
Class Y [PAAWX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class Y shares of Franklin Retirement Advantage 2055 Fund returned 19.49%. The Fund compares its performance to the S&P Target Date To 2055 Index, which returned 19.83% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	19.49	11.07	13.41
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2055 Index	19.83	9.76	11.54

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

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 August 31, 2026)


Total Net Assets	$26,568,856
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	20%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2060 Fund
Class A [PAAVX]
Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage 2060 Fund (previously known as Putnam Retirement Advantage 2060 Fund) for the period September 1, 2025, to August 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	$22	0.20%

*	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 August 31, 2026, Class A shares of Franklin Retirement Advantage 2060 Fund returned 19.88%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 19.85% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

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 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class A	19.88	11.30	13.71
Class A (with sales charge)	12.99	9.99	12.70
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2060 Index	19.85	9.82	11.70

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

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 August 31, 2026)


Total Net Assets	$20,677,116
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	18%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2060 Fund
Class C [PAAPX]
Annual Shareholder Report \| August 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	$104	0.95%

*	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 August 31, 2026, Class C shares of Franklin Retirement Advantage 2060 Fund returned 19.02%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 19.85% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class C	19.02	10.48	12.86
Class C (with sales charge)	18.02	10.48	12.86
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2060 Index	19.85	9.82	11.70

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

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 August 31, 2026)


Total Net Assets	$20,677,116
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	18%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2060 Fund
Class R [PAAMX]
Annual Shareholder Report \| August 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	$65	0.59%

*	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 August 31, 2026, Class R shares of Franklin Retirement Advantage 2060 Fund returned 19.37%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 19.85% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R	19.37	10.86	13.24
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2060 Index	19.85	9.82	11.70

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

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 August 31, 2026)


Total Net Assets	$20,677,116
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	18%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2060 Fund
Class R3 [PAHJX]
Annual Shareholder Report \| August 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	$38	0.35%

*	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 August 31, 2026, Class R3 shares of Franklin Retirement Advantage 2060 Fund returned 19.67%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 19.85% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R3	19.67	11.13	13.52
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2060 Index	19.85	9.82	11.70

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

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 August 31, 2026)


Total Net Assets	$20,677,116
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	18%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2060 Fund
Class R4 [PAHKX]
Annual Shareholder Report \| August 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	$11	0.10%

*	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 August 31, 2026, Class R4 shares of Franklin Retirement Advantage 2060 Fund returned 20.02%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 19.85% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R4	20.02	11.42	13.80
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2060 Index	19.85	9.82	11.70

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

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 August 31, 2026)


Total Net Assets	$20,677,116
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	18%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2060 Fund
Class R5 [PAHLX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R5 shares of Franklin Retirement Advantage 2060 Fund returned 20.23%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 19.85% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R5	20.23	11.60	13.97
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2060 Index	19.85	9.82	11.70

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

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 August 31, 2026)


Total Net Assets	$20,677,116
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	18%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2060 Fund
Class R6 [PAAKX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R6 shares of Franklin Retirement Advantage 2060 Fund returned 20.28%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 19.85% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class R6	20.28	11.70	14.08
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2060 Index	19.85	9.82	11.70

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

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 August 31, 2026)


Total Net Assets	$20,677,116
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	18%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2060 Fund
Class Y [PAKJX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class Y shares of Franklin Retirement Advantage 2060 Fund returned 20.25%. The Fund compares its performance to the S&P Target Date To 2060 Index, which returned 19.85% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 12/31/2019 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/31/2019)
Class Y	20.25	11.60	13.97
Russell 3000 Index	20.10	11.80	15.02
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2060 Index	19.85	9.82	11.70

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

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 August 31, 2026)


Total Net Assets	$20,677,116
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	18%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2065 Fund
Class A [PCJZX]
Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage 2065 Fund (previously known as Putnam Retirement Advantage 2065 Fund) for the period September 1, 2025, to August 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	$22	0.20%

*	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 August 31, 2026, Class A shares of Franklin Retirement Advantage 2065 Fund returned 20.36%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

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 12/30/2020 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/30/2020)
Class A	20.36	11.61	13.56
Class A (with sales charge)	13.44	10.29	12.38
Russell 3000 Index	20.10	11.80	14.15
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2065+ Index	20.18	10.14	11.78

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

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 August 31, 2026)


Total Net Assets	$6,845,947
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2065 Fund
Class C [PCKBX]
Annual Shareholder Report \| August 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	$104	0.95%

*	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 August 31, 2026, Class C shares of Franklin Retirement Advantage 2065 Fund returned 19.52%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 12/30/2020 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/30/2020)
Class C	19.52	10.78	12.72
Class C (with sales charge)	18.52	10.78	12.72
Russell 3000 Index	20.10	11.80	14.15
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2065+ Index	20.18	10.14	11.78

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

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 August 31, 2026)


Total Net Assets	$6,845,947
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2065 Fund
Class R [PCKFX]
Annual Shareholder Report \| August 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	$66	0.60%

*	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 August 31, 2026, Class R shares of Franklin Retirement Advantage 2065 Fund returned 19.95%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 12/30/2020 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/30/2020)
Class R	19.95	11.17	13.12
Russell 3000 Index	20.10	11.80	14.15
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2065+ Index	20.18	10.14	11.78

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

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 August 31, 2026)


Total Net Assets	$6,845,947
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2065 Fund
Class R3 [PCKGX]
Annual Shareholder Report \| August 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	0.35%

*	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 August 31, 2026, Class R3 shares of Franklin Retirement Advantage 2065 Fund returned 20.19%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 12/30/2020 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/30/2020)
Class R3	20.19	11.43	13.39
Russell 3000 Index	20.10	11.80	14.15
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2065+ Index	20.18	10.14	11.78

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

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 August 31, 2026)


Total Net Assets	$6,845,947
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2065 Fund
Class R4 [PCKHX]
Annual Shareholder Report \| August 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	$11	0.10%

*	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 August 31, 2026, Class R4 shares of Franklin Retirement Advantage 2065 Fund returned 20.48%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 12/30/2020 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/30/2020)
Class R4	20.48	11.73	13.68
Russell 3000 Index	20.10	11.80	14.15
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2065+ Index	20.18	10.14	11.78

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

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 August 31, 2026)


Total Net Assets	$6,845,947
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2065 Fund
Class R5 [PCKIX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R5 shares of Franklin Retirement Advantage 2065 Fund returned 20.73%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 12/30/2020 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/30/2020)
Class R5	20.73	11.90	13.86
Russell 3000 Index	20.10	11.80	14.15
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2065+ Index	20.18	10.14	11.78

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

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 August 31, 2026)


Total Net Assets	$6,845,947
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2065 Fund
Class R6 [PCKJX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R6 shares of Franklin Retirement Advantage 2065 Fund returned 20.83%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 12/30/2020 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/30/2020)
Class R6	20.83	11.99	13.96
Russell 3000 Index	20.10	11.80	14.15
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2065+ Index	20.18	10.14	11.78

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

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 August 31, 2026)


Total Net Assets	$6,845,947
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2065 Fund
Class Y [PCKEX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class Y shares of Franklin Retirement Advantage 2065 Fund returned 20.66%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 12/30/2020 — 8/31/2026

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


	1 Year	5 Year	Since Inception (12/30/2020)
Class Y	20.66	11.89	13.85
Russell 3000 Index	20.10	11.80	14.15
Bloomberg U.S. Aggregate Index	1.89	-0.29	0.77
S&P Target Date To 2065+ Index	20.18	10.14	11.78

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

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 August 31, 2026)


Total Net Assets	$6,845,947
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	30%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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.


	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

HOUSEHOLDING


Franklin Retirement Advantage 2070 Fund
Class A [PAJFX]
Annual Shareholder Report \| August 31, 2026

This annual shareholder report contains important information about Franklin Retirement Advantage 2070 Fund (previously known as Putnam Retirement Advantage 2070 Fund) for the period September 1, 2025, to August 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	$20	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 August 31, 2026, Class A shares of Franklin Retirement Advantage 2070 Fund returned 20.07%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

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 — 8/31/2026

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


	1 Year	Since Inception (8/1/2025)
Class A	20.07	22.82
Russell 3000 Index	20.10	22.84
Bloomberg U.S. Aggregate Index	1.89	0.77
S&P Target Date To 2065+ Index	20.18	22.74

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

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 August 31, 2026)


Total Net Assets	$1,587,966
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	5%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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

HOUSEHOLDING


Franklin Retirement Advantage 2070 Fund
Class C [PAJHX]
Annual Shareholder Report \| August 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	$102	0.93%

*	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 August 31, 2026, Class C shares of Franklin Retirement Advantage 2070 Fund returned 19.25%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class C 8/1/2025 — 8/31/2026

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


	1 Year	Since Inception (8/1/2025)
Class C	19.25	22.05
Russell 3000 Index	20.10	22.84
Bloomberg U.S. Aggregate Index	1.89	0.77
S&P Target Date To 2065+ Index	20.18	22.74

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

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 August 31, 2026)


Total Net Assets	$1,587,966
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	5%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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

HOUSEHOLDING


Franklin Retirement Advantage 2070 Fund
Class R [PAJIX]
Annual Shareholder Report \| August 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	$64	0.58%

*	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 August 31, 2026, Class R shares of Franklin Retirement Advantage 2070 Fund returned 19.59%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R 8/1/2025 — 8/31/2026

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


	1 Year	Since Inception (8/1/2025)
Class R	19.59	22.47
Russell 3000 Index	20.10	22.84
Bloomberg U.S. Aggregate Index	1.89	0.77
S&P Target Date To 2065+ Index	20.18	22.74

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

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 August 31, 2026)


Total Net Assets	$1,587,966
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	5%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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

HOUSEHOLDING


Franklin Retirement Advantage 2070 Fund
Class R3 [PAJJX]
Annual Shareholder Report \| August 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	$34	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 August 31, 2026, Class R3 shares of Franklin Retirement Advantage 2070 Fund returned 19.89%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R3 8/1/2025 — 8/31/2026

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


	1 Year	Since Inception (8/1/2025)
Class R3	19.89	22.76
Russell 3000 Index	20.10	22.84
Bloomberg U.S. Aggregate Index	1.89	0.77
S&P Target Date To 2065+ Index	20.18	22.74

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

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 August 31, 2026)


Total Net Assets	$1,587,966
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	5%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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

HOUSEHOLDING


Franklin Retirement Advantage 2070 Fund
Class R4 [PAJKX]
Annual Shareholder Report \| August 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	$7	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 August 31, 2026, Class R4 shares of Franklin Retirement Advantage 2070 Fund returned 20.25%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R4 8/1/2025 — 8/31/2026

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


	1 Year	Since Inception (8/1/2025)
Class R4	20.25	23.10
Russell 3000 Index	20.10	22.84
Bloomberg U.S. Aggregate Index	1.89	0.77
S&P Target Date To 2065+ Index	20.18	22.74

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

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 August 31, 2026)


Total Net Assets	$1,587,966
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	5%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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

HOUSEHOLDING


Franklin Retirement Advantage 2070 Fund
Class R5 [PAJLX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R5 shares of Franklin Retirement Advantage 2070 Fund returned 20.45%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R5 8/1/2025 — 8/31/2026

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


	1 Year	Since Inception (8/1/2025)
Class R5	20.45	23.29
Russell 3000 Index	20.10	22.84
Bloomberg U.S. Aggregate Index	1.89	0.77
S&P Target Date To 2065+ Index	20.18	22.74

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

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 August 31, 2026)


Total Net Assets	$1,587,966
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	5%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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

HOUSEHOLDING


Franklin Retirement Advantage 2070 Fund
Class R6 [PAJMX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class R6 shares of Franklin Retirement Advantage 2070 Fund returned 20.50%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class R6 8/1/2025 — 8/31/2026

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


	1 Year	Since Inception (8/1/2025)
Class R6	20.50	23.33
Russell 3000 Index	20.10	22.84
Bloomberg U.S. Aggregate Index	1.89	0.77
S&P Target Date To 2065+ Index	20.18	22.74

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

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 August 31, 2026)


Total Net Assets	$1,587,966
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	5%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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

HOUSEHOLDING


Franklin Retirement Advantage 2070 Fund
Class Y [PAJNX]
Annual Shareholder Report \| August 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	$0	0.00%

*	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 August 31, 2026, Class Y shares of Franklin Retirement Advantage 2070 Fund returned 20.45%. The Fund compares its performance to the S&P Target Date To 2065+ Index, which returned 20.18% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Quantitative Large Cap strategy
↑	Fundamental International Equity strategy
↑	Quantitative International Equity strategy


Top detractors from performance:
↓	Fundamental U.S. Large Cap Growth strategy
↓	High Yield Fixed Income strategy

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

VALUE OF A $10,000 INVESTMENT – Class Y 8/1/2025 — 8/31/2026

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


	1 Year	Since Inception (8/1/2025)
Class Y	20.45	23.29
Russell 3000 Index	20.10	22.84
Bloomberg U.S. Aggregate Index	1.89	0.77
S&P Target Date To 2065+ Index	20.18	22.74

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

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 August 31, 2026)


Total Net Assets	$1,587,966
Total Number of Portfolio Holdings	3
Total Management Fee Paid	$0
Portfolio Turnover Rate	5%

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Retirement Advantage 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

HOUSEHOLDING

(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 August 31, 2025 and August 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 $188,984 in August 31, 2025 and $190,600 in August 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 August 31, 2025 and $0 in August 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 August 31, 2025 and $98,190 in August 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 August 31, 2025 and $0 in August 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 August 31, 2025 and $1,557,011 in August 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

August

31, 2026

Franklin

Retirement

Advantage

Maturity

Fund

(formerly,

Putnam

Retirement

Advantage

Maturity

Fund)

Franklin

Retirement

Advantage

2030

Fund

(formerly,

Putnam

Retirement

Advantage

2030

Fund)

Franklin

Retirement

Advantage

2035

Fund

(formerly,

Putnam

Retirement

Advantage

2035

Fund)

Franklin

Retirement

Advantage

2040

Fund

(formerly,

Putnam

Retirement

Advantage

2040

Fund)

Franklin

Retirement

Advantage

2045

Fund

(formerly,

Putnam

Retirement

Advantage

2045

Fund)

Franklin

Retirement

Advantage

2050

Fund

(formerly,

Putnam

Retirement

Advantage

2050

Fund)

Franklin

Retirement

Advantage

2055

Fund

(formerly,

Putnam

Retirement

Advantage

2055

Fund)

Franklin

Retirement

Advantage

2060

Fund

(formerly,

Putnam

Retirement

Advantage

2060

Fund)

Franklin

Retirement

Advantage

2065

Fund

(formerly,

Putnam

Retirement

Advantage

2065

Fund)

Franklin

Retirement

Advantage

2070

Fund

(formerly,

Putnam

Retirement

Advantage

2070

Fund)

you

need

assistance

accessing

this

content,

please

reach

out

your

sales

representative

send

accessibility@franklintempleton.com

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Maturity

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$10.84

$10.62

$9.63

$9.50

$11.26

Income

from

investment

operations

Net

investment

income

b,c

........................

0.39

0.47

0.38

0.14

0.03

Net

realized

and

unrealized

gains

(losses)

...........

0.57

0.21

1.00

0.22

(1.31)

Total

from

investment

operations

....................

0.96

0.68

1.38

0.36

(1.28)

Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.46)

(0.38)

(0.14)

(0.32)

Net

realized

gains

.............................

(0.08)

—

(0.01)

(0.09)

(0.16)

Total

distributions

...............................

(0.50)

(0.46)

(0.39)

(0.23)

(0.48)

Net

asset

value,

end

year

.......................

$11.30

$10.84

$10.62

$9.63

$9.50

Total

return

...................................

8.99%

6.62%

14.72%

3.83%

(11.91)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.24%

2.24%

1.51%

1.63%

1.61%

Expenses

net

waiver

and

payments

affiliates

......

0.38%

0.42%

0.41%

0.57%

Net

investment

income

...........................

3.51%

4.44%

3.75%

1.51%

0.25%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$6,027

$6,008

$718

$640

$441

Portfolio

turnover

rate

............................

19%

58%

32%

33%

46%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$10.66

$10.44

$9.47

$9.37

$11.19

Income

from

investment

operations

Net

investment

income

(loss)

b,c

....................

0.30

0.39

0.30

0.06

(0.06)

Net

realized

and

unrealized

gains

(losses)

...........

0.56

0.21

0.99

0.22

(1.29)

Total

from

investment

operations

....................

0.86

0.60

1.29

0.28

(1.35)

Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.38)

(0.31)

(0.09)

(0.31)

Net

realized

gains

.............................

(0.08)

—

(0.01)

(0.09)

(0.16)

Total

distributions

...............................

(0.43)

(0.38)

(0.32)

(0.18)

(0.47)

Net

asset

value,

end

year

.......................

$11.09

$10.66

$10.44

$9.47

$9.37

Total

return

...................................

8.19%

5.88%

13.90%

3.06%

(12.59)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.17%

3.00%

2.26%

2.38%

2.36%

Expenses

net

waiver

and

payments

affiliates

......

1.13%

1.18%

1.16%

1.32%

Net

investment

income

(loss)

......................

2.74%

3.67%

3.00%

0.63%

(0.56)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$12

$34

$11

$10

Portfolio

turnover

rate

............................

19%

58%

32%

33%

46%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$10.74

$10.52

$9.54

$9.43

$11.22

Income

from

investment

operations

Net

investment

income

(loss)

b,c

....................

0.34

0.42

0.33

0.09

(0.02)

Net

realized

and

unrealized

gains

(losses)

...........

0.56

0.22

1.00

0.23

(1.29)

Total

from

investment

operations

....................

0.90

0.64

1.33

0.32

(1.31)

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.42)

(0.34)

(0.12)

(0.32)

Net

realized

gains

.............................

(0.08)

—

(0.01)

(0.09)

(0.16)

Total

distributions

...............................

(0.45)

(0.42)

(0.35)

(0.21)

(0.48)

Net

asset

value,

end

year

.......................

$11.19

$10.74

$10.52

$9.54

$9.43

Total

return

....................................

8.56%

6.22%

14.32%

3.37%

(12.26)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.65%

2.64%

1.91%

2.03%

2.01%

Expenses

net

waiver

and

payments

affiliates

......

0.78%

0.82%

0.81%

0.97%

Net

investment

income

(loss)

......................

3.12%

4.03%

3.35%

0.98%

(0.21)%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$12

$13

$11

$10

Portfolio

turnover

rate

............................

19%

58%

32%

33%

46%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$10.80

$10.58

$9.59

$9.47

$11.24

Income

from

investment

operations

Net

investment

income

b,c

........................

0.42

0.45

0.36

0.12

—

Net

realized

and

unrealized

gains

(losses)

...........

0.52

0.21

1.01

0.22

(1.29)

Total

from

investment

operations

....................

0.94

0.66

1.37

0.34

(1.29)

Less

distributions

from:

Net

investment

income

..........................

(0.40)

(0.44)

(0.37)

(0.13)

(0.32)

Net

realized

gains

.............................

(0.08)

—

(0.01)

(0.09)

(0.16)

Total

distributions

...............................

(0.48)

(0.44)

(0.38)

(0.22)

(0.48)

Net

asset

value,

end

year

.......................

$11.26

$10.80

$10.58

$9.59

$9.47

Total

return

....................................

8.84%

6.47%

14.63%

3.63%

(12.03)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.63%

2.39%

1.66%

1.78%

1.76%

Expenses

net

waiver

and

payments

affiliates

......

0.53%

0.57%

0.56%

0.72%

Net

investment

income

...........................

3.79%

4.29%

3.60%

1.23%

0.04%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$12

$11

$10

Portfolio

turnover

rate

............................

19%

58%

32%

33%

46%

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

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$10.86

$10.64

$9.64

$9.51

$11.26

Income

from

investment

operations

Net

investment

income

b,c

........................

0.41

0.48

0.37

0.15

0.02

Net

realized

and

unrealized

gains

(losses)

...........

0.57

0.21

1.03

0.22

(1.29)

Total

from

investment

operations

....................

0.98

0.69

1.40

0.37

(1.27)

Less

distributions

from:

Net

investment

income

..........................

(0.43)

(0.47)

(0.39)

(0.15)

(0.32)

Net

realized

gains

.............................

(0.08)

—

(0.01)

(0.09)

(0.16)

Total

distributions

...............................

(0.51)

(0.47)

(0.40)

(0.24)

(0.48)

Net

asset

value,

end

year

.......................

$11.33

$10.86

$10.64

$9.64

$9.51

Total

return

....................................

9.19%

6.70%

14.92%

3.94%

(11.81)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.07%

2.14%

1.41%

1.53%

1.51%

Expenses

net

waiver

and

payments

affiliates

......

0.28%

0.32%

0.31%

0.47%

Net

investment

income

...........................

3.68%

4.54%

3.72%

1.55%

0.18%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$30

$15

$14

$29

$22

Portfolio

turnover

rate

............................

19%

58%

32%

33%

46%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$10.90

$10.67

$9.67

$9.53

$11.28

Income

from

investment

operations

Net

investment

income

b,c

........................

0.42

0.50

0.40

0.15

0.05

Net

realized

and

unrealized

gains

(losses)

...........

0.56

0.21

1.02

0.24

(1.32)

Total

from

investment

operations

....................

0.98

0.71

1.42

0.39

(1.27)

Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.48)

(0.41)

(0.16)

(0.32)

Net

realized

gains

.............................

(0.08)

—

(0.01)

(0.09)

(0.16)

Total

distributions

...............................

(0.52)

(0.48)

(0.42)

(0.25)

(0.48)

Net

asset

value,

end

year

.......................

$11.36

$10.90

$10.67

$9.67

$9.53

Total

return

....................................

9.22%

6.91%

15.04%

4.14%

(11.77)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.99%

1.99%

1.26%

1.38%

1.36%

Expenses

net

waiver

and

payments

affiliates

......

0.14%

0.17%

0.16%

0.32%

Net

investment

income

...........................

3.76%

4.68%

4.00%

1.63%

0.44%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$12

$11

$10

Portfolio

turnover

rate

............................

19%

58%

32%

33%

46%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$10.93

$10.69

$9.69

$9.56

$11.29

Income

from

investment

operations

Net

investment

income

b,c

........................

0.43

0.51

0.41

0.16

0.06

Net

realized

and

unrealized

gains

(losses)

...........

0.57

0.23

1.02

0.23

(1.31)

Total

from

investment

operations

....................

1.00

0.74

1.43

0.39

(1.25)

Less

distributions

from:

Net

investment

income

..........................

(0.45)

(0.50)

(0.42)

(0.17)

(0.32)

Net

realized

gains

.............................

(0.08)

—

(0.01)

(0.09)

(0.16)

Total

distributions

...............................

(0.53)

(0.50)

(0.43)

(0.26)

(0.48)

Net

asset

value,

end

year

.......................

$11.40

$10.93

$10.69

$9.69

$9.56

Total

return

....................................

9.39%

7.10%

15.14%

4.12%

(11.57)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.88%

1.89%

1.16%

1.28%

1.26%

Expenses

net

waiver

and

payments

affiliates

......

0.03%

0.07%

0.06%

0.22%

Net

investment

income

...........................

3.86%

4.78%

4.10%

1.73%

0.58%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$40,435

$34,882

$15,790

$11,980

$12,192

Portfolio

turnover

rate

............................

19%

58%

32%

33%

46%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

Maturity

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$10.90

$10.67

$9.67

$9.53

$11.28

Income

from

investment

operations

Net

investment

income

b,c

........................

0.43

0.50

0.40

0.16

0.05

Net

realized

and

unrealized

gains

(losses)

...........

0.57

0.21

1.02

0.23

(1.32)

Total

from

investment

operations

....................

1.00

0.71

1.42

0.39

(1.27)

Less

distributions

from:

Net

investment

income

..........................

(0.45)

(0.48)

(0.41)

(0.16)

(0.32)

Net

realized

gains

.............................

(0.08)

—

(0.01)

(0.09)

(0.16)

Total

distributions

...............................

(0.53)

(0.48)

(0.42)

(0.25)

(0.48)

Net

asset

value,

end

year

.......................

$11.37

$10.90

$10.67

$9.67

$9.53

Total

return

....................................

9.33%

6.90%

15.04%

4.14%

(11.77)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.80%

1.99%

1.26%

1.38%

1.36%

Expenses

net

waiver

and

payments

affiliates

......

0.14%

0.17%

0.16%

0.32%

Net

investment

income

...........................

3.80%

4.68%

4.00%

1.63%

0.43%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$79

$35

$27

$24

$22

Portfolio

turnover

rate

............................

19%

58%

32%

33%

46%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2026

Franklin

Retirement

Advantage

Maturity

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

93.9%

Domestic

Hybrid

93.9%

Franklin

Multi-Asset

Income

Fund

Class

................................

3,748,524

43,782,758

Total

Investments

Underlying

Funds

(Cost

41,002,305

)

.......................

43,782,758

Short

Term

Investments

6.1%

Management

Investment

Companies

6.1%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.863

.......................

2,834,974

Total

Management

Investment

Companies

(Cost

2,834,974

)

.....................

2,834,974

Total

Short

Term

Investments

(Cost

2,834,974

)

.................................

2,834,974

Total

Investments

(Cost

43,837,279

)

100.0

...................................

$46,617,732

Other

Assets,

less

Liabilities

0.0

†

............................................

1,407

Net

Assets

100.0%

...........................................................

$46,619,139

†

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

2030

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.15

$10.82

$9.43

$9.53

$12.29

Income

from

investment

operations

Net

investment

income

b,c

........................

0.32

0.40

0.26

0.18

0.11

Net

realized

and

unrealized

gains

(losses)

...........

0.62

0.41

1.43

0.38

(1.52)

Total

from

investment

operations

....................

0.94

0.81

1.69

0.56

(1.41)

Less

distributions

from:

Net

investment

income

..........................

(0.58)

(0.44)

(0.22)

(0.14)

(0.57)

Net

realized

gains

.............................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

Total

distributions

...............................

(0.80)

(0.48)

(0.30)

(0.66)

(1.35)

Net

asset

value,

end

year

.......................

$11.29

$11.15

$10.82

$9.43

$9.53

Total

return

...................................

8.76%

7.84%

18.22%

6.36%

(12.89)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.06%

1.10%

1.45%

1.65%

1.64%

Expenses

net

waiver

and

payments

affiliates

......

0.29%

0.27%

0.26%

0.25%

0.28%

Net

investment

income

...........................

2.83%

3.72%

2.58%

1.90%

1.07%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$5,583

$5,352

$1,834

$951

$513

Portfolio

turnover

rate

............................

33%

56%

33%

35%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$10.97

$10.70

$9.34

$9.45

$12.23

Income

from

investment

operations

Net

investment

income

b,c

........................

0.24

0.31

0.19

0.10

0.05

Net

realized

and

unrealized

gains

(losses)

...........

0.61

0.42

1.41

0.39

(1.52)

Total

from

investment

operations

....................

0.85

0.73

1.60

0.49

(1.47)

Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.42)

(0.16)

(0.08)

(0.53)

Net

realized

gains

.............................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

Total

distributions

...............................

(0.35)

(0.46)

(0.24)

(0.60)

(1.31)

Net

asset

value,

end

year

.......................

$11.47

$10.97

$10.70

$9.34

$9.45

Total

return

...................................

7.97%

7.01%

17.34%

5.58%

(13.50)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.82%

1.53%

2.20%

2.40%

2.39%

Expenses

net

waiver

and

payments

affiliates

......

1.03%

1.01%

1.00%

1.03%

Net

investment

income

...........................

2.15%

2.96%

1.91%

1.11%

0.49%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$21

$108

$87

$115

$57

Portfolio

turnover

rate

............................

33%

56%

33%

35%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.18

$10.84

$9.44

$9.53

$12.26

Income

from

investment

operations

Net

investment

income

b,c

........................

0.25

0.36

0.22

0.14

0.10

Net

realized

and

unrealized

gains

(losses)

...........

0.65

0.41

1.43

0.38

(1.55)

Total

from

investment

operations

....................

0.90

0.77

1.65

0.52

(1.45)

Less

distributions

from:

Net

investment

income

..........................

(0.58)

(0.39)

(0.17)

(0.09)

(0.50)

Net

realized

gains

.............................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

Total

distributions

...............................

(0.80)

(0.43)

(0.25)

(0.61)

(1.28)

Net

asset

value,

end

year

.......................

$11.28

$11.18

$10.84

$9.44

$9.53

Total

return

....................................

8.37%

7.42%

17.75%

5.92%

(13.20)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.45%

1.66%

1.85%

2.05%

2.04%

Expenses

net

waiver

and

payments

affiliates

......

0.69%

0.67%

0.66%

0.65%

0.68%

Net

investment

income

...........................

2.27%

3.31%

2.25%

1.50%

0.90%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$54

$13

$11

$10

Portfolio

turnover

rate

............................

33%

56%

33%

35%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.20

$10.86

$9.46

$9.54

$12.28

Income

from

investment

operations

Net

investment

income

b,c

........................

0.31

0.38

0.25

0.16

0.12

Net

realized

and

unrealized

gains

(losses)

...........

0.61

0.42

1.43

0.39

(1.55)

Total

from

investment

operations

....................

0.92

0.80

1.68

0.55

(1.43)

Less

distributions

from:

Net

investment

income

..........................

(0.59)

(0.42)

(0.20)

(0.11)

(0.53)

Net

realized

gains

.............................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

Total

distributions

...............................

(0.81)

(0.46)

(0.28)

(0.63)

(1.31)

Net

asset

value,

end

year

.......................

$11.31

$11.20

$10.86

$9.46

$9.54

Total

return

....................................

8.61%

7.67%

17.99%

6.30%

(13.03)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.21%

1.41%

1.60%

1.80%

1.79%

Expenses

net

waiver

and

payments

affiliates

......

0.44%

0.42%

0.41%

0.40%

0.43%

Net

investment

income

...........................

2.76%

3.56%

2.50%

1.75%

1.15%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$155

$13

$11

$10

Portfolio

turnover

rate

............................

33%

56%

33%

35%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.33

$10.97

$9.47

$9.56

$12.30

Income

from

investment

operations

Net

investment

income

b,c

........................

0.32

0.42

0.28

0.19

0.11

Net

realized

and

unrealized

gains

(losses)

...........

0.64

0.43

1.43

0.38

(1.51)

Total

from

investment

operations

....................

0.96

0.85

1.71

0.57

(1.40)

Less

distributions

from:

Net

investment

income

..........................

(0.60)

(0.45)

(0.13)

(0.14)

(0.56)

Net

realized

gains

.............................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

Total

distributions

...............................

(0.82)

(0.49)

(0.21)

(0.66)

(1.34)

Net

asset

value,

end

year

.......................

$11.47

$11.33

$10.97

$9.47

$9.56

Total

return

....................................

8.84%

8.05%

18.21%

6.54%

(12.79)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.94%

1.09%

1.35%

1.55%

1.54%

Expenses

net

waiver

and

payments

affiliates

......

0.19%

0.17%

0.16%

0.15%

0.18%

Net

investment

income

...........................

2.82%

3.81%

2.74%

2.02%

1.15%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$179

$21

$19

$15

$101

Portfolio

turnover

rate

............................

33%

56%

33%

35%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.24

$10.89

$9.48

$9.57

$12.31

Income

from

investment

operations

Net

investment

income

b,c

........................

0.36

0.43

0.29

0.20

0.17

Net

realized

and

unrealized

gains

(losses)

...........

0.61

0.42

1.43

0.38

(1.55)

Total

from

investment

operations

....................

0.97

0.85

1.72

0.58

(1.38)

Less

distributions

from:

Net

investment

income

..........................

(0.59)

(0.46)

(0.23)

(0.15)

(0.58)

Net

realized

gains

.............................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

Total

distributions

...............................

(0.81)

(0.50)

(0.31)

(0.67)

(1.36)

Net

asset

value,

end

year

.......................

$11.40

$11.24

$10.89

$9.48

$9.57

Total

return

....................................

9.05%

8.17%

18.51%

6.64%

(12.64)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.81%

1.01%

1.20%

1.40%

1.39%

Expenses

net

waiver

and

payments

affiliates

......

0.04%

0.02%

0.01%

—%

0.03%

Net

investment

income

...........................

3.21%

3.96%

2.89%

2.15%

1.55%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$14

$13

$11

$10

Portfolio

turnover

rate

............................

33%

56%

33%

35%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Rounds

less

than

0.01%.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2030

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.24

$10.89

$9.49

$9.57

$12.31

Income

from

investment

operations

Net

investment

income

b,c

........................

0.36

0.44

0.30

0.21

0.16

Net

realized

and

unrealized

gains

(losses)

...........

0.62

0.42

1.42

0.39

(1.53)

Total

from

investment

operations

....................

0.98

0.86

1.72

0.60

(1.37)

Less

distributions

from:

Net

investment

income

..........................

(0.60)

(0.47)

(0.24)

(0.16)

(0.59)

Net

realized

gains

.............................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

Total

distributions

...............................

(0.82)

(0.51)

(0.32)

(0.68)

(1.37)

Net

asset

value,

end

year

.......................

$11.40

$11.24

$10.89

$9.49

$9.57

Total

return

....................................

9.14%

8.28%

18.50%

6.86%

(12.56)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.72%

0.76%

1.10%

1.30%

1.29%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.08)%

(0.09)%

(0.10)%

(0.07)%

Net

investment

income

...........................

3.19%

4.07%

2.96%

2.25%

1.49%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$43,098

$32,590

$27,502

$13,477

$11,594

Portfolio

turnover

rate

............................

33%

56%

33%

35%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.06%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2030

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.23

$10.88

$9.48

$9.57

$12.31

Income

from

investment

operations

Net

investment

income

b,c

........................

0.36

0.43

0.29

0.20

0.17

Net

realized

and

unrealized

gains

(losses)

...........

0.61

0.43

1.42

0.38

(1.55)

Total

from

investment

operations

....................

0.97

0.86

1.71

0.58

(1.38)

Less

distributions

from:

Net

investment

income

..........................

(0.59)

(0.47)

(0.23)

(0.15)

(0.58)

Net

realized

gains

.............................

(0.22)

(0.04)

(0.08)

(0.52)

(0.78)

Total

distributions

...............................

(0.81)

(0.51)

(0.31)

(0.67)

(1.36)

Net

asset

value,

end

year

.......................

$11.39

$11.23

$10.88

$9.48

$9.57

Total

return

....................................

8.98%

8.23%

18.41%

6.65%

(12.64)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.85%

0.51%

1.20%

1.40%

1.39%

Expenses

net

waiver

and

payments

affiliates

......

0.03%

0.02%

0.01%

—%

0.03%

Net

investment

income

...........................

3.20%

3.97%

2.76%

2.14%

1.54%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$232

$737

$838

$14

$12

Portfolio

turnover

rate

............................

33%

56%

33%

35%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Rounds

less

than

0.01%.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2026

Franklin

Retirement

Advantage

2030

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

94.0%

Asset

Allocation

70.2%

Franklin

Dynamic

Asset

Allocation

Balanced

Fund

Class

....................

385,728

7,043,388

Franklin

Dynamic

Asset

Allocation

Conservative

Fund

Class

.................

2,379,537

27,602,627

34,646,015

Domestic

Hybrid

23.8%

Franklin

Multi-Asset

Income

Fund

Class

................................

1,004,513

11,732,713

Total

Investments

Underlying

Funds

(Cost

44,102,256

)

.......................

46,378,728

Short

Term

Investments

6.0%

Management

Investment

Companies

6.0%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.863

.......................

2,977,737

Total

Management

Investment

Companies

(Cost

2,977,737

)

.....................

2,977,737

Total

Short

Term

Investments

(Cost

2,977,737

)

.................................

2,977,737

Total

Investments

(Cost

47,079,993

)

100.0

...................................

$49,356,465

Other

Assets,

less

Liabilities

(0.0)

†

...........................................

(20,928)

Net

Assets

100.0%

...........................................................

$49,335,537

†

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

2035

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.65

$11.24

$9.61

$9.54

$12.64

Income

from

investment

operations

Net

investment

income

b,c

........................

0.28

0.37

0.21

0.14

0.12

Net

realized

and

unrealized

gains

(losses)

...........

1.08

0.73

1.85

0.66

(1.61)

Total

from

investment

operations

....................

1.36

1.10

2.06

0.80

(1.49)

Less

distributions

from:

Net

investment

income

..........................

(0.89)

(0.64)

(0.30)

(0.04)

(0.66)

Net

realized

gains

.............................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

Total

distributions

...............................

(1.08)

(0.69)

(0.43)

(0.73)

(1.61)

Net

asset

value,

end

year

.......................

$11.93

$11.65

$11.24

$9.61

$9.54

Total

return

...................................

12.36%

10.30%

22.10%

9.21%

(13.69)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.03%

1.09%

1.44%

1.59%

1.63%

Expenses

net

waiver

and

payments

affiliates

......

0.29%

0.26%

0.25%

0.22%

0.23%

Net

investment

income

...........................

2.40%

3.36%

2.00%

1.49%

1.16%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$8,801

$7,187

$3,518

$1,566

$720

Portfolio

turnover

rate

............................

27%

32%

34%

29%

51%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

174

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.51

$11.17

$9.55

$9.51

$12.58

Income

from

investment

operations

Net

investment

income

b,c

........................

0.16

0.29

0.04

0.08

0.03

Net

realized

and

unrealized

gains

(losses)

...........

1.13

0.71

1.93

0.65

(1.60)

Total

from

investment

operations

....................

1.29

1.00

1.97

0.73

(1.57)

Less

distributions

from:

Net

investment

income

..........................

(0.27)

(0.61)

(0.22)

—

(0.55)

Net

realized

gains

.............................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

Total

distributions

...............................

(0.46)

(0.66)

(0.35)

(0.69)

(1.50)

Net

asset

value,

end

year

.......................

$12.34

$11.51

$11.17

$9.55

$9.51

Total

return

...................................

11.51%

9.43%

21.13%

8.45%

(14.26)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.75%

1.84%

2.19%

2.34%

2.38%

Expenses

net

waiver

and

payments

affiliates

......

1.04%

1.02%

1.00%

0.97%

0.98%

Net

investment

income

...........................

1.36%

2.61%

0.41%

0.87%

0.32%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$124

$22

$143

$11

$26

Portfolio

turnover

rate

............................

27%

32%

34%

29%

51%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.66

$11.24

$9.60

$9.53

$12.61

Income

from

investment

operations

Net

investment

income

b,c

........................

0.20

0.33

0.18

0.11

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.12

0.72

1.85

0.65

(1.63)

Total

from

investment

operations

....................

1.32

1.05

2.03

0.76

(1.53)

Less

distributions

from:

Net

investment

income

..........................

(0.90)

(0.58)

(0.26)

—

(0.60)

Net

realized

gains

.............................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

Total

distributions

...............................

(1.09)

(0.63)

(0.39)

(0.69)

(1.55)

Net

asset

value,

end

year

.......................

$11.89

$11.66

$11.24

$9.60

$9.53

Total

return

....................................

11.95%

9.80%

21.67%

8.75%

(14.00)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.40%

1.49%

1.84%

1.99%

2.03%

Expenses

net

waiver

and

payments

affiliates

......

0.68%

0.67%

0.65%

0.62%

0.63%

Net

investment

income

...........................

1.73%

2.96%

1.72%

1.19%

0.92%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$266

$14

$11

$10

Portfolio

turnover

rate

............................

27%

32%

34%

29%

51%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.69

$11.27

$9.63

$9.54

$12.63

Income

from

investment

operations

Net

investment

income

b,c

........................

0.30

0.36

0.20

0.13

Net

realized

and

unrealized

gains

(losses)

...........

1.05

0.71

1.85

0.67

(1.64)

Total

from

investment

operations

....................

1.35

1.07

2.05

0.80

(1.51)

Less

distributions

from:

Net

investment

income

..........................

(0.90)

(0.60)

(0.28)

(0.02)

(0.63)

Net

realized

gains

.............................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

Total

distributions

...............................

(1.09)

(0.65)

(0.41)

(0.71)

(1.58)

Net

asset

value,

end

year

.......................

$11.95

$11.69

$11.27

$9.63

$9.54

Total

return

....................................

12.23%

10.04%

21.88%

9.15%

(13.84)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.17%

1.24%

1.59%

1.74%

1.78%

Expenses

net

waiver

and

payments

affiliates

......

0.44%

0.41%

0.40%

0.37%

0.38%

Net

investment

income

...........................

2.55%

3.21%

1.97%

1.44%

1.17%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$57

$14

$11

$10

Portfolio

turnover

rate

............................

27%

32%

34%

29%

51%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.70

$11.27

$9.63

$9.56

$12.65

Income

from

investment

operations

Net

investment

income

b,c

........................

0.25

0.39

0.22

0.15

0.13

Net

realized

and

unrealized

gains

(losses)

...........

1.14

0.72

1.86

0.66

(1.61)

Total

from

investment

operations

....................

1.39

1.11

2.08

0.81

(1.48)

Less

distributions

from:

Net

investment

income

..........................

(0.92)

(0.63)

(0.31)

(0.05)

(0.66)

Net

realized

gains

.............................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

Total

distributions

...............................

(1.11)

(0.68)

(0.44)

(0.74)

(1.61)

Net

asset

value,

end

year

.......................

$11.98

$11.70

$11.27

$9.63

$9.56

Total

return

....................................

12.58%

10.43%

22.20%

9.29%

(13.59)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.90%

0.99%

1.34%

1.49%

1.53%

Expenses

net

waiver

and

payments

affiliates

......

0.17%

0.16%

0.15%

0.12%

0.13%

Net

investment

income

...........................

2.12%

3.46%

2.16%

1.66%

1.23%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$512

$58

$49

$32

$21

Portfolio

turnover

rate

............................

27%

32%

34%

29%

51%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.73

$11.30

$9.65

$9.57

$12.66

Income

from

investment

operations

Net

investment

income

b,c

........................

0.32

0.40

0.24

0.17

Net

realized

and

unrealized

gains

(losses)

...........

1.09

0.73

1.86

0.66

(1.64)

Total

from

investment

operations

....................

1.41

1.13

2.10

0.83

(1.47)

Less

distributions

from:

Net

investment

income

..........................

(0.92)

(0.65)

(0.32)

(0.06)

(0.67)

Net

realized

gains

.............................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

Total

distributions

...............................

(1.11)

(0.70)

(0.45)

(0.75)

(1.62)

Net

asset

value,

end

year

.......................

$12.03

$11.73

$11.30

$9.65

$9.57

Total

return

....................................

12.68%

10.54%

22.39%

9.50%

(13.44)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.78%

0.84%

1.19%

1.34%

1.38%

Expenses

net

waiver

and

payments

affiliates

......

0.04%

0.02%

—%

(0.03)%

(0.02)%

Net

investment

income

...........................

2.75%

3.60%

2.37%

1.84%

1.57%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$15

$14

$12

$11

Portfolio

turnover

rate

............................

27%

32%

34%

29%

51%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Rounds

less

than

0.01%.

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

2035

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.74

$11.31

$9.66

$9.58

$12.67

Income

from

investment

operations

Net

investment

income

b,c

........................

0.32

0.41

0.25

0.18

Net

realized

and

unrealized

gains

(losses)

...........

1.10

0.73

1.86

0.66

(1.63)

Total

from

investment

operations

....................

1.42

1.14

2.11

0.84

(1.45)

Less

distributions

from:

Net

investment

income

..........................

(0.93)

(0.66)

(0.33)

(0.07)

(0.69)

Net

realized

gains

.............................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

Total

distributions

...............................

(1.12)

(0.71)

(0.46)

(0.76)

(1.64)

Net

asset

value,

end

year

.......................

$12.04

$11.74

$11.31

$9.66

$9.58

Total

return

....................................

12.78%

10.65%

22.49%

9.61%

(13.34)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.69%

0.74%

1.09%

1.24%

1.28%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.09)%

(0.10)%

(0.13)%

(0.12)%

Net

investment

income

...........................

2.72%

3.71%

2.45%

1.93%

1.68%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$46,506

$38,064

$23,724

$14,440

$12,199

Portfolio

turnover

rate

............................

27%

32%

34%

29%

51%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.06%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2035

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.73

$11.30

$9.65

$9.57

$12.66

Income

from

investment

operations

Net

investment

income

b,c

........................

0.26

0.40

0.23

0.17

Net

realized

and

unrealized

gains

(losses)

...........

1.14

0.73

1.87

0.66

(1.63)

Total

from

investment

operations

....................

1.40

1.13

2.10

0.83

(1.46)

Less

distributions

from:

Net

investment

income

..........................

(0.92)

(0.65)

(0.32)

(0.06)

(0.68)

Net

realized

gains

.............................

(0.19)

(0.05)

(0.13)

(0.69)

(0.95)

Total

distributions

...............................

(1.11)

(0.70)

(0.45)

(0.75)

(1.63)

Net

asset

value,

end

year

.......................

$12.02

$11.73

$11.30

$9.65

$9.57

Total

return

....................................

12.62%

10.58%

22.39%

9.50%

(13.43)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.78%

0.84%

1.19%

1.34%

1.38%

Expenses

net

waiver

and

payments

affiliates

......

0.04%

0.01%

—%

(0.03)%

(0.02)%

Net

investment

income

...........................

2.19%

3.61%

2.21%

1.84%

1.57%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$155

$73

$49

$19

$18

Portfolio

turnover

rate

............................

27%

32%

34%

29%

51%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Rounds

less

than

0.01%.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2026

Franklin

Retirement

Advantage

2035

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

95.1%

Asset

Allocation

88.6%

Franklin

Dynamic

Asset

Allocation

Balanced

Fund

Class

....................

2,422,339

44,231,909

Franklin

Dynamic

Asset

Allocation

Conservative

Fund

Class

.................

497,506

5,771,067

50,002,976

Domestic

Hybrid

6.5%

Franklin

Multi-Asset

Income

Fund

Class

................................

313,750

3,664,594

Total

Investments

Underlying

Funds

(Cost

50,022,191

)

.......................

53,667,570

Short

Term

Investments

4.9%

Management

Investment

Companies

4.9%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.863

.......................

2,780,139

Total

Management

Investment

Companies

(Cost

2,780,139

)

.....................

2,780,139

Total

Short

Term

Investments

(Cost

2,780,139

)

.................................

2,780,139

Total

Investments

(Cost

52,802,330

)

100.0

...................................

$56,447,709

Other

Assets,

less

Liabilities

(0.0)

†

...........................................

(12,830)

Net

Assets

100.0%

...........................................................

$56,434,879

†

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

2040

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.92

$11.42

$9.51

$9.66

$12.91

Income

from

investment

operations

Net

investment

income

b,c

........................

0.25

0.31

0.24

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.44

0.97

2.00

0.83

(1.71)

Total

from

investment

operations

....................

1.69

1.28

2.24

0.92

(1.62)

Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.58)

(0.25)

(0.10)

(0.67)

Net

realized

gains

.............................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

Total

distributions

...............................

(1.28)

(0.78)

(0.33)

(1.07)

(1.63)

Net

asset

value,

end

year

.......................

$12.33

$11.92

$11.42

$9.51

$9.66

Total

return

...................................

15.14%

11.89%

24.09%

10.90%

(14.47)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.08%

1.14%

1.60%

1.97%

2.07%

Expenses

net

waiver

and

payments

affiliates

......

0.25%

0.22%

0.20%

0.18%

0.19%

Net

investment

income

...........................

2.08%

2.70%

2.35%

0.96%

0.83%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$6,958

$5,556

$1,161

$485

$171

Portfolio

turnover

rate

............................

26%

39%

29%

27%

47%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.83

$11.38

$9.48

$9.62

$12.86

Income

from

investment

operations

Net

investment

income

b,c

........................

0.14

0.22

0.11

0.02

0.07

Net

realized

and

unrealized

gains

(losses)

...........

1.46

0.96

2.05

0.84

(1.77)

Total

from

investment

operations

....................

1.60

1.18

2.16

0.86

(1.70)

Less

distributions

from:

Net

investment

income

..........................

(0.22)

(0.53)

(0.18)

(0.03)

(0.58)

Net

realized

gains

.............................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

Total

distributions

...............................

(0.97)

(0.73)

(0.26)

(1.00)

(1.54)

Net

asset

value,

end

year

.......................

$12.46

$11.83

$11.38

$9.48

$9.62

Total

return

...................................

14.22%

10.96%

23.14%

10.12%

(15.12)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.82%

1.90%

2.35%

2.72%

2.82%

Expenses

net

waiver

and

payments

affiliates

......

1.00%

0.97%

0.95%

0.93%

0.94%

Net

investment

income

...........................

1.16%

1.95%

1.10%

0.26%

0.60%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$96

$53

$74

$26

$15

Portfolio

turnover

rate

............................

26%

39%

29%

27%

47%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.94

$11.43

$9.50

$9.64

$12.89

Income

from

investment

operations

Net

investment

income

b,c

........................

0.19

0.26

0.19

0.07

0.12

Net

realized

and

unrealized

gains

(losses)

...........

1.44

0.97

2.02

0.82

(1.79)

Total

from

investment

operations

....................

1.63

1.23

2.21

0.89

(1.67)

Less

distributions

from:

Net

investment

income

..........................

(0.52)

(0.20)

(0.06)

(0.62)

Net

realized

gains

.............................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

Total

distributions

...............................

(1.27)

(0.72)

(0.28)

(1.03)

(1.58)

Net

asset

value,

end

year

.......................

$12.30

$11.94

$11.43

$9.50

$9.64

Total

return

....................................

14.55%

11.45%

23.65%

10.45%

(14.87)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.47%

1.55%

2.00%

2.37%

2.47%

Expenses

net

waiver

and

payments

affiliates

......

0.65%

0.62%

0.60%

0.58%

0.59%

Net

investment

income

...........................

1.55%

2.30%

1.88%

0.79%

1.10%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$139

$15

$14

$12

$11

Portfolio

turnover

rate

............................

26%

39%

29%

27%

47%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.96

$11.45

$9.52

$9.66

$12.90

Income

from

investment

operations

Net

investment

income

b,c

........................

0.25

0.29

0.22

0.10

0.15

Net

realized

and

unrealized

gains

(losses)

...........

1.41

0.97

2.01

0.81

(1.78)

Total

from

investment

operations

....................

1.66

1.26

2.23

0.91

(1.63)

Less

distributions

from:

Net

investment

income

..........................

(0.54)

(0.55)

(0.22)

(0.08)

(0.65)

Net

realized

gains

.............................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

Total

distributions

...............................

(1.29)

(0.75)

(0.30)

(1.05)

(1.61)

Net

asset

value,

end

year

.......................

$12.33

$11.96

$11.45

$9.52

$9.66

Total

return

....................................

14.86%

11.70%

23.88%

10.75%

(14.56)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.21%

1.30%

1.75%

2.12%

2.22%

Expenses

net

waiver

and

payments

affiliates

......

0.40%

0.37%

0.35%

0.33%

0.34%

Net

investment

income

...........................

2.15%

2.55%

2.13%

1.04%

1.35%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$82

$15

$12

$11

Portfolio

turnover

rate

............................

26%

39%

29%

27%

47%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.97

$11.46

$9.52

$9.67

$12.93

Income

from

investment

operations

Net

investment

income

b,c

........................

0.24

0.32

0.24

0.11

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.47

0.97

2.02

0.82

(1.71)

Total

from

investment

operations

....................

1.71

1.29

2.26

0.93

(1.62)

Less

distributions

from:

Net

investment

income

..........................

(0.53)

(0.58)

(0.24)

(0.11)

(0.68)

Net

realized

gains

.............................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

Total

distributions

...............................

(1.28)

(0.78)

(0.32)

(1.08)

(1.64)

Net

asset

value,

end

year

.......................

$12.40

$11.97

$11.46

$9.52

$9.67

Total

return

....................................

15.24%

11.93%

24.30%

11.02%

(14.46)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.92%

1.05%

1.50%

1.87%

1.97%

Expenses

net

waiver

and

payments

affiliates

......

0.15%

0.12%

0.10%

0.08%

0.09%

Net

investment

income

...........................

2.03%

2.80%

2.35%

1.23%

0.91%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$418

$76

$58

$41

Portfolio

turnover

rate

............................

26%

39%

29%

27%

47%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.99

$11.48

$9.54

$9.68

$12.94

Income

from

investment

operations

Net

investment

income

b,c

........................

0.30

0.33

0.26

0.13

0.19

Net

realized

and

unrealized

gains

(losses)

...........

1.43

0.98

2.02

0.82

(1.79)

Total

from

investment

operations

....................

1.73

1.31

2.28

0.95

(1.60)

Less

distributions

from:

Net

investment

income

..........................

(0.54)

(0.60)

(0.26)

(0.12)

(0.70)

Net

realized

gains

.............................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

Total

distributions

...............................

(1.29)

(0.80)

(0.34)

(1.09)

(1.66)

Net

asset

value,

end

year

.......................

$12.43

$11.99

$11.48

$9.54

$9.68

Total

return

....................................

15.43%

12.10%

24.40%

11.21%

(14.32)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.83%

0.90%

1.35%

1.72%

1.82%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.03)%

(0.05)%

(0.07)%

(0.06)%

Net

investment

income

...........................

2.46%

2.95%

2.53%

1.44%

1.75%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$16

$15

$12

$11

Portfolio

turnover

rate

............................

26%

39%

29%

27%

47%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

Less

than

0.01%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2040

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.01

$11.49

$9.55

$9.69

$12.95

Income

from

investment

operations

Net

investment

income

b,c

........................

0.29

0.35

0.26

0.14

0.21

Net

realized

and

unrealized

gains

(losses)

...........

1.45

0.98

2.03

0.82

(1.80)

Total

from

investment

operations

....................

1.74

1.33

2.29

0.96

(1.59)

Less

distributions

from:

Net

investment

income

..........................

(0.56)

(0.61)

(0.27)

(0.13)

(0.71)

Net

realized

gains

.............................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

Total

distributions

...............................

(1.31)

(0.81)

(0.35)

(1.10)

(1.67)

Net

asset

value,

end

year

.......................

$12.44

$12.01

$11.49

$9.55

$9.69

Total

return

....................................

15.45%

12.32%

24.48%

11.33%

(14.21)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.74%

0.80%

1.25%

1.62%

1.72%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.13)%

(0.15)%

(0.17)%

(0.16)%

Net

investment

income

...........................

2.41%

3.05%

2.54%

1.49%

1.92%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$40,273

$32,843

$22,074

$9,900

$6,909

Portfolio

turnover

rate

............................

26%

39%

29%

27%

47%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.10%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2040

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$11.98

$11.48

$9.54

$9.68

$12.94

Income

from

investment

operations

Net

investment

income

b,c

........................

0.28

0.33

0.25

0.11

0.19

Net

realized

and

unrealized

gains

(losses)

...........

1.44

0.97

2.03

0.84

(1.79)

Total

from

investment

operations

....................

1.72

1.30

2.28

0.95

(1.60)

Less

distributions

from:

Net

investment

income

..........................

(0.54)

(0.60)

(0.26)

(0.12)

(0.70)

Net

realized

gains

.............................

(0.75)

(0.20)

(0.08)

(0.97)

(0.96)

Total

distributions

...............................

(1.29)

(0.80)

(0.34)

(1.09)

(1.66)

Net

asset

value,

end

year

.......................

$12.41

$11.98

$11.48

$9.54

$9.68

Total

return

....................................

15.36%

12.08%

24.44%

11.21%

(14.32)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.83%

0.90%

1.35%

1.72%

1.82%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.03)%

(0.05)%

(0.07)%

(0.06)%

Net

investment

income

...........................

2.31%

2.95%

2.45%

1.18%

1.75%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$104

$82

$38

$28

$11

Portfolio

turnover

rate

............................

26%

39%

29%

27%

47%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

Less

than

0.01%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2026

Franklin

Retirement

Advantage

2040

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

96.3%

Asset

Allocation

96.3%

Franklin

Dynamic

Asset

Allocation

Balanced

Fund

Class

....................

1,566,407

28,602,591

Franklin

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

722,909

17,704,053

46,306,644

Total

Investments

Underlying

Funds

(Cost

42,072,908

)

.......................

46,306,644

Short

Term

Investments

3.7%

Management

Investment

Companies

3.7%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.863

.......................

1,789,853

Total

Management

Investment

Companies

(Cost

1,789,853

)

.....................

1,789,853

Total

Short

Term

Investments

(Cost

1,789,853

)

.................................

1,789,853

Total

Investments

(Cost

43,862,761

)

100.0

...................................

$48,096,497

Other

Assets,

less

Liabilities

(0.0)

†

...........................................

(11,313)

Net

Assets

100.0%

...........................................................

$48,085,184

†

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

2045

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.70

$11.85

$9.69

$9.68

$13.14

Income

from

investment

operations

Net

investment

income

b,c

........................

0.23

0.19

0.08

0.12

Net

realized

and

unrealized

gains

(losses)

...........

1.83

1.24

2.23

0.96

(1.81)

Total

from

investment

operations

....................

2.06

1.47

2.42

1.04

(1.69)

Less

distributions

from:

Net

investment

income

..........................

(0.46)

(0.55)

(0.26)

(0.11)

(0.70)

Net

realized

gains

.............................

(0.94)

(0.07)

—

(0.92)

(1.07)

Total

distributions

...............................

(1.40)

(0.62)

(0.26)

(1.03)

(1.77)

Net

asset

value,

end

year

.......................

$13.36

$12.70

$11.85

$9.69

$9.68

Total

return

...................................

17.40%

12.95%

25.39%

12.05%

(15.04)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.19%

1.33%

1.69%

1.94%

2.00%

Expenses

net

waiver

and

payments

affiliates

......

0.21%

0.19%

0.17%

0.15%

0.17%

Net

investment

income

...........................

1.82%

1.93%

1.78%

0.90%

1.14%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$4,142

$3,309

$1,156

$549

$385

Portfolio

turnover

rate

............................

22%

30%

22%

29%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.63

$11.80

$9.66

$9.65

$13.09

Income

from

investment

operations

Net

investment

income

b,c

........................

0.12

0.14

0.01

0.09

Net

realized

and

unrealized

gains

(losses)

...........

1.85

1.24

2.33

0.95

(1.86)

Total

from

investment

operations

....................

1.97

1.38

2.34

0.96

(1.77)

Less

distributions

from:

Net

investment

income

..........................

(0.10)

(0.48)

(0.20)

(0.03)

(0.60)

Net

realized

gains

.............................

(0.94)

(0.07)

—

(0.92)

(1.07)

Total

distributions

...............................

(1.04)

(0.55)

(0.20)

(0.95)

(1.67)

Net

asset

value,

end

year

.......................

$13.56

$12.63

$11.80

$9.66

$9.65

Total

return

...................................

16.54%

12.06%

24.51%

11.14%

(15.63)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.80%

2.08%

2.44%

2.69%

2.75%

Expenses

net

waiver

and

payments

affiliates

......

0.95%

0.94%

0.92%

0.90%

0.92%

Net

investment

income

...........................

0.89%

1.17%

0.13%

0.77%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$119

$38

$140

$28

$21

Portfolio

turnover

rate

............................

22%

30%

22%

29%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.67

$11.87

$9.69

$9.67

$13.12

Income

from

investment

operations

Net

investment

income

b,c

........................

0.19

0.18

0.05

0.13

Net

realized

and

unrealized

gains

(losses)

...........

1.81

1.23

2.34

0.95

(1.87)

Total

from

investment

operations

....................

2.00

1.41

2.39

1.00

(1.74)

Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.54)

(0.21)

(0.06)

(0.64)

Net

realized

gains

.............................

(0.94)

(0.07)

—

(0.92)

(1.07)

Total

distributions

...............................

(1.38)

(0.61)

(0.21)

(0.98)

(1.71)

Net

asset

value,

end

year

.......................

$13.29

$12.67

$11.87

$9.69

$9.67

Total

return

....................................

16.93%

12.41%

25.08%

11.59%

(15.41)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.58%

1.73%

2.09%

2.34%

2.40%

Expenses

net

waiver

and

payments

affiliates

......

0.61%

0.59%

0.57%

0.55%

0.57%

Net

investment

income

...........................

1.53%

1.52%

0.47%

0.54%

1.13%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$470

$172

$150

$12

$11

Portfolio

turnover

rate

............................

22%

30%

22%

29%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.74

$11.89

$9.71

$9.69

$13.14

Income

from

investment

operations

Net

investment

income

b,c

........................

0.23

0.21

0.23

0.07

0.15

Net

realized

and

unrealized

gains

(losses)

...........

1.82

1.23

2.19

0.95

(1.86)

Total

from

investment

operations

....................

2.05

1.44

2.42

1.02

(1.71)

Less

distributions

from:

Net

investment

income

..........................

(0.43)

(0.52)

(0.24)

(0.08)

(0.67)

Net

realized

gains

.............................

(0.94)

(0.07)

—

(0.92)

(1.07)

Total

distributions

...............................

(1.37)

(0.59)

(0.24)

(1.00)

(1.74)

Net

asset

value,

end

year

.......................

$13.42

$12.74

$11.89

$9.71

$9.69

Total

return

....................................

17.23%

12.69%

25.31%

11.88%

(15.16)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.33%

1.48%

1.84%

2.09%

2.15%

Expenses

net

waiver

and

payments

affiliates

......

0.36%

0.34%

0.32%

0.30%

0.32%

Net

investment

income

...........................

1.82%

1.78%

2.18%

0.79%

1.38%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$17

$16

$15

$12

$11

Portfolio

turnover

rate

............................

22%

30%

22%

29%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.76

$11.90

$9.71

$13.16

Income

from

investment

operations

Net

investment

income

b,c

........................

0.09

0.24

0.26

0.11

0.05

Net

realized

and

unrealized

gains

(losses)

...........

2.01

1.24

2.19

0.93

(1.73)

Total

from

investment

operations

....................

2.10

1.48

2.45

1.04

(1.68)

Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.55)

(0.26)

(0.12)

(0.70)

Net

realized

gains

.............................

(0.94)

(0.07)

—

(0.92)

(1.07)

Total

distributions

...............................

(1.38)

(0.62)

(0.26)

(1.04)

(1.77)

Net

asset

value,

end

year

.......................

$13.48

$12.76

$11.90

$9.71

Total

return

....................................

17.55%

12.99%

25.70%

12.05%

(14.92)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.04%

1.23%

1.59%

1.84%

1.90%

Expenses

net

waiver

and

payments

affiliates

......

0.10%

0.09%

0.07%

0.05%

0.07%

Net

investment

income

...........................

0.66%

2.02%

2.48%

1.21%

0.47%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$356

$80

$72

$74

$79

Portfolio

turnover

rate

............................

22%

30%

22%

29%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.78

$11.92

$9.73

$9.72

$13.17

Income

from

investment

operations

Net

investment

income

b,c

........................

0.29

0.26

0.27

0.11

0.20

Net

realized

and

unrealized

gains

(losses)

...........

1.82

1.24

2.20

0.94

(1.86)

Total

from

investment

operations

....................

2.11

1.50

2.47

1.05

(1.66)

Less

distributions

from:

Net

investment

income

..........................

(0.48)

(0.57)

(0.28)

(0.12)

(0.72)

Net

realized

gains

.............................

(0.94)

(0.07)

—

(0.92)

(1.07)

Total

distributions

...............................

(1.42)

(0.64)

(0.28)

(1.04)

(1.79)

Net

asset

value,

end

year

.......................

$13.47

$12.78

$11.92

$9.73

$9.72

Total

return

....................................

17.70%

13.18%

25.83%

12.23%

(14.77)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.95%

1.08%

1.44%

1.69%

1.75%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.06)%

(0.08)%

(0.10)%

(0.08)%

Net

investment

income

...........................

2.22%

2.18%

2.58%

1.19%

1.77%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$17

$16

$15

$12

$11

Portfolio

turnover

rate

............................

22%

30%

22%

29%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.04%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2045

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.79

$11.93

$9.73

$9.72

$13.18

Income

from

investment

operations

Net

investment

income

b,c

........................

0.27

0.28

0.12

0.21

Net

realized

and

unrealized

gains

(losses)

...........

1.85

1.24

2.20

0.94

(1.86)

Total

from

investment

operations

....................

2.12

1.51

2.48

1.06

(1.65)

Less

distributions

from:

Net

investment

income

..........................

(0.49)

(0.58)

(0.28)

(0.13)

(0.74)

Net

realized

gains

.............................

(0.94)

(0.07)

—

(0.92)

(1.07)

Total

distributions

...............................

(1.43)

(0.65)

(0.28)

(1.05)

(1.81)

Net

asset

value,

end

year

.......................

$13.48

$12.79

$11.93

$9.73

$9.72

Total

return

....................................

17.78%

13.29%

26.04%

12.36%

(14.76)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.85%

0.98%

1.34%

1.59%

1.65%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.16)%

(0.18)%

(0.20)%

(0.18)%

Net

investment

income

...........................

2.10%

2.27%

2.64%

1.31%

1.91%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$31,262

$23,008

$15,302

$9,338

$7,846

Portfolio

turnover

rate

............................

22%

30%

22%

29%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.14%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2045

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.77

$11.92

$9.73

$9.71

$13.17

Income

from

investment

operations

Net

investment

income

b,c

........................

0.25

0.26

0.27

—

0.20

Net

realized

and

unrealized

gains

(losses)

...........

1.87

1.23

2.20

1.06

(1.87)

Total

from

investment

operations

....................

2.12

1.49

2.47

1.06

(1.67)

Less

distributions

from:

Net

investment

income

..........................

(0.49)

(0.57)

(0.28)

(0.12)

(0.72)

Net

realized

gains

.............................

(0.94)

(0.07)

—

(0.92)

(1.07)

Total

distributions

...............................

(1.43)

(0.64)

(0.28)

(1.04)

(1.79)

Net

asset

value,

end

year

.......................

$13.46

$12.77

$11.92

$9.73

$9.71

Total

return

....................................

17.75%

13.13%

25.87%

12.35%

(14.85)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.94%

1.08%

1.44%

1.69%

1.75%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.06)%

(0.08)%

(0.10)%

(0.08)%

Net

investment

income

...........................

1.94%

2.17%

2.54%

0.01%

1.77%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$621

$212

$143

$95

$11

Portfolio

turnover

rate

............................

22%

30%

22%

29%

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

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.04%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2026

Franklin

Retirement

Advantage

2045

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

97.2%

Asset

Allocation

97.2%

Franklin

Dynamic

Asset

Allocation

Balanced

Fund

Class

....................

274,497

5,012,306

Franklin

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

1,264,541

30,968,597

35,980,903

Total

Investments

Underlying

Funds

(Cost

31,782,009

)

.......................

35,980,903

Short

Term

Investments

2.8%

Management

Investment

Companies

2.8%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.863

.......................

1,032,564

Total

Management

Investment

Companies

(Cost

1,032,564

)

.....................

1,032,564

Total

Short

Term

Investments

(Cost

1,032,564

)

.................................

1,032,564

Total

Investments

(Cost

32,814,573

)

100.0

...................................

$37,013,467

Other

Assets,

less

Liabilities

(0.0)

†

...........................................

(8,816)

Net

Assets

100.0%

...........................................................

$37,004,651

†

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

2050

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.55

$11.68

$9.70

$9.54

$13.23

Income

from

investment

operations

Net

investment

income

b,c

........................

0.21

0.20

0.16

0.06

0.04

Net

realized

and

unrealized

gains

(losses)

...........

1.96

1.31

2.33

1.04

(1.74)

Total

from

investment

operations

....................

2.17

1.51

2.49

1.10

(1.70)

Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.50)

(0.26)

(0.07)

(0.73)

Net

realized

gains

.............................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

Total

distributions

...............................

(1.20)

(0.64)

(0.51)

(0.94)

(1.99)

Net

asset

value,

end

year

.......................

$13.52

$12.55

$11.68

$9.70

$9.54

Total

return

...................................

18.35%

13.57%

26.60%

12.96%

(15.35)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.23%

1.32%

2.00%

2.58%

2.84%

Expenses

net

waiver

and

payments

affiliates

......

0.20%

0.18%

0.17%

0.15%

0.17%

Net

investment

income

...........................

1.61%

1.72%

1.51%

0.66%

0.38%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$2,302

$1,702

$780

$329

$160

Portfolio

turnover

rate

............................

19%

28%

21%

22%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

174

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.44

$11.63

$9.67

$9.50

$13.17

Income

from

investment

operations

Net

investment

income

b,c

........................

0.11

0.01

0.06

Net

realized

and

unrealized

gains

(losses)

...........

1.96

1.30

2.29

1.03

(1.84)

Total

from

investment

operations

....................

2.07

1.41

2.40

1.04

(1.78)

Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.46)

(0.19)

—

(0.63)

Net

realized

gains

.............................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

Total

distributions

...............................

(1.13)

(0.60)

(0.44)

(0.87)

(1.89)

Net

asset

value,

end

year

.......................

$13.38

$12.44

$11.63

$9.67

$9.50

Total

return

...................................

17.54%

12.66%

25.60%

12.17%

(16.00)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.97%

2.07%

2.75%

3.33%

3.59%

Expenses

net

waiver

and

payments

affiliates

......

0.95%

0.93%

0.92%

0.90%

0.92%

Net

investment

income

...........................

0.85%

0.97%

1.03%

0.13%

0.58%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$78

$55

$25

$13

$11

Portfolio

turnover

rate

............................

19%

28%

21%

22%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.57

$11.69

$9.71

$9.52

$13.20

Income

from

investment

operations

Net

investment

income

b,c

........................

0.18

0.15

0.16

0.05

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.94

1.32

2.28

1.03

(1.85)

Total

from

investment

operations

....................

2.12

1.47

2.44

1.08

(1.75)

Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.45)

(0.21)

(0.02)

(0.67)

Net

realized

gains

.............................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

Total

distributions

...............................

(1.21)

(0.59)

(0.46)

(0.89)

(1.93)

Net

asset

value,

end

year

.......................

$13.48

$12.57

$11.69

$9.71

$9.52

Total

return

....................................

17.93%

13.12%

26.00%

12.60%

(15.74)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.63%

1.72%

2.40%

2.98%

3.24%

Expenses

net

waiver

and

payments

affiliates

......

0.60%

0.58%

0.57%

0.55%

0.57%

Net

investment

income

...........................

1.42%

1.32%

1.50%

0.49%

0.93%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$754

$17

$15

$12

$11

Portfolio

turnover

rate

............................

19%

28%

21%

22%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.59

$11.71

$9.72

$9.54

$13.22

Income

from

investment

operations

Net

investment

income

b,c

........................

0.22

0.18

0.07

0.13

Net

realized

and

unrealized

gains

(losses)

...........

1.95

1.32

2.30

1.02

(1.85)

Total

from

investment

operations

....................

2.17

1.50

2.48

1.09

(1.72)

Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.48)

(0.24)

(0.04)

(0.70)

Net

realized

gains

.............................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

Total

distributions

...............................

(1.20)

(0.62)

(0.49)

(0.91)

(1.96)

Net

asset

value,

end

year

.......................

$13.56

$12.59

$11.71

$9.72

$9.54

Total

return

....................................

18.22%

13.37%

26.37%

12.78%

(15.49)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.36%

1.47%

2.15%

2.73%

2.99%

Expenses

net

waiver

and

payments

affiliates

......

0.34%

0.33%

0.32%

0.30%

0.32%

Net

investment

income

...........................

1.75%

1.57%

1.75%

0.74%

1.18%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$28

$16

$15

$12

$11

Portfolio

turnover

rate

............................

19%

28%

21%

22%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.60

$11.72

$9.73

$9.55

$13.24

Income

from

investment

operations

Net

investment

income

b,c

........................

0.21

0.19

0.08

0.10

Net

realized

and

unrealized

gains

(losses)

...........

1.99

1.32

2.31

1.05

(1.80)

Total

from

investment

operations

....................

2.20

1.53

2.50

1.13

(1.70)

Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.51)

(0.26)

(0.08)

(0.73)

Net

realized

gains

.............................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

Total

distributions

...............................

(1.20)

(0.65)

(0.51)

(0.95)

(1.99)

Net

asset

value,

end

year

.......................

$13.60

$12.60

$11.72

$9.73

$9.55

Total

return

....................................

18.50%

13.68%

26.67%

13.17%

(15.34)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.10%

1.22%

1.90%

2.48%

2.74%

Expenses

net

waiver

and

payments

affiliates

......

0.09%

0.08%

0.07%

0.05%

0.07%

Net

investment

income

...........................

1.64%

1.81%

1.83%

0.87%

0.94%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$88

$60

$71

$42

$28

Portfolio

turnover

rate

............................

19%

28%

21%

22%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.63

$11.75

$9.75

$9.56

$13.25

Income

from

investment

operations

Net

investment

income

b,c

........................

0.26

0.23

0.11

0.17

Net

realized

and

unrealized

gains

(losses)

...........

1.97

1.31

2.29

1.03

(1.85)

Total

from

investment

operations

....................

2.23

1.54

2.52

1.14

(1.68)

Less

distributions

from:

Net

investment

income

..........................

(0.43)

(0.52)

(0.27)

(0.08)

(0.75)

Net

realized

gains

.............................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

Total

distributions

...............................

(1.22)

(0.66)

(0.52)

(0.95)

(2.01)

Net

asset

value,

end

year

.......................

$13.64

$12.63

$11.75

$9.75

$9.56

Total

return

....................................

18.73%

13.77%

26.87%

13.36%

(15.19)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.98%

1.07%

1.75%

2.33%

2.59%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.07)%

(0.08)%

(0.10)%

(0.08)%

Net

investment

income

...........................

1.97%

2.15%

1.14%

1.58%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$18

$17

$16

$12

$11

Portfolio

turnover

rate

............................

19%

28%

21%

22%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.05%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2050

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.64

$11.76

$9.76

$9.57

$13.26

Income

from

investment

operations

Net

investment

income

b,c

........................

0.25

0.24

0.22

0.11

0.19

Net

realized

and

unrealized

gains

(losses)

...........

1.99

1.32

2.31

1.04

(1.86)

Total

from

investment

operations

....................

2.24

1.56

2.53

1.15

(1.67)

Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.54)

(0.28)

(0.09)

(0.76)

Net

realized

gains

.............................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

Total

distributions

...............................

(1.23)

(0.68)

(0.53)

(0.96)

(2.02)

Net

asset

value,

end

year

.......................

$13.65

$12.64

$11.76

$9.76

$9.57

Total

return

....................................

18.83%

13.89%

26.95%

13.48%

(15.08)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.89%

0.97%

1.65%

2.23%

2.49%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.17)%

(0.18)%

(0.20)%

(0.18)%

Net

investment

income

...........................

1.92%

2.07%

2.03%

1.21%

1.73%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$32,522

$23,793

$16,361

$5,676

$4,165

Portfolio

turnover

rate

............................

19%

28%

21%

22%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.15%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2050

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.62

$11.75

$9.75

$9.56

$13.25

Income

from

investment

operations

Net

investment

income

b,c

........................

0.33

0.23

0.11

0.17

Net

realized

and

unrealized

gains

(losses)

...........

1.89

1.31

2.29

1.03

(1.85)

Total

from

investment

operations

....................

2.22

1.54

2.52

1.14

(1.68)

Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.53)

(0.27)

(0.08)

(0.75)

Net

realized

gains

.............................

(0.79)

(0.14)

(0.25)

(0.87)

(1.26)

Total

distributions

...............................

(1.21)

(0.67)

(0.52)

(0.95)

(2.01)

Net

asset

value,

end

year

.......................

$13.63

$12.62

$11.75

$9.75

$9.56

Total

return

....................................

18.68%

13.77%

26.86%

13.37%

(15.19)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

0.98%

1.07%

1.75%

2.33%

2.59%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.07)%

(0.08)%

(0.10)%

(0.08)%

Net

investment

income

...........................

2.49%

1.97%

2.15%

1.14%

1.57%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$119

$148

$17

$13

$12

Portfolio

turnover

rate

............................

19%

28%

21%

22%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.05%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2026

Franklin

Retirement

Advantage

2050

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

98.6%

Asset

Allocation

98.6%

Franklin

Dynamic

Asset

Allocation

Equity

Fund

Class

......................

170,645

3,245,670

Franklin

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

1,313,391

32,164,935

35,410,605

Total

Investments

Underlying

Funds

(Cost

31,092,215

)

.......................

35,410,605

Short

Term

Investments

1.4%

Management

Investment

Companies

1.4%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.863

.......................

500,801

Total

Management

Investment

Companies

(Cost

500,801

)

.......................

500,801

Total

Short

Term

Investments

(Cost

500,801

)

..................................

500,801

Total

Investments

(Cost

31,593,016

)

100.0

...................................

$35,911,406

Other

Assets,

less

Liabilities

(0.0)

†

...........................................

(1,370)

Net

Assets

100.0%

...........................................................

$35,910,036

†

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

2055

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.24

$12.29

$10.09

$9.66

$13.43

Income

from

investment

operations

Net

investment

income

b,c

........................

0.17

0.19

0.11

0.07

0.06

Net

realized

and

unrealized

gains

(losses)

...........

2.22

1.46

2.56

1.19

(1.83)

Total

from

investment

operations

....................

2.39

1.65

2.67

1.26

(1.77)

Less

distributions

from:

Net

investment

income

..........................

(0.38)

(0.49)

(0.22)

(0.06)

(0.75)

Net

realized

gains

.............................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

Total

distributions

...............................

(1.25)

(0.70)

(0.47)

(0.83)

(2.00)

Net

asset

value,

end

year

.......................

$14.38

$13.24

$12.29

$10.09

$9.66

Total

return

...................................

19.18%

14.17%

27.33%

14.28%

(15.71)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.41%

1.60%

2.48%

3.27%

3.71%

Expenses

net

waiver

and

payments

affiliates

......

0.20%

0.19%

0.18%

0.16%

0.17%

Net

investment

income

...........................

1.28%

1.50%

0.95%

0.69%

0.59%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$4,154

$2,533

$649

$261

$171

Portfolio

turnover

rate

............................

20%

45%

21%

37%

25%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.10

$12.18

$10.03

$9.63

$13.37

Income

from

investment

operations

Net

investment

income

(loss)

b,c

....................

0.05

0.09

(0.06)

—

Net

realized

and

unrealized

gains

(losses)

...........

2.22

1.45

2.64

1.17

(1.85)

Total

from

investment

operations

....................

2.27

1.54

2.58

1.17

(1.85)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.41)

(0.18)

—

(0.64)

Net

realized

gains

.............................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

Total

distributions

...............................

(1.18)

(0.62)

(0.43)

(0.77)

(1.89)

Net

asset

value,

end

year

.......................

$14.19

$13.10

$12.18

$10.03

$9.63

Total

return

...................................

18.33%

13.26%

26.51%

13.29%

(16.28)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.17%

2.35%

3.23%

4.02%

4.46%

Expenses

net

waiver

and

payments

affiliates

......

0.95%

0.94%

0.93%

0.91%

0.92%

Net

investment

income

(loss)

......................

0.36%

0.75%

(0.50)%

—%

0.03%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$263

$108

$113

$15

$18

Portfolio

turnover

rate

............................

20%

45%

21%

37%

25%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.25

$12.30

$10.09

$9.65

$13.40

Income

from

investment

operations

Net

investment

income

b,c

........................

0.06

0.14

0.11

0.04

0.08

Net

realized

and

unrealized

gains

(losses)

...........

2.27

1.46

2.53

1.17

(1.90)

Total

from

investment

operations

....................

2.33

1.60

2.64

1.21

(1.82)

Less

distributions

from:

Net

investment

income

..........................

(0.38)

(0.44)

(0.18)

—

(0.68)

Net

realized

gains

.............................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

Total

distributions

...............................

(1.25)

(0.65)

(0.43)

(0.77)

(1.93)

Net

asset

value,

end

year

.......................

$14.33

$13.25

$12.30

$10.09

$9.65

Total

return

....................................

18.69%

13.67%

26.91%

13.75%

(16.02)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.81%

2.00%

2.88%

3.67%

4.11%

Expenses

net

waiver

and

payments

affiliates

......

0.59%

0.58%

0.56%

0.57%

Net

investment

income

...........................

0.41%

1.10%

0.99%

0.40%

0.71%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$68

$17

$16

$12

$11

Portfolio

turnover

rate

............................

20%

45%

21%

37%

25%

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

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.28

$12.32

$10.11

$9.67

$13.42

Income

from

investment

operations

Net

investment

income

b,c

........................

0.18

0.17

0.14

0.06

0.11

Net

realized

and

unrealized

gains

(losses)

...........

2.20

1.47

2.52

1.18

(1.89)

Total

from

investment

operations

....................

2.38

1.64

2.66

1.24

(1.78)

Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.47)

(0.20)

(0.03)

(0.72)

Net

realized

gains

.............................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

Total

distributions

...............................

(1.22)

(0.68)

(0.45)

(0.80)

(1.97)

Net

asset

value,

end

year

.......................

$14.44

$13.28

$12.32

$10.11

$9.67

Total

return

....................................

18.99%

14.01%

27.14%

14.04%

(15.78)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.55%

1.75%

2.63%

3.42%

3.86%

Expenses

net

waiver

and

payments

affiliates

......

0.34%

0.33%

0.31%

0.32%

Net

investment

income

...........................

1.33%

1.35%

1.24%

0.65%

0.95%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$18

$17

$16

$12

$11

Portfolio

turnover

rate

............................

20%

45%

21%

37%

25%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.30

$12.34

$10.12

$9.68

$13.44

Income

from

investment

operations

Net

investment

income

b,c

........................

0.27

0.20

0.15

0.08

Net

realized

and

unrealized

gains

(losses)

...........

2.14

1.47

2.54

1.19

(1.84)

Total

from

investment

operations

....................

2.41

1.67

2.69

1.27

(1.76)

Less

distributions

from:

Net

investment

income

..........................

(0.40)

(0.50)

(0.22)

(0.06)

(0.75)

Net

realized

gains

.............................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

Total

distributions

...............................

(1.27)

(0.71)

(0.47)

(0.83)

(2.00)

Net

asset

value,

end

year

.......................

$14.44

$13.30

$12.34

$10.12

$9.68

Total

return

....................................

19.29%

14.28%

27.48%

14.39%

(15.62)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.31%

1.50%

2.38%

3.17%

3.61%

Expenses

net

waiver

and

payments

affiliates

......

0.09%

0.08%

0.06%

0.07%

Net

investment

income

...........................

1.96%

1.60%

1.39%

0.86%

0.73%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$320

$47

$38

$26

$30

Portfolio

turnover

rate

............................

20%

45%

21%

37%

25%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.32

$12.36

$10.13

$9.69

$13.45

Income

from

investment

operations

Net

investment

income

b,c

........................

0.24

0.22

0.18

0.10

0.15

Net

realized

and

unrealized

gains

(losses)

...........

2.20

1.47

2.54

1.18

(1.89)

Total

from

investment

operations

....................

2.44

1.69

2.72

1.28

(1.74)

Less

distributions

from:

Net

investment

income

..........................

(0.40)

(0.52)

(0.24)

(0.07)

(0.77)

Net

realized

gains

.............................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

Total

distributions

...............................

(1.27)

(0.73)

(0.49)

(0.84)

(2.02)

Net

asset

value,

end

year

.......................

$14.49

$13.32

$12.36

$10.13

$9.69

Total

return

....................................

19.45%

14.40%

27.76%

14.51%

(15.48)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.17%

1.35%

2.23%

3.02%

3.46%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.06)%

(0.07)%

(0.09)%

(0.08)%

Net

investment

income

...........................

1.73%

1.75%

1.64%

1.05%

1.35%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$19

$17

$16

$12

$11

Portfolio

turnover

rate

............................

20%

45%

21%

37%

25%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.06%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2055

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.33

$12.37

$10.14

$9.70

$13.46

Income

from

investment

operations

Net

investment

income

b,c

........................

0.23

0.18

0.12

0.15

Net

realized

and

unrealized

gains

(losses)

...........

2.23

1.47

2.55

1.17

(1.88)

Total

from

investment

operations

....................

2.46

1.70

2.73

1.29

(1.73)

Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.53)

(0.25)

(0.08)

(0.78)

Net

realized

gains

.............................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

Total

distributions

...............................

(1.28)

(0.74)

(0.50)

(0.85)

(2.03)

Net

asset

value,

end

year

.......................

$14.51

$13.33

$12.37

$10.14

$9.70

Total

return

....................................

19.62%

14.51%

27.84%

14.62%

(15.37)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.08%

1.25%

2.13%

2.92%

3.36%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.16)%

(0.17)%

(0.19)%

(0.18)%

Net

investment

income

...........................

1.68%

1.85%

1.61%

1.26%

1.38%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$21,562

$14,743

$8,788

$3,551

$2,899

Portfolio

turnover

rate

............................

20%

45%

21%

37%

25%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.15%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2055

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.32

$12.36

$10.13

$9.69

$13.45

Income

from

investment

operations

Net

investment

income

b,c

........................

0.23

0.22

0.18

0.10

0.15

Net

realized

and

unrealized

gains

(losses)

...........

2.21

1.47

2.54

1.18

(1.89)

Total

from

investment

operations

....................

2.44

1.69

2.72

1.28

(1.74)

Less

distributions

from:

Net

investment

income

..........................

(0.40)

(0.52)

(0.24)

(0.07)

(0.77)

Net

realized

gains

.............................

(0.87)

(0.21)

(0.25)

(0.77)

(1.25)

Total

distributions

...............................

(1.27)

(0.73)

(0.49)

(0.84)

(2.02)

Net

asset

value,

end

year

.......................

$14.49

$13.32

$12.36

$10.13

$9.69

Total

return

....................................

19.49%

14.41%

27.76%

14.51%

(15.48)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.17%

1.35%

2.23%

3.02%

3.46%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.06)%

(0.07)%

(0.09)%

(0.08)%

Net

investment

income

...........................

1.64%

1.75%

1.63%

1.04%

1.35%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$165

$140

$18

$14

$11

Portfolio

turnover

rate

............................

20%

45%

21%

37%

25%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.05%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2026

Franklin

Retirement

Advantage

2055

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

99.5%

Asset

Allocation

99.5%

Franklin

Dynamic

Asset

Allocation

Equity

Fund

Class

......................

440,030

8,369,369

Franklin

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

737,819

18,069,180

26,438,549

Total

Investments

Underlying

Funds

(Cost

23,031,223

)

.......................

26,438,549

Short

Term

Investments

0.5%

Management

Investment

Companies

0.5%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.863

.......................

127,443

Total

Management

Investment

Companies

(Cost

127,443

)

.......................

127,443

Total

Short

Term

Investments

(Cost

127,443

)

..................................

127,443

Total

Investments

(Cost

23,158,666

)

100.0

...................................

$26,565,992

Other

Assets,

less

Liabilities

0.0

†

............................................

2,864

Net

Assets

100.0%

...........................................................

$26,568,856

†

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

2060

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.23

$12.13

$10.25

$9.48

$13.66

Income

from

investment

operations

Net

investment

income

b,c

........................

0.16

0.15

0.10

0.04

0.08

Net

realized

and

unrealized

gains

(losses)

...........

2.33

1.55

2.62

1.31

(1.83)

Total

from

investment

operations

....................

2.49

1.70

2.72

1.35

(1.75)

Less

distributions

from:

Net

investment

income

..........................

(0.32)

(0.44)

(0.18)

(0.03)

(0.75)

Net

realized

gains

.............................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

Total

distributions

...............................

(1.15)

(0.60)

(0.84)

(0.58)

(2.43)

Net

asset

value,

end

year

.......................

$14.57

$13.23

$12.13

$10.25

$9.48

Total

return

...................................

19.88%

14.71%

28.16%

15.26%

(15.91)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.61%

1.90%

3.22%

5.29%

7.94%

Expenses

net

waiver

and

payments

affiliates

......

0.20%

0.19%

0.17%

0.18%

Net

investment

income

...........................

1.14%

1.23%

0.88%

0.42%

0.75%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$2,814

$2,238

$625

$372

$118

Portfolio

turnover

rate

............................

18%

31%

19%

28%

25%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$12.99

$11.93

$10.15

$9.44

$13.59

Income

from

investment

operations

Net

investment

income

b,c

........................

0.03

0.06

0.02

Net

realized

and

unrealized

gains

(losses)

...........

2.33

1.53

2.58

1.24

(1.85)

Total

from

investment

operations

....................

2.36

1.59

2.60

1.26

(1.83)

Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.37)

(0.16)

—

(0.64)

Net

realized

gains

.............................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

Total

distributions

...............................

(0.97)

(0.53)

(0.82)

(0.55)

(2.32)

Net

asset

value,

end

year

.......................

$14.38

$12.99

$11.93

$10.15

$9.44

Total

return

...................................

19.02%

13.87%

27.21%

14.32%

(16.48)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.33%

2.66%

3.97%

6.04%

8.69%

Expenses

net

waiver

and

payments

affiliates

......

0.95%

0.94%

0.92%

0.93%

Net

investment

income

...........................

0.22%

0.48%

0.17%

0.16%

0.17%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$76

$105

$71

$13

$11

Portfolio

turnover

rate

............................

18%

31%

19%

28%

25%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.18

$12.09

$10.21

$9.46

$13.62

Income

from

investment

operations

Net

investment

income

b,c

........................

0.15

0.10

0.06

0.05

0.06

Net

realized

and

unrealized

gains

(losses)

...........

2.26

1.55

2.61

1.25

(1.85)

Total

from

investment

operations

....................

2.41

1.65

2.67

1.30

(1.79)

Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.40)

(0.13)

—

(0.69)

Net

realized

gains

.............................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

Total

distributions

...............................

(1.16)

(0.56)

(0.79)

(0.55)

(2.37)

Net

asset

value,

end

year

.......................

$14.43

$13.18

$12.09

$10.21

$9.46

Total

return

....................................

19.37%

14.27%

27.70%

14.73%

(16.22)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.99%

2.31%

3.62%

5.69%

8.34%

Expenses

net

waiver

and

payments

affiliates

......

0.59%

0.60%

0.59%

0.57%

0.58%

Net

investment

income

...........................

1.07%

0.83%

0.55%

0.53%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$177

$24

$16

$12

$11

Portfolio

turnover

rate

............................

18%

31%

19%

28%

25%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.23

$12.14

$10.25

$9.48

$13.64

Income

from

investment

operations

Net

investment

income

b,c

........................

0.14

0.13

0.09

0.07

0.09

Net

realized

and

unrealized

gains

(losses)

...........

2.32

1.56

2.62

1.26

(1.85)

Total

from

investment

operations

....................

2.46

1.69

2.71

1.33

(1.76)

Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.44)

(0.16)

(0.01)

(0.72)

Net

realized

gains

.............................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

Total

distributions

...............................

(1.12)

(0.60)

(0.82)

(0.56)

(2.40)

Net

asset

value,

end

year

.......................

$14.57

$13.23

$12.14

$10.25

$9.48

Total

return

....................................

19.67%

14.55%

27.98%

14.99%

(15.97)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.74%

2.06%

3.37%

5.44%

8.09%

Expenses

net

waiver

and

payments

affiliates

......

0.35%

0.34%

0.32%

0.33%

Net

investment

income

...........................

1.03%

1.08%

0.80%

0.78%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$25

$17

$16

$12

$11

Portfolio

turnover

rate

............................

18%

31%

19%

28%

25%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.64

$12.15

$10.26

$9.49

$13.66

Income

from

investment

operations

Net

investment

income

b,c

........................

0.23

0.17

0.11

0.08

0.09

Net

realized

and

unrealized

gains

(losses)

...........

2.35

1.60

2.62

1.28

(1.83)

Total

from

investment

operations

....................

2.58

1.77

2.73

1.36

(1.74)

Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.12)

(0.18)

(0.04)

(0.75)

Net

realized

gains

.............................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

Total

distributions

...............................

(1.17)

(0.28)

(0.84)

(0.59)

(2.43)

Net

asset

value,

end

year

.......................

$15.05

$13.64

$12.15

$10.26

$9.49

Total

return

....................................

20.02%

14.85%

28.26%

15.36%

(15.81)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.49%

1.81%

3.12%

5.19%

7.84%

Expenses

net

waiver

and

payments

affiliates

......

0.10%

0.09%

0.07%

0.08%

Net

investment

income

...........................

1.65%

1.33%

0.99%

0.83%

0.80%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$243

$32

$24

$27

$20

Portfolio

turnover

rate

............................

18%

31%

19%

28%

25%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.31

$12.18

$10.28

$9.50

$13.67

Income

from

investment

operations

Net

investment

income

b,c

........................

0.20

0.18

0.13

0.11

0.13

Net

realized

and

unrealized

gains

(losses)

...........

2.35

1.56

2.63

1.27

(1.85)

Total

from

investment

operations

....................

2.55

1.74

2.76

1.38

(1.72)

Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.45)

(0.20)

(0.05)

(0.77)

Net

realized

gains

.............................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

Total

distributions

...............................

(1.17)

(0.61)

(0.86)

(0.60)

(2.45)

Net

asset

value,

end

year

.......................

$14.69

$13.31

$12.18

$10.28

$9.50

Total

return

....................................

20.23%

14.99%

28.48%

15.56%

(15.67)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.36%

1.66%

2.97%

5.04%

7.69%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.05)%

(0.06)%

(0.08)%

(0.07)%

Net

investment

income

...........................

1.48%

1.20%

1.18%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$20

$18

$16

$13

$11

Portfolio

turnover

rate

............................

18%

31%

19%

28%

25%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.05%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2060

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.30

$12.19

$10.28

$9.51

$13.68

Income

from

investment

operations

Net

investment

income

b,c

........................

0.20

0.19

0.12

0.11

0.13

Net

realized

and

unrealized

gains

(losses)

...........

2.35

1.56

2.66

1.27

(1.84)

Total

from

investment

operations

....................

2.55

1.75

2.78

1.38

(1.71)

Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.48)

(0.21)

(0.06)

(0.78)

Net

realized

gains

.............................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

Total

distributions

...............................

(1.18)

(0.64)

(0.87)

(0.61)

(2.46)

Net

asset

value,

end

year

.......................

$14.67

$13.30

$12.19

$10.28

$9.51

Total

return

....................................

20.28%

15.09%

28.70%

15.57%

(15.55)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.27%

1.56%

2.87%

4.94%

7.59%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.15)%

(0.16)%

(0.18)%

(0.17)%

Net

investment

income

...........................

1.42%

1.58%

1.13%

1.16%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$17,294

$10,818

$6,620

$2,051

$1,050

Portfolio

turnover

rate

............................

18%

31%

19%

28%

25%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.15%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2060

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.29

$12.18

$10.28

$9.51

$13.67

Income

from

investment

operations

Net

investment

income

b,c

........................

0.18

0.13

0.11

0.13

Net

realized

and

unrealized

gains

(losses)

...........

2.36

1.56

2.63

1.26

(1.84)

Total

from

investment

operations

....................

2.54

1.74

2.76

1.37

(1.71)

Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.47)

(0.20)

(0.05)

(0.77)

Net

realized

gains

.............................

(0.83)

(0.16)

(0.66)

(0.55)

(1.68)

Total

distributions

...............................

(1.16)

(0.63)

(0.86)

(0.60)

(2.45)

Net

asset

value,

end

year

.......................

$14.67

$13.29

$12.18

$10.28

$9.51

Total

return

....................................

20.25%

14.97%

28.49%

15.44%

(15.58)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

1.35%

1.66%

2.97%

5.04%

7.69%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.05)%

(0.06)%

(0.08)%

(0.07)%

Net

investment

income

...........................

1.33%

1.48%

1.21%

1.17%

1.18%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$30

$32

$24

$18

$14

Portfolio

turnover

rate

............................

18%

31%

19%

28%

25%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.05%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2026

Franklin

Retirement

Advantage

2060

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

99.5%

Asset

Allocation

99.5%

Franklin

Dynamic

Asset

Allocation

Equity

Fund

Class

......................

615,583

11,708,387

Franklin

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

362,203

8,870,347

20,578,734

Total

Investments

Underlying

Funds

(Cost

17,648,658

)

.......................

20,578,734

Short

Term

Investments

0.5%

Management

Investment

Companies

0.5%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.863

.......................

96,990

Total

Management

Investment

Companies

(Cost

96,990

)

........................

96,990

Total

Short

Term

Investments

(Cost

96,990

)

...................................

96,990

Total

Investments

(Cost

17,745,648

)

100.0

...................................

$20,675,724

Other

Assets,

less

Liabilities

0.0

†

............................................

1,392

Net

Assets

100.0%

...........................................................

$20,677,116

†

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

2065

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.74

$12.62

$10.36

$9.43

$11.88

Income

from

investment

operations

Net

investment

income

b,c

........................

0.16

0.13

0.05

0.03

0.08

Net

realized

and

unrealized

gains

(losses)

...........

2.52

1.69

2.80

1.36

(1.86)

Total

from

investment

operations

....................

2.68

1.82

2.85

1.39

(1.78)

Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.44)

(0.14)

(0.02)

(0.67)

Net

realized

gains

.............................

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.99)

(0.70)

(0.59)

(0.46)

(0.67)

Net

asset

value,

end

year

.......................

$15.43

$13.74

$12.62

$10.36

$9.43

Total

return

...................................

20.36%

15.14%

28.63%

15.57%

(15.94)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

3.07%

5.83%

11.66%

28.68%

70.55%

Expenses

net

waiver

and

payments

affiliates

......

0.20%

0.18%

0.20%

0.18%

Net

investment

income

...........................

1.08%

1.02%

0.47%

0.32%

0.79%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$1,449

$1,004

$645

$234

$42

Portfolio

turnover

rate

............................

30%

48%

33%

13%

10%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.52

$12.45

$10.26

$9.40

$11.82

Income

from

investment

operations

Net

investment

income

(loss)

b,c

....................

0.03

(0.02)

—

0.01

Net

realized

and

unrealized

gains

(losses)

...........

2.51

1.67

2.76

1.30

(1.86)

Total

from

investment

operations

....................

2.54

1.70

2.74

1.30

(1.85)

Less

distributions

from:

Net

investment

income

..........................

(0.18)

(0.37)

(0.10)

—

(0.57)

Net

realized

gains

.............................

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.88)

(0.63)

(0.55)

(0.44)

(0.57)

Net

asset

value,

end

year

.......................

$15.18

$13.52

$12.45

$10.26

$9.40

Total

return

...................................

19.52%

14.29%

27.72%

14.54%

(16.50)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

3.86%

6.59%

12.41%

29.43%

71.30%

Expenses

net

waiver

and

payments

affiliates

......

0.95%

0.94%

0.95%

0.93%

Net

investment

income

(loss)

......................

0.19%

0.27%

(0.18)%

(0.03)%

0.06%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$116

$84

$67

$32

$12

Portfolio

turnover

rate

............................

30%

48%

33%

13%

10%

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

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.68

$12.57

$10.33

$9.42

$11.85

Income

from

investment

operations

Net

investment

income

b,c

........................

0.09

0.08

0.04

0.05

Net

realized

and

unrealized

gains

(losses)

...........

2.53

1.68

2.76

1.31

(1.87)

Total

from

investment

operations

....................

2.62

1.76

2.80

1.35

(1.82)

Less

distributions

from:

Net

investment

income

..........................

(0.23)

(0.39)

(0.11)

—

(0.61)

Net

realized

gains

.............................

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.93)

(0.65)

(0.56)

(0.44)

(0.61)

Net

asset

value,

end

year

.......................

$15.37

$13.68

$12.57

$10.33

$9.42

Total

return

....................................

19.95%

14.69%

28.10%

15.06%

(16.26)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

3.51%

6.24%

12.06%

29.08%

70.95%

Expenses

net

waiver

and

payments

affiliates

......

0.60%

0.59%

0.60%

0.58%

Net

investment

income

...........................

0.60%

0.62%

0.38%

0.41%

0.47%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$27

$23

$19

$11

$10

Portfolio

turnover

rate

............................

30%

48%

33%

13%

10%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.78

$12.66

$10.38

$9.44

$11.87

Income

from

investment

operations

Net

investment

income

b,c

........................

0.10

0.03

0.07

0.06

0.08

Net

realized

and

unrealized

gains

(losses)

...........

2.58

1.77

2.78

1.32

(1.87)

Total

from

investment

operations

....................

2.68

1.80

2.85

1.38

(1.79)

Less

distributions

from:

Net

investment

income

..........................

(0.12)

(0.42)

(0.12)

(—)

(0.64)

Net

realized

gains

.............................

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.82)

(0.68)

(0.57)

(0.44)

(0.64)

Net

asset

value,

end

year

.......................

$15.64

$13.78

$12.66

$10.38

$9.44

Total

return

....................................

20.19%

14.88%

28.47%

15.37%

(16.03)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

3.91%

5.99%

11.81%

28.83%

70.70%

Expenses

net

waiver

and

payments

affiliates

......

0.35%

0.34%

0.35%

0.33%

Net

investment

income

...........................

0.67%

1.29%

0.59%

0.66%

0.72%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$33

$16

$15

$11

$10

Portfolio

turnover

rate

............................

30%

48%

33%

13%

10%

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

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.80

$12.66

$10.38

$9.46

$11.89

Income

from

investment

operations

Net

investment

income

b,c

........................

0.15

0.14

0.09

0.08

0.06

Net

realized

and

unrealized

gains

(losses)

...........

2.55

1.70

2.79

1.32

(1.82)

Total

from

investment

operations

....................

2.70

1.84

2.88

1.40

(1.76)

Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.44)

(0.15)

(0.04)

(0.67)

Net

realized

gains

.............................

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(0.99)

(0.70)

(0.60)

(0.48)

(0.67)

Net

asset

value,

end

year

.......................

$15.51

$13.80

$12.66

$10.38

$9.46

Total

return

....................................

20.48%

15.29%

28.81%

15.55%

(15.79)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

3.02%

5.74%

11.56%

28.58%

70.45%

Expenses

net

waiver

and

payments

affiliates

......

0.10%

0.09%

0.10%

0.08%

Net

investment

income

...........................

1.04%

1.12%

0.81%

0.86%

0.54%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$122

$85

$75

$57

$34

Portfolio

turnover

rate

............................

30%

48%

33%

13%

10%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.83

$12.70

$10.40

$9.47

$11.90

Income

from

investment

operations

Net

investment

income

b,c

........................

0.18

0.16

0.11

0.10

0.12

Net

realized

and

unrealized

gains

(losses)

...........

2.56

1.70

2.80

1.31

(1.87)

Total

from

investment

operations

....................

2.74

1.86

2.91

1.41

(1.75)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.47)

(0.16)

(0.04)

(0.68)

Net

realized

gains

.............................

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(1.01)

(0.73)

(0.61)

(0.48)

(0.68)

Net

asset

value,

end

year

.......................

$15.56

$13.83

$12.70

$10.40

$9.47

Total

return

....................................

20.73%

15.37%

29.08%

15.71%

(15.66)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.85%

5.58%

11.41%

28.43%

70.30%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.06)%

(0.05)%

(0.07)%

Net

investment

income

...........................

1.24%

1.27%

0.99%

1.06%

1.11%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$23

$17

$15

$12

$10

Portfolio

turnover

rate

............................

30%

48%

33%

13%

10%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.05%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2065

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.83

$12.70

$10.40

$9.47

$11.91

Income

from

investment

operations

Net

investment

income

b,c

........................

0.17

0.12

0.08

0.06

Net

realized

and

unrealized

gains

(losses)

...........

2.58

1.70

2.80

1.34

(1.80)

Total

from

investment

operations

....................

2.75

1.87

2.92

1.42

(1.74)

Less

distributions

from:

Net

investment

income

..........................

(0.32)

(0.48)

(0.17)

(0.05)

(0.70)

Net

realized

gains

.............................

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(1.02)

(0.74)

(0.62)

(0.49)

(0.70)

Net

asset

value,

end

year

.......................

$15.56

$13.83

$12.70

$10.40

$9.47

Total

return

....................................

20.83%

15.50%

29.20%

15.83%

(15.65)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.59%

5.48%

11.31%

28.33%

70.20%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.17)%

(0.15)%

(0.17)%

Net

investment

income

...........................

1.14%

1.37%

1.05%

0.81%

0.60%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$5,007

$2,011

$275

$141

$36

Portfolio

turnover

rate

............................

30%

48%

33%

13%

10%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.15%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2065

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

...................

$13.83

$12.69

$10.40

$9.46

$11.90

Income

from

investment

operations

Net

investment

income

b,c

........................

0.18

0.16

0.15

0.10

0.12

Net

realized

and

unrealized

gains

(losses)

...........

2.55

1.71

2.75

1.32

(1.87)

Total

from

investment

operations

....................

2.73

1.87

2.90

1.42

(1.75)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.47)

(0.16)

(0.04)

(0.69)

Net

realized

gains

.............................

(0.70)

(0.26)

(0.45)

(0.44)

—

Total

distributions

...............................

(1.01)

(0.73)

(0.61)

(0.48)

(0.69)

Net

asset

value,

end

year

.......................

$15.55

$13.83

$12.69

$10.40

$9.46

Total

return

....................................

20.66%

15.47%

28.97%

15.83%

(15.73)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

......

2.86%

5.58%

11.41%

28.43%

70.30%

Expenses

net

waiver

and

payments

affiliates

......

—%

(0.07)%

(0.05)%

(0.07)%

Net

investment

income

...........................

1.24%

1.27%

1.37%

1.04%

1.11%

Supplemental

data

Net

assets,

end

year

(000’s)

.....................

$69

$52

$17

$25

$22

Portfolio

turnover

rate

............................

30%

48%

33%

13%

10%

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

which

the

Fund

invests.

Does

not

include

fees

and

expenses

the

Underlying

Funds

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.05%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2026

Franklin

Retirement

Advantage

2065

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Value

Investments

Underlying

Funds

98.8%

Asset

Allocation

98.8%

Franklin

Dynamic

Asset

Allocation

Equity

Fund

Class

......................

272,404

5,181,125

Franklin

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

64,759

1,585,952

6,767,077

Total

Investments

Underlying

Funds

(Cost

5,927,129

)

........................

6,767,077

Short

Term

Investments

0.4%

Management

Investment

Companies

0.4%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.863

.......................

29,578

Total

Management

Investment

Companies

(Cost

29,578

)

........................

29,578

Total

Short

Term

Investments

(Cost

29,578

)

...................................

29,578

Total

Investments

(Cost

5,956,707

)

99.2

.....................................

$6,796,655

Other

Assets,

less

Liabilities

0.8

.............................................

49,292

Net

Assets

100.0%

...........................................................

$6,845,947

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

2070

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

........................................................

$10.40

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

.........................................................

0.12

(—)

Net

realized

and

unrealized

gains

(losses)

................................................

1.94

0.40

Total

from

investment

operations

.........................................................

2.06

0.40

Less

distributions

from:

Net

investment

income

...............................................................

(0.21)

—

Net

asset

value,

end

year

............................................................

$12.25

$10.40

Total

return

.........................................................................

20.07%

4.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

14.19%

27.18%

Expenses

net

waiver

and

payments

affiliates

...........................................

0.18%

0.20%

Net

investment

income

(loss)

...........................................................

1.03%

(0.24)%

Supplemental

data

Net

assets,

end

year

(000’s)

..........................................................

$295

$30

Portfolio

turnover

rate

.................................................................

—%

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

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

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

........................................................

$10.40

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

.........................................................

0.03

(0.01)

Net

realized

and

unrealized

gains

(losses)

................................................

1.95

0.41

Total

from

investment

operations

.........................................................

1.98

0.40

Less

distributions

from:

Net

investment

income

...............................................................

(0.19)

—

Net

asset

value,

end

year

............................................................

$12.19

$10.40

Total

return

........................................................................

19.25%

4.00%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

15.91%

28.16%

Expenses

net

waiver

and

payments

affiliates

...........................................

0.93%

0.96%

Net

investment

income

(loss)

...........................................................

0.24%

(0.92)%

Supplemental

data

Net

assets,

end

year

(000’s)

..........................................................

$12

$10

Portfolio

turnover

rate

.................................................................

—%

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

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

which

the

Fund

invests.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

........................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

.........................................................

0.07

(—)

Net

realized

and

unrealized

gains

(losses)

................................................

1.94

0.41

Total

from

investment

operations

.........................................................

2.01

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.20)

—

Net

asset

value,

end

year

............................................................

$12.22

$10.41

Total

return

.........................................................................

19.59%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

15.54%

27.82%

Expenses

net

waiver

and

payments

affiliates

...........................................

0.58%

0.62%

Net

investment

income

(loss)

...........................................................

0.59%

(0.58)%

Supplemental

data

Net

assets,

end

year

(000’s)

..........................................................

$12

$10

Portfolio

turnover

rate

.................................................................

—%

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

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

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

........................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

.........................................................

0.10

(—)

Net

realized

and

unrealized

gains

(losses)

................................................

1.95

0.41

Total

from

investment

operations

.........................................................

2.05

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.21)

—

Net

asset

value,

end

year

............................................................

$12.25

$10.41

Total

return

.........................................................................

19.89%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

15.27%

27.58%

Expenses

net

waiver

and

payments

affiliates

...........................................

0.31%

0.39%

Net

investment

income

(loss)

...........................................................

0.86%

(0.35)%

Supplemental

data

Net

assets,

end

year

(000’s)

..........................................................

$12

$10

Portfolio

turnover

rate

.................................................................

—%

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

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

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

........................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

(loss)

c,d

.........................................................

0.16

(—)

Net

realized

and

unrealized

gains

(losses)

................................................

1.92

0.41

Total

from

investment

operations

.........................................................

2.08

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.22)

—

Net

asset

value,

end

year

............................................................

$12.27

$10.41

Total

return

.........................................................................

20.25%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

15.48%

27.34%

Expenses

net

waiver

and

payments

affiliates

...........................................

0.06%

0.14%

Net

investment

income

(loss)

...........................................................

1.39%

(0.11)%

Supplemental

data

Net

assets,

end

year

(000’s)

..........................................................

$49

$10

Portfolio

turnover

rate

.................................................................

—%

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

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

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

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

which

the

Fund

invests.

Putnam

Target

Date

Funds

Financial

Highlights

Franklin

Retirement

Advantage

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

........................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

c,d

.............................................................

0.14

—

Net

realized

and

unrealized

gains

(losses)

................................................

1.96

0.41

Total

from

investment

operations

.........................................................

2.10

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.23)

—

Net

asset

value,

end

year

............................................................

$12.28

$10.41

Total

return

.........................................................................

20.45%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

14.89%

27.19%

Expenses

net

waiver

and

payments

affiliates

...........................................

—%

(0.01)%

Net

investment

income

................................................................

1.23%

0.05%

Supplemental

data

Net

assets,

end

year

(000’s)

..........................................................

$13

$10

Portfolio

turnover

rate

.................................................................

—%

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

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

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

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

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.07%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2070

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

........................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

c,d

.............................................................

0.15

—

Net

realized

and

unrealized

gains

(losses)

................................................

1.96

0.41

Total

from

investment

operations

.........................................................

2.11

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.23)

—

Net

asset

value,

end

year

............................................................

$12.29

$10.41

Total

return

.........................................................................

20.50%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

14.80%

27.10%

Expenses

net

waiver

and

payments

affiliates

...........................................

—%

(0.11)%

Net

investment

income

................................................................

1.32%

0.14%

Supplemental

data

Net

assets,

end

year

(000’s)

..........................................................

$1,181

$968

Portfolio

turnover

rate

.................................................................

—%

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

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

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

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

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.17%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

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

2070

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Class

Per

operating

performance

(for

outstanding

throughout

the

year)

Net

asset

value,

beginning

year

........................................................

$10.41

$10.00

Income

from

investment

operations

Net

investment

income

c,d

.............................................................

0.14

—

Net

realized

and

unrealized

gains

(losses)

................................................

1.96

0.41

Total

from

investment

operations

.........................................................

2.10

0.41

Less

distributions

from:

Net

investment

income

...............................................................

(0.23)

—

Net

asset

value,

end

year

............................................................

$12.28

$10.41

Total

return

.........................................................................

20.45%

4.10%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

...........................................

14.90%

27.19%

Expenses

net

waiver

and

payments

affiliates

...........................................

—%

(0.01)%

Net

investment

income

................................................................

1.23%

0.05%

Supplemental

data

Net

assets,

end

year

(000’s)

..........................................................

$13

$10

Portfolio

turnover

rate

.................................................................

—%

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

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

which

the

Fund

invests.

Amount

rounds

less

than

$0.01

per

share.

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

which

the

Fund

invests.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

0.07%

waiver

excess

expenses

recorded

other

income,

rather

than

further

reduction

expenses,

resulting

zero

net

expense

ratio.

See

Note

3f.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

Underlying

Funds.

The

net

expense

ratio

negative

result

this

waiver.

Putnam

Target

Date

Funds

Schedule

Investments,

August

31,

2026

Franklin

Retirement

Advantage

2070

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Value

Investments

Underlying

Funds

96.4%

Asset

Allocation

96.4%

Franklin

Dynamic

Asset

Allocation

Equity

Fund

Class

......................

63,178

1,201,644

Franklin

Dynamic

Asset

Allocation

Growth

Fund

Class

......................

13,462

329,678

1,531,322

Total

Investments

Underlying

Funds

(Cost

1,300,945

)

........................

1,531,322

Short

Term

Investments

0.3%

Management

Investment

Companies

0.3%

a,b

Putnam

Short

Term

Investment

Fund

Class

3.863

.......................

5,248

Total

Management

Investment

Companies

(Cost

5,248

)

.........................

5,248

Total

Short

Term

Investments

(Cost

5,248

)

....................................

5,248

Total

Investments

(Cost

1,306,193

)

96.7

.....................................

$1,536,570

Other

Assets,

less

Liabilities

3.3

.............................................

51,396

Net

Assets

100.0%

...........................................................

$1,587,966

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

August

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Assets:

Investments

securities:

Cost

Non-controlled

affiliates

(Note

3f)

.....

$43,837,279

$47,079,993

$52,802,330

$43,862,761

Value

Non-controlled

affiliates

(Note

3f)

.....

46,617,732

49,356,465

56,447,709

48,096,497

Cash

.................................

18,953

2,624

2,269

738

Receivables:

Investment

securities

sold

................

20,372

730

498

Capital

sold

.....................

28,828

25,180

55,974

47,876

Dividends

and

interest

..................

—

8,278

5,322

Prepaid

expenses

.......................

42,486

42,575

42,439

42,459

Total

assets

.......................

46,728,371

49,427,574

56,557,167

48,192,910

Liabilities:

Payables:

Investment

securities

purchased

...........

28,819

24,816

64,147

50,239

Capital

redeemed

................

4,883

730

499

6,574

Management

fees

......................

10,829

22,282

9,897

5,886

Administrative

fees

.....................

180

212

179

Distribution

fees

.......................

1,297

1,279

2,099

1,638

Transfer

agent

fees

.....................

4,319

4,621

5,754

4,624

Reports

shareholders

fees

.............

12,699

10,299

10,639

9,620

Professional

fees

......................

29,622

27,830

29,041

28,966

Distributions

shareholders

..............

15,489

—

Accrued

expenses

and

other

liabilities

........

1,095

—

Total

liabilities

......................

109,232

92,037

122,288

107,726

Net

assets,

value

..............

$46,619,139

$49,335,537

$56,434,879

$48,085,184

Net

assets

consist

of:

Paid-in

capital

..........................

$43,344,536

$46,183,671

$50,967,739

$42,349,161

Total

distributable

earnings

(losses)

..........

3,274,603

3,151,866

5,467,140

5,736,023

Net

assets,

value

..............

$46,619,139

$49,335,537

$56,434,879

$48,085,184

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Class

Net

assets,

value

....................

$6,027,317

$5,582,520

$8,800,581

$6,957,512

outstanding

.....................

533,159

494,299

737,453

564,442

Net

asset

value

per

a,b

...............

$11.30

$11.29

$11.93

$12.33

Maximum

offering

price

per

(net

asset

value

per

96.00%,

94.25%,

94.25%

and

94.25%,

respectively)

...................

$11.77

$11.98

$12.66

$13.08

Class

Net

assets,

value

....................

$11,613

$21,060

$123,710

$95,965

outstanding

.....................

1,047

1,836

10,022

7,699

Net

asset

value

and

maximum

offering

price

per

a,b

..............................

$11.09

$11.47

$12.34

$12.46

Class

Net

assets,

value

....................

$11,744

$53,833

$265,767

$138,610

outstanding

.....................

1,049

4,773

22,354

11,267

Net

asset

value

and

maximum

offering

price

per

...............................

$11.19

$11.28

$11.89

$12.30

Class

R3:

Net

assets,

value

....................

$12,016

$155,198

$56,810

$82,325

outstanding

.....................

1,067

13,719

4,754

6,675

Net

asset

value

and

maximum

offering

price

per

...............................

$11.26

$11.31

$11.95

$12.33

Class

R4:

Net

assets,

value

....................

$30,337

$179,023

$511,788

$417,981

outstanding

.....................

2,679

15,604

42,732

33,697

Net

asset

value

and

maximum

offering

price

per

...............................

$11.33

$11.47

$11.98

$12.40

Class

R5:

Net

assets,

value

....................

$12,022

$13,642

$15,055

$16,010

outstanding

.....................

1,058

1,197

1,251

1,288

Net

asset

value

and

maximum

offering

price

per

...............................

$11.36

$11.40

$12.03

$12.43

Class

R6:

Net

assets,

value

....................

$40,434,882

$43,098,307

$46,506,403

$40,272,540

outstanding

.....................

3,546,492

3,779,349

3,863,381

3,237,024

Net

asset

value

and

maximum

offering

price

per

...............................

$11.40

$12.04

$12.44

Class

Net

assets,

value

....................

$79,208

$231,954

$154,765

$104,241

outstanding

.....................

6,967

20,365

12,879

8,397

Net

asset

value

and

maximum

offering

price

per

...............................

$11.37

$11.39

$12.02

$12.41

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)

August

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Assets:

Investments

securities:

Cost

Non-controlled

affiliates

(Note

3f)

.....

$32,814,573

$31,593,016

$23,158,666

$17,745,648

Value

Non-controlled

affiliates

(Note

3f)

.....

37,013,467

35,911,406

26,565,992

20,675,724

Cash

.................................

2,398

769

1,759

837

Receivables:

Investment

securities

sold

................

627

43,141

1,129

296

Capital

sold

.....................

41,624

23,624

61,313

34,276

Dividends

and

interest

..................

3,072

—

392

—

Affiliates

.............................

—

286

—

Prepaid

expenses

.......................

42,440

42,439

42,322

42,323

Total

assets

.......................

37,103,628

36,021,379

26,673,193

20,753,456

Liabilities:

Payables:

Investment

securities

purchased

...........

43,799

22,469

61,904

34,278

Capital

redeemed

................

627

43,141

1,128

296

Management

fees

......................

11,109

3,791

—

1,700

Administrative

fees

.....................

129

127

Distribution

fees

.......................

1,183

879

1,133

734

Transfer

agent

fees

.....................

3,570

3,047

2,518

1,978

Reports

shareholders

fees

.............

9,724

9,062

8,820

8,594

Professional

fees

......................

28,836

28,827

28,743

28,692

Total

liabilities

......................

98,977

111,343

104,337

76,340

Net

assets,

value

..............

$37,004,651

$35,910,036

$26,568,856

$20,677,116

Net

assets

consist

of:

Paid-in

capital

..........................

$31,157,071

$30,113,370

$22,322,517

$16,996,669

Total

distributable

earnings

(losses)

..........

5,847,580

5,796,666

4,246,339

3,680,447

Net

assets,

value

..............

$37,004,651

$35,910,036

$26,568,856

$20,677,116

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Class

Net

assets,

value

....................

$4,141,626

$2,302,435

$4,153,737

$2,813,551

outstanding

.....................

310,025

170,252

288,829

193,110

Net

asset

value

per

a,b

...............

$13.36

$13.52

$14.38

$14.57

Maximum

offering

price

per

(net

asset

value

per

94.25%

)

...............

$14.18

$14.34

$15.26

$15.46

Class

Net

assets,

value

....................

$119,319

$77,913

$263,305

$76,047

outstanding

.....................

8,797

5,822

18,557

5,289

Net

asset

value

and

maximum

offering

price

per

a,b

..............................

$13.56

$13.38

$14.19

$14.38

Class

Net

assets,

value

....................

$470,062

$754,200

$67,608

$176,595

outstanding

.....................

35,368

55,956

4,718

12,235

Net

asset

value

and

maximum

offering

price

per

...............................

$13.29

$13.48

$14.33

$14.43

Class

R3:

Net

assets,

value

....................

$16,893

$28,487

$18,389

$25,278

outstanding

.....................

1,259

2,100

1,273

1,734

Net

asset

value

and

maximum

offering

price

per

...............................

$13.42

$13.56

$14.44

$14.57

Class

R4:

Net

assets,

value

....................

$356,266

$87,773

$319,757

$242,811

outstanding

.....................

26,436

6,453

22,140

16,135

Net

asset

value

and

maximum

offering

price

per

...............................

$13.48

$13.60

$14.44

$15.05

Class

R5:

Net

assets,

value

....................

$17,175

$18,075

$18,696

$19,587

outstanding

.....................

1,275

1,325

1,290

1,334

Net

asset

value

and

maximum

offering

price

per

...............................

$13.47

$13.64

$14.49

$14.69

Class

R6:

Net

assets,

value

....................

$31,261,819

$32,522,324

$21,562,017

$17,293,662

outstanding

.....................

2,318,696

2,382,327

1,486,049

1,178,599

Net

asset

value

and

maximum

offering

price

per

...............................

$13.48

$13.65

$14.51

$14.67

Class

Net

assets,

value

....................

$621,491

$118,829

$165,347

$29,585

outstanding

.....................

46,189

8,716

11,413

2,017

Net

asset

value

and

maximum

offering

price

per

...............................

$13.46

$13.63

$14.49

$14.67

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)

August

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

Assets:

Investments

securities:

Cost

Non-controlled

affiliates

(Note

3f)

.......................................

$5,956,707

$1,306,193

Value

Non-controlled

affiliates

(Note

3f)

.......................................

6,796,655

1,536,570

Cash

...................................................................

150

—

Receivables:

Investment

securities

sold

..................................................

172

—

Capital

sold

.......................................................

5,323

Dividends

..............................................................

Affiliates

...............................................................

103,326

49,442

Prepaid

expenses

.........................................................

19,769

46,507

Total

assets

.........................................................

6,925,485

1,632,550

Liabilities:

Payables:

Investment

securities

purchased

.............................................

5,486

—

Capital

redeemed

..................................................

2,587

—

Management

fees

........................................................

37,721

4,479

Administrative

fees

.......................................................

Distribution

fees

.........................................................

421

Transfer

agent

fees

.......................................................

748

201

Reports

shareholders

fees

...............................................

—

10,834

Professional

fees

........................................................

28,747

28,893

Funds

advanced

custodian

................................................

—

Accrued

expenses

and

other

liabilities

..........................................

3,810

—

Total

liabilities

........................................................

79,538

44,584

Net

assets,

value

................................................

$6,845,947

$1,587,966

Net

assets

consist

of:

Paid-in

capital

............................................................

$5,793,472

$1,316,181

Total

distributable

earnings

(losses)

............................................

1,052,475

271,785

Net

assets,

value

................................................

$6,845,947

$1,587,966

Putnam

Target

Date

Funds

Financial

Statements

Assets

and

Liabilities

(continued)

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Franklin

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

Class

Net

assets,

value

......................................................

$1,449,156

$294,803

outstanding

.......................................................

93,931

24,057

Net

asset

value

per

a,b

.................................................

$15.43

$12.25

Maximum

offering

price

per

(net

asset

value

per

94.25%

)

...............

$16.37

$13.00

Class

Net

assets,

value

......................................................

$116,081

$12,405

outstanding

.......................................................

7,649

1,017

Net

asset

value

and

maximum

offering

price

per

a,b

...........................

$15.18

$12.19

Class

Net

assets,

value

......................................................

$26,844

$12,452

outstanding

.......................................................

1,747

1,019

Net

asset

value

and

maximum

offering

price

per

............................

$15.37

$12.22

Class

R3:

Net

assets,

value

......................................................

$33,223

$12,488

outstanding

.......................................................

2,124

1,020

Net

asset

value

and

maximum

offering

price

per

............................

$15.64

$12.25

Class

R4:

Net

assets,

value

......................................................

$121,533

$49,248

outstanding

.......................................................

7,836

4,013

Net

asset

value

and

maximum

offering

price

per

............................

$15.51

$12.27

Class

R5:

Net

assets,

value

......................................................

$22,753

$12,539

outstanding

.......................................................

1,462

1,021

Net

asset

value

and

maximum

offering

price

per

............................

$15.56

$12.28

Class

R6:

Net

assets,

value

......................................................

$5,007,400

$1,181,492

outstanding

.......................................................

321,854

96,152

Net

asset

value

and

maximum

offering

price

per

............................

$15.56

$12.29

Class

Net

assets,

value

......................................................

$68,957

$12,539

outstanding

.......................................................

4,435

1,021

Net

asset

value

and

maximum

offering

price

per

............................

$15.55

$12.28

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

August

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3f)

..........

$1,687,392

$1,369,179

$1,363,088

$1,009,406

Other

incom

...........................

—

23,705

26,443

37,579

Total

investment

income

................

1,687,392

1,392,884

1,389,531

1,046,985

Expenses:

Management

fees

(Note

)

................

155,990

162,325

195,104

170,975

Administrative

fees

(Note

)

...............

851

830

977

829

Distribution

fees:

(Note

)

Class

.............................

15,060

13,562

20,210

15,753

Class

.............................

183

396

624

716

Class

.............................

219

986

639

Class

............................

340

126

148

Transfer

agent

fees:

(Note

)

Class

.............................

7,289

6,279

9,268

7,155

Class

.............................

Class

.............................

110

466

318

Class

............................

347

126

146

Class

............................

342

847

228

Class

............................

Class

............................

9,598

9,389

10,514

9,252

Class

.............................

511

173

105

Reports

shareholders

fees

...............

32,467

21,083

24,851

18,159

Registration

and

filing

fees

.................

86,493

73,161

73,846

73,737

Professional

fees

........................

44,407

37,526

35,382

38,802

Trustees'

fees

and

expenses

...............

1,463

1,479

1,715

1,469

Reorganization

expenses

..................

42,636

—

Other

.................................

7,283

7,663

7,682

7,568

Total

expenses

......................

404,122

335,626

382,976

346,094

Expenses

waived/paid

affiliates

(Not

and

3g)

...........................

(368,392)

(318,461)

(356,839)

(328,510)

Net

expenses

......................

35,730

17,165

26,137

17,584

Net

investment

income

.............

1,651,662

1,375,719

1,363,394

1,029,401

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Not

3f)

.........

794,923

485,851

1,206,468

676,148

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Not

3f)

.........

—

557,753

1,675,269

1,702,152

Net

realized

gain

(loss)

...............

794,923

1,043,604

2,881,737

2,378,300

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Not

3f)

.........

1,395,336

1,281,420

1,804,130

2,847,925

Net

realized

and

unrealized

gain

(loss)

.........

2,190,259

2,325,024

4,685,867

5,226,225

Net

increase

(decrease)

net

assets

resulting

from

operations

...............................

$3,841,921

$3,700,743

$6,049,261

$6,255,626

Putnam

Target

Date

Funds

Financial

Statements

Operations

(continued)

for

the

year

ended

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Annual

Report

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Investment

income:

Dividends:

Non-controlled

affiliates

(Not

3f)

..........

$624,440

$552,742

$339,787

$218,297

Other

incom

..........................

37,800

43,289

28,519

21,307

Total

investment

income

................

662,240

596,031

368,306

239,604

Expenses:

Management

fees

(Note

)

................

127,668

127,915

93,842

73,338

Administrative

fees

(Note

)

...............

588

573

406

302

Distribution

fees:

(Note

)

Class

.............................

9,427

5,088

7,976

6,228

Class

.............................

525

654

1,874

730

Class

.............................

1,944

3,051

253

622

Class

............................

Transfer

agent

fees:

(Note

)

Class

.............................

4,308

2,288

3,454

2,810

Class

.............................

205

Class

.............................

962

1,507

125

304

Class

............................

Class

............................

394

176

601

419

Class

............................

Class

............................

6,684

6,960

4,544

3,454

Class

.............................

474

137

174

Reports

shareholders

fees

...............

17,622

16,284

16,068

12,149

Registration

and

filing

fees

.................

73,100

73,546

72,804

72,683

Professional

fees

........................

36,411

42,699

44,471

45,553

Trustees'

fees

and

expenses

...............

1,055

1,031

728

556

Other

.................................

7,175

7,327

7,528

7,393

Total

expenses

......................

288,482

289,449

255,160

226,783

Expenses

waived/paid

affiliates

(Not

and

3g)

...........................

(277,464)

(281,059)

(246,517)

(220,155)

Net

expenses

......................

11,018

8,390

8,643

6,628

Net

investment

income

.............

651,222

587,641

359,663

232,976

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Not

3f)

.........

1,402,988

973,138

409,100

508,353

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Not

3f)

.........

1,313,290

1,291,026

833,357

559,176

Net

realized

gain

(loss)

...............

2,716,278

2,264,164

1,242,457

1,067,529

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Not

3f)

.........

1,837,353

2,517,770

2,331,650

1,843,419

Net

realized

and

unrealized

gain

(loss)

.........

4,553,631

4,781,934

3,574,107

2,910,948

Net

increase

(decrease)

net

assets

resulting

from

operations

...............................

$5,204,853

$5,369,575

$3,933,770

$3,143,924

Putnam

Target

Date

Funds

Financial

Statements

Operations

(continued)

for

the

year

ended

August

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

100

Franklin

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

Investment

income:

Dividends:

Non-controlled

affiliates

(Not

3f)

............................................

$51,200

$16,600

Other

incom

............................................................

4,882

1,802

Total

investment

income

..................................................

56,082

18,402

Expenses:

Management

fees

(Note

)

..................................................

21,063

6,377

Administrative

fees

(Note

)

.................................................

Distribution

fees:

(Note

)

Class

...............................................................

2,851

629

Class

...............................................................

1,017

114

Class

...............................................................

122

Class

..............................................................

Transfer

agent

fees:

(Note

)

Class

...............................................................

1,271

282

Class

...............................................................

115

Class

...............................................................

Class

..............................................................

241

Class

..............................................................

265

Class

..............................................................

Class

..............................................................

767

266

Class

...............................................................

Reports

shareholders

fees

.................................................

6,354

31,731

Registration

and

filing

fees

...................................................

48,389

2,859

Professional

fees

..........................................................

47,511

43,667

Trustees'

fees

and

expenses

.................................................

149

Amortization

offering

costs

(Note

)

.........................................

—

119,228

Other

...................................................................

1,389

3,193

Total

expenses

........................................................

131,794

208,672

Expenses

waived/paid

affiliates

(Not

and

3g)

.............................

(128,177)

(207,979)

Net

expenses

........................................................

3,617

693

Net

investment

income

...............................................

52,465

17,709

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Non-controlled

affiliates

(Not

3f)

...........................................

152,730

8,292

Capital

gain

distributions

from

Underlying

Funds:

Non-controlled

affiliates

(Not

3f)

...........................................

136,771

44,399

Net

realized

gain

(loss)

.................................................

289,501

52,691

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Non-controlled

affiliates

(Not

3f)

...........................................

591,439

189,242

Net

realized

and

unrealized

gain

(loss)

...........................................

880,940

241,933

Net

increase

(decrease)

net

assets

resulting

from

operations

.........................

$933,405

$259,642

Other

income

includes

payments

Advisers

for

acquired

fund

fees

and

expenses

(See

Note

3f).

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

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$1,651,662

$1,044,684

$1,375,719

$1,465,969

Net

realized

gain

(loss)

............

794,923

1,137,345

1,043,604

2,937,331

Net

change

unrealized

appreciation

(depreciation)

.................

1,395,336

(447,815)

1,281,420

(1,450,613)

Net

increase

(decrease)

net

assets

resulting

from

operations

3,841,921

1,734,214

3,700,743

2,952,687

Distributions

shareholders:

Class

........................

(266,918)

(84,568)

(382,237)

(86,597)

Class

........................

(648)

(494)

(1,447)

(10,372)

Class

........................

(485)

(446)

(3,616)

(508)

Class

.......................

(1,049)

(468)

(11,302)

(541)

Class

.......................

(1,219)

(650)

(11,987)

(850)

Class

.......................

(556)

(513)

(980)

(600)

Class

.......................

(1,756,014)

(949,718)

(2,418,271)

(1,511,257)

Class

........................

(2,720)

(1,296)

(31,277)

(37,467)

Total

distributions

shareholders

.....

(2,029,609)

(1,038,153)

(2,861,117)

(1,648,192)

Capital

transactions:

(Note

)

Class

........................

(238,578)

5,149,501

161,742

3,270,312

Class

........................

(23,658)

22,683

(89,364)

16,162

Class

........................

(1,707)

1,666

41,301

(67)

Class

.......................

(228)

143,679

Class

.......................

14,300

454

160,122

1,489

Class

.......................

—

Class

.......................

4,004,268

18,538,495

9,747,268

4,055,920

Class

........................

42,163

6,984

(515,625)

(119,415)

Total

capital

transactions

.......

3,796,560

23,719,803

9,649,123

7,224,411

Net

increase

(decrease)

net

assets

.....................

5,608,872

24,415,864

10,488,749

8,528,906

Net

assets:

Beginning

year

..................

41,010,267

16,594,403

38,846,788

30,317,882

End

year

......................

$46,619,139

$41,010,267

$49,335,537

$38,846,788

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

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$1,363,394

$1,402,819

$1,029,401

$977,961

Net

realized

gain

(loss)

............

2,881,737

4,032,112

2,378,300

4,233,988

Net

change

unrealized

appreciation

(depreciation)

.................

1,804,130

(1,226,741)

2,847,925

(1,278,270)

Net

increase

(decrease)

net

assets

resulting

from

operations

6,049,261

4,208,190

6,255,626

3,933,679

Distributions

shareholders:

Class

........................

(676,623)

(296,139)

(613,405)

(104,306)

Class

........................

(871)

(10,071)

(4,475)

(5,465)

Class

........................

(16,514)

(768)

(11,899)

(915)

Class

.......................

(4,848)

(807)

(7,617)

(957)

Class

.......................

(35,672)

(3,226)

(8,315)

(4,376)

Class

.......................

(1,387)

(871)

(1,667)

(1,025)

Class

.......................

(3,646,905)

(1,972,814)

(3,635,449)

(2,100,056)

Class

........................

(8,694)

(3,007)

(8,909)

(6,116)

Total

distributions

shareholders

.....

(4,391,514)

(2,287,703)

(4,291,736)

(2,223,216)

Capital

transactions:

(Note

)

Class

........................

1,355,126

3,337,827

1,137,491

4,065,715

Class

........................

93,439

(124,973)

36,798

(34,781)

Class

........................

248,679

119,164

164

Class

.......................

41,644

66,823

Class

.......................

452,181

7,073

340,191

(3,689)

Class

.......................

—

Class

.......................

7,064,960

12,761,095

5,747,804

9,410,030

Class

........................

74,441

20,917

17,510

40,654

Total

capital

transactions

.......

9,330,470

16,001,954

7,465,781

13,478,121

Net

increase

(decrease)

net

assets

.....................

10,988,217

17,922,441

9,429,671

15,188,584

Net

assets:

Beginning

year

..................

45,446,662

27,524,221

38,655,513

23,466,929

End

year

......................

$56,434,879

$45,446,662

$48,085,184

$38,655,513

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

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$651,222

$498,637

$587,641

$446,306

Net

realized

gain

(loss)

............

2,716,278

2,573,960

2,264,164

2,530,345

Net

change

unrealized

appreciation

(depreciation)

.................

1,837,353

(59,966)

2,517,770

12,960

Net

increase

(decrease)

net

assets

resulting

from

operations

5,204,853

3,012,631

5,369,575

2,989,611

Distributions

shareholders:

Class

........................

(379,807)

(62,630)

(178,106)

(50,317)

Class

........................

(3,449)

(7,318)

(5,387)

(1,913)

Class

........................

(41,787)

(7,971)

(59,957)

(761)

Class

.......................

(1,731)

(746)

(2,423)

(803)

Class

.......................

(4,174)

(3,705)

(6,005)

(4,174)

Class

.......................

(1,813)

(814)

(1,616)

(874)

Class

.......................

(2,648,933)

(995,616)

(2,456,687)

(1,106,055)

Class

........................

(45,294)

(9,219)

(5,368)

(2,897)

Total

distributions

shareholders

.....

(3,126,988)

(1,088,019)

(2,715,549)

(1,167,794)

Capital

transactions:

(Note

)

Class

........................

614,358

1,928,789

442,999

803,394

Class

........................

76,856

(112,688)

17,747

26,873

Class

........................

281,746

10,629

707,360

753

Class

.......................

—

10,432

Class

.......................

234,158

2,275

22,128

(15,258)

Class

.......................

—

Class

.......................

6,487,209

6,048,260

6,292,520

5,744,563

Class

........................

381,711

55,363

(44,669)

125,842

Total

capital

transactions

.......

8,076,038

7,932,648

7,448,517

6,686,179

Net

increase

(decrease)

net

assets

.....................

10,153,903

9,857,260

10,102,543

8,507,996

Net

assets:

Beginning

year

..................

26,850,748

16,993,488

25,807,493

17,299,497

End

year

......................

$37,004,651

$26,850,748

$35,910,036

$25,807,493

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

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$359,663

$256,942

$232,976

$157,248

Net

realized

gain

(loss)

............

1,242,457

2,002,609

1,067,529

1,306,853

Net

change

unrealized

appreciation

(depreciation)

.................

2,331,650

(184,700)

1,843,419

153,566

Net

increase

(decrease)

net

assets

resulting

from

operations

3,933,770

2,074,851

3,143,924

1,617,667

Distributions

shareholders:

Class

........................

(257,734)

(39,025)

(195,657)

(32,859)

Class

........................

(14,780)

(5,921)

(4,329)

(3,067)

Class

........................

(5,536)

(826)

(12,377)

(843)

Class

.......................

(1,557)

(870)

(1,726)

(793)

Class

.......................

(27,508)

(2,296)

(17,368)

(587)

Class

.......................

(1,640)

(942)

(1,559)

(823)

Class

.......................

(1,578,888)

(726,124)

(1,078,470)

(423,925)

Class

........................

(13,372)

(1,070)

(2,293)

(1,343)

Total

distributions

shareholders

.....

(1,901,015)

(777,074)

(1,313,779)

(464,240)

Capital

transactions:

(Note

)

Class

........................

1,319,165

1,679,485

320,398

1,428,960

Class

........................

138,065

(15,190)

(37,180)

25,241

Class

........................

48,158

143,706

5,816

Class

.......................

—

5,719

Class

.......................

259,425

5,222

197,882

4,617

Class

.......................

—

Class

.......................

5,138,358

4,890,879

4,938,006

3,247,855

Class

........................

12,182

109,982

(5,341)

5,071

Total

capital

transactions

.......

6,915,353

6,670,437

5,563,190

4,717,585

Net

increase

(decrease)

net

assets

.....................

8,948,108

7,968,214

7,393,335

5,871,012

Net

assets:

Beginning

year

..................

17,620,748

9,652,534

13,283,781

7,412,769

End

year

......................

$26,568,856

$17,620,748

$20,677,116

$13,283,781

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

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

............

$52,465

$26,657

$17,709

$83

Net

realized

gain

(loss)

............

289,501

280,333

52,691

—

Net

change

unrealized

appreciation

(depreciation)

.................

591,439

73,616

189,242

41,135

Net

increase

(decrease)

net

assets

resulting

from

operations

933,405

380,606

259,642

41,218

Distributions

shareholders:

Class

........................

(81,722)

(33,198)

(4,876)

—

Class

........................

(5,857)

(3,955)

(190)

—

Class

........................

(1,530)

(1,058)

(205)

—

Class

.......................

(1,084)

(792)

(214)

—

Class

.......................

(6,789)

(4,265)

(868)

—

Class

.......................

(1,337)

(859)

(230)

—

Class

.......................

(187,106)

(53,979)

(21,887)

—

Class

........................

(4,119)

(1,041)

(231)

—

Total

distributions

shareholders

.....

(289,544)

(99,147)

(28,701)

—

Capital

transactions:

(Note

)

Class

........................

282,654

205,011

226,397

29,678

Class

........................

19,954

3,215

190

10,000

Class

........................

1,380

572

205

10,000

Class

.......................

13,965

174,556

214

10,000

Class

.......................

22,975

(383)

33,485

10,000

Class

.......................

2,994

153

230

10,000

Class

.......................

2,556,498

1,472,371

35,177

930,000

Class

........................

9,824

26,461

231

10,000

Total

capital

transactions

.......

2,910,244

1,881,956

296,129

1,019,678

Net

increase

(decrease)

net

assets

.....................

3,554,105

2,163,415

527,070

1,060,896

Net

assets:

Beginning

year

..................

3,291,842

1,128,427

1,060,896

—

End

year

......................

$6,845,947

$3,291,842

$1,587,966

$1,060,896

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

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),

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

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-

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.

Former

Name

Current

Name

Putnam

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

Maturity

Fund

Putnam

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2030

Fund

Putnam

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2035

Fund

Putnam

Retirement

Advantage

2040

Fund

Franklin

Retirement

Advantage

2040

Fund

Putnam

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2045

Fund

Putnam

Retirement

Advantage

2050

Fund

Franklin

Retirement

Advantage

2050

Fund

Putnam

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2055

Fund

Putnam

Retirement

Advantage

2060

Fund

Franklin

Retirement

Advantage

2060

Fund

Putnam

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2065

Fund

Putnam

Retirement

Advantage

2070

Fund

Franklin

Retirement

Advantage

2070

Fund

Putnam

Target

Date

Funds

Notes

Financial

Statements

107

franklintempleton.com

Annual

Report

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.

August

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.

Since

the

Underlying

Funds

have

varied

expense

levels

and

the

Funds

may

own

different

proportions

the

Underlying

Funds

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.

Offering

Costs

Offering

costs

are

amortized

straight

line

basis

over

the

first

twelve

months

operations.

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.

Organization

and

Significant

Accounting

Policies

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

108

franklintempleton.com

Annual

Report

Beneficial

Interest

August

31,

2026,

there

were

unlimited

number

authorized

(without

par value).

Transactions

the

Funds'

were

follows:

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

43,097

$478,258

126,866

$1,437,997

issued

reinvestment

distributions

..........

23,687

262,955

35,360

382,237

redeemed

...............................

(87,815)

(979,791)

(147,822)

(1,658,492)

Net

increase

(decrease)

..........................

(21,031)

$(238,578)

14,404

$161,742

Year

ended

August

31,

2025

sold

...................................

267,711

$2,799,814

382,651

$4,039,670

issued

reinvestment

distributions

..........

7,877

78,970

8,351

86,597

issued

reorganization

....................

227,868

2,445,028

—

redeemed

...............................

(16,850)

(174,311)

(80,616)

(855,955)

Net

increase

(decrease)

..........................

486,606

$5,149,501

310,386

$3,270,312

Class

Year

ended

August

31,

2026

sold

...................................

$16

297

$3,323

issued

reinvestment

distributions

..........

201

131

1,447

redeemed

..............................

(2,187)

(23,875)

(8,423)

(94,134)

Net

increase

(decrease)

..........................

(2,167)

$(23,658)

(7,995)

$(89,364)

Year

ended

August

31,

2025

sold

...................................

6,800

$71,728

19,905

$213,924

issued

reinvestment

distributions

..........

958

9,834

issued

reorganization

....................

7,738

81,640

—

redeemed

..............................

(12,378)

(130,784)

(19,156)

(207,596)

Net

increase

(decrease)

..........................

2,169

$22,683

1,707

$16,162

Class

Year

ended

August

31,

2026

sold

...................................

—

$—

3,358

$38,667

issued

reinvestment

distributions

..........

247

2,676

redeemed

...............................

(157)

(1,716)

(4)

(42)

Net

increase

(decrease)

..........................

(156)

$(1,707)

3,601

$41,301

Year

ended

August

31,

2025

sold

...................................

155

$1,658

130

$1,387

issued

reinvestment

distributions

..........

—

issued

reorganization

....................

1,224

13,012

—

redeemed

...............................

(1,224)

(13,012)

(130)

(1,454)

Net

increase

(decrease)

..........................

156

$1,666

—

$(67)

Class

Putnam

Target

Date

Funds

Notes

Financial

Statements

109

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

5,393

$59,160

13,194

$151,372

issued

reinvestment

distributions

..........

547

954

10,335

redeemed

...............................

(5,429)

(59,935)

(1,611)

(18,028)

Net

increase

(decrease)

..........................

$(228)

12,537

$143,679

Year

ended

August

31,

2025

sold

...................................

—

$10

—

issued

reorganization

....................

1,073

11,468

—

redeemed

...............................

(1,073)

(11,468)

—

Net

increase

(decrease)

..........................

—

$10

—

Class

Year

ended

August

31,

2026

sold

...................................

1,326

$14,754

15,002

$173,797

issued

reinvestment

distributions

..........

682

1,003

11,014

redeemed

...............................

(101)

(1,136)

(2,246)

(24,689)

Net

increase

(decrease)

..........................

1,286

$14,300

13,759

$160,122

Year

ended

August

31,

2025

sold

...................................

221

$2,353

119

$1,307

issued

reinvestment

distributions

..........

151

275

issued

reorganization

....................

1,085

11,664

—

redeemed

...............................

(1,276)

(13,714)

(8)

(93)

Net

increase

(decrease)

..........................

$454

137

$1,489

Class

Year

ended

August

31,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

sold

...................................

—

$10

—

issued

reorganization

....................

1,077

11,620

—

redeemed

...............................

(1,077)

(11,620)

—

Net

increase

(decrease)

..........................

—

$10

—

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

110

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

829,379

$9,341,721

1,250,511

$13,941,573

issued

reinvestment

distributions

..........

135,551

1,518,368

195,852

2,132,830

redeemed

...............................

(610,043)

(6,855,821)

(566,423)

(6,327,135)

Net

increase

(decrease)

..........................

354,887

$4,004,268

879,940

$9,747,268

Year

ended

August

31,

2025

sold

...................................

992,863

$10,647,372

1,321,973

$14,374,372

issued

reinvestment

distributions

..........

86,633

795,109

132,876

1,385,893

issued

reorganization

....................

1,594,063

17,247,760

—

redeemed

...............................

(958,392)

(10,151,746)

(1,080,059)

(11,704,345)

Net

increase

(decrease)

..........................

1,715,167

$18,538,495

374,790

$4,055,920

Class

Year

ended

August

31,

2026

sold

...................................

4,436

$50,000

1,036

$11,312

issued

reinvestment

distributions

..........

193

2,163

2,872

31,277

redeemed

...............................

(883)

(10,000)

(49,196)

(558,214)

Net

increase

(decrease)

..........................

3,746

$42,163

(45,288)

$(515,625)

Year

ended

August

31,

2025

sold

...................................

572

$6,202

10,567

$116,824

issued

reinvestment

distributions

..........

782

3,534

36,861

issued

reorganization

....................

1,652

17,822

—

redeemed

...............................

(1,652)

(17,822)

(25,454)

(273,100)

Net

increase

(decrease)

..........................

646

$6,984

(11,353)

$(119,415)

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

154,170

$1,787,000

63,601

$758,867

issued

reinvestment

distributions

..........

60,629

676,623

54,140

613,405

redeemed

...............................

(94,097)

(1,108,497)

(19,358)

(234,781)

Net

increase

(decrease)

..........................

120,702

$1,355,126

98,383

$1,137,491

Year

ended

August

31,

2025

sold

...................................

365,503

$4,039,197

378,667

$4,227,254

issued

reinvestment

distributions

..........

27,728

296,139

9,642

104,132

redeemed

...............................

(89,401)

(997,509)

(23,893)

(265,671)

Net

increase

(decrease)

..........................

303,830

$3,337,827

364,416

$4,065,715

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

111

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

8,239

$94,722

3,547

$40,516

issued

reinvestment

distributions

..........

871

388

4,475

redeemed

..............................

(173)

(2,154)

(712)

(8,193)

Net

increase

(decrease)

..........................

8,141

$93,439

3,223

$36,798

Year

ended

August

31,

2025

sold

...................................

3,313

$37,483

18,790

$209,017

issued

reinvestment

distributions

..........

875

9,271

423

4,558

redeemed

..............................

(15,123)

(171,727)

(21,226)

(248,356)

Net

increase

(decrease)

..........................

(10,935)

$(124,973)

(2,013)

$(34,781)

Class

Year

ended

August

31,

2026

sold

...................................

26,887

$319,878

16,045

$195,722

issued

reinvestment

distributions

..........

1,361

15,176

908

10,296

redeemed

...............................

(7,121)

(86,375)

(6,960)

(86,854)

Net

increase

(decrease)

..........................

21,127

$248,679

9,993

$119,164

Year

ended

August

31,

2025

sold

...................................

—

$164

Net

increase

(decrease)

..........................

—

$164

Class

Year

ended

August

31,

2026

sold

...................................

6,796

$81,833

4,877

$60,854

issued

reinvestment

distributions

..........

312

3,495

526

5,969

redeemed

...............................

(3,589)

(43,684)

—

Net

increase

(decrease)

..........................

3,519

$41,644

5,403

$66,823

Year

ended

August

31,

2025

sold

...................................

—

$14

Net

increase

(decrease)

..........................

—

$14

Class

Year

ended

August

31,

2026

sold

...................................

34,783

$418,651

27,586

$343,316

issued

reinvestment

distributions

..........

3,064

34,284

586

6,671

redeemed

...............................

(65)

(754)

(796)

(9,796)

Net

increase

(decrease)

..........................

37,782

$452,181

27,376

$340,191

Year

ended

August

31,

2025

sold

...................................

1,172

$13,109

660

$7,563

issued

reinvestment

distributions

..........

222

2,375

312

3,381

redeemed

...............................

(775)

(8,411)

(1,282)

(14,633)

Net

increase

(decrease)

..........................

619

$7,073

(310)

$(3,689)

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

112

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

sold

...................................

—

$14

Net

increase

(decrease)

..........................

—

$14

Class

Year

ended

August

31,

2026

sold

...................................

834,942

$9,694,360

653,190

$7,772,882

issued

reinvestment

distributions

..........

277,888

3,120,684

303,305

3,460,704

redeemed

...............................

(491,540)

(5,750,084)

(454,712)

(5,485,782)

Net

increase

(decrease)

..........................

621,290

$7,064,960

501,783

$5,747,804

Year

ended

August

31,

2025

sold

...................................

1,561,028

$17,494,992

1,154,772

$13,403,718

issued

reinvestment

distributions

..........

162,255

1,740,998

185,973

2,017,809

redeemed

...............................

(579,518)

(6,474,895)

(526,073)

(6,011,497)

Net

increase

(decrease)

..........................

1,143,765

$12,761,095

814,672

$9,410,030

Class

Year

ended

August

31,

2026

sold

...................................

11,485

$131,193

779

$8,601

issued

reinvestment

distributions

..........

775

8,694

782

8,909

redeemed

...............................

(5,570)

(65,446)

—

Net

increase

(decrease)

..........................

6,690

$74,441

1,561

$17,510

Year

ended

August

31,

2025

sold

...................................

2,950

$32,529

5,052

$58,115

issued

reinvestment

distributions

..........

199

2,130

469

5,082

redeemed

...............................

(1,255)

(13,742)

(2,022)

(22,543)

Net

increase

(decrease)

..........................

1,894

$20,917

3,499

$40,654

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

113

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

43,627

$561,290

36,694

$472,482

issued

reinvestment

distributions

..........

31,363

379,807

14,497

176,576

redeemed

...............................

(25,476)

(326,739)

(16,569)

(206,059)

Net

increase

(decrease)

..........................

49,514

$614,358

34,622

$442,999

Year

ended

August

31,

2025

sold

...................................

172,118

$2,037,773

89,232

$1,040,024

issued

reinvestment

distributions

..........

5,494

62,630

4,320

48,473

redeemed

...............................

(14,623)

(171,614)

(24,755)

(285,103)

Net

increase

(decrease)

..........................

162,989

$1,928,789

68,797

$803,394

Class

Year

ended

August

31,

2026

sold

...................................

6,376

$84,859

1,084

$13,956

issued

reinvestment

distributions

..........

279

3,449

325

3,939

redeemed

..............................

(903)

(11,452)

(12)

(148)

Net

increase

(decrease)

..........................

5,752

$76,856

1,397

$17,747

Year

ended

August

31,

2025

sold

...................................

4,983

$59,698

2,616

$30,636

issued

reinvestment

distributions

..........

583

6,645

102

1,145

redeemed

..............................

(14,421)

(179,031)

(411)

(4,908)

Net

increase

(decrease)

..........................

(8,855)

$(112,688)

2,307

$26,873

Class

Year

ended

August

31,

2026

sold

...................................

19,670

$257,308

49,803

$649,132

issued

reinvestment

distributions

..........

3,459

41,787

4,797

58,382

redeemed

...............................

(1,322)

(17,349)

(2)

(154)

Net

increase

(decrease)

..........................

21,807

$281,746

54,598

$707,360

Year

ended

August

31,

2025

sold

...................................

2,030

$24,209

$750

issued

reinvestment

distributions

..........

632

7,215

—

redeemed

...............................

(1,759)

(20,795)

—

Net

increase

(decrease)

..........................

903

$10,629

$753

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

114

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

—

$—

721

$9,571

issued

reinvestment

distributions

..........

—

861

Net

increase

(decrease)

..........................

—

$—

792

$10,432

Year

ended

August

31,

2025

sold

...................................

—

$10

—

$—

redeemed

...............................

—

Net

increase

(decrease)

..........................

—

$10

—

Class

Year

ended

August

31,

2026

sold

...................................

24,510

$291,970

1,775

$22,985

issued

reinvestment

distributions

..........

199

2,426

490

6,005

redeemed

...............................

(4,508)

(60,238)

(544)

(6,862)

Net

increase

(decrease)

..........................

20,201

$234,158

1,721

$22,128

Year

ended

August

31,

2025

sold

...................................

$410

1,182

$13,864

issued

reinvestment

distributions

..........

255

2,924

295

3,322

redeemed

...............................

(91)

(1,059)

(2,790)

(32,444)

Net

increase

(decrease)

..........................

194

$2,275

(1,313)

$(15,258)

Class

Year

ended

August

31,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

sold

...................................

—

$10

—

$—

redeemed

...............................

—

Net

increase

(decrease)

..........................

—

$10

—

Class

Year

ended

August

31,

2026

sold

...................................

610,166

$7,810,182

633,066

$8,148,239

issued

reinvestment

distributions

..........

208,242

2,540,553

189,850

2,329,458

redeemed

...............................

(298,443)

(3,863,526)

(322,616)

(4,185,177)

Net

increase

(decrease)

..........................

519,965

$6,487,209

500,300

$6,292,520

Year

ended

August

31,

2025

sold

...................................

755,442

$9,009,592

697,012

$8,255,241

issued

reinvestment

distributions

..........

85,254

977,014

92,984

1,048,860

redeemed

...............................

(324,918)

(3,938,346)

(299,668)

(3,559,538)

Net

increase

(decrease)

..........................

515,778

$6,048,260

490,328

$5,744,563

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

115

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

33,452

$439,386

4,030

$50,577

issued

reinvestment

distributions

..........

3,719

45,294

307

3,763

redeemed

...............................

(7,581)

(102,969)

(7,367)

(99,009)

Net

increase

(decrease)

..........................

29,590

$381,711

(3,030)

$(44,669)

Year

ended

August

31,

2025

sold

...................................

5,180

$61,996

11,535

$140,278

issued

reinvestment

distributions

..........

734

8,402

179

2,012

redeemed

...............................

(1,275)

(15,035)

(1,409)

(16,448)

Net

increase

(decrease)

..........................

4,639

$55,363

10,305

$125,842

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

90,456

$1,234,923

55,492

$756,353

issued

reinvestment

distributions

..........

19,995

257,734

15,062

195,657

redeemed

...............................

(12,893)

(173,492)

(46,628)

(631,612)

Net

increase

(decrease)

..........................

97,558

$1,319,165

23,926

$320,398

Year

ended

August

31,

2025

sold

...................................

153,850

$1,879,394

123,099

$1,497,809

issued

reinvestment

distributions

..........

3,304

39,025

2,794

32,859

redeemed

...............................

(18,642)

(238,934)

(8,217)

(101,708)

Net

increase

(decrease)

..........................

138,512

$1,679,485

117,676

$1,428,960

Class

Year

ended

August

31,

2026

sold

...................................

9,507

$127,677

1,228

$16,690

issued

reinvestment

distributions

..........

1,040

13,294

237

3,060

redeemed

..............................

(219)

(2,906)

(4,261)

(56,930)

Net

increase

(decrease)

..........................

10,328

$138,065

(2,796)

$(37,180)

Year

ended

August

31,

2025

sold

...................................

1,598

$19,515

3,270

$39,668

issued

reinvestment

distributions

..........

437

5,136

204

2,372

redeemed

..............................

(3,055)

(39,841)

(1,348)

(16,799)

Net

increase

(decrease)

..........................

(1,020)

$(15,190)

2,126

$25,241

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

116

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

4,043

$56,542

9,578

$132,914

issued

reinvestment

distributions

..........

307

3,951

840

10,851

redeemed

...............................

(896)

(12,335)

(4)

(59)

Net

increase

(decrease)

..........................

3,454

$48,158

10,414

$143,706

Year

ended

August

31,

2025

sold

...................................

—

$19

476

$5,776

issued

reinvestment

distributions

..........

—

102

redeemed

...............................

—

(5)

(62)

Net

increase

(decrease)

..........................

—

$19

480

$5,816

Class

Year

ended

August

31,

2026

sold

...................................

—

$—

399

$5,477

issued

reinvestment

distributions

..........

—

242

Net

increase

(decrease)

..........................

—

$—

417

$5,719

Year

ended

August

31,

2025

sold

...................................

—

$20

—

$12

Net

increase

(decrease)

..........................

—

$20

—

$12

Class

Year

ended

August

31,

2026

sold

...................................

19,221

$268,974

12,845

$185,102

issued

reinvestment

distributions

..........

1,999

25,868

1,179

15,803

redeemed

...............................

(2,592)

(35,417)

(207)

(3,023)

Net

increase

(decrease)

..........................

18,628

$259,425

13,817

$197,882

Year

ended

August

31,

2025

sold

...................................

839

$10,424

457

$5,740

issued

reinvestment

distributions

..........

116

1,378

217

redeemed

...............................

(550)

(6,580)

(117)

(1,340)

Net

increase

(decrease)

..........................

405

$5,222

358

$4,617

Class

Year

ended

August

31,

2026

sold

...................................

—

$—

—

$—

Net

increase

(decrease)

..........................

—

$—

—

$—

Year

ended

August

31,

2025

sold

...................................

—

$20

—

$13

Net

increase

(decrease)

..........................

—

$20

—

$13

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

117

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

479,429

$6,525,977

396,770

$5,428,311

issued

reinvestment

distributions

..........

118,486

1,536,763

77,933

1,017,806

redeemed

...............................

(217,583)

(2,924,382)

(109,503)

(1,508,111)

Net

increase

(decrease)

..........................

380,332

$5,138,358

365,200

$4,938,006

Year

ended

August

31,

2025

sold

...................................

632,024

$7,908,893

389,931

$4,776,310

issued

reinvestment

distributions

..........

59,464

705,241

33,294

392,867

redeemed

...............................

(296,229)

(3,723,255)

(153,102)

(1,921,322)

Net

increase

(decrease)

..........................

395,259

$4,890,879

270,123

$3,247,855

Class

Year

ended

August

31,

2026

sold

...................................

$480

149

$2,080

issued

reinvestment

distributions

..........

905

11,727

736

redeemed

...............................

(2)

(25)

(593)

(8,157)

Net

increase

(decrease)

..........................

938

$12,182

(388)

$(5,341)

Year

ended

August

31,

2025

sold

...................................

9,015

$109,880

489

$6,003

issued

reinvestment

distributions

..........

127

498

redeemed

...............................

(2)

(25)

(122)

(1,430)

Net

increase

(decrease)

..........................

9,024

$109,982

409

$5,071

Franklin

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

54,003

$744,165

22,122

$238,555

issued

reinvestment

distributions

..........

5,956

81,722

447

4,876

redeemed

...............................

(39,127)

(543,233)

(1,408)

(17,034)

Net

increase

(decrease)

..........................

20,832

$282,654

21,161

$226,397

Year

ended

August

31,

2025

sold

...................................

61,943

$779,362

2,896

$29,678

issued

reinvestment

distributions

..........

2,723

33,198

—

redeemed

...............................

(42,675)

(607,549)

—

Net

increase

(decrease)

..........................

21,991

$205,011

2,896

$29,678

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

118

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

1,514

$21,036

—

$—

issued

reinvestment

distributions

..........

357

4,843

190

redeemed

..............................

(427)

(5,925)

—

Net

increase

(decrease)

..........................

1,444

$19,954

$190

Year

ended

August

31,

2025

sold

...................................

2,872

$36,072

1,000

$10,000

issued

reinvestment

distributions

..........

267

3,223

—

redeemed

..............................

(2,329)

(36,080)

—

Net

increase

(decrease)

..........................

810

$3,215

1,000

$10,000

Class

Year

ended

August

31,

2026

sold

...................................

$928

—

$—

issued

reinvestment

distributions

..........

452

205

Net

increase

(decrease)

..........................

$1,380

$205

Year

ended

August

31,

2025

sold

...................................

110

$1,429

1,000

$10,000

issued

reinvestment

distributions

..........

296

—

redeemed

...............................

—

(1,153)

—

Net

increase

(decrease)

..........................

134

$572

1,000

$10,000

Class

Year

ended

August

31,

2026

sold

...................................

950

$13,867

—

$—

issued

reinvestment

distributions

..........

127

214

redeemed

...............................

(2)

(29)

—

Net

increase

(decrease)

..........................

957

$13,965

$214

Year

ended

August

31,

2025

sold

...................................

—

$478

1,000

$10,000

redeemed

...............................

—

174,078

—

Net

increase

(decrease)

..........................

—

$174,556

1,000

$10,000

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

119

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

2,505

$36,515

2,933

$32,617

issued

reinvestment

distributions

..........

408

5,621

868

redeemed

...............................

(1,261)

(19,161)

—

Net

increase

(decrease)

..........................

1,652

$22,975

3,013

$33,485

Year

ended

August

31,

2025

sold

...................................

2,133

$27,261

1,000

$10,000

issued

reinvestment

distributions

..........

281

3,435

—

redeemed

...............................

(2,133)

(31,079)

—

Net

increase

(decrease)

..........................

281

$(383)

1,000

$10,000

Class

Year

ended

August

31,

2026

sold

...................................

198

$2,879

—

$—

issued

reinvestment

distributions

..........

147

230

redeemed

...............................

(2)

(32)

—

Net

increase

(decrease)

..........................

206

$2,994

$230

Year

ended

August

31,

2025

sold

...................................

$999

1,000

$10,000

redeemed

...............................

—

(846)

—

Net

increase

(decrease)

..........................

$153

1,000

$10,000

Class

Year

ended

August

31,

2026

sold

...................................

210,190

$3,057,271

1,173

$13,586

issued

reinvestment

distributions

..........

13,329

183,935

2,004

21,887

redeemed

...............................

(47,031)

(684,708)

(25)

(296)

Net

increase

(decrease)

..........................

176,488

$2,556,498

3,152

$35,177

Year

ended

August

31,

2025

sold

...................................

147,404

$1,884,452

93,000

$930,000

issued

reinvestment

distributions

..........

4,338

53,101

—

redeemed

...............................

(28,056)

(465,182)

—

Net

increase

(decrease)

..........................

123,686

$1,472,371

93,000

$930,000

Class

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

120

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

Maturity

Fund,

the

annual

rate

0.36%.

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

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

Amount

Class

Year

ended

August

31,

2026

sold

...................................

476

$6,922

—

$—

issued

reinvestment

distributions

..........

212

2,927

231

redeemed

...............................

(2)

(25)

—

Net

increase

(decrease)

..........................

686

$9,824

$231

Year

ended

August

31,

2025

sold

...................................

2,758

$34,194

1,000

$10,000

issued

reinvestment

distributions

..........

181

—

redeemed

...............................

(391)

(7,914)

—

Net

increase

(decrease)

..........................

2,382

$26,461

1,000

$10,000

May

include

portion

Class

that

were

automatically

converted

Class

For

the

period

August

2025

(commencement

operations)

August

31,

2025.

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

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2035

Fund

Gross

effective

investment

management

fee

rate

........

0.360%

0.370%

0.380%

Beneficial

Interest

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

121

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.

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

2040

Fund

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Gross

effective

investment

management

fee

rate

........

0.390%

0.400%

0.410%

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Franklin

Retirement

Advantage

2065

Fund

Gross

effective

investment

management

fee

rate

........

0.420%

0.430%

0.440%

Franklin

Retirement

Advantage

2070

Fund

Gross

effective

investment

management

fee

rate

........

0.450%

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

122

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.

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$34

$641

$5,901

$1,968

CDSC

retained

...........................

$94

$71

$210

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$1,579

$1,708

$1,070

$687

CDSC

retained

...........................

$162

$117

$62

$69

Franklin

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

..................

$1,461

$242

CDSC

retained

...........................

$93

$—

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

123

franklintempleton.com

Annual

Report

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

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,

waiver

acquired

fund

fees

and

expenses

may

exceed

the

contractually

capped

net

expense

ratio

class,

previously

resulting

negative

net

expense

ratio

for

that

class.

Effective

with

the

year

ended

August

31,

2026,

waiver

acquired

fund

fees

and

expenses

excess

the

contractually

capped

net

expense

ratio

class

recorded

other

income

the

Statements

Operations,

rather

than

further

reduction

expenses.

Investments

Underlying

Funds

for

the

year

ended

August

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

Maturity

Fund

Non-Controlled

Affiliates

Franklin

Multi-Asset

Income

Fund,

Class

.................

38,511,374

11,023,216

(7,942,091)

794,923

1,395,336

43,782,758

3,748,524

1,586,815

Putnam

Short

Term

Investment

Fund,

Class

3.863%

.......

2,407,489

1,287,321

(859,836)

—

2,834,974

100,577

Total

Non-Controlled

Affiliates

$40,918,863

$12,310,537

$(8,801,927)

$794,923

$1,395,336

$46,617,732

$1,687,392

Total

Affiliated

Securities

....

$40,918,863

$12,310,537

$(8,801,927)

$794,923

$1,395,336

$46,617,732

$1,687,392

Franklin

Retirement

Advantage

2030

Fund

Non-Controlled

Affiliates

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

9,070,283

3,112,744

(5,606,891)

105,748

361,504

7,043,388

385,728

505,180

Franklin

Dynamic

Asset

Allocation

Conservative

Fund,

Class

....

20,642,745

12,295,239

(6,178,267)

250,041

592,869

27,602,627

2,379,537

978,529

Franklin

Multi-Asset

Income

Fund,

Class

.................

6,854,245

6,203,068

(1,781,709)

130,062

327,047

11,732,713

1,004,513

342,019

Putnam

Short

Term

Investment

Fund,

Class

3.863%

.......

2,279,591

1,403,545

(705,399)

—

2,977,737

101,204

Total

Non-Controlled

Affiliates

$38,846,864

$23,014,596

$(14,272,266)

$485,851

$1,281,420

$49,356,465

$1,926,932

Total

Affiliated

Securities

....

$38,846,864

$23,014,596

$(14,272,266)

$485,851

$1,281,420

$49,356,465

$1,926,932

Transactions

with

Affiliates

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

124

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

2035

Fund

Non-Controlled

Affiliates

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

40,519,404

13,361,286

(12,407,094)

1,156,541

1,601,772

44,231,909

2,422,339

2,733,536

Franklin

Dynamic

Asset

Allocation

Conservative

Fund,

Class

....

1,353,220

4,749,245

(450,058)

26,129

92,531

5,771,067

497,506

110,592

Franklin

Multi-Asset

Income

Fund,

Class

.................

1,496,536

2,472,119

(437,686)

23,798

109,827

3,664,594

313,750

100,763

Putnam

Short

Term

Investment

Fund,

Class

3.863%

.......

2,071,459

1,224,534

(515,854)

—

2,780,139

93,466

Total

Non-Controlled

Affiliates

$45,440,619

$21,807,184

$(13,810,692)

$1,206,468

$1,804,130

$56,447,709

$3,038,357

Total

Affiliated

Securities

....

$45,440,619

$21,807,184

$(13,810,692)

$1,206,468

$1,804,130

$56,447,709

$3,038,357

Franklin

Retirement

Advantage

2040

Fund

Non-Controlled

Affiliates

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

19,040,470

11,216,047

(3,323,194)

187,599

1,481,669

28,602,591

1,566,407

1,426,378

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

18,301,119

5,102,482

(7,554,353)

488,549

1,366,256

17,704,053

722,909

1,225,671

Putnam

Short

Term

Investment

Fund,

Class

3.863%

.......

1,300,177

824,386

(334,710)

—

1,789,853

59,509

Total

Non-Controlled

Affiliates

$38,641,766

$17,142,915

$(11,212,257)

$676,148

$2,847,925

$48,096,497

$2,711,558

Total

Affiliated

Securities

....

$38,641,766

$17,142,915

$(11,212,257)

$676,148

$2,847,925

$48,096,497

$2,711,558

Franklin

Retirement

Advantage

2045

Fund

Non-Controlled

Affiliates

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

Class

......

1,816,496

3,377,045

(438,453)

7,085

250,133

5,012,306

274,497

164,131

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

24,344,356

10,025,301

(6,384,183)

1,395,903

1,587,220

30,968,597

1,264,541

1,739,986

Putnam

Short

Term

Investment

Fund,

Class

3.863%

.......

680,709

606,313

(254,458)

—

1,032,564

33,613

Total

Non-Controlled

Affiliates

$26,841,561

$14,008,659

$(7,077,094)

$1,402,988

$1,837,353

$37,013,467

$1,937,730

Total

Affiliated

Securities

....

$26,841,561

$14,008,659

$(7,077,094)

$1,402,988

$1,837,353

$37,013,467

$1,937,730

Franklin

Retirement

Advantage

2050

Fund

Non-Controlled

Affiliates

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

3,428,178

1,178,323

(1,875,168)

246,139

268,198

3,245,670

170,645

140,140

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

22,084,327

11,180,023

(4,075,986)

726,999

2,249,572

32,164,935

1,313,391

1,688,259

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

125

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

2050

Fund

(continued)

Non-Controlled

Affiliates

(continued)

Putnam

Short

Term

Investment

Fund,

Class

3.863%

.......

273,936

403,893

(177,028)

—

500,801

15,369

Total

Non-Controlled

Affiliates

$25,786,441

$12,762,239

$(6,128,182)

$973,138

$2,517,770

$35,911,406

$1,843,768

Total

Affiliated

Securities

....

$25,786,441

$12,762,239

$(6,128,182)

$973,138

$2,517,770

$35,911,406

$1,843,768

Franklin

Retirement

Advantage

2055

Fund

Non-Controlled

Affiliates

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

6,455,324

3,069,179

(2,313,917)

264,049

894,734

8,369,369

440,030

285,100

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

11,068,141

7,558,392

(2,139,320)

145,051

1,436,916

18,069,180

737,819

883,871

Putnam

Short

Term

Investment

Fund,

Class

3.863%

.......

82,523

272,420

(227,500)

—

127,443

4,173

Total

Non-Controlled

Affiliates

$17,605,988

$10,899,991

$(4,680,737)

$409,100

$2,331,650

$26,565,992

$1,173,144

Total

Affiliated

Securities

....

$17,605,988

$10,899,991

$(4,680,737)

$409,100

$2,331,650

$26,565,992

$1,173,144

Franklin

Retirement

Advantage

2060

Fund

Non-Controlled

Affiliates

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

8,111,516

4,226,810

(2,209,240)

394,328

1,184,973

11,708,387

615,583

364,906

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

5,108,645

3,939,652

(950,421)

114,025

658,446

8,870,347

362,203

409,422

Putnam

Short

Term

Investment

Fund,

Class

3.863%

.......

64,409

245,067

(212,486)

—

96,990

3,145

Total

Non-Controlled

Affiliates

$13,284,570

$8,411,529

$(3,372,147)

$508,353

$1,843,419

$20,675,724

$777,473

Total

Affiliated

Securities

....

$13,284,570

$8,411,529

$(3,372,147)

$508,353

$1,843,419

$20,675,724

$777,473

Franklin

Retirement

Advantage

2065

Fund

Non-Controlled

Affiliates

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

2,576,919

3,135,089

(1,149,063)

134,227

483,953

5,181,125

272,404

127,528

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

706,700

1,035,943

(282,680)

18,503

107,486

1,585,952

64,759

59,653

Putnam

Short

Term

Investment

Fund,

Class

3.863%

.......

11,167

48,583

(30,172)

—

29,578

790

Total

Non-Controlled

Affiliates

$3,294,786

$4,219,615

$(1,461,915)

$152,730

$591,439

$6,796,655

$187,971

Total

Affiliated

Securities

....

$3,294,786

$4,219,615

$(1,461,915)

$152,730

$591,439

$6,796,655

$187,971

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

126

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

December

31,

2029

for

all

the

funds

(with

the

exception

Franklin

Retirement

Advantage

2070

Fund,

where

the

contractual

agreement

through

December

31,

2027),

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

December

31,

2029

for

all

the

funds

(with

the

exception

Franklin

Retirement

Advantage

2070

Fund,

where

the

contractual

agreement

through

December

31,

2027),

amount

equal

the

Funds'

acquired

Fund

fees

and

expenses.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Funds'

fiscal

year

end.

Other

Affiliated

Transactions

August

31,

2026,

Putnam

Investments

Holdings,

LLC

owned

79%

Franklin

Retirement

Advantage

2070

Fund’s

outstanding

shares.

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

2070

Fund

Non-Controlled

Affiliates

Franklin

Dynamic

Asset

Allocation

Equity

Fund,

Class

........

828,824

264,302

(58,700)

7,179

160,039

1,201,644

63,178

41,396

Franklin

Dynamic

Asset

Allocation

Growth

Fund,

Class

........

226,890

86,978

(14,506)

1,113

29,203

329,678

13,462

19,367

Putnam

Short

Term

Investment

Fund,

Class

3.863%

.......

5,117

6,589

(6,458)

—

5,248

236

Total

Non-Controlled

Affiliates

$1,060,831

$357,869

$(79,664)

$8,292

$189,242

$1,536,570

$60,999

Total

Affiliated

Securities

....

$1,060,831

$357,869

$(79,664)

$8,292

$189,242

$1,536,570

$60,999

Dividend

income

includes

capital

gain

distributions

received,

any,

from

underlying

funds,

and

are

presented

corresponding

line

item

the

Statements

Operations.

Annual

rates

Class

.....................................................................................

0.55%

Class

.....................................................................................

0.55%

Class

.....................................................................................

0.70%

Class

....................................................................................

0.70%

Class

....................................................................................

0.70%

Class

....................................................................................

0.55%

Class

....................................................................................

0.45%

Class

.....................................................................................

0.55%

Transactions

with

Affiliates

(continued)

Investments

Underlying

Funds

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

127

franklintempleton.com

Annual

Report

Income

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset

future

capital

gains.

August

31,

2026,

the

capital

loss

carryforwards

were

follows:

During

the

year

ended August

31,

2026,

the

utilized

capital

loss

carryforwards

were

follows:

The

tax

character

distributions

paid

during

the

years

ended

August

31,

2026

and

2025,

was

follows:

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Franklin

Retirement

Advantage

2045

Fund

Capital

loss

carryforwards

not

subject

expiration:

Long

term

.............................

16,614

67,920

52,218

49,520

Franklin

Retirement

Advantage

2050

Fund

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Capital

loss

carryforwards

not

subject

expiration:

Long

term

..............................................

31,345

10,960

5,909

Includes

$16,614

from

the

merged

Putnam

Retirement

Advantage

2025

Fund

which

may

carried

over

offset

future

capital

gains,

subject

certain

limitations.

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Capital

loss

utilized

carryforwards

.............

$6,826

$7,063

$6,537

$4,064

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Capital

loss

utilized

carryforwards

.............

$3,348

$1,966

$598

$300

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

2026

2025

2026

2025

Distributions

paid

from:

Ordinary

income

........................

$1,729,298

$1,038,153

$2,080,657

$1,515,634

Long

term

capital

gain

....................

300,311

—

780,460

132,558

$2,029,609

$1,038,153

$2,861,117

$1,648,192

Putnam

Target

Date

Funds

Notes

Financial

Statements

128

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

2026

2025

2026

2025

Distributions

paid

from:

Ordinary

income

........................

$3,630,847

$2,148,089

$1,813,189

$1,669,517

Long

term

capital

gain

....................

760,667

139,614

2,478,547

553,699

$4,391,514

$2,287,703

$4,291,736

$2,223,216

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

2026

2025

2026

2025

Distributions

paid

from:

Ordinary

income

........................

$1,065,943

$978,606

$971,951

$929,058

Long

term

capital

gain

....................

2,061,045

109,413

1,743,598

238,736

$3,126,988

$1,088,019

$2,715,549

$1,167,794

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

2026

2025

2026

2025

Distributions

paid

from:

Ordinary

income

........................

$599,666

$552,252

$382,756

$345,602

Long

term

capital

gain

....................

1,301,349

224,822

931,023

118,638

$1,901,015

$777,074

$1,313,779

$464,240

Franklin

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

2026

2025

2026

2025

Distributions

paid

from:

Ordinary

income

........................

$88,423

$62,904

$28,701

$—

Long

term

capital

gain

....................

201,121

36,243

—

$289,544

$99,147

$28,701

$—

Income

Taxes

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

129

franklintempleton.com

Annual

Report

August

31,

2026,

the

cost

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

follows:

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.

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Cost

investments

.......................

$43,945,639

$47,297,128

$52,941,331

$43,964,826

Unrealized

appreciation

.....................

$2,780,453

$2,276,472

$3,645,379

$4,233,736

Unrealized

depreciation

.....................

(108,360)

(217,135)

(139,001)

(102,065)

Net

unrealized

appreciation

(depreciation)

.......

$2,672,093

$2,059,337

$3,506,378

$4,131,671

Distributable

earnings:

Undistributed

ordinary

income

................

$64,065

$559,247

$399,819

$164,480

Undistributed

long

term

capital

gains

...........

570,548

588,597

1,628,862

1,492,090

Total

distributable

earnings

..................

$634,613

$1,147,844

$2,028,681

$1,656,570

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Cost

investments

.......................

$32,849,726

$31,602,346

$23,184,738

$17,768,886

Unrealized

appreciation

.....................

$4,198,894

$4,318,390

$3,407,326

$2,930,076

Unrealized

depreciation

.....................

(35,153)

(9,330)

(26,072)

(23,238)

Net

unrealized

appreciation

(depreciation)

.......

$4,163,741

$4,309,060

$3,381,254

$2,906,838

Distributable

earnings:

Undistributed

long

term

capital

gains

...........

$1,733,357

$1,518,951

$876,045

$779,516

Franklin

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

Cost

investments

.......................

$5,960,133

$1,306,193

Unrealized

appreciation

.....................

$839,948

$230,377

Unrealized

depreciation

.....................

(3,426)

—

Net

unrealized

appreciation

(depreciation)

.......

$836,522

$230,377

Distributable

earnings:

Undistributed

ordinary

income

................

$—

$6,574

Undistributed

long

term

capital

gains

...........

215,954

34,834

Total

distributable

earnings

..................

$215,954

$41,408

Income

Taxes

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

130

franklintempleton.com

Annual

Report

The

Funds

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

August

31,

2026,

were

follows:

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.

August

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.

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2035

Fund

Franklin

Retirement

Advantage

2040

Fund

Purchases

..............................

$11,008,522

$21,639,166

$20,536,917

$16,295,463

Sales

..................................

$7,930,844

$13,580,685

$13,213,574

$10,885,540

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Purchases

..............................

$13,402,346

$12,329,221

$10,593,204

$8,145,848

Sales

..................................

$6,793,186

$5,889,495

$4,455,051

$3,120,065

Franklin

Retirement

Advantage

2065

Fund

Franklin

Retirement

Advantage

2070

Fund

Purchases

..............................

$4,171,032

$351,279

Sales

..................................

$1,431,743

$73,206

Income

Taxes

(continued)

Putnam

Target

Date

Funds

Notes

Financial

Statements

131

franklintempleton.com

Annual

Report

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

provide

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,

except

for

the

following:

Subsequent

the

year

ended

August

31,

2026,

shareholder

redemptions

from

Class

exceeded

50%

Class

net

assets

October

2026

for

Franklin

Retirement

Advantage

Maturity

Fund.

Putnam

Target

Date

Funds

Report

Independent

Registered

Public

Accounting

Firm

132

franklintempleton.com

Annual

Report

the

Board

Trustees

Putnam

Target

Date

Funds

and

Shareholders

each

the

ten

funds

listed

the

table

below

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”)

August

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

August

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

August

31,

2026

and

statement

changes

net

assets

for

the

years

ended

August

31,

2026

and

2025

(b)

Statement

operations

for

the

year

ended

August

31,

2026,

and

statement

changes

net

assets

for

the

year

ended

August

31,

2026

and

the

period

August

2025

(commencement

operations)

August

31,

2025

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.

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

August

31,

2026

correspondence

with

the

transfer

agent.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

Franklin

Retirement

Advantage

Maturity

Fund

(a)

Franklin

Retirement

Advantage

2030

Fund

(a)

Franklin

Retirement

Advantage

2035

Fund

(a)

Franklin

Retirement

Advantage

2040

Fund

(a)

Franklin

Retirement

Advantage

2045

Fund

(a)

Franklin

Retirement

Advantage

2050

Fund

(a)

Franklin

Retirement

Advantage

2055

Fund

(a)

Franklin

Retirement

Advantage

2060

Fund

(a)

Franklin

Retirement

Advantage

2065

Fund

(a)

Franklin

Retirement

Advantage

2070

Fund

(b)

Putnam

Target

Date

Funds

Tax

Information

(unaudited)

134

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

August

31,

2026:

Pursuant

to:

Franklin

Retirement

Advantage

Maturity

Fund

Franklin

Retirement

Advantage

2030

Fund

Franklin

Retirement

Advantage

2035

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$348,803

$780,460

$760,667

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$158,745

$55,356

$124,686

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$236,650

$156,810

$197,030

Section

163(j)

Interest

Dividends

Earned

§163(j)

$1,349,229

—

$545,890

Pursuant

to:

Franklin

Retirement

Advantage

2040

Fund

Franklin

Retirement

Advantage

2045

Fund

Franklin

Retirement

Advantage

2050

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$2,478,547

$2,091,035

$1,814,673

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$152,281

$137,461

$147,078

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$253,560

$240,668

$257,308

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

—

$4,703

Section

163(j)

Interest

Dividends

Earned

§163(j)

$338,933

$198,076

$153,263

Pursuant

to:

Franklin

Retirement

Advantage

2055

Fund

Franklin

Retirement

Advantage

2060

Fund

Franklin

Retirement

Advantage

2065

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$1,354,820

$969,053

$218,764

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$108,228

$84,473

$23,275

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$186,609

$143,512

$39,137

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

—

$6,119

Section

163(j)

Interest

Dividends

Earned

§163(j)

$75,893

$36,583

$5,647

Pursuant

to:

Franklin

Retirement

Advantage

2070

Fund

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$7,555

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$12,704

Section

163(j)

Interest

Dividends

Earned

§163(j)

$1,823

Putnam

Target

Date

Funds

135

franklintempleton.com

Annual

Report

Franklin

Retirement

Advantage

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”)

Franklin

Retirement

Advantage

2030

Fund

(the

“2030

Fund”),

Franklin

Retirement

Advantage

2035

Fund

(the

“2035

Fund”),

Franklin

Retirement

Advantage

2040

Fund

(the

“2040

Fund”),

Franklin

Retirement

Advantage

2045

Fund

(the

“2045

Fund”),

Franklin

Retirement

Advantage

2050

Fund

(the

“2050

Fund”),

Franklin

Retirement

Advantage

2055

Fund

(the

“2055

Fund”),

Franklin

Retirement

Advantage

2060

Fund

(the

“2060

Fund”),

Franklin

Retirement

Advantage

2065

Fund

(the

“2065

Fund”),

Franklin

Retirement

Advantage

2070

Fund,

and

Franklin

Retirement

Advantage

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

2070

Fund,

the

“RA

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

136

franklintempleton.com

Annual

Report

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.

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

Putnam

Target

Date

Funds

137

franklintempleton.com

Annual

Report

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

Franklin

Retirement

Advantage

Fund

(except

the

Maturity

Fund)

set

each

fiscal

year

based

defined

fee

schedule

which

the

management

fee

rate

declines

the

Franklin

Retirement

Advantage

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

Advisor

agreed

waive

fees

and/or

reimburse

expenses

amount

equal

your

fund’s

acquired

fund

fees

and

expenses.

The

Advisor

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

not

exceed

specified

annual

rate

the

fund’s

average

net

assets

attributable

the

class

(0.55%

for

Class

shares,

Class

shares,

Class

and

Class

shares,

0.70%

for

Class

shares,

Class

and

Class

and

0.45%

for

Class

shares).

Each

these

contractual

waivers

will

remain

effect

through

least

December

31,

2029

(for

the

2070

Fund,

through

least

December

31,

2027).

During

its

fiscal

year

ending

2025,

your

fund’s

expenses

were

reduced

result

these

expense

limitations.

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

the

Funds’

Management

Contracts.

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.

(Total

expenses

reflect

the

fees

and

expenses

borne

directly

the

Funds

and

the

competitive

funds

included

the

custom

Lipper

peer

groups,

well

any

underlying

funds’

net

fees

and

expenses.)

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.

Putnam

Target

Date

Funds

138

franklintempleton.com

Annual

Report

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

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.

Fund

Quintile

Effective

Management

Fees

Total

Expenses

2030

Fund

2nd

3rd

2035

Fund

2nd

2040

Fund

2nd

2045

Fund

2nd

2050

Fund

2nd

2055

Fund

2nd

2060

Fund

3rd

2nd

2065

Fund

2nd

1st

2070

Fund

2nd

Maturity

Fund

2nd

3rd

Putnam

Target

Date

Funds

139

franklintempleton.com

Annual

Report

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.

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.

For

each

the

Funds

(except

for

the

2070

Fund),

the

Trustees

considered

information

about

such

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,

2065

Fund,

and

Maturity

Fund,

was

positive

and

exceeded

the

return

its

benchmark

over

Putnam

Target

Date

Funds

140

franklintempleton.com

Annual

Report

the

one-year,

three-year

and

five-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.)

Brokerage

and

soft-dollar

allocations;

distribution

and

investor

servicing

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

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

Putnam

Investor

Services,

Inc.

(“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:	October 28, 2026