Franklin Retirement Advantage 2050 Fund Class Y Shares PHPDX Strategy

The investment seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. The fund's asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2050 (the target date). It is designed to provide diversification among different asset classes by investing its assets in other Putnam mutual funds, referred to as underlying funds.